The Sun.
London, England, 1866-07-18 00:00:00

RAILWAY BILLS.

In Lord Redesdale's committee, House of Lords,
yesterday, the following bills were passed :—The
Buckley and Wrexham, Mold, and Connah's Quay ;
the Wrexham, Mold, and Connah's Quay (addi-
tional powers) ; the Carmarthen and Cardigan ;
and the Caledonian (Edinburgh station). The
Elham Valley Bill was adjourned.

In Room A the Swansea and Clydach Bill was
thrown out. The opposition in the case of the
Brecon and Llandovery Bill was withdrawn.
In Room C the following were heard and ad-
journed :—The North British (Wishaw branches),
the Bowness and Grangemouth, and the North
British (Tay bridge).

In Room 1, House of Commons, the Wye Valley
Bill was passed. The Barry (extensions), the
Pembroke and Tenby, and the Northampton and
Banbury Junction Bills were heard and adjourned.
In Room 2, the Midland (Ashby and Nuneaton),
the Halesowen and Bromsgrove, and the Vale of
Neath (transfer) Bills were heard and adjourned.
In Room 3, the Caledonian and Scottish North-
Eastern ; and the Caledonian (Lanarkshire branches)
Bills were heard and adjourned.

ENGLISH AND FOREIGN CREDIT.
A general meeting of this company was held yes-
terday, at the Baltic, Threadneedle-street ; Mr. G.
Sheward in the chair.
The report congratulated the shareholders on the
satisfactory condition of the company. The balance
of profit and loss on Dec. 31 last was £10,568, out
of which, in accordance with the resolution of the
meeting of Feb. 6, the sum of £5,163 was absorbed
by a dividend of 10 per cent. per annum, £4,000 was
carried to the reserve fund, and £1,405 to new profit
and loss account. The result of the operations of
the half-year ending on the 30th ult. was a balance
to the credit of profit and loss of £8,379, which it
was proposed to appropriate as follows :—£5,163 in
payment of a dividend of 10 per cent. per annum ;
£3,000 to be transferred to the reserve fund, which
would then amount to £12,000 ; and £216 to new
profit and loss. The sum of £355 was carried for-
ward to new interest account, being rebate on cur-
rent transactions. The balance-sheet showed that the
capital wa5£101.,465, and the cash at bankers£l2,sBl.
The CHAIRMAN, in moving the adoption of the
report, said he wished to give them the fullest infor-
mation in his power, and when they considered the
whole financial difficulties of the past half-year they
would see that the pledge given by the directors at
the last meeting had so far been carried out care-
fully. They had no bills to pay, and no liabilities.
They carried over £3,000 to reserve, and he believed
that every security they held was fully and honestly
worth what they had taken it for, with the excep-
tion of one, which would not be available to realise
so soon as expected ; but having made the advance
they could wait till it was worth principal and inte-
rest. He told the shareholders at the last meeting
that the directors had no necessity to make a call.
They had no intention to make a call now, nor
would they do so until they were enabled to reduce
the liability of the shareholders. The business of
the companywas not so large as it might have been;
high rates of interest generally entail high risks.
They had been very cautious in conducting the
business of the company, and if the worse were
to come to the worst they could not lose more
than the amount of their reserve fund. They had
placed the reserve in Consols, but a circumstance
occurred which rendered it necessary to place it
in another security owing to -the high rate
of interest recently prevailing, but as soon as possible
the reserve fund would again be invested in Consols.
The sums due on current account had, since the ac-
counts were made up last month, been reduced to
less than one-third. A question had been asked as
to whether the directors had sold any of their shares
since the last meeting. He could say that none of
them had sold shares, but some had increased the
number of their shares in the undertaking. He then
explained that the directors had it in contemplation
to reduce the nominal amount of the shares on a
plan similar to that intended to be carried out by
the Credit Fonder and Mobilier of England; but
nothing would be done in that respect without the
assent of the shareholders.

Mr. F. MOWATT said it would be more desirable
for credit with the public not to reduce the nominal
amount of the shares ; but if they did, he thought
the liability could not be reduced to less than £2O a
share. The present capital was too small, and the
expenses would not be more for managing a capital
of £500,000. He would rather see the present capi-
tal increased, and the number of directors reducede
from eight to five. It was very satisfactory to b
told that their capital was intact.
o which
A long discussion ensued, in the course f
it was propsed to reduce the nominal amount of the
xio
shares from £5O, with £7 10s. paid, to
tee with
£7 10s. paid ; also to appoint
sea of
co.
committee
in-
quiry, but the motion was not
The report was unanimously
cont. per annum was de-
adopted, and a divi-
dendnded at the rate of 10 per
inst.
The proceedings e
dared, payable on
tb; 18thchided with a vote of thanks
to the chairman and directors.
INDIAN CARRYING (LIMITED).
The half yearly general meeting of this company
was held yesterday at the office, Great Winchester-
street—Sir M. Stephenson in the chair.
Mr. W. THOMPSON, the secretary, having read the
notice convening the meeting, the report, an abstract
of which has appeared in The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the re-
port, said the first subject in it referred to the in-
terim dividend which would be considered, satisfac-
tory, as the directors did not recommend a dividend
until they had satisfied themselves that it had been
fairly earned in the half-year'S working. Thesecond
point referred to the relinquishment for the present