The Sun.
London, England, 1848-04-28 00:00:00

DEMERARA RAILWAY.

(THIS DAY.) 1
The ordinary half yearly meeting of this company
was held to-day, at one o'clock, at the London Tavern;
Mr. M'Chlery in the chair.
After the transaction of the routine business, the
Secretary (Mr. E. Hill), read the following report:—
" 8,12.51. of the call had been paid in since the last
meeting, and the total payments upon the first call had
amounted to 18,912/. 10s., and upon the second call to
16,8001. The arrears upon both calls are now reduced
to 14,287/. 10s. Further sums from these sources may
also, the directors consider, be, with certainty, cal-
culated upon, as the amount payable by the colonial
shareholders on the second call is nut yet due in this
country ; and the names of those still in default here
have been given in to the solicitors to the company, who
are taking active proceedings, without respect of persons,
for the recovery of all arrears. In the mean time, how-
ever, as immediate funds were required to meet the
liabilities of the company reported to the shareholders
at the last meeting, the directors had no alternative, on
the Ist ultimo, but to declare a further call of 21 10s. per
share, payable on the 25th of that month. That call,
being the third, has realised to the present date 9,3871.
lOs ; but the directors attribute the smallness of such
amount to the continued pressure of the times, and to a
desire to learn the exact state of the company's affairs
at the present meeting. At the same time they are
bound to point out to the defaulters how seriously they
arc injuring, by such tardiness, the present interests of
the csinpany, and to what sacrifice they are exposing
the capital which has been already expended upon this
project, besides adding materially by every day's delay
to the cost of the undertaking and to their co-partners.
Already had the directors been obliged, from the want
of a sufficiency of funds, to suspend, in a great measure,
active operations in the colony, and that too at a time
when the prospects of the company were even more
encouraging than they have yet been. All the out-door
works which had been finished have been found, after
exposure to the vicissitudes of the weather, admirably
solid and enduring. The experimental trips with the
locomotives have shown practically the very great
advantages which the estates would derive from this
means of transport, and the voice of the community had
been universally expressed in favour of the undertaking.
Moreover, when the last advices were sent from the
colony, a Bill, under the direct sanction of the Govern-
ment of this country, was on the point of being intro-
duced into the Court of Policy guaranteeing to the
company a minimum dividend of 6 per cent. on the
capital expended, so soon as the works should reach
to the village of Buxton, ten miles from the capital.
The directors have great pleasure in inviting the
attention of the shareholders to a letter on this
subject from Governor Light, in which his Excellency
states, in strong terms, his conviction that the under-
taking will prove of essential benefit to the colony,
and be a lucrative investment for the shareholders, and
he announces his intention to give his warm advocacy to
the proposed measure of a guarantee. There seems no
reason whatever, therefore, to doubt that the Bill in
question will speedily pass through the Colonial
Legislature, and receive the sanction of her Majt sty.
It would be most unfortunate indeed, if this nu asure, so
certain to give immediate value to the shares of this
company, should be rendered inoperative by the continued
supineness of the shareholders themselves in providing
the necessary means to meet the existing liabilities of the
company, and to continue the construction of the works
tit the designated point, Buxton ; and the more so, as
the traffic in the district is known to have much
increased since the original estimates were framed,
and the engineer continues to express a confident
opinion, that so soon as the line shall be in operation
to Buxton, the receipts from the traffic will largely
contribute to the expenses of the further construction
of the railway to its destined termination. It is esti-
mated that the sum now required for the construction
of the works to Plaissnce, being the first section of
the line, and five miles from George Town, will be 4,000/.,
and that a further sum of 10,0001. would carry them on
to Buxon, five miles beyond. Here, as before men-
tioned, the guarantee would come into operation,
and surplus profits would begin to arise. It is
obvious, therefore, that those shareholders who
continue in detault are not only commit tin
an act of the greatest injustice to the creditors lof the
company, but are most seriously damaging their own
interests and those of their co-proprietors. It must at
the same time be borne in mind by those parties that
there can be no doubt of their liability, to the extent of
their shares, to contribute towards the payment of all
the debts of the company which have been contracted
with a reliance upon the good faith of the whole body of
the shareholders, and that it will be the especial duty of
those members who may be entrusted with the direction of
the affairs of the company to see that, tothe best of their
lower, every creditor here and in the colony is fully paid.
By the half- year's statement of the receipts and expen-
diture of the company, it will be seen that the liabilities
to the 31st ult. were 44,4281. Os. 1 td. This amount has
been reduced by subsequent payments to 40,9061. 6s. Bd.,
and the arrears of calls to the present date amount to
29,900/. It will also be observed that there is no charge for
remuneration for the directors, or the colonial committee of
management during the past year. In the present state
of the company's finances, the directors decline to take
any payment on their own account: but they consider
that early provision should be made for the payment of
5001. for the past year's services to the committee of
management in Demerara, who have continued to per-
form their duties in the most zealous and effective
manner. It is impossible, indeed, for the directors to
say too much in praise of the cordial co-operation
which they have at all times received from the local
comm:tte4t in their endeavours to advance the interests
of the company. The directors consider it their duty
to make the same acknowledgment as to the zeal and
energy of Mr. Cather wood, and of every other officer
and servant connected with the establishment. Since
the last ordinary meeting of the shareholders three
vacancies in the direction have occurred by the resigna-
tion of Mr. Labalmondiere (on account of his continued
absence from England), Mr. Anderson, and Mr.
Kingston. In the room of one of these gentlemen the
directors, under the authority of the Act of Icorpora-
lion, appointed Mr. Henry Brand, who is largely
interested in the company, and it is for the
shareholders to day, if they think proper, to continue
him in office, and to fill up the other two vacancies; and
the directors recommend for the latter purpose Mr.
Jonathan Hopkinson and Mr. Alex. Morrison. Under
the provisions of the Act, also, three members of the
managing committee here, and the like number in the
colony retire from office by rotation; and it rests with
the proprietors to supply the vacancies thus occasione
by re--election or otherwise. The r. tiring members in
I ',melon are Sir James Carmichael, Bart , Henry David-
son, Esq , and Thomas Naghten, Esq ; and in Demerara,
W. Brand, Esq., T. Porter, jun., E.q , and J. T. White,
Esq., all of whom offer themselves for re-election.
If Mr. Hopkinson should be elected a member of the
direction in London, his place as an auditor must be
supplied by some other shareholder, and Mr. To-
ranee is recommended for that purpose. The
directors, continuing to entertain the same confident
opinion which they have ever avowed as to the remu-
nerative nature of this undertaking, if duly carried out,
cannot conclude their report without calling most earnestly
upon the general body of the shareholders for acontinuance
of their co-operation and support; and again warning
those parties who are in atrear of the serious and per-
haps irreparable injury which their continued default is
inflicting upon their own interests, as well as upon those
of their numerous co-proprietors who have faithfully
complied with their engagements to the company.
The balance-sheet showed the total expenditure up to
the Ist inst., to have been 105,433/.165. 3d.; the receipts
up to the same date, to be—calls, 63,e50/.; interest,
1,217/. 10s. 9d.; bills payable, 39,557/. 11 s. Id. ; loan from
bankers, 3,6001.; sundry accounts, &e„ 1,270/.95. 10d.;
leaving an available balance of 4,0611. 15s. sd.

