The Express.
London, England, 1852-09-23 00:00:00

CALEDONIAN RAILWAY COMPANY.

Yesterday tho half-yearly general meeting of the
rs
in
shareholde the above company was held at the London
Them, Bishopsgate-stmt ; J. Duncan, Esq., in the chair.
The notice convening the meeting was read, and the
registry s.al affixed to UM het of ohs' chat& rs.

The CHAIRMAN uid there are shares upon which certain
cells have not been met, and u resolution is moved that they
be forfeited.

The numbers of the shares were then read, and the
motion being seconded, was unanimously passed.
The report (which was received as read) appeared in the
Express of Sept. 11.
The Citatanig said it now became his duty to move
that the report be received end approved. Ile begged to
ley that it was a matter of great satisfaction to the directors
that during the last six months the number of accidents on
the line had been few, and it was reei satisfactory to find
that the report, as cempareel with those of previous half-
years, aliened that the sum tor compensation to persons
and goods was very small. This circumemuce best tes-
tified the efficieuey of the service of the company in the
management of the line. They would °bet rye that
• balance remained after the payment of preferable
claims, and leave • sum which would pay the ordinary
shareholders 3 per cent. This was small, but favourable,
, under the present septet of the company's affairs. They
most all be aware that the traffic was sinsdier at this stalein
of the year. In the next place, that the iuterest upon
which so much in the shape of reduction had been in pro-
gre-s would haven very email effect open the revenue of
the hall-year, yet they would have a dividend net unequal
to that of the preceding half-year, but a shade better. If
any one looked upon the present dividend to judge of the
condition of the company, they would form a most erro-
neous and imperfect opinion of it. Certain operations had
been carried out, but their reauhe were not let taugible,
and others were now in program The conversion of the
floating into the debenture debt had occasioned much
labour, but • seeing would accrue from it. They had ob-
tained money et diminished rates of inusreet, which showed
the improved credit of the cumpauy. Originally they ob-
tained it et ti per cent., but illw et 3 per cent. (Hear,
hear.) Besides this conversion, they had made changes
in their staff, producing • yearly saving of nearly enotg.
With ftlttnet to the lineation of Captain Coddiegten, they
were aware that that gentleman's high &ulstr had been
subject of discussion at previous meetings. The directors
had found difficulty in dealing with it, but the engage-
ment having been made, they could not break off so legal
an agreement. Thu capabilities of tied gentleman had
been questioned in some quarters, but the board had always
• just rennet fur his talents, and he bad now retired. Last
ball-year sonic wuuts had beeu supplied that would nut bo
observed with next half-year. The change in the value of
their awes was valued at ;$0,0004.; but they had realised
double that sum, and, being of no use to the company,
they extinguished debts with it. They had another im-
portant operatieu—the reduction of the expenditure of
permanent way in regard to the contracts. The share-
holders wmld see, theretire, they were in n transition
state, which would be more apparent next half/ear. Be-
sides these, they had made very important reductions in the
working expellees of the company.; and the report
would chew, en eontreeting it 14:•h former report*,
this to be highly satisfactory. They bed not yet
the benefits of these reductions, but they were
in • fair way to obtain them next half-year. Ile Om
chairman) dui not wieli to prophesy, but in trying his hand
to get ate fair result, he thought that, its addition to in-
creased traffic, they would be able to give the shareholders
two-and-a. half to three per cent. (Hoar, bear.) Some
might say he was sanguine, but he expressed those opi-
'dons with the greatest confidence. It was ever an exceed-
ingly agreeable task to prophesy what he had. (Hear,
bear) The local traffic had increased, but the lung runs
had not been to large. He believed the position of the
company was better than could have been expected, and on
the financial able of tile question he (the chairman) need
say no more. In relation to o'her companies, they would
remember they took notice of the Dundee end Perth and
the Scottish Central. The question with the latter bad
been settled hi t 'veer ci the Caledonian Compaiiy, and
with respect to the other, no do doubt it would be de-
cided iu the same way. With regard to the Edin-
burgh and Glasgow Company, they were going into
parliameut for a bill for the purpose of obtaining
a more intimate connexion with that company, and
this would be done as soon as perliament opened. Respect-
ing the Glasgow and South Destern Company, lie (the
chairman) considered they hail named a decicratiun of war,
but it looked very like a flag of distress. That company
thought at one time they could crush the Caledonian Com-
pany, but failed. They did not succeed in getting a through
line, though they obtained a local line. They believed this
company was iuterfering with their traffic, but if the Glas-
gow and South Eastern bad kept to the local line alone,
they could have no doubt paid a dividend. Therefore the
charge against the Caledonian Company unjust, and the
latter was determined to maintain ita own rights. (near,
hear.) It vat unnecessary to go into details respecting the
diipute with that cometny, as the Caledonian Company
hail treated them with iieetelity and justice. In conclusion,
he (the chuirman) trusted the report, such as it was, would
be agreed to and passed. (Applause)
- • -

