The Sun.
London, England, 1849-08-17 00:00:00

the Scotch Central they were to give up all the advan-
tages which they had. The arrangement he characterised
as most unwise. Let the directors go to Parliament if
they thought proper, for necessary powers, but do not
let them prcceed in an underhand manner. It was
said that eminent Scotch lawyers had given
a favourable opinion. Now, be should like to
see the cases submitted to them. Indeed, an action
was now pending in the Scotch courts out of the trans-
actions in connexion with these matters. If the direc-
tors persevered in their intention with respect to the
Scotch Midland, he might feel disposed to move an
amendment, or even proceed in the Court of Chancery.
He complained that the chairman had taunted him with
being a small proprietor and a professional man on a for-
mer occasion, and he contended: that he had as much
right to speak as those of greater interest. He had not
spoken until he found his small interest growing small
by dedegrees and beautifully less.
The CHAIRMAN replied that he had no intention to re-
feet upon the character or position of the Hon. and Learned
Proprietor. What he said was, that he would rather take
the opinion of a mercantile man, who held a large stake.
than a professional man who held but a small one.—
(Hear.) He still retained that opinion. He had lived
long enough to know, and his experience had taught him
how to value professional men, among whom he had
lived, but when a question of investigating account,
was to be decided upon, he preferred the experience
of commercial to professional men.—(Hear, hear.)
Fre regretted exceedingly that any personal allusion has
been made by him to what had been referred to by the
Hon. and Learned Proprietor; he never intended it; and
it he had done so he retracted it.—(Hear, hear.) He
did not stop him in cense quence of his small stake in
the concern, but because he was going beyond the
bounds of necessary discussion.--(Hear, hear.)
He was happy to say that they had never had any per-
sonal discussion in that room, and he hoped they never
would.--(Cheers.) With respect to the question of
contract, on the Scottish Central Railway agreement,
it must be remembered that they had had that
agreement since 1847, it had received their sanction
from time to time, and that agreement had been
admitted to be the best agreement ever drawn
in the railway world.—(Cheers.) They were only to
ply, under that agreement, according to the propertl
they derived—( Hear, hear)— and if by any legal course
in the courts of the country the agreement should be
set aside, the money that had been paid under that
agreement would be refunded to the company. He could
assure the shareholders that the whole policy of then
directors was to promote the railway traffic of the west
coast, and the doing so was the consequence of making'
the advance to the Caledonian Railway Company.—
(Hear, hear.) The reason why the accounts of tbr
Scottish Central Railway Company bad been placed
under the head of the Caledonian Railway war
because they had always considerd them as one.
With regard to the other question, the Honourable Pro
prietor, through being absent from tormer meetings, was
not aware that in the year 1847 the proprietors came to e
vote which authorised, nay, bound and insister!
upon, the directors carrying on their opposition
to the broad gauge ; and considering that the
battle had been fought in nearly every court and com-
mittee, he was only surprised that the legal expenses
had been so moderate.—(Hear.)
Mr. HEADLEY said the returns from the Lancaster and
Carlisle and Caledonian lines were estimated in the ac
counts at 10,000/. Could the Chairman furnish
the meeting with he proportion of each ?
The CHAIRMAN said the exact returns had not beet,
received from the two ccmpanies, but the estimate was
made out in this way-8,5001. for the Lancaster and
Carlisle, and 1,500/. for the Caledonian.
Mr. HEADLEY wished further to know why so large a
snm as a million and a half had been contributed to-
wards the Chester and Holyhead line.
The CHAIRMAN said that was an old transaction, and
he must go back to 1844 to enable him to answer the
question.
Mr. HEADLEY, under those circumstances, would not
press the question.
The CHAIRMAN Said, it was not quite fair to
estimate the value of the Chester and Holyhead
by what they sae of it now. The state of Ire-
land, and the course Government had pursued to-
wards the company, inflicting, such severe hardship,
upon it, made it not only injudicious but unjust to
estimate the line according to its present position. The
company had not yet received the Treasury contracts
for carrying the mails, while they had had to en-
counter a severe contest on the subject of the
steam-boats; but when all their difficulties were got
over, the Chester and Holyhead would be found to be
an excellent concern.—(Hear, hear.)
The CHAIRMAN did not entertain any of the appre-
hensions expressed by the Hon. Gentleman, and thought
that thejiies alluded to by him would, under proper ma•
nagement, be placed in a much better position.
Mr. ALSTON, who was very indistinctly beard, sug-
gested that the reserved fund should be augmented, and
that the dividend should be reduced to 6i per cent., in
order to accomplish this. He cited the practice of the
Bank of England in support of his argument.
The CHAIRMAN, in reply, referred to the report he
had already expressed, that the passenger traffic, during
the past six months, had slightly fallen off, but stilt it was
encouraging. If, however it declined, which was not
likely, for he could mention many encouraging symp•
toms, they must, of course, submit to a reduction of
dividend. The uniform operation of accounts was
this :—They were made in July for the dividend in
July, which rendered it necessary for them to act upon
the reserve fund. The second period of the year was
better by more than a month than its first portion.
For instance, the second period showed 100.0001.
more than the first. Haying made the arrangements
they had fur the permanent way, they did not require
so largo a reserve fund as must otherwise be required.
He agreed with him, that in the position he held in the
company he felt more comfortable when he had a large
reserve fund.—(Hear, hear, and laughter.)
Mr. M. MARTIN said the Bank of England was not a
case in point. They had to aiscuunt bills, and conse-
quently a large reserve fund was necessary.
A PROPRIETOR drew attention to the fact that the loss
upon light gold had been 1,8331.-501. a week, or as
great as the remuneration which the directors received
for their valuable services. The chairman, an eminent
banker, would not lose anything by light gold. tMr.
Glyn shook his head.]—(Laughter.)
The CHAIRMAN said bankers did not take light gold.
The subject had engaged the attention of the directors,
and weighing had been tried, but it had beets found im
practicable. He could mention an instance. They
took from one train 1,5501. Now if :they
had stopped to weigh the gold the express
train might have run into it and caused
far greater loss. The loss perhaps was greater because
the light was not re-circulated but clipped. It was per-
fectly
.marvellous the amount of light gold that fourid its
way to the counters of railway companies—(Laughter)
The PROPRIETOR resumed—Light gold must surely
come to them two or three times over in the course of
a year. The subject should, however, engage their
attention. He would ask them whether they expected
gentlemen to audit their accounts if they paid them
such paltry sums as they did?—(Hear, bear.) He
was quite sure that the proprietors ought to see that
their auditors were properly paid.
Tne report was then agreed to.
The CHAIRMAN said, that according to the prOmrse he
had made, he wished to refer to that part of the report
which had reference to the promise given by the direc-
tors at a former meeting, that they would not pro-
ceed with new works without previously consult.
ing the proprietors. They bad now to call atten-
tion t) the line authorised by Parliament to be made
by this company from Birmingham to Lichfield,
at an estimated cost of 200,0001. After full consideration
of the matter, the dire ctors had decided that, under
existing circumstances, the proper course for them to
pursue, is to refer the whole question of this railway to
the consideration of the proprietors at the present meet-
ing. lie thought that this question should be delayed
to some future meeting.
A PROPRIETOR moved that the further consideration
of the adoption of the line from Birmingham to Lich-
field be referred to the Birmingham Committee.
The motion having been seconded,
The CHAIRMAN observed that he thought the course
that had been proposed should be adopted.
Mr. HEADLEY thought it;would be injustice to this
company to make a line from Birmingham to Lichfield.
—(Hear, hear.) He believed if the line was constructed
it would not pay a halt' per cent. for the expenditure.
There was no population there, and the fact was that it
would be making two lines to compete against each other.
The resolution was then agreed to.
The CHAIRMAN then proposed that a dividend of
3/. 10s. per Mt. stock, and so in proportion on
shares of a lower nominal amount, be now
declared out of the net profits of the
company up to the 30th of June last upon the stock and
shares of the proprietors entitled to the same, after mak-
ing or allowing such deductions as are directed by the
company's Act in respect of the amount not paid up, and
deducting the proportion of dividend payable in respect
of any part for which the proprietors of shares are not
entitled.

