The Express.
London, England, 1852-10-22 00:00:00

ABERDEEN RAILWAY.

Tho half-yearly meeting of shareholders in this
line was held yesterday at ltadley'a Hotel, for the purpose
of adopting the report and accounts, and for other business.
Lord JAYEI Hats. chairman of the company, having
taken the chair, the Secretary read the minutes of the pre-
vious meeting ; after which
The CHAIRMAN wished to make one or two opening
remarks. He believed that what their line wanted was
traffic, and that was only to be obtained by extending the
line northwards to Elgin, and thence to Sorehead, a dis-
tance of 82 miles. Burghead touched the Moray Firth,
and thereby commanded the whole traffic both to Glasgow
and Edinburgh ; in the one ease by
.the Caledonian Canal,
in the other by rail. On a recent vat to Scotland he bad
ken astonished at the resources of Cromsrty, Caithness,
and Sutherland, all counties beyond Burghead, and be
believed that all they wanted was traffic channel south-
ward to make those resources available. Even so far away
u Orkney he had seen as good shorthorns and Leicesters
as could be found in any part of England. He believed
that ultimately there would ho railway. communication to
John-se-Groat% and !that it was their interest to promote
that result by every means in their power. Any rail-
way extension be contemplated could be carried out
at an expense a little exceeding 5,0001. a mile, the figure
at which the Dee side line had been constructed. That lino
had been constructed at 5,3751. a mile. his belief was that
these extensiocs were necessary to make the line return •
revenue. The next point was the opening of a communi-
sation with the docks at Aberdeen, for which a purchase of
land would be necessary. For that land he would not con-
sent to give more than the market price, and he trusted
that the Aberdeen trustees would see that the proposed
erection would be for the benefit of the town, and consent
to take a moderate price for the ground. He would put a'
series of resolutions to the meeting.
The resolutions generally adopted the report and accounts
dalready published), gave powers for the creation of new
ebenture and preference stock for capitalisation of arrears
of interest, and authorised the raising of money for eon-
tinuttions and station at Aberdeen. . .

Mr. ADAMS objected to the resolutions being put to the
meeting in a string. They had invested 1,700,0001. in the
line for which they were getting no dividend, nor did they
expect any for seven yenrs and therefore he thought their
business should not be slurred: over.
. .

The report and the accounts were then put to the
meeting.
Mr. Piatz (deputy-chairman), In seconding the resolu-
tion, said that the accounts bad been certified by the
auditors. Ile further explained that them were 60,000/.
arrears of interest on the existing preference stock, and the
object of the proposed creation of preference and debenture
stock was to capitalise the arrears and make them bear
interest, whenever any surplus revenue should be created.
At present the arrears remained as a debt weighing down
the revenue of the company. They also proposed to add
30.41601. to the capital account, to replace a similar sum now
the debit of revenue. There were 468 original
remill co
the company forfeited, and they proposed to issue
sew Edenton Meek lets massed of 0,7721.105.,1 being
the meant of arrears en these shares. lie believed that
by the adoption of these sae m they should be able to pay
all these debts, and raise des money aseessuy for new
works. The stock to be moiled was mak we sew prefer-
ence stock, the defies eleesely hens inteanas sad all they
sought was to turn these Mae haledellened defteneire Mock.
Mr. Tnonesox approved at the eisuats, bet
to the powers propeeed to he labia tar the treaties/B*a
prefemme steel. Ile would pewee es ma amendaseat that
no measure be sanctioned by the nisetlag for the issue of
new shares under the name of daleatare stock, or in any
other way ;which might aftWerence shares of the
first and second ;preference
Mr. ADAMS thoupcht that their gest object should be to
promote the teethe. Aberdeen had 71,000 inhabitants
and the present truths between that town and London was
only 1,5001. per mile per week. Until that figure was passed,
he saw no reason for going further into the inhospitable
north. To pay the preference shareholders they required a
teethe of 2,3001. per mile a week. Much he thought
migl.t be done by lowering the passenger fame, a measure
which had been most sumental on the Clyde. All they
should raise money tor was le pay their debts, mad thatesuld
beet be done by way of loan. - He did not see, halides, why
they amid not endeaveat be settle with their shanimidess
as ds Oaledosiaa had dame. (Hisao) He Ise ems shed*
be better plowed es rosin hex pet cent them le be owed
six. (A ler) jewideed ales to ese • few in. English
dhot' s& • Thvd I kiwi *MUMaltk flidermy wall out
of theft ewe *miry, beageeleinly at ben., managed
their railwayswen. theta be any part of the Itiagdaes.
(Rear, bor.) They had k w ease at this gas prevented ,
one day's week In the week, M a tam of 2001. or NAL a
week, to mashie the 'people to Is nmsit woo than travel.
(" To ibinitipti.l He would popes as sit amendment, '
that no yeefteares sepital be dessled that a statement of
liabilities be laid beim the samoustsees, sad that what-
ever maw our nossery be nisi by boa.
Mr. RIDDIIIII proposed that the essesals benselved and
adopted, and that the report be esseked and entered en the
minutes. A long and most iresersist diseamien awned as
to the right of ',priority with rasped le these motions;
ultimately Mr. Reddisples amendment was adopted by the
chairman, and carried by the meeting; Mews. Adams and
Thompion's amendment, were severally negatived, and
powers were granted to the directors to capitalise the
arrears by the creation of a debenture stock, to make stock
of the forfeited shares, and to go to parliament fur powers
to raise the money necessary for new works. The retiring
directors, Meuse. Lumaden end Pirie, were re elected; and
Mr. Starling was elected in the room of Mr. Davidson, re-
tired; and thanks having been voted to the chairman, the
proceedings terminated.