The Sun.
London, England, 1853-09-22 00:00:00

A special meeting of the shareholders of this company
was held at Shrewsbury yesterday, to approve the pro-
ceedings
of the committee of investigation appointed at
a meeting held at Wolverhampton a few weeks ago, to
authorise the committee to institute a bill in Chancery to
remove the present board of directors, to authorise the
payment of the expenses already incurred by the com-
mittee of investigation, and for other purposes, pro-
moted by 'persons alleged to be influenced by the Lon-
don and North-Western Company ; the Hon. H. B.
Clive, M.P., in the chair.
The CHAIRMAN apologised (in consequence of other
engagements) for his absence from the meeting held
in London on the 14th instant, but he now offered,
them his sincere congratulations upon the proceedings
which took place on that occasion. That which he
had long and anxiously awaited had now been brought
about. He sincerely hoped peace and unanimity would
ever exist among the shareholders of the Shrews-
bury and Birmingham Railway. (Loud cheering.)
At the same time, while he offered these congratula-
tions, he could not but express his acknowledgments
for the handsome and liberal offer made by the Great
Western Company. It was a clear and distinct state-
ment, respecting which no mistake could arise. (Cheers.)
He hoped and trusted that the day was now come when
all differences and. angry feelings
would cease to exist,
and the shareholders of the Shrewsbury and Bir-
mingham Company would unite in the promotion of one
great object—the- welfare and prosperity of the proprie-
tary, and the benefit of the public.", He (the Chairman)
hoped that that meeting would be the forerunner, of
satisfactory arrangements with other railway companies,
which would lead to the general accommodation, con-
venience, and wenare of the comfit-laity. would
only say, in conclusion, that if he could be of any ser-
vice, they might rest assured that he would at all times
and on all occasions be ready to aid and assist them in
carrying out those objects which they deemed essential
to the prosperity of the railway in which they were all
so much interested. _

Mr. R. SCOTT, of Stourbridge, said he did not feel
that the present was the proper occasion to enter
into any discussion upon past transactions. (Cheers.)
He admitted that the arrangement proposed to
be made with the Great Western Company was
generally satisfactory, and, therefore, it was the in-
terest of all that a contest virtually closed by such
a result should terminate as soon as possible. The
course of opposition in which he had been engaged was
now ended, and he had no doubt that the Great Western
Company would faithfully carry out the agreement into
which they had entered. (Cheers.) He begged to con-
clude by moving the following resolution :
"That, inasmuch as the shareholders of this company
have approved the offer of the Great Western Company,
including the election of six new directors in the place of
the retiring directors, who do not offer themselves for re-
election, it is inexpedient to proceed with any business at
this meeting, and that this meeting be adjourned sine die."
Mr. G. SMITH seconded the motion.

Mr. GEACII, M.P., admitted that the offer of the
Great Western Company was generally acceptable. It
would be recollected, however, that he had always said
that, whatever his own opinions might be, he would not
offer any factious opposition to measures sanctioned by
a majority of bona fide shareholders. He felt it, however,
to be a duty he owed to himself to state, that as long as
an agreement existed between the London and North-
Western and a majority of the shareholders of the Shrews-
bury Company, whether legal or not, he was not at liberty
to be a party to set it aside. If, however, a majority of
the bona fide shareholders thought that such an agreement
was invalid, and ought to be set aside in favour of one
more advantageous, although he, in honour, could not
be one who took such a course, he would not join any
minority of shareholders in opposition to the fair and full
carrying out of such an arrangement. In conclusion, he
could say with truth that he never discharged duties
the performance of which subjected him to such un-
mitigated annoyance as those imposed upon him since he
became a director of that company, and in withdrawing
from the contest, he hoped there was a prospect that
would be consummated of the shareholders getting some
return for the large capital they had invested in the rail-
way. (Cheers.)
The resolution was passed unanimously.
On the motion of Mr. STANLEY, seconded by Mr.
O'GouE, M.P., a vote of thanks was passed to the chair-
man, and the meeting separated.

CALEDONIAN.
The half-yearly meeting of this company was held on
Tuesday, at Glasgow ; Mr. William Johnstone, deputy-
chairman of the directors, in the chair.

