The Sun.
London, England, 1846-06-02 00:00:00

CALEDONIAN EXTENSION RAIL-

WAY COMPANY.

A meeting of the scripholders in this Company was
(in accordance with the provisions of the sessional
orders) called yesterday, at the Thatched House Tavern,
St. James's-street, for the purpose of receiving the sanc-
tion of the meeting to the prosecution of the scheme be-
fore Parliament.
The large room was well filled, and among the gentle-
men present, we observed Mr. Hope Johnstone, M.P.,
Mr. Hodgson, M.P., Mr. Hodgson Hinde, M.P., Col.
Graham, Col. Macdonald, &c.

On the motion of Mr. DIXON, seconded by Mr. H.
HiNeat, Mr. Hope Johnstone was called to the chair.
The CHAIRMAN said, that before they proceeded to
the real business for which the meeting had been con-
vened, he thought it his duty to tell them that an omis-
sion had occurred in the insertion of the notice in one of
the newspapers. It appeared perfectly correct in all
the others, with the exception of the Edinburgh Gazette
of last week. It therefore rested with the meet-
ing now to proceed under those circumstances,
or to adjourn to a later day. He would
recommend the meeting not to adjourn, but to proceed at
once to business, because he could cite a case in point
where this course was pursued under precisely similar
circumstances. The matter came under the considera-
tionthe of the House of Commons, who referred it to
Standing Orders' Committee, who found that the properfhe
instructions had been given as to the insertion
order
should by the parties promoting the Bill, and they,
therefore decided that in this case the standing
should be dispensed with. If the meeting
were to adopt
this suggestion then they would issue a repetition of the
notices, so that in the event of any ?position being given in
earliesto period, hold their
Parliament they might, at t
meeting in a perfectly legal manner. anner. He held in his hand
a letter addressed to then ewsp ap.nsr e
had agent in Edinburgh
to show that the proper itructiod been given, and
he would call upon the secretary at once to read it.
The SECRETARY, Mr. Marr, read a letter addressed
to Messrs. Robertson and Scott, agents, Edinburgh, or-
dering the insertion of the notices in the various news-
papers as demanded by the sessional orders.
The CHAIRMAN—It was only on Saturday that they
could be aware that these instructions had not been pro-
perly attended to.
Mr. H. HINDE, M.P., said that this meeting had been
originally called for the purpose of ascertaining whether
they should proceed with the line or not, and whether it
should he deemed strictly legal or not, they would still
be enabled to ascertain the feelings and wishes of the
scripholders. If these feelings were adverse to the fur-
ther prosecution of the scheme, then it would be only a
waste of money to adjourn for a longer period, in order
to come to precisely the same result ; if, on the con-
trary, they were in favour of bringing the scheme before
Parliament, they -could so decide that day, and the
meeting on that day week, if necessary at all, would
only be confirmatory of these proceedings. He should
move, therefore, that they take a vote of the scripholders
present, aye or no, whether the directors be authorised
to proceed before Parliament.
A SHAREHOLDER thought that as some doubt might
be entertaiaed of the legality of their proceedings, they
should at once, without further loss of time, adjourn to
that day fortnight.
After a very animated discussion on this single point,
in which Mr. Hodgson, M.P., Mr. H. Hinde, M.P., the
Chairman, and other gentlemen took part,
Colonel GRAHAME said that as he doubted much
whether or no they would at the next meeting be in a
better position than on that day, he would beg leave to
second Mr. Hindu's proposition, that they should go on
with the regular business.
Colonel M`DONALD said that many gentlemen had at-
tended that day, at considerable inconvenience to them-
selves, and if the meeting were adjourned, without hav-
ing really done anything, he much doubted whether the
same number would be assembled on a future day.
The CHAIRMAN said that as the feeling of those as-
sembled seemed to be that they should go on, he should
do so; at the same time they would take steps of
advertising another meeting for a very early day. The
Chairman then proceeded to address the scripholders. He
said—Gentlemen, it now becomes my duty very shortly to
state the circumstances tinder which we are placed with
reference to new projects before Parliament. Few will
remember that this scheme when introduced to the
world was of a much more comprehensive nature than
at present, inasmuch as it embraced the complete
means of communication between the east coast at
Berwick, down to the west coast of Scotland, at Ayr,
passing through the intermediate country by way of
Kelso, Galashiels, and Peebles. In the course of our
proceedings we were met with the most decided opposi-
tion on the part of the North British Company. They
alleged that we were invading a country which belonged
