The Sun.
London, England, 1868-01-09 00:00:00

THE SUN, LONDJN, THURSDAY EVENING, JANUARY 9, 1868.

RAILWAY AND 07HER COMPANIES.

RIO DE JANEIRO CITY IMPROVEMENTS (LIMITED).
An extraordinary general meeting of this com-
pany was held yesterday at the London Tavern—
Mr. R. P. Mangles in the chair.
The report, an abstract of which appeared in
The Sun, was taken as read.
It was proposed to alter the articles of association
so as to enable the directors to issue shares to bearer
and share warrants, but the consideration of the
question was deferred till the ordinary meeting in
March next.
The CHAIRMAN, in moving the adoption of the
report, said an opinion had been expressed by some
of the shareholders that they had not received that
full information with regard to their affairs that
th,,y considered desirable. The directors met them
on that occasion with a vhiv; to give the shareholders
the fullest ilformation in their power, both as to the
past transactions of the comp my and the present
position of their affairs. Various charges and in-
sinuations bad been made by some shareholders
against the directors, which were wholly groundless,
and 130 gentleman was justified in waking them un-
less he was prepared to prove them, but he thought
they need not enter into a vindication of their cha-
racter, as he believed it could take care of itself.
But the interests of the company were a very diffe-
rent matter; and he might say that those interests
had been seriously damaged by those gentlemen who
had formed a committee. No body of men were
entitled to make the assertions they had with re-
spect to the board, and he believed he was in a po-
sition to prove that the agitation that had been got
up had injured the company. The price of the
shares was no indication of the value of their pro-
perty. The directors knew, if the shareholders did
not know, that the company had enemies in Rio.
An engineer, among others, had asserted that Rio,
being situated in a basin, could never be drained ;
but damage had also been done by gentlemen at
home depreciating their property, so that the price
of the £25 shares had been reduced to £l7 or £lB,
instead of being at a premium. The concession-
aires, the directors, and officers of the company held
one-tenth of the shares among them. They held
altogether XBO,OOO. He had received a letter
from a shareholder, who he believed was one of
the most acute lawyers in England—(" Name,
name")--Mr. Hope Scott—and he had sug-
gested that there were three points upon which
information.
The shareholders were entitled to
The first point was as to the relation of the con-
tractor with regard to the completion of the works;
the second point was as to the real amount of loss to
the shareholders, in consequence of the delay in
completing the works ; and the third point was
that the shareholders should be furnished with a
full statement as to the extra charges incurred for
private and public works. With regard to the re-
lation of the contractor to the completion of the
works, the contract had been carried out in good
faith by Mr. Brassey. The Government compelled
the company to execute the works marked No. 3
on the plans first, so as to enable them to test the
utility of those works before the company was
allowed to proceed with works Nos. 1 and 2. Eight
months were to be allowed for testing those works.
The contract was based on all the works being
completed in four years. The only difference be-
tween the contract and the prospectus was that two
years were allowed for completing works iu district
No. 3, including the eight mouths, and two years
for Nos. 1 and 2, making together four years. The
first object was to construct the outlet. Considerable
time was lost in negotiations with the Government
and individuals for obtaining possession of the land
for the site of the outlet. Three changes of Minis-
ters took place in the interval, and after the new
Government was formed the company was re-
quested to find another site for the outlet. A sea wall
had to be built, and after considerable progress a
storm arose which swept away a portion of the s A
wall that took two months to repair. They ex-
pected that under those circumstances eight months
beyond the two years could be conceded to them to
test the works, and to allow them at once to pro-
ceed with works Nos. 1 and 2, but that was re-
fused. Thera was no blame for all this delay to
the contractor, to Mr. Brassey, or to the direc-
tors. There was no fault to find with the contrac-

