The Sun.
London, England, 1866-11-23 00:00:00

RAILWAY AND OTHER COMPANIES.

CAMBRIAN.

The adjourned meeting of this company was held
yesterday at the Westminster Palace Hotel ; Cap-
Johns in the chair. _ ..

The report stated that the receipts for the half-
year ending December entitled the proprietors to
the distribution as dividends down to 1863 on the
inland section, of ter paying all prior outgoings, and
that the securities and property they held justified
such distribution. They accordingly obtained a
temporary advance on the securities to that amount
pending their realisation, which realisation, so far
as it had proceeded, showed that they were justified
in paying those dividends. A portion of the amount
included in the revenue account had not yet been
received, and that part was disputed. All interest
on debentures, rentcharges, and other outgoings had
been paid as they became due, and although it was
the worst six months of the year, and the stoppage
of the cattle trade, and the financial crisis, seriously
affected the receipts, still they considered it advis-
able to recommend dividends on the Llanidloes and
Newton and Newtown andMachynlleth Guaranteed
Stocks, and on the Oswestry and Newtown Prefer-
ence Stock, down to and including 1861. The obli-
gations which the company had had to meet since
the sth of February had been heavy, while, on the
other hand, the difficulty of converting such securi-
ties and property as were held by the company had
been very great. They had consequently been com-
pelled to apply temporarily such ready money as
eame into their hands in meeting pressing claims on
capital and other accounts. The company had been
able to proceed uninterruptedly with the works on
the coast section, and the railways connecting their
main line with the lines northward of Aberdovey,
and to Barmouth, Harlech, Portmadoc, and Pwllheli,
including the viaducts over the Barmouth Estuary,
the Traethbach, and the Treathmawr, have been com-
pleted, with the exception of some slight alterations
which the Government Inspector had required to be
made before they were formally opened. The opening
of these portions of their railway gave an addition
of about 40 miles. The Carnarvonshire and Nantile
Companies had also completed their lines.

The CHAIR3IAN said that certain of the debenture
holders in the critical time of panic and want of
confidence had decided to have the principal re-
turned to them, and it was a question the board had
under consideration. The debenture holders had
up to that time been very considerate, and the cre-
ditors had also exhibited the same feeling. He was
in hopes that a very short time would see the com-
pany in a good position. With regard to the de-
benture interest, it had been paid up to the present
time, and there was a large surplus from revenue
after payment of all charges. The amount of re-
venue received by the company was just double the
amount required to cover the debenture interest. The
traffic returns continued to increase largely. About
40 miles of the Welsh Coast Railway were almost
ready for opening. Since the last meeting the
board had had communication with the Carnarvon-
shire and another company, both of which occupied
very good districts. They had agreed to work those
lines on reasonable terms. This would bring a
large amount of traffic on to their line from other
districts, which they could not otherwise obtain.
He then moved that the meeting stand adjourned
until the 20th of December.
In reply to questions by Mr. Fildes, M.P., it was
stated that there were debentures over due, and the
holders had asked the company to pay them, and

the company was as sound as it possibly could be.
A large amount of the debenture had been issued at
4f per cent. Some of them were over due, and it
had become a legal question whether they could
pay the money to the proprietors at a time when the
debenture holders wanted their principal. The pro-
posed adjournment of the meeting was on account
of that question.

The adjournment was then agreed to unanimously,
and a vote of thanks to the chairman terminated the
proceedings.

TURIN AND SAVONA.

A general meeting of this company was held
yesterday at the offices, Gresham-house, Old Broad-
street ; Mr. 11. Kituberley in the chair.
The CHAIRMAN explained that the London Com-
mittee had received proposals from the Council of
Administration at Turin to the effect that the corn-

pany should make over all its rights and assets to
the contractor, who had obtained in the Italian
courts judgment against the company for £50,000,
he undertaking to complete the line and to form a
new company, the present company being dissolved,
and provided that the Italian Government would
give him a subvention of £240,000 and a guarantee
of £BO,OOO a year. The London Committee had
presented a memorial to the Italian Govnrnment in
September last stating the facts of the case, and the
causes which had prevented the company from
being able to raise the necessary funds to proceed
with the works. They had also induced General
Tremenheere to go to Italy and represent the in-
terests of the English shareholders' with a view to
obtain such terms as would enable the company to
complete the railway, and, if not to obtain compen-
sation for those shareholders who had paid up all
their calls. The proposed agreement with the Ita-
lian contractor stipulated that the new company
were to give the present shareholders 57,500 obli-
gations of £2O each for their interest in the con-
cern, subject, however, to the claims of Mr. Murray,
the original contractor for the line, which it was
supposed werevery large. If the Government would
give the company the terms the contractor de-
manded they would get other contractors to finish
the line in about 18 months. The Italian contractor
had claimed £BO,OOO as being due to him, and had
threatened to ruin the company if he was not paid,
Or the proposed terms agreed to. The reason the
funds could not be raised was that the guarantee of
£BO,OOO a year was a deferred guarantee, and made
contingent on the
opening of the line for traffic.
Owing also to delays in obtaining the guarantee,
and the depreciation that took place in such securi-
ties, it became impossible to raise the money neces-
sary to complete the works.
A long discussion ensued, in which Mr. Cony-
beare, Mr. Hartridge, Mr. Walker, Mr. Maxwell,
and other shareholders took part, and from which it
appeared that the company had expended £500,000
on the railway. The English•shareholders had paid
£240;000 on their shares, including £150,000 re-
ceived from shareholders who had paid up all their
calls. It would require £1,260,100 to complete the
line, according to the estimate by Mr. Abernethy,
the company's chief engineer. If the Government
would give them an immediate, not a deferred, gua-
rantee of £BB,OOO a year, it would enable the com-
pany to complete the whole of the line, which would
be of great advantage to Italy in developing some
of its great resources. The Government had pre-
vented the Italian contractor from enforcing his
claim, and had advanced the company £40,000 to
go on with the work, which they would have to ac-
count for when a settlement took place.
Mr. FIELD said that £450,000 would enable the
company to finish the main line, which was 91 miles
in length, and the works were in a forward state.
Resolutions wore passed unanimously to the effect
that the meeting, having heard the proposition for
transferring the rights and property of the company
to the Italian contractor, were of opinion that it
should not be accepted ; expressing an opinion that
if the proposed terms were given to the company by
the Italian Government they could successfully carry
out the undertaking, and that the adoption of the
proposed terms by the Italian contractor would be
injurious to the company and unjust to the English
shareholders ; and requesting the London committee
to urge on the council of administration at Turin
the propriety of abandoning those proposals and
supporting the memorial of the English directors.
The meeting expressed its confidence in the Italian
Government and the King that under the circum-
stances they would not suffer the property of the
company (£600,000) to be forfeited.
The proceedings concluded with votes of thanks
to the chairman and directors, and to Mr. Aber-
nethy, the engineer in chief.

RAILWAY TICKETS.
In reply to a suggestion by Mr. Barrett to the
London Railway Companies that it would be very
convenient to many travellers on the lilies between