The Sun.
London, England, 1845-12-30 00:00:00

1

birtif IStittion

SUN OFFICE, Seven o'Cloe,

CANADA COMPANY.—(THIS DAY.)
The usual half-yearly General Meeting of the Proprie•
tors in the Canada Company was held this afternoon, at
the Canada House, St. Helen's-place, Bishopsgate-street;
Mr. Charles Franks, Governor of the Corporation, in
the chair.
The SHCRBTARY having read the advertisement con-
vening the meeting,
The CHAIRMAN said they had met there for the pur-
pose of declaring a dividend, and electing a director in
the room of Mr. Ambrose Humphreys. It would be as
well fur them to dispose of the latter question first, and
if there was no objection to his doing so, he would pro-
pose that Sir'john Easthope, Bart., M.P., be elected to
the vacant office.
This proposal having been unanimously adopted,
The CHAIRMAN said, the next business they had to
dispose of was the declaration of the half-yearly divi-
dend, the amount of which would be determined by the
accoun a delivered to the Proprietary in March last for
the preceding year of 1844. The accounts for 1845
could not be made up till next March, but he could
aesure them that everything they had heard from Canada
since the transmission of the account for 1844 was of
the most favourable character, and fully justified the
Directors in recommending that the dividend of six per
cent. be continued.—(Hear, hear.) From all accounts,
the province itself had latterly made most extraordinary
progress in its improvements; indeed the change which
had taken.place in Canada during the last two years was
perfectly astonishing. There was a gentleman in that
room, their own commissioner in Canada, a most active,
intelligent, and zealous officer, who could bear testimony
to the fact he had just stated. Since he had come into
that room, an extract of a private letter from Canada
upon this subject had been handed to him,
and, with the permission of the Proprietary, he
would read it. The letter was addressed to Mr.
Nidder, the Commissioner of the Company, from To-
ronto, and dated the 9th of November. It stated that
the harvest of Canada had proved most fruitful, and only
a small portion of wheat, the produce of the present
year, had been brought into the market. The murrain
had only partially affected the potato crop, and, on the
whole, the present had been the most prosperous year
Canada had yet known.—(Applause.) The Proprietors
were aware that the Company undertook to forward
the remittances of their settlers to:this country, and it
might be satisfactory for them to know the amount
which had been transmitted in this way. Up to the 30th
of November last the number of remittances was 725,
and the amount 6,2971. 12s. 10d., being somewhere about
91. apiece upon the average number of settlers. The
amount deposited with the Company for remittal to
Canada was 23,0001., and the number of emigrants
•allo had arrived in Quebec in the present year, was
25,369, being 5,035 more than the number of last year,
With these facts before them, the Directors felt them-
selves fully justified in recommending a continuance of
the six per cent. dividend, and he would beg leave to
move a resolution to that effect.
The resolution having been put from the chair, and
carried unanimously,
The CHAIRMAN said that concluded the business; but
before they separated he wished to make one or two
observations upon an undertaking which was closely
connected with their own interest. It would be remem-
bered that at a previous meeting he stated that it was
in contemplation to form a railway through the province
of Canada, and it was deemed advisable that some of their
Directors should give it their support. Accordingly, he
and one or two of his brother Directors joined the Com-
pany, established in this country for the purpose,he had
just mentioned, but they supported it upon the express
condition that the railroad should not be a sectional
road, or to assist any particular interest, but that it
eh uld be a line calculated to benefit the whole province.
The undertaking was proceeding steadily, and the shares
in it had been allotted to respectable men who had taken
them up with the view of holding and not of speculating in
them. The English Company had united itself with a
Company formed in Canada, who had obtained an Act
from the Local Parliament fur making the line, and as a
proof of the estimation in which the undertaking was
held in Canada, he might mention that a sum of 1,000/.
had been voted from the provincial funds towards it.
There mac a competing Company in the field, who de-
puted Sir Allan M'Nabb to visit this country, to in-
duce capitalists to lend it their support, and the Com
pany, with which they were connected, finding that Sir
Allan M'Nabb had secured the co-operation of some of
the most highly respectable capitalists of England,
endeavoured to bring about an amalgamation ; but
he was sorry to say these gentlemen did
not think it expedient to unite with them, and the
Toronto Company was proceeding quietly in its own
way. The quantity of land disposed of since the last
accounts was 98,856 acres, and the money received by
the Company amounted to 29,366!. 15s. Bd.
The proceedings of the meeting terminated with a
vote of thanks to Mr. Nidder, the Commissioner, and to
the Chairman and Directors.

