The Express.
London, England, 1849-01-18 00:00:00

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MEETINGS.—CANanowa' finnan COAL AND RAIL-
WAY COMPANY. London, Jan. 17. atdiotansed Deraordinary
Meeting.—Mr. N. P. Cameron in the chair.—Mr. Burls handed iu
protest Agana the meeting. The chairman said they had met to con-
sider the subject of the letter of Mr. W. B. Cameron, land to swept or
reject it. It was competent for any one to sweat terms
which be might think more for the Interest of the company.
Captain Norcott, R.N., moved "that In consequence of the report fur-
nished by Mr. B beet Unlash on the 9th Jan., 1849, the proposal of
Mr. W. B. Cameron be respectfully declined."—Mr. Bu. It said that
Mr. Barham was the mover at a former meeting of a resolution that
Mr. Cameron's letter be accepted; next be seeteded a motion
that it be accepted under consideratka of something alas
being done, whilst now he came forward to propose that It Ins
declined altogether. Now, his friend Mr. Chalmers hail slaved the
rejecalim n tied letter at a former meeting ; he, therelore, weld got
understood this proceeding on the part of Mr. Barham. The Asir-
man said Mr. laminas had no right to vote on that °wades, for he
had not paid his calls.—Mr. Chalmers said be had paid his calls Is the
committee appointed by the sluireboldera Mr. W. B. Omega=
wished to know what wasdora with that motley.—Mr. Burls meld the
money had been sent down to Swansea to pay men's wages. (Haar.)
It would be the duty of the shareholders o Nee that all the mine,' it
future paid should be applied to the payment of the debts of the
company ; but then they did not want to pay the calls to the directors,
for they would have to pay them first in that nape, and secondly In
the shape of verdicts against them. The adj iurnment of
the former meeting was carried, he maintained, by an
illegal m .jority of votes, or they might not have been troubled
on this occoaon. Now the proposal fur rejecting Mr. Can.eron's
letter was nothing less than a prop sal ior the admissions of Mr.
Daglein's report That report had nothing more to do with the
potation of the company than it had with the corporation of the Bank
of England. Ile did not in that report tell the shareholders how
30,000 e was gone for ever, and that additional liabilities were In-
coned. Notwithstanding this, he had no objection to others taking
up the company on Mr. Degiein's report. lie had no objection, but
be and hi- friends were resolved to pay up no longer. They bad to
coneid r that they t•ad 80,0001. of =billies Incurred, and 18,0001.
accruing, spinet which they had only 80,0001. of meets, which might
be considered of a very do fitful character. They were told that
this great Winning would take three years to execute, and that
if they made the Llinelly Railway they could dbmoss of
as much coal ult was coavenent to rain. Ile maintained that if
this oust were raised It would not do more than pay its expenses ; In
the meantime they would be liable to an expenditure of 6,0001. • year
Whiett there was nothing to meet. If others liked to take up the
Onittier■ let them, for be had no further degree to be a party to the
srammay or soy of its contracts, for which they had ban threatened
tope made liable—A shareholder said the lease was void.-31r. Mer-
ton, the solicitor, said the lease was In the room and he should be
ha to moduce It to any gentleman. It had been regularly pee-
red settled by counsel, and executed by all the parties, and by
the company. It was, In his opinion, valid, both in law and
equity, and he ma supported be the high opinion of Mr. Lloyd,
who had seen it often, and had never suggested any alteration.
Lleut.Oul. Cameron said he had a few words to say as to the lease of
Yb property, and in his capacity of Indian'. He had heard of no
abet In the lease; if there were, ha would be happy to remedy it if
the hue was Mend, they were released already, and had their
remedy against him.—Mr. Burls never said the property wu worth-
less. bat omy that the conditions were so under which it was handed
use tat them; the freehold he sever raid was worthless—Mr. Fry
hatidear to the shareholders) advised them to give up their shares,
and let others that liked It lake the company up; the legal questions
nand be decided In another quartet.—Lieut..CoL Comer= would
allude to Mr. Dagisish's opinion that It would take 68,000 E km the
Great Winning and fur the junction with the railway. Foe
this she e =sated • minimum net profit of 36,0001. per
year. Now, taking the minute of Ms. Burls for the three
years' intene on the borrowed money, the net return would
' then be 29,3961., which was equal to upwards of 23 per oent on the
capital subeeribed He enured the proprietors that the steam and
bituminous coal of this property we. superior to any other in the
Wein. They had only tear with prudence and eccoorny in working
the mines to make them profitable as he had described.-- Atter some
discussion between Mx. Smother, Mr. Ruda and inhere, the original
motion was altered as follows:—"That the propcsition of Mr.
