The Sun.
London, England, 1850-03-15 00:00:00

CHESTER *AND HOLYHEAD
RAILWAY.
The usual half-yearly general meeting of the pro-
prietors of the Chester and Holyhead Railway was he
ld
ld
yesterday at the Eastern Station ; Captain Moorsom
the chair. The meeting was very numerously attended.
The advertisement convening the meeting, and the
minutes of the former meeting having been read, the
common seal was affixed to the register of shareholders,
after which the following report was read by the
secretary :
" The Tubular Bridge over the Menai Straits having
been completed for a single line, the directors have
taken measures to avail themselves of it with the least
possible delay. It is understood that the Inspector on
behalf of the Government will visit the Bridge to-mor-
row, and on his report, it will bei irraediately opened
for public use. For full particulars in respect to this
great work the directors beg to refer you to Mr. Ste-
phenson's report.
"Referring to the statement in the last half-yearly
report, the directors are not prepared to recommend the
creation of any shares in liquidation of arrears of interest
on original shares.
" The statement of the revenue account shows a net
receipt of 42,920 L 13s. 7d. since the opening of the line,
and he amount of dividend paid to the preference share-
holders having been 39,9971. 4s. 103., it appears that
(exclusive of some further amount that may be due for
mail service and Chester and Shrewsbury Railway toll,
under arbitration) there is a surplus of 2,9231. Bs. 9d.
The directors propose that from and after the Ist
January, 1850, all payments on account of interest and
dividend out of capital should cease, and that a separate
revenue account should be opened.
" The directors are making the necessary prepara-
tions for the closing of the capital account immediately
upon the completion of the works, and they refer with
satisfaction to the statement of the probable cost, fur-
nished under the attestation of Mr. Coleman, which
proves the general accuracy of the estimates submitted
to idle shareholders on the 16th March, 1849. The
statement of accounts, which is already in possession of
the shareholders, has been drawn up by the same emi-
nent accountant.
" The directors, believing that it would be for the in-
terest of the company, as well as greatly for the public
benefit, that the entire communication between Chester
and Kingstown should be managed by them, tendered to
her Majesty's Government for the performance of the
mail service across the Channel, at the lowest rate
which they believed would cover the working
charges, even when taking into account the
peculiar advantages which they possess in the
railway traffic to and from the port of embarkation.
That tender has been declined; and the directors have
therefore to regret that this service may be placed in
the hands of other parties, a proceeding so entirely at
variance with the Wong opinion 'repeatedly expressed
in and acted upon by Parliament to the effect ' that a
continuous management was necessary to the proper
working of the traffic between this country and Ireland;'
and which must result in serious public inconvenience.
" The now before Parliament will be submitted
for the approval cf the shareholders at this meeting,
which ha; been special for the purpose. It will be ob-
served that the powers conferred by this Bill are merely
permissive, and the directors do not propose to
take any steps under it without bringing the
whole matter again before the shareholders. They
are at present enge.ged in communication awith her
Majesty's Government (the course of which has
been delayed by the illness of the Chancellor of the
Exchequer), having for their object such assistance as
will enable the company to complete the undertaking
at the earliest period; but while a correspondence on
this important subject is actually in progress, and the
directors are also in communication with other partiee,
with reference to the working of the line, and
the development of the traffic, it would obviously be in-
jurious to the interests of the company prematurely to
give publicity to the particulars of the negotiations. As
they have reasen to believe that these negotiations a ill
shortly ba brought to a close, they purpose then to call
a special general meeting, to which they will submit the
result, -together with measures which the directors may
be praparei to recommend.
" The arrears of calls due at the last half-yearly
meeting amounted to 44,595/., since which 3,928/. 10e.
have teen realised, leaving a balance of 40,6661. 10e.
The directors have used every endeavour to recover pay-
ment of the balance, and have been compelled to resort
in some cases to legal proceedings, which, as anticipated
in tke last report, have only been partially successful. In
consequence, your confirmation is require' to a declara-
tion made by the directors of the forfeiture of certain
shares (475 in number), the holders of which are in-
solvent. 'The directors further request your authority
to dispose of these shares in such manner as may be
found advisable."
" The arbitration upon the amount due for the Mail
Service is not yet completed, but the directors have re-
ceived a payment of 25,000/. on account, and anticipate
that the award will very shortly be made.
"It was anticipated that the line would have been
opened throughout previously to this meeting, in which
case an election of directors would have been necessary,
but as this has been unavoidably delayed, the present
directors will continue in office until the next half-
yearly meeting!, eccording to the terms of the Act."