The first business was the adoption of a motion by the
chairman, declaring 75 shares of 50/, each, and 25 shares
of 121. 104. each, forfeited. The report, an abstract of
which has already appeared in The Sun, was held as
read, and
Tile CHAIRMAN, in moving its adoption, stated that
during the last half-year about 63,0001. had been added
to the capital. Of this sum about 14,0001. was for
settlement of land claims ; about 10,0001. for works,
houses, sidings, &c., erected along the line; about 1,800/.
for Parliamentary expenses in obtaining a bill for ex-
tending the Barrhead line, funding the debenture debt,
&c. About 11,0001. in payment of debts of the Barr-
head Company, for which this company is liable to the ex-
tent of 50,0001. under the arrangement act, and 26,0001.
for plant got during the half-year and used for the traffic.
There remain still to be settled a few land claims, but
of no great magnitude, and a considerable sum will yet
require to be expended in erecting houses and putting
works upon the brie, which the directors will complete
with all expedition : also a considerable sum for plant
to meet the increasing traffic. The original directors of
this company bought upwards of 50 acres of ground
from the General Terminus Company, upon which the
latter were making a railway to connect the Clydesdale
and Barrhead Railways with their line. The directors
of the Caledonian Company agreed, in 1847, to pay for
the ground at the rate of 6s. per square yard, to repay
the sum expended in making the junction line. To com-
plete that line, and to carry out the contract for making
it, large sums of the Caledonian Company's funds were
paid to the Terminus Company and to their contractor,
and large sums continued unpaid to these parties, for
most of which bills were granted. The directors of the
Caledonian Company declined, in 1850, to pay, and the
Terminus Company and their contractor each raised an
action for the amount alleged to be owing. The amount
claimed by them was upwards of 90,0001., which the di-
rectors, after a great deal of litigation, have settled for
about 73,0001. ; but this sum is not to be paid till an
act of Parliament be got, authorising the directors of
the Caledonian Company to pay it, to hold the land, and
to levy dues on the junction line, which was made under
an act of Parliament obtained by the Terminus Coin-
piny, By settling these claims, the company get rid of
two very expensive lawsuits—get full possession of the
junction line, of which they might otherwise have been
deprived, and will have upwards of 20 acres of ground
to dispose of, for which, it is hoped, they will get a price
sufficient to repay a considerable part of the 73,0001.
agreed to be paid. The preference dividend amounts to
15,6481. ; there is afterwards left for division among the
ordinary shareholders the sum of 31,000/., which will
yield a dividend at the rate of only 2 per cent. per an-
num. During the half-year ending January last the
revenue was 245,7541., and after deducting expenses,
&c., a sum of 54,899/. was left for division ; while the
revenue for the half-year ending in July was 245,2171.,
and there is left for division only 45,4391., or nearly
10,0001. less than in the preceding half-year, This dif-
ference arose from an extra expenditure of 1,5001. in
maintenance of way, nearly 7,0001. extra for locomotive
power and merchandise and mineral traooo/. for ffic charges,
1,0001. for compensation and damages, 1,
age and and demurrage, and 1,400/. for general charges.
These together mak up a trifle more than the dif-
eren ce. The unfortunate accident at Slateford
station also occurred during that period, and a con-
siderable sum of damages had to be paid to parties
injured. That accident is much to be regretted, and
it is to be hoped that no disaster will again occur.
The shareholders are aware that the present directors
adopted the principle of giving to their princi?al officers
a percentage corresponding to the dividend payable to
the ordinary shareholders, instead of increasing their
salaries at the time of re-arranging the different offices,
'by which almost every officer was promoted, consequent
upon the retirement of the secretary andll general manager.
Their reason for doing so was,
that aof these gentle-
men might have a pecuniary interest to study economy
in every department, so as to procure a large dividend
to the ordinary shareholders. The directors are still
satisfied that that principle is correct, and they mean to
continue the arrangement. The interest of the whole
borrowed capital now averages per cent. If more of
the debentures issued at 5 per cent, had become payable
during the last year they could have been renewed at 3i
per cent., and the average rate would have been dimi-
nished, ut the holders could not be expected to take
payment of their money secured by debenture merely
to oblige the company. Theinterest charged to revenue
would have been comparatively less had there not been
included in it upwards of 1,8001., being the half-year's
interest on the sam payable to the General Terminus
Company and the contractor for making the junction