The Sun.
London, England, 1848-09-02 00:00:00

9 SEPTEMBER 2, 1848.

the undertaking as a permanent wurk to be spread over
an extended period. The directors have recently rffveted
arrangementil respecting "4,000 acres of land which
were reserved foi-the original undertakers, whose repre-
sentatives stipulated that the reclamation should be
completediby the 4th day of August, 1849." This pan
uty was to be ti]ken out of the. centre reclamation. By
one of such arrangements, 2,ooor.cres'of 'hat land, esti-
mated at 100,000/. will become the available property of
the company, uppn ps3ment of 20,0001. and interest in
instalments, terminating at the end of next •year,' by
which that liability will be removed, and the ultimate
adiantages to the company greatly increased. To carry
out this arrangement, it will only be necessary to wake
calls to the extent of 21. 10s. per share, payable in two
instalments between the present time and the next
half-yearly meeting, which, with the arrears now
due, will also 'enable them to carry on the works
advantageously up to that period. That the repre-
sentative of the other 2,000 acres has offered to limit
his claim to 1,000 acres .out of the centre ihclosure,
postponing the other 1,000 acres to be provided out of
future reclamation, upon the: understanding that the re-
clamation be immediately prosecuted. The result of these
united arrangements will be, that when the middle in
closure is completed, there will bo land, at a moderate
'estimate, of the value of. 350,0091;, upon which to raise
the funds towards the entire completion of the whole
undertaking. With refcrence, to the arrangement of
capital, authorised by the amended Act, the directors
suggest that the existing
.501. shares, with 271. 10s. paid,
shall be divided into ope share of 251. with all paid, and
to half shares.of 121. 10s., with 11. ss. paid upon each;
and that only such shares be made preference as are
created to replace the capital represented by the forfeited
and extinguished shares. Such preference shares to be
offered to the present proprietors in proportion to the
number held by theca; and in the event of their not being
so taken up, to :.be disposed of by the directors.
The directors are -sting advised that Mr. Dims-
dale has no maintainable claim; but that. even were it
possible for him to succeed in establishing the claim put
forward, it would, extend over a very small portion of
the reelamatimmiow.beiugoso4olo44olo4,-....
The Accounts to the, aist.
221,0921 had been received • and. 220,606/. expended;
leaving a balance of 4651. .
The CHAIRMAN said, on moving the adoption of the
report, that if the proprietors had any doubts with res-
pect to the Plan-proposed for reclaiming the land, they
could appoint a deputation to gO over and inspect the
works. It was approved of by Mr. Giles, the engineer,
who has had great experience of such works in Hol-
land. He had been told by Mr. Dargon, the contractor,
that it could-be easily and rapidly executed.
Mr. W.AnEi said, their great object-would be to raise
the money. Redid not think that a call of 21. 10s. per
share would be sufficient 4 it would :not: do more than
raise half the money they required. He thought that
companies in their position were deserving of Govern-
ment aid.

Mr. B. HALL supported the views of Mr. Waley,
and urged that the works should be proceeded with.
Mr. CROSS (one of the late deputation to the works)
strongly advocated the prosecution of the works.

Th—e;eport was unanimously adopted. - -
After some conversition, dt- was-agreed that a call of
2/. 10s. be mad 6, and that 20,0001. be paid for the land
mentioned in the report. Two of the three retiring di-
rectors were ,re-elected; the other director not having
attended the board or meetings, it was considered use-
less to re-elect him. Mr. Waley, the auditor, was re-
elected.

The meeting was then made special, and -a resolution
passed authorising' the directors to divide the shares as
recommended in the report. •
A vote of thanks was passed to Mr. Cress and Mr.
Gladdish, the members of the late deputation to the
works. Thanks wore also voted to the chairman, and
the meeting separated.

