The Sun.
London, England, 1848-04-29 00:00:00

DEMERARA RAIL WA V.

The ordinary half yearly meeting of this company
was held yesterday, at one o'clock, at the London Tavern ;
Mr. MeChlery in the chair- -
After the transaction ofethe routine business, the
Secretary (Mr; H. Hill), reed the following repute:—
: " 8,1254 ot the cell, had been paid in since the last
- meeting, arid the totel'eneynieees.upen the first call had
• amounted to 18,9121. 10s., and upon the second call to
16,800/. The arrears upon both calls are now reduced
••• to 14,2871. 10s.i Farther sums from these sources may
• also, • the directors consider, be, with certainty,' cal-
' culltea upon, .sett thaeamount payable by the colonial
shareholders on the *pond. call is not yet due in this
. country ;sand -thee nerieesteof 4hose still in default here
have been given in -th the solicitors to the cemPargivehe '
are taking active preecesedingsewittiefeit Wipid76l-iltersirdi;
for the recovery td. etherreare. In the meals times boil,-
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 ultiseq, but,te declare a further call of 21 lOseper-
- share, payable. oil the 25th of that mouth. That call,
being the .third, has realised to the present date 9,387/
' 108 ; but etee :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 detaulters how seriously they '
' are injuring, by such tardiness, the present interests of
the company, 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 bent' obliged, from the want
of a sufficiency of funds, to suspend, in a great measure,
• active operations in the-colony, area that too at a time
• when the prospects of the cempany 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 Brixton, 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
be announces his intention to give his warm advocacy to
the proposed measure of a guarantee. There seems no
reason whatever, therefore, tv doubt that the Bill in
question will speedily pass thrOugh the Colonial
Legislature, and receive• the sanction of her hlak-sty.
It would be most unfortunate indeed, if this measure, 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 'emoting liabilities-of the
company, and to continue the construction of theLsvorke
to the designated. point, Buxton ; and the more so, as
the traffic in the district 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 Irene: the traffic will largely
centeibute to the expenses of the further construction
of the ra,lway to its destined termination. It is esti-
mated. that the sum now required for the construction
of the works to Plaisance, being the first section of
the line, and five miles from George Town, will be 4,000/,
ayd that' a further sum of IQ,OOO/. -would Carry theni on
nix Bekon, ifive miles beyond. Here, as before men-
te-ened, Itte guarantee would _come into operation,
aiid surplus profits would begin to arise. It .is
obvious, therefore,. that -those -shareholders who
continue in default . are not only committing
as act of thregreate.st iajustice to the creditorS -of the
comphey,, but are most seriously damaging their wen
interests teed those of their co proprietors. It must at
the striae time be borne in mind by those parties that
there can Pe no doubt of their liability, to the extent ot ,
their shares. to ceneribete towards the payment of all 1
the debts of the company which. have been contracted
with a reliance upon the good faith ot the whole body or •
the shareholders, and that it wilt be the especial duty ot
those members who may be encrusted with the direction of
the affairs of the company to see that, tothe best of their
power, every creditor here and in the colony is fully paid.
13y 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 44,428/. Os. lid. This amount has
been reduced by subsequent payments to 40,9061. 6s. Bd.,
and the arrears of cells ter. the present date amount to
29;900/. It will also beobservedtbat 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
506/. fOr, the past year's services, to the committee of
management in Demerara, who have continued to per-
form their: duties in the most zealcius and effective
manner. It is impossible, indeed, tor the directors to
say too mach .in praise of the. cordial co-operation
which they have at all times received from the local
comm:: Lee in their endeavours to advance the interests
of the cOmpapy. 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 directionhave occurred by the resigna-
tion of 31r. Labalutondiere (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
inteeested in the c•impany, and it is for the
shareledders to-day, if they think proper, to continue
office, ru3d to fill up the other two vacancies; and
the :directors recommend for the latter purpose Mr.
Jonethliti 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 (Ace by rotation; and it rests with
the proprietors to supplye the vacancies thus occasioned,
by re-election or piherwise. The retiring members in
London are Sir James Carmichael, Bart :Henry David-
son, Esq.„-and Thomas Naghten, Esq ; and in Demerara,
W. Brand, E. T. Porter, jurneE,q , and J. T. White,'
Esq., all of whom offer. themselves for re-election.
If Meelleekinson . should be elected a member of the
direction in London, his place as an auditor must br
supplied by some other shareholder, and Mr. To-
ranee is recommerideif 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.
cannel, conclude their report without calling most earnestly
nponlhe general body, of the shareholders for a continuance
of thArco•operation and support;' and again warning
those parties who are in arrear of the serious and per-
haps irreparable injury which their continued default is
inflicting upon their own interests, as well es upon those
of their numerous co-proprietors who have taithfuliy
complied. with their engagements to the company."
The balance-sheet showed the total ex3penditure up to.
the Ist inst. to have been the'105,4311,16.46.3d8.Li
interest,receipts
up to the same date, to be
1,217/. lOs. 9d.; bills;
PaYable, 39,5571.4 ell lel 1a..; loan from
bankers, 3,600/. ; sundry acc0unt5,,06112,151,257d0/. 9s. 10d.;
leaving an available balance of 4
The CLIAIRMAN said, in moving the a&dwooputiloin the
report, than he hoped the shareholders
diately pay the calls "which they ,owed, and thus ialwe
their own interests and release the directors from save
embarrassing position in which they were placed. In reply
the
to some questions, he stated that not only had all th
directors paid their calls, but they had borrowed money
on their own responsibility from their bankers.
The solicitor (Mr. Maynard) stated that one of the
former directors had not paid all his calls, and that he
was one of those whoni the company were proceeding
against. This had geven'rise to the rumour.
Mr. RrDb WAY said -he knew many of the defaulters.
and that the non-payment of their millet did not so much
arise from wannof confidence in the undertaking as
from the • commercial embarrassments of the period.
Great want of confidence .was: entertained wit
respect to colonial investments, oh aeceect h
he
the rasti 4 pecu !talon that had taken place. The time, h
thought, was not far distant When colonial matters
would vastly improve. At any' rate, those able to pat
should do sis• he had done -spay his cane 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 largereitake than him did so; but he
bad no notion of paying kir the advantage of Others. It
was all humbug for persons like Mr. Ridgway to talk about
the property of the 'colony. 'He 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 Sfei,srr. Anderson. Kings-
tow, and Brand, to fill' up vacancies, and Mr. Torance
as auditor,
were o elteheeted,
and a vote' of thanks was given
and passed
chairman and directors. The
meeting then separated

