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

session.

Mr. BEATTIE 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. HOYES, seconded by Mr. CAR-
PENTER, 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
in conducting the business of the company.
On the motion of Mr. S. HEREPATII, seconded by Mr.
BENNETT, it was resolved that no part of the 414,0001.
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. HERA-
PATH, stated his opinion of the undertaking. He repre.
sented the Glasgow shareholders, and had studied the con-
cern in every way; the increase of traffic on the line was
very satisfactory, 17,000 head of cattle were conveyed
during the half-year ending Jan. 31, 1855, and for the
half-year ending Jan. 31, 1856, the number conveyed 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
working expenses at 50 per cent., or 205,0001., the interest
charges at 50,0001., and the sinking fund at 14,0001., to-
gether 269,0001., which would leave 148,0001. for dividend
on a capital of 2,766,0001., which surplus would admit of
a dividend at tie rate of 10 par cent. par annum, and leave
10,0001.; but, 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 5,0001. would remain
over to the next account. The working expenses were
too high, and he believed they could be reduced to 45 per
cont. of the receipts. (Hear.)

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

PERNAMBUCO.

In reference to the account of the proceedings at the meet
ing of this company, Mr. E. de Mornay states that the sum
agreed to be paid to his brother and himself as concessionaires
of the line to cover expenses incurred in obtaining in 1852,
the Imperial• decrees Nos. 670 and 1,030; in 1853 the Im-
perial decrees Nos. 725, 1,215, and 1,246 ; in 1855 the Im-
perial decree No. 1,629, and the two provincial concessions,
and for exploring and making it 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, &c.,
was 16,000/., and not 27,000/. He was prepared to give
every information regarding the whole amount that had
been paid to tho concessionaires. The amount they had re-
ceived was quite inadequate to cover the exposes and
liabilities incurred during five years of unremitting exer-
tion in making the plans and obtaining concessions. Reck-
oning the time occupied by thou in the enterprise at the
rate paid to a surveyor sent out from England it would
amount to a larger suns than they had received, and this left
entirely unprovided for all the Parliamentary, law, and.
printing expenses, and the staff and labour employed on
the surveys.