The Express.
London, England, 1863-08-12 00:00:00

THE EXPRESS, WEDNESDAY EVENING, AUGUST 12, 1863.

LONDON AND NORTH-WESTERN RAILWAY.
( THIS DAY.)

The half-yearly meeting of the proprietors was
held at moos at Ruston-station, Mr. MOON in the chair.
le accordance with a previous announcement by circular
the proceedings were confined to the authorisation of
the raising of new capital for certain purposes mentioned in
the notice convening the meeting ; viz., for the purpose of
creating new capital (not exceeding 2,48,1661.) in pursuance
of the powers contained in the acts of parliament relating to
the company ; and also for the purpose of considering, and, if
deemed expedient, resolving to attach to such capital, or some
portion thereof, or to the capital already created but not
issued, or some portion thereof, a fixed and preferential
dividend upon such terms and conditions as may
be then determined : and also for the purpose of
creating jointly with the Great Weetern Railway
Company 4T4,1751. 10a lid- of capital for the pur-
of the Birkenhead Railway, in pursuance of
t"c•Th"ii Birkenhead Railway (Vesting) Act, 1861." And also
to authorise agreements with the Conway and Llanninit,
Knighton, South Leiceaterehire, Hampstead Junction, and
Cannock Chase Railway Companies; and for sanctioning
the exercise of the powers authorising a subscription by the
company of 23,CC11. towards the construction of the Cocker-
mouth, Keswick, and Penrith Railway, under the provisions of
the Cockermouth, Keswick. and Peurith Railway Act, 1863,
and 30,0001. towards the construction of the Knighton Rail-
way ; and also for the pm pose of considering, and, ii ap-
proved of, authorising the conversion of a further portion of
the borrowed capital of the company into perpetual deben-
ture stock, in conformity with the acts of parliament au.
thorising such oonversioo.
The minutes of the last half-yearly meeting and of the
specie' meetings held since having been read and confirmed,
The CHAIRMAN said that for the last twenty yearn it had
been customary to bold the half-yearly meetings towards
the end of August; but, in this instance, as the accounts
could not be issued so u to be in the hands of the pro-
prietors seven da prior to the day of meeting, the ordi-
nary business would have to be adjourned till next Friday
week.