to them, and I confess they did this with some degree of
justice, because we found that we could not proceed by
the aarrow valley at Galashiels without making use of
their line to some extent. We endeavoured, therefore, to
enter into treaties with them, and the result was that we.
agreed to abandon to them that portion of the line to
the eastward of Peebles, receiving their assurance that
they would complete the line from Edinburgh to Pee-
bles. The North British failed on the merits, in establish-
ing a case for the construction of a railway between
Galashiels and Peebles, and they were therefore com-
pelled to stop in their project of communicating with the
east of Scotland. With regard to the whole of the
western portion between the Caledonian Railway and
the town of Ayr—that is the portion which is now in-
cluded in the Bill before Parliament, and for which this
meeting has assembled—looking at the nature of the
country which the line is to intersect, I find that
it is rich in mineral wealth, which unfortunately
however, is now locked up, because it has had :no oppor-
tunity of being conveyed to distant parts of the country.
At present there are in the course of being established
an immense number of iron furnaces, and I believe that
the result will be a fair return for the capital invested.
In consequence of the changes which have taken place,
I cannot tell what exact traffic may be expected, but of
this be sure, that we have already found sufficient evi-
dence to show that a very satisfactory return may be
anticipated. Superadded to tt.e plan I have just stated,
it is intended that a line shall be carried from Leshma-
agow to Glasgow, which will open up a field of the
finest parrot or gas coal in the kingdom. These coals
are now carried twenty-three miles into Glasgow at a
great cost, and the traffic alone to Glasgow will remu-
nerate the railway without taking into account the other
great towns on the line. I have therefore no hesitation
in recommending that we should go on with the scheme.
Mr. BEEVAN wished to know what amount of ex-
penses had already been incurred.
The CHAIRMAN said that they had not been able to
get in all the accounts, but he thought that 10s. to 12s.
would cover the present expenses.
In answer to several questions,
The CHAIRMAN said that the total length of line was
78 miles. He was not able to state what the passenger
traffic might be, but as the district was populous, and
the people active and industrious, he expected that this
branch of traffic would be very remunerative.
Mr. BEEVAN was desirous of having some information
regarding the passenger traffic.
Mr. H. HINDE said, besides the through traffic which
might be expected from Ayr and Kilmarnock to Edin-
burgh, there was every reason to suppose that the ex-
tension of the Ayr and Glasgow Railway by the Glas-
gow and Belfast union to Govan and Portpartrick, so as
to form a through communication with Belfast, would
brit g a great amount of the Irish traffic. As to the
Caledonian Extension, Belfast was the focus for the
whole population of the north of Ireland who sought to
pass into Scotland, and when there was a through rail-
way communication to Ayr there was no doubt that
much of this traffic would pass along this line of rail-
way to Edinburgh and the east of Scotland. He might
remark that there were no two towns in Ireland and
Scotland that carried on a larger traffic with each other
than Belfast and Dundee, and the Caledonian Exten-
sion would form the most direct railway connexion with
these two places. He was persuaded that what with the
traffic from Ayr, Kilmarnock, and the west of Scotland,
vvith the Irish traffic coast of Scotland, and vice versa,
there
would be ample remuneration for the capital in-
vested. Bnt while the traffic from Ayrshire to Edin-
burgh would be necessarily great, he would beg leave
to observe that the
i Lesmahagow branch was the only
ne, portion of
f scheme that was regarded as a mineral
andt those
se who
through which itwere l
best acquainted with the loca-
lityt
pass say it will be one of the
bes paying lines in Scotland, independent of any calcu-
lation for passenger traffic.
Mr. BEEVAN said he looked more to passenger
than to goods or minerals, He admitted thtotn"tce
portion named the mineral traffic would-be very great.
But what he wanted to know was the expense of the
Formation, and the probability there was of it paying the
shareholders for its construction.
The CHAIRMAN said it was estimated to cost 16,0001.
or 17,000/. per mile.
Mr. BEEVAN remarked that the estimate was not
large for a doudle line of railway.
The CHAIRMAN believed the mineral traffic on the
Lesmahagow line would be very great. He considered
the dividend on that portion of the scheme would not
be less than that paid on the Wishaw and Coltness Rail-
way, which was lei- per cent.
Mr. BEEVAN—But the mineral lines, like the Wishaw
and Coltness Railway, are not constructed in the man.
ner
,it is proposed to lay down the Caledonian Exton-
slot].

