The Sun.
London, England, 1858-10-06 00:00:00

RAILWAY INTELLIGENCE.

NAMUR AND LIEGE AND MONS AND
MANAGE.

A general meeting of this company was held
yesterday at the London Tavern—Major F. J. S.
Parry in the chair. _ .

Mi. MOATES, the secretary and agent of the com-
pany, read the notice. convening the meeting, and
also the report.
The CIIAIRMAN, in moving the adoption of the
report, cordially congratulated the proprietors
upon the satisfactory conclusion of negotiations
which had kept every person connected with the
company in suspense for so lengthened a period,
and he could assure them that no one felt that
satisfaction more than his colleagues and himself,
seeing the very great care and anxiety they had
undergone for so many years previous to this most
satisfactory and final settlement of their difficulties.
He then adverted to the most prominent events in
the company's affairs, with a view to show the
numerous difficulties which surrounded those who
undertook its management. The original projectors
of the undertaking had in the hour of danger aban-
doned it to its fate. The vast disproportion in
their capital account of preferential and debenture
capital to the £531,900 of ordinary share capital
would show the reason why the company, by the
desertion of its shareholders and the forfeiture of
its shares, had parted with a fine railway property.
They had still, however, been able to preserve to
the original proprietors a rate of dividend that few
of the Anglo-Belgian lines had. yet attained, and
one that under such adverse circumstances never

could possibly have been anticipated, and, more-
over, was amply secured by the powerful guarantee
of the Belgian Government. Scarcely had that
undertaking been completed and in operation by
the year 1854, when in that year their debenture
debt of £500,000 fell due on the Ist of July without
the slightest chance of its renewal at that period.
He might say that utter ruin then stared them in
the face, still they prevented the catastrophe by
their successful negotiation with the Northern of
France Railway Company for the lease of the
Namur and Liege portion of their undertaking ;
and by that operation they were enabled to pay
their enormous debt, amounting in the aggregate
to £840,000, and to preserve besides a valuable por-
tion of their property—namely, the Mons and Ma-
nage Railway—fully believing that the elasticity
and future development of its traffic would not only
be amply sufficient to pay the dividend upon the 9
per cent. preferential stock, but enable them also to
pay ultimately a fair dividend to the ordinary
shareholders; but in that they were doomed to dis-
appointment. Upon reorganising their staff and
examining their position, they had received from a
Belgian engineer who had been requested to inspect
the line a report to the effect that the whole line
required relaying with heavier rails, the original
rails having proved too light for the very heavy
coal traffic continuously passing over them, the line
having at that period been open for some years.
In order to ascertain the accuracy of the statement,
they requested Mr. Locke, the eminent engineer,
to inspect the line, and he corroborated the fact by
giving his opinion that £BO,OOO would be required
for this purpose, but that they might with safety
spread such an outlay over a period of five years.
Debarred from making any fresh loan, they were in
the position of being forced, had the Belgian
Government so insisted, of having to employ the
whole of their -earnings for that purpose, and thus
depriving the two classes of shareholders of any
dividend for some years to come. It was, therefore,
his (the chairman's) strong opinion and that of his
colleagues that, if reasonable terms could be ob-
tained for leasing the line, they ought not to hesi-
tate. Negotiations were opened with the Northern
of France, the result of which was that the Mons

and Manage Railway had ultimately become the
property, of the Belgian Government, and he was
of opinion that both parties had made a most
eligible arrangement. They would perceive by the
accounts that the balances which had been owing
to contractors for works and for rolling stock had
all been cleared off, and nearly everything of a con-
vertible character had been realised, with the ex-
ception of odd parcels of land, which they were ad-
vised not to sell until the ensuing spring, the pro-
duce of which would be sufficient to cover all
claims, and perhaps leave a surplus. The revenue
account for each year had been kept distinct, and
the deductions from the dividends which had been
required to pay off old debts had now, he hoped,
ceased for ever ; while a reserve would be accumu-
lating to a moderate amount to provide a guaran-
tee fund to protect the future dividends. It must
be borne in mind that "we must retain our corpo-
rate existence, for in our corporate capacity we must
collect our rental, as our lessors have never bound
themselves to seek out and pay each individual pro-
prietor." He trusted that their policy with respect
to the new line would meet with the approval of
the shareholders, and should any proprietor require
any information respecting the accounts, their able
secretary and accountant, Mr. Moates, to whom the
board was much indebted, would, he was sure,
readily give it.
In reply to questions, it was stated that the ac-
counts for the past half-year did not include the
rent due from the Belgian Government on the Ist
of July last. There were now 83 years of the con-
cession to run.

