The Express.
London, England, 1849-02-20 00:00:00

team, sad that it masimed he these to satisfy the amid of
diereses of the el* el. snempasy to rau• the sum of
one million eleslins la the /wpm, of the undertaking,
to diens the peeks if the We to be under-
take, and the teems of the astrast. Bobsequade. in
mil to a letter teem Mr. sailing the egiesSee of
klligowl of DOWnliwn is the effas khan a geanuttre
of • peg see*, shall at xis ear/ ellemmastaness be
add or Menslati. sad a ewe oriaratamme 6 r cent.,
se** to sa the inideats of smersenthe , they
yob to slaw IMO Mr. Dickman the
deld ikpingto.A 1148, ' that the mart's guseeme ewe es;
'ease biped belesset et 6 pie sent , denuded& ender
Nelda seefileathein apes the son • t MOAN& woke& to
he pad isto Ile ompeigro trearldT, be the
may, Whig the embalm online passe Ism= On,
lbge
nll 610 net peed& tae any divided* the
eidie Iketellkee
re than .hired to the leakag tensected
simYselk the baldish if the dinllanr- thwallethth et wen'
whisit had ban addend to Oedema Wen
tile, a Anglia was mat te the govanahamml is sonell,
la width they stated the 'slake glib" sent with regard to
the et= a railways fa ladle, and 'mega other this's
that " the parties who had applied to the alert
Vrequided a gmenteed Moen es the onkel hie sat."
Oa the ilth Jane, 1846, the they Asians el the nespeay
addressed • letter to Mr. Melvin, now that the sempeay
was ready to enter into • ceatrast, gee and Whet aamle
manta se may be neesseary for the easistiss cf the Rae from
Cabana to Deli; sad that they law es meson to doubt the
mesas stades the apital, es nadir sziatiag dhadvest-
mEathe Owl Directors was prepared to give the aid I
of thm.
"Terme/he this letter, and in July, 1846, the eshailinan
of the solipsay mandtred to papa lie views of the terms en
whisk the oseepay arald sedeathe a mho* with the Real
ladle OM/my s M., ea maths that they sink be at
Misty Is mints the week in &eh matins, ressilig a
geinallse• dividend of 5 per mat. ea the man he the
dme hest paid To this prepaid's ao sane was
reinned, bat a wry 1847, the end a diode's pat
heth meet_ ia traits= that two Indian of
the Ike hen Caber to he wadedeltes at a
east of three mills.., es which se Interest 04 per end was I
to be guaranteed fa Ikea years... These tame appeared to
the board anestikeray, and they a dated Is the court of
directors; and the sesell, after teeth theenedge. was the
receipt a too helm tem the swats!, esataintog the
hawing passages:
" I am essamaded to faissalloth:, w4h • view to
the aseemplishmen of the important at court which tie
hews lied hi view le their soma
with the Bad
Wise Railway Cansay—vas., the early saestraethe of ea
saporineatal line of railway la Bengal—they have resolved
t the rate of dividend to be guaranteed by the
Zed Twits Company to 5 pee coat., provided that the Rest
Indian Railway topany in eonsideratket of that guarantee,
and of the grant by the Indian government of the land re-
gad he the railwa_y and of any other facilities which the
gereerement may dad, engage that the government mails
shad be maveyed free ef cost, and their tans sad stores at
the heron rata chargeable for pesseagm and goods ; other-
wise, and la all other respects, the tams and senditions
=ropoesd to the railway oempeay to remain an-
" Is the reed letter, Mr. Melville wrote as follows;
" &amiss dot the Rest Indian Railway Company will
= aril to that at all times the government mails
the railway he. of oat, and their
tow and dine al lowest rates; and being extremely
&then that as teedise deb should occur in settling the
qeseden, the end me to state that they consent
to extend the terms of the guarantee to twenty-five years,
epos the followieg 'sedition via., That this concuss on shall
be Taal sae • that lastanstiens he commencing the prelimi-
ery be ticigalabild by the railway oomp iny to
Bengal at the seas* an • d that the
railway company pay %liitaels
Ci°litiolla Company's
Dewy a sun d at hest 100,0001., on account
of
the papas' misitakieg, wi:hin three months
hem the date of this communication. It is to
N dirtied), eadastsed, that all the conditions contained in
the wee elf tetras and sonditioes,' furnished to the chair-
one a the railway company in the mouth of January last,
sake which the guarantee of dividend then oropneed was to
In 'stationed, are to hold good with regard to the longer
tam a twenty five years now eenoeded.'
" From the foregoing donee and all the eir-
enemlasess of the negotiation, the board 'of directors con-
fished that the court of directors had fully Immeshed the
principle of a guaranteed dividend on the capital of the com-
pany. When, therefore, the letter of Mr. Dickeneon,lalready
referred to, was published, they were unable to account for
the change of views which it appeared t 3 announce. They
ranked, however, that nothing should be wanting on their
part towards a full compliance with the terms of the letter of
the 4th July, and they proceeded to send in a list of the
delothilists of the ampany, in order to show the ability of
the y to raise the elm of 1,000,0001., proposed to be
anpead and to exam their readiness to proceed to dismiss
the terms of • centred with the Rut India Company.