SHAREHOLDER said although the account. were Rot
closed, the chairman would perhaps state what the dividend
would be. (Hear, hear.)
The CHAIRMAN replied that the dividend would be at the
rate of 4i per cent per annum, which was most fairly
earned, with a small surplus to be added to the reserve fund.
He believed that that was the first time since 1855 that the
company bad been enabled to add to the surplus out of the
profits of the first half of the year. (Cheers.)
It having been resolved that she business of the ordinary
meeting should be adjourned till the 21st instant, a special
meeting was held to consider the question of the raising of
caprtaL
The SECRITARY (Mr. Stewart) read a correspondence be-
tween the general committee of directors and the committee
of the Manchester Shareholders' Association, from which it
appeared that the latter object to the raising of capital
by war of preferential shares or stock as prejudicial
to the interests of the company, and are also of opinion
that some of the new works for which the capital is required
will prove unn=unerative.
The CHAIRMAN said the works had been authorised by the
proprietors, and it was necessary for the company
to construct them. As the trade of the coun-
try extended that company must keep pace with
it. While the trade of Lancashire had been depressed
that of Yorkshire and Staffordshire bad expanded.
The passenger traffic had steadily increased, and if the
country prospered that company would prosper with it.
(Hear, beer.) The directors bad anxiously considered
the question of the best mode of raising the capi-
tal. During the prone= of constructing the Der/
works • portion of the new capital would be =pro-
ductive; but the resource. of the company would enable
them to bear the outlay. The directors thought the beet
course was to raise the money by means of • 5 per cent stock
to be issued in such a manner as would most conduce to
the interest' of the company. A 4 per cent stock would
not secure the money with sufficient rapidity ; while a 4)
per cent. stock was between wind and water, and would not
take with the public. A 5 per cent. stock would, he thought,
realise 115. which would be equivalent to raising the
capital at 41. 6s. per cent. (Hear, hear.) Their neighbours
generally were now of opinion that more profit was to be
=dishy maintaining amicable editions than by opposition ;
and he hoped that feeling would be strengthened. To show
the elasticity of the concern, he might observe that
the receipts of the last week exceeded those of the
host week in the Exhibition year by 6031. ; they actually
amounted to 111,6801. (Cheers.) Having regard to the im-
provement of the traffic and to the prospect of further im-
provement, the board thought it was the interest of the pro.
proton that the new capital required should be raised
by way of preferential stock. He concluded by moving the
following resolution :—"That in punuance of the powers
vested in the company by their several acts; of parliament,
an additional capital of 2,197,6661. be crested and divided
into shares of 1001. each, and that such new
shares shall be entitled to a perpetual preferential
dividend (without further participation of profits)
at the rate of 51. per cent. per annum, payable
when the said shares are paid up half yearly, at the same
periods as the dividends on the ordinary stock of the com-
pany are parable. That the amount paid from time to time
on calls, or in advance of calla, shall be entitled to interest
at the rate of 5/. per cent. per =nom, from the date. when
the calls are paid, or from the date when the whole
amount is paid up. That the directors be and they are
hereby authorised to dispose of the said oew shares, at such
times and in such manner as they may deem most for the
advantage of the company. That the said new share capital
may, in pursuance of the said acts, be issued as paid-up
Nock. asead when the same is paid up in fulL"
A SHAREHOLDZIL regretted the necessity for raising fresh
capital, but. believed that the mode of raising it proposed
by the board was on the whole the beat.
The Rev. Mr. EARLS was indignant at this proposal to
raise nearly 3.000,0001. by means of preference shares—•
course which be considered moat prejudicial to the interests
of the company.
Mr. SHEWARD strongly objected to extensions, but con-
sidered it impowible to stand still. He was not sanguine
enough to believe that the new linen would prove beneficial
to the company ; bat a debt had been contracted and it must
be discharged.
In reply to questions,
The CHAIRMAN said the board considered it beet that
the issuing of the new capital should be left to them-
! selves. It would be issued on the moat favourable
terms that could be obtained for the company.
On the 80th of June the price of the Cheater sod Holyhead
five per cent stock was 115, and that of the London and
Brighton and the Gnat Northern five per cent, preference
stock 114.
I. reply to • further question,
The CHAIRMAN said the holders of the new stock would
be allowed to pay up in full at once.
Mr. J. W. RosTheort considered the question of raising
money at 5 per cent, so serious that the meeting ought to
be adjourned for further consideration.
Mr. Caosermui (auditor) thought it best in the present
position of the company to take • partner, who would
virtually receive only4l. 6e. per cent., he himself expecting
to receive ere long 5) per cent.
Mr. Crianwice moved the adjournment of the question
till the 21st instant.

The amendment having been seconded, wu submitted to
• show of bands : 10 hands were held up in favour of, and
65 agitinet
The original resolution was then carried.
A resolution authorising a conversion of a sum not ex-
ceeding 5,000,0004 from debentures into debenture stock
was then passed.
The transfer of the Conway and Llanrwst Railway to the
London and North Western Company, the capital being
70,0004, was confirmed. A similar resolution was
paned with regard to the Cannock Chase Railway,
the capital being 20,0004 The arrangement with respect to
the Knighton Railway was also approved. Some other
formal resolutions, in accordance with the notice convening
the meeting, were also agreed to.
The remainder of the special business relating to the agree-
ment with the Great Western Railway respecting the Bir-
kenhead Railway was postponed till the 21st inst.
The meeting terminated with a vote of thanks to the
chairman.

BAN PAULO (BRAZILIAN) RAILWAY.
(THIS DAY.)

The seventh ordinary general meeting of the
shareholders in this company was held this day at the
London Tavern ; Mr. R. A. Hanna in the chair.

The report, of which we have already published am&
strat., was takes u reed.

The CHAIRMAN, in moving its adoption, observed that
the progress in the undertaking had been so satisfactory that
there was no point upon which it was necessary for him to
enlargs. _ _

Th.; motion wee seconded by Mr. Brno.
Replying to questions,
The CliAtitnalt said the next all would be made at the
end of the year, probably in December. No extensions
were at present contemplated, bat if anything of the kind
were proposed, it would no doubt be with the object of
lengthening the line to Rio Clero, which would take them
through some of the richest coffee districts in Brazil.
. .

The report was adopted, and a cordial vote of thanks to
the chairman and directors brought the proceediop to a
cicee.

MINES.-(THIS DAY)

Two o'Ctocri.
There is not much business going forward in
the mining market to-day, and prices generally
are without variation. East Caradon shares have
declined 103., the present quotation being 29/ to.
Herodsfoot are more inquired for, at 37} to 38}f.
Wheal Seton are quoted 217} to 222} ; and West
Chiverton, 27 to 28.
. . . . .

