The Sun.
London, England, 1856-09-26 00:00:00

Mr. Moxris, the London agent of the company, read
the advertisement convening the meeting.
The CHAIRMAN said they would probably remember,
when last the directors had the pleasure of meeting them
that upon the subject of leasing the line being dis-
cussed he then informed the meeting that two proposi•
tions had been received for that purpose. Re also men•
tioned that it was his opinion if one of the propositions
should be somewhat modified a successful and advanta-
geous negotiation might be the result. The directors
also suggested that a committee of shareholders should
be appointed to advise with them on the subject. Mr.
Poppe and himself were requested to continue the nego-
tiations with the Northern of France Railway Company,
and he felt bound to allude to the straightforward and
liberal manner in which they were met by the directors
of that powerful company. The negotiations resulted in
a provisional agreement which was signed on the 29th of
Aug. last by Baron Rothschild, chairman of the com-
pany, the deputy chairman, and other directors on the
part of the Northern of France Company, and by Mr.
Blagden and himself on the part of the Mons and Ma
nage Company, whereby the railway was definitively
leased for the remainder of the concession to the North-
ern of France Railway Company, subject to the ratifica-
tion of the same by the shareholders of both companies,
and it was for that purpose they were now called together.
The reasons that induced the board to recommend the
measure he would state. There could be no doubt that
the Mons and Manage Railway, for its length, might loa
considered one of the best lines inlßelgiurn. Taking into
account the cost of its works and plant, it was now pay-
ing a good dividend, and its prospects under the manage.
ment of the Northern of France Company were very
good, and the line would, he had no doubt, amply repay
that powerful company for the arrangement they had
entered into. He was at the same time bound to state
that he thought the bargain was equally advantageous to
tlac shareholders of the company. They must bear in
mind that their small line had to support an enormf.u,
capital expenditure, of which 200,0001. consisted of
preferential capital, bearing 6 per cent. interest ; and
that it being a small company they were weak, arid con-
sequently unable to obtain those local advantages in a
foreign country which they had a right to expect. Their
expenses of management were as great as those of a
line double the length. They were also threatened by
new concessions which the Belgian Government ap-
peared disp ,sed to grant. One already granted would
abstract a portion of their traffic. The outlay for the
renewal of toe permanent way would have to be borne.
The fortna,ion of companies to introduce liritish coal
into Belgium and France would also have an a•lverse
influence on their prospects. Taking all these matters
into consideration, he would ask them whether it would
have been wise of the board not to agree to the lease
of she line, or pru'ent of the shareholders not to
ratify it. These reasons, he thought, amply justified
the board in the steps they had taken. As a large
shareholder he would give it his support, in which
opinion he was joined by his colleagues at the board,
as well as by the members of the committee of share-
holders. The principal points agreed upon in the con-
vention were as follows :-1. That the Northern of
France Company were to take possession of the Mons
and Manage line on the let of January, 1357. 2. That
a guaranteed 'annual payment of 30t. per share per
annum on the 10,000 preference shares would be made,
being equivalent to the 6 per cent. they now received.
3, That a clear net and final dividend of 14f. per
share on the 26,595 ordinary shares of the company
be paid, being equivalent to 2/. 16i. per cent.
should be happy to ans Ater any questions on the
su:jc

Mr. HERAPATEI wished to know whither the divi-
dends wet, 0 be paid in francs or English money, as
that might make some difference. He hoped that they
would be pa'd as early a, possible a ter they were due.

The CHAIRMAN stated that the payments would be in
francs ; and that the payments by the Norther❑ of
France, in respect of the Namur and Liege line, were
paid•on the day they were due, and Le had no doubt they
a mild do so in respect of the Mons and Manage line.
c mclu!led by moving a formal resolution ratifying
the convention and authorising the directors to cairy-
the same into effect.

Mr. BLAGDEN seconded the motion, which was carried
ueanimo usly.
In reply to questions it was stated that the affairs of
the company would have to be wound up, as there were
certain liabilities in respect of contracts to be settled,
and there were ip!rtain assets to be realised in the shape
of stores and surplus land which it was believed would
more than cover the liabilities. Some of the liabilities
that were to have been spread over five years would
have to be met in one year, owing to the altered circum-
stances of the company. The rolling stock would be
handed over with the line to the Northern of France
Company.
After some observations from Mr. J. Field, Mr. S.
Herapath, and Mr. Harrison, a cordial vote of thanks
was passed unanimously to the committee of share-
holders for their services to the company.
Mr. S. HRRAPATH wished to know when it was pro-
bable that the shareholders of the Northern of France
Railway would ratify the convention.
The CHAIRMAN believed a meeting of the Northern of
France Company would be held in December next,
when the question would be submitted for the approval
of the shareholders.

The proceedings then terminated with a cordial vote of
thanks to Captain Parry, Mr. Poppe, and the other di-
rectors of the company for their valuable services.

GREAT WESTERN OF CANADA.

It appears that the general meeting of shareholders in
this company, held at Hamilton, Canada West, on the
11th inst., duly eleetod the directors named by the
En dish shareholders, and passed a resolution declaring
a dividend of 4 per cent. for the half year on the ordi-
nary shares of the comp;iny.

LEEDS, BRADFORD, AND HALIFAX
JUNCTION.

It appears that the traffic on the Gildersome branch of
this line, the opening of which was announced in The
Sum a few weeks ago, is likely to prove remunerative.
Five coal trains daily proceed from the Aldwalton coal-
field to Bradtord, each conveying nearly 200 tons. The
passenger traffic is very satisfactory. A market train
on Saturday to the Bradford provision markets has con-
veyed on the average, since its commencement, upwaris
of 300 passengers each trip.