The Sun.
London, England, 1858-04-15 00:00:00

ROYAL SWEDISH.

A general meeting of shareholders in this com-
pany was held on Tuesday, at the Loudon Tavern
—Mr. W. J. Chaplin in the chair.
Mr. G. A. Hillier, the secretary, read the report,
an abstract of which has appeared in The
The CHAIRMAN, in moving the adoption of the
report, said its issue was delayed in consequence
of their proposition for the disposal of the line to
the Swedish Government having been referred to a
committee of the Swedish Diet, and their final dee
cisien was not known until the 15th of March, after
which the directors lost no time in preparing and
submitting the report. It informed them of the un-
expected failure of the intended sale of the line.
He said unexpected, because he thought no one
could have contemplated such a result. Under
those circumstances the directors suggested that
an explanatory memorial should be at once pre-
sented to the Swedish Government, complaining
of the treatment the company had experienced at
the hands of the Diet, which had declined to pur-
chase the railway even at a valuation, refused the
alternative of granting a guarantee, and actually
(contrary to the understanding on which the origi-
nal subscribers came forward and took their shares)
passed an act authorising an opposition trunk line
to the south of the Malarn Lake. The Government
might suffer from want of means, but it was in their
power to keep faith with the company by making
their line a part of the main line between Stock-
holm and Gottenburg. He thought they would
consider it a breach of faith on the part of the Go-
vernment for not having done that. It was not for
the directors to say what their future course would
be. They had received a letter from Mr. Waern,
chairman of the company in Sweden, to the effect
that the general opinion was that the proposal of
the company must he sooner or later entertained,
but, owing to the falling off in the revenue, it was
deemed inexpedient at present to increase the lia-
bilities of the Government. He then explained
that the nine miles from Arboga to Roping would
have been completed if the subscribed capital had
been taken up. It would, however, require
15,000/. or 20,0001. to complete that portion ; but,
under the circumstances of the traffic being unsa-
tisfactory, the directors thought it advisable to
wait and see the result of the traffic on the portion
opened before raising or spending any more motiey.
The MIDI he mentionoi would enable them to bring
45 miles of railway into operation. The pass nger
traffic amounted to only a fourth of the receipt,, and
the remainder consisted of goods and mineral traffic.
The district was well supplied with water carriage ;
impossible
to was a thin population, and it was
to say how far the people would use the railway.
Their manager expected much more traffic than the
means at his disposal would enable hint to carry.
It was proposed that they should wait and see the
result of the traffic up to July next on the 35 miles
open before they raised or expended any snore capi-
tal, and that a committee of some of the largest
shareholders' should be appointed to confer with the
directors as to what should be done.
Mr. HARTRIDOR, a director, seconded the motion
for the adoption of the report, explained that every
economy had been adopted, and they had no cone-
plaint
to make with respect to either their con-
tractors, engineer, or lawyer. The Chairman, from
his experience, Lad rendered them great service.
The losses arising from Mr. Sailleir s misconduct
would fall on the old shareholders. A traffic of
20/. per mile per week would pay all the preference
charges, and he hoped something would be obtained
for the old shareholders.
Mr. MOCATTA. had no confidence in the liberality
of the Swedish Government, and suggested that the
directors should exercise the utmost economy in
ever thing. •
After some ob3eivatione from Mr. Austen, Mr.
Miller, and Mr. Seymour as to the policy to be
adopted, and the probability of some arrangement
with the Government,resolutions were passed adopt-
ing the report, confirming the forfeiture of 1,000
preference shares, on which only 11. had been paid,
and of 895 shares on which only 21. had been paid ;
request ing the dirt. etors to prepare and present me-
morials to the King of Sweden and to the Diet
In reference to the treatment the company had re-

ceived, and explaining the views of the shareholders
in English with respect thereto.
A vote of thanks to the chairman concluded
the proceedings.

