The Express.
London, England, 1850-03-29 00:00:00

. 511,61..101.1
:49.11.10.
16,193.7e1
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OMIT DaprlPila ........ 99.7 Me
imp-day awl Wm Bib 1.079.5971

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138.174.M6
IL MARSHALL. Met Caatior.

SUQA R.—Th• tromp prior a pew, tb• melee* of the
&Melt pereerieeste heeerfes. engem*. ft ma the return ma& In
the eel* meta' the nth dee el lif.tom, 100, Is 21, M. per cert.
Ruprar the prides, of the Ilfehrftlee la per eirt. hem the
prod we of !he Eat la sYs pr prt. She seem. Fie, of
the three forepies deuriptiookpMl7, Is 24e. apd.—Gessette.

two

altarWafb

RAILWAYS.

Goon Flimsy.
No business is transicted in shares to.day, the
Stock Exchange being °laid.

RAILWAY MEE'T'INGS.
CALEDONIAN.

Yesterday the ordinary half-yearly meeting of the
she-. bi leers was held at the Freemasons' Tavern ; Mr.
PLusis ars, the chairman of the board. 'fa the chair.
Aber tto readiog of the notice by the secretary. Captain
Cvdrii roe, and tne affixing tie seal to tae register iu the
usual 111.41,111,,,
Tne CHAIRMAN m wed the adoption of the report and
sta•eateat et &comma, inserted ia the Daily New. of Tuesday
lase.

