The Sun.
London, England, 1858-12-25 00:00:00

BAILIE/11' INTELLIGENCE.

CALCUTTA AND SOUTH-EASTERN.

An extraordinary meeting of this company was
held yesterday, at the London Tavern, to consider
the propriety of confirming certain special resolu•
tions, agreed to at an extraordinary meeting of the
company held on the 24th Nov., for diminishing
the capital of the company to the amount of
£250,000, and for reducing the nominal value of the
shares of the company to £5 each, and also for
making certain alterations and additions to the
articles of association—Mr. J. Borradaile in the
chair.

Mr. J. ANDERSON read the notice convening the
meeting.
Mr. DOLLMAN, the solicitor of the company, read
the minutes of the last meeting, and the formal
resolutions passed by that meeting for reducing the
capital to £250,000, and the nominal amount of
each share to .E 5, also the alterations in the articles
of association which were agreed to at the last
meeting.
The CHAIRMAN moved a formal resolution con-
firming the resolutions passed at the preceding
extraordinary meeting of the company.
Mr. HART RIDGE wished to know the number of
miles of railway they proposed to construct, and
the time they would take in construction ; also to
know if it was probable that any competing line
would be granted to another company. He wished
to know what amount of traffic was estimated to
come upon the line, whether the directors were
satisfied that the railway would divert the traffic
from Hooghly to the Mutlah, and whether the
accommodation the line would afford would be suf-
ficient for the traffic. In case of any extension of
the line, he wished to know whether such exten-
sion capital would be treated as a separate capital,
so as to secure the estimated 10 per cent. to the
proprietors of the original stock. He was anxious
the line should be kept to itself, with the view of
realising the full advantage of the enterprise.
The CHAIRMAN said the length of the line was
29 miles, and with regard to the time of construc-
tion, that would entirely depend on the support
of the shareholders in supplying the funds.
If they paid up the requisite deposit at once,
and responded to the calls as they were made, the
probability was that the line from Calcutta to the
Mutlah would be completed in 18 months ; but if
they did not supply the funds so readily as was re-
quired, it might be 22 years or more before they
could complete it for traffic. The directors were
very anxious to pay the instalment to the Govern-
ment, so that they might be enabled to proceed
with the works as soon as possible ; and of course
they were most anxious to see the shareholders pay
the requisite deposit on their shares. He thought
there was no chance of competition. The traffic had
been estimated by the Government engineer to
yield a large return from local sources. There was
a large population and an increasing trade to be
accommodated. The cost of conveyance would be
much reduced by the railway, and only one-tenth of
the existing traffic would yield them a good profit.
Mr. HARTRIDGE was satisfied with the reply.
Mr. MARSUMAN, a director, at the request of the
chairman, explained that he had very recently re-
turned from Calcutta, and was well acquainted with
the district thrc ugh which the line was intended to
pass. Lord Dalhousie, when in India, was ex-
tremely anxious that a communication from the
Mutlah to Calcutta should be established, and that
the former should become an auxiliary port to the
latter. The Government engineers had surveyedthe
line, and reported in favour, of the undertaking.
There were, in fact, no engineering difficulties, and
the lino was nearly level from one end to the other.
There were only two bridges, and those could be
constructed for £17,000. It had been carefully
estimated that the line would pay at least 10 per
cent. on the capital, and he for one was perfectly
satisfied that would be the case, otherwise he would
not have invested his money in the undertaking.
They would be obliged to lay down a double line
to accommodate the traffic. The Hooghly was
gradually becoming less suited for navigation from
the continual silting up of the sand. Experience
had pointed out the necessity for the construction of
larger ships ; the tendency was to increase the ton-
nage of vessels, for it was found more economical on
long voyages to send one ship of 2,400 tons than three
of 800 tons each. This tendency for larger ships
rendered the Hooghly less and less available to Cal-
cutta. A vessel could steam up the Mutlah in 8 or
9 hours, while it would require, in consequence of
the shifting sands, as many days to get up the
Hooghly. On the Mutlah the depth of water was
sufficient to allow the Leviathan to swing round.
The traffic of the eastern districts of Bengal was
increasing to a wonderful extent. Col. Baker had
ascertained before the revolt that 21 years the traffic
of the country had increased 25 per cent. The in-
crease of traffic in India would be immense if pro-
per facilities were afforded for its conveyance. At
present there were about 180,000 native boats of
about ten tons each, which obtained access to Cal-
cutta through the canals, conveying about 1,700,000
tons of produce in the course of the year. If only
1-10th of that traffic should be conveyed by the
railway to Calcutta in as many hours as it now re-
quired days, the freight would of itself be sufficient
to yield a return of 10 per cent., but there was
every probability of having a much larger traffic.
He should feel greatly disappointed if at the end of
three years the line did not yield 10 per cent.
The resolutions were then unanimously confirmed,
and the proceedings concluded with a vote of thanks
to the chairman and directors.

TRAFFIC RETURNS FOR THE WEEK.