New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-24
Ep1r MEETINGS IN ENGLAND.

TWO VIEWS OF rHE RtCONslKUCIIoN SCHEME.
A meeting of the English shareholders OF the
Eric Railway Company was held in London ON May ~
air Charles Whct.am presiding and the piSt ana pres
cn management OF the company was bitterly deho"hc'"
NV Mr. McH,nry john Harold, ana others Much ~ Inc
personality ~ the remarks duc II was stated 10 TIE
fact that SIR Edward Watkn had called similar meet
ing for the same day the interest OF the reconstruction
scheme Mr. McIcnry stated that he believed MI jew
cit was not legally appointed, - he received MS appoint
mont at an hours notice and his b0ndsmen were Tie
directors Of the company who had been most active IN
securing the various d,non0rcd loans, while there was
no default at the date Of appointment lie believed
the company was to-day solvent, and II inc
working expenses brought down to the lever
Of tho lines in competition with it, there would
he ample revenues protect the whole Of the bonded
issues. There was nothing in the position Of tine ROAD
to warrant The great working expenditure hui there
we're nearly 10 companies subsidiary to 1t which were
so many vampires on tIc treasury, depicting II
until nothing was left any European hondnoder As
an example Mr. Mcicnrt cited the rem, tN"nil gu
Company, the capital SlocA OF "hc has nc most '"
able coal property IN the Wo'ih am NHcH W. H'O' ~
some mvsrr1S proc RS, 10 pHy with uIyu! NJ ltko
Iarity cr cent pcr quarcr on us SOCK, NOS ~ WITH
was watcrcd stock. The total rf'd'et 81 ~ iile9
passed over tine Eie Railway, ana lac lnohsht iH'io
could De Only one conclusion "s 10 now ,hc ,ur us
were earned. The express coihlAhltS III SOM i'l"s
mysterious manner, controlled the business OF
the lie Company, gathering t"s,'h't "' tne
t,-bits OF railway rev, nHc-and after carving
II IN sealed cars, paid the EIlc ,onl@ lue tdnIo d.
fourihc.ls- freight A. 10 ne psSlbtts q" mana ns
tn All ~ tn Eric fom London, he relcne To- me
engagement the East Indian Raj way Company under
the charmEnslp OF Mi. 'IaN.od "io' WIN ~
clrrtl MI s'ua Ger revenue Than I'm, earned ih the
owuprs per cent the Total capital lie ftHu rom
letter NIitrn ny :. t. VI. Barlow OF TINS city stating
t Il enc was 40 lcg: p0Wor 10 t>os the shHrcaolcfs.
and declared ht those who mad PAID assessments hih
been ccyo,l. and were therefore tnttrd 10 "a rtun
OF hcir money; will. those VINO mad NOT rad could
com, ia at auj uu- on ihe same terms as 'hoNc VINO
had l,, without even hGc. There would hc no sale
and oreclo r, he declared under me ,Heut pioc'c'-
i'm. Iu.iug the next yea yea
R,%olniiGas v.ro aGopiod declaring that tie scheme
rrouusr3i tie re obstruction rhSi,o W"s III Variance
win tine i'rpD gilt. 0t lie bond anJ shareholders;
l4t IL mad failed it> essential primar! conell ny
tin non Yltut oi the coupon due sept !, i-fb Ot @.
go. motif. of 40. i.r": thdf there no reason 10 d.
y, ..,iah. administration ot %, "ht Is AID revenues
VIZ, llonr required tr protection 81 ic share holders
an! iI classes tue compauSS crcdtois; tat the as
ses mcnf OF ur shareholders wac unjust ma uLhtceS-
,s and lis Hlrgahty was well known 10 TIE trustees;
and trnt shan, noG,Is' committee Of seven be- named 10
pr.eaIc . .h'mc for ;hc aran- nct 90 the allb ana
the "a uIe admins ration oi the COMPANY
Urt. Ctita lie IA uIa ui tuc ItcourIucith
.cI.rr Ne, i,f..,l.rn over by sir Edward Watkins who
rnsunc.i tIc acton OF Mr Henry and al, ,ta-uca,t7
AID defended tAr ttGae lidt haI hrrh PuI-uc - nc
reconstruction trustees. ono al the fcaaohS' ne sad'
a.. a.. sS.,~,.nrn oil the stockholders wac nee, ss.I1
MA. % enable t-u to recover large >uIi. du' nom Va
lols uer SON, ID s countrN aud ln gand Il solutions
Tcr' adopted d,''alhS l1d ~ ,ol'ut',h- tie l,'s'n
Of slime cr, 81 reconstruction hs brth before tde
bond and shareholders, without opposition tc Just lc-
eari which has pad Do u 10 tine interests 81 &c
sit'uldra, duu IA" very large amount OF supper u
l.- received, TINS mucInS ruphaucdly condemns ihc
attempt for t3c fits, Uc made 90 raise al oppo-l-
lion T., H. ana M thit tHc prom 10y lu-
oil .i. ti- meet ing prot sucn position,
ana .tis tnr r,,.oIstuction trustees continue 10
pts- ou Ia force closure Huc",Uurs WIN vi pOsonio en-
- O. speedy ,uuaulnndtoh' dHd " idt iii5 meet
n Itu,s the receiver 90 continue 20 press Oh Ia auit,
III large claimed 10 be owing by them 10 tie com
pdLJ.