tors as to the completion of the works. Then with
regard to the interest to be allowed during con-
struction, the directors estimated it would amount
to £136,000, and the actual sum paid was £135,000.
They estimated that the rents from the Govern-
ment for the works as brought into operation would
have realised £132,000, and Mr. Brassey had to
subscribe £4,000 to make up the £136,000. In
consequence of various delays which neither the
contractor nor the directors could prevent, the
rents only realised £67,000, leaving a deficiency
or a loss of £65,000 on the estimate. They also
lost £lO,OOO or £15,000 on the difference in ex-
changes. As to the third point, the public works
were finished with the exception of £3o`) worth
of work to prevent the completion of which the
Court of Chancery had granted an injunction,
but the Government had since interfered with
a view to remove the injunction and allow the
works to be completed. 'They had 14,900 houses
now drained, and they hoped to find 200 more
that had been drained by them. With regard to
the private works, the company did not execute
any without first obtaining a written order from
the owners of the property and security for the
payment of the cost at a fair price. having en-
tered minutely into an explanation of other matters,
he stated that if it was the wish of the majority to
have an independent committee to investigate the
accounts, &c., he would not object to it, but he
would oppose the appointment of a hostile commit-
tee, and would use the proxies intrusted to him for
that purpose.
Mr. VILLEBOISNET said he thought the explana-
tion of the chairman very clear and satisfactory as
far as it went. He thought, however, that they
should have an independent committee to investi-
gate the accounts and explain discrepancies iu them
that he did not understand. The balance-sheet
showed an excess of expenditure amounting to
£119,000, making the total expenditure £99,1,0:0.
Colonel W. C. WESTERN at some length pinted
out discrepancies between the statement of accounts

and the prospectus. Ile did not impute anything
wrong to the directors, but wished for a clear and
satisfactory explanation ; and also as to discre-
pancies in former accounts as compared with the
List accounts. Instead of Mr. Brassey guarantee-
ing 7 per c:•nt. during construction, according to
the prospectu3, it appeared he was only bound to
pay £4,000 to complete the directors' estimate.
Mr. H. W. BLAKE, a director, explained that the
apparent discrepancy in the accounts arose from
shareholders comparing items in the cash statement
with the balance-sheet, which gave particulars of
the assets and liabilities of the company. He be-
lieved the statements would be found perfectly cor-
rect.

COL WESTERN moved an amendment to the effect
that a committee of five shareholders be appointed
to inquire into the past transactions of the com-
pany, with power to employ such professional as-
sistance as they might require, and to report the
result to an adjourned meeting.

Mr. F. P. WILSON seconded the motion.

After a long ',discussion the amendment was
allowed to be carried by a show of hands, and it
was unanimously agreed that Colonel Western,
Mr. Robert Hudson, Mr. N. Scott, Mr. Villebois-
net, and Mr. A. Hoyes be members of the com-
mittee.

It was also agreed to adjourn the meeting to that
day four weeks, to receive the report of the com-
mittee, and the proceedings concluded with a vote
of thanks to the chairman.

£86,000. The unexhausted borrowing: powers of
the trust amount to £236,000, and coupling with
this the £600,000 asked for in the bill, there will
be created a capital of £836,000 with which to un-
dertake and complete the erection of the graving
dock and other necessary works in the river and
harbour. From the annual report of the harbour-
master it appears that during last year there were
49 steamers built and engined on the Clyde, having
an aggregate tonnage o! 20,327, as compared with
64 steamers and an aggregate tonnage of 28,548 in
1866, the decrease in 1867 being 15 vessels and
8,221 tons. The Lord Provost reported that the
revenue of the trust for the half year ended De-
, I cember, 1867, amounted to £72,205, which, when
contrasted with £66,252 for the corrsponding six
months of 1866, showed an increase of £5,953, or
at the rate of nearly £l,OOO per mouth.

their party managers; while both GeneraI.WASH-
INGTON and General TAYLOR, elected without a
decided political record, went far beyond what
could reasonably have been expected of them in en-
forcing the measures desired by the nation. The
object of the Republican party is to carry to a suc-
cess the work of Reconstruction upon a basis of
equal suffrage. It aims at accomplishing this
without permitting the unchecked supremacy
of either the white or the black at. the South—
Equality, not Dominion. Yet, there is a large
minority i❑ this party who prefer that the white
should rule in a qualified way ; while a fragment
favour the dominion of the Negro race. It is the
object of the majority of this party to unite thee►
all on one platform, and secure Gnasr's assent to
his nomination by the party. They see that in the •
present temper of the people GRANT is essential to
them, and they are alarmed at the strong efforts
male by the Democrats to secure the General's
nomination, even on an independent basis. It
appears pretty clear that GRANT is master' of the
situation unless some strong and sudden change
takes place within the next few mouths. GRANT
will either be the independent nominee of a new
organisation, or the nominee of the Republic at
party. But in either case he will be the next PRE-
SIDENT of the United States, as far as anything still
future can be predicted. The tactics of the Re-
publican party are directed to secure him for them
selves, while those of the Opposition are so far to
detach him from the arms of their opponents, as to
secure his election on an independent basis.—Anglo-
American Times.

