The Express. — London, England, 1851-08-26 00:00:00

EXTE.NSIVE FIRE AT GREENWICH. Tills DAY. A fire, attended with considerable destruction of property, broke out this morning in the premises belonging Is Mr. T. I'. Marks, plumber, dc., No. 13, East-street, East Greenwich. The flames were first discovered about a quarter before one o'clock, et which time they hail obtained such a firm hold of the lower part of the building, that it was with the greatest difficulty the inmates were enabled to *wipe. The TC.1.10.t. of the house h.,,Tbarely :earthed the street when huge bullies of tire and volumes of sparks shot forth from the sever d windows, to the danger of igniting the adjoining property. A female, named Mary Thomas, in her excitement threw two of the children out of window. Fortunately a man caught them. and they received no injury, but Mrs. Thomas. in jumping from the same window, although assisted by the same man, re bounded from his shoulder, and striking a wall, broke her collar bone. She was immediately removed to a surgeon's in the u.sighbourhoo I. Several engines were soon on the spot. A plentiful supply of water was obtained, but before the ti.vint s were assuaged the whole of Mr. Marks's stock in trade, furniture, and wearing apparel, were de strop& and the building gutted. The house, No. 11, has likewise sustained great damage, and the roof is partially destroyed. Nov. 10, 11, and 12, belonging to Mr. Smith, of the Trafalgar-road, arc also considerably damaged, and so is No. 15, belonging to Mr. Clayton. Mr. Marks fortu nately was insured in the County Fire-office. RAI LW.I Y M I.:ET I NGS. GREAT NORTIIERN RAILWAY MEETING. Tills DAY. The ordinary half-yearly meeting of this com pany, was held this slay, at the tondou 'tavern ; EUXUND Demist/3, Esq., M.P., in the chair. The advertisemeuts convening the meeting having been read, and the seal of the company affixed to the share register, the report, which has already appeared in the Brpzem, was by consent taken and read ; and The CIIAIItMAN proceeded to address the meeting. He commenced by observing that the command of the Queen to use the line would, he was sure, be a sufficient excuse for I ' iing them. together curler than was ori ginally iutended. Public opinion daring the last three Of four mouths had decidedly set in in favour of the Greet Northern line. 'rho:mends were travelling by it, and the fact of her Majesty going by it to the North ha had no doubt would bring it still more generally in use, and the route through Grantham by the Direct Northern road would again become the popu lar route to Scotland. The success of the company was greater than he bad calculated upon. (Hear, hear.) Their prospects were cheering, and with forbearance and perseverance the concern would, he was confident, speedily become remunerative to the full extent of their expectations . The dividend proisuatal at the rate of II percent., was, he thought, satisfactory for a ciouriencoment. It was a fair dividend fully earned, hut it was declared upon the princi ple that the shareholders were entitled to the full amount of the profits arising from revenue in the half-year. Ile then spoke of the necessity of raising snore capital as stated in the report, and expnsw•d himself favourable to the pro posed mode of raising it by issuing preference shares to be redeemable at a future period should the rate of interest fall. Referring to the competition with the North Western and Midland, hi assured the proprietors that while doing all they could to defend their interest, the directors had shown every desire to conciliate and arrange all differences in a manner which should be fair, just, and satisfactory to all parties. He then detailed the negotiations and cor respondence which loot passed between the Great Northern and the North-Western, stating that the Midland had in effect nu independent ezidence, and that, whatever was dune iu reference to the northeru tralfie,asegaiast the Great Northern Company, was done at Euston-square. Ile (the chairman) had proposed (aud he wished this to be distinctly understood) that all matters between them as to the divi sion of the truffle of the six towns, York, Wakefield, Leeds. she'll...lll, Doncaster, and Lincoln, should be left to two or three independent gentlemen. Ultimately Mr. Gladstone, M.l'., was appointed the referee, and then the North Western insisted upon including in the reference other towns, to which the two companies had not equal running powers—that wan towns to which the Great Northern had erica@ hut the North Western had nut; and in respect to which the hands of the Great Northern were tied by pre. ious agreements. 'tut he said to them, "it you will rider all those towns, as Bradford, Halifax, Huddersfield, to which, by our line, the distance as between London and those places, there would be a saving of front twenty to twenty-live miles, but to which the Great Northern hail lest access except by using WOW of the law s under the control of the North Western, and in regard to which they urged they were bound by previous age., anent, he would consent. Parliameut undoubtedly in tended railways as public property--that was,that the trains of title company might run over another; but unfurls', nab ly that right was so clogged by regulations as to water and other matters as to render it inoperative. After much delay the North Western consented to the ease going before Mr. Gletletone, as originally intended. As the matter was still sob jurlice, Mr. Glad-tone not having given his award, he would say no more upon it. Ile had said so much to show that the Great Northern board haAl done all they could to work harmoniously with the North Western and Midland. lie had uffered over and over again to the North Western that they should settle the fares for the competing traffic, and that the Great Northern would adopt them, and abide by them, provided the North Western did the same. (Hear, hear.) it was, perhaps, a good wind that blew no body K .. 4, and the result of the course adopted by the North Western had been to allow the people of Yorkshire to come up to the Exhibition for is., including the hack Lire, said with those who had availed themselves of these low fans what lie was now sayiug would net s perlistri, be very popular. (" Hear, hear," and a laugh.) Turning to Mr. Glyn'il speech at the late North Western mictine, he denounced as most unfair and uncluitlid the stab went made by that gentleman, that the ruinous compe tition going ou between the companies originated with the Great Northern directors. It would have been more foie had Mr. like referred to the documents as he (Dr. Dent -10n) 11:161 dune, instead of throwing stones at others. If guarded language was not used by directors in addressing their shareholders, the difficulty of railway managsnist would be much greater than it was. They should take ems, who n endeavouring to conciliate their own shareholderemet to attack others. (Heer.) Why had the North Western rectors reaerved 140,0001. at the last meeting? Assuredly for the purpose of fighting battles with other companies. What would the 'louse of Commons say to the Chancellor of the Exchequer if, having a large surplus, be proposed to retain it as the means ot• engaging iu some future hostilities with another country ? (hear, hear.) The shareholder* had a perfect right to all that was earned within the ►alf-year —(cheers)—and no reserve should be made fee such purposes as had,been adduced by Mr.(llyrn. Fur himself he would del:lure that he would nut retain his seat at that board any longer than the policy which he considered right was approved of by the shareholders. He believed the coin puny to be in a satisfactory position; but Home was not built in a day, and he intrcated the shareholders to await with patience the legitimate development ol• the resources of the line. lie concluded by moving the adoption of the report. Mr. llerapath, jun., moved an amendment condemning the agreement with the East Anglian Company. 110,40 N, STAMFORD, AND BIRMINGHAM RAIL- I balf-vearly meeting of this company was held yesterday, at the terminus of the Great Northern Railway, iiin4's , cries; Mr. Maeaulay in the chair. This line now form, an integral portion of the Great Northern, and the bu•oiess •(.42, tUlliilll.4 to the reception of the accounts. The capital account amounts to 83,62451. 10s., and is thus coen- P , rl:--First deposit on 30,806 shares of 22.. per share, 125.; fractional amounts received to consolidate h ,„‘ l kced Awes, 5321. 18s.; first call on 12,516 reduced slums 21 `.. 2.,2771 is. ; second call on 12,526 reduced shares at 41, . 27,3511. is. ; and to sums received by the company 'Val Proprietors to consolidate their shares into a value ex il.an,tv able in th e ratio of 5 for 8 of the Royston and 'litchis Lai...my, less amounts paid to the proprietors for the "O. purpose. 525 f. 12s. The expenditure amounted to 19s. 1041., leaving a balance of 6931. 