The Sun.
London, England, 1857-01-19 00:00:00

ROYAL SWEDISH.

The report of the English directors of this company
states, that owing to the extreme scarcity of money, and
the damaged credit of the company, only 30,192 of the
preference shares had been issued. The directors consi-
dered the subscription sufficient, in addition to the assets
of the company, to complete the first half of the line and
liquidate all recognised debts. They therefore decided to
proceed, in preference to sacrificing the property. They
intend, if that course be approved by the meeting, to
limit the issue to 40,000 st...res, and then to close the
subscription, at any rate until the first half of the line
shall be in complete working. condition. They regret
extremely that the share certificates are not yet delivered.
The English board appointed Mr. G. Miller resident di-
rector in Sweden at a salary of 1,0001. per annum, in-
cluding travelling and other expenses in Sweden. The
claims of the creditors of the company demanded the at-
tention of the present board immediately on their
appointment. The number of the creditors was nearly
60 ; the amount of the real debts about 90,500/., of
which 10,421/. has been paid, leaving in round numbers
70,0001. The impossibility of finding
money to so large
an amount led the directors to offer preference shares in
payment. After long negotiations arrangements were
concluded with all the known creditors but one, whose
claim amounts to 3,4821. The arrangement made pro-
vides for the taking among the creditors of 6,453 paid up
preference shares, representing 37,8121. of debt, in addi-
tion to those taken by the public. It is intended to pay
the balance of the debts in February. Every demand
was submitted to a close examination, and upwards of
22,0001. worth of claims have been thus far successfully
resisted. The directors desire publicly to acknowledge
the indulgence and courtesy shown by the bona fide
creditors of the company. It was long before any
representative of the late Mr. Sadleir was named, and
concurrently with the appointment of a suit for the
administration of the estate was instituted by his
representatives. The claim of this company has been
made, but has not yet been adjudicated on by the
Court. The accounts of the company have been com-
pleted to the 31st of December last. They show the
gross receipts by the present board, irrespective of
the value of the shares taken by the creditors, 52,2571. ;
payments, 47,5601.,
of which 24,1751. has been remitted
to Sweden for employment on the works and payment
of advances, and 7,6421, has been spent in the purchase
of stock and materials in England. The assets (other
than the line and rolling and other stock upon it) amount
to 18,8851. ; and the liabilities to 46,7001. The company
is involved in no sort of litigation whatever, and no pro-
ceeding instituted against the company has gone beyond
the first step. This result has been effected not by pay-
ments under pressure, but by negotiation, notwithstand-
ing the large amount of debts, and that about 46,000/.
of such debts were on dishonoured acceptances. Mr.
ottie , the
of
Close, named as a director at last meeting, in conse-
quence of pressing engagements, did not accept office.
Mr. Charles Edward Newcomen was, on the 14th Aug.
last, elected in his stead. Mr. William Hartridge was
Swedishelected a
director director i
no n
England,
same day.
and
Mr.
deputy-chairmanT
the English board, has tendered his res'gnation, but the
board have declined to accept it until the pleasure of the
shareholders on the subject may be known, The direc-
tors have effected ~r arranged for the re-delivery to the
company of 14,680 obligations ; and a parcel of 10,000
of the over-issued ordinary shares will, it is anticipated,
be immediately delivered up. A more economical ma-
nagement ,has been secured ; and none of the persons
who were connected with the management of the com-
pany or in its service in England during Mr. Sadleir's
time are now in any way connected with it.

The concession originally granted to the company re•
serves an option to the Government to acquire the line
on payment of a premium above the value to he assessed
by arbitration. The interest on the caution money de-
posited in the Swedish Treasury has been regularly paid,
as heretofore, and the company has continued to enjoy
uninterruptedly all the privileges attached to the original
concession. Should the Government purchase the line,
the price to be received, in whatever form given, will be
applicable first in payment of all debts and claims on the
payment of the sums subscribed by the prefer.
company, then in settlement with theobligation holders,
then
e shareholders,
in
before the ordinary shares cat' be
neinititled to any participation. The directors will be ob-
ligedagain to request the indulgence of the obligation
holderasfoir a further delay in the payment of their inte-
rest until the first 45 miles of the line shall be open for
traffic, and the claims of the creditors which rank before
the obligations shall have been finally liquidated. The
directors have, in accordance with their promise, called
the shareholders together before proceeding to make the
second call of 11. on the preference shares. The English
directors have individually subscribed for and are holders
of 4,200 preference shares, and not taken, neither do
they ask, any remuneration for their services, until the
prosperity of the company is more assured.

FOREIGN WHEAT.—In the yearended March 3,602,097
qrs. of wheat were imported against 2,462,060 of the
previous year. The duty is is. a quarter.
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