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

EAS r INDIAN.

The first half-yearly meeting of this company was held
at the London Tavern on Wednesday; Mr. 11. A.
Aglionby, 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 flag 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
6,500/. 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 60,0004 with
the East India Company, bearing interest at five per
cent. per annum, and to retain a balance in hand for the
general purposes of the company. The expense of the
home establishment was stated to be 1,3901. per annum,
and of the Indian establishment 7,2001. per annum, be-
sides eleven engineers and one assistant, whose united
salaries amounted to 9,4201. per annum; that if the
events which had occurred could have been foreseen when
these appointments were made they would not have
taken place. By arrangements, and a compromise under
6,000/., the directors expected to reduce the annual In-
dian expenditure from 16,6201. to 6,4R0L, and a 'further
reduction of 2,000/. 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 most advantageous to 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 had 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 afrat Mr. Rendal,
the company's engineer, taking Mr. Bourne's estimate,
showed that a dividend of 71..65. 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 60,000/. 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 1,000,000/.,
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 sharehoklers 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 81. 15s. at once
to complete the payment of 101. per share ; that of the
remaining shares, so many be issued as, in the judgment
of the directors, shall be necessary to make up the capi-
tal, the calls on which shall be limited to 101. 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 first
section, and no want of capital when that was opened to
enter on succeeding portions of the line. The accounts
to the 25th oitAugust, 1848, showed that the assets were
IBno,d4ia67C/.,oimpnclaunydin,g the deposit of 60,000/. to the East
and that the liabilities amounted to
34,361/., leaving a balance of 46,1054 to meet the amount
of paid up capital.
The CHAIRMAN, ;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 Conipany 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, be submitted to the
proprietors at a special meeting to be convened for the
purpose of considering the,satne, together with the ar-
rangements with 'regard to-the' forfeited shares.
In reply to Mr. FistrEn,
The ChAIRMAN stated)that the report had the cordial
assent of the whole board.
Mr. DENT asked the chair Man to point out how the
directors possessed the power to borrow the money al-
luded to in the report.
The CHAIRMAN, saul the poweriwas in the deed of
settlement.
Mr.wlh'itEsuiftEhLoprisetd the he s
directors read o
borrow.the clause
any m
of
sum
deedwhich
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 he had 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.amouut of 1,000,000/., which remained partly
with the meeting, and partly with the public. A clues-
tion 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 1 or 2 per cent. He did not believe that any
such construction could be put upon the guarantee.
From all that he had observed of the East India Com-
pany he did not believe that they wished any expression
of theirs to remain capable of a double construction.
Mr. HITCH.ENS seconded the motion. He did not be-
lieve the statement that no section of the line between
Calcutta and Mirzapore would be remunerative, but at
the same time he did not think it would be productive
unless it were a trunk line.
Mr. BEAUMONT supported the report.
General M•LEon felt called upon to notice a para-
graph in the report referring to himself. He denied
that he was present at the board when the staff was ap-
pointed.
The CHAIRMAN read the minutes to prove that Ge-
neral M'Leod and the other two-Great Western of Ben-
gal directors were elected to be directors prior. and bad
been present at the East India 'Board when the resolu-
tions were passed for the appointment of the staff, with-
out any protest or objection,on their part. s
Mr. EDLIN, who had lately returned from India, re-
commended the line' from Allahabad- towards Delhi,
which he believed would pay 20 per cent.
A discuSsion ensued with respect to the amalgama-
tion of the Great Western of Bengt 4 Company with this
company and the'exchange of scrip. It appeared that
the board of the Great °Western of Bengal were deter-
mined to keep their money, and regarded the dissolution
of their company asinvalid. •
Several suggestion& were made -for altering .the reso-