The Chairman, who on opening the proceedings was received with a feeble chorus of melancholy groans, said that he feared he had no better Report to make to the shareholders. ("_Oh! oh!_") It is true that he had one fact to mention, which was a matter of supreme congratulation, and he needn't say that that was that they hadn't yielded a single inch to the men. ("_Oh! oh!" and a Voice, "Oh! we've had enough of 'that'!")_ It is also true that this firm and unflinching front had necessitated some sacrifice, and had involved the Company in no little difficulty. (_Prolonged groans._) He was sorry to note these manifestations, for he had not only to announce to that meeting the non-payment of any dividend, even to the holders of the Company's Debenture Stock, but he had further to inform them, that, owing to some difficulty in settling the account of their coal contractors, these last had taken proceedings against them, and had seized not only all the contents of their refreshment-rooms, but also the whole of their rolling-stock. (_Prolonged wailing._) He grieved to say that the last two engines that the Company possessed, and which they had up to now hidden in the cloak-room at the Edinburgh terminus, were unfortunately discovered and seized last night. (_Groans._) Still, the Company did not despair of being able to carry on, at least, a portion of the Passenger Traffic (_Feeble laughter._) They might meet the statement with a manifestation of ridicule--but such was the case. It was with a sense of pride in their method of triumphing over difficulties, that he announced to the meeting, that a train of cattle-trucks would be started for the North daily at twelve o'clock, the motive power of which would be the Directors themselves. ("_Oh! oh!")_ They could not say anything about _the pace_ at which the train would travel, but that, _with time_, it would do the distance he had little, if any doubt. It is true that in a similar experiment on a neighbouring line the train came to a dead halt in the first tunnel, and the passengers had to descend in the dark and grope their way out to the nearest station as well as they could, but this unsatisfactory experience would in no way deter them from making the experiment on their own behalf. (_Jeers._) He was sorry to see that the ordinary stock of the Company, which, a twelvemonth since, had touched 128-3/8,--could not now find purchasers in the Market at 7-1/2. (_Groans._) But he hoped for better times. ("_Oh! oh!_") But, come what would, he would hold fast by his principles, which were, "_No Compromise, No Meeting Halfway, No Arbitration, No Concession!_" Men might starve, Trade collapse, the Country come to ruin, the Company disappear in Bankruptcy, but he cared not. The Directors had put their foot down, and, whether right or wrong, whatever happened, _there_ they meant, with a good down-right national and pig-headed obstinacy, to keep it.