The Sun.
London, England, 1867-08-29 00:00:00

KINGSBRID GE.

The works on this line were progressing rapidly.
The foundation stone of a bridge by which the line
would cross the Avon at Topsham was laid on
Monday by Mrs. W. B. Fortescue, wife of the
chairman. The line would connect Kingsbridge
with the South Devon Railway at Brent station,
and would cross the Avon 10 times in its course.

WHITEHAVEN, CLEATOR, AND EGItEMONT.

The half-yearly meeting was held at IVhitehaven
on Monday; Mr. A. B. Steward in the chair.
The report stated that the traffic for the half-year
showed an increase of £6lB as compared with the
corresponding half of 1866. The working expenses
bad been 40.61 per cut. The sum of £10,049 re-
mained for division, and the -lirectors recommended
a dividend at the rate of 9 per cent. per annum
upon the consolidated stock and upon the amount
paid on the £lO (C) shares. The Bigrigg branch
would shortly be opened for traffic. The permanent
way and rolling stock were in good order.
The CHAIR3INN, in moving the adoption of the
report, said that some doubts had been expressed at
the last meeting as to how the books were kept, and
the directors thought it right to employ Messrs.
Quitter, Ball, and Co., the accountants, to exa-
mine the accounts, and see whether they were right
or wrong. Their report was now before the share-
holders. He was happy to congratulate the company
upon the prosperous state of their affairs. This
was the best half-year they had had. They had
earned more money, and were still increasing, while
other railways were retrograding. He urged the
importance and desirability of this undertaking re-
maining under local direction, instead o.! being
transferred to one of the great companies. The
Wispy had not been made for the hole purposes of

putting money into the pockets of the shareholders,
but for benefiting the district it served.
Mr. H. JEFFERSON seconded the motion, which
was agreed to.
A dividend was declared, in accordance with the
recommendation of the report. The retiring
directors were re-elected ; Mr. J. Lainton was
appointed auditor, and a vote of thanks to the
chairman terminated the proceedings.

CABRIAN.

A meeting of debenture-holders and others
interested iu this company was held last week at
the Station Hotel, Crewe; Mr. J. Bancroft in the
chair.

The report of Messrs. Price, Holyland, and
Waterhouse, accountants, showed that the total
capital raised on account of the Cambrian Railways
amounted to £3,434,837, of Which £824,205 was in
ordinary stock, £1,760,170 in preference stock, and
£850,462 in mortgages. For the Aberystwith and
Welsh Coast Railway the total capital raised
amounted to £1,394,332, of which £265,420 vras
in ordinary shares, £300,460 in preference shares,
and £106,088 in mortgage bonds. The works on
the several lines had been executed by Mr.
Savin, but it did not appear that a proper contract
had been entered into until a few days previous to
Mr. Savin's suspension, and that he was then in-
debted to the companies to the extent of £203,513.
The accountants stated that the Amalgamation
Acts under which the Cambrian Company had been
constituted were perfectly unintelligible, and the
interests of the various classes of stockholders ap-
peared in several instances to be in direct conflict,
and consequently it was of the utmost importance
that an endeavour should be made to re-arrange
the interests of the proprietors under a scheme which
should be acceptable to all.
The CHAIRMAN said the object of the meeting
was a friendly conference between the parties in-
terested in the Cambrian property. He suggested
that the present Amalgamation Acts should be re-
pealed, and that powers should be obtained to merge
all the sections into one company. The capital,
which now amounted to £3,600,000, should be re-
duced to £2,250,000. The object of the reduction
was two-fold ; first, with a capital so large they
could not expect to declare any considerable dividend
and maintain a good credit before the public ;
secondly, if the London and North- Western, or any
other large company desired to purchase the Cam-
brian, they would be more likely to look at it with
a capital account in an intelligible state. He pro-
posed that the bonded debt should be kept intact ;
that an equitable reduction according to priorities
should be made in every class of preferences ; and
that the ordinary stock should be considerably re-
duced. As soon as the ordinary stock received 2
per cent., then all the additional profits were to flow
back again to the preferences.
Capt. Joarts, a director, considered the report a
damaging one, and disagreed from the suggestions
of the chairman.

Mr. MANN advised a conciliatory coarse on all sides.
After a long discussion, the meeting appointed
seven gentlemen to confer with the directors as to the
proposed plan for reconstituting the company.