The Sun.
London, England, 1860-04-05 00:00:00

RAILWAY INIELLIGENCE.

LONDON AND NORTH-WESTERN.
An extraordinary meeting of this company was
held yesterday at the Euston station, in com-
pliance with the standing orders of the House of
Lords; the Marquis of Chandes in the chair.
Mr. C. E. Stewart, the secretary, read the notice
convening the meeting, which contained a list of

19 railway bilk.
The CHAIRMAN stated that the first four bills on
the list had been introduced into Parliament in ac-
cordance with arrangements entered into with the
Great Northern and the Manchester, Sheffield, and
Lincolnshire Companies, and had been approved at
a former meeting. Three of the measures were
similar to those introduced in the last session of
Parliament. The first two bills had been rejected
by Parliament. The proprietors knew that the
bill for authorising arrangements with the Great
Northern and the Manchester, Sheffield, and Lin-
colnshire Companies was passed through the House
of Commons, but was rejected by the House of
Lords for certain reasons given at the time, and in
the present session two bills were introduced to
meet the objections which had been raised, but the
House of Commons had not passed them, and no
special reasons had been assigned for their rejec-
tion. The company, however, hoped they would
ultimately be successful in this matter. He then
proposed that Bill No. 3 be approved.
The Solicitor read the heads of Bill No. 3, to
authorise the transfer to the London and North-
Western Railway Company of part of the under-
taking of the St. Helens Canal and Railway Com-
pany, and for the increase of the capital of the St.
Helen's Company.
A formal resolution approving the bill was car-
ried unanimously.
The CHAIRMAN said that the next bill he had to
propose for their approval was that which stood.
No. 4on the list. The object of the bill was to en-
able the London and North-Western to take a lower
level on the Edgehill and Garston Railway at less
cost, to form a junction with the Brunswick Docks
at Liverpool, and to obtain some of the land at
Edgehill where additional room was required.
The Solicitor read the heads of the bill, and the
motion approving it was carried.
The next bill, numbered 5 on the list, contained,
powers for the London and North-Western Com-
pany to agree with the Lancashire and Yorkshire,
the Midland, and the North-Eastern Companies, in
reference to the use of the Normanton station, to
which the London and North-Western were to have
access on certain terms. It contained similar
powers in reference to the Lancashire and York-
shire and Oldham and Guidebridge Companies
as to the use of the station at Oldham. A motion
approving the bill was adopted.
The CHAIRMAN said he had now to submit bills
which were promoted by other companies. The
object of the first bill was to place the London and
North-Western in communication with Welchpool,
without, as was originally intended, converting a
portion of the Shropshire Union Canal into a railway.
The London and North-Western would be called
on to contribute £25,000 towards the construction
of the works of a portion of the Oswestry and New-
town line. Under the arrangement the London and
North-Western would be able to obtain access to
and use Welchpool station.
The Bill No. 6 on the list was unanimously ap-
proved.
The next bill submitted and approved was one
promoted by the Nuneaton and Hinckley Company,
and contained clauses for making working arrange-
ments. It contained powers for the London and
North-Western to use the Midland Company's line
to Leicester and the station at that place ; with
power to the Midland Company to use the line pro-
posed by this bill to be constructed between Nun-
eaton and Coventry, and to have access to the sta-
tion at Coventry.
The Bill No. 11 on the list, for making a railway
from the Cannock Mineral Railway into Cannock
Chase ; and the Bill No. 13, for making a railway
from the Chester and Holyhead Railway near Con-
way, to Llanrwst, were submitted and approved.
The next bill submitted and approved was No.
18 on the list, for making a railway from Buckley
to Connah's Quay, in the county of Flint, and for
other purposes.
The CHAIRMAN explained that the bill was pro-
moted by parties connected with the district, the
object being to make a mineral line, and to autho-
rise the North-Western Company to use the rail-
way and subscribe £lO,OOO if deemed expedient.
It would be necessary to adjourn the meeting
for the consideration of the other bills on the
list till the 3d of May. With respect to one of
the deferred bills, he mentioned that if any gen-
tleman wished to convert his Shropshire Union
shares into London and North-Western stock he
would greatly facilitate that arrangement by com-
municating with Mr. Stewart on the subject.
Thanks having been voted to the chairman, the
meeting adjourned till the 3d of May.

GREAT WESTERN OF CANADA.
The half-yearly meeting of this company was
held yesterday at the London Tavern—Mr, R. Gill
in the chair.

