The Sun.
London, England, 1858-08-13 00:00:00

LONDON, FRIDAY -EVENING, AUGUST 13, 1858.

EAST INDIA HOUSE, August 11, 1858..
THE COURT of DIRECTORS of the EAST
INDIA COMPANY DO HEREBY GIVE NOTICE,- That a
SPECIAL GENERAL COURT of the said COMPANY will be held
at their House in Leadenhall-street, on WEDNESDAY, the 25th
inst., at 11 o'clock in the forenoon, far the purpose of laying before
the Proprietors of East India Stock, for their approbation, a Re-
solution passed unanimously by the Court of Directors- this day,
Granting an Annuity of 22,000 to Sir John Laird Maif I/awl:pee.
Bart , G.C.8., upon the grounds therein stated.
The Report required by the Bye Law, Cap. IX., Sec. 3, together
with the Documents on which the said Resolution has been formed,
are open for the inspection of the Proprietors at this Rouse.
J. D. DICKINSON; Secretary.

GREAT WESTERN RAILWAY.
EXCURSION to Oxford, Banbury, Leamington, Warwick,
and Birmingham, from Paddington, on SUNDAY, the 15th, at 145
a.m., returning the same night.—Fares : Oxford, Os. Od. and 4a.;
Banbury, Ss. and ss. ; Leamington and Warwick, lee. 6d. and de.;
and Birmingham, 12s. and 7s.

GREAT WESTERN RAILWAY.
WINDSOR and back for 2s. Gd., from Paddiagton.—Week
days at 8A 5 and 10.30 a.m., returning at (7.35 and 8.5 p.
—m. On Sard
un-
days, from Paddington at 9 a.m., returning at 7 p.m.Taplow
back, on Sundays, for 2s. Gd., from Paddington at 9 a.m., returning
at 6.57 p.m. Henley and back for 35., from Paddington, at 9 a.m.,
returning at 8.55 p.m.

FOR THE SEA SIDE.
ANGOLA SUITS, 21. 15s.
Excellence with Economy.
GEORGE HOBSON, 57, Lombard-street.
Established 1706.

RAILWAY INTELLIGENCE.

GEELONG AND MELBOURNE.

The adjourned meeting of shareholders and b,ndliolders
was held yesterday at the offices of Messrs. Partidge and
Co., Lancaster-place, Strand.
bfr. Potter took the chair in the absence of Lord Alfred
Churchill.

TIACIIAIRKAN said that he regretted the absence of
Lend. Churchill, as he felt that it might be more satisfac-
tory if the,chair were taken by a shareholder instead of a
bondholder only, although, as far as he (Mr. Potter) was
concerned, he looked upon their interests as so similar that
he was quite ready to unite with the shareholders in bring-
ing about a satisfactory adjustment of the difficulties which
oppressed the undertaking. The- Geelong and Melbourne
Railway was really and essentially a Government undertak-
ing. Very few of the shareholders would have subscribed their
capital if they had not felt that they were under the pro-

tection of the Colonial Government, and were secured a
guaranteed minimum interest on their shares. Some 18
months ago, when he and others had occasion to ad-

