The Sun.
London, England, 1850-09-28 00:00:00

CALEDONIAN RAILWAY.

Price

14%
61,4,
10%
51,
130

IN
41
2%
43%
4%

He had the highest feeling of the worth and integrity
of his brother directors. Notwithstanding what had
been said against them he was proud of their friend-
ship, and he would unhesitatingly assert that the pro-
prietors were greatly indebted to them.—(Hear,
hear.) He could assure the meeting that if the pro-
prietors would vote his brother directors and himself
out of the direction they would confer a great favour
on them all.—(Cheers and laughter.) The Hon.
Gentleman having referred at some length to the
payment and expenses of the .directors, and stating
that they bad been considerably reduced, stated that
if certain Bills introduced last session had been car-
ried, such as the Dundee and Perth, thelVishaw, and
the Scottish Central, the Caledonian line would have
been completely smashed.—(Hear and laughter.)
The claims against the company had been reduced, he
was to say, from 200,0001. to 100,0001.
(Hear.) happyear.)Then with respect to the charge of the non-
realisation of the assets of the company, why
the fact was that they had no assets to
realise—(A laugh) the only amount under
the directors' control with respect to land being
about 7,7001. In conclusion, he could state to the
proprietors that they had raised their property from
the depths of ruin ; but when they considered that
their creditors were not their enemies, but their con-
fiding friends—(Hear, hear)—when they considered
that their plant had been increased, their rolling stock
improved, and their debentures paid—he thought that
they could not say that their property had been de-
preciated.—(Hear, hear.) Mr. Wheeler had
asserted that his (the Chairman's) management
had depreciated the property 311 per cent. He denied
such an assertion.—(Hear.) Why, the fact was
their charge upon capital was greatly reduced, al-_
though they bad still a large amount of debt. He
was sorry at the disagreements that had taken place
in the board, but he thought all might yet be settled
amicably. The proprietors would relieve the directors
from a most onerous duty if they removed them from
the direction. The lion. and Gallant Chairman
concluded by moving the adoption of the report and
the statement of accounts that bad been submitted to
the meeting. They had not been exceedingly re-
gular, because the secretary had not read the report;
if the proprietors wished it that should be now done.
—(Cries of " No, no.") The report was then taken
as read.

Mr. HODGSON HINDE deprecated the course pur-
sued by the Chairman in charging parties with base
motives. He considered that the proper course for the
proprietors to pursue would be to let the present direc-
tors remain in office for another month, and then have
another meeting, during which time the proxies might
be properly examined.—(Cries of " No, no.") He
asserted that the interests of the Caledonian Railway
Company had been sacrificed to the Edinburgh and
Glasgow Railway Company—the negotiations between
Mr. Blackburn, the chairman of that company, had
ended in nothing but buying peace at any price, and
he had no doubt that a similar result would take place
in any negotiations with the Nithsdale Company, and
that the chairman of this company would find
the chairman of that company more than a
match for him in negotiations.—(Hear, hear.)
He deprecated the course pursued by the Chairman
with respect to what he had stated relative to his
negotiations with some of the London and North-
Western proprietors, as he looked upon it a 3 little
less than an attempt to pack the board of directors.—
(Hear, hear.) If any of the present directors could
show to him that by their re-election they could re-
duce the guarantees he would be one of the first to
support their re-election.---(Hear, hear.)
Mr. FAWCETT said he did not intend to
say one word in reply to any of the
observations which had fallen from the
Chairman, because they were there fur business, and
not for recrimination.—(Hear.) He had an amend..
meat to propose which would meet the difficulty of
their
position, and that would be the best reply to the
Hon.
and Gallant Chairman. The lion. Proprietor
concluded 113 y alloying the following amendment
That the report of the directors be received, but
inasmuch as the views and statements therein set
forth do not tend to promote an early adjust-
ment of the company's difficulties, that the
same be not adopted, but that a committee
be now appointed further to meet and confer with the
gentlemen Slow in London, and others representing
the guaranteed and preference interests, for the pur-
pose of effecting an adjustment, both in principle and
in detail, of the proposed Arrangement Bill, to be
applied for during the next session, if practicable,
and of agreeing upon a new board of directors duly
representing all interests, to carry out the same ; such
proposed adjustment and new direction to be subject
to contirmation by the proprietary, at a meeting to be
called for and held on Tuesday, the 29th day of Oct.
next, at the same hour and place."
Mr. WHEELER, though he would not second the
amendment, at great length defended his conduct in
withdrawing from the direction, and asserted in the
most positive terms that the loss of their Bill during