The CHAIRMAN felt it duet. the charade, of the board
to state what boa actually Iteppened with respect to the
E tiaburgh and Glasgow Ania'gaination Bill, which was
mode the object of some remarks in the House of C !moons
in the previous week. Previous to the formetion ot the pre
sent board, and vole hout any consultation with its members,
the chairman c f tee E linburgh and Gamow »A way addressed
a letter to the chairman or the committee of investigation,
who was not a member of the hued, suggestieg that,
under the circumstances, an smalgamsti:n between the
two railways mignt tee d. citable, u affording to the creditors
ot the Coleemien ksilway Company Ms security of two
companies instead ot One, and elfeticg as inducement to
them, in considesetion of the incr. aced security, to abate
somewhat of their demanes, which in practiee it was found
impoosible to meet. The present hoard, as a body, approved
of the principle of amalgamation. There must, however,
be a previ.ua restoretion of the Caledonian Contrail to a
state of solvency. Though the directors were in favour of
tem principle of amalgionaaen and of reducing the roman.
toes to a sum which m ght be met, they had nothing to
do with the dated& of the bill. (User, hear.) Toe ere.
»mace shareholders were dealt with in a manner which the
directors maid no more reconcile to their consciences, than
they could be parties to • manliest fraud. (Coeera.) With
rupee, to the preferebee thareholden, tire company had re-
ceived their cash, and the board had no mere doubt about
the propriety of paying them the stipulated dividend, than
u to the propriety of payers any other debt whatsoever.
(Hese, hear.) The necessity of requiring some abatement
tor the just claims of the preference shareholders he freely
admitted ; but that must ot course be a matter of agreement,
aid net of compuloioo. (Hear, beer.) With respect
to the guaranteed brae, had the bill been read a second
time, he thought it highly probable that before it
bad hot into committee arrangements would have been made
which would have proved beneficial to all parties, and which
would have relieved the Caledonian Company from a state
of things the end of which no men could possibly foresee.
To have attempted to carry the bill through parliament, is
defiance of the guaranteed shareholders, would, to use the
ezpremion of • French diplomatist, have been " worse than
• creme—it would have been a blander." As a convoke y
they were naturally opposed to one of the pro-
visions in the bill, namely, the provision by
which they were saddled witn the pat meat to the
Edinburgh and Gl4.ectow Company of 4 per cont. At the
same time, if the door were abut upon 'hem by the
legislature he really did not see how it could be possible to
connect the stairs of the company till parhameet met math.
it appeared to him unfortunate, and even unfair, that some
of the members who toe k part in the debits should have
been so very unsparing in their condemnation. (Hear.)
Is was very easy, in the absence of the accused party, to
make out • stroug case, and Lon. members, who were in•
targeted either in guaranteed lines, or in lines eropoeing to
Moms guaranteed, were sod not able to speck with all
the energy which a recast interest inspired. But their sr.
gement. were not alt,gether fair. In looking at the sacred-
nese of guarantees, they had oval shed the preliminary
conditions of all agreements which were equally
sacred. He did not think the remarks of one
botourable member, who was a member of the
late board, were made in the but possible taste. (Hoer,
hear.) Nom other of the past or present boated was more
fully aware of the utter impossibility of Nodding tee gua-
rantees ; and though he was pleased to hint that the late
board would have shrunk from repudiation, sod appeared to
insinuate that the present board would propose it, yet, in
point of fact, the late beard did practise repudiation of every
guarantee. (Hear, hear) They did not p ey any guarantee
last year ; nor did they put it in the power of the board
to pay any this half year. The board, when
they came into .Mee, found no provision made
even for debentures. (Hear, hear.) If that were not
repudiation practically he reaUy din not know what was.
(Hear, bear.) Before quitting the subject of the Edinburgh
aid Glasgow bill, he must observe that one of the first acts of
the new board was to put a stop to the eoropetiti .n which
bad been candid en between the Caledonian Company and
the Edinburgh and Glasgow Company. The present board
put a stop to that useless' and injurious competition by an
arrangement which obtained for the Caledonian Company in
one hour's good-humoured conversation what the late board
expended a million sterling in order to secure. It seemed
only just that the north and south line should have the
'oath and south traffic—the rut and west line the
east and west traffic. It was agreed that for the rods
%rake there should still be competition, the 1'1:00 being
wxtled by the Edinburgh and Glasgow Company. The efil•
eacy of such an agreement would depend on the good fad h
with which it was oburved, and the Caledonian board
would do nothing to violate either its letter or its spirit. In
approaching the weighty business of the day, be weald Ob.
WOO that estimates( the period of the board's manage-
s». t by the time actually Tent, and the work
done, they had already been six months in
floe. What they had dose was the work of absolute
uneseeity. Having found the ship in a sinking state, all they
could do was to work at the pumps. It might have been
thought by some shareholders that the report was rash, and
gave too plain a statement of the truth. (' No, so.") The
time must have come however when Caledonian secrets mu,'
be developed. It was unnecessary to add anytking to the
deplorable picture contained in the report. Over aad above
liabilities, the pressure had bee* concentrated u it were OR
the present period. The claims of creditors had of course
been stayed off, for it was impossible to meet them. The state
of things was exceedingly serious. The claims of the
ordinary creditors amounted to 800,000 i.; part of which was
,versed by debeatures.wbiola bad not appeared in the report,
0437.000 f., and part by the purchase of shares, new worth little
more man waste paper. There was such • needed between
diffuse» claims that the Jim sent board bad been as much a
board of lawyer, as of directors, sod had been in cons ant
menhaden with &etch legal authorities. Much as the
ooard was embarrassed b the want of money, they might
perhaps be still more em by the possession of it—
(laughter)—eo great was the difikulty of deciding between
rival claimants. The legislature evidently intended to pro-
vide the beet security for the debenture holders; tut
the remedy of every creditor seemed to be that of killing
the goose that laid the golden mos. (Hear, bear) Ho was
not without hopes that the Booted of Trade meal take up
the enhjeot, gad preserve toe debenture property intact.
Meer, beer.) Nut only the ordinary shareholders, but the
nearanteed and preference shareholders generally, were in-
terested is keeping up the debenture security. That was the
first duty of the present board, and they had succeeded in
making a prop. neonate provision for the debenture interest
la/ling du. (Hear.) Oa the subject ot the suaraatoes he

mist tanerve, that* me 15..0W the meet al
Me astray miaow ibis gse Ihl ether boloaes between the
liabilitaos and the gossip* el the esisaw,_llishr.
He amid wish that the aaarenseed a rseihn. harm the
reel
Itellkof the beard. Hades present oireamalasses,
of a divides* ea the old dares wry ea,
rtmetw, the lased might. be agerded Is the MOO of
trasesse. present amonat of the guava came wany brea-
evre,le taw, that they Gadd not be maintained. (seer,
Naar) The &reggaes had been 'hared with topsails.
ties. The ,beard had to deal with the line.
net es they had ands, Dot as they lad laud
it. (Hear, hear.) It was peeper to divide the gua-
ranteed lase it to than which had Jut shams and those
whisk had not. There wale amain guarantees from which
they felt that they was entitled to be alieved,pa the ground
that the essentid conditions of an agreemeat had not been
somplled with. He would take the ease of a line not ainnally
completed. The Davies and Perth Company wished very
ilinrally to lead Man their railway, and were so kind as to
say that they would accept 8 per mat. This rail.
way was 40 mike from their own. and them
were bank liars intervening. Tot partials, t was
asked to sanction nett an arrangement. He hoped parliament
winild reject the bill on us seemed reading. If the bin passed,
the beard would no mare la impressed with the wadi of
the liability, thee with an obligation lapsed by parliament
au all the beggars in the country to psy the Moose tax.
(Laughter.) The Olugow, Semiarid , and lisilstemparantes,
whim Named last session, stood in a somewhat dife pool.
tion. In that case they were asked to pay 39,000. a year.
The railway was six miles long; it was only inellerestly ten-
meted with their own liw ; and having 1.1111.1 its destiny,
wine\ was to be sold to the Caledonian Gempawy, it ended
in a ()wary. (Laughter.) Nothing that night be does
to teat railway amid mats it either • boner or worts.
(Laughter.) la the source •of last imam the
lease el the Greenock Railway was. ma asekia, in
s-eu