dress a memorial to the directors, they called upon the
late Duke of Marlborough, who held 1,000 shares. They
wished his grace to sign the memorial, in order that there
might be some official representation of the English share-
holders at the board. The duke, on that occasion, at first
objected to sign the memorial lest it might take away from
the Government the responsibility they were under, for he
stated that he had invested his £20,000 relying upon the
faith of the Government guarantee, and he feared by taking
any part in the memorial he would be trenching upon the
responsibility of the Government. No sooner had the
scheme for the railway been projected than the Govern-
ment connected themselves with it. They obtained powers
to enable themselves to guarantee the interest, and
to secure for themselves a representation at the
board. They appointed two members of the Go-
vernment, one of whom was Mr. S. J. Cooke, the
present manager in England, who came over to help in
raising the funds. The project was one which, although
small in the Old World, was of great importance and magni-
tude iu the -colony. It connected the two principal sea-
ports, and must one clay become the high road from Mel-
bourne to Ballarat. The policy of the Government of
Australia subsequently changed, for they resolved that the
main trunks of railway should be made and worked by the
Government, and the moment that resolution was taken
they commenced a course of obloquy, misrepresenta-
tion, and abuse against the Geelong and Melbourne
Company. Or.e member of the Cabinet denounced
the undertaking as " a misdirected enterprise," and
every obstacle was thrown in tire way of the company
to cheapen the line in order to buy up. (Hear, hear.)
When the line was in course of construction, the first diffi-
culty was the neglect of the Government to send a share-
list over to this country. They then quibbled about the
time when the funds were due to pay the interest. Though
surprised at the extraordiaary advices which had recently
been received from the colony, he had ao doubt but that
ultimately they would obtain a full measure of justice.
There was a provision in the act of incorporation that the
line should be constructed upon certain plans, and that
the plans should be sent to the Government for two months,
after which period they were to be considered as approved.
That had been done, and one of the difficulties which now
appeared was the construction of the line at the Geelong
ead. The directors took land where there was some prior
claim to lay down roads, but the company knew nothing of
that, and the Government, who alone could know about it,
returned the plans approved, and took no notice of those
claims. Notwithstanding this the Government now turned
round and said that the claims of the Ashby Association
must be adjusted before any transfer of time line could lake
place. He believed that if the Government had kept
faith with the company, and completed the Williams-
town end of the line, the receipts would have been
much larger than would have been necessary to pay the
dividend guaranteed' by the Government. There were, it
would seem, some incidents in the correspondence which
had taken place which furnished a key to the conduct of
the Government. They appeared to think that they could
raise money on the same terms as the Government of
Canada. There was, however, a striking contrast between
the Government of South Australia and that of Canada.
When the securities of the Great Western of Canada
were negotiated in England, the Colonial Government
undertook to raise three millions by mortgage and loan, the
payment of principal and interest to be secured by
mortgage of the line. They raised t':e money; they
took a first mortgage, and when it was found that
the cost of the works exceeded the estimate, and
that there was a collapse of trade and commerce, they
generously remitted the whole of their debt of £3,000,000,
and allowed the English shareholders to take the receipts
of the line, contenting themselves with a last instead of a
first mortgage. (Hear, hear.) Yet the Prime Minister of
Victoria appeared surprised that the credit of South Aus-
tralia was not equal to that if Canada. He (the chairman)
believed that the best course for the English shareholders
now to adopt would be to pass a resolution in the terms of
a protest against the conduct of the Colonial Government,
and then form a committee to confer with the associated
bankers to induce them to advance the money necessary to
pay the interests of the bonds, and, failing in those efforts,
to despatch a properly qualified agent to the colony toes en-
deavour to get the Government to purchase the line. (H,
hear.)
Mr. Alderman SALOMONS inquired whether if was quite
true that an arrangement for the sale of the line had been
concluded with the late Government of Victoria?
Mr. CooKE said that a proposal had been made by the
directors, which had been verbally accepted by the Govern-
ment. The terms were, that the Government should pur-
chase the line with its liabilities, and give in exchange for
the shares at 5 per cent. debentures with a guaranteed
interest of 6 per cent. The governor had subsequently
written to Mr. Potter to say that he had no reason to sup-
pose that his then advisers (the new Government) would
refuse to ratify tire promises of the old.
Mr. Alderman SALOMONS said he had purchased his shares
lately, entirely on the security of the Government, anti that
he did not think there was room for an honest Gover muent
to get out of the bargain. The bonds were signed by two
nominated members of tire Government, who represented
the Government of Victoria in this matter quite as much as
Lord Monteagle did when he signed the Exchequer bills of
the British Government. (Hear, hear.) He suggested
whether it might not be better to send a deputation to
Sir Edward Bulwer Lytton before any steps were taken
that might damage the credit of the Col,mi,il Government
in the English money market. (Hear, hear.)
The CHAIRMAN said they proposed going to the asso-
ciated bankers, in the most friendly manner. He feared
that if they were to go to Sir E. B. Lytton, the step would
be resented in the colony. Mr. Alderman Salmons was
not aware of all that passed between the shareholders and
the Colonial Government.
A SHAREHOLDER inquired if Mr. Cooke had received
any further letters from Melbourne since the meeting of
Monday last ?
Mr. COOKE said be had not, but that he had seen a pri-
vate letter in which the writer stated that the matter was
still in an unsettled state, but that it was expected that the
transfer would be made in a few days.
In reply to a SHAREHOLDER,
The CHAIRMAN said that they had already sent the
strongest possible remonstrances to the governor, but all
to no purpose.
Mr. HENDERSON went at some length into the position
of the company, and expressed his apprehension that if the
line were to come into the hands of the shareholders (tire
only alternative should the Government hold back much
longer), a call of £lO per share would be required to pay its
debts and carry it on.
The CHAIRMAN said there were pressing creditors whose
claims could not he longer delayed. The banks held the
debentures, and were clamouring for payment.
Some conversation took place with reference to the word-
ing of the resolutions, but ultimately they were carried in
the spirit suggested by the chairman, and the proceedings
terminated with a vote of thanks to Mr. Potter for presiding.
T