ANTWERP AND ROTTERDAM.
A meeting of English shareholders in this corn-
was held yesterday at the office in Cannon-street ;
Mr. S. Laing in the chair. _

The CHAIRMAN explained that at the meeting in
Belgium last year he had Induced the Belgian board
to offer to resign, with a view to enable the Eng-
lish shareholders to improve the management, but
they found that the qualified shareholders in Eng-
land were not willing to take office, and so the
matter fell to the ground. They agreed, however,
that Captain Shaw should he the managing director
to look after the traffic. That agreement was to be
in full force for one year, and he had given a report
full of details, and he (the Chairman) thought the
result of his management was very satisfactory.
The traffic had been increased and the expenses
had been kept down. He thought the proposed
dividend of 7f. per share for the year 1857 should
be declared ; for it was clear that it was
honestly earned, and there was nut one penny
charged to capital. It wat perfectly clear they had
11,000/., and were it not for the deficiency of
4,000/. in their capital stock, which sum had not
been raised, they would now have had 15,000/.
at the bankers ; but there would be no diffi-
culty in borrowing the difference for a few
weeks to enable them to pay the 71. per share. It
s?emed desirable that the dividends should be paid
half-yearly—namely, in the months of November
and May—(hear, hear)—say at the rate of 3 per
cent. per annum in November, and the remainder
of the sum available for dividend in May. They
would thus diminish the floating debt, and do with
borrowing a less sum from the bankers. In reply
to a question, he stated that one-fourth or one-
fifth of the shares were held in Belgium, and that
they could command a majority at the legal meet-
ing in Belgium unless the English shareholders
used extraordinary exertions to attend the meet-
ing. No shareholder could give more than a cer-
tain number of votes, so that it required a large
attendance of shareholders to carry a measure if
there were anything like hostility. But there had
been no disposition in Belgium to oppose anything
that was reasonable. Thera was a sum of 4,000/.
locked up in payments to the Custom-house on ac-
count of traffic ; they were, therefore, that much
behi lhand at the end of the year. The water ser-
vice would require some steam- tugs and barges to
enable them to carry coal and heavy traffic with
regularity and economy ; but however desirable it
was to have sufficient working stock, he thought
they should adhere to the principle of a closed capi-
tal account. The custom of continually increasing
the capital account rendered such companies unable
to sustain a reverse in their traffic without a heavy
falling off in their dividend. He thought they
had better not raise additional capital for the pur-
pose further than to place the 4,130/. bond'
that had not been issued. The deficiency in the
the goods traffic had been the cause of their failure
in obtaining 5,6, or 7 per cent. They must there•
fore try and got the heavy traffic, and ho believed
the sum of 5,000/. would be sufficient to provide
the vessels to carry it. They would close the
capital account at 580,000/., and provide the 5,0001.
by setting aside one franc per share per annum out
of the dividends for two years and a-half—(cheers)
—or until the debt was distinguished. With re-
gard to extending the line to Rotterdam, they did
not propose to find any capital, or to enter into any
liability, but merely to have the power to make
some arrangement for conveying the traffic to Rot-
terdam over a portion of the proposed line from
Rotterdam to Liege. The Dutch Government
were fully impressed with the importance in a
national point of view, of connecting Holland with
the continental railway, and although it might
take eight or nine years to make the necessary
viaducts , and bridges, yet it was believed they
would be made and the proposed line of railway
constructed. With regard to leasing the- Turn-
hout line at 800/. a year, it was a question
now whether that should be continued, as the
object of it bad been frustrated to a certain
extent. The actual expense to the company
was about 600/. a-year, and the agreement might
be put an end to on giving three months' notice on
either side. It might be worth while to continue
the arrangement provided it was for a period of 10
or 12 years.
A discussion then ensued on various matters of
detail, in the course of which it was stated that the
proposed railway would shorten the time for con-
veying heavy traffic, as compared with boats, from
three days to five hours. Several shareholders
would rather forego the dividend to provide the
boats than to increase the capital.
Resolutions were passed approving the dividend
of 7f. per share, and of payments half-yearly, in
November and May ; ordering the capital account
to be closed and not re-opened ; authorising the
directors to place the 4,130/. of unissued bonds, to
raise 5,0001. and pay it off out of dividend, as pro-
posed; and approving arrangement with respect
to the proposed new line, but not to incur any lia-
bility with respect to it.
A vote of thanks to the chairman and Captain
Shaw concluded the proceedings.