The Sun.
London, England, 1857-06-04 00:00:00

GREAT NORTHERN.
A meeting of preference shareleild-rs in this com-
pany was he'd yesterday at the King's Ar.n s Hot, 1,
Westminster to consider the propriety of petit.on-
Aesr against iheeleill now in Parliament, promoted
by the directors of the company. Mr. Williams, at ' -
the request of the meeting, took the chair.
The notice convening the meeting baying been
read,
The CHAIRMAN said, the meeting bad been con-
vened in consequence of the unjust way in'which
it was proposed by the directors to deal with -the
dividend of the preferenceeshareholderie Tbst*li'Ac
matter had been fully stated in a correspondence
which had taken place between him and Mr. Deni-
son, the Chairman of the Great Northern Railway
Company, the whole of which hall appeared in
Herapath's Rai way Journal: - He supposed they
had all seen it. (Cries of " No, no ; read .it.")
He then read the correspondence, from which it
appeared that Mr. Williams contended that the
directors had no right to retain.ahy portion of the
dividend of the preference shareholders for the
purpose of making good the losses eceesienea. by..
the frauds of Redpath. If they wanted to buy up
the 220;000/. stock issued by Redpath, they.eould
raise the necessary funds for the peirpose dealing ,
up a portion of the 400,0001. the company WO
authorised to raise on preference shares, hut.oa no.
account should they touch the money available for
dividend on the preference shares. It was a most
unjust thing to take from the net revenue of 'one
half-year the whole sum of which the compar*-had
been defrauded during a period of 10 years. Some
of the preference stock had not been in existenee
two years. The frauds had. been. perpetrated by -
degrees, and the amount ought to have been re-'
placed in a similar manner. He hal suggested that
as Redpath's frauds amounted t 0220,0001., and as it
'was determined by the half-yearly meeting to pay
the whole amount out of. the 243,000/. net revenue,
23,0001. would remain, which, added to the 50,0001.
that Redpath's assets; would realise, would make
73,0001. This amount would pay 2 per cent. on the
3,500,000 of preference stock and shares, and the
remainder of the preference dividend could be paid
out of the net revenue of the next half-year. If the
Bill passed in its present form they would be 'de-
prived of their dividend. A petition had been pre-
sented against the kill, and a similar one would be -
subinitt, d for the approval of the meeting.
Mr. LAWRENCE, the solicitor; explained thalethe
directors of the Great NOrthern Company had in
the first instance presented to Parliament a Bill
authorising them to pay all the shareholders their
dividend for the past half-year, and to provide for
the loss by Redpath's frauds out of the unissued
capital of the company. The directors at the same
time circulated "their report, in. which they stated
that they proposed to go to Parliament for powers
to regulate the capital of the company, and further
stated in paragraph 44 of their report, after refer-
ring to the loss occasioned by the frauds of Rid-
path, that they could not take upon themselves to
propose or support any' B 11 which would throw
upon the preference stocks any portion of the.lama
in question, and thereby shake the confidence of the
public in all such stocks. Numerous proxies were
sent out with that report and returned to the di-
rectors duly signed, authorising them to vote as
they pleased at the meeting. It was therefore the
duty of the directors to protect the interests of the
preference shareholders, as they had undertaken to
do by the statement in their report. On the
conn-
trary, however, the directors sacrificed the interests
of the preference shareholders by adopting an amends
men tto the proposal contained in the report. The
present Bill was called an amended Bill, but ins' eid
of b:in; amendments they were direct negatives of
the original Bill. The first and the amended Bills wtra
as opposed as white to black. A fewpreference share-
holders had iintructed him (Mr. Lawrence) to pre-
sent a petition against the Bill in Parliament. The
petition had been printed, and was signed by five
or six shareholders, but it would not be proceedel
with unless they were supported by that me :ting
and other shareholders. They could not undertake
to fight the battle themselves unless, supported by
the preference shareholders generally. He then
read the petition against the bill, which was of con-
siderable length.
The CHAIRMAN proposed a resolution to the effect
that the meeting being fully convinced of the injus-
tice of throwing any portion of the losses by Red-
path's frauds upon the preference, shareholders,
concur in the views stated in the petition of Dr.
W. C. Henry, Lord Wensleydale, and others on
the subject of the bill now before iarliament, and
that a similar petition be now signed and pre,euted,
and that a committee of preference shareholders be
appointed to conduct the proceedings in such man.;
ner and to such extent as they may deem expedient.
On the motion being seconded a discussion en-
sued, in which Mr. Greening, Mr. Campbell, Mr.
Hardy, Captain Gladstone, and other shareholders
took part, in the course of which it was stated that
several shareholders had sent their proxies to the
directors on the faith of the statement in the direc-
to rs' report that the interests of the preference share-
holders would be protected. It was understood that
a Wharncliffe meeting would not be necessary to
sanction the bill. Lord St. Leonard's would cer-