10s. Id. Oa motion of the chairman, seconded by Mr. G. IL Paella, I,..unts were agreed to, and the meeting separated. bIIEFFIELD, BARNSLEY, AND GOOLE RAILWAY. — On the afternoon of Saturday, the ordinary half-yearly ge ittl,al meetin g of the shaiehulders of this company, was held s; th,, company's office, in Westgate, Wakefield ; E. he woud, E.., was in the chair. The following report w `' read. -" Your directors have to report that the Amend ment sad Deviation Act, presented to the managers of the Louth division in the last session of parlianomi, has be e"welaw. They are happy to be able to state that there rini.um a sufficient balance to the credit of the capital se emed to cover all the pecuniary liabilities of the company, Throngs small margin for contingencies, without trench thg atom year revenue. The directors have, therefore, to re commend that a dividend of 5 per cent. be paid, less income ouratdiately after the receipt of the half-year's rent from the Lancaahire and Yorkshire Company ea the of Septemb er ." The report having been adopted, and ln , pkpoeut of the dividend of 5 per cent. agreed to, the meeting separated. EASTERN COUNTIES RAILWAY. After the report of the proceedings at the half yearly meeting of this company, given in yesterday's Erpress, was despatched, The CHAIRMAN went on to say that Mr. Ashcroft had thought it right to explain his views in reference to the de preciation of the permanent way. The shareholders having authorised the directors to set aside 8,000/. fur the half year ending in June, and 14,0001. fur the half year ending in December; although Mr. Ashcroft had asserted that he did not consider 8,0001. req•iirml, yet the directors had thought it best that that sum should be included in the charges of the half year. The directors had stated in their report, having regard to the clip: 6:11,a ut ti.h.,oiating the raid+, twat lue• Aar experience might induce them to recommend a recoil : sideration of the propriety of putting aside an annual sum as a depreciation fund for the permanent way, or an altera tion in the amount so reserved. For his own part he be li lieved the principle of the fish-joint was sound, and that they might be able eventually to give up altogether tho maintenance of a reserve fund for the permanent way. Ile would say one word with regard to the legal expenses in cluded in the accounts, which amounted to 5,0081. 161. 541., and might he considered a very large sum. LA Shareholder For how long ?") This charge was for a period of six months. Their solicitors were gentlemen of the highest eminence in the profession, and no less than 3,3691. of the . . charge be had mentioned was for parliamentary expert's.' during the;last 'session, necessarily including a very large sum out of pocket. This expenditure was incurred not only with the view of protecting the property of the share holders, but also the guaranteed stock, and he thought it a question deserving consideration whether the ordinary share capital of the comany ought to bear the whole har den of this charge. ( hear.) The money ROY not spent merely for the benefit of the proprietors during a par ticular half-year, but was for the advantage of all future shareholders. Ile could point uut other cont . panics which threw such charge upon their capi tal, and his own opinion was that the guaranteed stock ought to hear a share of these expenses with the ordinary shareholders, for he must remind them that not only had they been obliged to enter into contests with other companies during the last half-year, but that they would have to engige in similar contests during the next session of Parliament. Ile wished to ascertain what were the ♦iews of the proprietors generally on this subject, for, if they had hitherto acted upon a wrung principle, they might change their course in future. There was another charge in the accounts of 74/. for pmsy stamps;and he must say, for his own part, that he would never put the share holders to the expense of a shilling for the sake of obtaining a proxy. (Hear, hear.) There was in the revenue account a charge of 2,5:171. J.. fid., paid during the half-year for casualties, arising from the unfortunate accident which (lectured the day before last Christmas-day, and the amount, under the head of casualties, still outstanding was estimated at 7,4001., making together 10,0371 Os. Gd. It was estimated that the amount of 7 0 )001., which was set aside would more than corer the demands under this head There wan auother item of 2,7691. rm. 3d. fur the amount expended in the preparation of statement., with a view of appealing against the parish assessments. That expense was incurred previous to this half-year, in getting up data show ing what the company canted per mile, and at each of their stations, in order that if any question of ratlike arose they might hose the wane tit suirstantiating their case. A sum of 1,617/. ha I also been paid to Meese'. Quitter and Ball for investigating th • capital expenditure of the company. He had received numerous letters inquiring how long this expenditure was to go on, and he begged to say that he had ascertained that the additiuual expenditure was es timated at about :100 ~ stud the charge would then cease. This was the explanation of theirdetails, with the exception of the ISO!. charged fur printing, which was so trifling that no explanation was necessary. With regent to charging the whole 10,000/. fur accidents, dc., in the present ac count, he would justify that merely by saying that the di rector:, felt the utmost anxiety to start fair, with all out etunding claims cleans off. (Hear, hear.) They lilt the time for despondency was past, and that if they confined their attention to the developinint of t e resources of the districts, starting witu a fair balsnee-sheet they would be able to present a much more satisfactory report in future half-years. '1 hi•refore it was was that they had preferred to appropriate this bithatre of 114,6351 in the way he had ikeeribi d—though the result eras to deprive the shareholders of dividend for the present —for the sake of placing the affairs of the company on a sound Ibundation tor the fu t uni,a t hat henceforth the shareholders might take the stilton. tit of the receipts and expenditure of the company, and from it gather with certainty what the dividend would be. This was the only explanation hehtul tugive give on that loin'. Under the head of Illt auditors' reportehe re were some matters which he was aware would occasion untie remarks. The charge for parliamentary expenses, including the opposition to competing lines, contained two items 60M. together. The puytaents had been specially brought to the notice of the proprietors by the auditors, and it would be fur them to give any explanation in reference to the subject they might wish. they said in their report—'• 't he charge for • legal expenses (including parliamentory opposition to competing lines)' contains two items. amounting together to 6.10/., paid by order of your late directors; for these amounts no vouchers have been preduced to us, and on inquiry we are told it would be undesirable for you to pusses. particu lars of this expenditure. We cannot, consistently with the important trust reposed in us by you, accept this explana tion, and therefore submit both these matters to you to deal with as you think fit." Ile did not desire to make any observations upon what had been done by gentlemen who had been conducting the business of the company, and who were no longer members of the board, but as fur as he had ascertained the facts he was convinced that the directors who hull directed the expenditure had considered it neces sary fur the interest, of the company, and that in directing a sum of money to be set aside by the secretary to he em ployed privately as the solicitors might suggest in carrying on the contest in parliament, it was considered they were doing that which tended to the benefit of the under taking. Ile believed firmly that the money lord been smart. with that object end no other, and this was tho only explanation he had to offer on the subject. Ile now came to the Harwich agreement. To that agreement the Eastern Counties' seal was already affixed. The Eastern Union proprietors would hold their meeting this or the ensuing week, when, it was expected, their seal would be affixed to it also. Already a joint committee of three from each hoard had been appointed to carry that agreement into effect. When it was sealed therefore there was every reason to hope that no difficulty which could nut be easily removed would interpose to the carrying out of the Harwich branch, the benefit of which to the Eastern Counties line could scarcely be overestimated. (Hear.) It was, in fact, a mutter of astonishment to him, that that branch which would be only 10j miles in length, and would connect them with one of the finest harbours of the country, had been so lung delayed. [A Shareholder: " What will the line cost ?"