EAST -INDIAN.
The first half-yeirly meeting of this company was held
at the London Tavern on Wednesday; Mr. H. A.
Aglioliby, M.P., in the chair. . • •
The report stated
,that- the circulation of unfounded
statements with regard to the undertaking operated so
far on the minds of some of the shareholders as to delay
the payment of a portion of the last call, which-
left the directors short of the deposit to the extent of
6,5001. The board made arrangements amongst them-
selves.and other shareholders for the advance of 14,0001.
to enable the board to make the deposit of 60,000/. with
the East India Company; bearing interest at five per
cent. per annum,•and to retsina. balance in hand for the
general purposes of the coMparty.- The expense- of the
home establishatent was stated to be 1,3901. per annum,
and of the Indian establishment 7,200/. per annum, be-
sides eleven engineers and one assistant, • whose united
salaries amounted to 9,420/. per annum; that if the
events which had occurred could have been foreseen when
these appointments were made they would not- have
taken place: Byarrangements, and a compromise under
6,0001.,, the directors expected to reduce the annual In-
dian ex,penditure.frons 16,6204 to 6,4801., and a further
reduction of 2,0001. on• the return of -Mr. Stephenson.
The report referred to the suggestion of Mr. Bourne
that a single line of railway, laid on the present road to
Mirzapore. - would be the -moot sedeehesegeosee_, the
interests of the Government and the company. The"
directors stated that, this plan was by, no means
new to them, and had already undergone discus-
sion with officers of the Government of India; that
Mr. Bourne bad endeavoured to prove that a sec-
tion of the line from Calcutta to Mirzapore would only
pay a dividend of 355. 9d. per cent., but that Mr. Rends!,
the company's engineer, taking Mr. Bourne's estimate,
showed that a dividend of 71. 6s. per cent. would be pro-
duced instead of 355. 9d. It also entered into matters
and explanations with respect to the retirement of the
directors of the Great Western of Bengal Railway, who
had been elected to the East India. Board on the amalga-
mation of these companies. The directors having made
the deposit of 60,0001. with the East India Company, it
remained for them to satisfy the Court of Directors of
the means of the company to raise a capital of 1,000,0004
and to discuss what portion of the great line from Cal-
cutta to Delhi-should be first undertaken, and the terms
of the contract. The directors proposed that no further
call be made on the 37,440 shares now'subscribed in the
company without the consent of a special meeting ; that
26,000 shares be issued, credited with 1/. ss. paid on
each, and that these shares be offered rateably to
the shareholders who shall have duly paid the
call of 21. per share, now due,. on or before the 10th of
September ; that the calls upon these 26,000 shares be
limited to 101. per share ; that the subscribers for the
said shares have the option 'of paying up 8/, 15s. at once
to. complete the payment of 101. per share ; that of the
remaining shares,xo- many be issued as, in the judgment
of the directors, shall be necessary to make tIIT the capi-
tal, the. calls on which shall -be limited to 10/.-per share.
The directors -were assured that when-once the terms of
a contract were arranged with the East. India Company,
there would be no dearth of -money to complete the fiat
section, and no want of capital when that was opened to
enter on succeeding portioni of the line. The accounts
to the 25th of August, 1848, showed.that the assets were
80,4671., including the deposit of 60,0004 to the East
India Company, and that the liabilities amounted to
34,3611., leaving a balance of 46,105/. to meet the amount
of 'paid up capital.
The Cuernmax, on moving the adoption of the re-
port, said he had a resolution to propose—" That the
board 'be requested to discuss with the Court of Direc-
tors of the East India Company the portion of the line
to be commenced upon, and the terms of the contract
relating to it, and that the result, together with full
particulars of the cost of traffic, bo submitted to the
proprietors at a special meeting to be convened for the
purpose of .considering the same, together with the ar-
rangements with regard. to the forfeited shares.
In reply to Irr. FISIXEIk;
The CLUIRMAN stated that the report had the cordial
assent of the :whole board:, .• . -
Mr. DENT asked the ehriirina.ti- to point out how the
directors possessed the power to borrow the money al-
luded to in the report.
The CHAIRMAN said the power was in the deed of
settlement.