W. B. J. P. Cameron, of the 17th December het, be respectfully de-
clined," and then pared uneadminsly.—Lient. Dol. Cameron said he
had been 23 yeas engaged In mining, and bad bored 90 fathoms to
test this property, and that he would engage to bring 60,000 tons on
the road to Wort], within six months, If the shareholders would only
supply the money for the espeadienre.—Mr. Burin, Mr. Smallbone,
Mr. Tavernen; and others, made some observations, after which
Mr. Elderton, the solicitor to the csamany, made an overture to Mr.
Fry, the solicitor to the dissentients, for the purpese of • consulta-
tion between one of the board and a Yew ebarehoWars as to the best
means of restoring confidence and getting the company out of its dim.
ninth which was taken in a friendly spirit—The meeting then
adjourned.
ABlBRUltliff.—London, July 17.—Mr. Jame Spicer,
chairman of the committee of London, In the chair.—The newly-
elected directors, Lord James Hay, Colonel Frazer, Captain Christie,
Mr. Stewart, Mr. Alexander Pith, and Mr. Atkinson, were intro-
duced by the. Chairman, who then congratulated the shareholders on
the abandonment of the agreement, both with the East ront Compa-
nies and with the London and North Western, and proceeded to show
that instead of a misfortune it was a positive gain that the contract
had been broken by the East Coast Companies. The Aberdeen Com-
pany was now in Its genital nation, with just this material differ-
ence, that they were entirely =shackled by any agreement inane.
ever. They had succeeded In neuritis& board of directors who would
set their faces against all sorts of jobbing, end manage the cein.
piny economically. It was proposed that the proprietors should each
take a share of the preheat°e stack, which It was proposed to Lane at
a preferential dividend of epee oent per annum In perpetuity. The
money they had already invested wee unmductive, but by a helping
hand from each of the sharebol it would be made
amply productive. The directors and their Mends had
volunteered to take four time' their amount of prefer.
voce stoat' if neeemery, and already they had pledgee and promises of
90,0001. being taken at once out of the 276,000 i , though the circular
had only at prevent been sent out to the English shareholders. He
had it on the authority of Mr. Locke, their eminent engineer, that
within four months after the line is again commenced they might open
to within 116 milts of Aberdeen, and that within four months more
they might be open to the south side of the river Dee at Aberdeen.
In Mr. Leeke's estimate there were certain works, the terminus at
Aberdeen, the Montrose branch, &a, that were not immediately es-
sential, and that might be held In abeyance; and If they should there-
after determine to enter Into a working agreement with either of the
other companies. the amount to be reedy= frau their working plant
would amble then fully to complete the unfinished work,. The
=cuof their traffic were highly secouraging, the coach
stinply
the between Mclnnes and Aberdeen, that =aid
came on to rail, being 4001. a-week, sad the cattle
Ingle that bow went by steamer 1201. per week. Aberdeen
Potif anitained 70,000 Inhabitants, sad was the second city In Scot-
land be manufeetures and shipping. It had a fine fishing coast sod
trade with the midland counties. and upwards of one million Sterling
leal now being expended in improving the land by drainage. which
would of course throw • larger amount of corn mut elfficultural Pfn.
due over the railway. The population north of Aberdeen, to which
the railway would give hennas, was from 600,000 to 800,000 r andthe
chain of unite mountains that encompassed it entirely prevails(' It
from having may other railway se a competitor. If the reertiuticos

141
I c.d.