The Sun.
London, England, 1867-11-19 00:00:00

RAIL WAY INTELLIGENCE.

OTTOMAN (SIYII,NA TO AIDIN).

A special general meeting of this company was
held yesterday at the City Terminus Hotel, Can-
non-street, to consider the heads of an arrangement
for the payment of the debentures and debts of the
company ; Sir Macdonald Stephenson, the chair-
man, presided.
The Secretary having read the notice convening

the meeting,
The CHAIRMAN said they were convened to hold
first a special, and afterwards the adjourned gene-
ral meeting. The subject for consideration was the
practical business question of what was best for the
interests of the shareholders, and this question re-
solved itself under two heads—viz., the arrange-
ment to be adopted for the application of the gua-
rantee to the payment of the debts and engagements
of this company, and the advantages or disadvan-
tages of superseding the Board of Directors by a
new board, in accordance with certain resolutions, of

which Mr. Fardell had given notice, which would
constitute the business of the special meeting. All
the board required was that the decision of the pro-
prietors should be definite and final. He then
called upon Mr. Fardell to bring forward the reso-
lutions of which he had given notice.
Mr. LEWIS stated that at the last general meet-
ing a comparison of the weekly statements of traffic
on the Ottoman Railway with the monthly state-
ments showed a serious discrepancy. The aggre-
gate weekly receipts for January last amounted to
£3,571, and for the four weeks in February
to £2,912 ; but the monthly statements in the
report showed that instead of being £3,571 in
January, the actual receipts were £2,379 only,
showing a difference of £1,250, and instead of being
£2,912 in February, they were £2,370 only, show-
ing a deficiency of £540, making together £l,BOO.
He concluded by moving that the present special
general meeting be adjourned until the close of the
adjourned general meeting.
Captain WELLS seconded the motion.

The CHAIRMAN declined to put the motion. He
said he had called upon Mr. Fardell to bring for-
ward his motion ; he had not done so, and there-
fore he would not place the directors iu a false po-
sition until it was ascertained whether the directors
were right or wrong. The special meeting required
was now being held, and he challenged Mr. Fardell
to support his allegations. (Hear, hear.)
Mr. LEWIS rose to a point of order, amid consi-
derable uproar and cries of " Chair, chair." He pro-
tested against proceeding with the special business
until the adjourned ordinary business was disposed
of. He said as the chairman had refused to put the
motion for adjournment, he would advise every one
present to leave the room. Upon which Mr. Lewis
left the room, followed by about a dozen other share-
holders.

The CHAIRMAN said he would then proceed with
the special meeting. lie could only lament the course
adopted. Ile would very much regret that any share-
holder should for one moment bc misle.l by what
had been so industriously circulated, verbally and in
writing, into the impression that there was any single
point upon which the board could not give the fullest
and most satisfactory explanation.

Mr. G. SMITH said there was no motion before
the meeting, lie thought the course adopted by Mr
Lewis was very judicious, and he hoped the business
would now be allowed to proceed.
The CHAIRMAN said the next question they had to
consider was the heads of arrangement recommended
by the board, as the result of several months' discus-
sion of a variety of plans by the committees of the
first and second bondholders and by shareholders,
one of whom was Mr. Fardell. This plan,. with a
case prepared and approved by all parties, Mr.
Fardell included, was submitted to the Attorney-
General and Mr. C. Clark, and by them approved as
the legitimate and proper application of the gua-
ranteed interest, and such an application of it as
the Court of Chancery would be likely to confirm in
the event of any individual dissents. The adoption
of the arrangement was the sole condition on which
the Board were enabled to arrest the actions at law
and suits commenced against the company, which
would undoubtedly be renewed if the conditions
were not observed. The results of the adoption of
the course recommended would be that the first de-
bentures would be paid off, principal and interest,
by the cad of 1872 ; the second debentures (sinking
fund being duly provided) would have all arrears of
interest paid by the end of 1873. The shareholders
were to receive interest at 34 per cent. from the Ist
of January, 1866, to the end of 1873, and the share
and debenture holders would receive full interest at
6 per cent. from the Ist of January, 1874. He then
moved a resolution that the heads of arrangement
submitted to and approved by the meeting on the
15th of July last, with the clause relative to the share
interest, and with the addition to clause 10 of the
words " by tender or," be adopted.
Mr. A. DEVAUX seconded the motion; and it was
carried.

Mr. LYSLEY said he held 400 shares in the com-
pany, and had no other interest than to protect his
property. Ile entirely disapproved the action taken,
as he thought improperly, by a section of the share-
holders, and concluded by moving, " That this meet-
ing hereby records its unqualified disapproval of the
course pursued by the so-called Shareholders' Pro-
tection Society,' especially in memorialising the
Ottoman Government, and earnestly deprecates any
further action whatever on their part."
Capt. HOLLAND seconded the motion.
Mr. Morris said he was a large shareholder in
the company, and having acted with the first bond-
holders' committee he was well acquainted with all
the facts of the case, and could assure the meeting
that from an interview he had had with three mem-
bers of the so-called Protective Society privately
there was no ground whatever for their opposition ;
there was not a single point they urged against the
proposed arrangement that was worth anything.
The resolution was then carried unanimously.
The special meeting was then declared at an end,
and the adjourned ordinary meeting commenced.
The CrtAirtmAN remarked that those gentlemen
who had not deposited their shares prior to the
meeting of which this was an adjournment could
not vote. Ile then read the report of the Finance
Committee on the alleged discrepancy in the traffic
returns complained of by Mr. Lewis. The directors
had provided and shipped additional rolling stock,
and all the duplicate parts, new wheels, tires, stores,
and materials necessary to place the whole of the
engines in perfect working order. He then moved
the adoption of the report and statement of accounts.

Mr. LEwts contended that the meeting required
further time to consider the explanation of thecora-
mittee as to the discrepancy of the accounts.
Mr. COLEMAN, a director, assured the meeting
that the explanation was perfectly clear; the
weekly traffic receipts were as stated in tha returns,
but deductions for commission, hire of camels, &c.,
were made from the weekly receipts at the end of
the month.

Mr. 11. CLARKE said he believed there was a dis-
crepancy in the traffic receipts for the month of
June last of £l,OOO.
Mr. LEwis moved as an amendment that the
meeti.ig be adjourned for a month.

The amendment, on a show of hands, was nega-
tived, and the motion for the, adoption of the report
was eivri ied.

A poll was demanded, scrutineers were appointed,
and the poll was to be taken from 11 to 1 to-day,
and from 11 to 1 on Wednesday, when the result
would be declared.