Mr. GOEZ thought they ought to feel much obliged
to the directors for the able manner in which they
had relieved the company from its difficulties. There
was one thing., however, he thought would, if carried
out, greatly improve the property. He alluded to a
sinking fund to replace the capital at the end of 83
years. On the present system the property would
be extinct at the end of the concession. A gentle-
man had. calculated that if 3d. per share was set
aside annually it would replace the whole of the
share capital at the end of the concession. That
sum would involve but a small sacrifice, while the
advantage of maintaining the price of the shares to
the end of the concession would be great, as they
would then be all paid off. The French companies
had upheld the value of their shares by that means,
and were continually clearing the market of shares
that would otherwise tend to depress it.
Mr. HERAPATH approved the plan, and thought
it would be very beneficial to the shareholders if
they could carry it out.
Mr. GREIG said they were already paying Bd.
per share, and that addition would reduce their
dividend still further. He thought it would be ad-
vantageous to those who might live to the end of
the concession, but not so for the present holders.
The report and. statement of accounts were then
unanimously adopted.

The meeting was then made special for the purpose
of considering and ratifyinea provisional convention
which had been come to between the directors of
the Namur and Liege Company and the directors
of the Northern of France, for the construction and
working- by the latter company of a line from
Namur to the French frontier by Dinant ; and to
approve certain additions to, and modifications of,
the existing statutes.
Mr. HERAPATH wished to know whether this
would be the last meeting of the company.
Mr. MOATES explained that the legal meetings of
the company must be held in Brussels, and he
trusted the shareholders would give them their
proxies in order to constitute the meeting at Brus-
sels on the 12th inst., and thus save the expense of
an adjournment.
The CHAIRMAN said the directors could call a
meeting when they considered it necessary, and the
shareholders could call one by requisition. They
would probably hold annual meetings. The com-
pany must retain its corporate capacity, as the
Northern of France held one-half of the concern and
the Belgian Government the other. The directors
would be glad to be relieved of the responsibility of
receiving and paying £65,000 a-year, but theymust
remain the responsible parties to the Belgian Go-
vernment.

After some further observations it was agreed to
take the convention with the Northern of France
and proposed alteration of the statutes as read.
The CHAIRMAN said if they adopted the resolu-
tions he had to submit the position of the company
might be summed up as follows :—The incumbrance
of having to make a new line of 27 miles through a
difficult country would be got rid of, ample provi-
sion would be made to pay the interest, and finally
to redeem the whole of their debentures, and the
dividends of £1 3s. 4d. each on the preference, and
of 10s. 7d. each on the original shares, clear of all
expenses, would be secured by the guarantee of the
Belgian Government. _ _ _

F-ormal resolutions were Then unanimously adopted
sanctioning the convention with the Northern of
France, approving the additions and modifications
in• the statutes of the company, and authorising the
directors to carry the same into effect.
On the motion of Mr. Goez, seconded by Mr.
Herapath, the best thanks of the meeting were
voted to the chairman and directors for the success-
ful and satisfactory issue to which they had brought
the affairs of the company.

OXFORD, WORCESTER, AND
WOLVERHAMPTON.

Th.t receipts of this company, including the
Stourbridge Extension and Stratford-upon-Avon
Canals, for the fortnight ending Sept. 26, have
been £9,694, while those for the corresponding
fortnight of 1857 amounted to £9,826, and the ex-
penditure to £3,694, or 37.63 per cent., while that
for the corresponding fortnight of 1857 amounted
to £4,184, or 42.59 per cent. The aggregate re-
ceipts for the first six fortnights and four days of
the half-year amount to £58,355, as against
£61,292 for the corresponding six fortnights and
five days of the previous year ; and the aggregate