The half-yearly general meeting of the share-
holders of the Caledonian Railway Company took place
yesterday at the Freemasons' Tavern. The object of
the meeting may be gathered from the following
statement ;
" At this meeting it will be proposed to confirm the
forfeiture of certain shares, and to direct the same to
be sold or otherwise disposed of.
"Also to empower the board of directors to negotiate
and conclude arrangements with the several parties
and companies having claims againt the Caledonian
Company of guaranteed or preferential dividends or
interest, for the modification and reduction thereof;
and for these purposes to meet with deputations duly
authorised.
"There will also be submitted the following mo-
tions, of which notices have been given, viz.:—
" To increase the number of directors to 13, and to
determine the order of rotation in which such in-
creased number shall go out of office.
" To appoint an auditor of the company in the
room of Mr. Douglas Campbell; who now holds office
as one of the directors.
" That the servants of the company be rested on
the Sabbath-day ; and
" That no work be done on the Caledonian Railway
on the Sabbath."
The Hon. Captain Plunkett, the Chairman of the
company, took the chair shortly after twelve o'clock.
The SECRETARY then read the advertisement call-
ing the meeting ; and the other routine business
having been disposed of, the forfeiture of certain
shares was confirmed.
The CHAIRMAN, on moving the adoption of the
report, regretted that the attacks that had been made
on the board of directors had assumed a personal
character. He lamented extremely that two of his
brother directors had adopted the personal course
they had done. He wished, in what he stated, to
avoid all personalities, but he could not but advert
to the circular of Mr. Wheeler. He denied
most strongly the assertion that had been made
in that circular that ahe failure of the Bill
in Parliament had been caused by the course
and perverseness adopted by the directors. The
failure of the B►ll had been caused by the forms of
the House and the nature of the opposition that had
been made against it. Two of the principal oppo-
nents of the Bill were the Marquis of Breadalbane,
on behalf of the Scottish Central, and the Earl of
Kinnaird, on behalf of the Dundee and Perth. The
proprietors had been doubtless led to believe that,
with th© exception of Mr. Wheeler and Mr.
Fawcett, the directors were a complete set of fools.
and had totally neglected the interests of the com-
pany. As a proof that such was not the case he
might mention that one of their directors was Mr.
William Johnson, a gentleman of great weight in
Glasgow—(Hear, hear)—and there were many
others he might mention, whose names alone were
sufficient to place them beyond all suspicion. Not-
withstanding the alarming circular that had been
put forward by Mr. Wheeler, he believed he
might say that the directors of all the lines
adverted to in it were on the most friendly terms with
the Caledonian Railway Company. Certainly some
little discussion had taken place on the subject; and
with respect to the Garnkirk Company, he certainly
was sorry for the course that had been pursued by
himself, he entirely absolved the board of directors
from any fault, and took the whole blame upon
himself; be, and he alone, was to blame. He
denied that repudiation was the matter that
stood in the way of the Bill. As to the charges,
with respect to the leased lines, overtures had
come from them which the board could not adopt
without giving up all the power which the
board held. The directors had always been willing
to enter into negotiations, but they had been met on
every side by such propositions as they could not
accede to. Looking to the state of the company's
traffic and the resources of the company, he thought
any moderate overtures might lie accepted.—(Hear.)
They had been threatened with legal proceedings
in the courts of Scotland ; it was very easy to institute
proceedings in the courts of Scotland, but it was ra-
ther difficult to maintain them without just cause.
He regretted as much as Mr. Wheeler the retirement
of Mr. Baird as a director of the company, but when
a director became a plaintiff in a court of law against
the company, he thought he could no longer hold a
seat in the direction. He deprecated the course
adopted by Mr. Baird, and regretted exceedingly
that he should have found it necessary to adopt
such proceedings as he had done, and in that
deprecation he was borne out by Mr. Wheeler.
He admitted that an accession of strength was wanted
to their direction. He had long wished to leave the
direction, it had been a most unthankful office to him,
and he had been looking for some friend that would
supply his place. He had been looking among par-
ties connected with the London and North-Western
to add fresh blood to their direction, but while the
directors were quarrelling among themselves it must
be apparent that any negotiation of that de-
scription would receive _ but little favour.

the last session was entirely owing to the course of
conduct pursued by the directors. He had, when he
was in the direction, deprecated the course adopted
by tha directors, in charging two guineas a day for
their travelling expenses, and through his interference
that remuneration was reduced to 25a,, and then only
to be charged when really travelling had taken place.
—(Hear, hear.) The Hon. Proprietor then pro-
ceeded to show that their assets had not been realised,
and stated that he believed if it had not been for him
the company would not have known what lands they
possessed. He was a holder of no less than 900 pre-
ference shares, and had devoted for weeks several
hours a day to the drawing up of the Ar-
rangement Bill. It was true that in that
Bill he proposed to introduce a clause
to legaliza the preference shares, and he should have
thought he was failing in his duty to the preference
shareholders if he had not adopted that course.—
(Hear, hear) As to negotiations with the other com-
panies and the present board of directors, he asserted
that they were completely at an end, although the
Chairman had asserted that they were not. He con-
sidered that he had been used with anything but pro-
priety as a director of the company by the Chairman
and some of the other directors, and he thought he
should have consulted his own dignity if he had left
the direction long before.—(Hear.) The Chairman had
charged him with plotting against the company, while,
according to his own showing, it was clear that he
was plotting against him (Mr. Wheeler). —(Hj-ar,
hear.) He had no hesitation in saying that had he
not resigned when he did he would have been turned
out. He had done the duty of the company, and he
hoped he had the approval of the meeting, though not
of the directors.

