The Express.
London, England, 1851-01-01 00:00:00

THE CALEDONULN RAILWAY.

The t.llowing is states to be the ultimatum of the
directhen of the Caledonian Railway Company with reterenee
to the guaranteed interests of the line.
" Final Proposals of Arrangec eat of the Guaranteod
and Preferential Interests of the Caledonian Railway
Company.
" The late proposals, rejected by the guaranteed interests,
were based on the principle that these claws, along with the
preferential shareholders, should draw exclusively not only
the whole present Ile of the line, but &leo any prospec-
tive increase thereon which might reach in whole, including
the present income, a sum of 75,000 i. per annum, ant that
thereafter the original eharehoMen should participate along
with them in any additional revenue which might arise trom
the expected increase of usille on the line.

" Bj this 'Theme it was intended to obviate the objection
to any arrangement based on giving the present actual re-
ceipts of the hoe (as the limit of the exclusive preference to
the guarantees), these receipts having for some time past
been characterised by them autterly below what tr real
available traffic should produce if effectually worked. By
reconstructing the board, and admitting representatives of the
guaranteed interests into the directi:n, in whose bands the
development of the treffic might thus be encouraged. it we,
Bopp:feed that the parties who argued so stoutly in favour of
the certainty of an increase of frac would have been satis-
fied to take the risk of any deficiency, if their opinions on
this point should no: happen to be realised. It was there.
fore proposed that, while a sum of 75,0001. per annum was
to be adopted as a limit of the fund for taclaire division
among the guaranteed and preferential interests, any de-
ficiency in the revenue' In the es entof that sum not being
annually attained, should from time to time fall to them-
selves, and not accumulate as • debt against the Caledonian
Railway Company.
" To the surprise of the direc.or-, the proposals were re-
fused, on the ground that the dividend thus proposed to be
given to the guarantee was uncertain—an objection which
could not have been expected from parties who placed
any reliance on an increase of revenue from an increase of

"!t became thus evident to the directors, that es the gua-
ranteed interests had no faith in a free re eeeee of 7.5,0001. per
annum being s^cured, a sae me of adjustment wit] them
mast be adopted,wherein the principle of prospective increase
of profits or risk of deficiency should not exist. The directors
are now driven to this alternative, and in the anxious and
earnest desire to suggest some scheme applicable to the gus
netted interests—possessing certainty in the amount of their
dividend—security for its regular payment, a".d priority over
other interests or clsiorants—the following proposals of modi-
timtion are respectfully submitted :

" 1. The Clunk /sit Railway Company's rights to be re
served.

"2. The Clydesdale Junction :—Olugow, Paisley, and
Greenock, and Wishaw and Cottons Compsnies' claims to
be converted, horn 'dividend arising from profits, ald pay.
able to partners, into a fixed annuity or debt payalde to
them as creditcn, but subject to the contingency that,
should the amount of fres re eeeee n,t be sufficient to cover
these annuities (an event not very probable), the deficiency
will fall equally on the whole aoisuitants.
"3. The lien of each of there lines Omnibus in full fine
as a security for the iaterest on the mortgage or debenture
chbts affecting each respective line, and Wel forsecuricg the
modified annuity to the shareholders on each line, aa after
reorieted.

" 4. The power to apply for an interim factor on each line,
in the event of the annuitii a not being paid within three
months of the half-yearly term of payment, and no objection
to such applicalion shall be competent to the Caledonian
Company, unless on consignation of the full arrears they due,
in the bank, or in the hands of the clerk of cow.
"5. The postponiment of the preference shareholders•
claims tor any dividend from the free revenue of the line,
till the claims of the guaranteed classes for their annuities
shall be satisfied and claimed.

"6 The modified annuities to the guarantees to be in full
of all claim whatever. No additional er prospective pr. 6 a
from inci, said traffic.
7. The preference shareholders to have a right to a share
of prospective profits till a dividend shall have been made
up to them to the extent as after wvationed, but no accumu-
lation of arrears shall arise in the event of the revenue not
producing such dividend to the preference shareholders.
" S. All claims for arrears CI divider.de, cr preferential
interests, prior to the half year which shall succeed the half
year in which the Arrangement Bill shall fictive the royal
assent, shall be cancelled, all actions at the instance of share-
holders shall be stayed, and the shareholders shall Concur
with the Caledonian directors in applying to parliament and
obtaining an act to confirm an agreement based on these
o.prp Th sal.
" e Caledonian Railway Company shall take powers
In said ae to borrow on debenture bonds or new preference
shares 500,0001., for paying off the exiting floating debt,
finishing the line, and necessary cations, nod other works
for promotion of traffic; the interest on which debenture
bonds, or new preference stock, shall rank prior to the boa&
of annuity to the said guarantee.' lints, or dividends to the
preferential 10f. stock.

"10. Power to be given under the act to the Caledonian
directors to redeem the annuities from time to time in open
market from the holders thereof, and to sorrow money on
debentures in lieu thereof, and to extinguish gradually from
.e these debentures, till Las whole amount shall be
wiped off."

THE LONDON BRIDGE RAILWAY TERMlNl:S.—Yes-
terday was the day appointed for the completion and opin-
ing of the permanent termini, at London-bridge, of bath the
South Eastern and Brighton Railways, and which for seve-
ral menthe put have been in program of election. It will,
however' be three weeks or a month before they are com-
pleted. A new and elewant device, not hitherto adopted in
the construction of railway station', has been adopted, that
of roofing both stations with sheet plus, which gives to the
whole range of platform, of some 300 feet long, a light and
cheerful appearance.

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TILE Yo AND NOITII MIDLAND RAILWAY Acct.
DilIT.-V INDICT OP MANOLAI:OHTER AOAINST THE OVARD.
—The inquest over lb* bodies of the three men killed by the
colliaion at the Old Milford Junction a week ago was held
at South Milford before 11. P,anon, Esq., of Selby, coroner,
and a respectable jury, on Friday last. The jury could not
agree, and after some deliberati.in were dismissed, on their
ems recognisance, of 401. each, until Monday. Oa that day
they re assembled at the White Swan Inn, at noon, when
they returned a verdict of manelaughttr &eldest the guard
of the luggage train, part of which it will be remembered
broke away on a strong incline, and came into collision with
• passenger train, just emerging from a siding at the Old
Milford Junction, the result being that the driver and stoker
of the passenger train engine and a pointaman were killed
upon the spot. The neeltct of the guard was in not having
brought his break. van with hire, when the engine came back
to fetch the second portion of the luggage train, which had
been divided ; and he also rode upon the engine, when he
had no right to be.