The Sun.
London, England, 1866-10-19 00:00:00

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I' ItICH' 4d.
ST Ala VE D sd.

RAILWAY INTELLIGENCE.

BAHIA AND SAN FRANCISCO.

The ordinary general meeting of this company was held
yesterday at the London Tavern—Mr. T. M. Weguelin,
M.P., in the chair.

Mr. W. Clay, the secretary, having read the notice con-
vening 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 report,
said ho had not many observations to address to the meet-
ing. The report informed them generally as to the state of
their property, and he had only to elucidate any point that
seemed to require it. With regard to the traffic it continued
to show a slow but steady increase iu the hands of
their excellent staff, both in the engineering and traffic
departments, whose efforts were directed to increasing the
receipts and economising expenses. He was sorry that the
result was not more satisfactOry, but the development of
the traffic greatly.depended on the construction of converg-
ing roads to the stations of the railway. He believed the
Government were sincerely desirous of pushing on that
work as soon as circumstances would permit. The late
President of the provinces of Bahia, who had taken a great
interest in the development of its resources, was now Minis-
ter of Commerce and Public Works. The Board had ad-
dressedepeosws eoorffnecessityotthhf a
eerolafieri
aotsptiiarelowdorase:ttywooh.dhei him,inea:h, urging
2:00 were
,00der
oiredirectors
gt
oorrsoo actuallyunh
additionalsal
dtyht
when
eioGet
tkahopevtyi
hot,rettnl
omgt exercisedei
given
et
construc-
tionsn the
hl
oee:
them for providing steamboats. They had entered into ar-
rangements with steamboat owners, rather than themselves
to work steam vessels between the rail way station and the
city of Bahia. They found that the owners of steamers
were more easily treated with, because they had the means
of building steamers of their own. There were other ex-
, pepgeft which would be. met by the small portion of capital
that remained. The working expenses had been reduced,
with the exception of the item for Maintenance way to
carry on the traffic. During the reconstruction of the
Pojuca tunnel it would be undesirable for locomotives to go
through it, and it would be necessary to make a road over
the hill, which would involve some expense, to facilitate the
traffic. As to the tunnel, they bad sent out competent
people well acquainted with tunnels to entirely reconstruct
it. The failure of the tunnel had risen from the complete
saturation of the hill through which it passed. The heavy
rains of last year had caused a heavy weight of water to
the entire reconstruction of the tunnel the best course.
The unexampled prevalence of wet weather had caused
apnr eds sd
et hur
eo
puigt hu
dtehue
ne
der
otnh
ethe
ot ua nt nperl4lvuhriec.h s
Thath showed
rendered default
the damage, and the directors thought it best to meet the
difficulty by deducting the estimated cost of it out of the
half-year's revenue. They had sent out Mr. Matthews,
who was most strongly recommended by Mr. Brassy as
a most competent person, to provide and make arrange-
ments for the reconstruction of the tunnel. They were told
that £lB,OOO would be the cost, and they had also to provide
for expenditure beyond that amount for the repair of the sea
walls, which had been damaged from the same cause, mak-
ing £23,000 altogether for those works. The directors were
loath to propose a diminution in the dividend, but their
chief duty was to make a sufficient provision to meet the
total expenditure requisite to restore the works. Hefeared,
however, that the maintenance of way would always be an
expensive item owing to the nature of the climate. Tho
tunnel was 300 yards in length, and there was no reason to
suppose that such a disaster would ever occur again. No
doubt proper precautions would bo adopted to make the
tunnel perfectly secure in future. The only other thing he
had to mention was the closing of the capitalaccount. They
had sent out a very competent accountant to Bahia, who
had carefully ascertained the whole of the expenses ; some
difficulty had been met with in the stores account, butthat
had been overcome, and it wasfound the total expense was
within £2,000 or £3,000 of the estimate, which sums would
just be sufficient to construct workmen's houses, and leave
the revenue of the line in future available for dividend to
the proprietors. He was happy to say that the general or-
ganisation of the staff had been very much improved. It
was a climate in which sickness often prevailed and ren-
dered it difficult to keep up the staff. They were on the
best of terms with the Government, and were still iu hopes
that the converging roads would be attended to effectually.
There was now a fair prospect before them that all diffi-
culties would be surmounted, and that the undertaking
would become remunerative.

