The New York herald., 1867-04-02

get IL The COMMITTEES you propose to appoint viii
nave 70 get it. The earnings are there, and promiss
70 give the committee the assstanos Of all the powers
Mr. LANG. N p, moved that Sir william Russell
Ssr1, NJ z, Thomas Cave, ESQ. n p, John Fildes
| constitute the COMMITTEES. with power to add e
,ne,r ,h % number He had great pleasure in moving
sa,n, snas resolution % as the holder Of considerable
amount OF bonds He thought the only prospect
rescung the railway from its present position lay In
Ine appointment OF men in whom they had confidence,
authority which the present critical state Of things de-
mandsd With respect 10 the future Of the ine Il was
Sean s ina, tns working expenses could be reduced
and the rolling stock be increased and the lines com.
pete these earnings would amount fl0 900 or 900
had some experience in these matters and he would in
stance the Erie line which much worse position
nan n0a 'ns % ne S was ana YET IKE many other American
tiles came round In year two. He ascribed the
present state of this company TO the depreciation
IN the value OF all kinds OF capital and especially railway
capital and also 10 the fact that the depreciation on this
side had demorazed the people in America who had
been enabled, being under efficient control up
the working expenses to preposterousy high point
But he bad no hesitation in saying that with deferred
coupons for two years they would be able apply
100000 or 10000 TO clear oil all current and pressing
debts and TO place the line in such position would
raise the ordinary stock nearly, if not quite TO par
iear, hear But if they quarreled among themselves
and did not AVOID LITIGATION there was gloomy prospect
before them In conclusion, he had grea, pleasure
in moving the appointment OF the committee.
Mr. LARKwoRrHy seconded the resolution, which was
Mr. hLDEs, NJ p, moved that the committee have
full power 10 send out commission 10 America, II
thought necessary, to take all such oher steps as
they might deem proper 10 protect the interests of all
parties concerned and to report thereon from time to
Time.
Mr. CRAwsHAY BAILEY, NJ p, seconded the resolution
which was agreed to unanimously.
The CHAIRMAN then moved that in order to place the
COumitto0 n N
poinment OF receiver should such step be necessary
and TO enable them 70 take measures for placing
property on sound footing, the meeting recommend
the consolidated bondhoders cut and place in the
hands Of the committee as trustees coupons for two
1859, for which income bonds under tho seal OF ihe
company be issued, having five years 10 run
attached at seven per cent per annum payable half
yearly, with interest," IT being understood that all
pons prior to the 3lst of March, 1867 to have pr
ory, and be paid out Of the first available OF the
company
Mr. COPELAND seconded the resolution which was
agreed to unanimously.
Mr.. CAVE NJ. p, moved that all expenses already in
Cured, and that might be hereafter incurred be de-
rayed out OF the funds Of the company and If
ry, formal resolution to that effect should proposed
at the next general meeting OF the shareholders OF the
Mr.. MCKENZIE seconded the motion, which was adopt.
ed mem CON- on the understanding that lhe funds which
had been subscribed TO defray the expenses OF the
mtee OF investigation were TO be returned SUBJ
scrbers.
Sir MORTON PE1o, NJ. p. who on rising was loudly
cheered but with some marks OF dissent said no had
not attended that meeting with any idea OF taking part
IN the proceedings but such marked reference had been
made TO him by several speakers that lie was left no
alternative but TO give reply, which, II not gwen
would be neither courteous to the meeting just
himself Reference had been made to the statements no
gave last year when presiding the meeting held in
that room. Hs unlinchingy adhered 10 every state
ment he a'c On that occasion and more than thathc
ready saui fall by those statements The de-
beDtafes with the bank stated at the back every
descr pon OF rsiriy on which they had claim With
respect to the Geek Railroad, happened thero
were two Uf,rsr the InQiu line WHICH went under
that ,i,in., McHenry had just assured them
thai II ,.c c. o.nca had been referred TO was found
by tie be fVr lie benefit OF the COIN.
pany, j: snJaiu nmodialeiy cancelled tChcers.)
lie could UoId Stats iat 10 all his transactions with
that company theis had beea D,tnng Inconsistent with
the highest LIQUOR hld the ilvst perfect integrity Ho
would Time attend the committee just appointed
sh Ss y m WITH rsuec 20 '1 n
prospects OF the ne he would ask thom look a the
Grand Trunk Of Canada which, with scarcity OF fuel
and AN unavorabe country was paying dividend with
The Atlantic and Great Western line raa
through country rich In Coal, fertile IN almost
every kind OF resources ana IL they could
only reduce the working expenses TO nifty five nfy
per cent their present income. without any increase,
would enable them pay tho every descrip
ton Of bonded debt With respect the socalled de-
Of the Board OF Control OF which he chair
man, that arose iron the unfortunate circumstances Of
last year--circums,ances 10 which several mem
bers OF the board wefe Obliged TO succumb; aud
when Mr.. McHenry aud the American board re.
quired that the board should exist, he
tSir N. Peto, though opposed 10 tho policy, had
no alternative but 70 acquicsce There was, how
ever, desertion-no deliberate REIMBURSEMENT
of duty. He could only account for the undue
depreciation Of the valuo OF their stock by the
fact that the nearous practices had been resored
70 last yenr for the purpose His bankers had boen
written 70 by parties offering TO lend f200 000 $500
or on the stock at deprecated prices In most
the to be 10 chambers rooms,
and 70 names unknown, and the only traced was
laundress paughter) There could be no doubt that
line which, In the second year opened In Its en-
tirety earned fl 600 per annum, would in short
time be out Of debt and pay good dividend tcheers
For himself he courted the fullest inquiry into all his
transactions with the company (chccrsl
cordial vote OF thanks 10 the Chairman closed the
proceedings.