The Sun.
London, England, 1850-05-16 00:00:00

SUN, LONDON,

RAIL WA Y IN TELLIGEN CE.
CALEDONIAN RAILWAY.

The adjourned meeting of the holders of 101. pre-
' ference shares in this company was held on Tuesday
at the London Tavern, to receive the report of the
committee appointed on the 7th inst. to confer with
the directors in reference to a modification of the
terms under which the preference shares were issued,
the Hon. Captain Plunkett, R.N., in the chair. The
report of the committee stated that in reply to the
circular issued by the directors to the pre-
ference shareholders there were eight to one
in favour of a modification of the terms.
The committee found that in addition to
the usual amount of mortgage and debenture debt
of the company, the security of which, in the minds
of lenders has of course been seriously disturbed by
recent events, the company is at this time oppressed
by a floating debt, exceeding in the aggregate
800,000/., which debt is daily on the increase in
the form of growing interest and accumulating law
charges ; and that the balance of debt, after
realising all probable assets, which must be a gra-
dual operation, cannot fall materially short of
500,000/. They find, further, that this debt must
within a very few months be aggravated by the ad•
ditional obligation of discharging the first instalment
of the Clydesdale capital, with a superadded bonus of
50 per cent., which capital and bonus amount to
675,0001. The company is at present not only with-
out any means, in the form of existing or authorised
capital, of discharging the floating debt, but the por- '
tion of its ordinary weekly revenue not specially de-
voted to payment of interest on debenture is ex-
nausted in warding off claims for land and other de-
mands of urgency almost before it is received, The
representations of the directors as to the onerous nature
of the annual rents chargeable on the company are in
no way exaggerated; that they exceed largely the avail-
able revenue of the company, to say nothing of the
threatened attempt to fasten on the company, by pro-
cess of law, the so-called working contract with the
Scottish Central Railway Company. The Cale-
&mien Railway still requires a considerable out-
lay, and this outlay must be made before the
proprietors can reasonably look for any considerable
increase in its traffic. An immediate remedy for this
deplorable state of things was demanded, and which
was only to be attained by bringing the annual lia-
bilities and expenditure within the probable means
of the company, whereby such a state of credit might
be obtained as would enable the company to raise
an advance of capital sufficient for its requirements.
The arrangement, then, which the committee
nave unanimouly determined to recommend for
adoption is, that the dividend on the preferential
shares be reduced to •if per cent. in perpetuity, con-
tingent on the making of satisfactory adjustments
with the other guaranteed lines; two out of ten, or
in that proportion, of the directors of the board to be
elected by the preference holders ; the same arrange-
ments as to arrears of dividends to be made in regard
to the preference shares as to the other guarantees.
Bearing in mind the great pecuniary loss already
sustained, and every day increasing, from the
existing condition of things—a loss which
cannot be estimated at less than 80,0001.
per annum ; the extreme danger of delay, not
merely to the holders of preference stock, but to the
other guaranteed interests, and the whole under-
taking ; and, lastly, the desirableness of offering to
the other guaranteed interests an example of conces-
sion, the committee most earnestly recommend its
adoption-. This arrangement is wholly contingent on
the completion by the directors of corresponding ones
with the other guaranteed and preferential interests;
and the committee are happy to recognise in the chair-
man of this company, and those of his colleagues with
whom they have been placed in communication, a
ready disposition to meet the difficulties of the case.
They venture to rely on the manifestation of a similar
disposition by the representatives of those interests.
The good effects of the example set by the 10/. pre-
ference stockholders at the recent meeting in north •
Hating (unanimously) a committee to deal with the
question are understood to have been already felt in
the more satisfactory progress towards art arrange-
ment with some of those interests; and the commit-
tee have little doubt that the same results will be
arrived at in their other negotiations. If; how-
ever, a short-sighted policy in any single instance
should defeat arrangements calculated to restore
comparative happiness to many hundreds of
families, and if Parliament, appealed to as it
must be, should hesitate or refuse to remove such
an obstruction to a general adjustment so fruitful of
good, the holders of guaranteed shares w ill, in that
event, revert to their existing rights, and, with those
others who may have followed them in their example
of moderation, must await that more temperate dis-
potition on the part of outstanding interests which
time and the experience of the disasters attendant on
delay must ultimately induce.
'the CHAIRMAN said, it was a great gratification to
the directors that the committee of preference share-
holders should have reported in favour of the mea-
sure proposed by the board of directors both before
and since they came into office. He was glad to
state that some of the guaranteed parties had shown a
disposition to come to an arrangement. It was so far
fortunate for the directors that they had in this instance
to deal with men of enlightened minds and a general
knowledge of matters, who, when the facts were laid
before them arid they had made the necessary in-
quiries, saw that the interests of the proprietors could '
only be protected by a certain course which they re-
commended. Unfortunately the directors had to deal
with others, who were narrow-minded, and only
looked to what they could claim, and not to the
circumstances of the case ; they look to words rather
than things. He hoped the example set by the
preference holders would be followed by the other
parties, as it was the interest of all concerned that an
amicable arrangement should be come to speedily.
It was thought that if the great majority of
the shareholders agreed in this movement, the mi-
nority would not be allowed to keep a large and
valuable property in the state of embarrassment in
which, unfortunately, the Caledonian was placed.
He could assure them that it would not be the fault
of the directors if satisfactory arrangements were not
made with the guaranteed holders ; at all events it
appeared that no one would gain anything by ob-
structions or delay. The preference shareholders were
entitled to the best thanks of the board for the liberal
spirit in which they had met the case, and he hoped
the proposal would be responded to in like manner in
other quarters.
Mr. THORNTON, the chairman of the committee,
moved the adoption of the report, which was seconded
by Mr. HOUGH.
A conversation ensued, in the course of which it
was stated that the company would be able to pay
the •If per cent. to the preference holders, instead of
the 7 per cent. guaranteed, provided the other gua-
ranteed shareholders would agree to similar terms.
On a careful consideration of the subject it was found
more advisable to reduce permanently the amount of
the guaranteed rates of interest to fixed rates of
dividend, leaving the surplus, if any, to go to the
original shareholders, rather than to regulate the
guaranteed dividends by any kind of sliding scale
depending upon an increase in the traffic which may
hereafter take place. It was necessary that the
holders of original shares should have some chance of
a dividend, because upon their exertions depended the
success of the scheme for releasing the company from
its present difficulties.
Resolutions were unanimously passed, adopting the
report, voting the cordial thanks of the meeting to the
committee, and requesting them to continue their
services until the proposed arrangements receive the
sanction of Parliament.

