The Sun.
London, England, 1850-01-26 00:00:00

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BELGIAN EASTERN JUNCTION
RAILWAY—(THIS DAY.)
The usual half-yearly general meeting of the
proprietors of the Belgian Eastern Junction Railway
was held this afternoon, at the London Tavern ; Sir
Frederick Smith, chairman to the board of directors,
in the chair.
The advertisement convening the meeting having
been read, the minutes of the last hali-yearly meeting
were read and confirmed.
The report of the directors was then sub-
mitted to the meeting, which stated that
in accordance with the resolution passed at the
last meeting, a deputation proceeded to Brussels, and
had an interview with the Belgian Minister on the
20th of November last, for the purpose of bringing
the negotiations with the Government to a speedy
issue. The Minister, M. Rolin, stated to the depu-
tation that various circumstances over which he had
no control had prevented the submitting to the Coun-
cil of Ministers the propositions which had been made
to him on behalf of the company ; but he as-
sured the deputation that the sulject would
be taken into consideration with a spirit of
equity and liberality, and with as little delay as pos-
sible, probably in about a fortnight from the date of
that interview. Two letters had since been addressed
by the board to the Minister, pressing for a decision,
but up to this date the directors have received no
communication from him. These negotiations have
been pending since August, 1848, the object being
either to obtain a return of the caution-money or
permission to appropriate it to the construction of a
section of the line. The report goes on to state
that if circumstances have changed since the time
the concession %as granted, and the Govern-
ment of the present day should no longer
desire that any part of the railway should
be constructed, then the directors feel justified in
saying that the funds deposited as a guarantee of
the intentions of the company should be restored in
full to the shareholders ; but if the interests of the
country require that a portion of the line should be
constructed, they do not suppose that the mere de-
lay which has unavoidably taken place could be set up
as a bar to its execution. They cannot believe that the
Ministers of Belgium, either individually or collec-
tively, desire to confiscate the property of the share-
holders for the mere purpose of appropriating the
funds in question to the purposes of the State. The
directors entertain a hope that when the question
shall be investigated by the Belgian Ministry, their
sense of right will induce them to accede to the pro-
positions submitted on behalf of the company. A
considerable rise has taken place during the course of
the last year in the Belgian funds, in which the cau -
tion-money is invested, so that, in the event of a
favourable issue to the negotiation, the delay will not
have been injurious to the company. In conclusion, the
directors state that every endeavour has been made by
them to economise the resources of the company : the
clerks have been discharged, the office given up, the
secretary placed on a very reduced salary, and the
directors continue, as they have done from the com-
mencement, to give their services gratuitously. The
accounts to the 31st of December last show that the
investments amount to 51,5081, of which 29,3131. is
in caution-money, 21,8771. in the hands of M. Mes-
sell, at 4 per cent. interest, and 3201. at 5 per cent.
The balances amount to 3011., making 51,8101. The
sums paid in liquidation of liabilities incurred prior to
the 12th of October, 1849, and expended in current
expenses to the 31st of I)3cember, amount to 5491.
The present liabilities are stated to be 317/.
The CHAIRMAN, in moving the adoption of the re-
port, observed that if the report did not furnish all
the information that was required he was quite pre-
pared to answer any question that might be put to
him. The directors had nothing to conceal, and were
ready to adopt any suggestions the shareholders
might throw out. The shareholders no doubt were
aware that the Belgian Ministers had latterly been a
good deal occupied with their war budget, or their
line would have come under their considsration ; but
the Ministers had now got over their difficulties, and
they confidently anticipated that ere long they would
receive a reply from the Finance Minister. The di-
rectors were determined to do their best to economise
the expenditure of the company, and he hoped, under
all the circumstances, the shareholders would be sa-
tisfied with the report.
A PROPRIETOR wished to know if any answer had
been received from the Minister of Pubic Works
since the report was published ?
The Clings/AN replied in the negative.
A PROPRIETOR asked if the directors had consi-
dered the position the company would be in suppos-
ing the Belgian Government called upon them to
make the line ? He had reason to believe that if that
turned out to be so, that one-tenth of the shareholders
would not pay up.
The CHAIRMAN said that was a question for future
consideration.
The PROPRIETOR observed, that the company had
failed to carry out the promises in the original pros.
pectu!.
The CHAIRMAN—In what respect ?
The PROPRIETOR—In nut making the line within
five years.
Tne CHAIRMAN—And why not ?
Tne PROPRIETOR—Because you could not, I sup-
pose.—(A laugh.)
The CnAirtmAN—That is not our fault. We are
anxious to carry the thing out, and have laboured hard
to do so ; but if any member of the shareholders will
join our direction, and relieve us from the difficulties
we are labouring under, we shall be very much
obliged to him.
The PROPRIETOR—Don't suppose that I desired to
cast any imputation upon the direction. I think they
have done the best they could under the circum-
stances, and I merely made these suggestions fur
your future consideration. In my opinion the BA-
gian Government have behaved very shabbily to us.
The CHAIRMAN—We have a strong moral claim
upon the Government, and I have no doubt that in
the end they will give us fair play, if they do not
treat us with liberality.
The report was then adopted.
The CHAIRMAN intimated that certain shareholders
had neglected to exchange their banker's receipts for
scrip certificates, but as many of them had failed to
do so through being absent from- the country, it was
therefore proposed, at the next half-yearly meeting,
to take the sense of the meeting on the subject.
Thanks were then voted to the Chairman and
directors, and the meeting terminated.