The Sun.
London, England, 1853-11-01 00:00:00

RAILWAY INTELLIGENCE.

GREAT INDIAN PENINSULA.

The half-yearly meeting of this company was held yes-
terday at the offices in New Bond-street ; Mr. W. J.
Hamilton, the deputy-chairman, presided.
Mr. NienoLsoN, the superintending'director, read the
report, an abstract of which appeared in The Sun of yes-
terday._

The CHAIRMAN, in moving the adoption of the report,
apologized for the absence of Lord Wham°liffe, the
chairman of the company, who was absent in consequence
of ill health. The first portion of the line was opened,
from Bombay to Tannah, on the 17th of April last, and
not a single accident had occurred since the opening of
the line. Although they had had no accident on their
line, they had lost by death Mr. Scott, their secretary,
who-was a most efficient servant of the company, and
they found it very difficult to fill his place. With regard
to the number of persons conveyed on the line, it was
very satisfactory, and far exceeded anything they had a
right to expect. In the early calculations of traffic,
goods were considered as the principal item of revenue,
and the passenger traffic was not thought to be
of any great importance. No goods traffic had as
yet been brought on the line, and the working at pre-
sent was confined to passenger traffic. From the 17th of
April, the day of opening the line, to the 4th of Septem-
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was 1,100. This included a period of 20 weeks, during
14 weeks of which was the rainy season, a time when
comparatively but few persons travel, and, of course,
the number fell off during that period, but would again
considerably increase. The line was completed up to
Tannah, where they would have to cross an arm of the
sea by means of a bridge, which was nearly completed.
They expected to open the remainder of the line now
under construction, from Tannah to Winn, in about
January next. The experimental line was to be ex-
tended 17 miles, from Callian to Shawpore, making a
total length from Bombay of 50 miles. The section
from Callian to Shawpore was divided into three
contracts—one was let to an English contractor,
and the other two to native contractors. It was
proposed to extend the line from Callian, in a south-
east direction, to Poonab, and, in a north-east direction,
from Shawpore to Kandeish and the great cotton
districts. Some delay had taken place with regard
to the proposed extensions, the lines for which had been
surveyed—one by the Malsej Ghaut and the other by
the Bhore Ghaut, in consequence of the Government
having determined to have the country re-surveyed, with
a view to find better routes, and to form part of a gene-
ral system of railways for the whole of India. A me-
morial had been presented to the Government to carry
a line from Shawpore, along the front of the Ghauts to
Baroda, and thence into the cotton district. The pro-
ject was submitted to Lord Dalhousie, and, after some
consideration, he recommended an examination of the
country. He entirely approved of the company's plans
for carrying railways into the cotton districts, and for
communicating with the Madras and other lines should
they may be made. The Government had a great ob-
jection to ascending the Ghauts, as proposed, by steep
gradients, and they were desirous of obtaining an easier
route into Candeish and the cotton districts. He (the
chairman) had no doubt that the extension line proposed
by the company would be found the best that could be
selected, and far preferable to that proposed by other
persons, viii Surat and Baroda. The climate was
so bad in one part of the district towards Baroda
that no European could bear it. With regard
to the capital that would be required to com-
plete the experimental line from Calcutta to Shaw-
pore, they would not require more than 100,0001. be-
yond the 500,0001. already paid up, so that 11. per share
on the 100,000 new shares would be all they would re-
quire to call up, and the amount would be entitled to the
same rate of interest as that guaranteed on the 500,000/.,
namely, 5 per cent. per annum.
Mr: FRITH seconded the motion for the adoption of j
the report.

Mr.FIELD said, it appeared from what the chairman
had sated that it was not intended to call up the whole
of the money on the new 5/. shares, which he under-
stood, were originally intended for the further extension
of their line.

The CHAIRMAN said, that V. per share was all they
would require to complete the experimental line to Shaw-
pore, and the remainder would not be called for. The
money required for the extension lines would be raised
under a new contract.

Mr. CRAWFORD said, he understood that the East
India Company had agreed to guarantee 5 per cent, on
500,0001., and in case of money being required for any
further extension, they were to guarantee the company
5 per cent. on a further sum of 500,0001., making the
capital 1,000,000/., and upon which 5 per cent. would
be guaranteed, but it now appeared that only a portion
of.tlitmeney waa to be called.: up, and that required for
the extension lines was to be raised at a lower rate of
interest.

