The Sun.
London, England, 1861-12-02 00:00:00

THE ARMI.

An order was received on Saturday at C hatham
from the office of the Deputy Adjutant-General,
Royal Engineers, directing Col. Harnes C. 8., di-
rector of the Roy al Engineer establishment, to
select 40 of the most skilful mechani 2' , consisting
chiefly of masons, bricklayers, and carpenters from
the companies at head-quarters to be posted to the
sth company, in order to complete it to its required
strength of 100 men of all ranks prior to its embar-
kation for foreign service. The non-commissioned
officers and men of the company have been medi-
cally inspected, and are daily expecting to receive
the order to embark.

THE SUN) LONDON, MONDAY EVE NI NG, DECE YIBER 2, 1861.

cases the tenants are filled with alarm, their being
many of the older houses in probably no better con-
dition than the fallen one.

R AMWAY INTELLIG EA CE.

DANUBE AND BLACK SEA.
The half-yearly meeting of this railway and
Kostendji Harbour Company was held on Satur-
day at the office, Abingdon-street, Westminster;
Sir S. Cunard in the chair.
The report stated that the harbour works had not
yet advanced to the point which, according to the
view adopted by the directors and placed promi-
nently before the shareholders, it was essential, or,
at least, eminently desirable to attain. Mr. Gordon
and Mr. Barkley concurred in recommending that
the company should at once largely increase its
power of cleaning the grain, and should make a
considerable addition to their rolling stock, so as to
be in a position to do next season a trade approach-
ing 1,000 tons a-day. If those recommendations
were to be adopted, and if the harbour works were
to be prosecuted after the present year, it was essen-
tial to provide funds for the purpose. The directors,
still adhering to the opinion that the harbour works
were not yet sufficiently advanced to give the
undertaking a reasonable trial, must regard any
suspension of those works or hesitation in their
prosecution as a grave disaster. They entertained,
however, perfect confidence in the success of the
operations, and were of opinion that the profits of
the undertaking must be mainly derived from the
grain trade. Up to October no grain whatever
passed over the line. The fact was the harbour at
Kostendji did not earlier afford the facilities re-
quired by the merchants. When, however, vessels
could be loaded from the jetty direct the traffic
commenced. An English brig of about 400 tons
burden then at Kostendji was at once secured by
one of the largest merchants of Ibraila, and other
influential houses of Ibraila, Galatz, and Varna
began to contract for the delivery of drain at Tcher-
navoda, and to charter vessels to load at Kostendji.
In this way three vessels were loaded during the
month with cargoes for England, Marseilles, and
Constantinople. On the 6th of November Mr.
Barkley reported that the loading of the second
vessel that month was on the point of completion,
and that he had already been compelled to decline
corn for the winter trade, as the limit of the com-
pany's warehouse accommodation had been reached.
Between the 6th and 16th of November three fur-
ther vessels were loaded; and at the latter date six
others, including one English vessel, were awaiting
their cargoes. The route offered for the Wallachian
corn all the advantages anticipated, as, with the
price at present charged by the company, the mer-
chants saved ls. 6d. per qr. by shipping at Kos-
tendji, instead of at Salina, without taking into
account any difference between the freights from
the ports. Three of the most considerable of the
Danube merchants had established branches or
agencies at Kostendji, and others were on the point
of doing so. The traffic for October amounted to
£Bll.
The CHAIRMAN having formally moved the adop-
tion of the report,
Mr. S. BEALE, M.P., seconded the motion. He
said it was very satisfactory that the violent storm
at Kostendji had not damaged the works of the mole
to a greater extent than merely shaking the stones
closer together and sinking them a little. The
ships in the harbour rode out the storm in perfect
safety. The further extension of the mole would
advance the improvement of the harbour still more.
The promise of traffic on the line was greater than
they had ever anticipated. They required more
warehouse room, and more engines and waggons to
accommodate the traffic they were to have. He had
been told by Mr. M'Lean, who had visited the spot
and was an excellent authority on such matters,
that they need have no apprehension as to the
traffic.
The CHAIRMAN said they had just received a tele-
gram informing them that there were on Thursday
the 28th, four English and two Austrian vessels
loading in the harbour.
The report and statement of accounts were then
unanimously adopted.
The CHAIRMAN stated that the original estimate
was £400,000, but the directors thought they would
commence the works with a capital of £300,000 and
see what they could do with that sum. He believed
the outlay of the £400,000 would give them a safe
and secure harbour. The original estimate would
cover the whole of what was originally contem-
plated, and he believed that an additional sum of
£50,000 might be required to provide further
accommodation. The traffic they had anticipated
had been so far realised, and he for one did not regret
what he had done towards the undertaking.
Mr. GORDON, the engineer, stated that about
£328,000 had already been expended, and they now
wanted £30,000 to provide for additional harbour
works, warehouses, and machinery, not included in
the original estimate. When the contemplated works
and arrangements were carried out they would have
sufficient accommodation for all the traffic that could
be brought by the railway. They now required
more extensive warehouse room than was necessary
for carrying on the traffic of the railway. They,
were still at great expense for labour in the har-
bour, but the expenditure would be considerably
reduced when the machinery was completed. There
could be no doubt that the price they charged, and
the amount of traffic they would have on the rail-
way, would enable them to pay.good dividends.
The CHAIRMAN explained the advantages of the
railway and harbour to merchants and shippers on
the Danube, and the saving of time and expense.
His opinion was, that the £75,000 they proposed to
raise would not be sufficient to make the harbour
and storehouses as complete as they should be ; he
thought that a further sum of £50,000 would be
' required to provide additional accommodation and
working stock, and that would comparatively be a
very small excess over the original estimate.
After some further observations a formal resolu-
tion was unanimously passed, authorising the
directors to raise £75,000 on 3,750 preference shares
of £2O each, at a rate of interest not exceeding 8
per cent. per annum; the shares in the first instance
were to be offered rateably to the shareholders. The
object was to complete the capital of £400,000.
The preference shares were to be convertible into
ordinary shares within five years from the date of
issue.
The retiring directors, Sir S. Cunard, Mr. S. Beale,
and Mr. Price were unanimously re-elected, and also
Mr. R. Potter, the retiring auditor.
The proceedings concluded with a vote of thanks
to the chairman.