Foreign'ai;d colonial mining shares are inactive.
Yudanamutana have been dealt in at 3g, being
steady.

itiksort. Barley. MAIL Oda Row.
qrs. qrs. gn. gra Wks. mks.
13411th sad Stotel
/maga WO 10 960 910
WM 13470 9900 170
Total I 4300 1 970 960 14779 1900 660

LIVERPOOL COTTON MARKET.
(THIS DAY.)
SLIMS° AND INTINNATIONAL TILIORAPN.)
(mom OUR OWN CORRRSPONDINT.)
Market keeps steady, with good demand. Sala are
reported at abontlo,ooo Wee, at fine rates.

IN
la
111/11
NI
100

SHARE 1.18274-(T7118 DAY.)

Two otOWOI.
I Quietude is the characteristic of the railway
market to-day, with few transactions, and,
with the exception of a rise of 1 per cent.
in Caledonian and Great Eastern, the principal
stocks are quoted the same as at 4 o'clock yesterday.
London and North Western stock is now quoted 1011
to 102} ; Great Western, 651 to 66/ ; Midland, 124
to ; Lancashire and Yorkshire, 1134 to 114 ; Greet
Eastern, 50 to 4 ; Caledonian, 1184 to 119 ; South
Eastern, 92 to *; Great Northern, 123 to 124 ;
Metropolitan, 114 to 4 ; and London and South
Western, 1061 to 1061.
West Flanders Railway shares are firm, and
Great Luxembourg dull. Indian and Canadian
lines are without change.
OADLNALY "'DAMS MID MOLL
IP4 I RAZirni* I ya°l7.4°' I Dadallales y
.

ses.,watashow vat
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rok•AloaKra..s
Belokd andi ItzNse
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Do. spoltl.on
Dublin sad BAIA Too.
Dmod.,Porlk Abd..lo.
Malmo! sod Mango.
Okaaow I. Weslaco
Gnat &darn
D. • Stock.
Do. Bast Anillaa
areal Bonk silloollaad
Wad Northam .
Dia Ana so
Do.llllllllpot.lo paid B
et Soothe nut arc
anal Waists ..
DentoorVaLGoaak
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II Ile
Si 4
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118 119

40 41
16 II
04 96
111 113
491 6•1
47 49
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Mar/port and Carlisle
Do. New

In in
1441 1116
116 160
100 102
661 66i

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97 99

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161 471
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ICN IN

Closing rims.
- 94 se

I/ te
113 116

lit 114
111 113
131 134
107 110

88 86

117 119
111 119
101 104
107 109

100 102

90 N
14 105
75 77

71 70
172 176
105 107
U 6 166

113 116 id
113 116 zd
137 140 id
113 116 zd

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190 166 zdi

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60,000

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140.04(
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20000001
160,000

171
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110.000
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BRITISH POSS7SSIONS.

I
SIL Ird I DalLwAii. Clasbll2 prim I
Salm to-day
yeatirday. to 1 WM..
11$ NI 11170110•114.1Aviliaar II IS —•
K. IN Dia. Dir. 40.10.g.1p.e. 102 Es pm i
IS II Do. New 1 Dm
N2f Do. New. 1 Sham lf Ipm —.
Me al eloielleroolL —.
111 A Do Dolblo
resiimme . . fi It
as us
sl 1141.1raiii,01104geb
0p.0.16.. Asa kien
N MO Cabello •IL Maen WI 1011
N IN OmpeTADookllp.o.Noa. 105 108
10$ all DammankTp.e.per.prel
N 10/1 liolso Dmiol . 100 110
N as lim•bladlao sm.& is7cut. 188 109 108*
NlO Do. H. do lf l I
SD 10 Do. G. Zatewaloa lf 11 pm
N.
IN enol Mak al Ono& loe soff pm
100 A Do. let per, Bonds * 71 70
LOD 011 Do. do. deferred 62 65
1N all Do. Sod preLßonds 62 66 ...
LOS all Do. do. deterred 46 48
1N all Do. Itrd prof. Block 42 44
100 YI Do. do. clarerred 8.1 96
100 all Do. lith !pot. Sioek 2l 26 24
101. all Do. do. deterred 20 23 —.
16. 10 penal Indlan Pecdaeale 108 104 1081
SO II Do. Dew I If pea
!0 8 Do. January. 18118
81 100 lit. I. at Intlagt. 6p. at lO7 108 1071
8t 100 Do. 41 per cent
pOl all 06.Wesitanadsolenwes 10d 11 101
1115 18 Do. Mar lO Of
1,00 all iDo.Sp.olldayeerkw.op Ol 111 81
LOS all I Do.ifttnra=a 80 02
10 2 LW..
N.
100 I Modres floor. SI par el 081 100 i pm
N. as Do. do. 6pm at 107 108 107 d d
N. Ho D. 40 our at ftla. 101 f 106 d
20 1 Do. PUth estonaloo —
00 oil Moth. And 1i0b1000.% 116 67
10 all N.Deonswlck It
, clams A sad B 8 5 —•
... 100,11. Z. of Canada, p. c OS 05
N. 100 lido* gas 6 par Nod— 107 f 1081 108
R. 1101 Do. Delhi do lO7 166
!0 9 Do.
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11l 1051 Da. do. do.. —WY 108 Dm
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1751144