The CHAIRMAN, in moving the adoption of the
report, stated that when it was before the directors
in proof they received a letter from Mr. Brydges,
the managing director, stating that he had seen
Mr. Gait, the Minister of Finance, and that it had
been arranged that the interest on the Government
loan should not be called for during three years,
and as the board understood it that no interest
would be charged, or that the Minister would forego
the interest for that period, they had stated in their
report that a 2 per cent. dividend would be declared ;
but now they had to make an unpleasant correction
of that paragraph, because they had since been
informed, on the arrival from Canada of Mr. Rey-
nolds, their financial director, that such was not the
case, but that the Minister was willing to allew
the interest on the Government loan to stand over
for three years as a loan to the company, with a
view to help them over the depression. When
they were informed of this it was too late to
alter the report, as it had been issued to the
shareholders for some days prior to receiving that
information. They had since received an official
intimation from the Government of Canada
that the interest would not be called up for
three years, and that it could stand over as a
loan at 6 per cent. He (the chairman) thought
it would not do to pay a dividend with borrowed
money. They had paid off all their floating debt,
and therefore they did not want to borrow money
at 6 per cent. ; so that, instead of paying a divi-
dend, as stated in the
lie believed
the directors have re-
solved not to do so. believed that the honest
course was to pay their debts, and they would recom-
mend payment of the:intereston the GovernmentGovernment loan
and declare no dividend on that occasion. The
shown available balance, as in the report, was
£41,311, but they proposed now to deduct from it
£17,498, the interest on the Government loan, leav-
ing £23,813, which the directors recommend should
halt-year's 's
be carried to the credit of the next
c, interest
ac-
counts. They would carry forward ni
against the company, and they would pay z7mo
account of the Desjardins accident. They had
charged the half-year with all the expenses, and in
fact they had rather over than under taxed it. They
had arranged with their representatives in Canada
that they should receive remittances from that
country at regular periods, so as to have money in
hand to meet future interest. They had received
two sums on this account—one of £5,000, and
another of £6,000. The capital account was now
closed, and they had paid only £2,000 in the past
half-year as the balance upon the Sarnia branch.
With regard to the working expenses, it was very
fallacious to judge of them by their percentage of
the receipts. For instance, iethe receipts averaged
1 dol. per train mile, and the working expenses
were half a dollar, there would be 50 per cent. profit
leaving the other 50 per cent. for working ex-
penses • but if, owing to the competi-
tion of other railways, the receipts should
be brought down to half a dollar, the work-
ing expenses would be 100 per cent., and that
had been the case with them, owing to the com-
petition of some of the American lines. He was
glad there was likely to be a termination to that
state of things. He then stated that, after moving
the adoption of the report and accounts, he would
propose the appointment of a committee of share-
holders to investigate the":affairs of the company,
to collect facts, and to report thereon to a special
meeting to be convened for the purpose.
Mr. novEs seconded the motion for the adoption
of the report, and for carrying over the balance
of £23,813 to the next account.
Mr. ANDERSON- moved as an amendment, that
the report be not received, and that a committee of
shareholders be appointed to investigate the affairs
of the company, with' power to examine all books,
papers, contracts, Scc and the officers and servants
of the company, and 7.(,),pi:oeeed to Canada for that
purpose, if necessary, to4vreport the result of
a 11(i
meeting their investigations to gnaof shareholders.
Mr. SHADE seconded ..the
arTe
A long discussion ens tied, in whichMr.l Br raid'.
waite, Mr. Cannan, Mr. Thomas, Mr.
Mr. A. Beattie, Mr. S. Herapath; and otheartsrhidare' ge
holders took part, in the course of which it was
contended, on the part of the directors, that
they only wanted an impartial committee of
shareholders having a large stake in the com-
pany; while on. the part of those who sup.
ported the amen dment it was maintained that an
independent cot nmittee, not being . hostile to the
directors, would be the best to appoint. It was also
of the
contended by tb chairman that all sections

shareholders should be fairly represented on the
committee.
Mr. HEAD, on the part of the Board, explained
that they had selected two of the largest share-
holders from the list proposed by the London dis-
sentient shareholders—Mr. Sutherland and Mr. ,
Margetson ; two from the Glasgow dissentient
shareholders—Air. Kay and Mr. Workman ; and
one of the largest shareholders in the company to
represent the general body—Mr. Waite. Those
gentlemen held in the aggregate 7,213 shares, re-
presenting £147,867 stock in the company.
Mr. SUTHERLAND and Mr. MARGETSON having
objected to being on such a committee, another long
discussion ensued, in the course of which the amend-
ment was put, when there appeared 70 for it and
63 against it.
A poll was demanded.
Mr. A. BEATTIE suggested that both the amend-
ment and poll should be withdrawn, and that the
committee should consist of Mr. D. Price, Mr.
Sutherland, Mr. Gilmour, Mr. Margetson, Mr.
Kay, and Mr. Cannan, with full powers to investi-
gate the affairs of the company.
The motion and amendment were withdrawn,
and committee was appointed.
On the motion of the CHAIRMAN, seconded by
Mr. HEAD, a resolution was passed enabling any
shareholder, on payment of a fee of 2s. 6d., to in-
spect the list of shareholders; and, on application
in writing to the secretary, to obtain an alphabe-
tical list of the shareholders, on paying the ex-
pense of copying such list from the books of the
company.
A vote of thanks to the chairman concluded the
roceedings.