The Sun.
London, England, 1867-01-04 00:00:00

RAILWAY INTELLIGENCE.

CAMBRIAN.

The adjourned half-yearly meeting of this com-
pany was held yesterday at the Langham Hotel ;
Mr. J. W. Johns in the chair.

The CHAIRMAN said that at the original meeting
they did little more than read the report of the di-
rectors and present their statement of accouats.
The board had had very long discussion as to what
course should be recommended to the shareholders
on the present occasion. There was due on revenue
account for dividend £21,516, but he was sorry to
say that on going more fully into that item they
found it had been reduced in consequence of bad
debts of £2,900, which he believed were beyond re-
covery. In the 121,500 there was an item of 114,800
debited against Mr. Savin's inspectors, from which
deductions were made to the extent of £7,170, and
this reduced the £21,500 by that amount. Beyond
this there was £4,760 advanced by Mr. Savin's in-
spectors, so that in fact they bad to deduct £12,300.
In addition to that there were disputed items as to
waggon and engine hire, which, be feared, would
reduce the balance to £2,900. The board had,
therefore, decided that he should ask the meeting
simply to adopt the report and accounts, with the
exception of all parts relating to the distribution and
declaration of a dividend. The comphny had had a
sequestration issued against their funds on an ex parte
statement by a gentleman who had a slate quarry on
a portion of the railway. A great deal had been made
of this, although it did not relate to any debt of the
company or any claim upon them, but simply to an
engineering question as to the height of a bridge
passing over a tramway, the complaint being that
the bridge was six inches lower than it ought to be
according to the Act of Parliament. That
sequestration was at once removed upon proper re-
prescutatione being made to the Court. However,
parties in the country did notknow it was removed;
they became alarmed and prayed for the payment
of their accounts, and one gentleman, who had
given the company time to settle his account, at
once put in the bailiff for £9OO. Within 24 hours
after the sequestration was removed the claims were
paid, and the company were now free from any
such matters. The interest on all debentures of the
Cambrian line proper had been paid with the ut-
most regularity until the peesent month. There
was now due about £4,294, which would be paid
about the 15th inst., and it was a great hardship
that this had not been paid with the usual regularity,
owing to proceedings taken by the banker and en-
gineer in consequence of the sequestration. The
traffic was ample to pay every possible claim for de-
benture interest ; the total debenture interest was
£10,600 for the half-year on the Cambrian capital,
and the Coast capital £10,270 for the half-year,
making for the year £20,900. Their traffic account
for the past six months showed, after paying the
working expenses, a balance of £34,000, and when
the Welsh Coast was opened, and it would be
opened very shortly, they would have an additional
£lO,OOO for the six months, giving the company
£44,000 with which to meet a payment of £29,000.
There would be a bill in Parliament, which, how-
ever, had not received the sanction of the Board,
for the purpose of giving a preference upon a cer-
tain amount which they required to raise. The
amount required was not to be expended upon new
works, but for paying off their debt on capitaf ac-
count, and must be paid to preserve the credit of
the company. The question would, of course, be
submitted to a special meeting of the company at
the proper time.

Mr. HIGGINS proposed the appointment of a com-
mittee of investigation, with power to call for all
information, and report to a subsequent meeting ;
but, after a long discussion, the amendment was not
pressed, and the meeting was adjourned to the 21st
of February.