The Express.
London, England, 1852-08-26 00:00:00

WEST LONDON.

The half-yearly meeting of this company was held
yesterday at the London Tavern, Mr. S. Bird in the chair.
The report stated, with regard to the position of the read-
ing law proceedings against the London and North-West-
ern Railway Company, that the directors ware glad to In-
form the proprietors that the bill of exceptions tendered at
the trial in February last had been duly signed by the Lord
Chief Justice of the Court of Common Pleas, and that there
was every reason to expect it would be argued and dispeeed
of before the next halt-yearly meeting. The directors were
also happy to say, that they felt justified in stating that
nothing had occurred since the last half-yearly meeting to
change the opinion of the counsel of the company, hitherto
so strongly expressed as to a favourable result. The
total traffic on the canal shows a decrease compared with
the last hal-year ; the traffic to and from the railway shows
a decrease also in both eases. From the railway to the
canal the decrease is 8,626 tons, and frolic the canal to the
railway 4,938 tons ; this arises from the circumstance of the
London and North. Western Railway Company having
almost wholly removed their traffic on to the Kist and
West India Dock line. The receipts on capital account
amounted to 295,1751. and the expenses to 292,7311., leav-
ing certain sums due M the comrany, and a balance at
the baukg is of 1,7651. The revenue account showed that
6411. had been received, and 3931. expended, leaving a
lance of 1481.

Mr. RIGBY said be was sorry toperceive that their tolls
were diruished by the conduct of the London and North-
Western Company. It had been recently proposed by Mr.
Glyn that the latter company should be united with the
Great Western Company by amalgamation. When the
oppression and unjust conduct of that leviathan company
towards the West London Company was considered, he
thought it ought to put Englishmen on their guard as to
how far they should trust them with any further power by
allowing those companies to unite. He did not know what
the consequences would be to the public if the union of those
large interests were permitted by parliament, but it
appeared to him that the State itsel would feel their in-
fluence if amalgamated. He then read a number of quota-
tions from speeches of Mr. Ellyn, in April 1817, mid at
other periods, relating to certain proposed extensions of
the West London Railway, and the hopes that were held
out to the unfortunate shareholders of that line, who were
induced to part with their property, which had cost them
nearly 300,0001., for the sum of 60,0001., and part of the
produce which they were led to expect would arise under
the lease from the "efficient working" of the line by
the London and North-Western Company. Ho com-
plained that ever since the latter company had subscribed
400,0001. towards the East and West India Dock sod Bir-
mingham Junction line, they withdrew their promised
support from the West London line. He maintained
that the latter company was entitled to very full compensa-
tion, and to very large damages for the treatment they had
received. He concluded by moving a resolution, appointing
a committee to investigate the company's affairs, and to
report on the best means to be adopted under the circum-
stance. in which the company were pieced.
Mr. BURGE seconded the motion, and, in doing so, said
he thought that some arrangement might be come to with
the Londem and North-Western Company which would
render law proceedings unnecessary, and would be satisfac-
to the shareholders.
Mr. LOVELESS did not think any good would arise
from farther negotiation, as it appeared to him, judging
from put experience, that the Lombok and North-Western
Company would do nothiog Mw than the law compelled
them. He thought it mealt-beMm that the law should take
its course, and, if neosmary, to bring the matter before the
House of Lords.

Mr. REED, the solicitor, explained certain matters with
to the law proceedings, and stated that the steps
regard
were the only ones that could be adopted. The
matter would probably come before the judges in Decem-
ber next.

On Mr. Rigby s motion being put, it wu negatived by
sin against five.
The report wu then received and adopted ; and, alter a
vote of thanks to the chairman and directors, the meeting
separated.

SOUTH DEVON.