The proceedings concluded with a vote of thanks to
,he Chairman and directors for their valuable exertions
;o promote the interests of the company.

MATCH AGAINST TIME.—Sir W. N. Younge per-
formed the arduous task of running a mile, and leaping 100
hurdles, 3 feet 6 inches high, in 18 minutes and 30 seconds,
on Monday, the 13th instant (the time specified in the agree-
ment being 2b minutes). The field in which the above was
performed was not at all favourable, being a small rectangu-
lar one, with much grass in it, high lands, and a little on
the descent. The course was an oval, with four hurdles on
the ascending, and six on the descending side, 15 yards
apart. The feat was performed in the following order and
time:--The first 10 hurdles were cleared in 1 minute; the
second, I ; the third, 2; the fourth, 1 • the fifth, '2 ; the
sixth, ; the seventh, 24-; the eighth, 11 ; the ninth, 2,1 ;
and the tenth, 2. A minute's rest between each 10 hurdles.
The cheering of the spectators was loud and universal at the
conclusion of the match, which was very cleverly performed,
although Sir William was neither in health nor spirits.:
PETERHEAD—NQUESTRIAN FEAT.-011 Tuesday
night, about 12 P.M., a horse and gig, belonging to a com-
mercial traveller, started off from Broad-street, going along
Rose-street, and down James street, at full gallop. On
reaching the foot of James-street, it went right over the
quay into the harbour. The pilots, on hearing the splashing
in the harbour, but not knowing the why and wherefore,
supposed it to be nothing else than " the sea serpent
ashore," and took to their heels, at a speed little short of,
if not equal to what "their worthy serpent" pursued, on
his route there. A few parties were soon attracted by the
circumstance, who, it seems, were rather better acquainted
with natural history, and pronounced it to be, instead of a
reptile, a quadruped, and by the worthy exertions of whom
—to their praise be it spoken—the fancied serpent was soon
got ashore, and, what is most ast, nishing, ',either gig nor
horse were found to be in any way hurt. But the parties
who picked up the horse and gig now betook themselves to
look for an owner, and, in their search, they found a gentle-
man lying in Broad-street, who, from his position, might
have been supposed to be studying astronomy, and who had
resigned himself to the arms ofMorpheus.—lnnernass Courier
Though sinking in decrepid age, he prematurely
falls whose memory records no benefit conferred on man by
him. They only have lived long whu have lived virtuously.
Eliza Cook's Journal.

•
WATERFORD AND KILKENNY RAILWAY.—Tho
works of this line are rapidly progressing towards Knock-
william, and all the arrangements seem to be conducted in a
most satisfactory manner. To-morrow the portion of the line
between the Thomastown station and that just erected at
Ballylowry. will be opened far the transit of passengers and
traffic; and though by rail this is but a di-twice of scarcely
half a mile, yet it will save a round of full three miles by the
old coach road, and thus make a vast difference in the time
occupied in the journey between Weterford andkonaa.