The Sun.
London, England, 1868-10-09 00:00:00

BAIIIA AND SAN FRANCISCO.

The ordinary half-yearly general meeting of the
shareholders in this company was held yesterday at
the London Tavern, under the presidency of Mr.
Weguelin, M.P.

The report, an abstract of which has already
been published, was presented, and taken as read.

The CHAIRMAN, on moving its adoption, alluded
to the loss which the company had sustained by the
lamented decease of Mr. Sheffield Neave. The
directors had not filled up the vacancy occasioned by
the loss of their colleague, and unless the share-
holders deemed it necessary they 'did not intend to
do so. Turning to the affairs of the company, he
thought the shareholders would be satisfied with the
traffic and expenditure accounts. This was the first
time that they had been enabled to say that the nor-
mal expenditure had been covered by the receipts.
The cash balance in London during the interval since
the 30th of June had been reduced to £55,287, and
consequently the directors would not be enabled to
declare a larger dividend than 3 per cent. for the
half-year, although the full dividend of 31 per cent
had been earned. The deficiency of the cash ba-
lance resulted from the expenditure made in stores
and maintenance since the 30th of June last, to a
small accumulation of cash in Bahia, amounting to
£2,200, and to outstanding debts in Bahia and
London. The directors proposed to establish a
fund to be termed the " working capital account,"
the suspense interest account not being sufficient to
meet the requirements of the company. The pro-
posed fund would also be available any time for
equalising the dividends. If at any time the work-
ing capital exceeded the amount considered neces-
sary by the directors they would immediately
divide the surplus amongst the proprietors. The
account between the company and Mr. John Wat-
son still remained in dispute ; the company claimed
£3,800 from that gentleman, and were advised
that their claim was perfectly valid. On that ac-
count they included the sum in question as an as-
set. On the other hand, Mr. Watson had set up a
claim against the company, and legal proceedings
were pending to determine the question. The com-
pany held a warehouse in the city of Bahia of
about the value of their claim upon Mr. Watson,
under the terms of a deed of mutual release exe-
cuted by Mr. Watson, and if that gentleman con-
tended that the company could not hold the ware-
house under the deed then they would hold it as
security for their claims against him. The Pojuca
Tunnel had been completed. The work of recon-
struction had been effected with bricks sent out
from,this country. He thought that the affairs of
this company presented a favourable prospect for
their future prosperity.
Mr. J. MORGAN seconded the motion.

In reply to questions,

The CHAIRMAN said that the accounts from Bahia
with regard to the crops and future traffic of the
company were satisfactory. The questions con-
nected with the reconstruction of the Pojuca Tun-
nel had been so frequently and exhaustively de-
bated that he did not think it necessary to go over
the ground again. Any of the shareholders who
required more detailed explanation of the accounts
would be afforded every facility at the offices of the
company. The rolling stock was maintained at
the same efficiency as named in the original

concession.
Mr. BEACHEY, the solicitor of the company, said
that Mr. Watson's claim had not at present as-
sumed any definite shape. He believed, however,
that it amounted to from £l,OOO to £1,500.
The report was then unanimously adopted, and
A dividend at the rate of 3 per cent. for the
half-year having been duly declared,
The proceedings terminated in the usual manner.