eras 4 par, estel4 at pesenst the peariebers
seamed disposed to lap Aid 'fine dientha va. assereped
they would ultimately consent to the repeal of the hese.
(Hera, lea.) With respect to the other lessee, he did not
with to say that tl ere hid been anything to invalidate them.
The tams were artatnly exorbitant, and could not in prat
tine be carried oat ; but the lines stood in a diffe root ration
he. other guaranteed lines. The terms were, however,
better than they would have been had a true statement of
the case ban laid before the Crledonian share.
holders (Hear, hear.) The fact, that some of
the direvors were interested at the time when
the leases were granted should not be forgotten. (Hear,
hear.) It appeared that one practice of the old beard wee to
subdivitte shares so as to obtain the greatest number of
votes. Teat could scarcely have accorded with the intention of
the legislature ; it was certainly a great wrong to the Cab -
' dada& shareholders. Bah eiresunsuinces tended to weaken
the sacral if not the legal obligations of the sharehold re
with regard to the guarantees. The guaranteed compaties
were, however, to a great extent in a similar position to
the old sharerolders; they were liable for the company's
debts, and wen it rained they would be involved
in its ruin. It was useless to say that paha-
cant had sanctioned certain guarantees; the imam -
to, el parties should consider whether or not it were
possible to pay the guarantees. (Heat, bear.) Liti-
cation presented itself on every Land ; and an eminent
Scotch lawyer had said in °emanation that be believed the
Caledonia' Company was destined to solve many difflalt
points of law. (Hear, bear.) Such was 'he present position
of the board that they were morally justifitd Ir. resistirg just
claim., in order to prevent one creditor from having piece
dente of another. To come to a practical aAution of their
difficulties, it appeared to bimthat asatiefactory arrangement
could hardly be effected by parties who were personalty inte-
rested. He had been told that he was himself too positive.
Whether that were so cr not, he thr vett that if some man of
weight and it fiance would undertake the work of srbitra.
ea they inigl.t arrive at a satisfactory result. Any such
man, alter reaai:lS the letters of ruined shareholders peruse d
by himself would, he thought, be welling ts nod. alike the
tali. There were many retired tradesmen end domestic
servants, and a poor governess bad informed him that she
had lost the pittance saved during the whole of her life
(Hear, hear.) The pest transactions of this company affected
rad *ray peaperty generally. In any act on the subject, pro-
viarotes of a general nature would naturally occur. In the in-
terview with the board of trade his learned friend Mr. Deane
was asked to suggest a clause to meet the case of debenture
hold, is; and perhsps a provision might be pasted which
would greatly improve their position. There would, he slip-
page*, be an opp :eition on the part of the guaranteed share:
holden to any artengement. It that were so, the company
must be rained. Were all the parties intereated ',quanta
wits the tate as the present directors had necers oily become
acquainted with them, they would, he was persuaded, be tin- li
',klieg to push extreme rights. It had beer suggested that
there st.ould be a judicial tutor apvintnient. He felt per-
guided that a* bale fit e .iald result item that What he would
suggest ass, that their title to a little interest in their non
property should be recognised ; that taking the present
ammo' of reeeigies, some dividend, were it only a sixteenth
per cent., should be reserved f,r the old shareholders ; and
that they shun d depend for an increase on the future. There
were the elements of a Greatly iacreased traffic : Glasgow
held cut a prospect of a much larger goods traffic ; all that
was wanted to secure it was iscreaaed scam:node ion, which
could not be provided without a speedy arrangemeat of the
company's affairs. He concluded by moving the adoption of
the report.

Mr. COLQUHOUN said he was in doubt whetter he
sb. uld current himself with reading a protest, or crave
permission to make a few observations. On the
whole, he thought it more convenient to reed the
protest at once. He then read a document gawk by Clydes-
dale eusranteed shareholders, protesting ageism so much of
the report as referred to the guarantee, and g By against
any attempt to obtain ► modifi :ation. (" Shame.")
A SHAREHOLDER inquired of the chairman whether
Mr. eo!cluti.un was a shareholder of the Caledonian Com-
pany?
Ti., CHAIRMAN said that, under the act of parliament,
his was entitle d to be heard.