LORD MALMESBURY ON THE HOUSE

OF LORDS.

At the annual dinner of the Vales of Avon and
Stour Farmers' Club, on Monday evening, the Earl
of Ma'mesbury was present. In replying to the
toast of " The House of Lords," proposed by the
chairman, Mr. J. Druitt, Mayor of Christchurch,
the noble earl expressed his opinion that the mem-
bers of that branch of the Legislature had ably
performed their duty through a long space of time,
through a series of changes, through changes of
dynasties, changes of laws, changes of ideas, changes
of sentiments, and changes of opinions. The passing
of the Reform Bill of last session was a proof
of this fact. They had waited patiently for some-
thing like 15 years, while the House of Commons
and the people were considering, and fighting, and
disputing, and struggling under the various opinions
which were laid down upon that great measure.
The House of Lords remained silent and observant,
and when at last they saw that the people were
satisfied that some change must take place, that
various opinions bad been put forward, and had
failed to conclude any measure which could be
satisfactory to the nation, they did their duty when
they accepted at once and without diffictilty a mea-
sure which seemed to be, after all, although there
might be some differences of opinion upon it, alto-
gether gratifying to the people of this country.
The district in:which they were holding their meet-
ing that day afforded a proof, of the fact that the
House of Lords was open to every one whose

talents and merit rendered him deserving of a
place in that assembly. There had been three peers
created, if he might use the expression, upon that
very soil. One was Lord Stuart de Rothesay, who
was a younger son, and who had no more chance of
being made a peer except by his own merits than
any other person in the country, who so distin-
guished himself abroad, who made himself so useful
to the Duke of Wallington in Spain, and who so
distinguished himself in his diplomatic career after-
wards. The next was Mr. Canning, the son of a
very eminent statesman, but who had no better
education than any other gentleman of his class.
He came forward, having evidently inherited the
talent of his father, and was made a peer, and he
graced the peerage which he received by his dis-
tinguished conduct during the Indian rebel-
lion, and at last eloSed a very brief but brilliant
career too soon by an early death. Last, but not
least, there was the younger son of a very highly
esteoned country g‘intleinan in that parish, a man
whose kindness of heart, whose charitable feelings
no one old enough to remember would forget. Ile
referred to Sir George Rose. The younger son of
this quiet country gentleman was raised to the
dignity of the peerage, after having been the hero
of a hundred battles in India. In conclusion,
Lord Malinesbury alluded to the fact that the
House of Lords might be regarded as a house of
farmers, there being probably no other body of
men so perfectly acquainted with agriculture
and with its principles and improvements. It
was not necessary to mention names in support of
that statement, because they would find at every
agricultural meeting members of the House of Lords
gaining first prizes, putting themselves at the heads
of agricultural societies, and in every way encour-
aging an art and a pursuit which evidently inte-
rested them as men of education and good feeling
towards their countrymen. Later in the even-

ing, Lord Malniesbury, in responding to the toast
of " The Lord Lieutenant and Magistrates
of the County," expressed an opinion that

we were not likely for some time to see the end of
the Fenian conspiracy, to the dangerous character of
which the country could not be too much alive. It
had the name of an Irish conspiracy ; it was sup-
posed to be merely an Irish conspiracy for Irish
objects and Irish purposes, and to remedy Irish evils
and Irish complaints, real or not. But he believed
it to be more than that—that they might add to
that conspiracy the feelings and the evil objects of
men who were the enemies of order in all countries
and in all places—(hear)—that under the guid-
ance of such men unfortunate and ignorant per-
sons fancied they were benefiting their country
and their nationality, though in reality they
were merely the tools and instruments of far cleverer
and more wicked persons, and were bound by and
affiliated to them. At present he believed the con-
spiracy had not in any way reachel the quiet nook
and corner in which they resided, but the tune
might not be far distant— and he felt certain that
they would all readily respond to the call—when
they might be summoned to assist in the preserva-
tion of order in the country and of peace in their
own families, and to maintain the constitution which
had rendered this nation happier than any other on
the face of .the earth. (Cheers.)