The Sun.
London, England, 1846-06-03 00:00:00

JUNE 0, 1846.

ments as to be able to bring it forward in
another session of Parliament. These are the
different schemes, to be Submitted to your consideration,
which, if carried out, will, I have no doubt, return you
a profitable interest on the capital invested. Should the
Bills pass at a future period, we shall be prepared-to_
r settle the principle upon which. the holders of the pre-
sent stock shall unite with the holders of the original
Caledonian stock. At present I hope there will be no
difference of opinion as to tire propriety of agreeing to,
these schemes, which have „already 'been submitted to,
and sanctioned by, two general meetings: They are
now submitted only in agreement with - the 'resolutions
of the Hodse of Coramolis. In conclusion, allow me to
observe that, under existing circumstances, you should,
distinctly remember, that as a means of protection, 'as
wall as a means of bringing traffic to the 'main line, it is
your interest to sanction them all.—(Cheera.)The SECRETARY then read the heads •of the several
Bills submitted for the approval of the meeting.
Mr. YANDERWALL said, before the sene of the meet-
ing was taken on the Bills, he wished the meeting would
agree to a resolution anthorising the payment of say 4
per cent. on the paid-up stock.He believed a proposi-
tion of that kind- was agreed to at the Caledonian Ex-
tension meeting yesterday:
The CHAIRMAN ihOUght it was an- important questinn,
'and required consideration. The directors, ho believed,
were willing to take the niatter'into their consideration.
11fr. BUCKLEY wished to know if the shareholders
the present Company would haie anything ohr
e to d
the Caledonian EXtension. °
The CHAIR3IAN said that an understanding had been
come to by the Caledonian COmpany with the Caledo-
nian Extension, in its original form, to leaSe ft at a rate
of not less than 4 per cent. on the whole capital. But the
original plan having been altered on account of the
eastern portion of the Caledonian Extension being re-
jected by the Standing Orders' Committee, the matter
assumed a new form. It had not yet been fully consi-
dered by the directors of the Caledonian Company, and it
could not be decided without full communication with the
shareholders. Yet, inasmuch as the western portion of
the Caledonian Extension, which was retained, was the
must favourable portion.of the scheme, • if the Bill for it
was obtained, it would come before the shareholders of
the-Caletioaian.Compauy,witen there was no doubt they
would see at once the propriety of leasing it.—(Hear.)
Mr. BUCKLEY said he was a holder in this Company
of shares which he purchased for investment, and not for
speculation: had he sold out last year and bought in
now he. might have cleared 1,5001. by the transaction;
still he preferred to hold on, and would continue to do
so, as he believed it would yet turn out one of the best
paying lines in the United Kingdom. If they only
waited till the line was opened, he was sure they would
obtain 50 per cent. on their shares over the original
price.—(Hear, hear.) He trusted he would live to see
the shares at a good premium, and if the directors
could only be persuaded to give a small interest on the
capital paid up,.as was done by some other companies,
say even 3 per cent , it would be of great importance,
and give vigour to the whole Company.
A SHAREHOLDER inquired when it was likely the line
would be opened ?
The CHAIRMAN believed that the line would be opened
throughout early in the year 1848. A portion of the
line, however, to the extent of 80 miles, he hoped
would be open next summer, about the Ist of July.
Mr. BUCKLEY trusted the directors would arrange
the calls so as to press as light as possible on the share-
holders.

The CHAIRMAN—We have already 15/. per share paid
up. When 25/. is paid we can then proceed upon the
powers of our Act of Parliament to borrow money, and
you may rest assured we will take care to press you as
little as possible.
Mr. P. M. STEWART, M.P., said, as he held a consi-
derable stake in the Caledonian Company, he could not
resist saying a few words in reference to the decision
which had just been recorded against it by a Committee
of the House of Commons—a decision so contrary to
justice, and to the determination come to last ses-
sion of Parliament, that he was quite sure
they would yet find redress in the House of Commons
itself. If there was any faith to be placed in the deci-
sions of Parliament, .if there was any trust to be re-
posed in the Legislative body, the matter must end in
favour of the Caledonian Company, which had been
sanctioned by Parliament, after passing through a rigid
ordeal of ten years. He maintained that on the faith of
Parliament the Caledonian Company had proceeded to
execute their works; yet now they found a competing
line, which last year bad been tried and found want-
ing, let loose upon them. There would be an end
to all confidence in Parliament if it sanctioned
this most unjust and untoward proceeding. According
to the usage of Parliament, it was required that when a
report is brought up from a Committee a day is fixed for
its consideration when that came on, all he would say
was, that if the House of Commons confirmed that re-
port, it would create the feeling in the country that pro-
perty was not safe while Parliament was sitting.—(Hear,
hear.) But there was another tribunal to which it
would have to go, and where he was sure a Duke and
one or two Marquises would find no favour beyond their
intrinsic worth.—(Hear.) He could say both the London
and Birmingham and the Grand Junction Railway Comps-
nies felt the liveliest interest in these proceedings, and he
had no doubt they would yet bring matters to a favour-
aide issue. He thought it his duty to say so much, and
he assured them he would do what he could to sustain
the Caledonian scheme before the House in its original
integrity. At present they were labouring under this
unfavourable decision, but such had been the unac
countable want of business conduct on the part of the
gentlemen who composed the Committee, that he would
be much surprised indeed if they (the Company) yet
did not get justice done.—(Cheers.)
Mr. VANDERWALL recalled the attention of the meet-
ing to the question of interest on the deposits.
Mr. lioncsoN, M.P., said the meeting was not com-
petent to entertain that question to-day. Under present
circumstances considerable advantage might result from
an arrangement for the_payment of interest, and there-
fore he did not object to it. He had formerly thought
such a course was not advisable, but as many other
Companies had acted upon this plan be would not oppose
it, and it would no doubt receive the attentive considera-
tion of the Committee. With regard to the Glasgow
and Dumfries scheme, it would be found that the ques-
tion had been decided by the Committee on the
question of its local merits, and independent of
the consideration of its being an independent
competing trunk line with the Caledonian. If so,
then it was a clear question for the House of Com-
mons at large to enter upon. He hoped the subject
would be brought fully and fairly before Parliament,
in order to see whether they who sanctioned the Cale-'
donian line last year would allow another com-
peting trunk line to be constructed against it now.
The CHAIRMAN then took the vote of the meeting on
the whole of the Bills submitted, which was as follows:
Scrip represented at the meeting—
Assents
Dissents
Neuter
The CHAIRMAN declart d that this concluded the busi-
ntss of the meeting.
Mr. BUCKLEY moved a vote of thanks to the Chair-
man for his great attention to the interests of the Com-
pany and his conduct that day.
Mr. ASTON seconded the motion, which was put and
carried by acclamation.
The CHAIRMAN returned thanks for the manifesta-
tion of feeling just shown, and said nothing would so
much encourage him to labour in their behalf as the
consciousness that he possessed the confidence of such a
body.
The meeting then separated.