MONEY MARKET.-(THI6 DAY.)

Two o'Cloci.

The stock markets to-day are very firm, and
the tendency of prices is upwards. The English
funds have again risen fully f per cent. Horne
railway stocks are well supported, and in two or
three instances have slightly improved. The only
appearance of animation, however, is in the foreign
stock market, which is rising. The chief feature of
the day is a further decided advance in Mexican
Bonds. _ _

At Paris this morning, according to Mr. Reuter's
telegram, the Three per Cent. Rentee opened at
67fr. 40c., for the account, being 6c. lower than
yesterday.
Console are now quoted 94 to I for money, and
93k to for the 9th of September. The official
business report is as follows :—Three per Cent.
Consols, for money, 93, I ; ditto, for account,
94 ; Three per Cents. Reduced, 94, ; New Three
per Cents., 94, I, ; New,Twolind-a-H all per Cents..
77 ; India Stock, 226 ; ditto Five per Cent.
Stock, 1061, ; ditto, for account, 104 ; Five-
and-a-Half per Cent. "aniseed" rupee paper, 116 i;
Exchequer Bills, March, la. dis ; ditto, June, Jr.
prem.

Mexican Bonds are in great demand, and have
attained a furthee important rise, being last
marked 391. Greek Bonds are rather better,
at 321 to 331, and the coupons are like-
wise in request The improvement extends
to Spanish Passive Bonds. Turkish Consolideis
have advanced to 1 per cent, being now quoted
48/ to 491, while the Turkish Loan of 1854 is
firm, at 92 to 93 ; that of 1858 at 701 to
71; and that of 1862 at 671 to 68.
Transactions are recorded as follows :—Dutdi Two-
sad-a-Half per Cents., 641 ; Greek, 321,
331, 321 ; ditto for account, 331 ; ditto
Coupons, 151 ; Mexican 381, ; ditto
for account, 391, 381, 391 ; New Granada
Deferred, 91; ditto Land Warrants (Hectares),
61 ; Russian, 1862, 921, 93, 921 ; Sardinian, 90 ;
Spanish Passive, 321, I, 331 ; Turkish 1858, 71 ;
ditto 1862, 671, 1, 68 ; ditto Guaranteed, 1021, ex
div. ; Venezuela, 231.

The Confederate Loan is inactive, at 26 to 26
dis. Italian scrip is quoted Ito I/ prem.
The shares of the new financial companies are
quiet, at the closing prices of yesterday. Inter.
national Financial are quoted 31 to 4 prem. ;
General Credit and Finance, I to 1 pram. ; and
London Financial. 1/ to 11 prem.
Hudson's Bay shares are rather firmer, at 2k to
1k discount. Egyptian Trading are quoted j to 1
pram.

Messrs. Baring Brothers and Co. have notified
that they have received 1,600/. from the Custom-
house at San J 01.4 de Cucuta, on account of the
New Granada dividends.