„) He was told that, according to the revised contract, making a single line, including the land, hut independently of the harbour works, the cost would be about 1.10,000 i. LA voice " Then we shall have no dividend next year." A laugh.] With regard to the Norfolk agreement, he did not think it desir able to enter into that question at any length on the pre sent occasion. The Norfolk Company had communicated with the Eastern Counties directors, inquiring what course they intended to take. They considered that thebest course they could pursue was to rely upon the agreement. they had previously made with the Norfolk Company fur a given num ber of years. He was convinced that at the present moment it was desirable they should maintaia amicable relations with that company, and he hoped no question would he intro duced to-day calculated to engender any ill-feeling or to cause a renewal of an acrimonious correspondence. The establishment of steam-packets at Lowestoft was to be of very great importance, nut only in developing the resources of that town, but in adding to the revenues of the Eastern Counties Company. (Hear, hear.) However Mr. Pete might be held up as courting the Norfolk Company, he (the chairman) knew that him. gentleman was doing all he could, by an outlay of his own money, to develope the resource. of Lowestoft, and in so doing he must necessarily add greatly to the revenues of both companies. With regard to the Great Northern Railway Company, some two years ago that company entered into au agreement with the hastens Counties Company, whereby they were to abandon the construction of a line culled the Boston, Stamford, and liiriningham line, which gave them access by l'iterborough to Wisbeach, and terse Eastern Counties company agreed that the Great Northern should use their line from Peterborough to Wisbeach, paying 60 per cent. upon their receipts. At the time that agreement war made the Great Northern Company would not have had the means of joining the East Anglian Company at Wisbeach. A few months ago, however, in consequence of some arrangement they had made with the East Anglian Company, the Greet Northern Company gave notice to the Eastern Counties of their inten tion to work over the Eaters Counties line, and instructions were given that they should do so accordingly. Having given them the privilege of running to the Wisbeachstation, the Eastern Counties Company considered they had fulfilled their part of the bond; but the Great Northern Company said, " We will stay short of Wisbeach and use another line communicating with the East Anglian line." The Eastern Counties directors replied, " No, you shall go to Wiabeach, but you have no right to stop short, and use the East Anglian line for the purpose of diverting our traffic. We shall, however, be very glad to make arrangements with the Great Northern or any other com ny for the purpose of carrying out the views of Par- Cment." But what did the Great Northern say in their recent report? It contained this passmye :—" 1 he Great Northern have also commenced working train Peterborough to Wiebeach, and over the East Anglian lines from Wisbeach to Denham. The Eastern Counties Company, in contraven tion of their agreement with the Great Northern, as well so against the rights of the East Anglian Company, secured by act of Parliament, have shut up the points of junction be tween the Eastern Counties line and the East Anglian lice at Wisbeach." Why, if the directors of the Eastern Coun ties Company had not done so they would not have been faithful guardians of the interests of the shareholders. The Great Northern line had given them notice of proceedings , in Chancery, but he da rtd them to proceed. 11 that com pany thought they would obtain the use of stations upon other . lines, and that the companies upon nhich such claims were made would stand quietly by without endeavouring tomain lain their just rights, they would find themselves egregiously mistaken. But, even if the Great Northern Company ob tained the powers which they sought through the interpo sition of the Court of Chancery, he had no doubt that in the end the Eastern Counties Company would be enabled to regain their just and equitable rights; and they would still have the advantage of possessing much more direct communication between London and Lynn, Denham and Swaffham, than the Great Northern. The Great Northern Company also complained that they were not allowed to run over the Eastern Counties Coin pany's line from Shipreth to Cambridge; but parliament had denied the Great Northern Company this running power, and why should the Eastern Counties Company grant that of outlay required in the construction of the extension of the Navan branch to Dells, and the meeting was adjourned to such time as the directors might appoint for the purpose of receiving the report on the subject. In pursuance of that resolution, the directors proceeded to make the requisite inquiries ; but as it was necessary, to enable them to arrive at an accurate conclusion, to have the plans of the extension carefully prepared, the line marked out on the ground, and an estimate formed of the cost of construction, they found it impossible to make such a report as could be relied upon at au earlier period than the usual time for holding the general meeting. 'I he result of their investigation shows the ground to be even more favourable, and the probable cost of comstruction less, than was unticipmed. The report will be brought before the shareholders at the meeting, and they will then be asked to determine whether they will proceed with the construction of the line or not. It will be very gratifying to the shareholders to learn that the Dublin and Belfast Junction Company have contracted fur the construc tion of the bridge over the Boyne, at Drogheda, and that the work has commenced. When this bridge shall be completed, there will then be that unbroken communication between Dublin and the north of Ireland which the ,liree tors have so anxiously desired, and which is absolutely necessary for the complete development of the resources of their line to afford so the public that accommodation which they reiptire, but which they cannot possibly get while the line is m its present incomplete state. From the gross receipts of the half.year, there remains a net profit of 5,2011. 12s. rxl. Out of this sum the directors recommend that the same dividend which was made at the correspond ing period lust year be made at present, viz., twelve shil lings fur each old share, and four shillinzs for each third share. This dividend will require 1,5631., and leave 6381. 12s. 51. to be added to the reserve. SPORTING. TATTEItSALL'S.—MONDAY. The hktting was on too finiall a scale to require more than a list of the several quotations. DERBY HA: , OICAP (TBADEs3IEN'S PLATE). 11 to 10 apt Mr. King's ea of Jervcaut sto I Lord Largo's (Anus sto 1 Mr. It. E. OiNer's lA*l. 10 to I any other LEAMINGTON STAKES. 7 to 1 apt t , r. W. Pelmet . ..Walt:der 11 to I -- Lord Wilton's Herbert lb to 1 Mr. P. int. r's CJatt• L. tot Mr. 0-411.1t,u,n`s rqat.man 13 to I lord Jobn Sent's %S melt .und YORKSHIRE. HANDICAP (DONCASTER!. 9 to 2 agst Mr. Martineau's Nancy a to I Mr. Pffiley'al:tocm.cit 13 to 1 air .1. TedrEngton S.. LELIA.. 3 to I ag•t lord Enftel :'s Hernandez (t and aft off) to i. Sir J. Holders The Ban 10 to 1 Mr. Ilislfortra l'none Moister 11 to 1 -- Mr. 11. Hill's lloth r,e THE cEsAaEwurcut STAKES. 35 to 1 eaeh laid ngst Nancy and Clarissa, 40 to 1 each at Vancouver, Ithesu.s, und . The Nigrr, and 50 to 1 each aget Sinus, 31okt . ulna, Garforth, and Knight of Owynue. TUE CAMS • It/DEMURE STAKr S. 20 to 1 aget None v, 40 to I each opt The Swindler and Windhound, 50 to I each art Vancouver and The Ileriot, and 1,000 to 15 each art Bordeaux and Eliza Middleton. TEDDING "TON AND NANCY. subject of the contemplated Martimon '-h __l3 No communication hay.'ng been received by Sir J. Hawley from Mr. match between these anim As (proposed by Mr. Martinson, and not, as we underStuod, by Sir Joseph 114 ' 0 ' Y) , it fall. to the ground. CowNitt. PEEL's STl'D...—.The second portion of this stud was disposed of yesterday , et Tatteruill's, at the follow ing prices :—M,libmn, by '<er, coven:el by Orlando, 100 guineas; Jenny Lind, by Tc, nchstone, covered by La nereost, 25-5 guineas; a colt foal by Bay Middleton, out of Jenny Lind, 165 guineas; Image, by Isettgar, covered by Linereost, 31 guineas; a cult foal by Gibraltar, out of Image, 15 guineas ; Tuffrail, by Sher t Anchor, covered hy Lanvreost, 54 g uineas; a colt feud lane, out of Tatfrail, guineas ; filly foal by Orlando, out of L 'emy , 170 guineas; 10 guineas; Heresy, by Glaucus, cowl ss. l by Orlando, 255 Dacia, by Gladiator, covered by Lanercos t, 150 guineas; a filly tital by Shine, out of Dacia, 25 Koine. a ; cli m by Sir Hercules, out of Electron, covered by Orin, -du, 310 guineas; a filly 'oul by Cotherstone, out of the a beve mare, 15 guineas; Seakale, by Camel, covered by Lanercost, 40 guineas; Palma, by Plionpotentiary, covered by Orlando, 120 guineas; Orlando, winner of the Derby, &e., 3 . 100 guineas; Slane, 400 guineas; lon, 440 guinea.; Tailmor, 50 guineas; Dey of Algiers, 1 . 3 guineas; Gilt 'altar, 46 guineas; Indus, 125 guineas. Orlando and SL fine were knocked down to Mr. (Devine, and ion to the Et each go vernment. STOURBItIDGE RACE -MONDAY. [Hy E:ectne trAirliph PRESTWOOD STALES, of 3 SOVII. each. One mite aad a half. • Mr. Taunton's cby Bras by, dam by Toung Illatkinck, 3 yrs... 1 Mr. LL-nn's Tbi- (iisr rat, sged STOVItHUIDGE STAKES (11ANDICAP) ,of i rove. each, 4 1 11 , and 2 only it declared, with 50 added, the second to reeks 0 15/. One mile and a quarter. (2d subs., 17 declared.) Mr. Taunton's GE Ps R.y. Ijtr, 7.1 Mr. J. It. t-ssot i i Manche-4er, .1 yrs, r.l 71b . Mr. J. Eykr ad Maine cp. a ye., tot -lb . EAnT WOUCESTEUNIIIUE STAKES, of 3 goys. each, and 20 added. One mile and a half. air. J. ihrus.'s Gay ....... Yr.ll..rateaces'i. LIUStf li. r. q aged ... s AQUATICS. wr. mol nut 111 . 1 ✓ior ,1 6 0 oat ROYAL VICTORIA YACHT CLUB. Tax Rata /*Olt tars QUKEN . 6 Cur. This exciting contest, in which tXe yachts of all natimui were, by her Majesty's wish, permitted to compete, comet& at Hyde yesterday, attracting, as may la. supposed, un tan common degree of yachting and general interest. The following were the entries : Tuns. corners. Yolante, cute- nsi schaeocr aurpriar, caner America, schooner Alarm, cutler Whiling., tuner Fanny, 'awl tech...dr, ctetet.. Fen-timer, scheme: suns, whismer 107 No time tar imitate CuFinta.—ltnund the Isle of Wight, outside the Nab Light, the No Man and Sand Head Buoys, and passing ho- tweet' the Brilliant and Hyde-pier When coming in. At mucous past II) o'clock the startiti4 gun was tired by the Brilliant pitninonlure Acker...). The wind was very light, and as a consequence, or front motives of delicacy, the America did not start, but weighed with a pleasure party on board shout three-quatters of an hours afterwards, to follow and watch the nice. The other yachts rounded the Needles about 1 o'clock, in the following order: I. wilotlre 2. Bacchante. 