The Sun.
London, England, 1866-05-10 00:00:00

SUNNINGDALE AND CAMBRIDGE TOWN.

In the account of the proceedings at the meeting of
this company which appeared in The Sun of Tuesday
it was stated " that some dissatisfaction was expressed
at the delay in the commencement of the works," it
should have been "at the delay in the completion
of the works."

SMYRNA AND CASSABA (LIMITED.)
A special general meeting of this company was
held yesterday at the London Tavern—Mr. J. W.
Larking in the chair.

The CHAIRMAN said the object of the meeting was
to confirm a certain resolution passed at the general
meeting held on the 17th of last month authorising
alterations in the Articles of Association. The
alterations were in clauses 12, 33, 34, 41, 59; 61,
and 62. He then read the verbal alterations in the
clauses, the principal ones being in clause 33, which,
after omitting certain words, the following were to
stand in lieu thereof :—.

" A director shall be deemed to have vacated his
office if he ceases to hold at least 50 shares in the
company. If he holds any
_other office or place of
profit under the company, if he becomes bankrupt
or insolvent, if he is concerned or participates in the
profit of any contract with the company ; except
that no director shall be deemed to have vacated
his office by reason of his being a shareholder in
any incorporated company which has entered into
contracts with or done any work with this company,
nevertheless he shall not vote as director of this
company in respect of such contract or work."
He concluded by moving a formal resolution con-
firming those and the other alterations embodied in
the resolution passed at the general meeting on the
18th April last.

The motion was seconded and carried unani
mously.

The CHAIRMAN said that the receipts on the line
were progtessing very satisfactorily. The four last
weeks they had an account which amounted to £748,
£906, £1,579, and £9o9—together, £4,142, or above
£l,OOO a week.

Mr. BURCHELL said that some objections had been
made to his observations Eat the last meeting re-
specting the security the company had to give the
bondholders. They had a guarantee from the Turk-
ish Government of £40,000 a year ; but it was not
upon that he relied so much as upon the chair-
man and directors, who received the money for the
traffic every week, and, after paying the working
expenses, placed the surplus at the bankers to pay
the interest when due. The line had been opened
throughout in March last, and they were now in
receipt of £l,OOO a week on the average, so that
they would have ample money in hand to meet the
interest when due, and he could not understand any
difference between the security of this company,
although the railway was in Turkey, and that of an
English railway of similar extent. He thought,
therefore, that he was fully justified in the remarks
he had made. He preferred the hard cash in the
hands of the company every week to the guarantee
of any foreign Government.

Mr. PRICE said the railway had been opened
throughout on March 15 last, and the passenger
traffic had already exceeded their expectations. The
line, rolling stock, and staff were as good as those
of any company in England, and he was at present
quite satisfied with the receipts, which he felt con-
fident would soon show a considerable increase.
The proceedings then terminated with a vote of
thanks to the chairman.