The Sun.
London, England, 1866-03-26 00:00:00

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RAILWAY INTELLIGENCE.

NORTH BRITISH.
The half-yearly meeting was held in Edinburgh
on Friday ; Mr. Hodgson, the chairman, presided.
The report, an abstract of which has appeared in
The Sun, was held as read.
The CHAIRMAN, in moving its adoption, said it
was easy for the committee of Glasgow shareholders
to say, " rest and be thankful," to work the line as
they now had it, and give themselves no trouble as
to what their neighbours were doing. The directors
must consider the whole circumstances of the com-
pany. The position of this company had undergone
three changes within the last ten years—first, the
extension of their line from Hawick to Carlisle ; se-
condly, their amalgamation with the Fifeshire lines;
and thirdly, their amalgamation with the Edinburgh
and Glasgow Company. There was no use blink-
ing the fact that the North British were now a co--
peting company with the Caledonian from the goat
way to the Tay. There were at least 14 po.inl d-
which the two systems now Caine in contact, inc u
inc, Carlisle, Edinburgh, Glasgow, Perth, and
itimate, reasonable,
Dundee. He wished to see a leg
and proper rivalry between the two companies, and,
provided the companies to the north and south of
them exercised due impartiality towards them both,
there was no reason for any other rivalry than arose
from the quality of the service they rendered to the
public. But the Caledonian, notwithstanding the
overtures of the North British directors, that neither
party should seek for a northern amalgamation, had
not been able to resist the temptation offered to
unite with the Scottish North Eastern, which was
the real bone of contention at the present time be-
tween the two companies. The North British had
also introduced a bill to amalgamate with the Scot-
tish North Eastern, but they had withdrawn it, from
the' conviction that the amalgamation with that
line with either of the companies to the south was
contrary to public policy, and they had resolved to
offer an uncompromising opposition to the Caledonian
Bill, on the ground not only that it was unjust to
themselves, but that it was injurious to the public.
The running powers offered to the North British by
the Caledonian were perfectly delusive. As to the
Forth and Clyde Railway, it was a line which had
three connexions with the North British system and
only one with the Caledonian, and it was much more
natural it should fall into their hands. With regard
to the Wishaw line, proposed by this company, it
was a necessary link with that great mineral dis-
trict, without which the Edinburgh and Glasgow
would be left on their hands as a dry bone from
which the marrow had been sucked by the Caledo-
nian. Ile then referred to some passages in the
speech of the chairman of the Caledonian Com-
pany, and also to the speeches at the meetings of
Glasgow shareholders, and remarked that, while
the latter looked to the welfare of railway
property in general, they (the North British
directors) must protect the special interests
of their own shareholders. The Glasgow com-
mittee had, in urging a pacific course, overlooked
the injuries to North British interests involved in
the amalgamation bills and other measures of the
competing companies. The capital, share and loan,
required for the works authorised last session, but
not raised, amounted to about £3,000,000. The
amount for the Forth bridge was £600,000 ; but all
that would be spent this year was £20,000 for an
experimental pier. The new capital authorised
would be raised gradually, over a series of years,
probably at the rate of half a million a year. Fears
were entertained for the ordinary stock from the
additions made of late years to preference capital ;
but he reminded the meeting that the ordinary
dividend of the North British had risen from 4 per
cent. in the first half-year of 1863, to 3 per cent. in
the last year. He moved the adoption of the report.
Mr. H. DUNLOP seconded the motion.

Mr. J. WHITE vindicated the action taken by
the Glasgow shareholders, who, he said, were
startled in November last by finding that schemes
were proposed by the three leading Scottish
companies involving 12 millions of outlay, in addi-
tion to six millions authorised last Session. They
were sincerely desirous to prevent the companies
embarking on a career which might prove disastrous,
and their representations were addressed with per-
fect impartiality to them all. The North British
ordinary capital was at present only four millions,
out of an aggregate capital of 17 millions, and last
session and the present they were asking for about
six millions more of preference stock and loans.
But, at the instance of the Glasgow shareholders,
about 7 millions of the 12 had, for the present year,
been withdrawn. The North British had conceded
two millions, but they still asked authority to raise
about £2,500,000. He requested the Board to
make further concessions, and to consider whether
some arrangements could not be made with the
Caledonian which might render unnecessary the
formation of the Forth and the Tay bridges. He
concluded by reading the resolution accepted as a
recommendation at the Caledonian meeting, which
he proposed should be received. At the present
meeting, condemned a policy of hostility and aggres-
sion, and urged the directors to use every possible
means for adjustment of differences, by arbitration
or otherwise.
The CHAIRMAN said though they might differ in
detail, the Glasgow shareholders and the directors
were really seeking the same object.
The report was unanimously approved, and Mr.
White moved a vote of thanks to the chairman.