3. Velsinte. 4. Alarm. The rest tar behind—too far to make note of, except Sur- Prise. At the back of the island, running free, they set their balloon jibs. The Alarm and others CAM' up off St. Catha rine's Point, and stool afterward:, passed the Wildfire. On making the Nab Light (about 4 o'clock) the yachts rounded that point us follows: e..aiate. 2. luir, I, dile. 3 Mann. I. Wil fire. In running down to the Brilli .nt (the winning point) the Volante, Bacchante, and Alarm chair,ti ol poWtions, which led to the following result as the termination of the race. The yachts rounded the Brilliant , VoLette hoc haute .61 5 23 5 29 5 Al . 5St Our correspondent writes as follows regarding the match of Friday COWES. SATintum Y. The whole expanse of the harbour and rods off Cowes literally swarms with craft, from the tuagnifie:ut and aris tocratically fitted 200 ton schooner down to the smallest punt; and the steamers can nail difficulty thread their way to and from the pier through the ever-shifting white winged vessels that add beauty and iiiiiination to the charming scenery of the island. the America is of course the great object of attraction, mot the interest is still fur ther heightened since the termination of the race. The nunda.•r of boats and punts rowing around her resemble nothing so much us u hovering swarm of bees: and it is but justice to her commander to say that he evinces the greatest courtesy and hospitality to all who go on board fur the purpose of examining her. The peen litany of her build is the subject of general remark. When on the decks, on a dead level, her masts are perpendicular, but when afloat they have a rake of four and a half lest; she is thus wedge-shaped Iwth ways, the haat resisters, both nu her sides and under water, being at the bows. Much has been said of her extreme sharpoess, but this is more apparent than real. Near the water line the bows assume a perfectly rounded form, and her model, when closely examined, approaches as nearly as possible to that which nature, the great modeller, has given to the water fowl. Tier sides are equally round mid full, and she is ahem one-half wider amidships than our vessels of the same tonnage. The value of this peculiar construction is, that she &ate over the water instead of herring to plough her way through it, and an increase of speed does not, as in ordinary vessels, occasion an increase of resistance. This will also account for the enormous spars she carries —lying as it were flat on the surface of the water, , her stern acting as a 'powerful rudder, where the resistance to her pr.gress is the least ; she stands upright in a gale, which compels other yachts to heel over considerably. la the race of yesterday the America, as if conscious of her power, was one of the last vessels to get under weigh, and this„ couples! with the (Oct that the Gipsy Queen end one or two ethers had for aearly two hour. the lead, inspired the yachtmen with hopes which the result failed to justify. We ham already referred to the fact of four of the yachts having suddenly altered their course and proceeded round the Nab Light instead of passing between it and elite inland. The America, followed by all the others, took the inner channel, which is not the usual course, and which is our of considerable risk at particular times of the tide. At the termination of the race it was objected that the America had not gone over the usual course, and was not entitled to the cup. The sympathies of the boatmen end fishermen, which were evidently throughout with the stranger, the nautical instinct of their class telling them that it she hail fair play she would win, took fire at this quibble, and in every quarter allusions as broad as they were uncomplimentary were made to the conspiracy got up to defeat the American bat. It was said that the pilot who took her inside the Nab, having been born in South ampton, and steered many yachts, must have known the proper course, and that the commander of the strange vessel could not be held answerable fur the iniseiko, if mm take it was. The sailing committee met to day at the club house ►t Cowes, to consider the objection that had been urged; and, after due consideration, came to the conclu sion unanimously that the America was fairly entitled to the cup. The decision has been hailed with univer sal satisfaction. It is acknowledged on all hands that if the breeze had been fresher the superiority of the strange► would have been much more strikingly manifested, and In beating up against the wind it was observed that not Withs standing her low bulwarks she shipped little or no water. This evening the pending match between the Americr e and Mr. Stephenson's schooner yacht Titania was the great subject of discussion. The Titania is a comparatively new iron boat, built upon Mr. Scott Russell's war*, principle, which it is alleged offers the least resistance to the water in ' passing rapidly through it. The principle bas been tried with the must satisfactory results in the cast o f the Antwerp steam-ship Baron Osy, one of the fastest vcoaels out of the Thames, and the Titania, which has the reputation of being an extremely fast boat. The condition laid down by Mr. Stevens, that there must be at least a six knot breeze, will however, be a severe test of her saili•og qualities, and bets are freely offered at the club-house t'aat she will be distanced both ways. LIEUTENANT-GENMIAL SIB CHARLES NAPIEB arrived at Portsmouth yesterday (Monday,) on a visit to the Lieutenant-Governor, Lord F FiveMonaca, and at tended the trooping o the Queelt:3l.„... 1L the after noon he attended the brigading poops lit garrison oa 8011thses Common. Lie is &tarn% the Lleatesiant•Oo- I 'cream's residence, and wilt l iziletboadeW department. , at Portsmouth, to-night (T ?*t a 'dinnee given by I Lord Frederick. u. - 1 (, ~q c, le \tv- ea- v oisioany, less amounts paid to the prUprietors for the act of Parliament, nave SIMI up um points or juncuou or- 1 I peered, f ad been paid through 'the late secretary to j nen. I nn r . "'" ° " ti lt took " 6 . liqUlMAit, .1251. 12s. The expenditure amounted to tween the Eastern Counties line and the East Anglian line lap 1 secure parliamentary assistance for the company; in their have - suer as your mrecuirs Collal MIL agree to n risent with the interests of the company they . etTo - i - e - vt;r : - ;;JUL -11 ; - iest "--- tit -7. ` 7 .'" ;;;;; 7 ."- --- . -- Be .--- a . Mr. Stephenson's schooner yacht Titania was the great this the committee at the present subject . of discussion. The Titania is a comparativ e ly new principle, i the szaili. 19,.. 104 ,I a 'ng aNJ of 6931 10. Id. Os at Wisbeach." Why, if the directors of the Eastern Coun- vervnt contests with other the compan ies , balance - offer a surmise. The capital account shows that 2 , 121,0431 . 1 bee broken off. The whole of the works are now, 2,B7ol.eived , T a h n e d re t, e l a ll,..ll2l . . .ex t pe t n o d t e t d h , e l h ea al v f i - ng ye z . peette time c r d c o no n o ot nL ventu y re on to . which it is alleged offers the least resistance to the water in iron boat , . built upon Mr. Scott Rus•ell's wave, ad- retrai n- under coutract or fast a roachi to coin letion , and the th. motion of the . chairman , seconded by Mr. G. 11. Peeks, tics Company had not done so they would not have been I— hands of . G . statedthat, , pp ng p , lders. The i n in the the solicitors. Mr. J. 1 the Greet xer r h a emeta t ` y , ; di ci recrors continue to entertain the o Mien . that beteatie the a n ti- realised. flu . 1, 4•1145 were agreed to, and the meeting separated. faithful guardians of the interests of the shareho 1 bill p had a a balance nc been e of r • f pric e , ha d not the promoted byrapidly through it. The principle b as b een t r i e d the SHEFFIELD, BARNSLEY, AND GOOLE RAILWAY.— Great Northern line had given them notice o p makin g a line from Shipreth to Cambridge pattrtui of a fair return for the outlay will IliOn thi the (rileafternoo of Saturday, the ordinary half-yearly ge- lin Chancery, but he dared them proceed . md tolf that cam - , for states that 51,6971. had beer , received, and 33,8441. ea. 1 with th e most satisfactory results in the case o f the Antwerp _____. robed on the second reading, the expense to the - Eastern pended , leaving • balance of 17,8521. , steam-ship Baron Osy, one of the fastest vev.sels out of the neat 'nisi meeting shaiehulders of this company, was held pany thought they would obtain the use of stations upon other . ounties Company would have been tive times more than DUBLLN AND DROGHEDA RAILWAY. 1 ames, and the Titania which has the ta:putation of g Imes a: Oa company's office, in Westgate, Wakefield ; E. B no vhich such claims were es, and that the companies upon ~ . . the sum to which reference was Made by the auditon. A LONDONDERRY AND OOLERAINE.—It appears, from It..quietly by without endeavourtag to main- , made would stand odount, Esq., VIM in the chair. The following report' desultory discussion took place • ; some shareholders main. Stevens, hat there must be at least a ail knot breeze, will June 30, 1851, state, that : June, that the company is authorised to raise 500,001:11. on 1 ' .. Per- n `" r ead . -'• Your directors have that the Amend- fain their just rights, they would find to report themselves egregiously „ . „ tai n that it was necessary to intrust the directors, the however, be a severe teat of her !ads* ag qualities, and beta Pa" . Leta aud Deviation Act, presented to the managers of the Northern Compels ob- 9'. g mistaken. But, even if the Great y " The traffic of the last half ear y exceeds that of the ear. 10,000 shares of 251. each, and on 20,000 shares of 121. 