The Express.
London, England, 1852-03-01 00:00:00

THE EXPRESS, MONDAY ETRNING, MARCH 1, Mt •

RAILWAY MEETINGS. •
BIRKENHEAD, LANCASIIIRE, AND
CHESHIRE JUNCTION RAILWAY.
On Saturday afternoon the ordinary half-Tearly
Illeeilscot this astspaay took pleas at the Mocks Ferry
Hegel, Birkenhead ; Alderman Benetton:, chairman of the
bout of dinetors, in the chair. There was a numerate
awns, of proprietors.
Mr. Otimon, the secretary, read the report, from which
we take the following es:
The maniple of the past half-year, al eampared with the
receipts of the corresponding period of the previous year,
are 116 follows: namely, 1860, peseengere, 20,6271.; goods,
10,214.1 total, 3:1,7101. 18.1, paftengera,2B,3llBl.; goods.
13,4151. • total, 41,71431. Increase, 11,0431. The quantity
of general merchandise carried between Cheater and Bir-
kenhead continue to Merton: comparing the eametxriceis
the tannage was, 1860, 'emend merchaadiae, 41,420; e:vl,
38,810; total, 80,240. Hill, general merchandise, 48,695 ;
mil, :4.932; total, 81,627. The traffic on the Mani
cheeter line continual to increeee. 'lke teenage of the
le.t kalf.yeer, compared with the half-year ending 30th
June, is more than doable; and arrangements have just
been completed with the Holyhead Company, from which
a comiderahle traffic in slate and atone is ezpected to be
taken over this pm thin of the line, and this will no doubt be
promoted by the upening of the Carnarvon and Banger line
on Monday neat. It is proper, however, to observe, that
the company is now in a transition state, and that the
Rresent returns do not indicate its actual resources. Notice*
ave been issued for the forfeiture of 3,638 311. and 198
221. shares, a list of which will be submitted to the meeting;
and the directors desire the Anne powers for the dispnsal of
these shares as have beeu given fur those already de-
clared forreited. 'nu balance available for dividend is
16,1271. lii. 6d., and out of this sum the directors retool.
mend that a dieirlcuil be paid at the name rate as last half-
year, viz., on 271. shares, 41. lid.; en 221. share., 28.100. ;
on 311. shares, 3.5. 10.1. per share; leaving a balance of
1,5811. to be carried over. The amount charged to the
h .If-year for the elm:lines of the accident is the same as was
authorised for the preview. hall.year."
The CHAIIthIAN *nosed the adoption of the report,
which was unanimously edopted.
The neat reenliviou, declaring a dividend of4s. lid. upon
each share of 271. 10.. for the half-year, of 2., 100. upon
each 224. share, and of 3.. !Ott. upon each 311. share, was
unanimously acquiesced in, as was also that declaring the
forfeiture of a Liege number of shares of which duo notice
bed been given.
A motion was then made that the directors be empowered
to proceed with the bills now before parliament and to
oppose
Mr. 'ACITSON, nI.P., opposed the latter portion of the
preposition, and wished the motion to be divided, for the
purpose of affirming the former end negativing the latter ;
but suer some couseisation the hoe. member did not pre,s
his amendment, and the resolution was carried with one
dissentient.

A memorial from 2 local passenger contractors was
brought forward by Mr. Titberington relative to the start-
ing of a morning train a quarter of an hour (urine,
so ee to enable the business men of Liverpool to ►rich
town by 10 am. The meeting, however, declined
to entertain the question, which conveyed an implied ern-
we
on the dneetere. •

After a vote of thanks to the chairman the meeting
broke up.

EAST ANGLIAN.