Mr. J. MORGAN, a director, seconded lho motion for OA
adoption of the report. - .

la reply to questions it was stated that the directors did
nut intend to build steamboats provided they could get the
service efficiently performed by other companies. In con-
sequence of the wet season and the clown of new
sleepers the expenses had bcen heavy.
A PROPRIETOR thought the shareholders wore greatly in-
debted to the directors for the business like way in which
they had conducted the affairs of the company and met the
difficulties that had arisen. Were it not for the. 43 extra
expenses there would have been a little surplus after pay-
ing the full dividend to the proprietors.
Mr. lIEntoN said he thought there must have been a
gross want of judgment somewhere in the construction of
the work's. The failure of the tunnel, involving a large
outlay to reconstruct it, ought not to have occurred so
soon after its construction. lie believed it was the opinion
of the meeting that the reconstruction of the tunnel should
be confided entirely to another engineer. (flea; hoar.)
The CHAIRMAN said that on the failure of the tunnel the
directors had felt it necessary that an independent engi-
neer should be employed to ascertain the best mode of re-
constructing it. They had sent out a gentleman fully ac-
quainted with such works for that object ; the company
were buying their own material, and would complete the
tunnel themselves. The only work remaining to be exe-
reei.ctioTnhethveiowrkhsolweooufldtbhee
clairnieieda and worksunde
exe-
cuted under their.chief engineer was the iron jetty. All the
einngdemntaterials for the reconstruc-
tion portions of the line and works had been handed over
to the Government and had been accepted by them. They
had no reason whatever to complain of their chief engineer,
might be said to have been completed within the original
estimate, which was a rare achievement. The resident
tetahinsoegnuidnnoidefreeetrrchtwellioiaTusnonnfowa
npuitn•cdheasp
engineer, who had been
strongly recommended to the board.

A long and rather personal discussion ensued, in the
course of which some of the shareholders expressed them-
selves greatly displeased with the failure of the tunnel, and
with having to provide for its restoration out of the sum
available for dividend.

The report of the directors was adopted, and a dividend
of 2 per cent. for the half-year was declared.
On the motion of Mr. limos, seconded by Mr. WATTS,
a resolution was passed to the effect that the reconstruc-
tion of the tunnel be carried out under the direction of an
independent engineer.
The proceedings concluded with a vote of thanks to the
chairman and directors.

Agra and Masterman s Bink (Limited).

