The Sun.
London, England, 1867-04-27 00:00:00

WEST FLANDERS.

The half-yearly meeting of this company was
held yesterday at the office in Moorgate-street ; Mr.
R. T. Frere in the chair.
Mr. F. Smith, the secretary, having read the
notice convening the meeting, the report, an ab-
stract of which has appeared in The
.Sun, was taken
as read.
Thd CHAIIINIAN, in moving the adoption of the
report, said on the whole he thought it was satisfac-
tory. The question in dispute between the original
and preference shareholders was decided on Wed-
nesday last at Bruges by three arbitrators appointed
by the Tribunal of Commerce. The decision was in
favour of the holders of original shares. He hoped
that the question which had caused agitation for
some time past would now be set at reef for ever.
At the last meeting the directors bad intimated that
if the balance available for dividend should give
more than Bs. 9d. per share for the year they
would consider it their duty to pay it to the ori-
ginal shareholders until they received 12s. 2d. per
share, which would be 5 per cent. on the whole
amount paid up on the original capital. A
large preference shareholder, Mr. St. Burke, who
was well acquainted with railway matters, raised the
question on the part of the preference shareholders.
The directors gave him every
facility to investigate
the matter, and it was arranged to submit the ques-
tion to arbitration as provided by the statutes. The
Tribunal of Commerce of Bruges appointed three
arbitrators. The counsel appointed by Mr. Burke
ably argued the case for the preference shareholders,
and another Belgian counsel argued the case for the
orginal shareholders; but the decision was given on
Wednesday last in favour of the latter. It would
compel them toestablish a reserve fund, which would
be a good thing for the company. With regard to
the report of the directors there was an available
balance of £7,034, out of which they proposed to pay
a dividend of 4s. 9d. per share, which, with 4s. 6d.
paid in the first half of the year, would make 9s. 3d.
per share for the year 1866. This dividend was not
likely to
Mr. E. V. RICHARDS, a director, seconded the mo-
tion for the adoption of the report.
Mr. HERAPATH said he would be glad to see the
case that had been laid before counsel. He was a
large shareholder, and the decision of the arbitrators
was contrary to the conclusion he had arrived at.
The question had been submitted to gentlemen well
acquainted with legal matters, and they had come
to a similar conclusion to the one he entertained.
According to the recent decision the preference
shareholders would not participate in the surplus
above 5 per cent. fora very long time to come.
The CHAIRMAN said there would be no surplus
to divide between the original and preference share-
holders until the original shareholders received 5 per
cent. dividend on £l2 3s. per share ; but if the com-
pany prospered the preference shareholders would
get a share of the surplus iu 1871, when the rent
would rise to £36,000 a year.
Mr. IIERAPATII said he took 200 of the preference
shares on the recommendation of their former presi-
dent., Mr. Richards, who pointed out to him the
advantage of the preference shares participating in
the surplus after paying 6 per cent. on the ordinary
shares on which £8 15s. had been 'paid up.
The CHAIRMAN said it was quite possible that Mr.
Richards had taken that view of the relative posi-
tion of the two classes of shares at that time, but
the tribunal to which the question had been referred
had decided otherwise, and he was glad that it was
now settled.
After some farther observations the report was
unanimously adopted, the dividend
share was approved, and on the motion
o r. •
of. 9J
vote pser
concluded the pro-
to the chairman and directors
Goe rote of thanks
Herapath, seconded by Mr.
ceedings.

ILLINOIS CENTRAL
for
The
sthroawffiiertgrecae. receipts
the laud depart-
ment during the month amounted to $123,556 for,
3;186161,
Jr.ehtel ofiXocwieadi tsbtaattetahl:ustaloesf in the company
11,297 ;to:es of land; and that the cash callectedlh
a3glaairneshta:slol67Bte2: toi a $1\116a7r,661
on the railway in the month amounted to $117,352
crease of $99,470.