LINCOLNSHIRE AND EASTERN
COUNTIES RAILWAY.—(THIS DAY.)
A meeting of the shareholders of this Company was
held this day at the Guildhall Coffee-house, fur the pur-
pose of explaining the affairs of the Company. There
were about forty of the shareholders present.
The CHAIRMAN (Ambrose Moore, Esq., Director of the
London Joint-Stock Bank) inquired whether the meeting
would have any objection to have the names of those
. present read, which, being answered in the negative, he
then said, that before proceeding to business, he con-
ceived it right to inform them that the question whether
the members of the public press should be admitted had
been before the provisional committee that morning, and
that they had expressed themselves favourable to their
admission. However, be considered it advisable to put
the matter to them, and if there were any objection, to
take the sense of the meeting on the same.
The meeting were unanimosly of the same opinion.
The CHAIRMAN then read the list, which contained no
less than 400 names.
Mr. CHARETIE said he woull wish to hear the names
of the managing Committee.
The CHAIRMAN then read the list, which contained
fiftedn names, including those of Lord Charlesßeauclerk,
Thomas Bull, Esq., Richard Vocker, Esq., J. Crear,
Esq., &c., seven of whom were present.
The CHAIRMAN said, that having taken the names of
the gentlemen present, they had better now proceed to
business. He was sorry to say that the communication he
hail to make was not of a pleasant character. He need
say very little about the project itself for which the Com-
pany had been formed, as he considered the long list of
most respectable names, which had just been read, was
sufficient evidence of the nature of the undertaking in
which they were engaged. Many of these were pro-
prietors of the property through which the line proposed
was to have passed, which showed that the scheme was
esteemed very highly.—(Hear, hear.) And he need ad-
vance no other proof of what he asserted than the meet-
ings that were held in the districts through which it was to
pass. In July, he need hardly remind them, the
prospects of railway schemes were very favourable;
everything in the railway world presented so favourable
an app arance, that no one could anticipate what had
talon place, or have been blamed for feeling the utmost
confidence in a scheme which promised so favourably as
theirs did.— (Hear.) With respect to the public mind
shortly afterwards, he must say that a most sudden
and unforeseen change had taken place on the subject of
railway speculation. From July until the period when
the unlucky panic took place, he conld confidently assert '
that nothing wrong had taken place in the management.
The Committs e of Management was not Termed till the
middle of October, the Company being before that
period under the care of the Provisional Committee,
by w hem all their affairs were managed. When
the Committee of Management was formed nearly
the whole of the expenses had been incurred, and he
couhi confidently assert that the allotment which they
had made was on the most equitable basis, and that they
merely reserved for the Committee of Management the
usual number of shares, namely, one hundred fie. each
member, so that it was quite evident that no blame
could be attached to the executive of their Company.
After some further observations to the same effect, the
Charinnii concluded by reading a financial statement
or the affairs of the Company, from which it appeared
that the claims against them, including the solicitor's
bill for over 3,0001, a sum of 2.000/. lent by the Com-
mittee of Management, and 16,0001. for surveying and
engineering charges, with the other incidental expenses,
amounted to 2974814 14s. 61, while the receipts, in-
-
eluding about 8,000/ for shares, with the sum of 2,0001.
lent, which was to be substracted from the debit side,
were 1941. 7s. l 1 d., leaving a deficiency of 25,534/.03.2d.
An option had been given to them to pay the whole
dePo4it, but only ss. per share had been received.
Mr. CROUCH—Who elected the Managing Com-
mittee?
'l CHAIRMAN said he was elected to the chair by
the other members of the Managing Committee, and
believed that there was no meeting of the Provisional
Committee for the purpose of electing the Managing
Committee.
Caoccet said he would feel obliged by being in-
formed whether, when the Managing Committee were
appointed, there was any indemnity given to the Pro-
visional Committee by the solicitors.
The CHAIRMAN said he did not think it would be pru-
dent to answer the question, but if the Provisional Com-
mittee would appoint two or three gentlemen to investi-
gate the proceedings that had taken place, every
information would be afforded them ; and if that inves-
tigation did not prove satisfactory, he would then explain
th nature of the indemnity.
A long and rambling conversation .followed on this
question. which terminated in the Chairman stating
that the registered promoter was Mr. Beckett, solicitor,
and that the indemnity offered was 10,0001 which, as it
,did not me, t the expenditure incurred, was upon eminent
legal advice not eccepted.
The CHAIRMAN, in reply to some other questions, said
that a series of resolutions had been suggested by the
Provisional Committee, which he would take the liberty
of reading to them. The Chairman then read the reso-
lutions, which were to tke effect that all further pro-
ceedings in the undertaking should be discontinued, and
that the application to Parliament should be postponed
till the session Eafter:next; that an application should
be made to the ellottees for ss. per share, and that
those paying should have a preference in any Company
vs,isich might in future be established for the carrying
out ot" this scheme. It had been considered that if the
sum be deManded, about at all events two hundred
persons would pa—. which would realise a sum of 18,000/.,
while their liabilities se•ere 27,0001.
The resolutions were titn proposed and eeconded,
and, after some discussion, agreed tco.
It was also agreed to that a Committee should be ap-
pointed to effect an arrangement to secure the Manag-
ing Committee from the effects of law proceedings, and