The Sun.
London, England, 1866-01-30 00:00:00

The CHAIRMAN said he considered the Worthing
a mad scheme, and must prove ruinous. to the pro-
moters. The Steyning line would be doubled to
Worthing, and when the new junction line was
opened the Worthing people need not come to
Brighton as at present. The scheme from Becken-
ham to Brighton had been rejected in three succes-
sive sessions by Parliament, and he had no doubt
that Parliament would also reject it in the session
of 1866. The cost of the proposed line from Croy-
don to Banstead would be £150,000. They had paid
£13,000 for the land Gu Kunp-tern, aa.itl had agreed
for the purchase of nearly the whole of it. The con-
tract had been let to a respectable contractor, who
would commence operations so soon as the weather
permitted, and the line would be ready by the end
of next year. The company had reduced its fares
and rates 20 per cent, over the whole of their lines to
take away all claim for an opposition line to Brigh-
ton, and the consequence had been to reduce their
dividend, which they were now endeavouring to re-
cover by the increased accommodation to the public.
The greater consumption of fuel arose chiefly from
using coal instead of coke. They had run 239,000
train miles more than in the corresponding period
of 1864, and there had been a reduction in
the cost of fuel per mile. As to printing annually
a list of shareholders, it would be very little use, as
they were constantly changing, as shown by 3,200
transfers in the year. He mentioned that only five
applications for lists of shareholders had been made
in the course of six years. There were 7,000 share-
holders.

The report was then received and adopted ; the
proposition for printing a list of the shareholders
annually was rejected by 47 against 28; and a divi-
dend of 31 per cent. for the half-year on the ordi-
nary shares and stock of the company was declared.
Formal resolutions were then unanimously passed,
confirming the forfeiture of six £5 ordinary shares,
for converting the 4k per cent. paid-up preferential
shares into 41 per cent. preferential stock ; the paid-
up 5 per cent. preferential shares into 5 per cent.
perferential stock ; re-electing Col. Barttelot, M.P.,
Mr. W. Coningham, and Mr. P. N. Laurie, the re-
tiring directors ; and also Mr. J. Pitcher, the retiring
auditor.

On the motion of Mr. AIicHELL, the remunera-
tion of the two auditors was increased from £2OO
to £3OO per annum.

The meeting was then made special, and the di-
rectors were authorised to raise under various acts
£337,000 by the issue of 5 per cent. preference
shares, or by the issue of ordinary shares or both,
at the option of the proprietors ; giving the holders
of the new 5 per cent. preference shares the option
at the end of four years of changing the preference
shares for ordinary shares ; and also authorising the
directors to exercise the borrowing powers in respect
to the additional share capital. Another special
meeting was then held, and the agreement with the
liorsham and Guildford Company was confirmed.

The proceedings concluded with a vote of thanks
to the chairman and directors.

DUTCH RHENISH.

The receipts for the fortnight ending January 15
amounted to £10,660, and for the corresponding
period of last year to £9,016, showing an increase
of £1,644. The receipts since the commencement of
the present book year, on May 1, 1865, including
the above, amounted to £222,908, showing an in-
crease, as compared with the corresponding period
of the preceding year, of £25,650. The working
expenses incurred for the fortnight amounted to
£5,097, or 47.81 per cent., and for the correspond-
ing period of last year to £4,171, or 47.33 per cent.,
showing an increase of £926. The working ex-
penses from May 1,1865, to Jan.ls, 1866, amounted
to £83,957, or 37.21 per cent., and during the same
period of the year 1864-65 to 37.13 per cent. of the
receipts.