The half-yearly meeting of the shareholders in than
company_ was held at the offices of the company, at the Ter-
minus, Mitthey, on Tuesday; THOMaa WOOLLCOMBI, Eq.,
the chairman of the board of directors, in the chair.
The CHAIRMAN said he had hardly need call upon the
secretary of the company to read the report (pub Shed in
the Express of Monday) and statement of accounts, as
they had been circulated amongst the shareholders. The
report, he had no hesitation in saying, was the most satis-
factory that the directors of the company had ever pre-
sented to the shareholders. Notwithstanding the dividend
was smaller than on the former half-year, yet the state of
the accounts was satisfactory. Those gentlemen who
have paid any attention to the previous accounts would see
that they could not declare a larger dividend than 4s.
per whole share. That, however, must not be set down as
going back at all. The 6s. per share was paid out of con-
siderable accumulations of several half-years together, and
if they took the trouble to turn back and look at the dis-
posable balance at the cad of each of the three half-years,
they would find the amount of revenue had considerably
increased, though it did not amount to enough to justify a
ss. dividend. The balance left, after paying the debenture
debt of 1861, was 5,0691.; that was little more than enough
to pay the dividend on the half-shares, and the 6s. then
divided was made ant of previous accumulations. The next
half year the balance was 10,4431. That was the best half-
mr. The disposable balance at the neat half-year, ending
30th June, 1852, was 8,3791. The difference between the dis-
pomble balance, therefore, on the hall ear ending June 30,
1862, war really .
the diff•rence between 5,0139 t. in the former,
8,3791 in the latter, which was quite as large an advance as,
considering the circumstances, they were entitled to expect.
Nothing Gould be easier then to have so mystified the ac-
counts, so as to have made it appear that they could have
paid a dividend of 6a per share. To pay 5e per share,
would require 10,0001. ; but, however they might shut le
the figures, it would come to the some result; that they
meld not ray 10,0001. out of 8,0001. The directors thought
k tar better that they should maintain the credit of the
eampany by making each half year bear its own charges.
As to the future, it was not likely they would kayo to fall
Is* again upon so small a dividend as 4s. per share. He
was happy to state that the whole of the 4i per cent. stock
W been disposed of, and as was naval in such cases since
the whole tithe shares were taken, many other applica-
tions had been received; and es much of the 4 per
mat steel disposed of as was necessary to meet the
rtquiremenb of the Company as to debenture debt.
Since the shareholders lest met, the directors of the Corn-
wall Railway Company bad tommied operations, by which
an addition of eighty or Maar mem at railway would add
very coorManbly to the Memo et the osampany, and arising
out of this ressittffiese of swathes, dim company had been
ladled *pea 1•11• M its eappomeds to that company. It
was sot easesalaatilie the mampay to meet that heavy
BRISTOL AND EXETER. comment of UMW, owl tbaredere, in order to lessen
th‘imount, the dies Mare had agreed to the relinquishment
'fie report alf the dinettes to be isaboitted to the of a part of the ompanyt subscription. by which the lie-
, kittinfraing nessang of the pegristen et this eempaay, bility is Massa trom 127,6001 to 44,0621 10e., of which
Meets that die pen tragic rearipla bribe Wiwi eaded ea sum ss76i. is 'breed in the account before the shareholders.
the 19th June, 1862 (Maud', treitio
.sema 1,111111. samolved The remaialog portion of the liability he hoped the
oaths y
Muter end Crediton onmennh 1110/1/11., would be able to meet without pressing upon the resources
being 3,11461., received as the mid Enema somy of the company. For himself, he looked upon the extension
proper, more than the mesempadig half et the year by the Cornwall Railway as likely, on a very moderate cal-
-1861. The working expenses dosing the eras pried culation of trails by its means' to add MU. a week to the
amount to 49,1141., or 44.14 per mat. ups the rerisipts, or income of the ompay, or equal to 13,0601. a year, or about
6331 per mile co 92 miles of railway, Ariake the Rueter per east. on the capital they had to advance, and this
sad Crediton line. The numboures is 210,614, would Include est only the 40,0001. they bad to pay, but
conveyed 9,062,670 milse ; aad the et pods sad also tbe WOK they had paid, and which stood in their
coals 109,179 hone, conveyed books as a bad debt. Therefore, although it was not, as he
