The Sun.
London, England, 1856-09-17 00:00:00

GRAND TRUNK RAILWAY COMPANY
OF CANADA.

MEETING THIS DAY.

A meeting of the shareholders of the Grand Trunk
Railway Company of Canada Was hold this day at the
London Tavern.

The chair was taken by T. Baring, Esq., M.P.
The report having been taken as read,
The CHAIRMAN, i opening the proceedings, said the
report having been taken as read, it would be his duty
to submit the usual resolution to the meeting. The
directors were prepared to give every explanation it
was in their power to any inquiries that might
be put to them, and to express their opinions
upon the different points that might arise in
the course of the meeting. He bad been infor-
med that a motion for the adjournment of the meet-
ing, and also for the appointment of a committee to
a,certain the state of the affairs, would be made. The di-
rectors we re ready to grant a committee if it was the in-
tention of the meeting to appoint one, and in the event
of the motion being agreed to were anxious that
the members of the committee should be independent
of contractors. (Hear, hear.) There would, as
he before said, be no objection to such a course, but
it was for the members to consider the effect that was
produced by the appointment of committees. The
effect, in the present instance, would be to produce in
Canada an impression that there was a division i❑
the mode of conducting their affairs. With thee•
few observations, he put it to the shareholders
whether it would be desirable to appoint such a com-
mittee as was proposed. He thought it advisable if the
present meeting was to be adjourned, that it should be so
adjourned without any further discussion. The resolution
he should move, supposing such a course had not been
adopted, would have been that the report be received,
and that they be directed to take steps to carry it into
effect. He should not propose such resolution until the
question of adjournment had been disposed of. There
were also other resolutions which he should move, to the
effect that this meeting should co-operate with the direc-
tors in Canada, to get a modification of the act
passed by the legislature ; but, of course, until the
course it was intended to adopt was fixed, it would be
futile for him to move any resolution. He assured the
meeting there was no attempt on the part of the direc-
tors to quit the ship, but to stand by it until it floated
safely in deep water.

Mr. CLARK complimented the chairman upon the
straightforward course he had taken, but he thought it
was his duty to move the adjournment of the meeting,
and also that a committee of inquiry be appointed.
A long discussion took place as to the advisability of
adjourning the meeting. The motion was eventually
withdrawn.

The CHAIRMAN said he thought that a wise course had
been adopted. It did not surprise him to hear a
diversity of opinion expressed on the position of the
company, but be did not despair of the prosperity of the
undertaking. He felt that the Canadian Legislature
would afford the shareholders the relief they required,
and it would be impolitic for them to reject the act that
had been pas,ed. It was not the way to get relief to
refuse that which bad been given. It was absolutely
necessary that funds should be raised to meet the exi-
gencies of the company ; and, under these circumstances,
the directors were compelled to recommend to the sane-

tion of the shareholders an increase of the capital of the
company to the amount of 500,0601. This amount they
suggested should be raised by the creation of deben-
tures. It would be seen by their accounts that they
had no surplus in hand, and it was imperative that
the sum he had mentioned should be raised, in order to
meet the HIM that would have to be provided before the
Ist of January for interest. Under all the circum-
stances he thought the best course to adopt was to raise
the 500,0001. on bonds, to come in for payment after
the other bonds already issued. He assured the meet-
ing that everything that was possible was being done to
put the company in a good position.
Mr. CLARK believed that nothing but mismanagement
had placed the company in the position they at present
occupied, and he thought that the appointment of a com-
mittee, and the adjournment of the present meeting for
a few days, would be the best thing that could be done
at present.
Mr. WEcUELIN entered at some length into the diffi-
culties that had beset the operations of the undertaking,
but he did not think there was any cause for despon-
dency as to the ultimate prosperity of the company.
The Hon. Mr. Ross explained the different points in
the report that had been alluded to, and said he should
feel great pleasure in answering any questions that
might be put to him.
A SHAsErior.oza begged to ask why Mr. Liddell's
proposition for the Victoria-bridge was not carried out
Mr. Ross said he would answer the question in a few
words, namely, he did not think that the present was a
fit or proper place to enter into a scientific discussion.
(Hear, hear, and " Oh, oh.")
A SHAREHOLDER asked when the bridge, with the
present expectations, would be completed 1
Mr. Ross—lf no unforseen obstacles should occur,
the bridge would be finished in 1860.

Mr. DOUGLAS was about to address the meeting, when
Mr. GLYNN rose to a point of order—he wished to
know whether Mr. Douglas, he being only a bond-
holder, could address the meeting.
Tie CEIAIRMAN said he was legally informed that Mr.
Douglas couldinot address the meeting.
A discussion on the point arose, but it was ultimately
decided that Mr. Douglas had not the power to speak.
_ _

