The Sun.
London, England, 1850-12-17 00:00:00

Mr. Grant, the secretary, having read the report,

The CHAIRMAN said, the reason they were called
together at so late a period of the 3 ear was to enable
the directors to have the pleasure of announcing to
the proprietors the opening of the Namur and Liege
Railway. At present the line was open for the con-
veyance of passengers and light goods, but shortly
they would be ready to carry goods of every descrip-
tion. From the appearance of the traffic on the line
the directors had no doubt that the estimate of revenue
laid before the proprietors in April, 1847, would
prove as correct with respect to the traffic on the
Namur and Liege line us it had on the company's
Mons and Manage line. He had no doubt that a con-
siderable increase would take place in the receipts,
and the line would also participate next year in the
traffic from the principal towns in Germany to Eng-
land which would be induced by the Exhibition of
the Industry of All Nations. The working plant was
supplied by the manufacturers on terms which en-
abled the company to spread the payment fur the plant
over a period of six years, and as all the engines and
carriages were of the best description, ;they did not ex-
pect they would require repairs for a long time. Great
delay had taken place in the construc'ion of the basin
at Mons, but they fully expected it would be opened
next month, which would tend to increase
the traffic. At present the gross receipts were about
7001. per week.—(Hear.) The utmost economy
would be exercised in the working expenses, and the
proprietors may rely that every exertion would be
made to develop the traffic, and it was their intention
to publish the traffic returns monthly. The object
of these remarks was to influence the proprietors to
ask any questions they thought proper, and he had no
doubt the directors would be able to satisfy them. He
concluded by moving the adoption of the report.
Sir P. SMITH, in seconding the motion, said that
he bad recently examined the line throughout, and he
supposed they would admit that he had some know-
ledge of railway works, having inspected almost every
line in England, and several lines abroad, and he
must say that he never saw works on any line more
beautifully executed or more solidly constructed than
the works on the Namur and Liege Railway. He
had said on a former occasion that the works on the
Mons and Manage Railway were ably executed, but
those on the Namur and Liege excelled them. The
tunnels, the brickwork, and the masonry were con-
structed in a masterly way, and the permanent way
was so well laid that there was every probability of
its being maintained at a moderate expense. The
maintenance of the way and works bad been let by
public tender, and it was their wish that the largest
and widest competition should be allowed to parties
desirous of making contracts with the company. They
would shortly be in a position to receive tenders for the
maintenance of the permanent way and works on the
Mons and Manage line, and it was intended to give
contractors in England an opportunity as well as con-
tractors in Belgium to tender for the contract, and
by that means to have the work done at the lowest
possible price. With respect to the Mons and
Manage line they would have a crowd of traffic upon
it from morning to night ; and he believed that
nothing could compete with the Namur and Liege
line when in full operation, and that the traffic would
yield a good return for the outlay.—(Cheers.)
Mr. RIDGWAY considered that the directors were
entitled to the highest praise for the admirable way
in which they had brought the company out of a
ruinous position into one of prosperity. It appeared
to him that after the payment of interest on bor-
rowed money a comparatively small sum would give
them a dividend on their shares, which were reduced
in number by forfeiture to nearly one-half the original
number.

Mr. HARRISON congratulated the directors and pro •
prietorN on the present position of the undertaking,
and said were it not for the exertions of the direc -
tors and the contractors, and the kindness of the
bankors and the Government, the line would not have
been open at the present time. He believed that the
interest for three half-years was due on their shares,
which with the current half-year would amount to
eight per cent. due; ani he wished to know how the
directors proposed to pay it.
The CHAIRMAN said they admitted the debt, and the
interest would be paid out of the first available money
in their power.
Mr. HARRISON said the first available funds would
be out of the net profits, and to pay the back interest
out of present and future profits would be like taking
the money out of one pocket and putting it into the
other. He suggested that as they were authorised to pay
interest out of capital during construction, debentures
should be issued to the shareholders for the total amount
of the interest due, the debentures to bear interest at
five per cent. per annum until paid off. He believed
that the interest due as a legitimate debt, and if
the plan he proposed did not interfere with existing
arrangements, he would bring it forward at the next
meeting.
The CHAIRMAN said they were much obliged for the
suggestion, and in the meantime would give the mat-
ter their best consideration.

