The Sun.
London, England, 1866-02-14 00:00:00

GREAT SOUTHERN AND WESTERN.

The half-yearly meeting of this company was
held on
niSaturday in Dublin—Mr. W. Haughton in
the

Mr. Taylor, the secretary, read the report, an
abstract of which has appeared in The Sun.
The CHAIRMAZI, in moving its adoption, said that
if at any time the directors had deserved any credit
for the management of the company's affairs, they
never deserved it more than during the eventful
years through which they had lately passed, and in
which the company's dividend was reduced only to
a small extent. It was exceedingly gratifying to
the directors to meet the shareholders again with
the largest surplus they had ever had on any pre-
vious occasion. (Hear.) It was a clear bona fide
surplus of £26,000, of which they proposed to
allo-
cate £7,000 to the reserve fund, which would then
amount to £12,000. They proposed to add £3,000 '
to the insurance fund, making it £5,000, and the
balance of £16,000 they expected would be amply
sufficient to protect the company's dividend for the
year 1866. The increase in their passenger traffic
fcr the past half-year amounted to £22,000. It
was the decided opinion of the directors that if they
consulted the interests of the shareholders, and not
the expectations and gratification of the public, they
never would run an excursion train upon their line.
(Hear, hear.) The worry, the expense, and the
risk attendant on those trains far more than out-
weighed, in the opinion of the directors, any pro-
blematical profit they might derive from them.
After some discussion the report was adopted, the
dividend on the consolidated stock, at the rate of 5
per cent. per annum, was declared, and the retiring
auditor, Mr. R. Atkinson, was re-elected.

ROYSTON AND HI2CHIN.

The half-yearly meeting of this company was held
on Monday at the office, Gracechurch-street ; Mr.
J. C. Cobbold, M.P., in the chair.

On the motion of the CHAIRMAN, seconded by Sir
R. CARDEN, a dividend at the rate of 6 per cent. per
annum, less income tax, and id. per £6 ss. stock
for expenses of management, was declared on the
Royston, Hitchin, and Shepreth Consolidated
Stock for the half-year ending Feb. 1, payable
forthwith.

SAN PAULO (BRAZILIAN).
The half -yearly meeting of this company was held
on Monday at the London Tavern ; Mr. R.A. Heath
in the chair.

Mr. Hillier, the secretary, having read the notice
convening the meeting, the report, an abstract of
which has appeared, was taken as read.
The CHATIMAN, in moving the adoption of the
report, said the works were progressing favourably,
and they expected that by Midsummer nextthe lino
would be opened throughout for traffic. Slips had
occurred in some of the embankments, which were
being made good, and, as the contractors would
have to keep the whole of the works in good order
for one year after the opening of the line, he trusted
that, by that time, the works would be properly con-
solidated. With regard to another matter, the di-
rectors have thought it right that the shareholders
should have a copy of the whole of the correspond-
ence that had taken place between the directors of
the company and Capt. de Medeiros, the agent of
the Brazilian Government. The directors, as they
might suppose, were not very well pleased with the
result of that correspondence, as they considered
the Brazilian Government had broken faith with
them, Capt. de Medeiros having had full authority
to treat with the company. He protested on behalf
of the company against the consequences of that ac-
tion of the Government which appeared to him not
only to be highly prejudicial to the shareholders of
the San Paulo Railway, but also very injurious to
Brazilian credit in this country. He therefore cond-
dered the Imperial Government as responsible to
the company for any extra charge at which they
might be obliged to raise the money beyond the 7
per cent. guaranteed by the concession. He sug-
gested that the shareholders should among them-
selves contribute the requisite sum by taking their
proportion of the bonds ; the directors would also
take their share of them, and they would thus gain
considerable advantage by adopting that course, and
be independent of external aid. To subscribe for
bonds to the amount of one-fifth of their present
holding would be sufficient to raise all the money
the company would require.
A SHAREHOLDER thought there must have been
some misapprehension as to the translation from the
Portuguese.

Mr. SAMUEL begged to say that the version he had
given of the proposition was the right one, and was
in strict conformity with the private instructions of
Captain de Medeiros.
Mr. FLESCRER thought they had very little to ex-
pect from the Brazilian Government. It was the
Government and not the people of Brazil that were
to blame.

The report and statement of accounts were then
unanimously adopted.
The retiring auditors, Mr. Alderman Dakin and
Mr. Galsworthy, were re elected.
Mr, GOEZ considered the suggestion of the direc-
tors for raising the requisite money a very good one.
Mr. WusoN proposed a resolution expressing the
views of the shareholders as to the recent proceed-
ings of the Brazilian Government ; but after some
conversation it was withdrawn, and the proceedings
concluded with a vote of thanks to the chairman.