Mr. CLARK said he believed the time had arrived at
which they ought to move the adjournment of the meet-
ing. He begged, therefore, to move that the present
meeting be adjourned for a fortnight.
The motion having been seconded, it was put to the
meeting and negatived, as was also another proposition
that an adjournment take place for a month.
Mr. CAMERON, a member of the Canadian Legislature,
stated that be had great confidence in the ultimate suc-
cess of the undertaking, and advised the shareholders
not to depreciate or sell their stock. He did not think
they would get the 11i per cent., as the original pros-
pectus set forth ; but be thought that they would get 5
or 6. In order to secure this it would be absolutely ne•
cessary to alter their present system of management.
He thought it would be desirable, in order to secure the
prosperity of the undertaking, to have one or two gen-
tlemen, in whom they had confidence, in Canada, as
managing directors, having seats at the board, and also
possessing the power to receive and use proxies. This
plan had been conceded by the Legislature to the Great
Western Railway, and he had not the slightest doubt
that the same concession would be made to the Grand
Trunk Railway. (Hear, hear.) The hon. gentleman
having given a very excellent description of their property
in Canada, concluded b y calling upon the sharehol-
ders not to lose heartin the undertaking, and assured
the meeting that the Canadian people would fulfil all
their promises to the very letter.
Sir A. Mt/sTAB entirely concurred in the observations
of Mr. Cameron.
The CHAIRMAN said that the following passage in the
report would show what was the feeling of the directors
as to the proposed alteration in the constitution of the
London Board :—" The serious attention of the London
Board has been drawn to the existing constitution of the
Airection, divided as it mow is into two sections, sitting in
Canada and in London. The functions of the latter body
are very limited, and while they appear to impose responsi-
bility, do not afford any power of effectaal control. It may
be absolutelynecessarythat the English shareholders should
be more effectually represented at the Canadaßoaril, and
that the representative should be invested with power to
act for their interests there. The directors are informed
that it is the intention of the Canadian Government to
propose to Parliament an alteration in the oonstitution of
the board by withdrawing their directors and substituting
a commissioner unconnected with the Executive Govern.
ment." He thought, that being the case, it would be
unfair to fetter the directors by passing any resolu-
tion on the subject.
In reply to a Shareholder,
The CHAIRMAN said the directors were desirous to act
in harmony with the Great Western Railway of Canada,
if possible. It was not true that any difference existed
between them.
The motion for the adoption of the report was then
put from the chair and agreed to unanimously.
The following are the resolutions which are to be sub.
mitted to the general meeting to be held during the pre-
nit autumn in Canada :
" That the company accept the act of the last session of
the Provincial Parliament of Canada, leaving the directors
to urge such modifications upon the Government of Canada
as they consider expedient.
" That the sum of two millions of preferential capital,

authorised by the said aut. be raised by she iadne ttaaeunt
der of preferential bonds of the company to that amount,
each bond to be for 1007. sterling, and to bear interest at
six per cent., and to he repayable in 25 years, such bonds
to be offered, in the first instance, to the shareholders in
proportion to their respective shares, and any not taken
up by the shareholders to be sold by the directors in such
manner and at such price.; as they shall from time to time
determine.

"That the additional agreement with the English con-
tractors, and the further agreement with the Atlantic and
St. Lawrence R,ailway Company, under which additional
shares of that company to the extent cf 140,9381. 17s. ld.,
have been issued to this company, be and the same are
hereby approved.
" That the resolution of the directors dated the 20th
day of August, 1856, for inereasirg tinder the authority of
the Grand Trunk Rail way Act, 1 e5l, the capital of the
company by the sum of 500,000/. be, and the same is
hereby approved, and that the directors be, and they are
hereby authorised to raise that sum, or so much thereof as
may be required from time to time for the purposes of
the compan , by bonds of the company, to he called C
Bonds, and that each bond be for MR sterling, and bear
interest at the sate of Gt. per cent., and be rerryable in 25
years, and that such bonds be is,ned by the director.; upon
such terms and conditions, and at such premium or dis-
count, and to such persons as they shall, from time to
time, direct and determine."
The proceedings terminated with a vote of thanks to
the chairman.

CONSERVA TIVE LAND SOCIETY.

QUARTERLY MEETING (THIS DAY.)

The sixteenth quarterly meeting. of the members of
this society was held this day at Exeter-hall, Strand.
Amongst the directors present were observed
count Ingestre, Hon. R. Bourke, Borlax Hill Adams,
Esq., Newnharn Winstanley, Esq., Robert Steven, Esq.,
and the Rev. Dr. Worthington.

The chair was taken by Col. Brownlow Knox, M.P.

The following is the quarterly report of the directors:--•

" The Executive Committee, in submitting the Six•
teenth Quarterly Report, have muoh pleasure in reminding
the members that the fourth anniversary of the Conger•
vative Land Society was on Sunday, the seventh of Sep•
tember, at which date the quarterly meetings were held
on the previous throe years. The financial returns for the
current Michaelmas quarter aro brought up to the week
ending Saturday, the 13th inst., and the total cash receipts
to that date amount to the large sum of £254,752 17 10

Whilst the total withdrawals from Sep-
tember, 1852, to September 13, 1856,
hare only amounted to

The cash receipts for the current quarter
from June 24, to September 13, are
Ditto for corresponding period in 1855 11,770 1 5

The increase therefore is

The total number of shares in progress, or uncom-
pleted up to September 13, 1856, were .. 10,313
Ditto completed to same date 2,169

Tho total number of shares to September 13, 1856 12,482

The returns up to Sept. 13th, 1856, :of the Register of
,he Order of Rights, are as follows :
Completed. Drawn. Seniority. Total.
2,169 2,443 1,256 5,868
Deduct Rights exercised on Estates, &c.

