The Sun.
London, England, 1861-11-06 00:00:00

Government had effected this, and the argument on
which it was based and explained was unanswer-
able. If the undertaking was successful the Go-
vernment would get back their advances; if unsuc-
cessful, they would know that every exei tion had
been made to secure success, and that er the re-
payment of their outlay to the sharp holders the
balance from the sale of the property would go to
the Government. The capital of the new company
was moderate, £100,000; with one half called up
it would be sufficient to restore the communication
between Aden and Kurrachee, and thus to bring
India within five days of England. The shares
were of £2 each. The Limited Liability Act
defined and limited individual responsibility of the
shareholders. The prospects of success were con-
sidered satisfactory by the highest authorities, and
the result of success would be to impart a high value
to the shares; the result of failure would be to
recover the money laid out from the sale of the
property of the old company, now made over abso-
lutely to the new company. It was a one-sided
speculation with great contingent advantages, and
without risk of losing the capital under any cir-
cumstances. Two-thirds of the capital required by
the Government to be at once raised having been
subscribed during the first few days, it was unne-
cessary to keep open the lists until the decision of
the old shareholders was known. Now that it was
known no time should be lost in completing the
capital, so as to have the shares allotted in the
course of the week. He hoped they would all
assist the undertaking to the utmost of their power.
He and his colleagues and the officers of the com-
pany had well supported the measure. The Govern-
ment had met the question in a fair, liberal, and
comprehensive spirit, and the shareholders in the
old company having most judiciously accepted the
Government proposal as regarded their annuity,
had only to give effect to their views by extending
their cordial and hearty support to the new com-
pany.

Mr. DENT explained that those who wished to
take the remaining shares in the new company
should apply immediately, and they would get
them.

The meeting then separated.

BUFFALO AND LAKE HURON.

Yesterday the half-yearly meeting of this corn-
pany was held at the London Tavern, Mr. H. W.
Andrews, in the chair.
Mr. T. SHORT, the secretary, having read the
notice convening the meeting, the report was taken
as read.

The CHAIRMAN, in moving the adoption of the
report, said the directors considered it better to
present it in a condensed form than at greater
length. Their main expenditure had been on that
portion of the line near the waters of Lake Huron
and on the necessary works at the harbour of Gode-
rich. Sufficient had already been done to insure
the company a good and profitable trade, though
unfortunately the works had not been completed in
time for them to fully avail themselves of the traffic
brought to the railway. Other works yet remained
to be done which would be attended with some ex-
pense. The directors had applied for pecuniary
assistance to the Canadian Legislature, but they
had not hitherto listened to them beyond granting
a select committee to consider the subject, and
causing a survey of the coast to be made by the Go-
vernment engineer to ascertain which was the best
harbour ; but he thought there could be no doubt
that Goderich would be found to be the best. The
passenger traffic on their line had not increased,
but there had been a considerable increase in the
carriage of live stock which he thought they might
safely congratulate themselves upon. They could
now pay their way and something more. Their
expenditure had increased, which was owing to
their increased business and wear and tear of their
rolling stock, but he believed they had seen the
worst of that. There was a great want of trucks
for the carriage of goods, and from the want of them
they were in danger of losing some of their business.
A car company had been started, but had not been
well supported, only about 50 or 60 cars hav-
ing been built, and in consequence they had been
obliged to convert the platform carriages into trucks
to accommodate the traffic which was at their doors
and which for the want of sufficient cars they
could not convey. With regard to the postal sub-
sidy, the directors had not been enabled to do any-
thing. They had been very economical in the man-
agement of the line; the balance-sheet showed that
the works had been carried on with as little ex-
pense as any similar undertaking, and he was glad
to 'say that the powers given them by the share-
holders had not been exceeded. Although the Ca-
nadian Government had refused assistance to them
they had given it to other railway companies, and
they were therefore left to their own resources. The
time had now arrived when it was necessary to call
in the aid of the shareholders, and the directors
therefore recommended the appointment of a com-
mittee to consult and concert with them as to the
best means of supplying the necessary funds and
what course should be adopted.

Mr. P. RAWSON seconded the motion for the
adoption of the report.'
Mr. POWELL inquired what measures had been
taken with the Government of Canada with regard
to the mail service.

The CHAIRMAN replied that he believed nothing
further had been done than presenting the petition
agreed upon at their last meeting.
On the motion of the Chairman, seconded by Mr.
G. Rose, the following gentlemen, with power to
add to their number, were elected to act as a com-
mittee of consultation :—Messrs. C. Makins, T. W.
Powell, T. R. Cabb, S. Lawrence, J. Aikin, E.
Johnson, and M. Hyslop.
The CHAIRMAN then moved that the meeting be
adjourned to the .sth of December, which was
seconded by Captain Dashwood and carried.
A vote of thanks to the chairman and directors
terminated the proceedings.