The CHAIRMAN, in moving the adoption of the report,
was at a loss a hether to congratulate or condole with
the meeting on this occasion. Their line had resulted
in a saving to the public of somo 60,0001., while commu-
nication between London and Dublin had been shortened
by 'four or six hours. Now what had the shareholders
gamed by this ? w;-,y, absolutely nothing--worse than
nothing, inded, for they had not even tho, credit which
uenally aet :chid to the perform epee of groat acts of pub-
lic usofulnese. lie could net, therefore, congratulate
them upon this aspect of their affairs., buxt there were
,erns persons who loved a grievance, and ill the Cheater
aukl ILlyheni proprietors belonged t ) that class he
could congranilete them upon having a grievance which
give them a strong claim ti Parli,mentary relief. They
had been forced to contribute 200,0004 to the Harbour
of Refuge at Holyhead, and to carry the mails for 30,000/.
per annum; and whatever difference of opinion might be
entertained upon the past policy of the company, there
could be no doubt that they had a strong claim upon
Parliament for immediate relief from some of their diffi-
culties.—(clear.)
Mr. HENLEY then todk exception to the language of
the chairman, and accused the directors of having
tricked, cheat;d, and robbed the shareholders of their
money. Originally the capital was estimated at
2,000,0001., and yet the expenditure had exceeded
4,000,0001. He, therefere, moved the following amend-
meat r—" That a committee of five persons be appointed
froth the general body of shareholders, to inquire into
and report upon all matters and things touching and
concerning the accounts, contracts, and expenditure since
the formation of the company, and especially to inquire
and report upon the state of the relations with the Mold
Company, and the legality of the proceedings of the
directors in relation thereto; and also to inquire into
and report upon the expenditure of the money raised
from the shareholders of the company under the 10th
and, 11th Viet., chap. 238; also to inquire into and re-
port upon the Bill for leasing the line to the London
and North-Western Company, with power to enter
into negotiations with that company in regard
thereto ; and that a [special meeting be held on
Thursday, the 18th of April, to receive the
report of such committee, and that the consideration of
the directors' report be deferred until such special
meeting.
This amendment gave rise to considerable discussion,
but it was eventually negatived by a large majority.
The resolution for the adoption of the report was then
agreed to, and the forfeiture of 475 shares upon the calls
now in arrear was confirmed.
The meeting was then made special, when
The CHAIRMAN moved a resolution approving of a
Bill for leasing the line to the London and North-
Western Company. The Bill was merely of a permis-
sive character, and before the lease would be entered into
the shareholders would ba called upon to confirm, the
terms.
After some discussion the resolution was agreed to,
and thanks having been voted to the Chairman, the
meeting terminated.

NEWMARKET RAILWAY.
The half-yearly general meeting of the proprietors in
this company was held yesterday afternoon, at the Lon-
don Tavern; Lord George Manners in the chair.
The SECRETARY read the report of the directors, which
stated that, owing to various and unavoidable causes, the
working of the railway between Chesterford and New-
market had remained, during the half-year, in the hands
of the Eastern Counties Railway Company, with such
results as the accompanying statement of revenue would
show. During the half-year, the gross receipts amounted
to 3,9031. Is. 93. being less than the average receipts of the
corresponding period of the previous year, although the
line was then only newly opened. The working charges
had been so extravagant, that the directors were com-
pelled to avail themselves of the arbitration clause in
the agreement for working with the Eastern Counties
Railway Company, aid to refer the demand for the nine
months, from October 1, 1843, to July 4, 1849, for revi-
sion to Mr. Robert Stephenson, by whom the amount
was reduced 1,404/. 7s. Bd., or 25 per cent. The direc-
tors had endeavoured to terminate this state of affairs
by negotiation with the Eastern Counties Railway, but
as yet bad not been enabled to effect an equitable arrange-
ment. Negotiation with the mortgage creditors for a
modification of the rate of interest payable to them, and
with Mr. Jackson, of Pimlico, the contractor for the con-
struction of the line, and the principal creditor of the
company, for working and upholding the railway at a
fixed rental, and these arrangements were so far advanced
that the directors had hoped to be enabled, by the ad-
journment of the hall-yearly meeting, to state to the
proprietors that they were definitely settled, and the ne-
cessary deeds executed. At the last moment, however.
the arrangement had failed, and it became a question of
importance to consider what course of policy should
hereafter be pursued, and looking to the utterly unsatis-
factory result of working the line through the Eastern
Counties Railway Company, and the apparent imprac-
ticability of effecting arrangements from which creditors
(and not the proprietors) were to derive the chief ad-
vantages, it might probably become expedient to close
the' line. The directors had made satisfactory progress
in reducing the liabilities of the company. The follow-
ing directors, viz., Cherles Smith Mortimer, Esq., and
Ja nes Wheeler, Esq., retired from the direction by ro-
tation. Henry Rance, Esq., one of the auditors of the
company, who retired by rotation, offered himself for
re-e'eation. On the capital account the receipts were
422,9351. 13s. 1,1, and the disbursements 421,9001. Gs.
AL-;,,qd.tleaving a balance of 1,0351. 11s. 10d. On the re-
ud the receipts were 6,8701. Bs. 4d., and the
p,:.-----ttr.542,654/. Os. 4d., leaving a balance of 4,2161. se.
, al.
`,MANNERS, in moving the adoption of the
report; dle regretted it was not of a more satisfac-
f, tort' nature, bat hoped they would have a much better
;-, account given of their affairs and preApects at future
meetings. 411 chance of effecting
• •
- .
--' 6 arrangements either