The Sun.
London, England, 1866-11-01 00:00:00

Irish members would find if their Parliament was
sitting in this country. Now, what can be done
with regard to this question ? I say I don't know.
I cannot do much. I have always given what sup-
port I could to any proposition that appeared to me
reasonable and right on this question in Parliament.
During the last session we had the great advan-
tage of the assistance of a most eminent man, the
member for Westminster, Mr. John Stuart Mill. If
this Government goes—which is not a thing im-
probable, and is a thing probably to be desired—
another Government coming in will no doubt be
under a distinct pledge to endeavour to settle this
land question upon a sensible and just arrangement,
and from that something may be gained ; but I
believe what we have most to rely upon is the hope
that before long we shall have a better representa-
tion. (Hear, hear.) There is nothing in the world
more certain than this—that if you call a meeting
in any part of Great Britain, where you get a fair
average of middle-class people or working-class
people, and you state to them, in such a manner as
I have been accustomed to do—state with any de-
gree of consciousness and fairness what you want
in this respect—l believe you will not find a sensible
man to dissent from the proposition that these ques-
tions are of great importance, and ought to be en-
tertained and adjusted by the Government and the
Parliament. Therefore, if the time should come—
and I hope it is not far distant—that the people are
let in, and that Parliament is made more popular—
if you like, more democratic—the complaints made
from this side of the Channel will be listened to
there with more attention ; and of your hundred or
so, as many of them as may be in favour of justice
to Ireland will find an increased and increasing
power there to sympathise with them, and bring
these questions to some wise and just arrangement.
(Hear, hear.) Now, I do not know I have any
more to say. lam very sensible of your kindness,
and it appears to me unfair and unreasonable that
any of the citizens of Cork should come up here on
this occasion and address me in the manner you
have done. The Irish question has been to me
one of great interest from my first connexion with
public life. Ido not know how, whether it is from
natural love of what is just or not, but I had always
a great sympathy with the Irish people and Irish
questions, and as long as I remain in Parliament or
in public life, or in life at all, and am capable of
thinking, I believe I shall be of opinion that we in
this generation do owe it to ourselves, and owe it to
Ireland to make such amends as we can for an
amount of neglect and cruelty and injustice, com-
mitted in the past, such as I think no civilised or
Christian nation has ever inflicted on other nations.
(Hear, hear.)

RAILWAY AND OTHER COMPANIES.

OTTOMAN (SMYRNA TO AIDIN).

A meeting of debenture holders in this company
was held yesterday at the London Tavern—Sir M.
Stephenson in the chair.

Mr. Cooke, the secretary, having read the notice
convening the meeting,

The CHAIRMAN said that the anxious and unceas-
ing attention of the board had been given to the
debenture question, in the earnest desire, while re-
specting the due priority of the several claims, to do
what was best for the interests of all. Until the line
was opened the anxiety was only too well founded,
upon the possible contingencies attending its non-
completion. Now all risks were ended, the line was
accepted, and the Government guarantee recognised
from the Ist July last. They had a guarantee of
£112,000 a year for 42 years yet to run, whatever
might be the results of' the working of the railway.
It was therefore a certainty, and the sole question to
be decided was the particular application of this fund
during the next few years. The strictly legal posi-
tion of the first bondholders was ilearand undoubted
that they could insist on the exclusive application of
the whole amount to pay their interest and principal.
There were advantagesattending this plan; that the
debt would be much earlier liquidated and thereby
raise the value of the second debentures. But there
was much to be said in favdurof paying interest on both
classes of bonds,and applying the balance to redeem
the principal of the first, the strongest reason being
that by punctually paying the interest on the second
bonds (1304,000 of which were held as security for
the £250,000 first bonds) the value of the security
would be so much increased as to probably admit of
the first debentures being paid off at an earlier date.
In the former case the first holders would on the Ist
May next receive £25,000 interest and £31,000 in
part of the principal. In the following year they
would have received the interest and over £lOO,OOO
of the principal, and in 1869 the whole would be
paid, leaving a balance of about £40,000, which,
with the guarantee of the following years, mould
suffice to payoff all the arrear interest of the second
bondholders. In the second alternative of paying the
current interest on both classes of bonds, the only
prejudice to the first first holders would be the more
gradual but not the less certain payment of the
principal extending over five years instead of three
years, but with the probability of a much earlier pay-
ment from the increased value of the second bonds,
should their interest be regularly paid. He had
endeavoured to explain the exact position of all
parties interested, and to show that time and a re-
solute adherence to a definite course of action were
alone required to clear off all engagements, and to
place the company in a sound position, and there
were now reliable funds a tailable for the purpose.
The most judicious step would be to appoint
committee of the second bondholders to co-operate
with the former committee of the first bondholders
and with the Board, and to report the result on an
early day. (Hear.)
A long and angry discussion ensued, in the course
of which legal proceedings were threatened by indi-
vidual shareholders to enforce payment of the first
bonds.

Mr. ROOPER, solicitor to the company, said it was
no use to threaten all sorts of proceedings. The
first bondholders had a good, sound, and safe mort-
gage, but they must wait for their money. There
...ad recently been another bill filed in Chancery
against the company. There were six or eight
others pending, and if they had not been con-
ducted by solicitors of high position the ex-
penses and injury would be very serious.
Those gentlemen were convinced as to what should
be done under the circumstances, and that, if a
reasonable time was given, the company would pay
every shilling of interest and principal.
Mr. Monnis, solicitor on the part of the first
bondholders, agreed in the view of appointing a com-
mittee of second bondholders to meet and consult
with the committee of first bondholders. They
should be prepared to make concessions on both
sides and report the result of their conference at an
early day.
confer
It was resolved that a committee of the second
bondholders, consisting
oi no ft
edMtro. onfer, h
t 11. Ir,
the. Pays,fi first
and Mr. Dent, be app
bondholders' committee and the Board of Directors
as desirable course to adopt in the corn-
to the most

mon interest.
The proceedings concluded with a vote of thanks
to the zhairman and directors.

CRIEFF AND METHVEN.
The half-yearly meeting was held at Cricff on
Monday—Mr. Grahame in the chair.
The report stated that the line was opened on the
21st May, and that the sum of 1231 stood at re-
venue account, which it was proposed to carry for-
ward. The Caledonian, in place of the Scottish
North Eastern, worked the line, and held half the
stock. The directors were well satisfied with the man-
ner in which the traffic was conducted. The capital
account showed an expenditure of £53,823. The
cost of the line would exceed the estimate, but would
yet be moderate.

The report was approved.
The formation of the Crieff and Comrie line, con-
tinuing the communication westwards, would, it was
expected, be proceeded with immediately.

WEST FLANDERS.
The report of the directors states that, after pro-
viding for the fixed charges there remained a balance
of £7,144, out of which the directors proposed to
pay a dividend of 4s. 6d. per share, being an increase
of 6d. per share as compared with the corresponding