The Sun.
London, England, 1846-06-01 00:00:00

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CALEDONIAN RAILWAY EXTEN-
SION COMPANY.—(THIS DAY.)
A meeting of the scripholders in this Company was
(in accordance with the provisions of the sessional
orders) called this day, at the Thatched House Tavern,
St. James's-street, for the purpose of receiving the sanc-
tion of the meeting t ) 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.
lIINDE, Mr. Hope Juhnstone 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 nee spapers. It appeared perfectly correct in all
the others, with the exception of the dinburgh 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 bus ne;s, because he could cite a case in point
where this course was pursued under precisely similar
circumstances. The matter came under the considera-
tion of the House of Commons, who referred it to the
Standing Orders' Committee, who found that the proper
instructions had been given as to the insertion of the
notices by the parties promoting the Bill, and they,
therefore decided that in this case the standing order
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 opposition being given in
Parliament they might, at the earliest period, hold their
meeting in a perfectly legal manner. He held in his hand
a letter addressed to the newspaper agent in Edinburgh
to show that the proper instructions had 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:
they 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 entertained 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. Hodeson, 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. il.nde's proposition, that they should go on
with the regulir 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. '1 he
Chairman then proceeded to address the scripholders. He
said—Gentlemen, it now becomes my duty very shortly to
state the circumstances under 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 tol 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 theta, and I confess they did this with some degree of
justice, because we found that we could not proceed by
the narrow 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 sr 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 new 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 fbelieve 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 the 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. lIINDE 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-
gowand Belfast union to Govan and Portpartrick, so as
to form a through communication with Belfast, would
bring
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. lie might
remark that there was no two towns in Ireland and
twScotlandtehwould
teue trdlahrsafi
Belfast and
hrcarriedmatnr da theffi c
Dundee,moc, no,
satas directlarger
o andf
scortt
tahrl traffic ffinwudca,;iwithaec ndo edn
envei
eaiacxecei each other Exte-
nsion
rv;
L with
these two places. He was
t
A:e-r,almiiplmlearreninocukn,earnadtiotnhefor
theretraffic fwouldr°n persuaded that what with the
rs
wouldhi r e
bvested.urgh
wouldß ut b
be
whilen necessarily
starraiffil
yc
great,from Ayrshire westth eofeta;iotEtaldalinnnd..,
beg leave
to observe that the Lesm
a agow branch was the only
portion of the scheme that was regarded as a mineral
h
line, and those who were best the acquainted with loca-
lity through which it
pass say it will be one of the
best •
Paylng lines in Scotland, independent of any calcu-
lation for passenger traffic.
Mr BEEvAN said he looked more to passenger traffic
than to goods or minerals, He admitted that on the
portion named the mineral traffic would be very great.
But what he wanted to know was the expense of the
formation, there was of it paying the
and the probability
shareholders for its construction.
The CHAIRMAN said it was estimated to cost 16,0001.
or 17,0001. per mile.
Mr. BEEvAN remarked that the estimate was not
large f' it doable line vf

The CHAIRMAN believed the mineral traffic on the
Lesmahagow line would be very great. He consider( d
the dividend on that portion of the scheme would nct
beles than that paid on the Wishaw and Coltness Rail-
way, which was lOf per cent.
Mr. BEEVAN.-BLIt the mineral lines, like the Wishaw
and Coltness Railway, are not constructed in the man-
ner it is proposed to lay down the Caledonian Exten-
sion.

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 tram roads. In the district of country where he
resided, they had tram-roads in every direction for tile
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.
'Eves against proceeding with the line.
Tne CHAIRMAN callbd 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 riund 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 coach at present ran direct along the rout,
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 s
single coach between the places, yet now the line was
paying six per cent.—(Hear, hear.)
Mr. BEEVAN 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. IIINDE replied that it was not so, as it wa,
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, mere])
because there was railway accommodation. At present
there were two ways to Edinburgh from Ayr and Kil-
marknock, by Muirkirk direct, and by the circuitous
route of Glasgow.
. _

The CHAIRMAN intimated that the difference in fa-
vour of the Muirkirk route was 26 miles.
Colonel MAcDoNALD, in answer to what had been said
about the people of Z.lcotland being against the line,
remarked that the scrip representing them at the meet-
ing would show what they really thought of the matter.
A SHAREHOLDER said, that from a letter he had re-
ceived from a stockbroker in Edinburgh, the general
feeling there was in favour of going on.
Mr. ALLAN intimated the,. he at least represented
scrip to the amount of 2,300 shares against going for-
ward ; this was as much as could be collected together
of the dissentients before he left.