The amount of gold sent into the Bank yesterday
was 40,000/.
The foreign exchanges yesterday afternoon were
generally steady, at last Friday's rates. Subjoined
is our usual list :
Amsterdam. 3 months, ILlBf to 19 ditto, 3 days,
ILI6 to 17 ; Rotterdam, 3 =oaths, ILIBI to 19; Antostp,
3 tomtits, 25.53 to 60; lismberg, ma. basso, three mouths,
13.81 to f ; Puts, 3 days, 25.271 to :k2l ; do.. 3 months,
25.55 to 60 ; Frankfort-on-the-Yams, 3 months, 119 f to
j; Petersburg (per -Amble), 3 months, 35f to f ; Viesery
eff. do., 3 months, 1L53 to 60 ; Trieste, ed. So., 3 mouths,
11.55 to 60; Madrid, 3 mouths, 48f to 49 ; Cadiz, 3 mouthy,
49 to f ; Leghorn, 3 months, 25.60 to 674 ; Genoa, S
mouths, 25.60 to 67f ; Milan, 3 mouths, 25.60 to 67
Naples, 3 mouths, 25.60 to 67j ; Palermo, 3 months, 25.
to 67f ; Mesa, 3 months, 20.60 to 673 ; Lisbon, 90,clay;
52f to a Oporto, 90 dart, 32i to 53.
The dollars by the steamer La Plata were sold
yesterday at se. 3d. per ounce, being id. above the
price obtained for the supply by the previous
packet.
The Caledonian Railway dividend' was officially
announced yesterday, at the rate of 51 per cent. per
annum (with a surplus of 1,500/.), against 5 at the
corresponding period of Last year.
Application has been made to the Stock Exchange
committee to appoint a settling day in the shares
of the Company of African Merchants.
The half-yearly meeting of the Submarine Tele-
graph Company is convened for the 25th inst.
The eighth edition of that very useful book of
reference, " Fenn's Compendium of the English
and Foreign Funds," has just been issued by Mr.
Effingham Wilson, having been revised and
brought down to the present time by Mr. P. L.
Simmonds. F.R.G.S., kc. As a convenient hand-
book of reference for public securities, both home
and foreign, tho work is worthy of great encomium.
A new edition has just appeared of the same
compiler's "Dictionary of Trade Products"
(Rontledge and Co.). This essentially commercial
and business-like dicti,nary includes, in addition
to the matter suggested by the title, an explanation
of commercial, manufacturing, and technical terms,
as well as a definition of the moneys, weights, and
measures of all countries, in relation to the British
standard. The book gives much useful information
in a small compass.

TCEiDAT EVININO.

The requirements in connexion with the harvest
continue to trench upon the reserves of the country
bankers, and thence re-act upon the discount mar-
ket generally. This morning an active demand was
experienced and the market was rather tight, but
in the afternoon the supply became more liberal.
Little business was done below 3: per cent. At the
Bank of England the applications were considerable.
At Vienna yesterday the Austrian funds rose
per cent.
Consols, which closed yesterday at 93k to
for the 9th September, were first marked to-
day 931, and closed at 931, "sellers." For
money the last price was 92/ to 931. Trans-
actions are officially recorded as follows :—Three
per Cent. Consols, fur money, 921, 93, 921 ; ditto
for account, 931; Three per Cents. Re-
duced, ; New Three per Cents.,
93, ; the Five per Cents., 1071,
30 Years Anna., April, 1885, 15 1-16 ; Bank Stock,
240, 238 ; India Five per Cent. stock, Rffij,
; India Four per Cent. Debentures, August,
1864 or 1866, 100 j ; ditto April, 1864, 100.
After the close of the Stock Exchange Consols
were rather firmer, at exactly 931 for the account.
The India Five per Cent, stock was firm, at 108 k
to }, with a good demand. India Bonds were
quoted l&i. to 19s. prem. ; and Exchequer Bills,
2s. die. to Is. prem.
International Financial shares show a relapse of
2s. Ud., closing at 3/ to 4 prem. General Credit
were dull at I) to prem. ; London Financial firmer,
at lj to 111 prem. ; Eoptian Trading steady
at to 1 prem. Hudson's Bay shares were again
inquired for in the morning, and rode to ''2 discount
" buyers." The closing price-21 to 2 dis.—was
about ss. above that of yesterday.
Bank shares were firm. An improvement has
taken place in Agra, London and Colonial, and
Provincial Bank of Ireland. There were also
inquiries for London and South African Bauk. In
miscellaneous shares, those of Ceylon, Madras Irri-
gation, and Berlin Waterworks Companies were in
demand.

Ocean Marine shares closed to-day at 131# to 14
prem. •, Thames and Mersey, 21 to 3 prem. ; Com-
mercial Union, 2 to 21 prem. ; London and Pro-
vincial Marine dis. to par ; Universal Marine.
# to # dia. ; North British and Mercantile Insur-
ance, 171 to f ; and Oriental and General Marine,
11 to 1# preen.
- - - '

The nominal closing quotations for shares in new
undertakings to-day were as follows:—Oriental
Hotels, to 1 prem. ; Castle Hotel (Richmond),
par to 1 prem. ; Marine Investment, I. to j prem.
There is still a good demand for Colonial Govern-
ment and American railway securities. Amongst
the latter, Erie, Atlantic and Great IVestern, and
New York Central, have to-day been in chief re-
quest.