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

RAILWAY INTELLIGENCE.

LONDON, BRIGHTON, AND SOUTH COAST.
At the general meeting of this company, to be held
on the 29th inst., after the ordinary business is disposed
of, au agreement will be submitted to the proprietors for
their approval for carrying into effect the arrangements
entered into between the London, Brighton, and South
Coast Railway Co. and the West-end of London and Crys-
tal Palace Railway Co., for the working, use, and main-
tenance of the latter railway. The proprietors will also
have to consider the propriety of leasing the Wimbledon
and Croydon Railway, and, if approved, to sanction the
acceptance of the lease.

CARMARTHEN AND CARDIGAN.
The half-yearly meeting of this company was held at
Carmarthen on Thursday ; Mr. J. R.Lloyd in the chair.
The CHAIRMAN remarked on the small attendance,
and showed the importance the line would be to the
town of Carmarthen.
The report of the directors stated that the contract
for th 3 construction of the line from the junction of the
South Wales Railway at Carmarthen to Llandyssil,
about 20 miles, had been let to Mr. Jay, contractor, of
London. The contract was 165,0001., including every-
thing except the permanent way, and the works were to
be finished by the 31st of March, 1859. The line would
be of cheap construction, and would afford accommoda-
tion to an important district, besides which it would con-
stitute part of a trunk line through the Centre of Wales,
and join a direct route from Manchester to Milford
Haven. The accounts had been made up to Midsummer
last, clearing up all previous liabilities, which had been
usual:y heavy on account of the Parliamentary opposi-
tion to the bill. The directors had arranged for the im-
mediate coisiructiou of that portion of the line between
the Carmarthen station of the South Wales Railway into
the town of Carmarthen—about one mile and a-half,
which would be completed in about eight months.
A discussion took place on the motion for the adoption
of the report, in the course of which Mr. Jay, the con-
tractor, said that if the inhabitants of Carmarthen came
forward to aid the undertaking ha would undertake to
complete the line into Carmarthen in four months, and
the whole of the works in a year and a-half from the pre-
sent time. The report was adopted, and the meeting
shortly afterwards broke up.

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 30,193 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 couree be approved by the meeting, to
limit the issue to 40,000 sho.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
50 ; the amount of the real debts about 90,500/., of
which 19,4211. 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 9,453 paid up
preference shares, representing 37,812/. 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
representat;ves. 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 58,885/ ; and the liabilities to 46,700/. The company
is involved in no sort of litigation whatever, aid 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 4.,000/.
of such debts were on dishonoured acceptances. Me.
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
elected a director on the same day. Mr. Tuttle, the
Swedish director in England, and deputy-chairman of
the English board, has tsndercd his resignation, but the
board have declined to accept it until the pleasure of the
shareholders on the subject may be known, The dine-
tors have effected or arranged for the re-delivery to the
company .3' 14,680 obligations ; and a parcel of 10,000
of the over-issued ordinary shares will, it is anticipated,
be immedia',sly delivered up. A more economical ma-
nagement ;has been secured ; and none of the persons
who were connect( I 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
en payment of a premium above the value to be assessed
by arbitration. Ti ?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
inGovernment purchase the line,
an
op
nip l
pi c,,anbyl,e
tfihresnt inin ps
ea
tytmle emnet
not f
wall t
hd et
hb tesoabnlidg
actliaoi
the price to be received, whatever form given, will be
nmshoolndetrhse,
then in payment of the sums subscribed by the prefer-
ence shareholders, before the ordinary shares can be
entitled to any participation. The directors will be ob-
accorda
before
ob-
liged again to request the indulgence of the obligation
holders for 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
rewiptrhonteheedirinpgrotomimsen,kce alled
the shareholders the
*
second call of 1/. on the preference shares. The English
have in
together
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 year ended 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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