10e. - • solicitors, aad the secretary, with • certain discretionary . are freely offered at the club-house t'aat she will be distanced aver, kietli division in the last session of parliament, has be- Mined the powers which they sought through the interpo- , res ndi he „ Tear by 1,1871. This increase has New each. The total amount . dlo receive n shares and : oars to the child eu wr law. They are happy to be able to state that there Ninon of the Court of Chancery, e h had no doubt that in the power under such cumunstances, while others strongly de- I ef' n g • derived tram the . &van branch. That branch, was opened , 80th of June was 31'4,5901., of which 200,5641. was received both ways. —..--...--.. tong haun t . a sufficient balance to the credit of the capital ae- end the Eastern Counties Company would be enabled to pounced the praetice of making any payments without I for traf fi c on the 15th February , 251 shares, d 66 896/ 121 I shares . The I 1850, and the receipts upon on . an , .on . Os. es- • ne toequita ble and they would view to cover all the ' liabilities of the company, regain their just and rights ; 'scum/Ley: vouchers, one gentleman observing that it • appeared. from it direct the report of the committee of inquiry, some tune ago, that ter thc. 20 weeks ending the 30th June in that year wen E. nditure amounted to 304,6171., of which 7,4761. was for LIEIMENANT GENtiIiAL SIR CHARLES NAPIEB r ota- * tic I i Aa.ing a small margin for contingencies, without trench.. mill have the advantage of possessing much more ,2:1 3:91 la ndand ' a rrived P ortsmouth -. Lt • • 2,561. The receipts for the 26 weeks ending the 30th Parliamentary expenses, 3 , 3 ~ construction, at yesterday ( M onday,) on a visit to h am a sum of 6,000:. had mysteriously disaopeared in true man-1 snag n 'g Man year revenue. The directors have, therefore, to re- communication between London and Lynn, Dere 4 t ine, 1851, were 4,0331. This shows a censtlerable im. 2,7081. i nc id enta l char, 6,9621. for engines, &c., and the Lieutenant.Gneereor, Lord F Fit,selareace, and at- oll. y I ner. E ventually the subject d ropped,and to "emend that a dividend of 5 per cent. be paid, less income and Swaffbam, than the Great No rt hern. The. I provement • and if the brAlleh were extended to Nana 11,7401. for interest to shareholders on calls paid up, leaving tended the trooping a the Oueelte s elatufa, ta"tbe after- ' 1 eit is A t•"• i . • r ely after tlreceipt of the half-pear ' s rent Great Northern Company also complained that they I The motion . confirming the report was then put, spa or limls, there can be no doubt that the traffic in goods and a balance of 7,9721. The receipts on capital amountdering noon he ettended the brigading troops iit garrison oa I' enters aav rein the Li hir I s e il Yorkshire Com pany on the were not allowed to run over the Eastern Counties Com- . agreed to unanimously. cattle would be much augmented. At the miners] meeting theliast half-year amounted to 53,7101., and the expenditure Soathaea Common. Ile is stayftfg Yet .the Lleatenant•Oo- la .4 ti c .. n .l as " n • r li ament : Mr. M•Laaan moved, and Mr. Howse emended alresoln- held in March Wit, a nealution was passed, requesting the ito , Memoir. The rerrt haring been opt6o 2481. 'The liabilities to the 30th Jane are stated to I urrnor's residence, and will it t l iv qigtioadsaf depailinents ty hotbe 14 3841. the meets 66 0701. • ing the PayiStot of t h e di - to t h a haddeniedeae Great Northern Company th ' is running Power.' tioa prohibiting the expetaliture of any massy in Atistre foe directors to take the necessary steps to ascertain the lowest i , and . , consist of arrears of l it Portsmouth , to-night (T 4.144 a 'dinner give, by videa of 5 per vent . meeting sewage& ' and why abeam the Eastern Counties Company grant that I the purpose of obteinle.g proxies , unless with the previous probable cost of tke land and works; and other items calls, a Minsiderable rtin of whichwill po--- „a • / ; 1A1 7 .....1.....:i a; `47 . ,"•:—.` IF"' 1 •••• THE EXPRESS, TUESDAY EVENING, AUGUST 26, 1851. which, upon flee imcceesive applications, parliament had re fused? (Hear.) He could only repeat that the directors were prepared L. meet the Great Northern Company in a spirit of amity, for the purpose of carrying out what they considered to be the views of parliament ; but, if the most direct communication was entitled to the traffic, he main tained that that direct communication was by the Eastern Counties line , and the ilirectcrs were determined to defend consent of a majority of the shareholders, at a general or special meeting, which was carried unanimously. The subject of the remuneration of the directors was next mooted, but The CHAIRMAN suggested that they had better allow that to, stand over till the next half-year. If they should then be prosperous, there might he no objection to the pre sent par:tent, and, if not, the shareholders could, if they thought fit, reduce or withdraw the allowance. A series of resolutions was then proposed by Mr. Isl'Lsiteg. The first, that a special committee of the pro prietors of the Eastern Counties, the Eastern Vision, and Norfolk lines, be appointed to settle on terms for the atnal trimition of the three mummies; second, that a list of the preletenee and ordinary shareholders should be prepared and sold at Is. each; third, that the charge of 2,C251. paid to the Norfolk directors and management should be dis allowed, in consequence of the loss that line entailed oa the iEastern Counties; fourth, that no proprietor should be qualified to sit at the board who possessed less than 200 shares; and, lastly, that the settlement of Mr. hunean's claims be left in the hands of the solicitors and the ac countants. . ..... their right to the traffic as long as they had the support and concurrence of the shareholders. (Hear, hear.) lie was not prepared to state what measures it might be desirable to adopt in the next session of parliament, but he would say that, beyond the preliminary expenses which might attend the eirinz of notices or the making of snrreys, the directors would nut incur any expenses without asking the sanction of the proprietors. (Hear.) He might remind them that in April or May last it was announced that the Eastern Counties directors were endeavouring to make arrangements for entering into part occupation of the Fenchurch-street station of the Blackwell Railway Company, who projected a line to be carried opposite to Gravesend. He hoped arrangements would shortly be made whereby the Eastern Counties Company would have free access to the Fenchurch-street station, and he was informed the Black- • -. wall Company were preparing plans for giving them a siding fur their own use. If they could obtain such accommodation upon fair and equitable terms, the greatest advantages must result to the Eastern Counties Company. (" Hear," and cheers.) Complaints had been made that the directors of the Eastern Counties Company hail been advertising for money and offering 43 per cent. They had to measure their credit by the opinion which others entertained of it, and so long as they could not obtain money at 4 per cent. they thought it advisable to advertise for it at 4f. Ile was glad to say, however, that the money was coming in very freely, and he hod no doubt they would anon be able to obtain the advances they required upon as favourable terms as any other company. Ile was glad to be able to state that their goods traffic was progressing most satisfactorily. He found upon a comparison of the returns which were deli rered monthly that at nearly every station on the Eastern Counties line, except where it was in immediate contact with the tircat Northern, the goods traffic had inertsised. After some discussion the resolutions were withdrawn. A vote of thanks was passed to the chairman, who, in acknowled7ing the compliment, expressed his conviction that the affairs of the company would speedily assume a more encouraging aspect. A vote of thanks was then passed in favour of the auditors, Messrs. Reeves and Mayhew, which those gentlemen having acknowledged, the business terminated. LIVERPOOL, CROSBY, AND SOUTHPORT. The half-yearly meeting of this company was held at Liverpool on Saturday, Mr. 11. C. CHAPMAN in the chair. The SECRETARY read the report, an abstract of which has appeared in the Express. The CHAIRMAN, in moving the adoption of the report, stated that since the opening of the hue through to Liver pool the passenger traffic teas fully borne out the expecta tion of the directors, and left no doubt of • steady increase. New buildings were springing up along the line, and the demand for houses was greater than the supply. It was, therefore, fair to inter that in the course of a few years the line would be one of the most remunerative in the kingdom. It was intended to close the capital hccount during the present year, unless increased demands for accommodation should arise requiring a double line of rails from Crosby to Birkdale, a distuuce of about 11 miles. On the motion of the C nal liStAlki, seconded by Mr. BOOTH, the report was unanimously adopted. The meeting was then made special, and the forfeiture of 13 shares was confirmed. The proceedings concluded wi.h a vote of thanks to the chairman. lie was nut aware that there wore any other observations lie had to make, except upon tnc question of remuneration