16,479 more passengers, 26,274 tau =awl. sad had said, convenient to pay this amount at the present time,
than in the corresponding half if URI. yet the company would get over the temporary difficulty,
of eoke is as follows, vie. with peseager eaglearg= and eventually receive a good return for the outlay. He
per mile; goods ditto, 63'.64111.j pliet this., 87.716). t mid had also to draw attention to the revival of the project for
the met is 20s. aid. per ton. The dimmable balsam et the the Tavistock Railway. It had been always considered that
revenue account, including the sem of 17,0821. brought a railway from Plymouth to Tavistock would pay well.
over from the hater half-yeek is 64,0061. The diaereses On this view the directors had acted, and bad made such
ossainniend the same diMatad as for the previews six aa arrangement with the Tavistock Company, subject to
maths, at the rate of 4l per mat per aaame, it the approval of the shareholders. Under the arrangement
mat. fee the half-year as the 2,000,0901. et there would be a division of the net profits, after
Meek. This will mobs the am of 46,0001., and blare pa ng tho working expenses, and the fixed rates into
amnia of 9,0061., whirsibilizar deemed satisfeetory, noVhird to South Davao Railway Company,the mom remind for pestermas 4 per seat. end two-thirds to the Tavistock Company—the third to the
dime and stock to the Yowls 662,4411, A very bilge South Devon Railway Company would be 1,3601., that
iliketioa had, lip to the SSA of June, beam made I. Ase would make up a total of the working expenses, and profit
unftnt of rieboansree beeelng Lae set at 6 and 4t seek , for the risk of rental, and for embarking in the speculation,
At this time *I rodasgsa ememses to epweeds , 9,6501. The general shareholder* would receive 6,0001. for
which has bra elleiMA by the be.. either if probresel fixed rent, two-thirds of the surplus profits, 2.7001.. making
stook or of new debentures at • lower rate of callow; and in ell 8,7001., which would make 61.85. 9d. per cent. on the
the directors are ready to pay of Immediately is seek or to total amount of the stock. The chairman, after allusion
exchange for preference stank,
_mita premium to be agreed to the improbability of any compare tinnier the line to
upon, any 6 or 4i per comb isionwras et this , Tavistock, acting independently of the South Devon COM-
allowing. to the holders the dlihrome of Wens& he Ne pony, stated that the Earl of Morley had withdrawn from
remainder of the term. The weeks on the North Dom I the connexion with another company, and had thrown in
railway are rapidly progressing and are likely to be ems- his influence and interest with those who were trying to
pletad from Crediton to I,mnd:oc:ill, ha the mem , develop the resources and benefit the port of Plymouth.
next year. 6,0001. bare bees to Obi baler and In the correspondence with the noble lord as to the dis-
ermines Railway Company ea amount of their_ 6pr Not posal of land and other matters, he was hound to say he
preference stock. The act for the derawast alaW bad acted in the most honourable and straightforward man-
way was pined without opposition. sad the apeemeathe nor, and had not in any way taken advantage of his posi-
the transfer of the property is the OMabsbary Canal tion to seek anything beyond a fair and reasonable price.
will shortly be ready to receive the semis of the two amps- , In conclusion he moved the adoption of the report, and the
nits. The interest held in this undertaking by this cow statement of accounts.
pany new memos to 10,0006, with the right of ap- W. PRANCE, Rsq., seconded the motion.
pMating ow :director upon the beard of management. Mr. FOX contended at some length that the reduction of
The sum of 6,0001. has been sahroribed he 6 per coat. the dividend from 6e. to 41. per whole share was an unwise
preference shares in the Plymouth Great Weems Desks; and unneceseary course—unwise because it would lessen the
the works are in satisfatory . There is now a value of the stock in the market, and unnecessary because
conlldentiexpeetation of the coos et the Cornwell the income would admit of the larger dividend.
Railway, the financial affairs of that having been To this the Chairman replied that he did not think it
so arranged as to justify the resumption stile works. The would affect the price of stock, and as 8,0001. would not
West Cornwall Railway from Truro to Peasease is opened pay 10,0001., which would be reptired for the Go. dividend,
throughout for public trams. Ths new eel he the ma- it was necessary to reduce it to 41.
Wool= of the Teoril branch received the Royal assent on Alter a discussion of some length, the resolution declaring