A SHAREHOLDER inquired, as the eastern portion of
the' scheme was struck off, whether there would be al
alteration in the amount of share.?

The CHAIRMAN—Most probably there will be.
Mr. BEEVAN called on them to pause before taking
further proceedings. They should consider the state 01
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 leasing 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 Caledoniau
Company. He did so on account of the eastern portion
of it going through a district of country with which h-•
was connected. That portion had since been lopped off.
Still, from bis connexion with the scheme, be 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 Lesmahagoss
portion, which would open valuable and extensive coal-
fields to the Glasgow market. He knew of no on,
that did not say that this branch would prove a mo.t
valuable concern. Even granting that no other portim,
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 *ould 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. Ii
had been suggested that the shares should be reduced.
He should think they might be reduced from 25/. to 151.
each, and he believed that not more than 10/. would
have to be paid up, as, under the borrowing powers of the
Bill, they could raise all the remainder that was
necessary.

Mr. gASTERMAN 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
schema 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 Aare; 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. CRANE 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.—(THIS DAY )
The general meeting of this Company was held to-day
at thelloffidies of the Company, Collyer, Esq., in the
chair, when the accounts were submitted, from which
it appeared that the whole of the sums received by thr
Company amounted to 228,7501. 165., and the expenditure
to 227,121/. 11s. leaving a balance of 1,6291. The last
year's profit was 2,8561. 10,,. 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. 4d. ; from passengers
and parcels, 531/. 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 1,0761. 13s. Bd.
A conversation then ensued respecting the form of the
accounts which it was allowed were not put in the most
satisfactory manner.
To a shareholder 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 amount
to 5,687/., 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 hem occasioned by the
sleepers having been 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 has 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 535/. 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 reve-
nue account, being equal to about 10s. 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
and inquiries ti a general meeting.
The report was then adopted; but on its consideration
The CHAIRMAN stated that the debts in jeopardy
amounted to about 3,000/, and that the rate of interest
paid to Messrs. Cocks and Biddulph was 5
per cent.
"
The report having Biggs'' amend-
mentbeen adopted, Mr.
was considered as a substantivemotion,nwf manage-
ment n
The CHAIRMAN stated that the committee
to meet the share-
holders,
had not the slightest objection
holders, though he did not anticipate much good from
the proceeding.
Sir It. PRICE said that he was not one of the old
proprietors or one of the old directors but that he had
come in upon large promises which had never
been fulfilled. But although he and his col-
leagues wished to hold out no hopes which were
not well grounded, but he might say that the
concern had formerly been overl.,adtd by bail debts,
which were now gradually being cleared off, and that it
was now being brought into a profitable condition.
Trade appeared to be growing up in that quarter, and
notwithstanding that he had objection to the Cora-
mittee, yet he thought they ought to wait until the South
Wales Railway was brought into a position to take the
&Air Of Sheittitial,

Mr. [TILL congratulated the meeting on the manner
in which the proposal had been received by the com-
mittee. He conceived that the entertaining of this
motion would be nearly equivalent to a vote of want of
confidence in the committee, and he should decidedly
oppose it. The better plan would be, in his opinion,
that just proposed by Sir Robert Price, as
in the event of one large line crossing theirs,
the proprietors would be ready to take the
lice off their hands, and if two great lines should
happen to intersect it the Llannelly Company would be
able to command their own rate of value, either for the
tolls or for a lease.

Mr. METT would oppose the motion, and expressed his
opinion, that seeing that there are only 18,0001. uncalled
tor, while there are more than 36,0001. owing in de-
bentures, he would recommend that no dividend should
be declared until the concern was in a more
satisfactory state. He tht.ught the com-
pany could not be in better hands than those
>f 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
eiuld form a terminus, and the line might possibly be
made to pay.
Sir ROBERT PRICE and another shareholder stated
that there hail been such a proposition as this some 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 &most on any other line.
Mr. Moo replied, the motion was then put and lost.
After a few words from the CHAIRMAN, intimating
that there is a probability of iron furnaces being estab-
lished on the line, thanks were voted to him, and the
meeting separated.