The CHAIRMAN, with great emotion and greatly
affected, said that he trusted that he should carry
into privacy the character he had ever borne.—(Hear,
hear.) He was no railway speculator, and had no
interested motives in the course he had adopted. H.
had the honour of being a captain in her Majesty's
navy, and he held, he believed,-in that force a charac-
ter that was unblemished, and one that no man dare
assail.—(Cheers) With respect to the non-realisation
of their assets, he thought that those proprietors who
had doubts on that subject had better consult their
accountants and other officers of the company, and
they would then have their eyes opened on that
subject.

icir. WESTMORELAND seconded the amendment of
Mr. Fawcett. Such had been the course of the pre-
sent directors of the company towards the other com-
panies, that they had stated their determination not to
treat with them. The report of their directors was
a complete tale of despair. It presented one universal
blank. He thought that the account that had been
made out was almost too bad, and had been done for
the purpose of frightening the guaranteed interests
into a compromise.—(Hear, hear.)
Mr. La/stoma, on behalf of the Clydesdale proprie-
tors, asserted that they had the greatest interest in
the well-being of the Caledonian Railway Company,
because the more prosperous it was the more certain
would the Clydesdale proprietors be to receive their
full dividends. He believed, however, that under the
management of the present board of directors no de-
sirable result would be arrived at, and no arrange-
' ment would be made with the other companies. He
believed if the adoption cf the report was suspended and
the amendment adopted, the different companies
would again enter into negotiations with this com-
pany; and, on the. part of the Clydesdale Company,
he believed he might say they would accept the mo-
dified dividend that had been offered them.—(Hear.)
Mr. DEAN opposed the amendment, because its only
of ject was to take the power out of the hands of the
present directors, and place it in a committee of Mr.
Fawcett's own choosing, and a member of which
would of course be Mr. Wheeler. It was per-
fectly obvious that the board could not go on as it
was at present constituted.—(Hear, hear.) One
director publishing the course pursued by another
was betraying a want of confidence.
Mr. Deputy CORNEY suggested the leaving out of
the last paragraph of the amendment, which gave a
power to the committee to nominate the board of
directors, and his suggestion was adopted by Mr.
Fawcett.

The CHAIRMAN said that the only wish of the
board of directors was, that the report should be
received, but not adopted, and that a committee
should be appointed to confer with the guaranteed
lines, and that the result of that conference should
be reported to another meeting. The directors looked
upon the present proceeding as a want of confidence
in them, and if that want of confidence was con •
flrmed the directors were prepared to resign : they
had done their best, and they did not doubt the result.
Mr. DUNCAN defended the course pursued by the
directors. Ile could assure the proprietors that
nothing had been done by the board but what was
for the good of the original proprietors.—(Hear.)
If the proprietors had no confidence in the directors
he begged of them to turn them out and let the gua-
ranteed party come in, and they would soon see
where their property would be.—(Hear.)
The amendment of Mr. Fawcett as altered was
then put in.

Mr. CRAM, of Newcastle, deprecated the amend-
ment. He was anxious to meet parties each way,
and suggested that the present directors should still
continue in office ; and that in cases where they found
they could not negotiate with parties, they should
have power to call in other parties to assist them. If
the amendment was persevered in, he would move as
an amendment to the effect he had stated—namely,
that the directors should remain in office, and where
they required it they should be empowered to call in
an umpire.
_ _

Mr. LAMOND could not support the latter amend-
ment, but he would the former.
The CHAIRMAN said the directors were most anxi •
ous to have the expression of the opinions of the pro-
prietors upon the report, whether they would adopt
or only receive the report.
The original motion and amendment were then
read and put, and, upon a show of hands, the amend-
ment was declared to be lost by a large majority, and
amid much cheering.
The original motion fur the reception and adoption
of the report was then put and declared to be carried,
when

Mr. FAWCETT demanded a poll.
The result of the poll of the proprietors present
was as follows :
For the amendment
For the original motion .. .. 102
Majority - 63
A scrutiny was then demanded and proceeded with,
and appeared likely to occupy to a late hour.
The CHAIRMAN stated that the majority of the
proxies was in favour of the directors.

