The Express.
London, England, 1863-04-22 00:00:00

GREAT WINTERN RAILWAY OP CANADA.

(THIS D4T.)

This day the half-yearly meeting of shareholders
was held at the Lourdes Tavern ; Mr. F. 8. Hue in Umiak.
The report of the directors, obi* km alreedy been peb-
Belied, having been taken as read,
The Cememee, to moving in adoption, said that the lest
half-year was one of the sort remarkable in the bigamy of
railways. While the traffic had increased by 18 or. 10 per
cent end Mille the met of working had been Wished the
net rushes bad diminished. This result we. owing to the
war whisk was am Being is is Americo. They had suf 11
-
hired mesiderably by the exchange between Ceeeds sad the •
Passel Rotes of America. They proposed, in the Ant ia-
dm% Yrs the theengla trate should be mid far le Ceeedien
eeneam bed they lend that it wee impemeinahla, beamed
dm the Animism oettursey they WINO Mid they
weld leis the theenilt WAG alleeer width IIIIII•••••d
tow per amt et their maniple. mieslisa they bad
detsemlne We. at whet rate they ware wake lie teedie
in the depeeksted earream, sad the Memel, d a midi=
el than genii= were very AM* to be mired M. bat
emit was that the three* Wit bed Men rises to
them They reasivellbl,oool. en the Meet* belle, gad the
egalbrameskimethetheawsb =lkea nabs wee *sly MOON., -
hewing • kik mat V sebstentlel messy. He Minded in
the expenses all eget mope *Ad resewale. It had bees
that Mere isalibe a weekly statement of the
31111=110 =Aim% kel they found that it would be tet-
te give auk • datemeet enthoit misleading the
shareholders as to the retold arrived at, for the rate of
exchange varied libe the weather from day to
day, and air emeeste with America were mily made up
at the mid of each mouth. About Ave weeks from
the Mese of the mesa they might be able to give some-
thing Mks the real men of the exchange on the " green-
beam' bat Not baleen With regard to the napalm and
renewal account. Moat 13 per cent of the shareholders
were of opinion that • renewal fund should be established.
The directors, inflamed by such en opinion on the part of
so large a body of shareholders, thought that 3,0001.
a year should be Ind aside for such • purpose, although be
dU ace amour in that view himself. It was for the share-
holders to decide on this question. The Mareholders to
whom be referred thought that may 10,0231. should be
charged each half-year against revenue. The en.
gimes, Mated that the cost of renewals for the
seat three mug would be 70,0331., so that if they
applied 20,M-34 a year for that purpose they would
be is debt at the end of the three years to the amount of
150,0001. After the three years the cost of renewals would
be 80,0031., so that after the end of three yam they would
be pales into debt at the lute of 40,000/. • your. The me-
nagement of the line wee steeliest, sad with regard to stores
Mr. Seward was directed to organise • better system
than the as. in exieteme. There wee • prom:Mice
Ware parliament for as oil breech railway to Beer-
ask, and advertises was taken of that te introduce a
peonies which would trziWeeter power to tire=
shareholders sad the lish directors. The
Cl" 1"" claims l'aittrudwedrlard to the im
pater se °,l4.6"isg.
and lie hoped that justice would be douse to the coespany
that matter. In the matter in dispute with the Commer-
cial Beek of Canada, he did not think that judos bad
been dem to the oompany by the judgment which had
been arrived at, and be hoped that the Court of Appeal in
Canada, or the Privy Council in England, would do them
more emulate justice. As regarded the Detroit and
Milwaukee Bea, he hoped that the result. would prove satis-
factory to both parties.
Mr. HOT= seconded tbe motion.
Mr. lloonsr moved as as amendment to the mottos far
the adoption of the report that paragraphs 3 and 4, so far as
they related to the rear wal fund, be lett out of the report.
He was glad to gad that the ehairman took a different view
on this subject from the majority of the board.
Mr. /1114171WA/T1 seconded the amendment, Minim
that the setablialueset of • renewal fund was wrung in prin.
cilia. Is support of that view he proposed as • rider te the
amendment we a dividend of 21 per cent. be declared.
Mr. 0•11111011 I•pported the amendment with the rider, '
and regeMeal that the chairman had not acted on his ewe
minks bly mliegieue• protest ns:, the seublishateet of
asp
fene. With te the through nulls he
me MIMI dry mere carrying it on at a ensiderable leis.
Me bardw enention of amalgamation with the fled
Tem* Oeseptay wee finally settled. (Hear, hear.)
Mx. DORTON asked how they last 17,0001. oe 56,0001.
mealtted to this weeny
01/JINAN mkt that was theselo on the rate of
IHIMararOYMIN • director. said that ha voted for settle(
aide 6186,000 k towards the mama flied wider the belief
Hat be was carrying out the Mime of the shareholders.
Is reply te Mr. H. Elam,
The Cumuli stated that, however desirous the di-
re:Mrs were to avoid law, they were not always able to do so.
It wee quite tree that the oil urinm were sot so productive
an they were ; bet Mill they were boafficieetly productiveto
justify the making of the Minch to those springs. The
Ilse would be made for the estimate of 10,0001. The quer
tics of amalgamation with the Grand Trask came to an end,
aed there was no intention of renewing it on the part of the
beard.
The Osamu' said the board had no oh''eatson to admit
the amendment, and to Propose it ioatoad of his original
metro& He should, therefore, move that the revert be
adopted, with the exception of that part of it which re-
lated to the establishment of • renewal fund, and that •
dividend of 26 per coat be declared, papilla on and after
the Llth el May.
Dr. DAUB moved an armedinent to the effect that
the sears en originally proposed by the directors be
edepted. rad OM • dividend of 3 per cent be declared.
lanmee, • director, seconded the aromdroma. He
weed *aim that the line had bees mismanaged. and that
wh•Ye had hem 'arena at lees rates than mold be ob-
tained. He comidend there was • loss of 90,0001. ou the
thee traffic. He also thought there wee a greet and
menemmery be. m the exchanges. He was of opinion that
the prespeces of the Detroit and Milwaukee Bee were
lead setisfeetery. He was of opinion when he became
a member of the beard that Mr. Brydges ought to have
been dieus bat he meld get no one to support him. He
wee site isied with Mr. Beyeelds and with Mr. Bela-
Pd.
The Cauturaw said it was all very well for Mr. Bm-
vies to come dews from Glasgow to make offhand propo-
sitions at the beard., bat the board had to take wider views
the. Mr. 8//mice. No ensn came to the board with less
imperfect data, with lees intonation and more pinion than
Mr. Serves, andV Mr. Service could riot agree with the
wed of the heard be ought to take the manly mune of
Tenpin and state his views as • shareholder. He mein.
tabbed that there bed bees eo logs en the through traffic,
awl that Mr. Bwinyard discharged his duties, under difficult
eireurestemes, with great ability.
The amendment was then pit and lei by a majority of
Vf to 22.
The original resolution, proposing a divideed of 21 pm
erne Weird of 3 per met., was then put and tarried lre •
Imee emjceity.
I After emit formal proceedings the meeting sepustsi.