The Sun.
London, England, 1850-01-03 00:00:00

RAILWAY INTELLIGENCE.

MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE.
A meeting of the Liverpool shareholders in this
line was held yesterday at Liverpool, for the purpose
of taking into consideration the present disastrous
state of the affairs of the company.
The meeting was very numerously attended. Mr.
W. P. BRADSHAW, of Sheffield, was called upon to
preside. He said that he hoped such meetings as had.
been recently held with reference to the affairs of
this line would at once convince the directors of the
necessity of their meeting the shareholders in an
amicable spirit, awl acceding to the proposition for a
committee of inquiry. An impression bad gone
abroad to the effect that all the stock in this unfortu-
nate undertaking was lost ; but he thought that that
was putting the worst complexion on their affairs. He
feared, howevey, that so long as the present board of
management existed, their stock would be getting
" small by degrees and beautifully less," until it be-
came only the phantom of a railway. He hoped that
the meeting would make a strong effort to obtain a
committee of investigation, whose duty it would be
to search into everything connected with the line,
and let the blame rest on those to whom censure was
due.—(Hear, hear.)
Mr. C. MORTON, of Wakefield, proposed the next
resolution. It had been said by the directors that
such committees as the one they now sought to obtain
tended to do more harm than good. Now, he thought
differently, and, in proof of the correctness of his
opinion he could refer to the good results which had
accrued from the various investigations which had
taken place during the past year.—(Hear.) He called
their attention to the various flattering statements
which, from time to time, had been made to them
touching the prosperous state of their affairs, and
contrasted those statements with one made to a select
meeting of shareholders in Manchester on the 15th
of December last, wherein the directors stated the'
no dividend whatever could be paid this half-
year, either on the gauranteed or unguaranteed
stock ; and that the interest on the loan deben-
tures could not be paid unless their bankers
advanced 20,0001. (Shame.) In addition to this
statement they should bear in mind that the
directors were going to Parliament for powers to
create 500,0001.'s worth of new preferential stock.
fie had attended the meeting of the 15th of De-
cember, at which there were both directors and ex-
directors present, and he found that there was much
cause for recriminations between both. He found
that a considerable sum of their traffic receipts had
gone into the Great Grimsby Docks.—(Shame,
shame ! ) He condemned the expenditure in the
engineering department, and advised the shareholders
to take effectual means for checking such expenditure
in future. He concluded with proposing a resolution
to the effect— _ _

'6 That in the opinion of the meeting, the disastrous
position of the company imperatively revired that a
thorough and unrestrict,d investigation ahuuld be
made into the finances, affairs, and past and present
pol,cy and management thereof ; and that the propo•
sition of the directors, to creAte new perferential stock
to the amount of 500,0001., ought not to be prosecuted
until the investigltion referred to shall have been made."
Mr. J. Hour, of Liverpool, having seconded this
resolution, it was carried unanimously.
A requisition to the directors, founded on the above
resolution, was then adopted, after which the meeting
separated.

ASHBURTON, NEWTON, AND SOUTH DEVON.
The half- yesrly meeting of this company was
held at Ashburton on Monday; Mr. R. Caunter in
the chair. •
The CIIAIHMAN, in opening the proceedings, ex-
presFed his regret that there did not appear much
probability of the company being enabled to proceed
with their works. Under such circumstances, he
thought it would be advisable for the shareholders to
provide, at the earliest period, for the dissolution of
the eampany. In taking this step no expenses but
those absolutely necessary would be incurred, and the
shareholders might be assured that the directors would
anxiously protect their interests.
Mr. G. CAUNTEB, the secretary, read the report,
which suited that the directors have every reason to
hope, that, in the ensuing session, an Act vesting these
powers in the shareholders will be passed, when it will
he immediately submitted to their consideration.
By a reference to the statement of accounts it will
he seen that the same amount of 4,1891., invested in
Exchequer- bills, remains as before, and a balance of
981. is in the banker's hands.
The report hiving been adopted, it was agreed, on
the motion of Mr. CREAGII, seconded by Mr. BATE,
that Mr. Bean and Mr. Paige, the retiring directors,
should be re elected. _

Mr. Bate was re-appointed auditor.
A vote of thanks was awarded to the chairman and
board of directors for their judicious management of
the atlaira of the company, and the proceedings ter-
minated.

STRASBURGEI AND BASLE.
The general meeting of the company has just.bcen
hell in Paris.
The report stated, from the satisfactory conclu-
sion to a recent transaction, the financial position of
the company was greatly improved. The Mulhouse
and Thann Company will for the future receive the
sum of 55,000 f. (2,2001.) annually, and the surplus of
the receipts up to 100,000 f. (4 0001) will belong to
the Strasburgh Company, which will besides have the
advantage of the regulation of the trains. The further
sum of 155 000 f (6,2000, will be divided between the
two companies.
The ratification of this proposal being put to the
meeting, it was approved of unanimously.
It was not ex?ected that the line from Paris to
Strasburgh would be fully opened before the expira-
tion of three years, at which period a Itne will
extend from Paris to Mulhouse and Basle.

In answer to a question,
The CHAIRMAN stated that neither loans nor calls
were necessary to carry on the works. lle also
stated, that in no case could the shareholders he
deprived of the dividend of 1849, and that it would
be paid after the meeting in March next, and that
from the Koechlin transactions the funds were suf-
ficient to pay all dividends without the necessity of
realising the rentts and other securities belonging
to the company.
Atter these explanations, the meeting voted the
powers necessary for the directors to carry on all
negotiations.

RATING OF IRISII,RAILWAYS.
The Poor-law Commissioners have issued an order
with a view to put a atop to the serious expenses and
inconvenience occasioned to the railway companies in
being. obliged to appeal against the poor-law valuations
of railway property in the several unions through
v, Nell the lines pass. The Commissioners consider
that a uniform system of rating should be adopted, and
the principle of rating on the profits should be applied
as soon as any section of a railway is opened for
trsmc. The gross income of the entire railway is
t:4l(en for one year, from which the working expenses
have to be deducted, together with en allowance of
23 per cent. for tenants' profits, and wear and
tear on the capital investedr in locomotives,
carriages, and vans. the balance remaining
is the net annual value of the entire railssay, in-
cluding stations. An estimated value of the several
stations is then made out, the aggregate amount of
which being deducted from the net annual value of the
entire railway, leaves the Value of the line; this suns
divided by the number of miles in length, will give
the value per mile, to be paid in the several unions or
parishes, in proportion to the length of railway