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

TURIN AND SA.VONA.

A general meeting of this company was held
yesterday at the offices, Gresham-house, Old Broad-
street ; Mr. 11. Kimberley in the chair.
The CHAIRMAN explained that the London Com-
mittee had received proposals from the Council of
Administ.iation at Turin to the effect that the com-
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 Govnrnmeut in
September list 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 pro
posed 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 were very large. If the Government would
company the terms the contractor de-
give the
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
the line for traffic.
also to
contingent on the opening of
Owing delays
in obtaining the guarantee,
and the depreciation that took place in such securi-
ties, it became impossible to raise the money neces-
sal y to complete the works.
A lone► discussion ensued, in which Mr. Cony-
beare, Mr. llartridge, 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
1,,,,T0.7:ed terms by the Italian contractor would be
injurious to the company and majua 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.