Mr. H. HINDE said that regarding mineral lines, it
was now found to be the best course to obtain good
gradients and well constructed railways instead of the
old train roads. In the district of country where he
resided they had tram-roads in every directionc-for the
accommodation of the mineral traffic, many of them
very rudely constructed ; but they were now taking
them up to a great extent and laying down good lines.
Mr. ALLAN was of opinion that if the eastern branch
of the Caledonian Extension scheme was cut off, and
the portion from Ayr to Lanark only left, they could
not get a return on the investment of a million of money.
He could not see any possible prospect of a satisfactory
return to the capitalists. He believed that at present
only one coach ran in the direction which the line pro-
posed to take. The feeling of the large proportion of
the Scotch shareholders, as far as he could collect it,
was against proceeding with the line.
The CHAIRMAN called the attention of the Hon. Gen-
tleman to the fact, that the great proportion of the Edin-
burgh passengers, on account of the present railway
accommodation, went round by Glasgow.
Mr. H. HINDE said the reason which had been urged
against the present line by Mr. Allan might be urged
with as great propriety against the London and York,
because no coaeh at present ran direct along the route
of the line to York, the great proportion of the passen-
gers preferring the circuitous route by railway. There
was a case with which he was acquainted that would
meet the objection of the Hon. Proprietor—it was that
of the Newcastle and Carlisle Railway. Before that
line was constructed for several years there was not a
single coach between the places, yet now the line was
paying six per cent.--(Hear, hear.)
Ur. BEETAIi thought if they proceeded they would

be making a railway to get traffic, not proceeding upon
the data of the traffic that at present existed.
Mr. H. HINDE repli, d that it was not so, as it was
ascertained that a large proportion of the Ayrshire
traffic that would no doubt use this railway went at
present by the circuitous route of Glasgow, merely
because there was railway accommodation. At present
there were two ways to Edinburgh from Ayr and
marknock, by Muirkirk direct, and by the circuitous
route of Glasgow.
The CHAIRMAN intimated that the difference in fa-
vour of the 3luirkirk route was 26 miles.
aboutsaid
Colotnhee p
Colonel loapclpe ooxfaLD6e,oitniaanswer
beingto wahgaatinhsatd bteheen
in g remarked
would tshhaotwthe
whatscrip
they representing
letter he had re-
r.
ceived SHAREHOLDER said, that from a
really thoughtthem ofa t
theth emma tetet-
favour of
at
feelingceived therefrom was
asstocinkbr oker i n
o.
going on.
least, therep represented
Mr. ALLAN intimated that
he
scrip to the amount of 2,3oocoshualdrehse o
angalileonsttegdotionggetfhoerr-
ward ; this was as much as
of the dissentients before he left.
A SHAREHOLDER inquired, as the eastern portion of
the scheme was struck off, whether there would be an
alteration in the amount of shares?
The CHAIRMAN—Most probably there will be.
Mr. BEEVAN called on them to pause before taking
further proceedings. They should consider the state of
the money market before they sanctioned the expendi-
ture of a million of money. Moreover, he thought, at
all events, they should have some certainty of the Cale-
donian Company leaning the line ere they went further.
Mr. H. HINDE wished to say a few words. He was
one of the original parties in getting up the Caledonian
Extension who was not connected with the Caledonian
Company. He did so on account of the eastern portion
of it going through a district of country with which he
was connected. That portion had since been lopped off.
Still, from his connexion with the scheme, he was now
thoroughly convinced that that which remained—the
western portion—would afford a fair remuneration on
the capital invested. He agreed that they should do
nothing rash, and therefore in obtaining the Bill he
would certainly not advise the shareholders to proceed
with the whole undertaking at once, but to employ the
money in hand to the completion of the Lesmahagow
portion, which would open valuable and extensive coal-
fields to the Glasgow market. He knew of no one
that did not say that this branch would prove a most
valuable concern. Even granting that no other portion
of the scheme was proceeded with than this, he con-
sidered it would be well worth all the expense they
would go to in obtaining the Bill ; and that instead of
a 4 per cent., they would have a 10, 15, or 20 per cent line,
Further, he would advise that the directors should not
proceed with the other portions of the scheme till such
time as there was a good dividend on this portion. It
had been suggested that the shares should be reduced.
He should think they might be reduced from 251. to la
each, and he believed that not more than 101. would
have to be paid up, as, under the borrowing powers of the
Bill, they could raise all the remainder that was
necessary.
Mr. NiASTERMA.N said, that though negotiation with
the Caledonian Company had, on account of the altera-
tion of the scheme, gone off at present, he had no doubt
the Caledonian Company would be but too happy to re-
new its offer. It should be well understood that the
western portion of the Caledonian Extension is the most
valuable portion of it, and it was but reasonable to sup-
pose that the Caledonian Company would be more glad
to lease it now than they would have been had the
scheme been left entire.
After some further conversation of no material im-
portance, and the heads of the Bill having been read by
the Secretary, the vote was taken, when there appeared—
Scrip represented at the meeting, 26,167 shares.
Assents for proceeding with the Bill 23,087
Dissents

