The Sun.
London, England, 1869-04-30 00:00:00

BI.::FALO AND LAKE lICP.ON.

The a ljourned half-yearly meeting' of this com-
pany was held yesterdAy at the Ci y Tainnus
Hotel Cannon-street ; Mr. E. liesAtile in the
chair.

The CHAIRMAN, in moving the adqtiai' orthe.
report, said that their relations with ihe Greed
Trunk Company were not very satisfac•ory. The
portion of the traffic to which they were entitled
for the half-year endino on the 31. t of Dec: either
last was about £20,000, and they had not yet
received ir. lle thought it hard that the Grate!
Trunk Company should have been in recaipt of the
joint traffic from July to December last, and new it
was April, without having paid them. Accoritiog
to the agreement of the sth of November last, the
Buffalo Company were to be d with .£l,OOO
fur interest on additional capital, and credited with
£5OO fur office expenses. In the Grand Trunk ac-
counts the former item was inserted, hut the latter
ittm was omitted. That was the way of doing hit i-
nev. agreement ef the di of Noveinb,r list
was for the settlement of past differences, but all
the tuoney was not yet pail, there being a bill for
£lO,OOO ilue, together with the £20,000 he had
mentioned. llehad expressed great reluctance to
entertain any new agreement until they were
settled with fer the past.
Mr. Cox seconded the motion, which, aft r a
short discussion, was carried unanimously, and the
other ordinary business was adjourned.
The special meeting was then held, to obtain the
opinion of the proprietors in respect of the heads of
agreement, dated the 19th of Noven3br last, fur a
lease of the line, commencing at a rental of
£42,500 a year and gradually rising to £65,000 a
year, in additioa to which the ordinary shares of the
Buffalo Company were to rank with the ordinary
shares of the Grand Trunk Company,
The CHAIRMAN explained that the directors had
entertained the matter so far as to bring it before
the proprietors because they believed that some of
the large shareholders were favourable to it, but it
subsequently appeared that meetings were held in
Liverpool, and memorials representing one-third of
the capital were sent to the board against the -A gree=
ment. lie then moved a formal res:olution to the
effect that the heads of agreement of the 19th of
November, made between this company and the
Grand Trunk Company, be approved and adopted.
Mr. Cox, a director, said it was his duty, as a
matter of form, to second the motion.
A discussion ensued in which Mr. Villesboisnet,
Mr. Wright, Mr. Healey, Dr. Rose, and Mr. Ash-
ton took part, and it resulted in the unanimous re-
jection of the heads of agreement. It appeared
that proxies representing 37,054 votes were recorded
against the heads of agreement and 3,230 votes in
favour of them ; majority, 33,824 votes.
On the motion of Mr. STITT, seconded by Mr.
HEALEY, a resolution was passed to the effect that
the company was prepared to receive any other pro-
posal that might be made.

The ordinary business was then r surnel, and, in
compliance with the desire of the Liverpool sh:AN-
holders, Mr. Maxwell, Mr. Stitt, Mr. Ashton, and.
Healey were unanimously elected directors of
the company.
A vote of thanks to the chairman concluded the
proceedings.