been received to credit (*capital account, and that £124,871
bad been expended,- leaving -a balance of £35,754. The
revenue account fu. 0ml:elf-year ended the 30i ti of June
showed that £6,279 hafllteen received from tie-lie end other
sources, and £2,B•}c expended (including £1,114 balance of
interest on inortgegq),:- leaving a disposable batanoe of
E 3,453.
The CHAIRMAN, ill moving the reception and adoption
of the report, congrioulated the shareholders on the faviur.
able prospects of the iindtrasking, and observed that when
the new works to Bridge-end were completed a considerable
increase of traffic might be expected.
The motion having been seconded, was (tarried unani-
mously.
A dividend at the rate of 6 per cant., free of income tax,
was then declared on the ordinary stock, and also a dividend
of 5 per cent. on the guaranteed stock.
A PROPRIETOR gave notice that at the next half-yearly,
meeting he should mote a resolution to increase the allow-
ance to the directors.

A vote of thanks to the chairman terminated the pro-
ceedings.

MANCH ESTER, SIIEFFI ELD, AND LINCOLN-
. SHIRE.
The half-yearly meeting of this company was held on
Wednesday—the deputy-chairman, Mr. J. Chapman, pre-
siding. Tuere was a full attendance of shareholders.
The report of the directors and the half-yearly statement
of accounts were taken as read.
The CHAIRMAN, after expressing his regret that ill health
had prevented him from paying as much attention to the
interests of the company during a portion of the past half-
year as lie could have wished, stated that any questions put
by the shareholders would be gladly answered by his col-
leagues, Mr. Turner and Mr. Gamble.'Be had no doubt
that all the proprietors had looked with great interest to
the recent contest, in Parliament. The alliance with the
Great Northern Company was hotly contested by the Lon-
don and North-Western Company, but it had now been
ratified by an Act of Parliament. He had hoped that when
that point was settled by the unanimous votes of the
committees of the two Houses of Parliament, the question
of competition would have been s t at rest, and that every-
thing would have bean done to benefit the property of the
shareholders in bath companies. Iu this he had been dis-
appointed,- and the directors of, the London and North-
Western Company, in theil• report, just issued, stated that
they had hitherts forborne to exercise to the full extent the
powers of retaliation at their command, and threatened to
take other steps for the preservation of the property belong-
ing to their shareholders. His impression was that the
London and North-Western directors had already done
their utmost; and this seemed to be the opinion also of their
own solicitor, Mr. Swift, judging from that gentleman's evi-
dence given befere one of the Parliamentary committees.
In answer to Mr. Monk, the counsel for the London and
North-Western Company, Mr. Swift said—" The Great Nor-
thern Company have succeeded in totally ruining our
Liverpool and Manchester traffic, by lower rates acrd by
a ruinous arrangement with the Manchester, Sheffield,
and Lincolnshire Company, and we have no means of in-
juring them in return ; and if this hill passes, the same
result will ensue, by lowering our rates to nothing; anti we
have no means of resisting. They will have the means by
this bill of taking from us that on which we have spent our
capital; and we have not the means of retaliating, as far as
regards the traffic on which they have spent their capital."
It should be known, also, that the Manchester and Sheffield
and Great Northern Companies had not pushed the compe-
tition to the fullest extent in their power. Thcy were net
competing with the London and North-Western Company
for traffic over various routes, which was estimated at
£450,000 per annum. There was no doubt that they (tee
Manchester and Sheffield Company) had lost money by the
competition already in operation; but their balance-sheet
for the last half year was less affected by that cause
than by the depression in trade. The falling dff in the
goods traffic at Grimsby and Sheffield alone, during the past
six months, had been 230,045 tons; which, taken at 12,. 6d.
per ton, showed a loss of £15,000. Nothing should be
wanting on the part of the directors to cultivate friendly
relations with the London and North-Western Company;
but that company must be made to know that an agree-
wept affected more parties than one. (Hear, Lear.) In
conclusion, he moved that the half-yearly report and state-
ment of accounts be received and adopted.
Mr. C. TURNER seconded the motion.
Mr. G. HADDIELD M.P., said he had property in both
companies, and was therefore a censiderahle loser by the
competition now carried on. He had just attended the
meeting of the Lancashire and Yorkshire Company, and
M.P.) had told him that if
htlemecrhhaiisrienos
disputes between the Sheffield and Great Northern and
