The Sun.
London, England, 1856-10-15 00:00:00

duties and salary. The other resolutions were to the
effect that, as 39-40ths of the shares wore held in England
the management should be exercised by the board in Lon-
don ; requesting the advurse members of the Canadian
board to resign. He also intended to propose that no por-
tion of the 444,0004. estimated to complete the undertaking
should be expended in Canada without the assent of the
London board, and that proxies be obtained and a special
meeting be held in Canada to carry out those resolutions.
The half-yearly meeting in London, to be held prior to
those in Canada, so that the resolutions might be carried
there in accordance with the wishes of the majority of the
shareholders.

Mr. HOYES had prepared a resolution which he would
submit. The only power given them to manage their
affairs in Canada was by proxy. He thought they were
greatly indebted to Mr. Bridges for the course he had
adopted at the Canadian board. He was sorry that Mr.
Smith, their late chairman, should have resigned on the
question of the southern line.
The resolution proposed by the chairman was then car-
ried. unanimously.

The Secretary read minutes of the proceedings of the
board in Canada and of the board in London, showing
that those of the former were totally opposed to those of
the latter, and that Mr. Bridges, at the Canadian board,
was in a minority in his endeavours to carry out the reso-
lutions of the London board, the majority voting against
him. The Canadian board went so far to declare the re-
solutions of the London board null and void, after they
had failed in an effort to obtain the acceptance by the Lon-
don board of three bills of 20,0001. each for the alleged
purchase of the southern scheme.

Mr. S. HEREPATH thought they should express their
want of confidence in the whole of the Canadian directors.

The CIIAIRMAS said, with regard to the observations 3f
Mr. Creok, as to getting some pledge from the Government
not to sanction competing schemes, he (the chairman) had
no faith in Governments. In cases where 33 per cent. was
taken off charges on railways to meet the views of Go-
vernment competing lines were granted in the following

session.

Mr. BEA.TTIE said he had received a letter from Canada,
stating that Mr. Radcliff had resigned, but it was not an
official communication.

On the motion of Mr. S. HERAPATH, seconded by Mr.
HOYES, a resolution was unanimously passed to the effect
that the conduct of the vice,president, Mr. Radcliff, as
disclosed in the proceedings of that day, in attempting to
commit the company to the construction of a line of rail-
way between Amherstburgh and St. Thomas, before sub-
mitting so important a step to the consideration of the
shareholders, deprived the meeting of all confidence in his
fidelity to fulfil pledges given by the English board at
general meetings of the company held in England on the
2d of November and the 9th of April, last; and that the
continuance in office of Mr. W. Harris, president, and of
Mr. J. S. Radcliff, vice-president of the Canadian board
of the Great Western Railway of Canada, was incompatible
with the interests of the company, and that they be re-
quested forthwith to resign their seats in the direction.
On the motion of Mr. HOICKS, seconded by Mr. CAR-
PENTEU, the best thanks of the meeting were voted to Mr.
Bridges, the managing director in Canada, for the zeal,
integrity, and judgment which he had uniformly displayed
iu conducting the business of the company.
On the motion of Mr. S. HEEErAnt, seconded by Mr.
BENNETT, it was resolved that no part of the 444,000/.
mentioned in the report should be expended without the
necessity for so doing being demonstrated to the satisfac-
tion of the London board.

Mr. GOVAN, a director, at the request of Mr. S. HER-
PATH, stated his opinion of the undertaking. He repre_
seated the Glasgow shareholders, and had studied the con-
cern in every way; the increase of traffic on the line was
very satisfactory, 17,009 head of cattle ware conveyed
during the half-year ending Jan. 31, 1855, and for the
half-year ending Jan. 31, 1856, the number convoyed was
178,000. With regard to the traffic for the current half
year ending the 31st of January next, he was of opinion
that it would amount to 409,000/, He estimated the
workiug expenses at 50 per cent., or 205,000/., the interest
charges at 50,0001., and the sinking fund at 14,0091., to-
gether 269,0001., which would leave 145,0031. for dividend
on a capital of 2,766,0001., which surplus would admit Of
a dividend at the rate of 10 par cant. pm' annum, and leave
1.1,0001.; bat, as about 5,0001. would be required to be a
dividend at the same rate on the money to be called and
paid on the new shares, a surplus of 5,0031. would remain
over to the next account. The working expenses were
too high, and' he believed they could be reduced to 45 per
cent. of the receipts. (Hear.)

A vote of thauks to the chairman concluded the pro
ceedings.

PERNAIIBITCO.

In reference to the account of the proceedings at the meet
ing of this company, Mr. E. de Mornay states that the sum
agreed tobe paid to his brother and himself as concessionaires
of the line to cover expenses incurred in obtaining in 1852,
the Imperial decrees Nos. GTO and 1,030; in 1853 the Im-
perial decrees Nos. 725, 1,2.15, and 1,245 ; in 1855 the Im-
perial decree No. 1,629, and the two provincial concessions,
and for exploring and making a plan of the country through
which the line would pass, showing all the plantations,
and for the payment of the staff employed in the prelimi-
nary surveys, the law and Parliamentary expenses,
was 16,000/., and not 27,000/. lie was prepared to give
every information regarding the whole amount that had
been paid to the conees3iouaires. The amount they had re-
ceived was quite inadequate to cover the expanses and
liabilities incurred during five years of unremitting exer-
tion in making the plans and obtaining concessions. Reck-
oning the time occupied by them in the enterprise at the
rate paid to a surveyor sent out from England it would
amount to a larger sum than they had received, and this left
entirely unprovided for nil the Parliamentary, law, and
printing expenses, and the staff and labour employed on
the surveys.