" • estbsequent interview took place between a deputation
from this esony and some members of the Bast India
Board. The ftstaties, in reply to questions from the East
India direetas, proceeded very fully to set forth the indix
amiable necessity of • guarantee of 5 per cent. as • prelimi-
nary basis of negoUatka. They reiterated their original
views, that it was unreasonable to expect individuals to
embark capital in an undertaking so novel as • rail-
road in India, without an assumes of return more I
certain than the intrinsic results of a railway, more
especially as the line to be executed was avowedly experi-
mental. They stated farther, that as the court of directors
neared to the local government the choice of the section,
the mode of construction and of working, sad the rate of
toll, it would be idle presumption in any contracting co.-
-
' pany, under such circumstances, to assume to enter bee a
contract for the execution of nth a line, 'WI more la a bead
of directors to MI 'gest such a sessile to their proprietary,
without an extraneous guarantee of profit, equivalent to al
fair rate of interest, for the use of the money. The commit-
tee appeared Impressed with theseviews, and ex-
Clthemselves satisfied with the interview.
oud was not at the tinge aware that the com-
mittee before whom they attended, consisted of a depatatim
only of a committee consisting of fifteen, to whom the sale-
jeet was referred. Had they been aware of this fact, they
would have requested pertain= to disease their views be-
fore the whole committee. The result of this interview was
a further discussion of the whole question in the Court of
Directors, which e me on on the 24th day of January last.
" Unfortunately for the prospects of the undertaking,
twenty-three shareholders, &affected to the enteral Interests
of the proprietary, and brought together on • statement that
the directors wished to perpetuate this scheme for some
fewest of their own, thought it not inconsident with the
ligation contracted tower Is their brother shareholders
hold a meeting (unknown to the body of the proprietary,
and from which all sharehold. rs not representing their
opinions were excluded), on the day before that on which
the guidon was appointed to be disctused in the court of
directors. _ _ _

"The proceedings of this meeting were opened by Sir
John Campbell, late a director of this company, who ad-
dressed the individuals nresent with a statement to the effee•
that the company was in embarrassed circumstances; that
the chairman of the court of directors had stated it to be de-
funct; that the scheme of the company wee ventilated, end
could not be profitable; and that the guarantee was a mere
subscription towards interest, which might be an-
nelid to be swallowed up by the cost of working.
This statement was followed up by resolutions, passed
la conformity therewith, a copy of which was
forwarded forthwith to the Right Honourable the President
of the Board of Control, and to the chairman and deputy-
chairman of the Honourable East India Company.
" Such a proceeding, under such circumstances, could not
fail to have a most injurious effect on the deliberations of the
court of directors. To what extent, or is what precise wan-
ner they operated t• the prejudice of the company's interest,
the board, of course, are wields to state ; but the result of.
the court's deliberations was understood to be unfavourable.
This decision of the court of directors was transmitted to the
Board of Control, accompanied by the recorded dissent
of the minority ; shortly after which your limo
=feed the director et the Great Indian Pe-
in a dipatotioa et the Chambers
K Coml.« Meneheater, sad yam Som. to Sir
Jobs Hohboaras ea the SW day of Teleum, *slant. The
swim was MOM by bateau *kW astforty hilsontial
bitable*, okay of them iambi* st_pedimmet, all of
abut eimsorsed tmift ids Wablisaso t e *et
heperleseeet the two wkslop segraluited by the she*
rionldheilen dSe two ontrewila Jam Hobbies,
the gnat Mond at tbe
loal:kigieWdd
rolt ben lame @saw Isembeessa la A •4 as se the
bfm
abaft et tbis ompasy_ *at it bad boss to be
den Vivant Islam& be lad weaved s 81v John
Nomentimi sat twar-Milln Kos plaYbrows were
isois=tZ hamyit wratad up. The doirsawitalho sampan}
Malted die olatamser wad Bens Goldmold sad Kr. Cate
thy, as *mks at *a , awns tik Ma Hob-
boas/ of the dligultisa sag of the oespuy to raise
the Auk r aisles* were if ; and the
Woo bassi kirerr to fir Ida Hobbs," signed by
a wider cl the apillallat iseristfieztifyieg that
Haw at
_per Nat. wan there would be
no k sohlag tbe away. ek Hobhous
Astra Ids balsam vomorkkor tbe quail% and give the
sahloet at But Lana railway bb boa atbation; and thus
Os waft baseisard.
" A ossamnakation was eabesquntly addressed by Sir
Jam Robberies le the smart of dividers, which mu-
lined a letow, dated the 14th of Yobroary, 1849,
wed Aped June C. Kelall, to be sent to the board,
to mblik the seat of dirseton of the last India Cow-
marmoset that the board of &ream at the Beet Indian
Oeusivrill Lions Wm, at Ma se may be
*ay, end if awy, whet nealleados of
kaittuo Ohm k the awakes§ peseelbea by the
awn would renew the elPsdbas Mb* by the
railway
directors MOs Mart's view of the overeat* of kunst.
The Mlle soieetwol. that a agile at woo Wilke orating
is to be podded by the Whew , notrebbstrading
*at the inns are to be mini hoes iOL *BB keh; the
omit duke to be Ward whether this salesetewilag be
earreet, sad that the directors et Ibe will
ado is mere distisat Mame Um *am rozzlelrx..
masa fa the Woos shovemmatissed, the minima.' es
whisk Obey Iblat She= phislaz les raised.
" Upomossay at * cas-
aba wbolW *ere wss samara/ eata=tbew=
Kerbls!ireghs• af 6 Per=rkay mike
to the worms al the alorwasawith the
view takes of the
Mite; sad as the rssaillt3=hi t krofte. yat:
aisle a prepaid= to timp Oewei • leak
~toes., .the • pdklae .1( Woad*. Am
Zwasi a Mom - she ...441. Nat wave as *el
Chart oritteZetalhe bated' leaf that h 4perillie'
perprtt ipeumatase otakarebite.fho lambs ono a the