The Sun.
London, England, 1848-07-19 00:00:00

07".7:= 17 giWT9
17,414.] LONDON, WEDNESDAY -
Ida V
_P.* SNII X:

RAILWAY INTELLIGENCE.
EAST INDIAN RAILWAY.
A special meeting of the proprietors was held yester
day at the London Tavern to receive a report from the
directors; Mr. 11. A. Agliouby, M.P., in the chair.
The report stated that the directors, in compliance
with a resolution of the last meeting of proprietors, held
on the 18th of April, made a call of 2/. per share in
order to place the board in a position to effect the deposit
of 100,0001. with the East India Company by the Ist 01
May. The period intervening between the date of the
call and the time fixed by the East India Company for
the payment of the deposit was so short as to leave little
ground for expectation that a sufficient sum to enable
the directors to complete the deposit would have been
received. On the 29th of April the call of 2/. per share
was paid on 10,062 shares, many more shareholders ex-
pressing their desire to pay if a little extension of
time were allowed. At the same time the directors,
acting in conformity with the second resolution of
that meeting, urged upon the Court the sense
entertained by the meeting that it would
be impossible, under existing circumstances,
to increase the list of their proprietary to an extent
necessary to the immediate outlay of the sum of
3,000,000/., as required without an increase in the rate
or term or guaranteed interest. The Court of Directors,
in reply, declined either to extend the period for making
the deposit or to increase the rate or term of the gua-
rantee. The project of commencing the work in two
sections simultaneously, at a cost of 3,000,000/., origi•
nated in the Court of birectors, and the board always
felt that the expenditure of a smaller sum might in the
first instance be advisable, and be made productive to
the proprietary and the public. Under these impres-
sions the directors addressed a letter to the Court on the
subject, and on the 4th of July the Court replied by
letter, that on a review of all the circumstances of the
case, they were prepared to accede to the proposition
for executing a portion of the line between Calcutta
and the north-west provinces, upon condition that
a sum of 60,000/. be forthwith deposited in the Com-
pany's treasury, and that satisfactory proof be ad-
duced within four months from the date of this com-
munication that the railway company will be able,
through their registered shareholders, to raise the
capital, namely, 1,000,0001, so as to carry out the under-
taking without delay and in an efficient manner, with a
distinct understanding that the East Indian Railway Bill
now before Parliament must be withdrawn. The report
stated that the first call of 1/. had been paid on 37,441
shares, and the capital thus represented amounted to
1,872,0001., but as the shares are to be treated as 20/.
each, the capital actually represented amounts to
748,880/. The directors believe that if the deposit be
made with the East India Company, the list of sub•
scribers will be augmented in Europe and India. It ap-
pears the funds now in hand amount to 63,3861. The
last call was paid on the understanding that the amount
would be returned to the proprietary if the deposit of
100,0001. were not completed before the Ist of May, or
any extended time that may be allowed. With their ac-
quiescence the funds in hand are sufficient for the pur-
pose of making the deposit, which will immediately en
title those who have paid the calls to interest at the rat,
of five per cent. per annum from the East India Com-
pany. The directors congratulated the proprietors on
having arrived at a state of negotiation involving the
prospect of a practical result.
The CHAIRMAN said he had become connected with
the undertaking purely on public grounds, and not as a
pecuniary speculation. The directors had but one de
sire—to advance the interests of the proprietors and that
of the public. The proprietors would have to consider
whether they would now abandon this great concern with
a large sacrifice of money, whether they would dissolve
the company, or whether they would proceed in the
manner suggested by the report, and carry out that which
he was satisfied would prove most beneficial to them all,
and a great national object.
Mr. NOAD, the secretary, read three resolutions, at
the request of the chairman, which he stated embodied
the views of the directors. They were to the following
effect:—That the letter of the East India Company ap-
peared to the meeting to contain the basis of a negotia-
tion advantageous under existing circumstances; that
the call of 21. per share made at the meeting held on the
20th of April, for the purpose of paying the deposit of
100,000/., be cancelled, and the amount be returned to
the proprietors on application ; that, with a view to
making the new deposit of 60,0001., the directors be re-
quested to make a call of 21. per share, iu lieu of that
cancelled, and that the shareholders be requested to re-
spond to it without delay, it being understood that the
amount should be returned, unless a contract was made
with the East India Company to the satisfaction of it
general meeting of the proprietors to be called on the
subject.
Captain BARBER inquired the cause of the retirement
from the board of the three directors of the Great Wes-
tern of Bengal Company.
The CHAIRMAN said that, strictly speaking, there had
not been an amalgamation with that company. It was
rather the case of one company unable to carry on an
undertaking merging with another, both companies
afterwards to procee with one common object. He
lamented that there should be any mystery as to why
the three gentlemen had left the board, but no reason
for their retirement had been stated by them. At the
time the proprietors sanctioned the arrangement with the
Great Western of Bengal, it was arranged that the com-
pany should be dissolved, and that they should join the
East India Company and regard its interest as their own.
They were afterwards told that the solicitors to the
Great Western of Bengal said that the company could
not be dissolved without an Act of Parliament, and soon
after a Bill was introduced into Parliament without the
knowledge or sanction of this company, containing a
number of most objectionable clauses, giving parties all
sorts of compensation at the expense of this company.
It was at length agreed that the Bill should go on with
the objectionable clauses struck out, but suddenly that
Bill ceased to exist, and the intention of dissolving the
company appeared to have ceased also, He could not
state whether they intended to work with this company
or against it.
General ..11‘LEon was understood to say that he did
not quit the direction on account of any wrong pro-
ceeding on the part of the board, but he objected to the
enormous expenditure in sending out the staff to India.
He bore testimony to the honourable conduct of all the
directors during the time he had acted with them.
Sir G. LARPENT said the gentlemen referred to had
joined the direction in August, and he could only refer
to the report presented to the proprietors on the 15th of
February last, to which these gentlemen's names were
appended, stating the circumstances under which the
staff was sent to India. He thought this report pledged
those gentlemen to that measure. ile felt throughout
his connexion with this company that the promotion of
their object was a most important one both for India
and this country.
A long discussion ensued in reference to certain
anonymous pamphlets and publications reflecting on the
directors, which was disposed of to the satisfaction of the
meeting.
The CHAIRMAN, in reply to questions from Mr.
Brown, explained that the line to be executed by the
company had still to be arranged with the East India
Company; arrangements were pending for a compromise
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but the opposition would be withdrawn on their
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ing their ability to complete the proposed arrangei
up
the clauses of the Bill having been drawn
with
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ivethe company a monopoly of railway undertakings in
India. After considerable discussion, and an amendment pro-
posing an adjournment, which was negatived by a large
majority, the three resolutions were adopted.
Thanks were voted to the chairman, and the meeting
separated.