Mr. FRESTIFIELD-(the solicitor) read the clause of the
deed which authorised the directors to borrow any sum
not exceeding 3,000,0001. .to complete•the railway works
and carry out- the objects of the undertaking.
Mr. DENT was satisfied. •
The CHAIRMAN said, if be bad entertained the
slightest doubt of its legality and propriety it would not
have been done, There was one thing required tocom-
plete their position with the ,East India Company, and
that.was to produce by a given date a good proprietary
list to the amount. of 1,000,0001., wh;ch remained partly
with the meeting,'" and partly with the- public. A ques-
don had been raised that the •guarantee of the East
India Company was-not a guarantee of 5 per cent. divi-
dend to the proprietors, but that the- amount' was liable
to reduction by the working expenses, in Case the line.
did not yield a profit, .and they might , have an actual
loss of I or 2 -per: teutt;
.He did not believe that any,
such construction could be,put upon the guarantee.
From all that he hadobserved of the East India Com-
pany he did not b'elieve that they !jibed any expression
of theirs to remain capable:of a double construction.
llrrcittss'second,d the motion. lie did not be-
lieve the statement that no section of the line between
Calcutta and Mirzspore would be remunerative, but at
the same time he did •not think it would be productive
unless it were a trunk line.• .

Mr. BEAUDIONV supported the report..
General APLF,on felt called upon to notice a para-
graph in the report refarring to himself. He•denied
that ho was present at the board when the staff was ap-
pointed._

The CIIiIRMAN read the minutes to prove that Ge-
neral M•Lcod and the. other two Great Western of Ben-
gal directors were elected to he directers prior. -and had
been present at the Last India Board when the rtsolu-
tions were passed for the appointment,of the staff, with-
out any protest or objection on their part:
Mr. EDIAN, who bad lately returned from India, re-
commended the line,. from Allahabad towards Delhi,
which he believed, would. pay 20 per cent.
A diseussion.errmed with respect to the amalgama-
tion of the Great, Western of Bengal Company with this
company and the exchange ;of scrip.',At Luppearecl that
the board of the Great Western of .J3magal were deter-
mint(' to keep theirmOney, and regarded the dissolution'
of their Company as invalid.
Several auggestiono'were .made fur filtering the rose-
.

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. .
lutions, so as to avoid committing the company in any
way, but ultimately-they were passed as originally pro-
posed: - -
General M4LEeri; and. Mr. ANDREWS, amidst _loud ap-
plausc,.proposcd a vote of thanks to the chairman, which
was carried by acclamation.

The CHAIRMAN returned thanks, and the meeting se-
parated.