to the directors. Su far us he was concerned he left the pro prietors to deal with that :object as they thought lit. rhe amount now set aside for the directors was 1,800(. a-year, the sum which had been appropriated to the same purpose for years past, and he thought, if they wished to have directors who attended to the business of the company, it would he necessary to give them a fair remuneration for their labours. (lit or, hear.) If the directors were but united they would, he believed, ultimately have to congratulate themselves on having res cued from ruin a property, of which the owners had been so patient in various phases of its history. (Hear, hear.) He hoped that on that occasion tiny would not only have the satisfaction of conducting the meeting in a proper mercan tile spirit, but also be enabled to look forwonl to n period when their hopes--he would not say their fondest hopes—hut their reasonable hopes would be realised, and when the im proved price of the shares would indicate the improved condition of the line. (Cheers.) The hon. gentlemen con cluded by moving the adoption of the report and the accounts abseil thereto. Mr. NATHAN wished to put three questions to the chairman; first, why the hoard had tilled up one of the vacancies in the direction by electing a noble lord who had only twenty shares in the line; secondly, why they had not accepted the printed offer of Mr. l'eto to take the Norfolk line MI their hands ; and, thirdly, for what amount they were to lease the Harwich line. BRISTOL AND EXETER RAILWAY the report to be submitted to the proprietors at their thirtieth half•yearly meeting, on Thursday, says : " The gross traffic receipts of the Bristol and Exeter Railway, front the Ist of January to the 30th of June, 1851 (including 5121. 6s. fur seven weeks' traffic on the Exeter and Crediton Railway), amount to 105,953/. 15s. 11d., and the working expenses during the same period (exclusive of 1,1611. lb. 7d. charge% to the revenue account for the cost of the new act of parliament) is ♦3,903/. ss. Ild., or about 41.138 per cent., arid 5106. 10s. per mile, on 86 miles of line. The traffic receipts are, therefore, 7,5001. 14.. Id. more than during the corresponding half of the year 1850, exclusively of the 512/.61. earned on the Exeter and Crediton Railway ; and this increase arises in the hollowing proportions, viz.:— On passengers, 5,303/. ii.. 11d., or 8.611 per cent.; on goods and cattle, 2,109/. 3s. 9.1., or 8.360 per cent.; on par cels, 87/. 15s. lid., or 1.895 per cent. The number of pas sengers is 282,135, conveyed 8,021,708 miles, and the quail tity of goods and coals is 75,105 tons 10 cwt. 3 qrs. 211b5., conveyed 2,806,782 miles. The consumption of coke fur the half-year is as follow., vie.: - The CHAIRMAN said, as regarded the first question, he very much regretted the allusion to Lord Allred Paget. He had never seen a gentleman display more hu-i -ness4ike habits than Lord Alfred Paget had done, and he was convinced that he (the chairman) had exercised a sound discretion. As regarded Mr. Veto's offer, he must observe that it was fully considered by the directors ; but us the question involved revenue of 101.1,0001., they stated in the corresporalence that they did not feel justified in taking any step without taking the opinion of the proprie tors; that they would be prepared to take that opinion, if called upon to do so; but that they would do nothing more on their own responsibility. With respect to the Harwich agreement the expenditure was to be under the control of a joint committee appointed by both companies. He believed the works were to be executed for 100,000/. or thereabouts, while the land was esti mated to cost about 40,000!., and the pier 30,000/. Inasmuch, however, 114 the inhabitanta of Harwich had obtained an improvement bill, under which they were going to construct a pier, he thoug . .t the expense of a single line would not exceed 150,000/. The capital empowered to be raised was 250.000/., and 4 per cent. was guaranteed by this company on the outlay. 111r.M.LA1tEN,though he regretted there was no dividend, thought the directors had exercised a wise discretion in clearing off contingencies which would otherwise have formed an ob stacle to improvement. Considerable progress had been mad.• and the traffic of the line was now restored to something like the proportion of the corresponding period in the pre vious year. He looked forward with confidence to a fur ther reduction in the working expences. lie should think that, considering the eireumstances in which the company was placed, the Northern and Eastern board, many mem bers of which he saw at the table, would take a side look at th,• unfot tuuate shareholders, and forego the 1,0001. per annum which they now received. (Laughter.) He would sugge , t to them that they should hand it over as a nucleus for an Eastern Counties dividend. (Renewed laughter.) As regarded the fees, he must say that it ap peared to him must extraordinary that fur the performance of mere nominal duties, there should be received an aggre gate of 4001. per annum. The proprietor then moved a re nolution, declaring that in the opinion of the meeting the Northern and Eastern hoard should, in consideration of the company's position, forego the remuneration to which they were legally entitled, and also take measures to reduce the rate of interest paid on their Northern and Eastern capital. Mr. BOX seconded the motion. The CHAIItMAN observed, that if he thought the pro perty would not henceforward be in it position nut only to meet all its engagements as it hail hitherto done, but also to pay a dividend to the proprietors, he would then say that this matter might fairly be brought before the Northern and Eastern board ; but as he thought differently, lie could not adopt the proposal. Mr. DA LLAWAY said that though he had lost several thousand pounds in the concern, and then held 200 shares, he was not in favour of the proposal , ust made. He was happy to find the shareholders acting like men of business; and he was convinced that the only practicable way of re ducing the company's liabilities was to buy stock at the market price. Mr. LEVI would submit to the proprietor (Mr.M'Laren) that his proposition was nonsensical. (Hear, hear, and laughter.) Ile (Mr. Levi) was a large proprietor of Northern and Eastern stock, and did the hon. proprietor suppose that, after losing so much money in Eastern Coun ties shares, he was going to give up a dividend secured to him by act of parliament (Hear, hear.) Mr. BAGSHAW, a Northern and Eaateru director, said he would appeal to the meeting to place themselves in thought in his own position, and they would then see that the proposition before them was perfectly futile. Notwith standing Mr. M'Laren's statement that the duties performed were merely nominal, he begged to say that he had worked as hard as any one, and he claimed therefore to continue on the same footing with the Eastern Counties directors. l‘liles run. Coke consumed. lhs. Tons. cwt. per mile. With passenger engines 219,446 .. 2,77 K 2 .. 28.38 Goods engines 62,314 .. 1,621 7 58 2 Piloting 291,031 4,677 7 at an aver age cost of 19s. per ton. The disposable balance of the revenue account (including the 8,847/. 7s. 7tl. brought over from the previous half-year) is 44,093/. 2s. 4.1.„ which will provide f.:r a dividend of four per cent. , per annum on your 2,000,000/. of stock, and leave a surplus of 4,093/. 2s. 4d. This reserve will be increased by a dividend of Os. 41d. per half-share, and Os. per whole share on your 4,000 shares of each class in the South-Devon railway. Your directors have heard with sin. , cere plc sure that the difficulties under which that company , has laboured during several years , re materially diminished , and its prospects so considerably improved as to warrant , the expectation that you will henceforth receive regularly a , return on your large investment in both descriptions of tliat company's shares. tinder these encouraging circumstances, and with the surplus of 1,093/. 2s. 4d. carried forward from I the least productive half of the year, and with a fair pms met of a good autumnal traffic, your directors feel justified in recommending to you to declare a dividend at the rate of four per cent. per annum. The act of parliament for , regulating the capital of the company, and legalising the issue of four per cent. preference shares and stock, received the royal assent on the 20th of May last. The Exeter and Crediton Railway was opened for public traffic on the 12th of May last, and the receipts afford satis factory evidence that the calculations upon which the lease of that line was recommended to you were substantially correct, and that the conditions of the agreement with the , Exeter and Credition Company are fair and equitable. A resolution will be submitted to you to sanction the issue of preference shares by the Exeter and Crediton Company ; to empower your directors, if they should see fit, to deduct annually from the rent a sufficient amount to cover the in- terest thereon, whereby the reimbursement of the sums ad vanced by this company in restoring the broad gouge and completing the works necessary fur the traffic of the line, will have to be distributed over a longer period. There is now on Mot a project fur a railway between Glastonbury and Ilighbridge, under the title of the " Soinersetshire Central Railway and Ifighbridge harbour Company," which, if carried into effect, will lead to the sale of the Glastenbury Canal by this company • and your directors have provisionally agreed to dispose Of the canal, and the works