Mr. FRANKLYN said, the contract with the company
was to the effect that they should raise 1,000,0001. under
a guarantee from the East India Company of 5 per cent.
per annum, and he hoped the directors had done nothing
to alter it. (" No, no.")
Mr. AYRTON, a director, explained that it appeared to
him that as it was found desirable by the authorities to
extend the line to the south-east and north-east, it was
reasonable to expect, under the original contract, that
they would call up the remainder of the second 500,000/.
so as to complete the capital of 1,000,0001., at 5 per
cent ; after which any further capital required for exten-
sions into the interior would be raised, as proposed, at
41 per cent. As to the 400,0001., which it was stated
could not be called up, he considered it an open ques-
tion, and one to be decided in favour of the company
whenever further capital became requisite for the exten-
sion of the railway.
Mr. NieaoLsorr said that no more capital would be
required to complete the experimental line than had
been stated. The whole matter was under the control
of the East India Company, and, if they thought proper
to relax the terms and to call up the remainder of the
capital, they could do so. They could not pay any
money into the bankers' of the East India Company
without their consent. With respect to the matter
in dispute, the chairman had stated a fact, and Mr.
Ayrton had stated an opinion.
Mr. RICHMOND considered that, according to the ori-
ginal contract, the guarantee of 5 per cent. extended to
the 1,000,0001. of capital. It was the duty of the direc-
tors to press the matter as much as possible on the
authorities, as the shareholders had a clear right to the
guarantee on the 400,0001. which it was now proposed
not to call up.
The CHAIRMAN said he could assure them that the
directors had not neglected the interest of the share-
holders in any particular. It was intended by the di-
rectors of the East India Company that the rate of inte-
rest on further extension should not be more than 4 per
cent. per annum.
Mr. CRAWFORD suggested the omission of the words
" experimental line" from the report.
Mr. MOORE said that would be of no use. The only
thing they could do would be to receive the report, and
not adopt it.
Mr. CRAWFORD said he entertained the most perfect
confidence in the directors, and it was not with any wish
to oppose them that he had suggested an alteration in
the report.
After some further observations resolutions were
passed, receiving the report of the directors, and adopt-
ing the statement of accounts.
The meeting was then made special for the purpose of
obtaining the sanction of the shareholders to the terms of
a contract to be entered into with the East India Com-
pany, for the construction of the " extension lines," and
for raising the capital necessary for the same.
The CHAIRMAN explained, that the extension lines con-
sisted of one to the south-east from Callian to Poonah,
and thence into the Sholapore cotton district, where it
may unite with an extension of the Madras Railway,
and another to the north-east into the Kandeish and
Berar cotton-fields. The districts were now being sur-
veyed, and the Government authorities would decide on
the course which the lines were to take after receiving
the reports of the engineers as to the most eligible lines.
It was proposed to issue shares, in the first instance to
the extent of 1,000,0001. rateably among the proprietors
under a guarantee of 4. per cent. per annum. He then
read a correspondence with a view to show that the new
capital for the extension lines would be independent of
the capital for the experimental line. He concluded by
moving a resolution authorising the directors to enter
into contracts for the extension lines, and to raise the
necessary capital.
A. long discussion then ensued, in the course of which
it was contended that the public fully expected from the
original agreement that the East India Company would
guarantee 5 per cent. on 1,000,0001., should they extend
the experimental kne so as to require that outlay, and
that any further amount that might be required to carry
the railway into the interior would come under a fresh
agreement. It was also thought advisable that the
power of the directors to enter into contracts with the
East India Company should be limited to some specified
sum, but, as the raising of the money for further exten-
sions was at the option of the shareholders, it was con-
sidered unnecessary to restrict the directors in their
negotiations with the East India Company.
Mr. RICHMOND suggested that a rider should be added
to the resolution to the effect, that the 1,000,0001., at 5
per cent., should be called up before raising any further
capital.
Mr. IIESELDINE proposed an amendment, to the effect
that the consideration of raising any further capital be
deferred for six mouths.
Mr. Nienor.soN, as a proprietor, would be sorry if
such a resolution as that proposed by Mr. Heseldine
should be adopted. The shareholders might depend
upon the statement in the report, that no further steps
were to be taken to raise capital unless it would produce
a bonus to the shareholders.
After some conversation Mr. Heseldine
his amendment, and the chairman also withdrew
withdrew

motion.
Mr. MooRE proposed a resolution to the effect that
the directors be authorised to enter into agreements or
contracts with the East India Company for raising mo-
ney for the construction of extension lines to the south-
east and north-east of Callien, and to issue extension
shares for capital to the amount of I,QQO OQQ/ in