Majority for proceeding 20,207

200 shares did not vote.

The CHAIRMAN declared the number more than suffi-
cient to constitute the meeting, under the sessional order
—15,000 shares being enough for that purpose.
A resolution, empowering the directors to insert a
clause in the Bill authorising the payment of interest
on paid-up calls, was unanimously agreed to.
Mr. CRANH then moved a vote of thanks to the Chair-
man for his able and impartial conduct in the chair, which
was carried by acclamations.
The CHAIRMAN returned thanks, and said no exertion
on his part should be spared to forward the interests of
the shareholders.
The meeting then broke up.

LLANELLY DOCK AND RAILWAY
COMPANY.

The general meeting of this Company was held yes-
terday at the Company's offices, Collyer, Esq., in the
ehair, when the accounts were submitted, from which
it appeared that the whole of the sums received by the
Company amounted to 228,750/. 165., and the expenditure
to 227,121/. I Is. leaving a balance of 1,6291. The last
year's profit was 2,8561. 10s. sd. The haulage on the
new line was 97,854 tons, and the revenue from that line
6,5001. Bs. 3d ; the haulage on the old line was 143,170
tons, and the revenue 1,6361. las. 4d. ; from passengers
and parcels, 5311. 4s. 4d. ; dock dues, 1,6821. 4s. 2d. ;
rents 106/. 13s. 4d. ; interest on traders' accounts,
501. Bs. 7d., leaving a balance, after payment of expenses,
of 1,076/. 13s. Sd.

A conversation then ensued respecting the form of the
accounts, which it was allowed were not put in the most

satisfactory manner.
To a shFirpholder the CHAIRMAN replied that there
had been a loss of upwards of 5,000/. on the Hercules
steamer.

The whole of the debts owing to the Company amounted
to 5,6871., of which probably about 5001. may be consi-
dered as bad, but they at present appear as valid.
It was suggested that no dividend should be paid ex-
cept on the money actually in hand, the repairs on the
line having absorbed the funds to be appropriated for
the purpose. This had beea occasioned by the
sleepers having beea injured by an unusually
high tide, which overtopped a mound and
washed the ballast away from under them.
Much had also been expended on the locomotive
engines, which, however, are so improved that they will
each draw ten waggons more than they would before,
so that the purchase of another locomotive will be saved,
although otherwise it would have been inevitable.
To an inquiry as to how it was that the claims of the
old proprietors had been so much reduced,
The CHAIRMAN replied, the deed which arranged
their claims was loosely drawn, and although the conve-
nience of the new proprietors had not, as agreed, been
so much consulted, yet it was thought right to proceed
in this way; the new proprietors had, therefore, in all
probability, avoided a Chancery suit.
. .

The line had originally been purchased for 50,0001.,
of which 1,3001. remained on mortgage.
It was then moved that the report be adopted, which
stated that the receipts for the year exhibit an increase
of 5351. 13s. 3d. over those of the preceding year : this
increase has arisen principally during the last three
months ; the trade is now good, the demand for Anthra-
cite and other Welsh coal and culm being steady and
increasing ; and as ships may be obtained at reasonable
freights, there is no reason to doubt that it will
continue to flourish to the end of the season. A
surplus of 1,0761. 13s. Bd. appears on the rove.
nue account, being equal to about los. per share ;
but the committee did not recommend that this
sum should be divided among the shareholders.
Mr. Blocs (late Secretary of the Company), after
speaking on the satisfactoriness of the report, moved
an amendment upon adopting it, including the appoint-
ment of a conjoined Committee of directors and share-
holders, to ascertain whether it would be wise to lease
the line, and to report the result of their deliberations
arid inquiries to a general meeting.
The report was then adopted; but on its consideration
The CHAIRMAN stated that the debts in jeopardy
amounted to about 3,0001., and that the rate of interest
paid to Messrs. Cocks and Biddulph was 5 per cent.
The report having been adopted, Mr. Biggs's amend-
ment was considered as a substantive motion, when
The CHAIRMAN stated that the committee of manage-
ment had not the slightest objection to meet the share-
holders, though he did not anticipate much good from
the proceeding. _ _ _

