The Sun.
London, England, 1867-07-31 00:00:00

Railway and Other Companies.

PERNAMBUCO.
The adjourned half-yearly meeting of this com-
pany was held yesterday at the London Tavern—
Mr. R. Benson in the chair.
The Secretary read the minutes of last meeting,
which were confirmed.

The CILIII01:1N said he was sorry to say he had
received no news from the other side of the water.
The debate upon theaddress of the Emperor was still
going on in the Brazilian Chambers, and until this
was ended no other matter would come on for con-
sideration. The old question of the stability of the
present Ministry and the war engrossed public at-
tention. The Government had to lay on fresh
taxes, but he had no information at present to lay
before the proprietors respecting their own affairs, so
that everything remained in stale quo. It was hardly
worth while to ask them to meet again by adjourn-
ment, for if anything should transpire between this
and the holding of the next ordinary meeting in Oc-
tober the directors would let them know by circular.
There could be no doubt that their agent at Rio
was doing all he could for them. Tile only other
question he had to refer to was that of the deben-
tures. At the end of the present month £132,000
would become due, and they had arranged for more
than one-half of them. The debenture holders could
take the company's guaranteed interest for the defi-
ciency. The company's debentures were now being
offered to the shareholders and others at 95, the in-
terest being 7 per cent per annum, which he thought
a good investment. The St. Paulo Railway Com-
pany was doing no better than they were in getting
their debentures taken up, so that he hoped the pro-
prietors would approve what the directors were doing
in that respect. They had provided for the renewal
of £73,000 oat of the £132,000 of debentures falling
due, and up to the end of December next they would
have to be renewed. He trusted there was nothing
to make them uneasy about those matters.
Lord GORT, in reply to a question, stated that
near the end of last month the directors had sent a
circular to the shareholders informing them that a
certain amount of 7 per cent. debentures were falling
due, and for which they could subscribe. If the
shareholders had come forward as the directors had

and taken up anything like their proportion the de
bentures would have been all provided for. As they
now saw that another Brazilian company was ad-
vertising the issue of debentures at 95, the interest
being at 7 per cent. per annum, the directors had
just decided on doing the same—namely, to offer
the debentures for five years at 95, leaving 7 per
cent. interest to be paid out of their guarantee from
the Brazilian Government. He would second the
motion that the meeting be dissolved.
A SHAREHOLDER believed, if it were generally
known that the debentures would be issued at a
lower rate than par, that the remainder would have
been taken up.
The CHAIRMAN said they had sent a circular to
the shareholders on the 29th of June, but they since
found there was no chance of placing them in that
way. The whole of the company's debentures only
amounted to £250,000, and they had a guarantee of
£56,000 a year to pay the interest and principal if
necessary. There was not a railway company any-
where that could pay off their debentures at once
without sufficient notice.
In reply to questions it was stated that the Minis-
ter now at the head of the Brazilian Government
was in favour of the company's claim for the ex-
tended guarantee. He was of the same opinion in
1863, and had not changed his mind. The measure
had passed the Chamber, and only required the sanc-
tion of the Senate.
Mr. MAXWELL said he believed that the direc-
tors had done the best they possibly could for the
shareholders, and he had confidence in them.
After some further observations it was agreed to
dissolve the meeting, and the proceedings con-
cluded with a vote of thanks to the chairman and
directors.