Yesterday afternoon an extraordinary meeting of the
shareholders in this company was held at the London
Tavern, Bishopsgate-street, for the purpose of considering
and, if thought fit, approving a scheme for the resuscitation
of the Indian portion of the business of the bank.
Mr. THOMPSON, a member of the late board, was called
to the chair, and in opening the proceedings said he was
glad to think that it would be his privilege to bring before
the shareholders, and to recommend for their adoption,ori!
series of resolutions intended to give effect to a plcairitevf
e,
resuscitating the bank, upon which, he ventured
that it
Was
there would be no difference of opinion, seeing i
a project to restore life to the dead—(cheers)i—and
the details of which there would be no d
(Cheers.) He had not, and could i
le
resignation with which the sharcho c.d when
they
last had
lotions submitted to them by the boat
and ho would assure
to meet the shareholders iu that room,
ad
nfidence then exhi-
' them that it was the calmness:ll h ofaosis.goodt thehe rcoasiom-
those gentlemen who wore ass
__ear.)
bited by the shareholders Av .
The scheme was
attemptiland
the resuscitation of tho ban ~ (head)
loto investigation of the
it.wditihnshriimnredtohi
d that in that inves-
uld ad
he would
affairs of the bank ; and
•at the conclusions they had, ho
based upon
and in arriving
a full and cowl'
ociated
Option, ,
with lam had boon assisted by their
and those associate('
• and the that the investigation
manage'
in
manager at
sayingthe Bombay branch. He
therefore felt justifiedrour.li and not a haphazard one, but
had been a
of business, andevery individual
,t item
aCCOUL , every,
one which had involved the going through every single
debts, and he could assure the meeting that the bad
trans-
action. The first thing they did was to deal with the bad and
doubtful
and that e
ones wore struck off without mercy,
ones were treated in a similar spirit. Next they had to deal
with tho possible contingencies, and they also had been esti-
mated at the very most ; and after submitting their affairs tc
that severe test, there remained a clear surplus of assets
over liabilities to the extent of £BOO,OOO. But they did no
stop even there. To make things certain they struck of
from that estimate another £200,000, so that they came be-
fore the, meeting with clear assets to the amount of £600,000
over liabilities, after deducting every possible charge and
loss. (Cheers.) But something more than that even had
been done, for they had been able in the course of their in-
vestigation to fix the very days on which those assets would
be realised, and it was proposed to pay interest upon those
,up to that time. As to the value of the business, when he
told the meeting that their gross liabilities when the bank
stopped was £7,700,000, and that their assets represented a
sum over X 10,000,000, they would be able to judge for them-
selves, and to imagine the amount of time and trouble which
1 had been devoted to the investigation and to the bringing

J-PA PER
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out of the results which it gave him plea, .i. ott# ~0.4,,
meeting., (Cheers.) He had not the slightest, Sillitrt a ti---r---•97
had that surplus of assets over liabilities, and t 4411. the, S
mate had valued things at their very worst. Independently
of the difference between realising as a going concern and
a dead one, it must be borne in mind that the present time
when everything was depressed was the very worst for
making an estimate, and that they had taken the assets at
a price below the market value at the present time—(bear
hear)—and his own conviction was that they would realise
considerably more. (Hear.) To prevent the pot:sibility of
a misstatement or a mistake, after arriving at their own
conclusion they had asked Mr. Chadwick to go over the
books and make a re-investigation of the affairs of the bank
—and having done that, his opinion fully. coincided with an (.1
confirmed the conclusions at which he and his colleagues had
arrived, and enabled them to come before the shareholders
doubly fortified. (Cheers.) There were two conditions ne-
cessary for resuscitation. First., had they capital enough ?
They had £830,000 after a crucial test, and from that they
lopped off an amount to provide for all possible contingen-
cies, bringing it down to £600,000. The second condition
was that they should have a profitable and ready field of .
operations, and a business worth working. To that he would
say that the principal business was iu India, and that the
main field of their operations was the very bast that could
be worked. During the time their business was in Cannon-
street they seldom paid less than a dividend of 12 per cent.;
and during the last two years they were there they paid a di-
vidend of 18 or 20 per cent. All the losses up to the limo they
left there were wiped off as they occurred, notwithstand- •
ing the good dividends paid. The bank lived through the
panic of 1846-47, and came out finally with a loss,of only
about £2OO, so that he thought, from those facts, that the
meeting would agree with him iu thinking that they had a
very good business, and one worth carrying on. (Hear.)
He thought the time was particularly favourable for a re-
suscitation. Many banks had succumbed which were for-
merly opponents, and the rate of interest had been 15 per
cont., with hardly any banking accommodation. The con-
nexion
of the bank had not been lost, and if they resusci-
tated a greater portion of it would flow back immediately.
They had a fine organisation ready to hand, fitted to do just
the kind of work necessary ; and an organisation, more-
over, used to that particular kind of work. He thought,
therefore, that the shareholders ought to support the resus-
citation by alt tlto means iu their power. (Hear.) He be-
lieved that would be the only course by which the share
holders could avoid the miseries of a call, because Many of
the creditors haiNsoen Urging Mrz Ortnnan to make a. calli...
and unless resuscitation were decided upon, the liquidator
would have to make a call inunediately after paying the
next dividend. He thought, the necessary addition to
the capital by the raising of now shares, in the manner
proposed by the detailed scheme which had been circu-
lated among them, should be confined to their own body.
They had 1,300 shareholders, and by an effort among them
surely they ought to be able to raise as gnuelt as they re-
quired without appealing to the public. There were three
considerations submitted to the present shareholders. It
was estimated that a total paid-up capital of £1,000,000
would be necessary for the resuscitated bank, of which it
was proposed to raise £400,000 by the issue of new shares.
' In the first place, the present shareholders would be pro-
tected from calls for two years certain ; and if the assets
realise the reduced and, as it is believed, perfectly safe esti-
mate of £600,000, there will be no necessity for any calls,
and he believed they would be free from calls for ever;
secondly, the assets were sure to produce much more in the
hands of a working bank than under liquidation ; and lastly
the present shareholders might reasonably hope in the
future to make up a portion of their loss, partly out of the
balance of assets over £600,000, which it was believed
would be realised by the carrying out of the proposed
scheme, and which, when realised, would be payable in
cash, and partly by the growing value of their shares in
the resuscitated bank. He believed that, from the assur-
ances of support already received, the bank had a very sue- .
cessful career before it.

