The Sun.
London, England, 1864-10-13 00:00:00

WELLAND.

Yesterday a special meeting of this company was held at
the offices, Tokenhouse-yard, Lothbury.
The CHAIRMAN said that at the last general meeting it
was decided to apply for an Act to raise the proposed
£50,000 in preference bonds for the purpose of building
propellers and placing the line in a completely efficient
state. The directors were indebted to certain individual
bondholders, who felt confident in the ultimate success of
the undertaking, for having taken the initiative, not only
in providing propellers for the season, but in relieving the
company from the pressure of creditors in Canada. In ad-
dition to this they had advanced £12,000, which, with a
portion of the second mortgage bonds remaining available,
and the allotment of a small amount of the proposed now
preference bonds, would be sufficient to discharge the whole
of the trade debts of the company, amounting to £20,090.
The Act for raising the £50,0,0 had received the assent
of the Colonial Legislature in June last. lie concluded
by moving a formal resolution authorising the directors to
issue preference bonds or debentures to the amount of
£50,000 as a first charge on the railway and works, the roll-
ing stock, vessels, elevators, and other property of the com-
pany, on such terms of years and rate of interest as the
directors might determine, not exceeding 8 per cent. per
annum.

Mr BOSANQUET seconded the motion.
A r/LOPRIETOR inquired what under the new arrange-
ment would be the position and prospects of the old bond-
holders.
The CIIIIRMAN replied that their position and prospects
would be improved. If this were not done, their property
would be valueless, the money being required for steamers,
repair of the line, and other purposes, which might all be
effected for £lO,OOO. The preference bondholders would
enable the directors to pay off all the debts and so supersede
the rights of the execution creditors, who, according to the
Canadian law, could come upon the line and stop the traffic.
With the exception of the preference bonds created by the
Act, *ll other charges on the company would retain their
respective priorities. The first bends were payable in 1866,
and it was hoped that the company would be placed in such
a position by that date that there would be no difficulty in
renewing the bonds.
After some discussion the resolution was unanimously
adopted, and the proceedings concluded with a vote of
thanks to the chairman and directors.

ST. ANDREW'S.
The half-yearly meeting of the company was held on
Monday; Mr W. Smith in the chair.
The report stated that the revenue was £l,BOl, and the
expenditure 1,085. The revenue still showed a steady in-
crease, but, in consequence of the large outlay on the per-
manent way, the directors were unable to increase the divi-
dend beyond the guaranteed 4i per cent.
The CHAIRMAN, in moving the approval of the report,
adverted to the recent report of Captain Rich on the con-
dition of the line, and disputed the statements of it, main-
taining that the line had been worked since the commence.
ment in a safe and satisfactory manner.
_ _

Mr. runvls seconded the motio , which, after some con-
versation, was agreed to.
It was resolved to authorise the directors to apply for
power to borrow £6,000 for the improvement of the lino.

A WORD ON BEHALF OF OUR SEA FISH.—Sea
fish have innumerable enemies, and while the de-
struction by millions of herrings and mackerel in full roe is
permitted and even encouraged by law, it is unreasonable
to expect the stock of fish to increase. For every female
herring or mackerel destroyed while in roe 500,000 ova
perish, and while the salmon, trout, perch, and all fresh-
water fish are protected by Act of Parliament, there is no
protection whatever for our sea fisheries. The remedy is
very simple. Let it be made illegal to destroy sea fish while
breeding—that is, give them a couple of months' immunity,
and the supply of a good wholesome article of food for the
poor man will be increased a hundred fold, and fish will be
procurable in the London .narket at a tenth part of the pre-
sent price. The subject is well worth the attention of the
Legislature, and ho will deserve well of the nation who
shall first call the attention of Parliament to so impor-
tant a matter, aud ono iu which there is room for such a
vast improvement.—Once a Week.