Mr. WILLis said he was happy to see several pro-
prietors near him on the present occasion who had
held their shares from the commencement, and he
trusted they would reap the benefit of their outlay and
perseverance. He had done everything in his power
to assist the company in its difficulties, and others had
done the same, and he took that opportunity of cor-
dially congratulating them on the promising
position of their affairs after all their trouble and
anxiety. He believed their property was as well
worth the money expended on it as any railway in
England, Ireland, or Scotland. The paid up capital
amounted to 523,0001., and the borrowed capital to
700,0001, and as the latter sum would have to be
repaid, they must not deceive themselves by supposing
that they have got over their difficulties by opening
the line, for a great deal yet remained to be done
before they could consider themselves in a sound
position. It would not require a large sum after
satisfying the claims of the creditors to pay a dividend
on their share capital; 1001. per week would pay 1
per cent., and 5001. per week would pay them 5 per
cent. On looking over the traffic table in Herapath's
Journal, he perceived that there was as good a traffic
per mile par wea k on the Mons and Manage line as
there was upon one-half of the lines in the United
Kingdom. That line was 22 miles in length, and bad
cost the company about 250,0001. He was quite sure
that when the time came for dividend the directors
would feel more pleasure in giving it than the pro-
prietors would in receiving it.
Mr: BELL explained that originally the company
was based on a capital of 1,000,0001., but in conse-
quence of parties not paying up the full amount on
their shares, the paid-up capital stood at 520,0001.,
and the borrowed money at 750,0001., but there could
be no doubt they would be enabled to capitalize the
greater part of that sum either by the reissue of the
forfeited shares, or the issue of new shares, and thus
reduce the amount of the loan to 250,0001.
The CHAIRMAN said, in reply to a question, that
he belived that 1,250,0001. would complete the un-
dertaking. If their traffic increased very much they
would have to provide more plant, for which, of
course, they would require an additional sum to that
amount.

Resolutions were then unanimously passed, adopt.

ing the report, confirming the arrangement entered
into with the Belgian Government, in conjunction
with the Bank of Belgium, for the loan of 1,800,000 f.
(72,0001), and voting the best thanks of the meeting
to Mr. Storks, the engineer, for his valuable services.
The proceedings concluded with a cordial vote of
thanks to the chairman and directors.

THE EMEUTE AT BIRKENHEAD—APPRE-
HENSION OF THE RIOTERS.
LIVERPOOL, MONDAY.—The first step towards a
legal investigation of the late serious riot at Birken-
head has been taken. At an early hour yesterday
morning the police at Birkenhead, having obtained
warrants from the magistrates, were actively engaged
in apprehending various parties who were suspected
of being engaged in the recent disgraceful riot at
Birkenhead. On this business at least fifty of the
police, under the direction of Superintendent Haig,
were engaged, and they succeeded in capturing six of
the parties implicated.
The prisoners, who were for the most part Irish-
men and Roman Catholics, answered to the names of
Haggerty, a navigator ; Smith, a shoemaker; Feehan,
a coalheaver ; Fitzsimmons, a navigator ; Griffen, a
labourer ; and Brown, a master shoemaker. The
police also endeavoured to apprehend a seventh, but
he escaped.
The six men were brought up before the magis-
trates at ten this morning. Mr. Conway, barrister,
and Mr. Townsend, the magistrates' clerk, appeared
for the prosecution; Sir George Stephen and Mr.
Brotherton defended the prisoners.
Mr. Conway opened the case for the prosecution,
and was proceeding, when Sir George Stephen re-
quested that all witnesses for the prosecution should
leave the court.
Mr. Conway made a similar request with regard
to the witnesses for the defence.
Sir George Stephen asked for an adjournment of
the hearing, in order that he might make himself
acquainted with the case.
The remand was agreed to, and the case adjourned
till Thursday, when the prisoners will be brought up
at-Chester Castle. The prisoners Brown and Feehan
were admitted to bail, themselves in 501. each end
two sureties in 50/. each. The other four prisoners
were removed to Chester.

OXFORD AND WORCESTER EXTENSION RAILWAY.—
Y esterday,
fore his Honour Sir George Rose, those who did not appear
on settling the list of provisional committee be-
when called were placed upon the list. It is understood
that the care of the members of the managing committee
will be taken up on appeal in the case of Morrison, who was
one of them.