The Sun.
London, England, 1849-04-23 00:00:00

fru
9.444 A.
140,1-1 $.; 141 Ikt n

SUN OFFICE, Seven o Clock.

GREAT INDIAN PENINSULAR
RAILWAY.—(THIS DAY.)
The annualgeneral meeting of the proprietors of the
above railway, was held this afternoon, at the London
Tavern, Bishapsgate-street; Lord Wharnclifie in the
chair.
The reporstated that, after protracted negotiations
with the HonZurable East India Company, the directors
. had at length obtained from the Court terms securing a
minimum interest of five per cent. upon a capital in
the first instance of 500,0001., which they trust
the proprietors will receive with satisfaction. These
terms of guarantee were even more favourable to
the company than what were contemplated in the pro-
spectus issued by the directors in July last, the chief
points of difterenee being the omission of the
confisca-
tion clause, a concession of interest vxtendin, over a
period of 95 years in place of 25 years, and the condi-
tional augmentation of the capital of the company to
1,000,000/. sterling. The directors had effected the
allotment of shares-70,000 in England and 30,000 in
Bombay. 'The tubscription contract (required to
be _submitted to the court) was in course of
execution, and would be completed within the specified
period. Shareholders had the option, at their discretion,
of paying the whole 51 per share at cnce, or the de-
posit and calls when made, which were to be spread over
three years; and the interest would accrue upon what-
ever sums were paid from the respective dates of pay-
mentinto the treasuryof the Honourable East India Com-
pany. It was proposed, when the company was fully
, constituted, to issue share certificates carrying interest
. . coupons in respect to such shares as may be wholly paid
. up. The extension capital would be offered rateably to
llders of the present shares, in such manner as may be
.11iertked most advantageous and desirable, on every exten-
t.tio'n of the undertaking, either by pre-emption of further
- -.sties, or by an optional increase in the nominal amount
the shares proportionate to the augmentation of
tital, from time to time, as the railway may progress.
-would be gratifying to the shareholders in England
• -411,n0w, that, in Bombay, where the merits of the un-
4.rtaking, as a mercantile enterprise, may be presumed
• it haf best estimated, the most sanguine anticipations
were entertained of its success. The list of shareholders
. there includes the names of almost all the principal
officers of the Government, and many of the leading
merchants in Western India; whilst the gentlemen
who compose the auxiliary committee in Bombay in
connexion with This board, and under whose personal
superintendence the active operations of the company
would be conducted, are gentlemen upon whose judg-
ment, integrity and vigilance the utmost confidence may
be placed. The directors had only further to addthat, with
respect to the estimates for the first section, between Bom-
bay and Callian they had the most implicit confidence in
their sufficiency. The sums estimated to cover the cost of
works and materials were based on the most trustworthy
data, and confirmed by actual tenders from experienced
contractors. In regard to future extensions of the
the directors, in conjunction with the local committee,
would not fail to fortify the interests of the property by
vi hatever means experience in the first section may afford,
- meanwhile adopting the improvements and avoiding the
errors
.apparent in the conduct of existing railways, and
observing the most rigorous economy in every depart-
ment of the husin« ss of the company. With such rules
of conduct for their guidance, and encouraged by the
confidence of the proprietary, the directors had no fears
of being able to carry out to the fullest extent contem-
plated, and with the most entire success, this important
undertaking.
The baiance- sheet showed the amount received to be
22,351/., and the expenditure to be such as to leave a
balance in hand amounting to 166/.
The CHAIRMAN, in moving the adoption of the report,
excrese«l his gratification that they had arrived at a
point when they could enter upon the execution of a
prtion of the line with spirit and energy, and gave it
as his decided opinion that no Indian railway had been
stigg-ested which was likely to prove of so much practical
importance to this country, as the one they were em
ked
The report ,s/13 unanimously adopted and resolutions
Were agreed to in accordance with the recommendations
it contained; alter whielt _a gratuity was voted to the
directors for their services from the commencement of
the company. _
Thanks were then voted to the Noble Chairman, and
the meeting terminated.

QUEEN'S BENCH.—(IIIIS DAY.)
s in Banco, before Mr. Justice PATTESC)N, Mr.
Justice COLERIDCE, and Mr. Justice ERLE.)
MARSEY V. LUNN. '
. Mr. Muds moved for a rule calling on the plain-
tiff to show cause why further proceedings should
stayed until he proved his debt before
the Master in Chancery. The action was brought
against the defendant as one of the contributaries
of the Universal Salvage Company, the affairs of which
had been wound up under " the Joint-stock Companies
Winding-up Act" (11 and 12 Vic.) This Act, which
passed pending the proceedings, provides, amongst other
matters, that the p:aintiff should prove his debt before
the Master in Chancery, and that it was allowable to
/tie defendant to make an application to a
.1 /Age in chambers to stay proceedings until
;ae debt were proved. The application was made to
sr. Justice Coleridge, who thought the question of suf-
t:Aent importance to come before the Court—the question
issue being, whether a..plaintifY having obtained j udg-
went against one of the contributaries of a joint stock
..:Inapany, could be compcliid at the winding up to prove
against the company gt nerally.
The Court grante4 a zule.