- ,
In reply to a question,
The CUA TIIMAN mid they had paid Captain Coddington
6,teng. to cased the agreement. If they had not done this
that path man would be entitled to 10,000 e Besides this,
they bad effected a seeing in the engineer's account.
Mr. It. A. Gant said the propel, tors had good reason to
be satisfied, because they had been extricated from a state
of thraldom. Too much praise could not be bestowed upon
the directory, but Lis sincere hope was that the motion with
respect to not running Sunday trains would out be passed,
as such a measure would destroy that gleam of hope now
dawning_ upon them.
Mr. HERAVATH—With respect to the debenture stock,
said ice the case of the York and North Midland, that coin-
' pony had the option of calling in and paying it off. If
something like this was done it would be a great saving.
Another company was receiving money at three per cent.
for a short time. With respect to the debentures he would
be glad is future reports to see a little table stating when
the debentures tell due and the amount of interest. There
was no accouut of the mileage expenses in the report. lie
had no doubt with peeper administration the company
would give an increased dividend.
A PHOPHICTOR said the chairman stated that there
was something like a declaration of war by the Glasgow
and South Eastern company, but he thow..iit his (the
chsirmao's) speech was rather warlike ton. It they could
make an amicable arrangement, it would be better than in-
volving the expenses of parliamentary proceedings.
The CHAIMMAN said they had had a good deal of war,
and that they should if possible turn their apt ars into pruning
hooks, but it was advisable to keep a sword in the scabberd.
The report, having been seconded, passed unanimously.
The ettatiticas said the next resolution was with regard
to a dividend to the preference shareholders. They had
funds enough for a aividend of 41.45. He thought it was
a matter of great satisfaction to the preference holders to
find that In tho course of IS months of wrangling their
stock was above par.
The resolsvion was seconded and carried.
The CHAIRMAN then moved that a dividend of 12s. per
cent. on the consolidated ordinary stock be paid, len in-
come tax.—This was seconded, and passed unanimously.
It was then moved that Mr. Duncan and Mr. Douglas
Campbell be re-elected as members of the board. They
were reelected, being eligible, accordingly.
Mr. WILKINSON said, on the subject of electing an
auditor, that it ought to be done with great care, and pro-
posed Mr. John Young to that office.
This was seconded and carried after some discussien.
The CHAIRMAN mid tho next question was, "that the
directors be empowered to apply to parliament for the
creation of debenture stock in substitutiou of the existing
bond or mortgage debt of the company.
Mr. Witxissom wished to know it the company would
go to parliament for any other purpose, and for au amalga-
mation with the Edinburgh and Glasgow.
The CHAIRMAN said they would take separate bills,
otherwise if oue was rejected both would be thrown out.

The motion being seconded was carried.
Mr. Mc!hoe's() moved "that tho servants of the 0031.
patsy be rested on the Sabbath day, and that no systematic
pre•determinrd work be required from them in conducting
the Vedic on the Lord's-day."

This &lotion was seconded and put to the poll, and dc-
elated to be lost.

A Tote of thanks was passed to the chairman and dircc-
tors, and the mating separated.

SCOTTISH CENTRAL RAILWAY.

The directors' report for the half-yearly meeting
to be had on the 7th of ectiiber, states that In
comparing the revenue account with the corresponding pe-
riod of 1851, a largo increase in the receipts arists--namely,
in passenger receipts, an increase t f 2,3731. Gs. 21d. ; and
in goods receipts, of 4,3711. de. 71d. The balance un band
at 31et January lost, after providing for the dividend of 7e.
per shore, was 6,9521. Oa. ON. This balance was reserved
chiefly hie payment of interest on unsettled laud claims
which had been accruing forseveral years. During the past
half-year Ouse claims have been nearly all adjusted, and
the amount of interest duo ou them is 2,6141. Ins. 11,1.,
leaving 4,3361. a., lid., to which add the receipts for this
half-year-17,6031.25. ld , making 5'2,0041. 51. 2td. 1)e-
-duct working expenses, interest on debentures, end oa pre•
terence share., 33,9781. Ile. 111 d. Balance, 18,02.51.13e.31d.
Out of this balance the directors recommend a dividend to
be declared at the rate of three pounds per centum
per annum, or 7s. 61. per share, on the consolidated
stock of the convene, payable on the 21st of October,
which w dismount to i 5,3001., leaving on hand 2,725113,.31d.
to be carried forward to next half-year ; a sum which the
directors consider amply suificient to meet all past duo
claims (inesjective of the Depreciation Fund). Looking
at the regularity with which the traflie on the linecontintme
to be developed. and the large increase that has been going
on since the accounts were closed ou the 31st of July last,
the direr ors feel confident of being able to keep up nt
least this rate of Lividend in future. The dividend on the
preference shares, amounting to 2e. 9,1. per share, will also
till to be paid at the same time with that 011 thu consoli-
dated stock. From the capital account the vaymems under
the bead of Land and Compensation have been very heavy;
but now nearly all the lejadowners bare been settled with.
The directors have resolved to recommend the shareholders
to apply to pat Lament iu next session for power to doivert
the mortFagr delft into ;net, roma stock ; this stark to con-
stitute a first charge, and to be issued on such terms and
conditions as the directors may deem advisable, the rate of
interest not exceeding 31 percent. The Harbour Branch is
nearly complcwil, nod will shortly be open for traffic."