Sir R. PRICE said that he was not one of the old
proprietors or one of the old directors, but that he had
:comen fiuni
filulepdo.ia largeilut , a
Iptrhoomu
gi she s
he w h icahnd had
his nevereol_
incoont7w:nellwhiagraalleodufonrmtd„.hiyoyl:ed
gmight say
.overlimded by bad debts,
ac eared off, and that it
tetti)°,l: no hopes which were
whichwas
n wereow
beingnow gradually
brought
into ei
ti that the
ProtZtaat quarter,
condition.
uathrteer eoa ndra.
Trade appeared to be growing up in
notwithstanding that he had no objection to
mittee, yet he thought they ought to wait until the South
Wales_. R.ailway was brought into a position to take the
LhLeireho
anngdrasiulated thebe meeting on the manner
affl,airr.oftilit
u received by the coin-
' in which the proposal had
mittee. He conceived that thee
he
entertainingavot e of wantof this
o f
motion would be nearly equivalent ti.(,)
Nvaonudld be, in his opinion
should. .decidedly,
confidence iTnhtehehecottmermpitltaene,
take the
oppose it.
lines should
that just proposed by Sir Robert Price, '
in the event of one large line crossing theirs,
bief
twroeadgyveatto
linethe opirroptrhieeitrorshandws7ladnd
happen to intersectitthe Llannelly Company would be
able to command their own rate of value, either for the
tolls or for a lease.
18,0001 uncalled
1
Mr. METT would oppose the motion, and expressed his
opinion, that seeing that there were only
that no should
for, while there were more than 36,000 owing in de-
bentures, he would recommend dividend
be declared until the concern was in a more
satisfactory state. He thought the com-
any could not be in better hands than those
of the directors, and he would only suggest that less
should be expended in attempting to draw traffic on the
line, but by carrying the line to Llanidloes, where they
sould form a terminus, and the line might possibly be
made to pay.
Sir ROBERT PRICE and another shareholder stated
that there had been such a proposition as this sore years
ago, but it had been overruled by six to one, and he was
afraid it would not be wise to reopen the question.
To a Shareholder the CHAIRMAN stated, that the title
to the line was perfectly sound, and that the last charges
had been less than almost on any other line.
Mr. Bloc replied, the motion was then put and lost.
After a few words from the CHAIRMAN, intimating
that there was a probability of iron furnaces being estab-
lished on the line, thanks were voted to him, and the
meeting separated.

APOTHECARIES' HALL. The following: gentleman
were admitted licentiates of this institution at the last meet-
ing of thq Court of Assistants, viz., Messrs. R. S. Jeffs, R.
Nichol, P. T. Gunning, Bristol; F. CQUill3 And John Gather.,
good, St. John's Lynn.

THE SUN,

directors and AshYare.-
.ga]sohfl-tl'lhdleTat two o'clock yes-
lt,RnaelieTytit,ll,
terday, at the Lo,tdon Tavern, for the purpose of
corn/jiving wi'h the sessional orders of both Houses of
holdersp A IsitpeEcc.ifaCit7giesi'CeN7l,l7ut
Pardament, and for the purpose of confirming, or other-
the amalgamation of the Company with the Lon-
don and York. S. J. Capper, Esq., occupied the chair.
The SECRETARY (Mr. Clarke) having read the ad-
vertisement convening the meeting,
The CrtaiamaN proceeded to call their attention to
the objects for which they had been called together. He
said it was requisite that 56,000 shares should be repre-
sented at the meeting, two-fifths of which, or betweea
35,000 and 36,000 were competent to empower them
to proceed with the Bill. Such, however, was
the confidence reposed in the Directors, that
instead of 56,000 shares being represented, the
Directors had had 100,000 shares placed in their own
hands, so that they might vote in favour of proceeding
with the Bill without asking any of those present to do
so.—(Cheers.) After adverting to the confidence placed
in the directors of the London and York by the share-
holders of that Company, who placed in their
hands 70,000 shares for the purpose of proceeding
with the Bill, and to the high standing of the Chairman
in the City of London, he said he felt highly gratified at
the great confidence placed in the directors of the Direct
Northern—because they represented and were em-
powered to decide on behalf of persons holding shares
to the amount of two millions and a half.