Mr. CtILQUHOUN called upon the muting to remember
that the t pinions expressed in parliament were unanimous.
Let them, as practical men, draw the =elusion that
parliament would maintain inviolate all contracts
made under its authority. If it were the wish
of the shareholders and the directors to make an
anticab et arrangement for the benefit of all parties, let Mr.
Laboncluire be referred to; let his opini^n be asked as to the
principles on which a negod ition should be conduottd, and
possibly some daylight might be thrown on their Weaved
affairs. (Hear, hear.) He agreed with the chairman that
in the prosperity of the company all the shareholdt n were
iltVOLVtli—(h sr, hear)—but he found it laid Town in the
report, that the gurantee.t shareholders should be driven into
a corner. 'The drat business of the new board we. to practise
economy. He had been informed that the working en-
pens. s of the line were ten per cent. higher than
thnee of the Midland line. If they went to parliament the
first question would be, " Have you done all in your power ?"
1... r his own part, he admitted that it was highly desirable
to c me t. an amicable settlement of the various matters in
dispute. Having made these remarks, he would now retire.
[He then It ft the room.]
Mr. DEANE was glad that Mr. Colquhoun had adopted
so oonetbantry a tore.
Mr. HOUGH said he held a number of preference shares,
and, atter ht anne all the facts of the case, would consent to
a mod.fication. Many other of the preference shareholder
with whom he had conversed were of the same mind.
(Hear, hear.) He would suggest that deputations from the
different classes of shareholder, should assemble for the pur-
pose of discussing the subject
The CHAIRMAN said the board were perfectly willing
to receive rioteestions from preference shareholders.
Mr. HOUGH said be had spoken the sentiments of two
•In wand preference shareholders.
Mr. Deputy CORNET thought the late board were per-
tonally an( nable for having borrowed money when they
k
new they could not pay the interest. (Laughter.)
The CHAIRMAN thought there were no grounds for
asamsaing that the old directors were sears at the time of
raising capital that they were unable to pay the interest.
Mr. MtitIICHAN, a director, wished to correct an inac-
curacy in the chairman's speech. The chairman stated that
liabilities to the amount of 800,0001. had near been included
m the report. The stun had, in fait, been included to the
balance sheet._ .

-- ---
Alter some further discussion, the motion for the adoption
of the report was agreed to.
A resolution declaring the forfeiture of certain shares was
then parsed
The CHAIRMAN stated that the resolution suggested in
ihe report on the subject of negotiation as to the guarantees
had been altered. He would now propose itin the following
form : " That the directon be empowered to negotiate and
conclude with parties and companies having or claiming
guarantees and preferential claims against the company for
the modification or redaction thereof,'
The resolution having been 'encoded,
Mr. BALSTSR proposed as en amendment that three
shareholders amok if the following interests should he in-
vited to meet the Motorises—the Wohaw and Colinas, the
Glasgow and Garnkhrk, and the preference shareholders of
.he Caledonian Railway, with the view of adjusting terms
of modification as to the several guaranteed and preferential
dividends.
The CHAIRMAN had no objection to the embodiment
of the amendment la the original motion.

In reply to a quotient,
The CHAIRMAN stated that the beard had aseertained
the following to be the legal order of priority of the different
guaranteed shares: The Garckirk, the Clydesdale, the
Greenock, the Preference, the Wiahaw, and the Sorehead.
After some dismission the motion was *greed to, with the
addition of the words " and for this purpose to meet depil-
ation, duly authorised."
On the motion of the directors, the number of directors
was authorised to be Increased to 10.
Mr. hates Gray was sleeted to till up the number.
Oa the motion of Mr. Damen, 4001. was voted to defray
the szpmees incurred by the Central Committee.
Mr. MBIKLBRAII moved that Mr. U. W. Muir, of
Glcogew, should he appointed Nokia ii the room et 112. I).
Campbell, sow a director.

(TH REEPENCE.

, -
Mr. MUMS andaated Mr. Caaateghass Borthwiek, of
Glewprer.
Mr. MVII wished to know whether the board had say
ohotee ia the wetter
The CHAIRMAN raid they were to favour of Mr. Borth.
wialr

-On • show of beads,. 37 bands were held up la favour of
Mr. Muir. and 29 in tenor of Mr. Borthwick.
Mr. DEANE deneradod • poll.
The CHAIRMAN said skit if time were any feral geode.
man torment, he would be glad if he is cold mete whether or
not, in his opinion, the directors were compelled to use the
proxies entrusted to these t It had beet, stated to Mot that
they wets.
A SHAREHOLDER protested aphid Mr. Deane's mil-
iug for proxies after bavinpoppmed the use e f th. m by the
old board.

