The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-02-23 00:00:00

26. 23, 184.7.

THE DUTCH RHENISH RAILWAY.—On Saturday a
meeting of the shareholders in this railway was held in
the cotton sale-room, to receive a report from a committee
appointed on the 3d of September last to inquire into the
past proceedings of the directors, and to inquire into the
present and future prospects of the undertaking. The
meeting was most numerously attended.—The chair was
taken by Mr. Charles Holland. He said it seemed strange
that an undertaking that had been so auspiciously ushered
in, and was accompanied at the outset by a high premium
in the market, should have sunk to a very great discount
without any ostensible reason for the change. A meeting
of the shareholders had been brought about by advertise-
ment last year, and was pretty numerously attended. It
'then appeared that nearly all of them were in total igno-
ranee of the merits of the line,- and that they had entered
into it on the faith of the prospectus, and the assurance of
names which wee entitled to, the highest credit, and that
they had not given themselves the-trouble of inquiring into
the matter. A committee was appointed, but for any infor-
mation obtained they were indebted to the indefatigable
exertions of Mr. Beloe. The object now was to estab-
lish confidence in the concern, if it deserved it, and
to avoid all, irritation.—Mr. Beloe read the report, but
it was not considered advisable to publish it.—Mr. Tort
said the statistics of the railway were in a very small
compass. Deducting the expenses last year, and paying
the interest on the bonds, there would remain to the
shareholders about ls. 6d. per share. He assumed that
the bonds would be, liquidated, and that the capital of
the company would be two millions. If they took fifty-
seven miles of railway, now open, which yielded £lB per
suile per week, then the whole 112 miles would yield
something like £92,000 per annum. This would leave
£50,000 nett, and would yield 24 per cent. From that
point, and that point only, were the shareholders to pro-
ceed ; and it was now for the meeting to ascertain from
the information of any gentleman present whether there
was a prospect of advancing to five or six per cent.—Mr.
Chaplin (of London) said he had no doubt but the line
would yet realize all that had been paid, in the same pro-
portion as the Rouen line. He alluded to the management
of the line by commissaires appointed by the Dutch govern-
ment. These gei3tlem en were disinterested, and no one could
complain of their not acting properly. He then alluded
to their solicitor and engineer in Holland, both of whom
were worthy of the highest confidence. He denied that
bonds had been purchased with a view of securing the
private purposes of parties in that country. He suggested
that the report should be withdrawn, as it might be felt
that it unjustly impugned the conduct of parties there.
He had the same interest in the concern now that he held
from the first. To some enquiries he said the company
could effect a dividend of 3s. 6d. per share upon paid
capital on May-day. A long conversation took place
relative to the purchase of the bonds, which was explained,
and the Directors had promised not to purchase more.—
Mr. Moss expressed his confidence in the concern.L--Mr.
Mozley said he was willing to take Mr. Chaplin at his
word, and to view any errors which might have been com-
mitted as errors of judgment. What could not be undone
must be, submitted to. He looked at the future with
confidence ; and he was willing, for the sake of the con-
cern, to forgive and forget. He moved that the present
provisional committee be, requested to continue their ser-
vices pending the carrying out, by negotiatidn, with the
London and head direction, such arrangements as may
tend to the. removal of the dissatisfaction at present
existing, and to (he promotion of the prosperity of the
concern.—Mr. Tool seconded the resolution, and, it was
carried unanimously. It was agreed not to publish the
report, and the meeting dispersed.