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

DEMERARA RAILWAY.
The ordinary half-yearly meeting of this company
was held yesterday, at one o'clock, at the London Tavern;
Mr. M.'Chlery in the chair.
After the transaction of the routine business, the
Secretary (Mr. H. Hill), read the following report:-
8.125 L of the call had been paid in since the last
meeting, and the total payments upon the first call had
amounted to 18,9121. 10s., and upon the second call to
16,900/. The arrears upon both calls are now redaced
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 not yet due in this
country ; and the names of those still in default here
have been given in to the solicitors tc the company, who
are taking active proceedings, without respect of persons,
fear 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
itt 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,
10s. ; but the directors attribute the smallness of such
&Mount 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
sere 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 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
too:motives have shown practically the very great
advantages which the estates would derive from this
SD wis of transport, and the voice of the community had
been universally expressed in favour of the undertaking.
Moreover, when the last advises were sent front 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
seeystisil
:reason whatever, therefore, to doubt that the
Colonial
th in
question will speedily pass through h
Legislature, and receive the sanction of t her Majesty.
It would la:most unfortunate indeed, if this measure, so
certain to give immediate value to the shares of this
'4 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
to the designated point, Buxton ; and the more so, as
she • 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 Plaisance, being the first section of
the line, and five miles from George Town, will be 4,0001.,
and that a further sum of 10,000/. 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 default are not only committing
an act of the greatest injustice to the creditors of 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
%here 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
power, every creditor here and in the colony is fully paid.
By the half-year's statement of the receipts and expen-
shture of the company, it will be seen that the liabilities
to the 31st ult. were 44,4281. Os. l ld. This amount has
&t en reduced by subsequent payments to 40,9061. 6s. Bd.,
4nd 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 finaaces, the directors decline to take
any payment on their own account: but they consider
;that early provision should be made for the payment 01
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 mach in praise of the cordial co-operation
'which they have at all times received from the local
committee in their endeavours to advance the interests
of the company. The directors consider it their duty
to make the same acknowledgment as to the seal 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 'corpora-
tion, 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
dim 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
ithe 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 occasioned,
by re-election or otherwise. The retiring members in
London are Sir James Carmichael, Bart., Henry David-
son, Esq., and Thomas Naghten, Esq ; and in Demerara,
W. Brand, Esq., T. Porter, jun., Evei , 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-
-a.erative nature of this undertaking, if duly carried out,
cannot conclude their report without calling most earnestly
upon the general body of the shareholders for a continuance
14.h0t
°their co-operation and support; and again warning
-hage.parties who are in arrear of the serious and per
prreparable injury which their continued default is
inflicting upon their own interests, as well as upon those
of their nurneroas co-proprietors who have faithfully
complied with their engagements to the company."
The balance-sheet showed the total expenditure up t(
the let inst. to have been 105' 43341116*.; the receipts)
up to the same date, to be a 4, 63,9501.; interest,
1,2171. 10s. 9d.; bills payable, 3e,55
bankers, 3,6001.; sundry accounts, Bsu.
ells. 1 ;luau from
.i. 51,2701.93. 10d.;
leaving an available balance of 46
The CHAIRMAN said, in moving the ndpsd.io n of the
report, that he hoped the shareholders would
eliately pay the calls which they owed, and thusi save
amc
-their own interests and release thediretictresd.frlonmr
the
l
embarrassing position in which they were
to refute questions, he stated that not only had all the
directors paid their calls, but they had borrowed money
OA 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 be
was one of those whom the company were proceeding
against. This had given rise to the rumour.
Mr. RIDGWAY said he knew many of the defaulters,
and that the non-payment of their calls did not so much
arise from, want of confidence in the undertaking as
from the commercial embarrassments of the
_period.
• Great want of confidence was .entertained with
on account of
respect to colonial investments,
the rash speculation that had taken place. The time, he
thought, was not far distant whent colonial matters
would vastly improve. At any
hra e
_those able
they to
should do as he had done—pay bon the
doubt
is calls
became due. —(Hear, hear.) There could, eno
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. He had unfortunately
an estate in Berbice which was worked by three blacks,
• wlrc'iwere unable to pay their way, so bad was the state
Of thinks-in the colony.
s-seport was them
uu
adopted.
; • The retirin •
*fa, and iu.atd:rectors. with Messrs. Anderson, Kings-
. atas:tanudi passedtor;
were
to e)to fill up vacancies, and Mr. Torance
- elected, and a vote of thanks was given
chairman and directors. The
meeting then.separated.

Tia Naw Cotri.—Tlae further issue of the new
five-shilling piece would appear to be suspended, if in-
deed not entirely abandoned. It appears that the design,
*description of which has already been published, is one
which cannot be worked properly out, except at a very
ers
large .amount of additional labour to the ra
Royal Mint. About 8,000 have been issue°dneY of the
:pressions are now quickly bought up by silversmiths eiamnd
ethers, and as much as thirty shillings has been
for one. The new two-shilling piece is shortly :xreicnteel
to some into circulation.
Sracia.—The vessel Ocean Queen, arrived in the
docks from Singapore and the Cape of Good Ilope,
respectively, has brought from the latter place 1 box of
• • gold, consigned to an eminent firm in the metropolis ;
the Sea Witch, from Fernando Po, has brought 2 casks
• -and 15 cases-of copper coin, individually addressed; and
:Ate Arab,'lronl cape Coast Castle, has brought 2 boxes
goldwdust, consigned to two separate houses in the
metropolis. • _ •
TnE WIATZEIL— is The present spring one •of
tee sa9tteat known for many years. Day after day the
agrieulturist hopes for sunshine, but hopes in vain, and
silitigriculturalt.operatlons ate mtiO retarded. The
swallow and the cuckoo have both arrived, but if they
have power of comparing one season with another, they
must fancy themselves "out of their reckoning' in ar-
riving at this period. The orchard prospects are said
to b• very promising.— Worcestershire Chronicle.