The Sun.
London, England, 1850-02-05 00:00:00

* trb 72tition

SUN OFFICE, Seven o'CTock.

:;ALEDONIAN RAILWAY.
(THIS DAY.)
xtraordinary general meeting of the shareholders
of the Caledonian Railway Comraly was held at the
Freemasons' Tavern, Great Queen-street, this morring,
fir the following purposes:—'lb receive the report of the
committee of investigation, to take into consideration
the recommendations contained therein, and to come to
such resolutions thereon as may be thought fit; to
consider and decide as to a proposal fir entering, inte
a contract with Thomas Brassey, Esq., of London,
fir working the whole traffic of the Caledonian Railway
and its branches ; and, if the same shall be approved of,
to decide as to the terms and conditions of the contract,
and as to the securities to be given and taken for the due
performance thereof.; as also for authorising a sale to
the contractor, on terms to be submitted to the meeting,
of the whole, or part of, the working plant or rolling
stock of engines, carriages, waggons, &c., with their
appurtenances, belonging to the company; and to au-
thorise all necessary deeds and contracts to be entered
into fir carrying into effect the resolutions of the meet-
ing; and to approve or disaprove, in whole or in part, of
the drafts of such deeds or documents as shall be laid be-
fore the meeting; to consider the following Bills, affecting
the company, which have been introduced into Parliament,
and to give such
.instructions in reference thereto as may,
be thought expedient: (1.) A Bill introduced by the Lon-
don Central Committee, intituled, "A Bill to repeal,
alter, and amend certain Provisions of the Caledonian
Railway (Wishaw and Coltness Railway purchase) Act,
1849." (2.) A Bill introduced by th... London Cent' al
Committee, entituled, " A Bill to repeal, alter, and
amend certain Provisions of the Caledonian Railway
(Glasgow, Barrhead, and Neilston Direct Railway Lease)
Act, 1849." (3.) A Bill introduced by the Wishaw and
Coltnese Railway Company, intituled, " A (proposed)
Bill for amending the Acts relating to the Wishaw
and Coltness Railway." (4.) A Bill introduced
by the Edinburgh and Glasgow Railway Company,
intituled, " A (proposed) Bill to amalgamate the Cale-
donian and Edinburgh and Glasgow Railway Compa-
nies." (5.) A Bill introduced by the Scottish Central
Railway Company, intituled, " A Bill to enab'e the Scot-
tish Central Railway Company to Lease their undertak-
ing, to the Caledonian, Lancaster and Carlisle, and Lon-
don and North-Western Railway Companies." (6.) A
Bill introduced by the Dundee, and Perth. and Aberdeen
Railway Junction Railway Company, intituled, " A Bill
to effectuate the Lease and Transfer of the Dundee, and
Perth, and Aberdeen Railway Junction, the Dundee and
Arbroath, and Dundee and Newtyle Railways, to the
Caledonian Railway Company :" to authorise the
raising of the sum of 66,6001., under the powers
conferred by the Caledonian Railway (Edinburgh
Station and Branches) Act, 1847. To consider
and decide as to the appointment of a committee
of shareholders, to co-iperate and advise with the di-
rectors, during this session of Parliament:—(l.) In
relation to the Parliamentary business which may arise
in carrying out or opposing all, or any part of the
above Bills, and such other Parliamentary business as
may arise during the ensuing session of Parliament.
(2.) For the purpose of negotiating a reduction of the
Guaranteed Dividends. (3.) For the purpose of nego-
tiating with the Directors of the Edinburgh and Glas-
gqw Railway Company as to the amalgamation of the two
companies; and (4.) with regard to any extraordinary
business which may occar, in relation to the affairs of
the company; and to provide for the expenses of such
committee.

The following address by the directors was circulated
in the room:—

" Although the report of the committee of investiga-
tion has been now several weeks tefore the shareholders,
the directors have refrained from offering any remarks
upon it, not because they were prepared to admit the
justice of the strictures which it contained as to the past
management, but because they heartily acquiesced in
the sentiments expressed by the committee, that it is
essential to the prosperity of the company that an end
should be put to the dissensions which have so long and
so unfortunately prevailed, and that an endeavour should
be made to secure entire harmony between the share-
holders and the executive of the company.
"In the same spirit the directors propose, in their
present address, to limit their observations to the matters
requiring to be decided at the general meeting of the
company, according to the terms of the prefixed notice.
They deprecate the revival of discussions which would
only tend to prolong the dissensions which have of late
unhappily prevailed among the proprietors, even though
persuaded, as they are, that their past actings have been
visited with unmerited censure. In so far as relates to
their bona fides in effecting the share purchases, the
committee have reported that they are of opinion that
the directors entered into them bona fide for the purpose
of serving the interests of the Caledonian Railway Com-
pany, not for their own personal advantage, and that
they have derived no benefit whatever from those
transactions.'

" The points embraced in the notice will be advet tod
to in their order.