Mr. HUTCHINSON, before the resolution was: put,
called the attention of the meeting to the unjust mode
in which railways were rated to the poor, ard suggested
that if the matter were argued at law a very consider-
able reduction might be obtained in the poor-rates of
this company.
The CRAIRJAN was much obliged to the Honourable
Gentleman for his information. Their views would be
much forwarded if it turned out that the Grand Junction
Canal was rated; he had thought that it was always
exempted from rating. During the whole of last session
the directors hal had the subject more or less under their
consideration; they had obtained several interviews with
her Majesty's Government and the Poor-law Board, and
a Bill had been prepared, but it had resulted in nu-
thing beyond giving them some trifling powers of ap-
peal in certain cases. They had to encounter the most
determined opposition of the landed gentry, and there-
fore he considered that certain good would resat',
from the combined operation of all railwir, s
for the purpose of obtaining some relief from
the very unjust burdens which were now thrown tirpon
them.—(Hear.)
The resolution was then carried.
A resolution was then passed, consolidating certain
shares with the capital stock, and after a vote or thanks
to the Chairman and the auditors, the meeting s eparated.

BUCKINGHAMSHIRE RAIL WAY.

(THIS DAY.)
The half-yearly meeting of this company took place
today, at two o'clock, at the Euston-square Station; Sir
Harry Verney in the chair.
together with resolutions in avcordance there-
adTophteedf,ollowing report of the directors wrAs unanimously
with

" The directors, in meeting the proprietors on this oc-
casion, have to report that the works are proceeding in
a Satisfactory manner on tho line from Bletchley to Ban.