The-Cnatastlx said, in moving the adoption of the
report, that he hoped the shareholders would imme
(Lately pay the calls which they owed, and thus save
their own interests and release the directors from the
embarrassing position in which they were placed. In reply
to some questions, he stated that not only had all the
directors paid their calls, but they had borrowed money
on their own responsibility from their bankers.
Thu solicitor (Mr. Maynard) stated that one of the
former directors had not paid all his calls, and that he
was one of those whom the company were proceeding
against. This had given rise to the rumour.
Mr. Rtucway said he knew many of the defaulters,
and that the non-payment of their calls did not so much
tnarrise from want of confidence in the undertaking as
thweanctomomterceioanladeemtiebearrawsassmenetnsteorftaitnheedpervtioitdh.
Great
respect to colonial investments, on account of
the rash speculation that had taken
place. The time, ho
thought, was not far distant when colonial matters
would vastly improve. At any rate those able to pay
should do as he had done—pay his calls on the day they
became due. —(Hear, hear.) There could be no doubt
that the line would prove a most profitable one.
Mr. EARLE said he should pay his arrears as soon as
those who held a larger stake than him did so; but he
had no notion of paying for the advantage of others. It
was all humbug for persons like Mr. Ridgway to talk about
the property of the colony. lie had unfortunately
an estate in Berbice which was worked by three blacks,
who were unable to pay their way, so bad was the state
of things in the colony.
The report was then adopted.
The retiring directors, with Messrs. Anderson.Kings-
tOß, and Brand, to fill up vacancies, and Mr. Torance
as audi'or, were elected, and a vote of thanks was given
and passed tea the chairman and directors. The
d.
meeting separate