tp:*
~7 , 9 7.:.
It 0,

The CHAIRMAN, having highly eulogised the ability
energy, and earnestness of purpose shown by Mr. Morris,
the solicitor under whose advice they were acting, con-
cluded by moving —" That the shareholders present approve
of the proposal which has been submitted for the resuscita-
tion of the Indian portion of the business of the bank."
Mr. SPICER seconded the motion, and said that before the
stoppage of the bank, which was brought about by-unfair
means, it. was the most popular and largely supported of
any bank in India. If it were ro-opened, ho believed its
prestige would bo restored, and that it had a long and pros-
perous career before it.
Mr. GALSWORTILY said that a more complete or compre-
hensive scheme for the resuscitation of the bank could not
hav o been devised, and ho gave his cordial support to the
resolution, which was then carried unanimously; and,
Upon the-suggestion of the Chairman, the meeting rose
and gave three. cheers.
Capt.LYNcit moved that a committee of 13 shareholders,
with power to add to their number, be appointed to give
effect to the resolution, and with power to make such mo-
difications in the plan as they might find necessary.
Cul. SMYTII seconded the resolution, which was unani-
mously agreed to.
On the motion of Col. l'itteE, seconded by Col. llrwArr,
the following gentlemen were appointed to constitute tho
committee:—Sir George Pollock,- K.C.8., W. Bracken, J.
Kompe, Gen Campbell, Sir I'. Oantley, 0. Tr. Lushington,
E. Wilmot, J. Spicer, Col. the Ifon. 11. P. Dalzcll, E. H.
Morlanl, Dr. Richardson, James Thomson, and Henry W.
Peek.

The Cnnionx next propise,l —" That this meeting de-
sires to acknowledge the facilities hitherto <<fforded by Hr.
Ca.WLD, and requests and authorises his assistance and co-
operation with the committee to give legal effect to the
proposed arrangement."
The resolution was agreed to, and the proceedings closed
with votes of thanks to the official liquidator, the solicitor
(Mr. Chadwick), and the chairman.

LATEST INTELLIGENCE.-
Mr. CHAPMAN, of the White Hart, Acton, Middle-
sex, begs to inform Lis friends, and neighbours that the
Latest Edition of "The Sun' can can be seen at his house as
above.

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HIGH WATER AT LONDON BRIDGE.
THIS DAY.—Mornivg, 9h. 3Gm.—Afternoon, 10h. 15m.
To-Molutow.-Morning, 10'•i. 54m.—Afternoon, 1111. 28m.

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