The Sun.
London, England, 1856-09-27 00:00:00

WATERFORD AND FERMOY.

A meeting of the promoters of this line was held at
Dungarvan on Monday ; Lord Stuart de Decies pre-
sided. It was attended by a large number of gentlemen
locally interested..
Sir J. PAXTON, M.P., said that he bad watched for a
great many years the efforts of the county to obtain
railway communication between the cities or Waterford
and Cork, and the only progress made in the course of
ten years was the construction of a few miles of railway
between Cork and Youghal. In respect of the pro-
posed line from Waterford to Fermoy, he was of opinion
that they should not connect themselves at all with any
existing company. They should be entirely independent,
and start without any sort of agreement with any com-
pany. They should be prepared to work the line them-
selves. If they started by asking aid and assistance
they would be imposed upon, and embarrassed in their
future arrangements to a very considerab'e extent.
The proposed guarantee of 4 per cent. on 6,0001. a mile
would not obtain -the money for making the railway 60
miles in length. He did not believe that money would
be cheaper than it was at present, considering the great
demand for it at high rates in Brazil, Russia, Turkey,
and Canada, to form railways. If the county would
guarantee 5 per cent. on 7,0001. a mile, being for 60
miles a capital of 420,0001., including rolling stock, Le
believed, the entire capital would be forthcoming at
once to make the railway, but he was slue it they
did not give that guarantee they would fail. Taking
the smallest traffic of any railway in Ireland, which he
believed amounted to 71. per mile per week, that would
give them 21,8401. a year ; and, allowing 50 per cent.
for working expenses, they would have 10,9201. for divi-
dend, or 2i per cent. ; but the probability was that they,
would have 121. per mile per week, which would pro-
duce a revenue of 37,4401., and a profit of 18,7201. a
year, or 4i per cent. Before the expiration of three years
from the opening of the line the dividend would exceed
5 per cent, per annum. He proposed that after the hue
paid 5 per cent. the surplus should be appropriated to re-
imburse the county the amount levied in respect of the
guarantee to the railway. He represented the Duke of
Devonshire on that occasion, and he could assure them
that his Grace was sincerely desirous of having the great
advantage of railway communication secured to the
county, and if they adopted the plan he had suggested
they would not be called upon to do anything more.
(Hear, hear.)
Mr. ROBERTS thought it was not prudent for them to
be haggling about the interest upon 40,0001. or 50,0001.
to carry out an undertaking which they all approved and
were sanguine would be remunerative.

Mr. DELAHUNTY fully agreed with the ob-errations of
Sir J. Paxton, and regretted they had not had the ad-
•antage on former occasions of his advice. He thought
every one must be satisfied with the soundness of his
views on the subject, and he (Mr. Delahunty) believed
that no time should be lost by those intereited in taking
steps to secure the railway. The line when completed
would open up a market to the farmers of Cork, Water-
ford, and Kerry which was not at present available.
After some observations as to the necessity of increas-
ing the county guarantee to 5 per cent. on 7,0001. per
mile, the proceedings concluded with a vote of thanks to
the chairman.