The Sun.
London, England, 1861-03-28 00:00:00

CAPE TOWN.

The half-yearly meeting of this company was
held yesterday at the London Tavern ; Mr. H.
Watson in the chair. _

The CHAIRMAN, in moving the adoption of the
report, congratulated the shareholders and directors
upon the large attendance of proprietors on that
occasion. It showed that they felt a due regard for
their vested interests, and that they were prepared
to extend their confidence to the directors and to
give them their support. As recommended at last
meeting, the statement of accounts had been modi-
fied. The works were now progressing satisfac-
torily, and with greater expedition than formerly.
Mr. L. BROWNE, the managing director, seconded
the motion for the adoption of the report. He
entered into several details with a view to explain
the matters referred to in the report. The exten-
sion of the line into the centre of Cape Town had
been sanctioned by the Government, which would
add about two miles of double line to the length of
their railway. A temporary station was to be
erected at Cape Town, at the suggestion of Sir G.
Grey. The iron and zinc work had been executed
since the order was given in November last, and the
materials for the station had been shipped, so that
there was nothing to prevent the completion of the
station at Cape Town by June next. The Govern-
ment had agreed to extend the guarantee of 6 per
cent. on an additional sum of £20,000 for the cost
of the proposed extension and station, provided the
contractor was not bound to execute it under his
contract. The authorized capital was £500,000,
and, if it should be found necessary to exceed that
amount, the sanction of the local Legislature would'
be required to extend the guarantee to the
additional capital. The directors would never
ask the proprietors to raise capital beyond
the amount authorised without a similar guaran-
tee on the new capital. Station-masters had
been selected from the Great Northern Rail-
way and sent out two months ago. Before the end
of 1860 the iron rails for 34 miles of line had been
sent out, and 38 miles of sleepers. Since then 11
miles of rails had been shipped and 18 miles of
sleepers. There were 10 miles of rails ready to
ship, and they had only 10 miles more of rails and
about four miles of sleepers to ship. They would
have no delay in respect of the permanent way
materials, and so soon as the earthworks were ready
the line could be laid down. They had 6,400 shares
in the company, which were paid up in full, and
£47,000 had been paid in advance of calls. The
works were in a forward state between Cape Town
and Stellenbosch, and a few miles of line had
already been laid. Since the supplemental contract
had been signed the works had been carried on in
a more satisfactory manner, the payments to the
contractor now averaged between £B,OOO and
£9,000 per month, whereas formerly they did not
exceed £3,000 or £4,000 per month.
Mr. J. BARRY, who had resided 43 years in the
colony, said the prejudice against the railway was
at present very strong, but he thought, when it
was opened for traffic and its great advantages
became known, that a great change would take
place, and they would then be anxious to extend
railway communication into the interior of the
country. The Government was most anxious to
extend those works and to give the enterprise all
the assistance they could.
After a short discussion on items of account, the
report was adopted, and Mr. Alderman Dakin was
elected an auditor.