-ndir(eMelt.o.rlsVcioeuklicr be
any service in settling the
London and North-Western Companies they would wil-
lingly give their time and attention for that purpose. One
of the results of the, competition, which he related on the
authority of Mr. Watkin,' the general manager of the Shef-
field Company, was that the London and North-Western
Company were bringing flour to Manchester from Lincoln
at 7s. 6d. per ton, while the actttel cost to the company was
15s. 2d. per ton. This was denied by the London and North-
Western Company ; but was still maintained by Mr. Wat-
kin. (Hear, hear.) Seeing that at present there was no
dividend upon nearly £8,000,000 of stock, he would move,
after the adoption of the report, that the creation of new
stock for the line to Liverpool be suspended until the pre-
sent disputes were settled.
Mr. GAMBLE (a director) said that on the previous day
he attended a meeting of railway delegates in London. The
first resolution which was then adopted contained little more
than a truism. [He then read the resolutions, which will
be found in the proceedings of the Lancashire and Yorkshire
Railway Company.] To the second resolution es to arbi-
tration he could not consent ; and the directors of the
Sheffield and Gfcat Northern Companies would never con-
sent to part with such a power. (Hear, hear.)
In answer to a shareholder, it was Mated that the amount
lost by the competition was about .D5OO, and by the falling
al in traffic consequent upon the depression of trade £l,OOO
per week.
In reply to Mr. Higginbottom, the CHAIRMAN stated
that the directors had been unable to obtain a conveyance
of land f x a station at Dukinfield, and they were uot dis-
posed to erect a station on ground not hr their possession.
A similar difficulty existed at Ashton ; but at Guidebridge
accommodation for goods traffic would be provided, sup-
posing power was given to the directors at this meeting to
raise the additional capital asked for.
The ?notion for the adoption of the report was then agreed
to unanimously.
On the motion of the CIIAIRMAN, seconded by Mr. TUR-
NER, the usual dividends on the preference stock were de-
clared, but on the ordinary shares of the company there was
no dividend.
The CHAIRMAN moved that a petition be presented to
Parliament, and also a memorial to the Government, pray-
ing that a law may be passed to enable trustees to invest
trust money in mortgages and in railway debentures and
preference stock ; which, after some suggestions from Mr.
Hadfield, was agreed to.
Mr. HaterrELD, M.P., then brought forward his motion,
in the following form :—" That the good offices of Mr. 11.
W. Wickhatn, M.P., chairman of the Lancashire and York-
shire Railway Company, with his board or without it, be
accepted to arrange the disputes with the London and
North-Western Company; and that, in the meantime, the
creation of stock for the Garston and Liverpool line be
whichpi worldp:D!
dNva
it was
rwsaeavcsaotfneo
seconded
the don
thLeroemnsecsi
reason
nta.hnsetl
he North-Western
proposed
he
suspended." He was desirous that nothing should be done
Co
sm
pnstponement of the creation of the new capital.
ratLeigiofean2iiirr,nri)ne
London
gtEethoonNet
iTti‘ahlot
eriNo.
piNmotion.:rNsu,ei
ave
towardsTt
Mr. TURNER (director) and several shareholders spoke
sit dida, thatyatshgel
eo
nuidneledsrltaeeblatteadprtaeeoccisfi
,fiwiteihh.saetotei
dmoa
nstas,otetneme
orohntlbte
ond
ly
of the quarrels between these two companies, but between
all companies who had the misfortune to have differences
with others.
Mr. E. WATKIN strorgly condemned both the motion and
the proposed amendment. The Sheffield Company had re-
peatedly offered arbitration, and it had been as often refused
by the. London and North-Western Company. If a pro-
position such as had been suggested were adopted, the
directors would Fie for ever deprived of all control in fixing
the rates, which were, in the first place, the only means of
ha.iddn e Nol?fritieuce iu the die-Western Company. Either the sh-,re-
lie
developing their traffic, and, in connection with competi-
tion,h of keeping in order a powerful competitor like the
London
eetm s as to their fitness and
ability, or they had not; but if they had, it was their duty
at this period to strengthen their hands in every possible
way. (Hear, hear.)
A further discuesion ensued ; and after numerous calls to
ci withdraw," both the resolution and amendment were
London
withdrawn.
This closed the general business, and the meeting was made
special; when
The CHAIRMAN moved that, in conformity with the
various Acts of Parliament affecting the company, 62,830
new shares at £lO each be issued, to be called " redeemable
£lO preference shares."
Mr. TURNER seconded the motion, which was agreed to
without a single remark.
On the motion of Mr. WILLIAMS, a vote of thanks and
confidence was then passed to the chairman and directors,
and the proceedings terminated.