la dividend at U. per whole share for the half year ending
30th June, 1852, was passed.
Other resolutions were adopted, approving the measures
taken by the directors for obtaining a reduction of the capi-
tal of the Cornwall Railway Company, and for reducing the
subscription of this company thereto; and also empowering
the directors to raise the sums required for the payment of
the calls to be made on the shares held by this company
in the undertaking of the Cornwall Railway Company,
by guaranteeing interest out of the corporate
funds, or annual revenues of this company, after •
Irate not exceeding five pounds per centum per annum.
Also authorising the directors to enter into airangameate
with the provisional directors of the South Devon and Tavia-
tock Railway Company for taking on lease and working
the main and branch lines to be constructed by the said
company on such terms and conditions as the directors may
consider expedient, and f r the interest of the South Devon
Railway Company, in accordance with the proposals con-
tained in the report, and in accordance with the terms of
the directors' report before this meeting.
Thanks were voted to the chairman and the directors, and
the meeting separated.

DUBLIN AND BELFAST JUNG'fION.
Tho following are the more tmportant portions of
the directors' report, to be presented at the half-yearly
alerting of the company on the 28th inst.:—
. In sutimittilig to the proprietors the bulunce-sheet for
the half-year ending the 30th of June last, the directors
have much satisfaction in drawing attention to the results
of the 'raffle, of which the following is a comparative state-
ment of the past hallyear with that for the corresponding
half-year, IWit, showing an increase of 4,186!. the. 84. in
favour of the former.

I
Six Masao 1111 thug June 30, Ik3l. 912 Months ending JlOl. 'O. 11132.
Thirty-two pules of Ilse open. Yorty-eiglat nit k ; of One open.
Peres .ffern ... 3:7,500 9 $ I went,. .........gi0,79., S •
blerebandlse 1,271 11 9 Mernhantlien ...... 1,99 ;13 0
Mahn

Total gle.al7 is to I Total [14,934 7 II
" The report submitted in Feb. last intormed you that
the portion of the line extending from the Armagh-road,
near Newry, to l'ortadown, was opened on the 6th of
January, and the directors have now the satisfaction to
state that on the 3rd of June six miles more, including the
Craigmore viaduct, were opened for traffic, then by com-
pleting the entire of the line between Dublin and Belfast,
with the exception of the Boyne viaduct. Knee the line
has been so far opened for traffic, a steady increase has
taken place in the receipts. The nett baleen to the credit
of the revenue for the half year is 11,8111. 12a. 7d., to which
is to be added the balance from the previous half-year,
1,0131. 10s. I Id., making 12,8251. 3e. 6d. available, out of
which sum the directors recommend that a dividend of 16e.
per share be declared, thus leaving about 1,1001. to be carried
to the current half-year's account, notwithstanding the in-
creased number of shares which it will have to be struck.
The Irish railway companies having made representations
to his Excellency, the Lod Lieutenant, and her Majesty's
government in England, as to the high rate of interest
! charged by the government on the loans obtained by them,
the directors have much pleasure in informing you that the
rate of interest has been in consequence reduced to 4 per
cent. from the 31st December last; the increased facilities
fur raising loans have, however, enabled the directors to
obtain a sum of money at the rate el 3j Per ant., with
which they have paid off the amount doe hy the company to
the Exchequer Loan Commissioners, 76,0001., thereby effect-
ing a saving not only of interest but of the Large law ex-
penses attendant on loans from government. During the past
half-year the increased value of the shares of the company
in the market has enabled the directors to dispose of a con.
siderable portion of the forfeited shares, at such a price
as paid all calls due thereon, with interest and costs.
The directors have declared forfeited 632 shares, being the
remainder of those upon which the arrears appear to make
suck a step necessary, and the present meeting will be made
special to obtain your confirmation of such forfeiture, and
also for the purpose of bringing before the shareholders, an
I important proposition as to the appropriation of the amount
due to this company by the Dublin and Drogheda Railway
Company for the construction of the Nivea Branch Rail-
way, when paid off. Since the closing of the accounts a
sum of 13,4331. 6s. 2.1. has been received from that com-
pany in part payment of this account. In the last session
of parliament the Dundalk and Enniskillen Railway Com-
pany obtained a bill to extend its line from Cutleblayney
to Enniskillen, and the directors of that company lite nego-
tiating a loan with government to enable them to accom-
plish this desirable work ; and it is hoped that in a short
time this important feeder to your line will be open for
public traffic. In conclusion, the directors are happy to
state that the lino has been working satisfactorily, and
without any accident resulting to passengers."