connected with it, for the sum of 8,0001. ; to take shares in lieu of the purchase money ; and, in order to afford further c ncourage client to that undertaking,they propose,un der certain reservations and conditions, to allow a percentage upon the traffic derived from the Sornersetshire Central Railway and llighbridge Harbour, and conveyed over por tions of the Bristol and Exeter line. A resolution will be submitted to you to sanction an agreement to that effect. With a view to promote the selection of Plymouth as the port of departure and arrival of a second line of Indian steamers, as well as of the Cape of Good liope packets, your directors have entered into a contract with the Electric Telegraph Company to erect the electric telegraph on your line. The Great Western and Midland Companies have entered into a similar contract, and by this simultaneous movement the communication by telegraph from London and the North of England, through Bristol to l'lymouth will be completed, and opened for public use within a few months. The electric telegraph will be constructed by .he Electric Telegraph Company at their own expense, and the sum of 6!. per mile will be paid annually by you for its use and maintenance; such annual sum being redeemable at the expiration of five years on payment of the sum of 40/. per mile. The works on the main line and branches being nearly completed, and the capital account almost closed, the directors have decided to dispense with the services of an engineer-in-chief. The stock of locomotive power consists of 20 passenger, 8 goods, and 6 tank engines, iucludiag the Fairfield. The capital account, to the 30th of June, shows that 2,908,1801. had been received, including 1,064,3611. on debentures, and '2,963,7091. expended, in cluding 345,2621. on shares in the South Devon and other railway companies, leaving a balance of 34,4761. The revenue account for the half-year ending the 30th of June, stated that 107,390/. had been received, and 45,3641. ex pended, including 2,738/. passenger duty, 3,:i671. rates and taxes, and 1,4611. (the cost of obtaining tho net of 18.51), leaving a balance of 62,0301. To this nun is added the balance from the last account, and interest, 9121. ; making the total sum to credit of revenue, 71,5431. From this is deducted 27,4501., the interest on borrowed money, leaving a disposable sum for dividends of 44,0931. He had exerted himself, and would continue to do so ; but ho would be paid (or it. (Hear, hear.) He would have no false delicacy in the matter. Mr. BOX complained that the working expenses had been reduced only 21d. per mile. He wished to know whe ther the attention of the directors had been given to the compressed air machinery. (Laughter.) Ile was himself favourable to a trial of it—(renewed laughterl—and he was authorised to state that the patentee was quite willing to test the principle on a branch line at his own expense. All he asked was a trial. The CHAIRMAN—IIe shall have it. (Laughter and cheers.) [The chairman subsequently explained that the directors would be willing to allow a trial of the principle, but the experiment must not be attended with any oast to the company, nor would they allow their own engines to be used.] Mr. BOX thanked the chairman for his offer, observing that the readiness with which it was made satisfied him that the hon. gentleman was most desirous to endeavour to bring the expenditure of the company within moderate bounds. (Hear, hear.) Mr. ROBINSON suggested that an attempt should be made to induce the three railway companies in the eastern counties to unite themselves into one company. (Cries of Oh," and No, no.") The CHAIRMAN stated, in reply to questions, that the directors had effected a reduction of about 3,5001. a year at the Bishopagate station alone, in the clerks' and stores' de partments. The miscellaneous expenses of the company were, he admitted, high, but he was not at all satisfied on that subject, and had called for a report fmm each of the officers with reference to the items charged. _ DUBLIN AND BELFAST JUNCTION RAILWAY. The rerort of the directors, to 'be submitted at the half yearly meeting on Thursday next, states that the results of the traffic for the half-year end ing the 30th of June are ! satisfactory. The receipts amounted to 10,8671.,—vie., 7,5001. for passengers, 1,2711. fur merchandise, 2,0371. fur mails, and 50/. rent. Thum has been added to the above receipts 3 , 6501 . s the interest •ou the Navan branch expendi ture. The net balance to di 0 credit of revenue for the half year is 7,3761., out of wb ich the directors recommend a dividend of IN. per shr „re. During the past half-year 14,6441. has been receiveil on arrears of calls. A contract has been entered late, for the erection of the Boyne viaduct, and works wanected therewith, for the sum of 169,0001• The worts '.111 , 10 been commenced, and are to be completed in 22 rumens from the date of the contract deed. This work has been delayed from various causes over which the directors had o o oontroul, and it will be executed for a suns less by at lee at 50,000/• than the sum tendered for it in the year 1846. During the last few months negotiations have been peutV.ng with the Newry and Enniskillen Rail way Company for a junction of the two lines at Gorah wood ; in consequence, however, of the terms and condi tions proper,ed being such as your directors could not agree to masistent with the interests of the company they have been broken off. The whole of the works are now under contract, or fast approaching to completion, and the directors continue to entertain the opinion that the anti , cipatiems of a fair return for the outlay will be realised. Some conversation then took place with regard to the pas sage in the auditors' report which was quoted by the chair man, referring to two items, amounting together to WO/. paid by order of the late directors, but for which there were no vouchers. Mr. Ellis, one of the late directors, stated that, on the Tird of January, 1851, he, as a member of the aceounts committee. received an application from Messrs. Crowder and Maynard, solicitors to the company, asking for 1,0031., for disbursements on the company's ac count, and that amount he furnished, four other gentle men, now members of the board (as we understood), being present at the time, and concurring in his act. Mr. Maynard said (in reply to an appeal from Mr. Ellis) that, so fir as he was aware, Mr. Ellis knew nothing about the disposal of the money. A portion of the 1,0001., it appeared, had been paid through the late secretary to secure parliamentary assistance for the company,' in their recent contests with other companies, the balse.cc remain ing in the hands of the solicitors. Mr. J. cur.., stated that, had not the bill promoted by the Great Nor.rtern Company for making a line from Shipreth to Cambridge quashed on the second reading, the OID cube to the Eastern Counties Company would have been five times more than the sum to which reference was Made by the auditors. A desultory discussion took place some shareholders main. dining that it was necessary to intrust the directors, the solicitors, and the secretary, with a certain discretionary power under such circumstances, while others strongly de nounced the praCtice of making any payments without' vouchers, one gentleman observing that it appeared, from ' the report of the committee of inquiry, some time ago, that a sum of 6,000 f. had mysteriously disappeared in this man ner. Eventually the subject dropped, and The motion confirming the report was then put, and agreed to unanimously. Mr. M'Ltave moved, and Mr. Howes seconded arescdu tioa prohibiting theexpeuditure of any mousy its Po s ture for the purpose of ehtliniliftg prosies, unless with the previous BRISTOL AND BOUfll WALES JUNCTION RAIL WAY.—The half-yearly general meeting was advertised to be held yesterday, at Bristol, but, owing to the nun attendance of a sufficient number of shareholders, it could not he constituted. From the statement of account: distri buted it appeared that the receipts were 38,5621. Its. 9.1., and the expenditure 37,1891. ss. 104., leasing a balance in hand of 1,3731. Bs. ltd. A conversation ensued between the chairman (Jas. Gibbs, Esq.), and some of tlee share holders with reference to the present position of the com pany, and it appeared from the chairman's statement that, idler meeting all the liabilities of the pally, there would still remain assets to a considerable amount ; that they would have the New Passage Hotel and pro p etty , 10 acres of land at Barton-hill, near Bristol, ' land purchased of Col. Worrell, a house at Barton-hill, &e.; and he should suppose that the surplus would he 4,000/. or 5,0e0/. Mr. Bowsher inquired what course the directors recommended.. The chairman said his own opinion was, that they should apply the assets among those who lead paid up the most ' calls, so as to reduce and equalise, as fur us lapsible, the calls paid op. 01 course thee would have to be done with a menet regard to the equity, inasmuch as the shareholder, who had paid up all their calls were entitled to considera tion in the way of interest. Mr. Bowsher, in reply, said he thought the plan suggested a very good one. Nu reek,- lotion co 'ld be come to, and the meeting separated. SOUTH STAFFORDsIIIRE litll.w.ti.