as suggestions to all the railway boards in the kingdom :
" That the rates and fares on the several railways of the
kingdom should be so fixed as toJeelise the largest amount
of net profits to the companies entitled to them. That
where any two or more companies interested in any parti-
cular traffic fail to agree amongst themselves as to
the rates and fares to be charged, the paints in
dispute should be referred to arbitration. The ap-
proval of
,the following companies has already been
received :—London and North-Western, Great Western,
Midland, North-Eaetern, Lancashire and Yorkshire, and
East laucashire. That the several railway boards be re-
quested to report their opinion to this meeting by letter, ad-
dressed
to the chairman, at York; and by sending one or
more delegates to the adjourned meeting, which will be held
at the Eeston Hotel, on Thursday, the 9th of September
next, at 10 o'clock in the morning, for the further consider a-
lion of the subject." The first resolution did net imply that
the highest rates allowed by Act of Parliament should be
charged; but only that such arrangements should be made
that the greatest possible advantage should be obtained from
the rates fixed. There had been no increase in locomotive
charges, although the increase in train mileage had been
very considerable. The whole of the company's engines
were being altered so as to consume coal instead of coke,
and, while there would he no annoyance from smoke,
the saving to the company would be very great.
The coaching charges had decreased £2,255, arid
the merchandise charges £6,034, although larger
traffic had been dealt with, thus showing that the
efforts of the board to reduce ordinary working charges had
not been in vain. (Heat, hear.) The total saving in that
respect had been £9,280 ; but, of course, the items of excess
had completely swallowed it. The maintenance of way
charges had increased E'2,773, which was accounted for by
the larger number of trains. Under the head of rates and
taxes there-had been an increase of £3,369, owing to the
recent great distress in all the districts through which the
company's lines ran, and the consequently higher poor-rates.
It would be. satisfactory to the shareholders to know that the
goods traffic was now resuming its usual healthy state.
(Hear, hear.) The increase had been satisfactory for the last
two months; and the return on the previous day, for the
last week, showed an increase of EG2over the corresponding
week of 1857. Taking into account•what was received last
year from the Art Treasures Exhibition, and allowing for the
low charges forced upon the company by competition, the
traffic lastweek represented an increase of at least £21990 over
the corresponding period of 1857. He had hoped that this
meeting would have been the first of the united companies
(the Lancashire awl Yorkshire and East Lancashire), but,
although the preamble of the bill, after a most careful con-
sideration during 19 days, by the committee of the Coin-
yh
s• t
tbi en egn,
dp re oc vi
aerne,d t h
bye
a majority that the preamble had not been proven. No
reason was given for thus rejecting the bill. He re
curmness'itwteaes uonf a
tniii ten oLuosrldys
ae
fctlearresdi x tdoa
gretted
the result exceedingly, because lee was convinced that under
the bill the public would have been much better served, and
the companies would have been gainers. He could not see
in what way the merchants of any of the large towns, the
coalowners, or any of the many opponents, could possibly be
benefited by the rejection of the hill. However, it now ee-
mained forthetsvoboards ter work the concerns as well as they
could under existing powers. From the first there had been
the utmost cordiality between them, and that feeling had
IPen, if possible, strengthened by the rejection of the bill.
(Hear, hear.) He believed that the prosperity of the com-
pany would keep race with that of the country; and that,
notwithstanding its present position, it might be considered
one of the most valuable properties in the country. (Ap-
plause.) The chairman concluded by moving the adoption
