The Sun.
London, England, 1867-09-27 00:00:00

are daily given in to Gen. Warde, and are satisfac'
tory. It is stated that the saddles will likewise be
adopted by the French Government for their trans-
port service.
The general court-martial which was occupied
five days at Chatham in the trial of Private Nash,
of the Ist battalion of the Bth Regt., on the charge
of forwarding a letter to his commanding officer
complaining of the treatment he had received while
confined in Fort Pitt hospital, closed its labours on
IVednesday afternoon, and the members of the Court
have been ordered to proceed to their duty. The
finding of the Court is not expected to be promul-
gated for some time.
The 80th Regiment, now stationed at Alder shott,
will vacate C, D, and F Lines, South Camp, this
day, and occupy the centre block of the permanent
barracks, when they will be attached to the 2d Bri-
gade. The 4th Dragoon Guards will vacate their
present quarters in the North Camp on Tuesday
next, and occupy the West Cavalry Barracks.
Some extensive improvements and alterations are
being carried out in the military gymnasium, Chat-
ham, for the purpose of obtaining increased facilities
for carrying on the physical training of the officers
and troops under instruction in gymnastic exercises.
In the mechanical department of the gymnasium
the materials of which the flooring was originally
composed have been removed, and a bottom of a
more suitable and elastic character substituted, so
as to.lessen the chances of the officers and men re-
ceiving injuries from falls during the time they are
undergoing their course of instruction. The altera-
tions which are now being carried out have necessi-
tated the closing of a portion of the gymnasium
until the proposed improvements are effected.
The Michaelmas vacation of the Royal Military
Academy at Woolwich commenced yesterday morn-
ing and will close on Monday evening next, when
the cadets will reassemble and resume their studies
until Christmas.

RAILWAY INTELLIGENCE.

CALEDONIAN.

The half-yearly general meeting of this railway
was held on Wednesday in Glasgow ; the chairman,

Lieut.-Colonel Salkeld, presiding.
The report, au abstract of which has appeared in
7 he Sun, was taken as read.
The CitAinm.vs, in moving the adoption of the
report, began by referring to the diminution in the
dividend. Under ordinary circumstances, he said,
some reduction was to have been expected at first
so soon after the amalgamation with the Scottish
North-Eastern. But had trade been good that fall-

ing off might almost have been covered by this tune,
and when trade recovered he felt confident that the
former dividends on the ordinary Caledonian stock

would be resumed,while the Scottish North Eastern
would prove a valuable acquisition. Great efforts
were being madeby a class commonly called "bears"
to run down the market price of Caledonian stock
by the circulation of reports detrimental to the
company. The pamphlets and newspaper articles
which had appeared had all the same
.object
namely, to enable speculators who, he was credibly
informed, had " beared" the market to the extent of
£500,000 to buy in again at a lower rate, and so
realise a profit on stock they had sold without hav-
ing it to deliver. As a proof of the scarcity of stock
upon the market, notwithstanding the numerous
sales quoted in the share list, the bears were actually
paying every fortnight a heavy amount of " back-
wardation" for leave to tide over their engagements
to deliver stock they had sold. It had been stated
that, inasmuch as the charge made against revenue
in the Caledonian accounts was not equal per mile
to that of the Great Northern, the difference must
have been charge:l to capital. But he contended
that the circumstances of the two railways were so
different that no comparison could be properly
made between them. In illustration of this view he
went into various details as to the working of the
respective lines. IL showed that no comparison
could be made between the working of the Great
Northern and the Caledonian Railways, but on coin-

paring the working of the Caledonian with the Glas
gow and South-Western a similar rate of expendi
ture on permanent way and rolling stock was appa
rent. Although, ho added, the, allegations which
had been made had created a panic in the breasts of
some they had not materially affected the credit of
the company, for within a very short time they had
been enabled to borrow money at 33 per cent., while
several allotments of the new 5 per cent. preference
stock had been applied for. The chairman concluded
by moving the adoption of the report, and the de-
claration of dividends as therein recommended.
The motion was seconded by Mr. T. HILL, and
after some discussion as to the fall in the dividend
from 71 per cent. in the corresponding period last
year to 5 per cent. for the past half year, the re-
solution was carried unanimously.
The retiring directors having been re-elected, the
meeting by a majority approved an agreement under
which the Caledonian are to work the Solway Junc-
tion line, at the same time authorising the board to
contribute £60,000 towards that undertaking.
The CHAIRMAN next introduced a proposal of the
directors to grant a retiring allowance to Mr. C.
Johnstone, the manager of the line, who' was about
to resign from failing health. The board, he inti-
mated, were prepared to recommend a gratuity of
£5,000, with a yearly allowance of £4OO.
This proposal was met with a storm of opposition.
It appeared that Mr. johnstone's remuneration had
gradually risen from £1,237 in the year 1857 to
£2,718 iu the year ending January last, the average
of 10 years being £l,BOO a year.
Mr. G. Smrrit expressed himself in favour of
giving £3,000, with £5OO a year.
The general feeling of the meeting was against
any allowance being given.
A motion to this effect was made, but against this
the Chairman intimated his intention of using the
proxies held by the directors. After a stormy
scene, in the course of which the chairman repeat-
edly urged the withdrawal of the motion and
the postponement of the whole question, the
motion of the previous question was made from the
chair, and on being put to the meeting was carried.
The matter accordingly dropped, and the meeting
broke up.