(From the London New Price Current of April 28.)
MARKET INTELLIGENCE.
of raw Sugar, and the quan-
titythe value of all descriptionsSlTGAS.—To-day a further advance was apparent in
re than requisite for
the wants of the trade. The market has a firm aspect.
brought to market was not more
rise for the week 6d to
We“ India Muscovado wet
realised. stiffer rates, making the
a good demand, and
Is pc: cwt. At auction 81
middling,' grey, and at
Berbiee went at 36s to 36s 6d for mit
ItvrINED —To.dsy I 490 lihds were sold,
35,, 6d per cwt for low. To-Gay
hthdes,6 trcs, and 41 brls of
nmking 1,626 blids and iris for the week.
after by the home trade, but the quantity on offer was
,rushed Sugar is in goo demand, swan. refined Sugar was much sought
Prices closed with firmness. Standard Lumps
at 54s 64, and brown grocery 53s 6d per cwt. Bonded
d the best make realises
27.,; per cwt.
rested to (1,, 34AraiTICT8
b.—This afternoon much desire was mani-
usiness in Mauritius Sugar, and 5.308 ba_ a
at public sale sold at 6,1 H ' '
38s to 38s 6,i, iniddi• a'. vauce; good yellow realised
grey 353•6c1 to 375in;',73 t
were disposed of.
Privately several parcelaS to 38s, low and mi,ldling
fisoon the market was much
and syrupy 35, to 38s 6d.
EAST INDIA.—This
better supplied with Beng_al
i.v 4,425 bags and 4 casks, but
_egar : the quantity offered
at public sale amounted

SUN, LO

nearly the whole sold at 6d to is advance ; Benares, fine
white fetched 42s to 42s 6d, good 41s 6d, middling 40s to
40s 6d, low 39, to 39s Gd, damp and washed 38s to
42s 6d, fine grainy white 50s 6d to 51s Gd, fine
yellow 45s to 475, good 41s to 435, low and middling
34s 6d to 38s, and ordinary brown 30s 6d. Of Penang
875 baskets went at is advance ; low and middling
brown, out of condition, went at 27s to 295, good 30s to.
31s, low and middling yellow 32s Gd to 33s 6d, and goon
355. 300 bags Madras sold at 2Sa for low damp brown,
and at 31s for yellow ; 21 cases of Singapore, middling
greic• yellow 395, andwhich are rather better prices.
i,gh RzDaN.—There has been more inclination mani-
fested to do business for all purposes, and the tendency
of prices is to advance. At public sale yesterday, 2,083
boxes of Havannah were all sold at a rise on the rates
previously current of 6d per cwt. : good yellow fetched
39s to 393 6d, low and middling 373 6d to 38s 6d. mid-
dling and good brown 36s to 375. low soft grey 35s to
35s Gd, and washed 34s 6d to 395, but 156 boxes white
were withdrawn. By private treaty there has been a
good home demand, and exporters as well as our
Refiners working under bond, have been buyers to a
fair extent. A much larger business would have been
done had holders accepted former rates.
COFFEE.—This afternoon there was a fair demand for
Mocha Coffee, and 134 bales, 22 half-bales, at auction
were sold at stiffer rates; middling greenish went at 483
6d, good long bean 665. Of Ceylon 806 bags were sold
at. rather higher rates, fine fine ordinary fetched 38s to
41s, tine ordinary 37s to 37s 6d, good ordinary 30s to
32s 6d, ordinary mixed 28s to 29s 6d, triage 20s to 255,
good ordinary Native kind 30s, pea berry 48s 6d, and
damaged 20., to 375; twenty bags of Laguayra, low
middling 43s per cwt.
COCOA.—West India is not much in demand, still
prices rule firm; Trinidad red at 46s to 50s, and grey
45s to 48s. The stock is nearly all in the hands of the
trade. Foreign is dull of sale at 32s to 34s per cwt. The
Government contract for 50 tons has been taken by Mr.
Gray of the London Commercial Sale Rooms.
Ea.----The better kinds of Congou are freely offered
at previous reduced rates, still all parties make purchases
with caution ; in low and good ordinary, however,
the sales concluded aro upon a more extended scale, at
6,1 to 7id per lb, whilst prices are lower than for a long
period. Green remains much the same as this day week,
and the dealings have been small in all sorts. Hyson of
ordinary quality is to be obtained at Is to I s 2d, Twankay
ditto sid to 6d; Gunpowder, Canton 10d to Is 3d, and
Imperial ditto 9d to Is. Notwithstanding the low rates
at which scented Teas can be obtained, still few buyers
are to be met with, and the supply far exceeds the wants
of the trade.

