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. CAMBRIAN RAILWAYS : COMPANY.…

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CAMBRIAN RAILWAYS COMPANY. | LIVELY MEETING OF SHAREHOLDERS. *T AIRMAN'S RETIREMENT DE- MANDED, RAILWAY EXPERT TO BE APPOINTED, I The 90th half-yearly meeting of the Cambrian Railways Company was held at the London •office, Paunerston House, Bishopsgate street, MI Friday afternoon. Mr David Davies, M.P., deputy chairman, presided owing to the attitude taken up recently by Mr Sidney Herbert and I filters in relation to the policy of the Board. There wa? a large number of shareholders pre- sent including Sir Fortescue Flanery, Messrs Starrer, Powell, liodocan-ach'i, 'Waller, Soultar. Wood. Millihgton, S. Peto, W. Taverner, H. Taverner, Tha-irwall, C. ugb, H. Mellanby, Bligh, WtilFord, Ket-le, T. Mellanby, R. Smith, Smitton, Alexander, Shepard, Landor, Robjent, Ifaggins, Williams, Willmott, J. H. Robinson, J. A. Robinson, Negrcs, Harris, and Eustace Gibbs. Mr Alfred Herbert said that before the seal was affixed to the register he would like to ask wflat steps were taken to ep the register cor- rect, because a. list had Been furnished and afterwards it was Found that 278 letters were re- turned through thfc dead letter office. A large "number of the names were those "of deceased -rs. shareholders. j The Chiarmao aicl;t was the duty of the to inform the Company of change of address and matters of that sort. Mr Powell said that on the list he found a number of gentlemen who had been dead for f: 20 to 40 years. The Chttiri-fiaii We comply strictly with the law in the matter. The seal was then affixed to the register. The Chairman, in moving the adoption of the, report and account", said they regretted the ab ,-itee of their esteemed chairman, Mr Bailey Hawkins, who was confined to his room through ill health, and Lord Herbert Vane-Tempest and Mr Thomas Craven, both of whom were 'pre- vented unavoidably from being there. A few w<aeks ago he was elected to the positioa of dqpnty chairman, and therefore the duty of taking the chair on that occasion devolved upon him. The speaker then went into the accounts in considerable detail. Referring first of all to the increase of £ 300,000 in capital authorised bv loan which was made up by £ 150,00# A and £ 158,000 B debentures, it would be remembered that that was s-anctioned by Parliament in a sfaeial Bill so that they oould satisfy their bankers with regard to the overdraft on capital account. The cost of obtaining that special Bill was not any greater than if they had re- coaise to the ordinary Parliamentary procedure. During the half year the directors had carefully the importance of placing this stock L) the shareholders" best advantage, and a cir- ('jr was issued to the shareholders last autumn viting subscriptions for EIOO,M) stock at 95 a Yd C.100,000 at 87. both free from stamp duty. T i-i to the present time they had issued £ 104,326 A stock and £ 11,459 B stock, and in respect to his A stock at 95 the directors thought the re- sult had been highly satisfactory. Since the isgcie of the balance sheet a further sum of £ 68,577 had been received on account of that new stock and paid to the bank in reduction of temporary loan, and on the 5th March £ 27,944 W \.tllld be forthcoming to still further reduce the indebtedness. The effect of that, w*jsld be to substantially reduce the item of £ 3»9,0OO which appeared in the; balanc* sheet "jader temporary loans. With regard to the re- ceipts and expenditure on capital account, the ■enljr item calling for attention was the amount received dunteg the half year of £ 10,239 on ac- i vuJU of the neft- issue up to the end of Decem- ber. Ou the expenditure side, £ 7,935 had been waving the half year on capital account, iirticulars of which would be found on accocnt X.. 5. With regard to lines open for traffic, lucy had spent on the Pwllheli extension £ 3,193, HTJ4 when the new station was opened next sum- mer there would be an additional sum of £ 1,000 a year on the new line to be credited to the raaway clearing house on account of extra mile- age. The directors expected remunerative re- t'.ms from this Pwllheli extension and the im- proved facilities provided by the new station ould be of the greatest advantage to Pwllheli, a watering wh.ch year by yeas was becom- ing more attractive o the general public. Turn- ing to revenue, the receipts for passenger traffic, parcels, and mails showed a decrease of £ 837, owi*g probably to the counter attraction pro- vided by the Franco-British Exhibition in Lon- don which undoubtedly prevented a large num- ber of Londoners from visiting their watering places. The wet weather in August and Sep- t-aaljer was also responsible for a decrease in the passenger traffic, and taking into account the similar decrease on the London and North Western and a number of other railways con- nected with them, it was .surprising that the re- ceipts lvad not been much less. Merchandise arsd live stock showed an increase of S:602, but taere was a falling f),T it, the general goods traf- fic which wa-s made up by a substantial increase in the quantity of timber forwarded over the Ene. Mineral traffic showed a decreast- of £ 993. They had carried less lime, limestone, coal, and lodes ton a, but there had been an increase in e, slates, slabs, and brick traffic. Altogether the net decrease in receipts amounted to £ 1,075. The Board felt it their duty, even in a depress- ed time, not to neglect the upkeep of the per- manent way, but the work had proceeded with t-ie utmost economy. Repairs of roads showed ;),11 increase of .