The Sun.
London, England, 1866-04-16 00:00:00

....______-
RAILWAY INTELLIGENCE.

OTTOMAN (SA.IYRNA TO AIDIN).
A special general meeting of this company was
held on Friday at the London Tavern, to consider
a proposition for raising further capital to complete
the line ; Sir M. Stephenson in the chair.
The notice convening the meeting having been
read,

The C EIAIRNIAN said that the necessity of raising
further capital was explained by the delay in open-
ing the line occasioned by the " force majeure" of
very difficult tunnel works ; and the means were
suggested in the resolution which he would propose,
to the effect that the directors be empowered to
issue 6 per cent. preference shares not exceeding
£300,000. The object of this preference stock was to
enable the company to borrow upon better terms
the amount (under £100,000) required to complete
the works, by the deposit of it as security, and this
was the most advantageous course to pursue in the
opinion of the Board, who had given the subject
their best attention. The question of the deben-
tures due on the Ist May would also be dealt with
when the first question had been disposed of ; but,
of course, they were unaffected by the preference
shares, which would follow the debentures. Absurd
rumours had been circulated as to the expiry of the
concession from non-fulfilment of the contract. It
was only necessary to state that the line would be
opened by the end of June, that the opening would
be within the period prescribed owing to and allow-
ing the delay in sending the last concession to the
company, and that the shareholders might rest as-
sured that, even if the interest of the Ottoman Go-
vernment did not secure their continued co-opera-
tion, the strong sense of justice which that Govern-
ment had invariably shown would suffice to render
groundless any apprehension on that account.
Moreover, special provision was made in the origi-
nal concession to protect the company against any
such contingencies arising from delay in the tunnel
works, which were admitted to be exceptional.
With reference to the future policy of the company,
and to the measures to be taken to realise to the
utmost the advantage of all that had been done, he
hoped to be prepared with such a recommendation
as would effect the object and meet their entire ap-
proval, so soon as the line should be opened through
to Aidin, and the proposed financial arrangements
should be satisfactorily concluded. In the mean-
time, and until the traffic over the whole line could
be worked and turned to account, all interested
must continue to exercise their patience and for-
bearance, and to render all the aid in their power
to the directors in their endeavour to bring about
such a state of affairs as would be acceptable to all
Parties. He then proposed the first resolution, that
the Council of Administration be empowered to
issue G per cent. preference shares not exceeding
£300,000.
Mr. A. DEITAIM, deputy chairman, seconded the
motion.
In reply to questions by Mr. Billings and Major
Beare,
The CIIAIRMAN said the sole object of the reso-
lution was to enable the directors to raise the money
on better terms than they could get by offering the
stock to the shareholders of the public. With re-
gard to Mr. Deut, he might say that in compliance
with the expressed wishes of the shareholders Mr.
Dent resigned his seat at the board, and took the
opportunity of giving some explanations upon points
that appeared to have been misunderstood ; but, on
the part of his colleagues and himself, the chairman
stated that, while fully recognising the soundness of
the principle of shareholders drawing a distinction
between those directors who attended to or neglected
the responsibilities they might have undertaken,
they thought Mr. Dent's explanation deserved con-
sideration, and they regretted to lose his valuable
services on the board.

The resolution was then carried unanimously.

Mr. J. E. COLEMAN remarked that Mr. Dent was
a director in the Joint-Stock Discount Company
for only four months, and on taking office was as-
sured that everything was right.
The CHAIRMAN said the second question was in
regard to the debentures on May Ist. The delay in
opening the line, in obtaining increased revenue
therefrom, and the full amount of the guarantee,
£112,000 a-year, added to the abnormal state of the
money-market, had hitherto preventedthe company
raising the funds to meet the debentures except at
exorbitant rates. It might be necessary to meet the
question in the only practicable way, by obtaining
further time for their payment, and giving an equi-
valent in an increased rate of interest, while the se-
curity would continue the same. The board would
probably convene a meeting of the bondholders, and
suggest that two or three of the principal holders
should act as a committee to co-operate with the
board in such measures as might be deemed most
desirable in the common interests. He concluded by
moving a resolution to the effect that the directors
be empowered to enter into such arrangement, and
make such terms and conditions with the holders
of the debentures of the £250,000 as they might
deem expedient.
Mr. J. E. COLEMAN seconded the motion, and it
was agreed to. It was also agreed that a meeting of
the bondholders referred to be held that day fort-
night.
On the motion of Mr. PACKER, seconded by Mr.
KIRRY, Mr. Billings was elected a director of the
company, and the proceedings terminated.