The Sun.
London, England, 1848-11-11 00:00:00

CALEDONIAN.

An extraordinary meeting of this company was held
yesterday at the Euston Hotel, Euston-square, to con-
sider and determine as to entering into a joint arrange.
ment with the Edinburgh and Glasgow Company, for
leasing or purchasing and for working the Scottish Mid-
land Junction Railway, and also as to the modification
of an agreement entered into by the directors with the
Scottish Central and Dundee, Perth, and Aberdeen
Companies, admitting the Edinburgh and Glasgow Com-
pany as a party to the arrangements. Mr. J. J. Hope
Johnstone was in the chair.

The CHAIRMAN said, that at present their arrange-
ments for carrying goods and minerals were in a very
imperfect state, and, for the want of sufficient locomotive
power, they were obliged to decline undertaking the con-
veyance of all that presented itself, although they were
making every effort to remedy the evil. The traffic in pas-
sengers was satisfactory. They were placed in a difficult
position in coming before them to sanction guarantees,
because it required time to develope the traffic; their line
being only open a short time, their traffic appeared to
disadvantage, and by no means indicated the capabilities
of the line. He had ascertained that a traffie of 11,0001.
per week would enable them to pay their guarantees and
5 per cent. on the share capital of the company. He
thought their prospects were of an encouraging nature,
and he hoped they would have an ample return for the
money invested. Having adverted to the advantages of
the guaranteed lines in securing traffic to the trunk lino
of the Caledonian, he stated that traffic arrangements had
been entered into with the Edinburgh and Glasgow
Company on fair and equitable terms to both parties.
The traffic on the Scottish Midland was chiefly agricul-
tural, and, when developed, he was satisfied it would cover
their engagements. With regard to the constitution of
the direction, they would be glad to afford the English
shareholders an opportunity of being represented at their
board; one of their body had placed a vacancy at their
disposal, and when there were other vacancies they
would endeavour to fill them up by selecting men of
business habits from amongst the English shareholders;
but he did not agree with the opinion which had been
expressed by some of the shareholders, that one-half the
directors should be resident in England. There were a
great many details which required the constant attention
of the directors on the spot. They would be happy to
hold their future meetings in London, Liverpool, or
elsewhere,„ whichever place might happen to be most
convenient to the great body of the shareholders. He
concluded by moving a resolution to the effect that the
directors be authorised to enter into an arrangement
with the directors of the Edinburgh and Glasgow Com-
pany conferring on the latter a joint interest in leasing
and working the Scottish Central and the Dundee, Perth,
and Aberdeen Railways.
Mr. Mason' said he represented four or five parties
who held 1,000 original shares; he thought that the
shareholders should have more time given them for the
consideration of the resolution; and moved an amend-
ment to the effect, that the question regarding the now
guaranteed lines be referred to a committee of share-
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Mr. Bow DEN seconded the amendment.
The Right Hon. F. MAULE said the proposition indi-
cated nothing more nor less than a want of confidence
in the directors.—(" No, no.") At considerable length
he defended the acts of the Board, and maintained that
the exertions of the directors had been always directed
to promote the best interests of the company.
Mr. CAMPBELL thought that a guarantee of three or
four per cent. was quite as much as they ought to under-
take in these times.
After some observations from various other share-
holders,
The amendment was put and negatived, the show of
hands being in favour of the original motion. A poll
was demanded and scrutineers appointed.
When all the votes had been taken, the CHAIRMAN
proceeded to dispose of the remaining resolution, which
was to authorise the directors of this company, along
with the directors of the Edinburgh and Glasgow, to
enter into an arrangement for leasing and working the
Scottish Midland Railway.
The CHAIRMAN put the resolution, which was seconded
by Mr. HINDE.
The motion having been-put, there appeared, includ-
ing the directors, 53 in favour of it, and 47 against it.
A poll was demanded, and the result was in favour of
the directors, but, owing to a dispute with regard to some
of the votes, the exact number was not given.