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

MONKLAND.

The ordinary meeting of this company was held
in 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 worn
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
general good management of the line, adopted the
best policy 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 ►end adopted, referred to a large plin 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 Neilgherry 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, for the half-year ending Dec. 31, they
reached £21;720.
Mr. ARBUTHNOT seconded the resolution.
A SHAREHOLDER inquired how much time would
be saved, on the completion of the line between
Madras and Seyporc, by passengers who might
land at the last-named port, instead of having to
proceed round Cape Comorin ?
The CHAIRMAN replied that the time saved would
not be more than two or three days. The conve-
nience, however, would be very great, especially
, when it was so diffi•
thelanndortaht -eii‘tisatdinraosnstohoant
passengers had fre-
cdrtulrtintgo
quently
rtintgostock was agreed to,. and the out-
was then adopted, the conversion of
the shares Theretpoogrto on to Calcutta.
were re-elected.
going directors
intoand auditor

the line as first laid down by Government would
affect the guarantee ?
The CHAIRMAN explained that the guarantee
would continue at 6 per cent. upon the proposed
ciipital of £BOO,OOO, and should they require a
larger capital the dividend upon 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 firs.,t proposed.
The report was adopted.
Some special resolutions altering the deed of
settlement in reference to the time of holding the
general meetings of the company were then agreed
to, and the proceedings terminated..

HULL AND HOLDERNESS.
The half-yearly meeting of this company was
held at Hull on Wednesday, Mr.- A. Bannister in
the chair.

The CHAIRMAN, in moving the adoption of the
report, congratulated the shareholders on the posi-
tion and prospects of the company. The revenue
of the company in 1857 was £6,855, but in 1858 it
was £7,069 ; while their working expenses for the
past year were less by £lO7 than in 1857. The
chairman thought if they got increased revenue
with diminished expenditure they could not be in a
better position.
The motion was seconded and carried unani-
mously.
A dividend at the rate of 4 per cent. per annum
for the past half-year was then declared, and the
proceedings closed with a vote of thanks to the
chairman.

SALISBURY AND YEOVIL.

The directors of this company state in their re-
port that the portion of the line from Salisbury to
Gillingham would be ready for opening in the
course of a month. They would then proceed with
all expedition to complete the railway to Yeovil, so
as to open it simultaneously with the London and
South-Western Company's extension to Exeter, at
the earliest practicable period. The company under
the proposed lease of the line to the South-Western
Company would be entitled to 571 per cent. of the
gross earnings, which per tentage must be com-
muted in the course of twenty years into a fixed
yearly payment, or, failing an agreement between
the two companies, that amount must be settled by
arbitration. The capital account shows that
£360,711 had been received, and £346,630 ex-
pended, leaving a balance of £14,080.