The Express.
London, England, 1850-05-08 00:00:00

1H MARKED.-THIS DAY.

Meier'. Pattenden and Smith report that the market con-
tinues the tame. Tne wet, cold weather is considered to be
very much against the c ,ming crop.

CALEDONIAN RAILWAY.
Yesterday a meeting of a section of the Caledonian
Railway shareholder. took place at the London Tavern, for
the reoontatendation of three delegates to represent the 101.

preference shareholders, with po.'w-er to confer with the
direetora, and to conclude an arrangement.
The chair woe taken by the Hon. Capt. PLUNKETT,
R N., who said he looked upon this meeting as likely to
give the first impulse to some arrangement that would
possibly extrimpa them from the unfortunate position in
which they were placed. He was happy to find that a feel-
ing had begun to prevail of the necessity of a general reduc-
tion of all their guarantees. In his opinion it was the only
mode to bring about the salvation of the company, and if it
were opposed they must be ultimately ruined. (Hear, hear.)
It was not a question of a large loaf or • small loaf, but
whether they would have half a loaf or no bread. The
plan now proposed would be to cut down their payments to
an amount level with the riceipts of the company. The
claims that could not be resisted, and for which decrees
could be go; in the Scotch courts, were altogether
570,0001., out of which 167,0001. were land claims un-
settled, and wily recoverable by the laws of Scotland.
Looking at the amount of their traffic receipts to meet their
liabilities it might be ten or fifteen years before the engage-
ments they were now on ter could be liquidated; but who
would like to see dividends postponed till such a length-
ened period ? Except the line were placed in a more
sound and healthy state it would be impossible
to keep the deb•mture debt afloat. The directors
took every precaution to keep up the credit of the
company, and they were obli4ed to send their weekly re.
c. ipta to the Bank of England. For this they were told in
Sootland they were acting as rogues; but he thought in so
doing the directors were actingas honest men, and say what
they pleased, it was the course they intended to pursue.
(Hear, hear.) They were in this position that the main
object was to keep the company on its legs by raising fresh
capital to meet the urgent claims of their creditors. But
before this were thought of, be hoped it would be agreed
that their liabilities ought to be placed on a level with [hair
receipt.. To keep to the enormous sums guaranteed to the
various lines before this railway was ever made and tested
was impossible, varying as they did from 101 down to 4 per
cent , which latter was guaranteed to a line that was net
then earnkg more than 2 per cent. (Hear, hear.) During
the time these absurd guarantees were being sanctioned, it
was astounding that no unit of the collective wisdom of the
nation bad stood up in parliament to point out a line of
demarcation between leeitimste commercial undertakings
and mere gambling speculation.. (Hear, hear) They all
knew the great effect of essmple, and the 101. preference
shareholders would:only take an equitableview of the position
of the Company, and agree to some abatement of their ex-
pietations, it would no doubt induce the other guaranteed
lines to go and du Illtewise. No time was to be lost, and if a
disposition were now shown by the preference shareholders
to listen to reason, be had the best grounds for saying that
in the p motion of parliament some measure could be
passed for the adjustment of their difficulties. (Hear.)
A long discussion then ensued as to the necessity of the
preference shareholders agreeing to appoint a committee of
delegates to represent their interests and come to terms
with the directors, in which Mr. PIUtIIALL, Mr. Deputy
CoMilitY, Mr. WIIHELEit, Mr. B• 1161, Mr. GIORGI, and
others, took part.
Mr. DEAN (a director), said if the company could be pat
in a state of credit by the step now proposed, of appoint-
ing a deputation to make ierrlngements tomeet the liabilities
of the company, they would have to raise not less than
600,0001. which he presumed could now be done at 4 per
cent (Hear, hear.) Their prevent liabilities towards the
various lines and preferential shares amounted in thn wee-
gate to 133,3711., whilst the whole revenue of the Ca!edonian
line would only be 60,1601. per annum. What, under these
circumstances, could be done but to make a lair division of
profits amongst all parties? Ile advised the preference
shareholders to agree to the proposition now made, in hopes
that tho guaranteed lines would all do the same, when they
would he in a condition to apply to parliament to raise all
the capital necessary for the purpose. (Hear, hear.)
After tome further discussion, a resolution was ponied
unanimously to the effect that a committee be Appointed on
behalf of the 101. preference shareholders, to consult with
the directors, with a view to a settlement of the terms ups.
which the preference shares should be held in future, whose
report would be made to another meeting for the purpose.
Five shareholders were then appointed as a c immitti e,
whoa, nom, s were, Mr. J. Thornton, Mr. Hough, Mr.
Balite, Mr. Deputy Comity, and Mr. BaisMr.

LBHUS, May 7.
Broca-lizemmicsa.—There has ben a fist market this
awning, tot without any recession of prises; Word, London and
North Waatern Muck has been dune at 104 being an advance of
on Saturday', quotations. SOL llidiantis have been sold at 2SI Jia. ;
and North Neste= Preference, lasi die.

1011 ti, May 7.
ErocK-E.xcHANoa.— North Western I'ref•reace, 101 I;
5111.1t1,1.1, Itotherhaat, and Goole, N. Dlr., 161; York, Nvwcaotle,
sad Berwick, 12.