A cooverntlas of considerable length ensued on the with-
drawal of the name, of both the parties continent'. The
vacancy, therefore, was not @applied.
Mr. 11131KLBHA.hf then, in pursuance of retie moved
that no systematics or predetermined work shoal t be per-
formed on the lime on Sunday. Having liberated sla rev in
the West Indies it became them to take ears not to
make slaves in this country. The minds of the
men could not but suffer from Sunday labour.
Scottish independence was at stake in this matter. Had it
not been for English proxies there would not new he a rail-
way in Scotland open on a Sunday. [A Voice —" English
menu," you mesa.] He complained of this beerrnotion
as uttjuot to Scotland, where Sabbath observance was a
national instillation. The courqnsnces of Sabbath desoont-
don were the prate disease an 4 the famine.
Hr. M'IIICH IRO, a director, seconded the motino. He
stated that there were 129 men employed oil the line
on Sunday, and that their Sunday wages for half
a year amounted to upwards of 4,0001. There were
four trait a on a Sunday, and on at as. regal, 361 pee-
esegere. Wm it way* ladle as demise lio . Of 40111-
means of ittendleg • "Inn of worakip, fee the
don of 361 usesonnten ? (flesr,• hear
A SHAREHOLDER oboe-red that WO men were tem-
rally employed, sod that no more were occupied en Sunday
than were required for works of mercy an lit siity,
Mr. lIIIIR supported the root'ut. On soon lines is
Scotlsnd, on which there had been 11.1 Sunday travelling, as
serious accident had ever occurred. The queition was,
therefore, of importance with reference to disuses, now a
formidable item.

Mr. CAMPBELL (a direetcr) stated !hat, with the temp-
t', n of the mail train, there were no 'tweet ger pales on the
line on Sunday. Evsrything that wan poesible her been
done to reduce Sunday Isbour. Tne men were only called
epos to attend in turn, and the time uccup4),l did nut.:-
heed °potholer per day. It should not be forgo:ten that, in
the provid• nee of 04, diseaa• a and accirteLts prevailed on
Sunday es well as on other days. (Hear, hear )
On a show of heads, the motion was Inst.
Mr. DEANE then proceeded to cal the alention of the
meeting to a number of transfers of stock, which, es appeared
Irom the bola, had taken phis between the mt inhere
of the late board at d other parties immediately previous to
the holding of ordinary meetings of the company., Amongst
these was a transfer of 1,5001. stock from a person named
Cameron to Mr. Johnston., the late chairman of the board,
for the Bum of 6a. There were many otter traesfera of a
similar nature, the object of whim, the hon. priori, toe con
tended, was to secure an influence in the mecit.g, He con-
ceded by moving that the direr ors should he rtguested to
Jauntiest' the matter and to tep it LI the nee: general
meeting.
The CHAIRMAN said wheth,r three pr ceerlings bad
been usual or not in other conspuie,, the cam was out which
ought to he brought balers the proper tribunal.
The motion was agreed to.
A vote of thanks to the chairman was carried by acclama-
tion, after hich the meeting sep-ranted.

Nostra Biltvisw.—lt is Understood that the 'rains-
driven on thw line have given no ice of their int, n•ion to
Welke, M maw quence of a determin Hon ot the etruet.,re to
reduce their psy on days when they are not dr.viie on the
lice. but only cirattirg in the shed, 17001 (11. to 4.. a dot.
VALE or Naga.—This company nave n red ~ •0 eon-
truce for the construction of the line from liirwa,u to Ab.r
dare.

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.. of the an ef the hook Muer Onto.
of the Armee, who, sot- foundry+. herb siset. led an Iseelts tads, "see temerally ;
ham Knout& sui Clint.= •Bets Mecstarosii, ty mom hoer& (boa abap kept up.
ad period beaus, er•wdod Perth, errata
lis frost sad r the aides Jell= WALLIOD. Glasgow, wryest.
THIS DAY.
crowd.
I.:with: Imam store Horne, Rani OP INGLARD.—tccoser tat the *est miss agerabliallt GOOD FRIDAY.
rof polies, MOW up, and at 1r..... „„,...., oars persimmon This being kept a strict hot day, all the public
iy whist. IlleSitS the lbws ""'" —'''' •dleenren i ==ttrre•• •• • 61?4,13T. offices are closed, and no businesi is being dose in
._ I eild Cii”fili raise lit)es.res 1 the City.
.