The Express.
London, England, 1852-06-17 00:00:00

NORFOLK RAILWAY.

Yesterday, a special general meeting of the proprie-
tors was held at the dices of the company, ti oddball-
buildiags„ City. Me. $. NI Peru in the chair. " To consider
the cape dhow, of creating debenture or preference shares
ander the provisions of the act of parliameut passed in the
gamest seseica, sad to mite suck shares or mach number
%Irma as may be deemed expedient, sad on such terms
and conditions as may be determined at such meeting."
The CII4IIIIIIAN 1518 it Might naturally be supposed that
to a matter so seriously involving the best interests of the
shareholders in riestuity, the directors bad given their
most •11110116 consa&ration. Although they thought they
saw their way quite clearly to that courts of action which
was best for the company, having obeetved among the
names of the proptietors those of several parties who were
able to give the beat practical Wake, they bad been induced
to suggest that day the sppoistmeat of a committee of con-
sultation, and the adamants/eat of the meeting until the 2tith
inst. He should therefore propose the following resolution
"That the following proprietors be requested to act as a
committee, to confer with the directors as to the terms
upon which the debenture or preference shores to be created
under the proviaions of the recent Act of Parliament shall
be itelleti, and to report thereon, in conjunction with the
directors, to an adjourned meeting 1). Bassett, E
I). B. Chapman, Esq. . • W. M. Coulthurd, En.; Sir J. NV
Hogg, Bart. ; Joseph Lawrence, Esq. ; E. W. Mills, Esq. ;
Francis Mills. Esq.; John Nortiury, Esq. ; W. H. C.
Plowilen, Eaq., M.P. ; M. A. I). Itothschild, Esq." These
gentlemen were all large proprietors ; and it appeared to
the directors very desirable that such a committee should
be associated with themselves in considering a question
which so materially affected the interests of the company as
the creation of debenture shares in perpetuity, to supersede
the debenture capital. He was the more induced to
come to this conclusion, by the fort, that having received
letters on the subject from several proprietors, he found
that they almost all took diffesmt views; and by the fact
that, as chairman of the Chester and Holyhead Company,
he had recently found no difficulty in obtaining the re.
newel of debentures to the amount of 147,00 W., at the rate
of 3i per cent. Under the circumstances, he thought they
would act wisely in deliberating well before committing
themselves to any particular course of action. Ile would
now move the resolution which he had read.
Mr. B A seconded the resolution; which was
agreed to.
The CIIAIRMAN said, having received several letters in-
quiring what was the order of the preference stock, he
thought it might be convenient if he stet d it to the meet-
ing. 'the hest stock in order was the Lowestoft 4 per
cent. preference stock, created le 1845, and amounting to
120,0001. ; the second was the 5 per cent. ezteseion stock,
created in IMO, and amounting to 300,000 f. • the third was
the 5) per cent. stock, amounting to 10.5,0011.; the fourth
was the 0 percent. stock, amounting to 121,000!.; and,
lastly, there was the Waseney stock, amounting to 36,9801.
In reply to a question from • PItOPIRIETUK,
The Cita:Klux said the new preference shares, if imucd,
would be in lieu of the debentures ; they would of coarse
take first, and they would in tact estinguish the debenture
debt.

In reply to another question,
The Climaxes stated that the bonds due. and coming
due this >CAT. amounted to 391.2501.; in 18.13 the amount
would b. 23,2001. ; is 18.1415,7.01. ; in 1855 11,000/. • in
18.16 ; in 1827 3.000/.; in 1859 4,0001. ; making a
total of 461,6911.
On the motion of the CHAIRMAN the meeting adjourned
till the 28th instant, to receive the report of the committee,
and to take such steps thereon as might be thought ex-
pedient.

BELGIAN EASTERN JUNCTION RAILWAY.
•
Yesterday the adjourned meeting of this company 1,
was held at the Landon Tavern, Bishopagateddreet.
Lo-d 114unt nuron took the chair, and stated that since
they last met a new convention had been entered into with
the Belgian government, which retained whatever was
good in the old convention, and in other respects tended to
place the mei. ty in a much better condition than it was he
fore. They hail also hoped by this day to have informed
them of a more favourable arrangement haring been made
with the contracton for making the line, but their negotia-
tion had not yet been brought to a conclusion. Therefore
the great question for this day's consideration was that of
ratifying this new convention, which, if they followed the
advice date directors, they would adopt unanimously.
The SW:RI/AIM read the report, which merely stated
that the Belgian government would guarantee a dividend
of four per cent. on the further expenditure of money.
Lord Barrington haring retired, the chair was taken by
Mr. &toe, when
Mr. CorlLetto rose to move an amendment, which was
" that the report be received, but that no farther eependi-
tore be tab red into on the part of this company." The
report was, on doubt, very Battering, and so were all
director.' riposte till the money was spent, and then
mutual, reencrinatioa was the order of the day. (Hear,
hear.) He thought all the money upended on Belgian
rmlwryv had beta unproduetive, and in proof of it he
would refer to the state of the money market. (Hear,
bear.) The inducement held out that the government
would par 4 per coat. an farther ails was so advantage,
for the Belgian Suds paid that amount already. Suppos-
ing the deposits lost sad the money in the hands of the
bankers lost, they could stop there without spending for-
tiori money on • redder undertaking. The shares of
2W. pad were sow U. is the market. (Hear, Use.) In
matins.' he would move his szaandseat, " at the re-
port be received, bet that Use directors be requested to
wind up the affairs of the compaay, sad divide the meets
amongst the registered proprietors." (Hear, hear.)
The amendment was seconded.
Mr. FiaLD, one of the directors, wield pat the question
of winding up before them. The result of this would be
that 20,0001. might probably be divided, bet the 30,0001.
"caution" matey would smaredly be forfeited. By the
new convection they would be enabled to make their
2!. 10s. worth 31. or M. (Hear, heir.) By the winding up
they could at furthest bat realise • few shillings per share.
(Hear, hear.)
A Snutawouisa asked what sum they would be likely
to be soiled epos for to complete the railway.
The Cil•tall•X thought about lei. per share wield com-
plain their liability, or • t 240,0001.
Mr. Vanua would not like to give an opialon am the
sa=
soma diewassiow the report in approval of the new
esaventiou was adopted by a large majority, sad the amend-
mitt wee misdeed.
A vote ef thitake was Ursa poesed to the chairman sad
director., sad the sseet.ng adjourned. •