CALEDONIAN.
On Thursday the half-yearly meeting was held at
Edinburgh; Mr. IL Johnstone,
.3/P., chairman of the
direct Ors presiding. There was a crowded attendance
of proprietors.
a,bsence of Captain Coddington, the secretary, Mr.
GIBsoN read the directors' report. It stated that the
op: ring of the Caitlecarybranch on -the 7th ult. had
e.tablislitd a communication by
_the, Caledonian Rail-
way, and the. lines in alliance with it,from London to
Perth, Stirling, Dendee, 'Arbroath, Forfar, and Mon-
trose; but•the value of this extension could not be fully
established until the connexion, .via Perth, was formed
with the Dundee line, and until the trunk line was com-
pleted to Aberdeen, both Which objects would be
effected before the expiration of six months. By-this
time they also_ anticipated the. extension of the Garn
kirk line into Glasgow, the, completion of
,the Clydes-
dale JunctiOn and its connexion with the Greenock,
Barrhead, and Ayrshire lines, and thraugh the general
terminus railway with Glasgow harbour, 'all of which
would essentially contribute to the development of
the traffic. When they were in operation, there could
be no reason to doubt that the shareholders would
receive an ample return for . the money they had in-
vested.-.• Henceforth the shareholders in• the Clydesdale
Junction would be entithd to a preferential dividend 'of
27,401 a year, being per cent. on their capital of
450;0001., and its prospects held out a conSiderable sur-
.plus, beyond the amount of guarantee. The Glasgow
and Greenock line would be shortly amalgamated, with
the 'Caledonian, audit already realised 4 per cent., the
amount of the guarantee: The local traffic of these clis-
tricts held- out every prospect 'that 'the cotnpany would
be relieved from any loss on account of: the arrange-
. RtiPPrif 414.,44141.40!Jkrt1ema-...iltte eempiee.
nies, whilst a great &tuitional- amonat ,of traffic along
the main lint, could not fail to be secured by the Ullih-
terriipted communication with A,'r and Renfrew, and an,
cess to the Western Highlands. It was with-much antis-
faction, the directors intimated, that they . had at last
succeeded in effectirig.an arrangement of differences with
the Edinburgh and -GlasgoW upon' terms which they
considered equitable; but as there were matters of detail
that required the sanction of,,southern companies, the
details of it 'quid not be announced. The arrears on
the several classes of 'shares at the Present time were as
follow:—On the 501. shares, 31,1101.; on the Clydesdale
Junction, 4,825 L; on. half-shares, 193,6.181.; and in the
present-depressed condition of monslary. affaira ;the di-
rectors hed not been ahle to enfOrce further'payments,
and they 'believed there 'was no Other course by which
the arrears on these shares could be realised than by the
adoption of a proposal made by many of the shareholders
for a
,restriction of the half to quarter shires. • The re-
venueaccounr; after making proviiionfOr the dividend
on the Garnkirk andWishaw-works, 'exhibited to balande
of 21,408 L, which showed a return of 2} per cent. per'
annum; but the directors were of (-ipinieti that_ it would
not be prudent to make adiVidend for this broken period,
but that it remain at credit of revenue aercbulit." They
considered the result was nevertheless: encduraging.
seeing that the traffic of their line was as yet .but im-•
perfectly developed, and the receipts had gradually in-
creased, and showed an advance of 30 per cent since the
30th of June last. The directors recommended the con-
version into stock of all shares paid in full.
The report of Messrs. Locke and Errington, the en•
gineers, stated, that the opening Of the Castlecary Ex-
tension-gave 141 miles of the Caledonian Railway now in
operation, and completed a system of railway from Lon-
don to Montrose of 500 continuous miles. All the
works were in good order, and a large labour force had,
in addition to that previously employed, been placed on
those-in progress, -the Clydesdale Juuotion Motherwell,
and Hamilton branches.. The statement-Of the capital
account showed receipts:--7Cepitali 50/. a share, called
up 2,106,0001.; 'amount in arrears 68,2301.; amount paid,
2,031,7701. ; new capital; - 61. -ss. per: share—amount
called up; .293,975/. ; amount of arrears, 101,81 i /4;
amount paid, 192,1631. In anticipation .of calls on new.
shares, 41,854/. ; 'Clydesdale junction, 180,0661.; • total, _
3,645,975/.; 'balance,' 337,8931.; total, 3,993,7311.; total
expenditure, 3,993,7.311 The revenue- account for the
past half-year showed, a receipt of 93,857/., and a ba-
lance in hand of 21;408/.
The CHAIRMAN addressed the proprietors in a speech
which was principally-confirmatory of the report. The
liabilities that bad been, incurred, and the works that
would otherwise have been stepped,_ rendered_it imprap •
ticable to postpone the. preference share- arrangement.
As regarded the guarantees, They would call a special
meeting to consider them.•:and the directors were of
opinion that it would be advisable toe hold some-of the-
meetings in London. When the mercantile community
was again in activity, they would receive an ample return
for their money. The capital -of 5;000,0001: Which-they
were authorised to raise, would he sufficient to complete
all the works.

A long discussion ensued, relative to the anonymous
ileileifortbat.appeiir•irfis ilrerpers, end- on the topies con-
tained in the report, in which Messrs. Black/Wrier,.
Kynaston, Tite, Colonel Graham Campbell, Sir W .
Jardine, Hon. B. Johnstone, and others, took part ;
after which' resolutions, confirming the recommendations
contained in the report, were carried, and the directors,
after a counter proposition, were re-elected.
Sir ANDREW AGNI.EW, in -a lengthened speech, pro-
posed the. suppression of all systematic and premeditated
work upon the Sabbath ; "to which
Mr. CAMPBELL moved, as an amendment, that " the
resolution adopted by a former meeting be agreed to."
After a long discussion, the questien was put. to the
vote, when' there appeared against the motion 27, and
24 in its favour, the proxiesbeing for Sir A. Agnew's
motion, 3,654, and against it 22.013.