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

GREAT WESTERN AND BRENTFORD.

The half-yearly meeting of this company was
held yesterday, at the offices, in Victoria-street ;
Mr. P. Davey in the chair.

Mr. ELEY, the secretary, read the report, which
stated that the traffic in general goods exhibited a
slight diminution compared with the corresponding
period of last year ; but there had been such an in-
crease in the coal traffic as would admit of an
improved dividend. The distrust in the public
mind with regard to railway debentures had not
abated, and, notwithstanding the solid basis on
which the debenture debt of the company rested,
the average rate of interest now paid was 48 per
cent. On this subject the directors remarked—first,
that the undertaking being leased to the Great
Western for 99 years at a minimum annual rental
of £6,333, the present rental was over £9,000 per
annum ; second, that the largest amount of deben-
tures issued was £54,978, the interest on which
amounted to £2,680, leaving a margin of £6,720
after paying the debenture interest ; and, third, that
the rent payable by the lessees was secured by being
a first charge on the property and revenues of the
Great Western Company, and might be recovered
in the same manner as a landlord recovered his rent
from a tenant. After paying the interest on pre-
ference shares, the report recommended a dividend
at the rate of 2f per cent. per annum on the ordi-
nary. shares. _ _

The CHAIRMAN, in moving the adoption of the
report, and he hoped the increase in the coal traffic
would prove permanent. There had been, and still
was, great competition for this traffic from. South
Wales, which the directors had endeavoured to meet
by personal influence, and by providing every pos-
sible facility for carrying on this important trade to
advantage. (Hear, hear.) So much had been said
about railway debentures of late that the directors
thought it right to lay before the shareholders a
statement of the satisfactory security on which the
debentures of this company were issued. The
amount was very limited, and there, was no reason
for any increase. He thought it right to add that
the directors had never experienced any difficulty in
placing their debentures. In fact, their little com-
pany was one of the few which had experienced no
positive inconvenience from the late money panic,
and he hoped that it might be regarded as one of
those legitimate undertakings which would continue
steadily to progress. (Hear, hear.)
Mr. `•V. BROWSE seconded the motion, and it was
carried unanimously.

The dividends recommended in the report were
declared ; Mr. Moates, jun., was elected an auditor,
in sucesFion to his father; and the proceedings
concluded with a vote of thanks to the chairman and
directors.

WATERLOO AND WHITEHALL.

The half-yearly meeting of this company was
held yesterday at the offices, Westminster Chambers,
Victoria-street; Mr. J. Parson in the chair.
The report stated that the undertaking had re-
mained in abeyance since December last. The act
passed in the late Session authorised the company to
raise a further capital of £75,000 for the purpose of
completing the line by an 8 per cent. preference
stock if necessary. That act also conferred an ex-
tension of time for completing the works. Those
powers, they trusted, would enable the directors to
raise the capital required to finish the line. The
directors did not think that the time for utilising
those powers had arrived, and they recommend the
shareholders to wait till the distrust on the part of
the public had passed away. The directors re-
tained their confidence in the eventual value of the
undertaking. It appeared to the directors that
those shareholders who had paid in full on their
shares, or £2 more than the £8 called, were entitled
to interest on the £2 so paid in advance, and they
would pay the interest to the 30th of June.
The CHAIRMAN, in moving the adoption of the
Ireport, said if they were to abandon the undertaking
the whole of the original capital would be lost, but
.by completing the undertaking, whatever might be
its ultimate result, there was a chance of getting some
return. They could not get the Act of Parliament
without the consent of the contractors, and if they
were to pay the contractors for the work that was done,
and compensation for the work that was not done, it
would absorb more than the whole of the capital. lie

thought it advisable that they should wait before
exercising the powers which the Act gave them.
Ile hoped as soon as confilence was restored they
would be able to raise the' money on favourable
terms for completing the undertaking. The salaries,
secretary, offices, and other expenses amounted only
to £255. He had every confidence in the ultimate
success of the line, and they might depend upon it
that the best efforts of the directors, whose interest
was that of the shareholders, would be directed to
that object.
The motion for the adoption of the report was
seconded by Mc. BURKE. and carried unanimously.
The CHAIRMAN stated that before the powers for
raising additional capital were exercised the share-
holders would be called together, and the matter
submitted to_ them for their assent.
A vote of thanks to the chairman and directors
terminated the proceedings.