The Sun.
London, England, 1849-01-25 00:00:00

EAST INDIAN.

On Ttm!day a meeting of shareholders was held at
the London Tavern to consider the steps to be
adopted for the dissolwion of the company in the
most speedy and inexpensive manner; Sir John Camp-
bell in the chair.

The CHAIRMAN said that the specific objects of the
meeting were essentially opposed to those which for a
very long time he had advocated, as a director of the
East Indian Railway Board, and he distinctly and posi-
tively stated that this change in his opinion had not
arisen from any spirit of factious opposition, but was the
result of most deliberate reason. It was pretty generally
known that the committee appointed at the India
House to consider the railway question had decided
against granting any modification of the guarantee, or
any further amelioration of the original terms. Con-
siderable discussion had likewise lately taken place on
the subject in the Board of Control, and the general
report was that the subject bad not been fa-
vourably entertained there. Those present would also
recollect that on a public occasion at a Court of Directors
of the East India Company the chairman declared] that
the East Indian Railway Company was defunct, and the
Preeident of the Board of Control, in his place in the
House of Commons, in reply to a question, declared that
the East India Railway was at an end. There was also
a meeting in April last year, at the London Tavcrn,
when resolutions were framed and authority given to the
directors to carry on negotiations with the gest India
House on the clear understanding of a positive and mi-
-1 conditional guarantee, or dividend, or rather that, if the
5 per cent, were not granted by the East India Com-
pany, early steps be taken to dissolve the company. The
entire question had remained before the Board of Con-
trol for seven or eight months without any answer
being given, and on Monday last the committee ap-
pointed to look into railway matters decided, by a
majory of 9 to 6, that the East Indian Railway Company
could not go on. To-day that decision would be sub-
mitted to a General Court of the East India Com-
pany, when- no doubt a definitive determination would
he come to on the subject. Looking at the expendi-
ture of funds that had already taken place, and the
liabilities, which it had been publicly stated had ex-
ceeded ~the amount that had been subscribed,—looking
at the embarrassed state of the company's affairs, and
the necessity they were under of borrowing the com-
pany's capital to complete the 60,0001. now on deposit,
which was certainly not a bona fide way of proceeding—
considering there were 100 dissentient shareholders in
favour of a dissolution, holding on an average 80 shares
each, and some upwards of 200, he bad na hestitation in
proposing the first resolution, to the effect—
" That since of late it has been made manifest that
the original anticipations of profit held out by the di-
rectors in their report could not be realised by the limited
undertaking in which it is now proposed to embark, and
that the guarantee, instead of being. equivalent to a fire
per cent. Government Stock, as stated by the directors,
in the opinion of the meeting is a mere contribution
which would probably be wholly absorbed by the cost of
maintaining and working the line, there remains no
reasonable inducement to the shareholders to pursue the
enterprise further, and it is, consequently, desirable to
dissolve the company in the most speedy and inexpen-
sive manner, and release the shareholders from all inci-
dental responsibilities."
General ROBERTS seconded the resolution; when,
after some observations from Mr. L. Browne, Mr. Long-
bourne, and others, it was carried unanimously.
Mr. BROWNE was of opinion that none of those share-
holders, and there were many, had a right to interfere
in the matter of dissolution or in any thing relating to the
proceedings of the company, who had not paid the last
call of 2/. per share.
The CHAIRMAN thought the point could not at a. ll
affect the present proceedings, which were merely of a
deliberative or recommendatory character.
Several shareholders baying expressed a similar opi-
nion, it was moved by General M'LEoD, seconded, and
carried nem. con.—
" That thanks be given to the gentlemen who had
taken the initiative in the movement for dissolution, and
that they form themselves into a committee, with a view
to its completion."
The CHAIRMAN, in concluding the proceedings, said
it must not for a moment be imagined
i that he was op-
posed to the introduction of railways n India. On the
contrary, having been connected with that country for
the last 25 years, he took the deepest interest in all that
tended to develop its resources, to consolidate the power
of its Government, and to make it one of the brightest
gems in the crown of our colonial possessions. The
great evil under which it laboured was the want of effi-
cient internal communication to bring the produce of its
climate to the coast, and this it must eventually have,
though under some. better constituted machinery than
that which was at present proposed to supply it.