The half-yearly meeting of this company was held
on Saturday, at tf.e London T , Bishopegate.street.
H. Bates, lisq., took the chair.
The report was as follows:—We regret that the late-
ness of the period at which we have received from the Great
Northern Railway Company the account, 'if the traffic re-
ceipts and winking expenses, during the time that the lines
were worked by that company, has put it out of our power
to present our accounts in a complete state. As we have
not had sufficient time to examine the accounts of the
Urea . North( ra Company, or to submit them to the wadi tom,
we shall not ask you to confirm them until a future meet-
ing. Shortly alter the date of our last general meeting, in
August. the Great Northern Company having applied for
an injunction to compel the Eastern Counties Comp,. ny tore-
move the elistructiou which prevented the passage of trains
from the East Anglian line to the Willie:mit and Peterbo-
rough liars, Vice-Chancellor Turner derided that, notwith-
standing the agreement between the Great Northern and
Eastern Counties Companies was suelsas would have in-
duced him to grant the application, yet, as there was at the
root of the matter on as reement between the Great North-
ern and E.ist Anglian Companies, which, in effect, trans-
ferred the management of the East Anglian Railways to the
Great Northern Company, which was contrary to the spirit
of railway legislation, end therefore, in his opinion, illegal,
he could not grant the injonction. As this judgment coin-
cided with that &livered by Lord Cranworth in a similar
case, no doubts remained in our minds as to the illegality of
the agreemen• ; consequently negotiations were opened be-
tween the board. of the respective companies, for the pur-
pose of making an agreement on a different basis. While
these negotiations were still pending, we received requisi-
tions from 200 shareholder', suppoited by 150 bondholders,
requesting the hoard to call a meeting of the shareholders,
for the purpose of 0 communicating to them any
fresh arrangements the die wore may bn contemplating
with the Great Northern Company, also the terms of any
other agreement that could ho concluded with the Eastern
Counties Company." In conformity to this requisition an
extraordinary meeting was held on the 19th of November,
and at that meeting, which was very numerously attended,
P. was unanimously resolved:as nillows :—" Inasmuch as the
mg/cement between the Great Northern Company and the
East Anglian Company has been declared illegal, resolved—
That it is desirable and capedicut fur this company to enter
into on arrangement with the Eastern Counties Company
upon the principle indicated in Mr. Waddington's letter of
the 27th of October last, addressed to Mr. Heseltine, and
' that a committee he now appointed, with lull powers to co-
operate with the directors in carrying the same into effect,
and that such committee consist of the following gentlemen:
Mr. J. Boneroft, Mr. Lightly Simpson, Mr. Edward
Mr. Henry Newbery. and Mr. Francis Corbett."
Acting in accord .nce with this resolution, and with the
essistauce and en-operation of the committee therein named,
we have concluded two figment, :its with the Eastern Coun-
ties Company, which were duly sealed by the respec-
tive companies on the 2nd instant. The first of these
agreements grants power to the Eastern Counties Company
to run their trains over the East Anglian Railways on cer-
tain conditions, which secure the meet efficient working of
the traffic, with every requisite accommodation for the con-
veyance of passengers sod goods, while it ensures is the
most effectual manner the lull development of the resources
of the district, and an ample supply of carrying stock and
engine power, the management and control of the under-
taking remaining in the hands of the Root Anglian board.
As compensation for the privilege granted to the Eastern
Counties Company, the East Anglian Company arc to re-
cities at least 50 per cent. of the gross earnings from the
traffic of their railways, free from any deduction whatever.
The second agreement provides that both companies
shall (at the sole expense of the Eastern Counties Company).
apply to parliament for an act to authorise an agreement
by which the Eastern Counties Company shall have power
to work, manage, and maintain the East Anglian Railways,
subject to the supervision of your directors; or, if deter-
mined on by both. companies, to lease the undertaking for
the period of 999 years. This agreement likewise provides
for the most clikieut working of the railways, so as to deve-
lop the traffic to the utmost extent. The whole of the
earnings are to belong to the East Anglian Company after
deducting the working expenses, which (including an ample
supply or carrying stock and locomotive power) are never to
exceed 60 per cent., and it is provided that If the working
expenses of the Eastern Counties Company are, during any
half-year, below 60 per cent., the East Anglian Company
Sr. to be charged the same per tentage on their gross traffic,
but in this case the expenses of the board and secretary
are to be borne by this company, provided each charges
do not raise the total working expenses above 60 per cent.
Both of these contracts provide that the net revenue of
the East Anglian Company shall never be leas than 17,0001.
Preliminary to these agreements, it was arranged that the
Eastern Counties Company should purchase all the working'
stock of this company, at- the valuation which had pre-'
viously been made, pad the delivery of the different articles
is now almost completed. It gives Ile satisfaction to state
that the Great Northern Company have afforded every
facility in handing over the plant, de., to the Eastern
Counties Company. The amount obtained for the working
stock has been dispoeed of as follows: 10,0001. has been ajp-
propriated to provide for the payment of the eost of the
permanent bridges required by the act to be constructed
over the river Oose and the middle level drain on the Wis.
beach branch; 9,0001. (of which oae-half is to be invested
in the East Anglian bonds) have been set apart for the
completion of works which were necessary ka the anew
motlation and development of the traffic ; aoildarramollador
is to be applied to the payment of the 'a debts,We have made an arrangement with Megan. , Hender-
son and Co., for the construction of Wasal saentioned
bridges, end the necessary approaches am* foe ea
amount that will not exceed 10,0001. which ie bin alsawas
half the BM would have been required had tha7 bee. We
when the kite was formed. These bridges are to be con-
structed oe the new principle (Warren's patent), which has
recently re rived the entire approbation of several eminent
engineers, who were present when the bridge of 260 feet
span. constructed for the Great Northern Railway, was ex-
posed to tlw severest tests at Birmingham. It is with great
utisfactior that we now refer to the financial position of the
company, which has for so long a period been the subject
of intense anxiety. So recently as the lst of last month
the debt of the company amounted to 340,000 L, of which
upwards oft 300,0001, were due, and a very large amount
pressing fez payment. We have now the gratification of
informing you that the whole debt of the company, after
paying interest in full to the 31st ultimo, does not exceed
285,0001., and, with the exception of about 6,000/., which
will become due on and after the 30th of June, 11443, and
7,0001., which will become duo in 1851, the period for the
payment of the entire debt of the company has been ex-
tended to with this very great advantage, that it will
be at the option of the company, at an earlier period, to pay
MT the .whilc or any part of this debt, on giving notice of
their intention so to do. This arrangement has been effected
by the issue of not more than 19,000!. of the new preference
shares, hewing interest at the reduced rate of o per cent.
With referees to these shares, we have great pleasure in
informing you that out of about 12,001) shares originally
Issued, mare than one-half have aceepted the terms
offered by the board, whereby the interest has been reduced
from 7 to / per cent.; and we trust that the holders of the
retnainderof these sham will agree to accept the reduced
rate, and nereby have their shares consolidated into one
share of 1)1. fully paid for every five shores, on each of
which 2/. have been paid. It will be satisfactory to you to