"I. As regards the reception and consideration of the
report, and the suggestions made by the Committee of
Investigation, the directers have had several conferences
with a deputation from the committee of London share-
holders (of which the Honourable Captain Plunkett,
R.N., is the chairman), and finding it to be the wish of
a large body of their constituents that the shareholders
should have it in their power to effect an immediate
change of management, they have agreed at
once to place tiseir seats at the disposal cf the
shareholders, instead of retiring tinder the authority of
an Act of Parliament, as proposed in the report of the
Committee of Investigation, which probably could not be
obtained for a year at soonest. With the view of car-
rying this arrangement into effect, the following reso-
lutions have been adjusted, and both parties have
agreed to recommend them for adoption by the share-
holders at ensuing meeting :

" RESOLUTIONS TO BE PROPcSED TINDER THE FIRST

HEAD OF THE NOTICE.

" 1. That the Report of the Committee of Investi-
gation, which has been circulated among the share-
holders, and is now laid before the meeting, be received.
" 2. That the company shall not make any demand
against the present or former directors in respect of the
sum of 288,1751. 14s. 3d (or of any interest thereon),
expended in the purchase L f shares in the following
railway companies, and payment of calls thereon, viz :
Glasgow. Barrhead, and Neilston Direct £49,020 9 2
Scottish Midland Junction ... ... 195,656 15 10
Wilsontown, Morningside, and Col tness 3,189 611
Scottish Central ... 35,198 12 4
Dundee and Arbroath ... ... 5,110 10 0

£288,175 14 3

" And the shares eff these companies so purchased
shall be held in trust for the Caledonian Railway Com-
pany till an Act of Parliament authorising the company
to hold them be obtained, or till the same be otherwise
disposed of.

" 3. That in like manner the company shall not
make any demand against the present or former directors
in respect of the snm of 136,9011. 4s. Id., expended in
the purchase of shares in the following railway compa-
nies, and payment of calls and interest thereon:—
Glasgow, Kilmarnock, and Ardrossan £62,516 19 8
Caledonian and Dumbarton ... ... 18,421 9 6
Dundee and Perth and Dundee and
Arbroath

... 38,000 0 0

Interest thereon ...

£118,938 9 2
... 17,962 14 11

" £136 But the company may disclaim all concern what-
ever with those shares, or any property therein.
" 4. That an Act of Parliament be applied for by
the company in the session of 1851, or sooner if possible,
for the purpose of obtaining such legislative sanction as
may be necessary to the due carrying out of the fore-
going resolutions, and, if the said application shall be
unsuccessful from any cause whatever, the same shall be
renewed during the next ensuing session of Parliament;
and, until such Act be obtained, the company shall de-
ffnd the present and former directors against any actions
brought, or to be brought, against them in respect of the
above shares adopted by the company, or money ex•
pended on account of the shares specified in the above
resolutions.
5. That the number of directors be now reduced
to nine, and that the directors be now requested to ap-
point the following gentlemen as their successors in
office.

" N.B.—To be filled up with the names to be sug-
gested by the shareholders at the general meeting.'
" The directors have not yet received from the com-
mittee a list of the names of the gentlemen to be pro-
posed as their successors in office. They, however, pre-
same that such a list will be circulated by the com-
mittee among the shareholders before the sth instant, in
order to enable them to form an opinion as to the
eligibility of the parties proposed for the office.
" 11. The second head of the notice -relates to a pro-
posal for entering into arrangements with Mr. Brassey
for working the line under a contract, and for an ad-
vance by him to the company of 250,0001. upon a sale
to him of the working plant. Drafts of the proposed
working contract, and deed of sale of the plant, and a
deed of trust relating to a deposit of 20,0004 required
by the contractor, as a security for the punctual payment
of the expense of working the line, will be laid before
Vas meeting.
The terms on which it is proposed that Mr. Brassey
shall work the line are contained is the following extract
from the draft of the contract:—
to" be The prices for the first 23,000 miles run per week,
• paid by the company to the contractor for pas.
seng,,,r trains, shall be as follows:—That is to say, Ist,
for each locomotive engine drawing eleven, or any less
nnnaber of passenger carriages
dmand waggons', trucks, or
other vehicles, ls. 2id. pere, an for each locomo-
tive engine drawing goods or
cattlel3 waggons, trucks,
or other vehicles di
a loaded up to tons, lv. 21d. per
mile. But it is provieed, thadtesforthecach aensdhaelvletryc
mile run after the let 23,000
miles,
reduced from Is. 2.1 d. per mite as above, toprilcs per
mile.
2d,. The charges for the usa of each
carriage, being
first-class carriage, shall be at the rate of one halfpenny
for each mile run ; and the charges for the use of
each carriage, being a second or third-class carriage, in-
clurikg therein vans, trucks, and horse-boxes of all
kiy.ids, shall be at the rate of three-eighth parts of a
PArtiny fir each mile run ; and the charge fir the use of
each waggon, of all kinds and descriptions, shall be at
the rate of one farthing for each mile run. ad, If in
any of the above rates there shall be a fraction a a
49:1,,rt,5r of a mile run, such fraction shall be deemed a
quitter of a mile, and paid fur accordingly. 4th, In re-
' !Peet 'et special trains, the prices shall be double the
I°egcliag Pr*es respectively, with a right to the com-
pany taload back; and a sum of 10s. per hour, or 51. for an
te, tire day, and Ws. per hour fora portion of a day shal