Unszercised Rights ..... ..... 2,563

The last number to be placed on the list of rights by
seniority or date of membership, after the drawing of the
17th of Sept. (this clay), will be about share No. 4,014.
The sale of land during the current
quarter up to Sept. 13, is £14,224 8 6

Tue total amount of land sold from the
formation of the society up to Sept. 13,
1856, is £191,762 12 Si

" There are yet a fortnight's reoeipts to complete the re.
turns for the Michaelmas quarter, ending the 29th inst.,
but the Executive Committee cannot refrain from adding,
that gratifying as the quarter has proved up to this date,
the annual accounts closing the financial operations of the
fourth year, which will be brought under the notice of the
members at the annual meeting next December, will still
further prove the permanent prosperity of the Conserve.
tive Land Society.
"The committee have the pleasure to state that they have
re-elected Robert Steven, Esq., and Benjamin L. Sowell,
Esq., as their two auditors, under rule 30 (late 31), and
the members will now have to elect two auditors under the
same rule, to audit the accounts of the society for the
current year, ending the 29th inst.

" Accordiiig to Rule 22 (late 23) one-third of the caeca-
tive committee will retire by rotation at the annual gene-
ral meeting in December, the retiring members of the
board, however, being eligible for re-election.
" Colonel Taylor, M.P., having been unable to attend
the weekly meetings of the Board, has resigned hie office
under Rule 31 (late 32), but remains a member of the
general committee. . . .

" As on former occasions, the claims of allottees on some
of the estates bought for the society have been objected to,
but the committee entertain no doubt that they will be as
successful as in previous years, in supporting the rights of
the members who have selected plots of undeniable value,
to entitle them to the freehold franchise. Due notice will
be forwarded by the solicitors of the days appointed for
the meetings of the Registration Courts, and the claims
will be sustained free of all charge to the allottees.
" Oa the 7th August nineteen leased plots on the Brigh-
ton Estate were offered to the holders of rights, and were
all taken within the first 12,) numbers on the register.
" Since the last report, the whole of the Malden Estate,
in South Essex, has been disposed of, additional railroad
accommodation to that town being contemplated. The
committee can also congratulate the holders of plots on the
West Malvern Estate, that the Worcester and Hereford
lino will now be completed.
" Ever anxious to promote building operations, the con'.
mittee have turned their attention to the estates on which
no houses have hitherto been erected, although eligibly
situated, and as an experiment have resolved to call for
tenders for the construction of a pair of villas and houses
on the Oatlands Grange Estate, Weybridge, in West Sur.
rey, and the Enfield Estate, in Middlesex. The commit.
tee propose, on the completion of these buildings, to offer
them, in the first instance, to the holders of Rights of
Choice, in rotation. Many applications being made by
persons who are not members of the society, for houses,
the committee have been induced to take this course.
Should this plan meet with success, the committee will be
emboldened to extend the system to other estates.
"The allotment of the Kentish Town Estate will take
place as speedily as possible. The committee have acquired
an excellent estate at Maidstone, in West Kent, and no
time will be lost in offering it, in plots, to the members.
" The executive committee, in conclusion, are enabled
to make a most satisfactory announcement, not only to the
holders of plots on the St. Margaret's estate, but to the
members generally. The magnificent mansion will remain
as a permanent ornament to this fine property, an inepee.
tion of which, now that the ornamental gardens and roads
are nearly completed, will afford an idea of the advantages
which a society constituted as the Conservative Land So-
ciety is, can accomplish by heightening the natural beauties
of a picturesque neighbourhood. The negotiations with
the Royal Naval Female School have come to a conclusion,
and that admirable institution has purchased the noble
edifice, with a portion of the unalletted land. The disposal
of the mansion has induced the committee to renewed ex-
ertions to develope the St. Margaret's estate, which, for
beauty of scenery and for eligible sites for villas, is not to
be surpassed by any other situation on the banks of the
Thames.

"The executive committee heartily congratulate the
members on the happy auspices under which the fifth year
of the Conservative Land Society has commenced.
" RANELIGH, Chairman.
" CHARLES LEWIS GRUNEISEN, Secretary."
The CHAIRMAN, i❑ moving the adoption of the report,
congratulated the assembled members on the continued
prosperity of the society. The accounts, closing the
financial operations of the fourth year of this society,
would be submitted to the members at the annual meet-
ing, to be held in December next, and he was happy to
say they would still further prove the permanent pro-
sperity of the Conservative Land Society- The chair-
man having congratulated the meeting on the happy
auspices under which they commenced the fifth year of
the existence of the society, resumed his seat.

The motion having been seconded, it was put to the
meeting and carried unanimously.
After the election of the auditors a drawing for fifty
rights of choice on the society's estates book, and 26
members were added by seniority.
The proceedings terminated with a Tote of thanks to
the chairman.