The Sun.
London, England, 1851-06-13 00:00:00

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The twelfth half-yearly general meeting of the F ' te -Fs•A, - , ,
tors uf ties comp.sLy was held oa Wednesday, at 147 v I .mss ii..; GI, 14(iorgate-street. Mr. W. I'. achards in tho
chair.

The report e.vieg been read,
The CIiAIRMAN congratullted the proxietors .arpon
the prospect of eroaperity which they aa length enjoyed.
There had been a din-lint:tier" in the expenditure of the
halt,-)ear, nod an increase of income. When the
iron trade revive-, in Belgium there word be a pro-
portionate incecaso in their reoeipts ; but as that
revival could in no way depend upon the directors,
they were not prepared to base ally immediate cal-
culations neon it. Whoa the lele was carried out to
Vireux, they rnieht, however, safely rely upon a large
traffic in coals for the supply of the whole district; in-
deed, were it only for the traffic in coals they had
every reason to desire the completion of the line. The
supply of coals to the district of Ardennes and the north
of Frank,' had been estimated at 140,000 tone. But if
they calculated the supply at only 100,001) tons, they
would have a return of 24,0001., which, added to their
present profits, would yield about 34,0001. to the
company. They managed their present traffic at a
cost of about 8,3001. ; and if ;,800/. were added for
the increased expense, which was the estimate made,
they might calculate upon a profit of 29,000/. This
profit would arise fi rn tho traffic in coals alone; and
they had, in addition, to calculate all the items, which
swelled the estimated profits to 96,000, or, at the lo wt
estimate, to 70,0001. The branch lines which it
wsis
proposed to make would cost at the most 200,0001., and
for this amount they had a Government guarantee of
four per cent. Compared with last year the situation
of the company was decidedly good. They were
then emharraased with a contract from whieh
they had sustained great loss, and with other
runious expense:. There was no friendly understand-
ing with the Belgian Government, and they did not
know how to raise the necessary funds to carry on the
works. All this was now changed. They had got rid
of the contract which embarrassed them, and were pre-
pared to make what now new engagements they chose.
They expected to save from twenty to thirty per cent. in
their contracts alone. The Belgian Government was
now most friendly, and had given facilities for raising
the required capital on very reasonableelino
to v
termisr,esuox for
they would be able to complete the
about 000,000/. In conclusion he begged to move that
the report and statement of accounts should be approved,
adopted, and circulated.
In answer to a question,
The CTIAIRMAN stated that the interest on debentures
already issued had nut been paid, in consequence of the
accident which had occurred in the autumn of last year.
It amounted only to about 1,8001., and would be paid as
soon as they had money. They had the power of paying
off the debenture debt after three years, end he hoped
that this would be done.
The report was unanimously adopted.
Mr. Showard was unanimously
of the company. re-elected as a director

The meeting then became special, for the conitidera•
tion of the terms of the agreement with the Belt&Lan Go-
vernment, and a series of resolutions were paned, by
which the meeting approved of tho propositipnigpron-
sionally accepted by the Minister of Public
Belgium, and signed by Mr.
.S.hewstrd on behalf of the
ccuipany,authorised NSIONs in
and the airectors to carry them into
execution, and empowered them to raise a snm not ex-
ceeding 400,0004, by debentures on the line, or by the
creation of preference sharer, or otherwise, for the pur-
pose of completing the line.
A vote of thanks to the Cheirman concluded the pro-
ceedings.