- Directors were appointed in the room of Mr.
Fawcett, who went out by rotation, axd of Mr.
Wheeler and Mr. Baird, who had voluntarily re-
signed ; the other directors were re-appointed.
Three additional directors were also elected.
Mr. Macculloch was elected the auditor after a
division against Mr. Muir of 34 for the former, and
25 for the latter, and atter an attempt on the part of
some parties to get up a Sabbath stopping of the
trains, which was met in rather an unholy spirit by
the proprietors present, by negativing the motion.
After a vote of thanks to the Chairman, the meet-
ing at a quarter-past six o'clock adjourned to to-
morrow at eleven o'clock, when the result of the
scrutiny will be declared.

FURTHER ASCENTS OF MONT

BLANC.

We have received the following from a correspon-
dent at Chamonix, which will be read with interest
by all who are acquainted with what Byron calls
" the Monarch of Mountains," and the difficulties
which beset the adventurous traveller in attempting its
ascent :—" Having observed in your Messenger of
Sept. 5 a communication relative to an ascent ot`Mont
Blanc, I take the liberty of correcting a slight error con-
tained in it, and of adding a few observations. Since
1847, no effort of the ascension of Mont Blanc had
been crowned with success. Early in the present
season a fruitless attempt had been made, and on the
6th of August the Duke of Genoa, brother of the pre-
sent King of Sardinia, accompanied by a corps of 22
guides, resolved on attacking the giant of the Alps;
he is an excellent walker, of light muscular build.
Having traversed without accident the yawning cre-
vices of the Glaciers des Bossons and the Tacounaz, the
party arrived the first evening at the small ledge of
rock of the Grande Mulete, a solitary island in the
midst of an icy ocean. Here they prepared to pass
the night ; unfortunately, a change of weather came
on, and during the whole period they were exposed
almost without shelter to the pelting of an awful
and ceaseless snow storm. In the morning, as no
signs of clearing up appeared, they were compelled
reluct&itly to descend in a sad state from cold and
wet, but happily without having any accident to re-
gret. This bold attempt merited a better fate, but its
itl success did not prove a damper to other adven-
turous spirits. Three of our countrymen have since
then effected the ascent in a most courageous manner ;
the fine weather and grand view of the Italian alps
and valleys has amply repaid their Exertions. The
first was the ascent of Mr. Richards on the 29:h
of August ; his companion, Mr. Gretton, on
reaching. the Grand Plateau, a large plain of snow
at about 12,000 feet elevation, experienced those
symptoms of nausea and accelerated pulsation
of the arteries which arise from rarefaction of the
atmosphere at those vast heights, and often prevent
the hardy mountaineers themselves from advancing.
He proceeded no further (and this is the point in
.
your account I to correct), but his companions
reached the summit, and all went off very well as
you have stated. On the 3.1 of the present
month, Mr. Gardener, a Scotch gentleman, was
equally fortunate, but unhappily three guides had their
feet more or less frozen. This gentleman, a day later, ac-
complished the scarcely less difficult feat of passing

the Col du Gemt, from Chamonix to Cormayour in
PiAtnont. Matters did not end here. Oe the 6th
inst., Mr. Erasmus Galton reached the summit
about 9 o'clock on a splendid cloudless morning.
It is admitted that, towards the last, he walked as
well as the guides themselves, and no ascent was ever
more successful or more rapidly made. He felt no
personal inconvenience except cold and loss of appetite.
There was a sharp wind on the top, but he could with-
out difficulty have stayed their an hour, had not the
guides, who appeared to suffer more than he did,
urged his return. The use of strong liquors on the
ascent probably renders them more susceptible of
cold than we are. The view, to use Mr. Gelton's
words, was magnificent, but of a nature too
expansive to be comprehended by the imagi-
nation. Its numberless objects, which se-
parately would produce great enjoyment, united
confuse the ideas. The conduct of the guides
was admirable, while exposing themselves to every
risk, they allow the traveller to incur none. The only
accident was the fell of a carrier of provisions into a
crevice of twenty feet or so, whence he was extricated
slightly hurt. Jean Tairraz, the chief guide of this
and the first ascent, had one ear frostbitten, and ano-
ther man suffered two or three days from an injury
of his eyesight. To conclude, each ascent costs in
all about 401. Six guides are requisite, and they must
be first-rate- men. The first night is passed on the
ledge of the Grand Mulets ; to avoid avalanches, the
party sets out again about one in the morning, so as
to arrive early on the summit, and return the second
evening. This year the glaciers are not so dangerous
as usual, the snow which masked the crevices bas
been melted by the summer's heat, and none of those
awful hairlike bridges of snow, by which former
travellers have beets compelled to pass, exist this sea-
son. The track is well marked, and if the weather
holds fine another ascension may yet be made this
autumn."— Galignani.