The Sun.
London, England, 1862-08-08 00:00:00

GRAND TRUNK RAILWAY OF CANADA.

MEETING-(THIS DAY.)

A special general meeting of the board and shareholders
of this company was held this day at the London Tavern.
T. Baring, Esq., M.P., presided.
The meeting was called for the following purposes :-
Ist. For the purpose of considering " The Grand
Trunk Arrangements Act, 1862," passed at the last session
of the Parliament of the Province of Canada.

2d. For the purpose of accepting the said Act in the
manner and as provided in the 39th section of the same
Act.

The CHAIRMAN, in opening the proceedings, said the
shareholders had all received the accounts of the company,
and, comparing them with those for the corresponding
period of 1860, he thought they would all agree that
they were highly encouraging. As far as could be
estimated, from the information received from Canada, a
similar increase for the present year was certain, but they
had a serious drawback in the unfortunate civil war that
had been raging in America. That deplorable circum-
stelae- had led to a diminution of their traffic. They all
knew that one-fitth of their line was in the United States,
and to that ar.......Liece was to be attributed the fallinz
off 'n ate passenger traffic, and that loss must continue
until there was a cessation of hostilities in that part of the
world. Until that circumstance took place they could not
properly develop their traffic. He thought the meeting would
agree with him in thinking that the exertions and zeal of
Mr. Watkins were worthy of the highest praise. By his
exertions a system of economy had been matured whioh had
placed their account in the present satisfactory state. With
regard to the Act of the Legilat ure they were called upon to
give their assent, it was calculated by wise cone( salons
to the shareholders in Canada that a most satisfactory future
for the company would be secured. It WAS no new matter
they were called upon to consider. The arrangements of
the act had been solemnly argued on a former occasion.
The chairman then entered into a statement of the proceed.
ings that had taken place in Canada, and the course that
had been adopted by the Government of Canada, and said,
notwithstanding all that had been said, he did not but be-
lieve that the Government of Canada would listen to their
claims. They were able by this act to say to the Govern-
ment of Canada, we have done`all we can to assure regu-
larity, honesty, and security for the company in Canada,
and we therefore call upon you, the Government to do
your part and admit our claims by adopting a fair arbitration
and protect our interests, and then their postal arrangements
would be safe and complete. By the arrangements pro-
posed by the act, when carried out, the shareholders would
se cure their dividends. Whether they would be enabled
to make arrangements with the Government of Canada to
prevent any seizure of their property, or whether they
should have to return to the state of things that existed 12
months ago, and again involved in litigation was uncertain,
but he beloved the arrangements proposed in the act
would effect in preventing it. They had succeeded in
increasing their representatives at the Board in Canada,
and he looked forward with confidence to the future for the
success of the company.

Mr. CRAWFORD, M.P., explained to the meeting the
origin of the act which arose with a committee of bond-
holders who had deputed Mr. Ilrukins to [proceed
to Canada, and by whose exertions the ar-
rangements had been carried out. He concluded
by moving a formal resolution, accepting the Grand Trunk
Arrangement Act, 1862. passed at last se-sion of the Par-
liament of the province of Canada.
Mr. MORRIS urged the meeting to agree to the proposi-
tion. It would only stultify all that had been previously
done if any other course was to be adopted.
Mr. MoGG, of Bristol, read a protest against the proceed-
ings of the committee and the adoption of the act of arrange •
ment. The protest, he sail, was very numerously signed.
A PROPRIETOR asked the number of signatures to the
document.

Mr. MOGG replied 20, but he himeelf did not object to it
Mr. MERCER was in favour of the adoption of the
arrangement.
Mr. WAINWRIGHT said the act of arrangement was only
based on the act of 1854, and he thought that the bond-
holders had, no legal right to preference over the share-
holders. It would only be showing a little concession if
the:preference bondholders were to place themselves in the
same position as the other shareholders. (Confusi at.)
Mr. CONYBEARE thought the bondholders had not been
sufficiently consulttd, a'nd he proposed the adjournment of
the meeting to a future day to be fixed by the chairman, in
order that different interests might duly consider their pre-
sent position.
The amendment was not seconded.

Mr. OTTER said at a former meeting they had agreed to
the arrangements which are to be carried out by the act of
arrangement. If the meeting did not adopt the act it would
be guilty of a breach of faith. He cowl emned the system
of carrying prime ministers and influential parties on the
line for nothing. Such a course was not adopted in this
country. The Cabinet in this country, when they travelled
either to Balmoral or Windsor, did not object to Pay the
proper charges. (Hear, hear) Then why should there be
any exception in Canada ?
iots th
Mr. NEWMA.RSH said he hoped, when certa
atrin. parties
went back to Canada, they would tell their eomp
the Grand Trunk Railway Company had determined not to
be imposed upon any longer. They bad got the stick in
their hands on this side of the water, and they were• deter-
mined to use it if necessary.
[We shall continue the report in our late edition.]

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