of the rerrov and accounts.
Mr. WILLIAM STUART seconded the motion. He would
have done so with much greater pleasure if the dividend had
not been decreased, through the folly—nay, the almost mad-
ness—of neighbouring companies. (Hear, hear.) But he
believed that the day was coming when shareholders as a
body would unite to force upon the directors of competing
companies an amicable and fair settlement of their disputes.
(Applause.) He hoped that by the 9:1) September there
would he such a union of interests as would declare that the
kind of folly now being perpetrated should be no longer
permitted. (Hear, hear.)
Mr. E. HARPER, one of the auditors, explained that he
and his colleague could not report as usual, owing to the '
meeting being held a month earlier than was customary.
As to plant, &c., they could, however, confirm the report of
the directors; and the share register and the mortgage ac-
count had been found perfectly correct. Mr. Harper dwelt
upon the importance of attention to the permanent way
account, and gave notice that at the next meeting he should
move for a large appropriation out of revenue to that account.
In reply to questions,
The CHAIRMAN said that the Great Northern and the
Sheffield Companies were represented at the meeting in
London on Tuesday. The paper of consent had ant been
signed as for either • but it was understood that the feeling
of the Great Northern was decidedly in favour of the reso-
lutions. (Hear, hear.) He and his colleagues were ready
to continue their exertions for peace ; and as far as possible
they would forego other engagements so as to meet for the
promotion of a conciliatory spirit. (Applause.)
Mr. Kenn contended that the affairs of the company were
conducted upon a totally wrong priociple ; and that their
position could not be improved mikes the goads rates were
inert ased.
The motion was unanimously agreed to.
A dividend at the rate of 3 per cent. per annum was de-
clared ; and the ordinary opposing powers were given to the
board.
The CHAIRMAN said that the board wished the latter
resolution to be passed (although there was no chance of
parliamentary business before the next meeting) because it
was often easier to avoid contests by preliminary negotia-
tions than to avert them by parliamentary opposLion.
Mr. THOMAS FRILDEN moved—" That no further sums
be added to the capital account without having been pre-
viously voted by the propiletors."
The motion having been seconded,
The CHAIRMAN said that not a shilling should be added
to the account the addition of which could be avoided; but
there was the extension of the Wigan a tation, required to
be done by Parliament, and other works to be effected, so
that the account must be increased.
After tome discussion, the motion was withdrawn, upon
a promise by the chairman that, at the next meeting, Ire
would snbmit an estimate of the probable expenditure on
capital account fot the then current half-year.

SPECIAL MEETING.
The meeting was then made special.
The CHAIRMAN moved a resolution, authorising the
creation of £260,050 of stock, bearing a preference dividend
of £5 3s. 10d. per annum for the purchase of the Barnsley
branch ' • and he remarked that nothing was to be done that
had not been several times fully explained to the sharehold-
ers.
The motion was agreed to unanimously.
The CHAIRMAN next moved a resolution, authorising the
creation of D 269,024 stock, with 41 percent. preference
dividend, being this company's moiety of the sum necessary
for carrying out the purchase of the Blackburn line.
It was explained by the Chairman, Mr. Fenton, and
others, that the present was a very favourable time for a
financial operation ; that two years were allowed for pay-
ing off the five per cent. preference holders of the Black-
burn Company, and that upon the new shares issued £1
would be called on the 30th September, another £1 before
the end of the year, and the remainder of the £5 whenever
it might he determined to pay tff the holders of Blackburn
ordinary stock.
The motion was unanimously adopted, and the proceed-
ings terminated with thanks to Mr. Wickham for presiding.