£699, and but for the unprece- dented flood of last Whitsuntide, which destroyed two bridged, there would have been a substantial decrease. In the loco- motive department there an increased ex- penditure of 4:4,912 owing to the exceptionally high price of fuel. £ 1,280 more had been spent on coal, and materials showed an increase of £ 1.640. It was imperatively necessary to re- and reBew their engine stock in order to f avoid risk of accident, and for this purpose £ 4750 had been drawn from the Suspense Fund. The percentage of traffic working Expenses to gross receipt* was 16.74, which compared very satisfactorily with other railways. It was pro- posed to pay the full interest on A B. and C debentures, but the directors regretted they were unable to pay anything on the D stock. A. regards the future the directors had con- sidered the advisability of appointing a railway expert—(hear, hear)—who would be able to giv? the benefit of his experiences to tha affairs c the Company. c the Company. Lord Miehelham seconded, I Mr Peto explained how he was induced to be- come a director, and why be resigned. Had he known the Company was in such a hopeless stiite he would never have joined. Mr Sidnev Herbert, whose remarks were lis- tened to with interest, said that unless some- tit-,ag wi-re 4one the Company would gradually I go down and fall into the hands of the Re- ceiver. He tfcooght that if the Company had the right sort of expert on the Board they wotild advance sl«wly but surely on the upward road. He did izot,, agree with Mr Peto that they were ia a hopeless condition, and he was glad to per- ceire that the proprietors had at last roused tUe«ty3elv«s and were taking some interest in tVeif property. Having welcomed the Board's proposal to appoint a, railway expert, the speak- er went on t. criticise in detail the finance of tÍJ. Boars, can tending that the Directors were wary much t* Muie when they had the powers •n>t to isaue etock and pointing out that the frsdh loan capital raised was actually issued above t4. market' price. They could not hope to suc- ce«d who, the Indian Government offering 0 HUK& ex&die&i security had failed, and yet they did oot toJts ordinary precautions. They de- 1"10d t2-jq stock because they said it was worth par when they might have got, between I 80 andge very easily, but now the market valu- ation was 38. It was perfectly clear they want- ed someone oa the Board with experience in ¡. finance matters. He was supported by an im- mense number of proxies and the Board ought to consider the claims of those he represented. He wanted the retirement of Mr Bailey Haw- kins from control—(hear, hear)—and he Relieved tie Board were of the same way of thinking, thoush they might not like to put it so plainly. He had intended to move that the accounts be not adopted and propose the appointment of a committee of investigation, but as the Directors had met his views by promising to take a fin an cial man and railway expert on the Board he would i;c* do so. But he would li'ke> a pledge that they dhould vote against Mr Bailey Haw- kmx continuing in the chair. Mr Robjent, who was applauded, endorsed Mr Herbert's remarks, and Mr Alfred Herbert, who criticised several matters relating to the accounts, followed in a similar strain, remarking that the Board had a tendency to speculate in hoping for the best instead o" prepo-'ing for the worst. I Mr Walford and Mr Wood also, t-ndorsed Mr Sidney Herbert's remarks, the latter saying the Cambrian Railways had got potentialities that were being lost and that their healthy competi- tors were standing with mouths agape waiting to swallow the big plum. Sir James Flanery thought the Board ought to submit the name of the expert to the share- holders before appointing him, but Mr Powell dissented from this view. Mr Negres thought that so far as the working of the line was concerned the conditions were extremely satisfactory, The question ;before the Board was purely a financial one, The Chairman replied, and the accounts were unanimously adopted. Mr David Davies, M.P., and Mr Slattery were I re-elected as directors, and Mr Charles Fox was re-elected as auditor. The proceedings closed with a vote of thanks to the chairman of the meeting. — A formal meeting was afterwards held to comply with Parliamentary requirements.

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