The Sun.
London, England, 1866-03-08 00:00:00

Railway and other Companies.

CAMBRIAN.
The half-yearly meeting of this company was
held on Tuesday at the offices, 3, Westminster-
chambers, Victoria-street ; Earl Vane in the chair.
The CHAIRMAN said the directors had to regret
that their lessee, Mr. Savin, to whose energy and
skill they desired to pay every possible considera-
tion, had been under the necessity of suspending
payment, owing, as they believed, entirely to the
late almost unprecedented panic in the money
market. The lease to Mr. Savin took effect on the
3d of December, 1863, and was for ten years, the
terms of the lease being that Mr. Savin should
work the line, maintain the rolling stock, and apply
the revenue and income as follows :-Ist, In pay-
ment of outgoings chargeable-to income, exclusive
of working expenses ; 2d,
ides
in payment of all rent
the di
charges, interest on debentures, and .
on preference or guaranteed sares ; andv 3d nd
, in
payment of a dividend upon thhe ordinary and all
other stock or capital of the company. at the rate of
5 per cent. per annum.
M r. Savin was to be en-
titled to any surplus, and in case in any half-year
the revenue and income was inadequate to satisfy
the purposes to which it must be applied, including
the dividend of 5 per cent., Mr. Savin was to make
up the deficiency. As security for the performance
on his part of thelease Mr. Savin deposited with the
directors title-deeds of real property valued at
£40,000, and upon which the directors had raised
the sum to pay the dividend now to be declared.
Mr. Savin's suspension became known to the direc-
tors on the 6th of February last, upon which day
they considered it expedient to, and did, enter into
receipt of the revenue of the line, and are now in
possession, in accordance with the terms of the lease
above referred to. Notwithstanding the arrange-
ments Mr. Savin had deemed it advisable to make
with his creditors the whole of the works under
his contract had been carried on as heretofore, and
were still progressing with the utmost vigour, and
they had every reason to believe that the Welsh
Coast portion of the undertaking would be com-
pleted during the ensuing summer.
Mr. Lewis, the secretary, then read the report,
which stated that about 53 miles of the line would
be opened in time for the summer traffic. A bill
had been introduced into Parliament this session
for powers to amalgamate with their line other lines
—viz., the Nantle, the Corris, the Carnarvonshire,
and the Beddgelert ; and another bill empowering
the company to make extensions to their line, and
other works. The traffis on that portion of the
line was continually increasing.
On the motion of the CHAIRMAN, seconded by
Captain JOIINS, the report was adopted.
A dividend was then declared upon the preference
capital down to and inclusive of such as had been
issued under the Acts of 1863, at the rates and ac-
cording to the priorities which they actually bear.
Mr. LLOYD explained the legal difficulties which
stood in the way of the directors at present declar-
ing any dividend on the ordinary stock, which ap-
peared to give satisfaction to all present.
A vote of thanks to the chairman closed the pro-

ceedings.

TOTTENHAM AND HAMPSTEAD JUNCTION.

The half-yearly meeting was held on the 28th
ult., at Westminster Chambers, Victoria-street ;
Capt. Arrow in the chair.
The report stated that the wet weather during the
Winter had materially retarded the works on the
line, and would occasion some delay in the opening
of the railway. The enormous increase in the value
of land, especially in the neighbourhood of Lon-
don, had entailed upon the company a large and
unlooked-for expenditure. To meet this additional
outlay a bill was now before Parliament to autho-
rise an increase in the capital of the company. The
bill also contained provisions enabling the Midland
and Great Eastern Railway Companies to subscribe
two-thirds of such additional capital, and powers
to those companies to lease or purchase the entire
undertaking. The Midland had already exercised
powers to the extent of £103,300, and the Great
Eastern to the extent of £83,300, leaving £20,000
to be subscribed. The report was adopted, the re-
tiring directors and auditor re-ele'ted, and the
directors were authorised to borrow £16,600 and
£33,000 respectively under Acts 1863 and 1864.