The Sun.
London, England, 1867-02-22 00:00:00

CAMBRIAN.

Yesterday the half-yearly meeting of this com-
pany was held at the London Hotel ; Lord Vane in
the chair.

The report stated that the e mbarrassments bro Ight
on by the suspension of the lessee and contractor
had been greatly increased by the difficulties en-
countered by the directors in their negotiations and
transactions with the gentlemen representing his
estate. The report went at very considerable length
into questions in dispute between the directors and
their ex-lessee. In conclusion the directors stated
that, owing to several of the debenture debts on
the inland portion of the undertaking having be-
come payable, and remaining unpaid, they were
advised that until they were paid or arrangements
made with the holders, it would not be safe to de-
clare any dividends, and therefore the necessity of
giving effect to the provisions of the two amalga-
mation acts had not yet arisen. By the Act of
1864, sections 20 and 21, the Llanidloes and
Machynlleth preference capital was a first charge
after paymentof the debenture interest on the gross
receipts ascertained by an equal mileage division
from those lines. And by the Act of 1865, section
10, subject to the rights of creditors, 45 per cent.
of the receipts from the coast railways was to be
applied in payment to the general fund for the cost
of working, and the remaining 55 per cent. was to
be applied for coast purposes. The holders of the
Llanidloes and Maclaynlleth preference contended
that the provisions of the Act of 1864 overrode those
of 1865.

On the CHAIRMAN moving the adoption of the re-
port,
Mr. JOHNS, the deputy-chairman, said that the
report did not contain altogether accurate state-
ments, and that it was the report of a section only
of the board, adopted at a meeting hastily convened
and which he could not possibly attend. He com-
plained that the legal adviser of the company had
not brought before the notice of the board a bill in-
troduced into Parliament by a section of the share-
holders, with the object of empowering the pre-
ference shareholders to vote at a meeting of the
company.

As an amendment to the motion for the adoption
of the report it was moved that a committee be ap-
pointed to inquire and report as to the conduct of
the solicitor. Ultimately the original motion was
carried.

A long and stormy discussion then ensued upon
the question of electing directors in the place of Mr.
D. Smith and Mr. S. 11. Boult, who retired by ro-
tation. One portion of the meeting was for re-
electing them, as representing distinct and recog-
nised interests at the board, £200,000 having been
raised on the distinct understanding that Mr. Smith
and Mr. Boult should have seats at the Board. Mr.
Bancroft was proposed as a director in the place of
Mr. Boult.

Mr. FRANCE said that Mr. Bancroft was a direc-
tor of the London and North-Western Company,
who were the lessees of the Shrewsbury and Here-
ford Railway, a line which was throughout a com-
peting one with the Cambrian system.
Capt. JOHNS said that the London and North-
Western had on more than one occasion acted against
the Cambrian Company.
A vote taken upon the questions showed 41 for
Mr. Smith and 25 against. Amid some uproar a
vote was taken-25 for and 21 against, and a poll
was then demanded. It was also proposed that
Mr. David Davis, of Llandinan, should be elected
in the place of Mr. Boult. After another angry
discussion Mr. Davis was alio elected, and a poll
was demanded for Mr. Boult. Mr. Young, the re-
tiring auditor, was re-elected without opposition.
A vote of thanks having been unanimously ac-
corded to the Chairman, in acknowledging the vote
he exhibited a large bundle of proxies which the
directors had to support the poll on their side. The
poll was withdrawn, and the proceedings terminated.

KETTERING, TIIRAPSTON, AND HUNTINGDON.
The report of the directors stated that an account
of the traffic receipts for the half-year ending the
31st of December last (rendered by the Midland
Company who were working the line), showed that
the gross receipts from coaching amounted to £1,933;
from goods (less cartage) to 1.2,553, from cattle to

£79, from minerals to £so3—total, £5,068, which
was equal to a gross earning of £7 10s. per mile per
week, reckoning the line at 26 miles in length. De-
ducting 40 per cent. for expenses the net receipts due
to the company was £3,041; adding transfer fees the
total was £3,042. From this must be deducted the
balance against revenue from previous half year,
£336 ; rents, rates, and taxes, and miscellaneous
expenses, £180; interest on debenture debt, £1,890
—total, £2,406 ; leaving a balance of £636 to the
credit of the current half year. The directors re-
gretted that the receipts were not at present suffi-
ciently large to admit of a dividend. The disap-
pointment was mainly owing to the fact that the
coal traffic for the e..tstern counties still Went by way
of Peterborough, although the company's railway
~ffered the shortest route for a large portion of such
traffic. The communication with the Great North-
ern lt,,ilway at Huntingdon had now been corn.
pleted, and negotiations were in progress for the
interchange of traffic at Huntingdon which, when
carried out, would be advantageous to the company.
The ‘Voodford iron mines were now being exten-
sively worked. The capital account to Ist Dec.
last showed that £305,600 had been expended.