The Sun.
London, England, 1868-12-31 00:00:00

MEXICAN.

The ordinary general meeting of this company
was held yesterday at the offices, New Broad-street,
Mr. R.. W. Crawford, M.P., in the chair.
The report, au abstract of which appeared in 7he
Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the re
port, said that since the general meeting on the 25th
of August last the directors heel been most labori,
ously and unremittiugly engaged in promoting the
affairs of the company, with more or less effect.
Under the guidance of Mr. Barron, their affairs had
beep -well attended to in Mexico. The_ privileges of .
the company under the concession of the 27th of
November, 1867, had been finally settled end de-
finitively confirmed in Congress. The decree of the
President, dated the 27th of November, 1867, was
now incorporated in the public law of the State, with
some modifications. The last mail had brought
them the text. of the .concession, and it had been
hastily translated from the Spanish. The modi-
fications, it was believed, would enable the company
to work with the Government for the public inte-
rests and those of the company. One of the modifi-
cations limited the privileges and powers of the
company in respect of forwingbranch lines from the
main line, and, as nothing ha I been more unpro-
ductive to railway companies, than extending small
branches from'the main lines, they could not object
to that modification. If the public chose to make
them, the company would not object. Another
modification was with respect to the rights of a
company to make a proposed line from the Vera
Cruz line; but he thought it would not be likely to
interfere with this company's undertaking. Another
modification was with respect to the tariff rates,
subjecting those authorised to an ultimate reductien
of 60 per centefrom the full rates for the convey-
ance of produce, and of 20 per Cent. in the tariff of
goods from Vera Cruz ; and as the authorised
rates were higher than those charged .at present on
the company's lines, he trusted they would not be
much affected by it, especially if moderately low
rates should tend to .develope the. through traffic.
The Government had also provided for the carriage
of troops and materials of war on the line at re-
duced rates, to which the company could have no
objection, as the more the troops were seen ou the
railway the better it would be for the peace of the
districts through which the line has passed. They
saw nothing to object to it iu these moditicatiens.
as they appeared fair and reasonable. The most
important Bart of their privileges were not inter-
fered with. They would still retain the assignment
of a sum equal to 15 per cent. of the Customs' du-
ties by way of subscription to the capital of the
company, and which would entitle the Government
to beco.ne shareholders to that amount. The come
pany was also to have an annual payment for 23
years of $560,000 from the pahlie improvements
fund. 'Those contri'uiens were to be coll.xtecl
by the company through the medium of railway
bonds of the Government being issued to the
company for disposal, through its agents for
cash to the importers of goods and others. The
bonds would go back to the Government, and the
operation of collecting would thus .be very
simple. Daring the six months ending the 30th
of June - lest the ports assigned is the com-
pany for the payment of the $560,000 a year had
received considerably more than the company's
share of the duties. It was stated that the Customs'
duties of Mexico were nearly $13,000,000 a year,
and the receipts for the six mouths ending the 30th
of June last were very neerly half that amount.
There was no doubt from the& fact that the com-
pany would have a cous:derable source of revenue.
They had also the privilege to. export a certain
amount of silver free of duty, and to import goods
for the railway, the advantage of which would be
equal to 6 or 8 per cent. ou the value. On the
whole he thought that the concession was as fair
and advantageous for both sides as it could be, and
that the company now stood in a far more favour-
able position than it ever stood before. The Go-
vernmeiat insisted that the capital was not to be in-
creasee beyond the amount specified, and if the
company could make the railway for less so much
the better. They had also insisted that the inte-
rest on the bonds to be issued should not exceed 8
per cent. without the consent of the Government.
The Government, being shareholders, wished to
be represented at the Board. This and other
matters, he thought, should be left in the bands of
their representatives in Mexico. Negotiations had
been some time in progress for an advance to the
company of a sum of money sufficient to complete
the line to Puebla, and to discharge in cash, or
class A mortgage bonds, all pressing liabilities of
the company in England and Mexico, exclusive of
those which the creditors had agreed to postpone.
lbe repayment of the cash needed for this pur-
pose would be collaterally secured on the deposit of
Class A mortgage bonds, and on an assignment of
the surplus proceeds of the line between. Mexico
and Puebla. Those negotiations had been opened
with capitalists who were able and partially willing
to advance the money, and he hoped they would
soon be entirely willing to advance the requisite
sum. He had no doubt that the traffic would hot
only be sufficient to pay the interest on the advance
but to provide a fund for repayment of the advance.
He hoped the arrangement would soon be com-
pleted to enable the company to complete the line
from Apixaco to Puebla, and also to complete the
works on the line. from Vera Cruz to a point be-
yond the Paso del Macho. The average rate of
traffic on the company's lines was about £37 per
mile per week for 1867 ; but that traffic would be
considerably increased when the lines were com-
pleted to the points he had mentioned. He hoped
to wet them that time next year in a better posi-
tion than ever they had been, and he looked for-
ward to their future with considerable confidence
that the railway would become a successful under-
taking.
Mr. GIBBS seconded the motion for the adoption
of the report.
In reply to a question by Mr. limber, it was
stated that the company would be represented by
Mr. Barron and two other directors in Mexico, and
that the Government were likely to hold shares in
the company by subscriptions in the course of four
years to the amount of £BOO,OOO.

Mr. MoxoN having adverted to the difficulties
experienced by English shareholders in dealing with
foreign Governments in respect of railway under-
takings, he said he hoped the shareholders of this
company would meet with more success than other
shareholders had in foreign undertakings, as he had
no doubt the traffic would be very large on the
company's lines when completed.
The report was then unanimousiy adopted, and
a vote of thanks to the chairman and directors con-
eluded the proceedings.