The Sun.
London, England, 1856-03-28 00:00:00

ST. ANDREW'S AND QUEBEC.

_ -
A. special meeting of the class A shareholders of this
company was held yesterday, at the office, Parliament-
street, Westminster, to consider a proposition for the
transfer to a company now in course of formation of the
rights and privile4es now vested in the company, and to
pass resolutions in connection therewith ; Mr. F. Ed-
wards in the chair.

Mr. BYRNE, the secretary, read the report, which
statel that the new company proposed to be formed
would have a capital of 600.0001., in 30,000 shares of
201. each, of which only 350,0001., or 17,500 shares,
would' tie disposed of at pre-eut, that being the amount
required to complete the first section to Woodstock, VO
miles in length. The new stock would be issued in
cla,ses A, B, C, and D. Class Ato consist of 4,000
stares, entitled to a Government guarantee of 6 per
cent, for 25 years, to commence immediately on the
c-.mpletion of the line to Woodstock, with a bonus of
20,000• acres of land, or 5 acres per share. Interest at
6 per cent. per annum to be allowed on the deposit and
calls during construction. The Cass B to consist of
7,000 *hares, entitled to a bonus of 105,000 acres of land,
or 15 acres per share, and to 5 per cent. interest On the
deposits and amounts paid up during construction. The
Class C to consist of 4,000 paid up shares, to be allotted
to the proprietors of the 4,000 capital stock. shares in the
existing company, with 60,000 acres of land, or 15 acres
per share, to the holders of tile 4,000 land shares of the
land stock company, for the purchase of that portion of
the railway already constructed, including rolling stock,
&c., together with all their rights and privileges, but no
interest to be allowed on these shares during eJmstruc-
tion. The Class D shares to consist of 2,500 shares, of
201. each, to be paid over to the local government in
right of their advances of 32,0001. and of advances to be
made. About 3,300 acres of laud are to be reserved
for those sharehekers only holding capital stock in the
exiting company, the surplus land to be divided pro
rota in satisfaction of interest, arid for transfer of line.
The CHAIRMAN said the scheme was now before the
shareholders, and the books were open to the inspection
of any of them who might wish to see them.
Mr. BATES, a member of the cotumiteee, explained
that, after a very protract•td d:scus•ion with the oirectors
on the affairs of the company, they had devised the pre-
sent scheme for relieving the company from its difficul-
ties. He believed, if carried out, that it would he found
satisfactory to all parties. Looking to the traffic pros-
pects of the line, and the high position of the Canada
Land shares in the market, he thought there was a fair
prospect of success. Some of the shareholders
thought the terms were too liberal to the public, but
he thought it would have been unwise to offer lower
terms. The terms to the existing shareholders were fa-
vourable., and he believed that the rights of all parties
had been fairly and properly adju'ted. The division of
the surplus land among the A shareholders after the
other classes were sati,fied would amply recompense
them for the loss of interest. Ho concluded by moving a

formal resolution to the effect that the shareholders
ap-
proved the arrangement proposed to be granted by the
new company for carrying out the line to Woodstock,
and authorised the directors to carry out the arrange-
ment.

The CHAIRMAN stated that the holders of 1,700 shares
out of 4,000 shares had assented to the scheme, and that
the holders of 1,000 shares more would assent, making
2 7001. The holders of 50 shares only had dissented.
The whole of the present A shares, 4,000 in number,
with but one exception, had had 161. per share paid up.
It was necessary to call up the remaining 41. per share,
in order to pay off a loan.
Mr. GOODCHAP and other shareholders expressed their
dissent from the proposed scheme for forming the new
company, as they were desirous of preserving their pre-
sent rights. They did not want to belong to a new com-
pany.
The CHAIRMAN explained that, unless they completed
the line to Woodstock in 1857, they would forfeit all their
rights, and the money expended would be lost. About 26
mites of railway from the port of St. Andrew's were al-
ready finished, and 6 additional miles could soon be
completed, making 32 miles, that might be soon opened
for traffic. Thy cost of constructing that portion of the
line bad not exceeded 3,0001. per mile, and to complete
the line to Woodstock, including rolling stock, would
he 350,0001. The Government had agreed to subscribe
50,0001. towards the undertaking, but had not completed
their agreement.
Mr. GRICATREX thought the p'an proposed was the
best they could adopt, and, from information he had ob-
tained, he believed if the project were carried out that
they would have a very good property.
The CHAIRMAN, in reply to a question, stated that
Earl Fitz william had assented to be chairman of this
new company, and that Lord Ashburton had also as-
sented to the scheme.
The resolution proposed by Mr. Bates was then car-
ried, Mr. Goodcbap dissenting.
In reply to a question,
Mr. SHA.BPE stated that the bill now before Parlia-
ment of the " British and North American Great Rail-
way and Land Company " did not emanate from the St.
Andrew's Company.
The proceedings concluded with a vote .of thanks to
the chairman.