RICE.—To-day East India Rice was sought after, and
privately several parcels were sold. Of Bengal 1,360
bags at auction went at rather higher rates, middling
white realising 10s 6d to lls, and damaged 6s to lOs per
cwt. The market closes with an improving appearance
for all sorts.
SPIRITS.—For East India the demand bits been ex-
tremely limited, and sellers are willing to accept rather
lower rates. The value of proof is is 6id to is 7d per
Leewurd island has been dealt in with caution
at Is 8d to I, 9d for proof. In the value of Jamaica there
is little varia•ion, but the purchases made in all sorts have
13, en trifling end to all purposes. The value of 30 to 36
per cent. over prow:3s
is
7d 4s 2d, and of fine 4s 3d to
4s Bd. Demerara is dull of sale at 2s 9d to 3s 2d for
38 to 36 per cent overproof. Of Havanaah only small
olnst satid to is 6d pry
large scale, whilst
pAthaser.rcievlauslpsohraot*f.edßebmuemaeintd"silidiuluitually small for the period
of the year. Brandy is held fur late rates, but the stock
is on the increase, and buyers make purchases with
caution. In Geneva there has been little passing. is 10d
to Is lld is the value of ordinary, and 2s 8d to 3s 3d
for fine. British Corn Spirit is much in demand at
10s 3d per gallon nett cash.
SALTPETRE.—'Io.day the purchases made in rough
privately were upon a fair scale, and at full rates, but
368 bags of Calcutta at auction were taken in at 34s fur
middling strong. grey 111- to 9 per cent. For public
sale 2 000 bags are declared:-.
FRUIT.—Today for Currants the demand was brisk,
' new at 39s to 425, and old 33s to 35s per cwt; indeed
soine parties will not sell upon these terms. Raisins are
in brisker request; sound new Valentias fetch 40s to 42s
percv.t.

INDIGO.—The quantity of East India to be offered at
public sale cri the 9th of next month ha:, been increased
to 7,287 chests. Only trif►ng purchases have been made
this week for home use, and for exportation there is yet
scarcely any demand. Parcels could only be forced off
a decline on last sale's rates of 3d to 4d per lb. The
market for Spanish is in a very dull state, and holders
are willing to accept lower rates.
SPICES.—To-day at public sale 12 cases of Nutmegs
sold at rather lower rates, fine brown 2s 11d, good
2,9 d to 2s 10d, middling 2s 4d to 2s sd, low 2s 3d,
wormy 3d, mouldy Is 7d to 2s 3d ; 4 cases Mace went
3d cheaper, middling blood red Penang only fetched is
10d per lb. _ _ _

COCHINEAL.—This afternoon a public sale of 75 bags
of Mexican were only in part sold at 4s 6ki to 4s 10d for
middling and good black, and 4 bags of Honduras silvers
4s Id to 4s 2d per lb. 100 bags am declared for Tuesday.
"'"TALLOw.—This afternoon a further decline was appa-
rent in the value of Tallow. At auction 561 pkgs of
South American were nearly all sold at 41s to 453 ; 195
casks of Australian 45s to 495; 68 casks of Belgium 48s
to 494 ; 26 casks of Frerch 49s to 493 6d ; 50 casks of
Otlesa were withdrawn ; 235 casks of Russian sold,
P.Y.C. at .48i to 495, and Soap Tallow 40s.
OlLS.—This afternoon at public sale, 50 tuns Belize
Ground Nut Oil, of fine quality, sold at 381. lOs to 391.
100 tuns Southern are di Oared for Friday next.

THE LONDON GAZETTE.
(THIS EVENING.)

DOWNING•STREEI', APRIL 28, 1848.

The Qaeen has been pleased to appoint Colonel Sir
William Macboan Geore Colebrooe, t., to be Governor
and Comic ander-in-Chief in and over the colony of British
Guiana and its dependencies.