The Sun.
London, England, 1867-02-09 00:00:00

CALEDONIAN.

An extraordinary meeting of this company was
heldon Wednesday in Glasgow; Lieut.• Col. Salkeld
the chair.

The CHAIRMAN proposed that for the construction
of Lanarkshire branches, and the building of a ne.v
station at Edinburgh, capital to the amount of
£620,000 be raised by the issue of 5 per cent. pre-
ference stock.
This was seconded by Mr. T. HILL.

Mr. G. SMITH called attention to the fact that
during last year £990,000 was raised for the Cle-
land and Midcalder branch, the Balerno branch, and
other schemes of the company, and asked for in-
formation as to how this money had been dis-
posed of.

The CHAIRMAN stated that he could not without
referring to the books give the desired information
in detail. He assured the shareholders, however,
that he would be prepared to give full explanations
at the general meeting to be held six weeks hence.

Under these circumstances, Mr. SMITH moved
that the raising of the new capital be delayed till
after the general meeting.
The CHAIRMAN suggested an adjournment of the
meeting for a week, at the end of which tune he
said he would be prepared to answer Mr. Smith's
questions.

This was agreed to, and the meeting adjourned
till Wednesday next.

NORTH STAFFORDSHIRE.

The report of the directors states that the net
revenue of the half-year, after payment of interest
on debenture and preference charges, and debitting
£5,212 for renewal anti reconstruction of rolling
stock, left, with the balance from June, £65,944
for distribution. The dividend recommended was at
the rate of 4 per cent. per annum, which would
absorb £64,603, leaving a balance of £1,341.
All the renewals and repairs:of rolling stock were
being executed in the new workshops by the com-
pany with greater despatch and at a cheaper
rate than formerly. During the last four months
the utter prostration of the iron trade had hindered
that development of the traffic on which the pro-
sperity of the company so much depended. The
directors had delayed pressing forward the works
authorised, which were not under contract, to a
more favourable time for raising capital, and had
deposited a bill for the present session to obtain
an extension of time for the completion of
the Burslem and Tunstall branches, and for
power to widen the Newcastle branch for a
double line of rails, which would become nece=sary
when the Drayton line was finished, with which it
formed a junction. Mr. Forsyth, the engineer, re-
ported that the Burton branch was now completed
and ready for the junctions with the company's main
line and with the Midland Railway, and that the
Leek line would be ready for traffic in the course of
the present half-year. Fair progress had been made
by Mr. Brassey on the Silverdale, Madeley, and
Drayton line contract, by Mr. Tredwell on the Aud-
ley lines contract, and on Mr. Barlow's contract for
works at the Stoke level crossing. The capital ac-
count showed an expenditure on the company's lines
of £4,903,047, and on the canal of i 1,170,00
total, £6,073,047, leaving a balance of £44,788.
The revenue .on the railways and canal amounted

• The Cummus said he thought the proposed
divi-
dcnd of 3 per cent. highly sati:f ictory, considering
the interruption which had taken place in the
Malta and Alexandria line, and the stagnation of
trade and commerce during the past season. He be-
lieved there was a prospect of the Malta and Alex-
andria Company laying a new and strong cable, by
which means the interruption in the traffic in future
would be prevented. In addition to the payment of
dividend, the money borrowed frond the reserve fund
had been returned. The accounts between the com-
pany and the Italian Government were in arrear ;
but he hoped thesewouldbe settled, especially as the
French Government had settled with the Italian Go-
vernment up to June, 1866, so that there were hopes
of the money being shortly received. At all events
he hoped the money would be paid by the Italian Go-
vernmentwithin two months. With regard to the dif-
ference which the company had had with the Italian
GovernMent respecting the payment of the company
in paper currency instead of in specie it had been
settled. He then-moved the adoption of the report,
and that a dividend of 8 per cent. per annum be
paid to the holders of preferential shares, and one of
3 per cent. to the holders of original shares.
The motion was adopted, and a vote of thanks to
the chairman closed the proceedings.