THE STEW,
The further issue of the new
five-shilling piece would a
deed not-eatirely abancicnePinrt,r be' su3oenden, if in
that the design,
'published, is one
a description cif which has alreadyT:etr;
t9O diexcept at %very
which cannot be worked property"
lc:revers of the
large amount Of additional labriar'
Royal Mint. About .B',ooo have been
pressions are now. quickly lionait up by silve The the
others, and as mei!: as thirty shillings has been u
for one. •The•new; two shiaing'piece is shortly exbptueienteedo
to come into wreulatiotr.
SPEcift:l—Tfie vessel OCean arrived in the
docks from, ,Sic:gapore and the Cape of Good 11, pe,
reaper
ha.vbrot!iht tiota the latter. place 1 box of
gold, cons4;ried•to an eminent tirin in the metropolis ;
the Sea Witch, •froMFernando poi; fins broUght 2 casks
and 15 cases of copper coin, individually addressed; and
the Arab,'-ftitiin Cape Coast Castle, has brought 2 boxes
.of gold dust, consigned to two separate houses in the
metropolis.
THE WEATSEIt.--The present !pring is one of
the wettest known for many years. Day after day the
agriculturist'hopes for sunshine, but hopes in vain, and
all, agricultural operations are much retarded. The
swallow anti the cuckoo have both arrived, but if they
have power of cdmparing one season with another, they
must fancy themselves " Out of their reckoning' in ar-
riving at this period. The orchard prospects are said
to be very promising.— Wercestershire Chronicle.