A proposition empowering the directors to proceed
with the Bill was then agreed to without one dissentient.
The CHAIRMAN then drew the attention of the meet-
ing to the amalgamation with the London and York, the
promoters of which had obtained the third reading of
their Bill before the Direct Northern had succeeded in
passing the Standing Orders' Committee. It was not
until February that the House of Lords determined to
proceed with railway Bills before entered upon by the
House of Commons ; but as they gave priority to Irish
Bills, it was not until April that they could go be-
fore the Standin, Orders Committee, and when they did
go before them they succeeded in passing through the
Committee most triumphantly, as there was not ablot in
their Bill. But even atter they had passed the Standing
Orders' Committee they were compelled to wait until the
London and York and the Eastern Counties Extensions
were grouped before they could go before a Committee of
the House of Lords. That Committee was not ap-
pointed until the beginning of May, when four months
of the session had passed away. They had, as
they were aware, been negotiating with the London
and York Company, who had had the start of them
for a length of time, but it was not until very recently
that they were enabled to effect an amalgamation with
that company suitable to the shareholders of the Direct
Northern.

The SOLICITOR read the heads of the Bill comprising
both the schemes. The estimated cost of constructing
the line to York was 5,400,0001., and the capital
5,600,0001., in 224,000 shares of 251. each; calls, 2/. 10s.
per share, two months at least to elapse between each
call. The united board of direction was to consist of
eighteen London and York and twelye Direct Northern
directors.

Mr. CAMERON inquired the amount of the ex-
penses incurred by the two companies up to that time?
The CHAIRMAN said the expenses incurred by the
Direct Northern, up to that time, amounted to 16,0001.
Mr. BIRD (a director), said they had nothing what-
ever to do with the expenses incurred by the London
and York.
Mr. CAMERON said he understood the expenses of the
London and York were much greater, a portion of which,
he understood, the Direct Northern would have to pay.
The CHAIRMAN said, of course the expenses of the
London and York were greater, as they had nearly
passed through Parliament, whereas the Direct Northern
had not. Of course, under the new circumstances of the
two Companies, they must help them to pay their ex-
penses.
Mr. CAMERON said he understood the Direct Northern
shareholders would lose a share out of every three they
held, in consequence of the amalgamation with the Lon-
don and York.

The CHAIR3IAN said it was true that they would only
have two shares for every three they now held, in order
to equalise the shares of both the companies by bring-
ing them to 251. each. The London and York, there-
fore, would lose considerably more than the Direct
Northern, as their shares were 501., and as they had
consented to reduce them to 251. Their sacrifice had
been the greatest.
Mr. CAMERON said it appeared to him that the share-
holders would derive more by the breaking up of the
Company than by an amalgamation, as the London and
York shares were at 301. per cent. discount.
A VOICE—How long will they remain so?
Mr. RICHARDSON considered that the directors had
made the best bargain in their power. He was at a loss,
however, to understand why only twelve of the Direct
Northern directors should sit at the united board.
The CHAIRMAIN—This was arranged according to the
amount of capital of both companies. The directors
besides considered that they ought to give way in that
which effected them, and not the shareholders.—(Hear.)
The amalgamation was then assented to unanimously.
Another resolution was then submitted to the meet-
ing, approving of the clauses of the Bill, without preju-
dice, however, to the power of the directors " to alter,
vary, or put an end to the same; or to set up, promote,
and continue the undertaking of this company, either by
amalgamation with the London and York, or as an inde-
pendent scheme." This was, of course, a precautionary
measure, only to be adopted in the event of some
emergency.
Tho CzrA IRV NT said he believed that in a very few
days the Bill would pass through the Committee of the
Lords, and that in a very short time it would become
law.—(Cheers.)
A vote of thanks having been passed to the chairman
and directors, the meeting adjourned.