The Sun.
London, England, 1859-02-21 00:00:00

MONKLAND.

The ordinary meeting of this company was held
'n Glasgow on Thursday; Mr. John Bain in the

chair.

The CHAIRMAN, in moving the adoption of the
report, said that when he had the honour of being
asked by the shareholders to take an active part in
the management nearly eleven years ago things
were in a very different state from what they were
in now. At that time they were almost, it might
be said, in a state of bankruptcy—their line was in
very inferior order, their plant was all but worm
out, they were at law with their traders, and they
were quarrelling with all their railway neighbours.
At that time they had between 60 and 70 law
pleas going on, partly in the court of session and
partly in local courts. Now there were only one
or two trifling cases pending, one of them, by the
way, having that day been decided in their favour.
The policy adopted by the new board then consti-
tuted was to address themselves to a peace policy,
which they successfully did. The result had been
to pay to the shareholders in the shape of dividends
what was formerly paid to lawyers, and created
ill-will among the community. There seemed then
to be a kind of mysterious idea that railway boards
and railway directors were something more
than human, and would not condescend to do
things in the ordinary way ; and he thought that
the new board, by taking a common-sense view of
their position as public traders, and looking to the
general good management of the line, adopted the
best Talky to secure success. The policy adopted of
extending the line had also been justified by the
result. The Bathgate branch had proved very satis-
factory. The new Airdrie line now being con-
structed he had little doubt would be a great acces-
sion. Two years prior to the new board being ap-
pointed in 1848, there had been no dividend paid
at all for four half years ; after it was appointed
dividends were paid at the rate of 5, 31, 4, 41, 51,
6 per cent., and now the rate had attained to 8 per
cent. The state of the line, the finances, and the
reserved fund, fully justified the directors in recom-
mending 8 per cent. at present.
Mr. C. CAMPBELL seconded the adoption of the
report, which was unanimously agreed to.
Resolutions were passed, declaring a dividend of
8 per cent., that £4,263 to be carried to the re-
served account, and re-electing Messrs. J. Stirling,
W. Stevenson, and A. Johnson, the retiring direc-
tors.

A vote of thanks to the Chairman concluded the
proceedings.

MADRAS.

The annual meeting of this company was held on
Friday at the London Tavern, Major-General Dun-
can Sim in the chair.

The CHAIRMAN, in moving that the report be re-
ceived and adopted, referred to a large plain in ex-
planation of the several branches of the company's
line. The report had fully stated the progress and
prospects of the line. They had now on the South-
Western line and branches, and the North-Western
line, 40 engineers. It was expected that, when the
branch from Coimbatour to the Neilsherry- hills
was completed, a considerable accession would be
made to the company's traffic. The greatest diffi-
culty experienced in the construction of the line
arose in the want of sleepers ; but a large supply
of that article, both in iron and wood, was being
sent out from this country to India. The receipts
on the line showed an increase; those for the first
six months of the year amounted to £lB,OOO,
whereas,
reachedir. A £21,720.
ultfe:u ritTottilhspeoF,Thualf-year endinmo Dec. 31, they
siencqounidreedd
how
resoclh ution.
A sllA
time
would
be saved, on the completion oofwtilieu 'line between
Madras and Jeyp
°re, by passengers who might
land at the last-named port, instead of having to
proceed round CapeAN Comorin ?
The CHAIR replied that the time saved would
m
not be more than two- or three days.
t,Tehseeceolnaliley-
a
wheneit was p
so (1. iffi-
nience, however, would be very,
eduring the
land
a t north-east
Madrasm on monsoon,
passengers had fre-
quently The report was then adopted, e conversion of
to go on to Calcutta.
the
the shares into stock was agreed to, and the out-
going directors and auditor were re-elected.

CEYLON.

- -
The meeting of this company was held on Friday
at the offices, Broad-street-buildings ; Mr. An_
struther in the chair.
The CHAIRMAN, in moving the adoption of the
report, said they had employed 8,000 additional
hands without causing any rise in the rate of wages
paid by the planters, as was at first dreaded would
be the case. These men worked as well as Irish
labourers—a gratifying fact which the engineers
were not prepared for, and the average rate of wages
was 7d. per day. Towards the making of the per-
manent way they had received a large supply of
sleepers at from 4s. 6d. to 6s. each, from New
The report having
South *ales.
bean seconded,
A SHABMIOLDEIt inquired if the deviation from

the line as first laid down by Government would
affect the guarantee ?
The CHAIRMAN explained that the guarantee
would continue at a per cent. upon the proposed
capital of £BOO,OOOl, and should they require a
larger capital the dividendupon the surplus would
be 5 per cent. The deviation not only would not
interfere with the guarantee, but would involve a
far less expense than the line first proposed.
The report was adopted.
Some special resolutions altering the deed of
settlement inreferenc:e to the time of holding the
general meetings of the company were then agreed
to, and the proceedings terminated.