The Sun.
London, England, 1863-01-09 00:00:00

NEW BRUNSWICK. AND CANADA.

An extraordinary meeting of this company was
held yesterday of the office, Whitehall, for the
purpose of receiving a report from the directors
and committee of co-operation appointed on the
6th Nov., and of considering the propriety of pass-
ing a resolution to the effect " that the company
cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the
same." Mr. F. Edwards was in the chair.
The report stated that the committee had had
an interview with the Railway Commissioners of
New Brunswick and Nova Scotia, and the commit-
tee were of opinion that the prospects of this
company's line of railway, or some part of it, be-
coming ultimately a portion of the intereolonial
railway, were fair and reasonable, but as the
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imperatively
preservation of its pro
outstanding liabilities of the company, the com-
mittee found that to meet the debenture coupons
due on the Ist proximo the sum required was
£3,000. There were acceptances out to the ex-
tent of £20,150, £3,000 of which being for a por-
tion of the money raised and lent to the contractors
to pay their workmen, was accepted at the particu-
lar request of the Governor of New Brunswick.
There were other debts, amounting to £39,161,
making a total of liabilities of about £63,000 due.
The whole of this sum was not wanted immediately
—but as the first issue of debentures had been ex-
hausted, and there was no balance at the company's
bankers, there were no means of meeting that por-
tion of the necessities which was urgent and of suffl.
ciently large amount to piece the interests of all the
parties in a very dangerous position. The above
sum did not include any further provision for the
completion of the line, nor for current expenses of
the Company, nor an 7 interwa: hcynnd
that due on the Ist inst., nor any sum for additional
rolling stock, which the committee believed to be
absolutely necessary for the due development of the
traffic. It appeared to the committee, therefore,
that unless those difficulties were met by prompt
action, steps of a very disastrous character to the
property of the company might be taken by credi-
tors. The committee therefore recommended the
formation, if practicable, of a new company t 3 con-
nect the line with St. John, and also with Calais,
in the State of Maine, such company to be formed
on the basis of absorbing this company by purchase.
The committee had reason to believe a plan of that
sort would meet with favour from the New Bruns-
wick Government. As the exigencies of the com-
pany would not admit of delay, it was obvious that
immediate steps must be taken to secure in the in-
terim protection to the property of the company,
and with this view the committee recommended an
immediate voluntary winding up of the present
company, and the appointment of a voluntary liqui-
dator, with power to sell the line to a new company
or otherwise, and in the meantime to protect the
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property of all parties (including those who might
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promptly adopted, the committee had reason to
the debenture holders for holding over their cou-
ponshope that some arrangement might be made with
for a time.
plant),eacsomomcceansidoantions
The CHAIRMAN stated that the committee had
had several conferences with the directors, and that
Mr. Field, one of their oldest shareholders, would
move the first resolution.

Mr. J. FIELD moved a resolution to the effect
that it had been proved to the satisfaction of the
meeting that the company could not, by reason of
its liabilities, continue its business, and that it was
advisable to wind up its affairs.

Mr. MAUDSLEY seconded the resolution.

Mr. BURTON, the solicitor to the company, ex-
plained that it was the only course they couid adopt,
as one of the contractors was endeavouring to ob-
tain power to wind up the company's affairs in a
hostile manner, and he (Mr. Burton) believed the
contractor would not succeed if the meeting passed
the resolutions that would be proposed for their
adoption.
A long discussion ensued, in the course of which
Mr. CONYBEAME moved an amendment, which was
negatived, and the motion was adopted by eight
against four.

Mr, MAUDSLEY explained that the largest share
holders were also holders of debentures, and if
they did not act all together, there was not the
slightest hope of saving anything for the share-
holders.

Mr. FIELD said that if they could raise £lOO,OOO
they could pay off their liabilities and provide
£20,000 for rolling stock.

Mr. Handfield, the secretary, and Mr. Adron, of
Gresham-house, were appointed liquidators for
winding up voluntarily the affairs of the company ;
and a committee was appointed, consisting of 12
shareholders and bondholders, with power to add to
their number, and to act with the liquidators in
winding up the company's affairs,
_ _ _

Mr. CONYBEARE protested against the appoint-
ment of a committee so constituted, and the pro-
ceedings terminated.

MARKET HARBOROUGH AND MELTON
MOWBRAY.

This line is proposed to run from the Medburn-
bridge station of the London and North-Western
Railway to the Syston and Peterborough branch of
the Midland Railway at Melton Mowbray. The
estimated cost is £250,000.