The Sun.
London, England, 1846-11-03 00:00:00

T? ".TT.I'A TNTIFT LTGPNCE.

NORTH BRITISH.
EDINBURGH, SATURDAY.—Yesterday a special general
meeting of the proprietors was held here in the saloon
of Gibbs's Royal Hotel, to determine whether the com-
pany should proceed with the Bill for the formation of
the Edinburgh and Perth line.
➢lr. JOHN LEABMONTH, of Dean, chairman of the
company, presided, and st tied the views of the directors
regarding their present position, observing that the di-
rectors have felt that they were placed in circumstances
of very considerable difficulty in regard to the Edin-
burgh and Perth line. They have ascertained beyond
all question that there is a very considerable body of the
shareholders of the North British Company strongly ep-
, posed to that line. They have also ascertained within
these few days the notorious fact that the opposition
which will be given to tlett line in Parliament has been
greatly strengthened by the additional strength which
has been imparted to the Scottish Central Railway by
their associatio❑ with that powei-ful body reaching from
London to Perth. There also occurred to their con-
sideration various legal difficulties ; and, influenced by
these various views, they have come to a resolution
which I must now state to you, namely, that under
these altered circumstances, they deem it inexpedient
to continue their support to the Edinburgh and Perth
line.—(Great applause.) I can assure you that my own
views, at least, of the value of that line to this company
are unchanged. I wish that that" line had been made.
We have astrong interest in it ; for I am persuaded that
neither this nor any other company ought to be confined
within its own strict limits ; but I cannot give my own
judgment that weight so as to induce me to go on with
what I believe to be almost impracticable. I believe it
to be difficult, and very difficult indeed, for the Edin-
burgh and Perth Company to obtain their Act in the
face of .the opposition which I have stated to you ; and I
believe still more if we go to Parliament for a Bill to
enable us to amalgam ite with that company, opposed as
we certainly ar•e by a very important. section of the
North British Company, although a minority--for I
am prepared to tell you that section is in a minority—it
will be impossible for us to obtain from Parliament the
power to amalgamate with the Edinburgh and Perth. In
this attempt we will unquestionably have the opposition
of a considerable body of our own shareholders to eon-
tend with, backed by other and foreign interests.—
(Hear, hear.) Under these circumstances, and looking
to the variety of legal difficulties that will arise from
various quarters, as I have now stated to you, it is the
desire of the directors not to vote for going on with the
Edinburgh and Perth scheme so far as they are concerned.
Of course we have no right to dictate to that company;
but so far as your interests are concerned, if it is your
pleasure to concur in the views I have now stated, the
directors of the North British Company will take those
measures which present themselves, and of which they
will make the best use, to withdraw their support from
that company.—(Applause.)
Mr. WOTHERSPOON, of Liverpool, intimated his con-
tinued and determine d opposition to the Edinburgh and
Perth. They would be opposed by the London and
North Western Company, and the whole of the lines
now incorporated with that line, extending from London
to Carlisle. They would likewise have the opposition
of the Caledonian, the Scottish Central, and the Edin-
burgh and Northern Companies to contend against; and
last, but not least, the opposition of a powerful and
determined body of their own shareholders, who would
not suffer snch a scheme to be carried out in Parlia-
ment.—(Applause.) He concluded by moving to the
effect that the thanks of the meeting be given to the
chairman and directors of the company for the gracious
manner in which they had acceded to the expressed
wishes of a large body of the shareholders in with-
drawing their support from the Edinburgh and Perth
Company; and that they be instructed to take the most
prompt and effectual means to realise the scrip of the
Edinburgh and Perth Company, and that they charge
any loss arising therefrom in the accounts for the cur-
rent half-year.
Captain RICE, of York, seconded this.
Mr. SPENCE, a representative, from Birmingham, sup-
porting.
Mr. DEas, advocate, opposed. The question was
simply this—the directors first spent 90,0001. in buying
a railway, and the❑ some demur having arisea about the
purchase, the directors agreed to reconsider the matter.
This they had accordingly done, and after giving to it
the fullest consideration, they had issued a report to the
shareholders, recommending that line, saying that they
were of the same opinion as they were before, as to its
value to the North British Company, and that it ought
by all means to be made. Now he must say that the
recommendation of the directors was to him one of the
strongest reasons for going on with that line, because he
found that the giving of it up was recommended by par-
ties who had good reasons for wishing that it should be
abandoned, such as the Edinburgh and Northern. He
was perfectly petrified, on coming to the meeting to sup-
port
that report, to find that the directors had turned
round and moved its disapproval. This certainly was
pertinent to the matter le fore the meeting.
Mr. JAMES AYTOUN, advocate, contended that the cir-
cumstances with regard to the Edinburgh and Perth
Rail cay were entirely changed, and that was the ground
on which the directors had come to the determination to
abandon the scheme, which was a good scheme at the
time they entered upon it. Last year the Edinburgh
and Perth line had almost a certainty of passing ; at
that time an agreement was made with the Edinburgh
and Northern, by which no opposition was to be offered;
and at that time also there was a similar agreement with
the Scottish Central; all of which circumstances afforded
a good reason for the North British entering into the
arrangement that they had done. Mr. Aytoun then
showed that, as the Edinburgh and earth Bill had been
lost in Parliament, the agreement with the North Bri-
tish was at an end; and having quoted the authority of
Mr. Rutherford to support this argument, he went on to
maintain, with regard to the proxies, that the directors
had acted in a fair and proper manner in using as they
had done those which left the matter to their discretion,

Mr. WILLIAMSON, of Kinross, moved approval ofthe
views expressed in the directors' report in regard to the
Edinburgh and Pcrth Railway, and that the directors b•
instructed to carry these into effect.
Mr. PEAS seconded the motion.
After a good deal of discussion, Mr. Williamson at
length consented to withdraw his motion, on the condi-
tion that it should be recorded in the minutes that 2,203
proxies had been received by the directors for going on
with the line. The motion of Mr. Wotherspoon was ac-
cordingly declared to be carried.