tainly oppose the bill in the Upper House. It was
looked upon as a most unjustifiable measure, and
thought by some that the sooner they got rid of the
directors who promoted it the better it would be for
the company.
The motion was put and carried unanimously.
Resolutions were also passed, pledging the meet-
ing to subscribe -to the extent of 5 per cent. of the
amount of their dividend rewards the expenses of
opposing the bill, and calling upon the other pre-
ference shareholders to do the same ; and app 'int-
ing Messrs. Heath, Greening, Campbell, and Wil-
liams a committee, with power to add to their
number ; three to be a quorum, to carry out the
objects of the meeting.
The proceedings then terminated.

GRAND TRUNK OF CANADA.

It appears that this company's relief bill passed
the House of Assembly on the 13th ult. by a majo-
rity of 13; and it was expected to pass the Legisla-
tive Council ou the 19th ult. by a large majority.
The object of the bill is to dispense with Govern-
ment directors at the board, and to facilitate the
completion of the works from Riviere du Loup to
Sa: nia. The bill am lads former acts relating to
the company, and provides that the present direc-
tors appointed by the Governor of the province
shall go out of office at the first general meeting of
the shareholders for the election of directors ; the
company shall render half-yearly (and oftener if
required) to the inspec' or-general a full statement
of their affairs, with abalance-sheet, the correctness
of which shall be attested under oath by the book-
keeper, accountant, or other officer having a kacv-
ledge of the accounts. It also provides for the pro-
duction and inspection of the books, accounts, and
vouchers of the company by the board of audit. On
condition that the . company, by means of prefer-
ential bonds and other loans, complete their railway
from Riviere du Loup to Stratford, and thence by
St. Mary's direct to Sarnia, including the Victoria-
bridge and other works, undertakings, and engage-
ments mentioned in the Act of 1856, and supply
the railway with a sufficient plant, rolling stock
and appliances to work the same efficiently within
the limits of time specified, being one year after
he time named in the Act of 1856, and so long as
they maintain and work the same regularly, the
province foregoes all interest on its claim against
the company until the earnings and profits of the
I company, including those of the Atlantic and St.
Lawrence Railroad Company, shall be sufficient to
defray the following charges :-1. All expenses of
managing, working, and maintaining the works and
plant of the company. 2d. The rent of the Atlan-
tic and. St. Lawrence Railway, and all interest on
the bonds of the company, exch"j"of;trhoc . o
those
cent. held
by the province. 3. A dividend
of 6
amt
the paid-up share capital of the ind each
ofch
year in which the surplus earnings shall
the same ; and then in each year in which there
shall be a surplus over the abovenamed charges
such surplus shall be applied to the pay.
ment of the interest on the Province Loan accru-
ing in such year. The bonds and. share capital
herein mentioned shall be held to include and consist
of all loans and paid-up capital which the company
have raised or may hereafter raise bona fide under
the authority of any act of the Provincial Legisla-
ture passed or to be passed, for any purpose autho-
rised. by any such act. The company are autho-
rised by the bill to receive from the Receiver-Ge-
net al of the province, and expend upon the works,
the proceeds of the preferential bonds, provided the
sum so expended upon each work bears the same
proportion to the total sum allotted to it as the
sums paid in bear to the whole amount authorised
to be raised by the act, and that each of the seve-
ral works shall be proceeded with simultaneously
and in the same proportion. This is considered a
very liberal measure. It relieve the company
from the Government claim of 3,111,5001.
sterling,which stood as a first mortgage on the whole of the
company's railway and works, and enable them to
complete the undertaking.

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LONDON AND NORTH-WESTERN RAlLWAY.—Traffie
return for the week ending May 31,1857 265,406 0 0
Corresponding week last year ' 62,552 0 0
GREAT NORTHERN RAILWAYS Traffic return for the
week ending May 24, 1857 £21,874 0 10
Corresponding week last year 21,026 1 7
CHESTER AND HOLYHEAD RAILWAY.—TraIIic return for
the week ending MIT 31, 1857 £5,392 0 0
Corresponding week last yew 5,033 0 0
Increase in 1857 £369 0 0
LANCASHIRE AND YORKSHIRE RAlLWAY.—Traffics re-
turn for the week ending May
Corresponding week lad year 22,734 9 0
31, 1857 .... . £24,372 14 9

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