—The report of the directors, to be submitted to the half-yearly meeting upon the 27th inst., states that, since the last meeting, con siderable progress has been made towards the settlement of all °enameling claime, and the closing of the capital ac count. During the half-year the refunding of deposits for laud in the Bank of England, and some land sold, has amounted to 17,470/.; and,• as the amount paid for land purchases completed has been 9,381/., tier dilference of 8,0701. has been deducted from the total cost of laud, us ppreviously charged. The, gross amount expended tee the 31st July last has been 865,053/., of which 712,9101. has been raised by the shareholders; 98,750/. upon tweeds, seed 53,357'. by sundry temporary loans. The receipts her the haleyear leave been 31,4221., need the exneueliture 22,603/., showing a balance of 8,8191. The Tiptoe branch, connecting this line with the Stour Valley, her wltele un act was cbteined Lest session, will be completed as acute as the Stour Valley shall be opened for public traffic. In the same act powers were given to make traffic arrangements with the London and North Western, and the directors have the satisfaction to add that their lessee, Mr. Al'Lean, with the concurrence of the leuard, leas entered into au arrangement with that company fur working the lilies jointly during Coe continuance of the lease. lice dividend will be payable on the lot September nee, at the rate of very nearly 2s. Old. per share, equal to 10/. 3s. 10d. on 100 shares; hieing half u years interest on 8/. 10s. per share, at 2 per cent., uutl on I/. at 4 per cent. It is in tended en future to hold the compeny's meetings SO as to pay the dividend on the Ist of March and Ist of September en each year. No dividend will be paid un shares in arrear for call.. 'flee lessee has continued tee carry out tee provi sions of the lease in the inert satisfactory manner. The rate of interest accruing to the proprietor, from the Ist inst. is 4 per cent. on the while Ulllol.lllt paid up, and the first stipulated prepayment has already been made by the lessee. including the funds requisite for tier renewal of the per manent way, engine's, carriages, and other stock, as we'll us fur superintendence. The report is signed by Mr. It. C. Chawner, vice-chairman ; and the accouuts are auelited by Messrs. J. W. Newman and 11. Scott. WEST COIINWALL.—The report of the directors, to be submitted to the proprietors at dee half-yearly meeting on Thursday next, states that the. directors have been in duced to hold the meeting in Cornwall to accommodate the local shareholder+, who are increasing in number, and as they hoped that they might have opened the line from Penzance to Ilayle, it would have given the proprietors at large an opportunity of being present on that occasi ~,, . The directors are disappointed in this expectation, owing to the non-delivery of Barlow's patent rails, but they are us sured by the contractor that the whole of the works on the line to Itedruth will be completed, awl fit fur the through traffic early in November. 'flee threcturs have entered into a third contract with Mr. Ititsean bier the construction of the remaining portion of the line between ltedruth and • Truro, at similar prices to those of the other eon- ' tracts, the whole to be completed on the Ice of July, 1852. The greater portion of the land for the line lietween l'enzance and 'l'ruro has been actually bought on satis factory terms, while the directors leave every reason to ex pect that the remainder will shortly be obtained at pt ices within the valuation of the eoenrany's surveyor. '1 he whole e line from Penzance to 'leer° may be completed without calling up more than 41. per share dining this and next year. The long pending litigutiun between Mr. Mowatt I and the company has been brought to a satisfactory concha- I slim, Mr. Mowatt having paid over tee the company the full I amount due in respect of calls on the 8.511 shares to he taken ' by him in accordance with the terms agreed to. The total ' profit on the half-year's working has been 1,6291., and alter e providing for the interest on debenture's 051., and the I mortgage loan 1241. the addition to the general revenue I for the half-year will amount to 810/., which makes the ' present disposable balance) to the credit of the revenue ac- 1 count 1,4091. The directors have taken env for the for- I feiture of 715 eleares held by parties who are unable to pay I the arrears. The capital account shows that 241,7981. had i been received, and 225,0121. expended, leaving 11 balance of I 19,7.161. Tim revenue account for the half-year shows that 4 7,4721. bad been received, and 5,813/. expended, leaving a I balance of 1,629/. EASTERN ONION.—The csecutiVe committee up- I pointed hey the board of directors to manage the affairs of the company have issued their first report, to be laid before , the shareholders at the half-yearly meeting on Friday 1 next. The report states that the London office is no longer ' necessary, and will be cloned at the end of the present month. Within the last two or three weeks, fortunately for all parties connected with the undertaking, a movement commenced amongst an influential section of the pre.- ' ference shareholders. A meeting of such us were regis tered was held in London, aced u committee of them has been appointed to communicate with the directors, to con sider terms of arrangement. The movement on the part of the preference shareholders has afforded an opening to I . negotiate with the simple contract creditors of the e com- puny. Meanwhile it would tend much to the advantage of all the interests at stake, and to a speedier, if not mom tans, settlement of difficulties, if all the debenture SLlM holders would temporarily unite in foregoing their claim to the liquidation of bonds overdue, or may be in course ut be comint so, their interests con fi ning to be punctually bid. I Thus if continued), through an antigen:mut which the.well fare of every party connected with the railway imperatively called for, and by scrupulous anti wise economy, %Dement sources of traffic may be gradually developed, the reeeipts of the line must progressively incieuae, and the unguaranteed shareholder may at last hope to reap home return front the profits of a concern to which he has SO largely contributed. The Harwich agreement has been sealed by the Ea.stersi Counties board, and it now oulyrequircs the sanctioa of the shareholders and the amicable co-operation of a joint coin mittee of the boards of the two companies kw the line to. be forthwith commenced. The terms are, the Eastern Counties Company guarantee 4 per cent. on the cost, with half the surplus profits arising from the traffic between Har wich and London and between Harwich and all stations on the Eastern Counties line, whichtermewill enable toe direc lure to complete the line on its own security. The Trowse branch, connecting the line with the Eastern Counties system at Norwich, is now ready for work. As regards the items clamed under the head of general ex penses, &e., the committee hope to reduce them one-third. In conclusion, the committee state that taking the incense* of the line for the year ending June, 1862, to be the same as that realised for the year ending June, 1851, viz., at about I 111,0001., 58 per cent. (or 61,3801.) will suffice for working I expenses, including a reasonable provision against deprecia- tion. This would leave as surplus net income 46,630!. If this be a fair estimate, it wit) almost necessarily follow that I under more vigorous management, inure rigid economy, ' relief from pecuniary pressure, and the opening of fru& sources of traffic, the net surplus revenue after June, 1862, I can never well be lees than 52,0001. per annum. Beyond I this the committee at the present time do not venture to I offer a surmise. The capital account shows that 2,121,0431. „ had been received, and 2,118,1721. expended, leaving a balance of 2,8701. The revenue. account fur the half-year , __states that 51,6971. had beer, received, and 33,8441. ex- j DUBLIN AND DROGHEDA RAILWAY. mlded, leaving a balance of 17,8521. LONDONDERRY AND OOLEILAINF--It appears, from The report of the directors for the half year ending ' the statement of receipt:. and expenditure to the 30th of , June 30, 1851, states, that: . June, that the company is authorised to raise 500,00 0 1. on " The traffic of the last half year exceeds that of the cop - ''lo,ooo shares of 251. each, and on 20,000 shares of 121. 10s. responding half ear by 1,1871. This increase has been ' each. The total amount receivedlon shares and loans to the , derived tram the Nevem branch. That branch was opened 30th of June was 31%6901. of which 200 0 5641. was received ' for traffic on th e 15th F e bruary , 1850 , and the receipts upon !on 251. shares, and 66,89 6!. on 121. 10s. shares. The ea- it fcr the. 20 weeks ending the 30th June in that year were ; penditure amoetteted to 304,6171., of which 7,4761. will for 2,4481. The receipts for the 26 weeks ending the 30th Parliamentary expenses, 251,3591., land and construction, dive, 1851, were 4,0331. This shows a censiaerable int- , 2,7081. incidental c ha rges, 6,9621. for engines, &c., and provement; and if the branch were extended to Navan 11,7401. for interest to s ha reholder on calls paid up, leaving or Keels, there can be no doubt that the traffic in goods and a balance of 7,9721. The receipts on capital accountduring cattle would be much augmented. At the general meeting the past half] ear amounted to 53,7101., and the expenditure held in March last, a resolution was passed, requesting the to 60, 2481. The li abi li ties to t o e 30th Jame are stated to di rectors to take the e „„„ ry steps to ascertain the l ow e s t Ibe 14,3841., and the wets 66,0791., consisting of arrears of probable cost of the land and works; and Otter items calls, a considerable portion of which will not be zeeeyeee,l.