The Express.
London, England, 1863-10-27 00:00:00

SERIOUS AMAIN? ON TAE NORTH LONDON
RAILWAY.

An accident befell the 4.45 passenger train ant
from Fenchurch•atreet station of the North Loudon Railway,
yesterday afternoon, on the viaduct over 8011140111111014
which was nigh being attended with serious con.
sequences. The train, which was a heavy one
for the number of peasengsre was travelling at
its usual speed, when a sudden oommotion wee
observed ►bout the centre of the train, and a cloud of
dust and dirt was thrown up. The guard, feeling the jerk of
the train, looked out aed sew that a wheel had broken off
from the axle of one of the carriages, and that the car.
riage was thrown off the line. He immediately plied his
break, and the dnver, finding that an accident had
' occurred, also shut off his steam. The train was
quickly brought up, and the pamengers in the carriage were
released. They were very much alarmed, but none had
sustained any hurt, excepting a few bruises. It was very
fortunate that the carriage that lost ita wheel had a break
attached to it ; the chain connected with the lever pea.
vented the axle from falling on the line, and the guard
feeling the heavy strain on the break, suspected the
cease, and braced it up with all his power. Had
it befallen a carriage not fitted with a break, the axle must
have fallen down, sod would have been the cause of over.
turning the remainder of the train. is soon ts possible
assistance was obtained from the company's locomotive
works at Bow, and in the course of an hour and a half the
line was cleared, and the traffic was resumed. The came of
the wheel breaking away from the axle is not explained : it
broke off close to the box of the wheel.

ORIENTAL INLAND STEAM COMPANY.
(THIS DAY.)

An extraordinarygeneral meetiogof shareholders
wan beld at noon et the Loudon Tavern to confirm the me.
evil resolution passed at the extraordinary meeting, held on
the bth of October last, for altering the articles of
emaciation for the purpose of authorising " the
directors to issue the present utialloted and
forfeited shares, with • preferential right of dividend
not exceeding 8 per cent. on the amount of each of
each abuse, giving to the holders of fully paid-up abates,
and to the holders of C shares, in respect of whose shares
so call due is unpaid, the preference in the allotment of
such shares, in proportion to the shares held by them, over
other applicants. And with the consent of • general meet.
log of the shareholders at toy future time to issue any other
uuallotted or forfeited shares iu the company with • like
preferential right of dividend not execs ling a rate to be ex.
pressed in the resolution of the general meeting of share-
holders authorising such issue, with a like preference of the
holders of fully paicLupordioary shares, and of C shares, in
respect of which no call is due and unpaid, in the allotment
of such preference shares." And also to consent that the
directors may issue, in addition to the present 6.50(1
allotted and forfeited shares, soy other shares which may
become forfeited, not exceeding in the whole 10,0( ) shares,
inclusive of the present unallotted end forfeited shares, with
• preferential dividend not exeeediog 8 per out.
Colonel Gansu, who presided, briefly explained the oh.
Picts for which the proprietors had been called together,
and proposed the necessary confirmatory resolutiote, He
added that they would further have to consider the best
means of inducing the taking up of the preference capital
it was proposed to issue, and he urged upon the shareholders
to take up their proportion, for miler the preference capital
war taken up there was little chance of the company going
on or their property being saved. From the C shareirolders
there was not much prospect, although they might obtain
perhaps some payments from them in time. But what they
wanted, and must have, was funds to carry on the business
with at once. The prospects of the compury on the Indus
were very good, and he believed that if the boats now on
the Ganges, which were not working successfully, were
transferred to the Indus, there would be ample returns to
pay the dividend on the preference capital, and some diet.
dead also ors the original shares.
Mr. JACKSON seconded the resolution.

Mr. DARtnemak: oomplained that the directors had not
Wren the proper steps to enforce the payment of the calla
on the C glares, and moved as an amendment that no pre-
ference capital be issued until the directors had enforced the
calls from the C shareholders. . . .

Mr. C. TAT Lon said that the directors were not legally in
a position to enforce the calla upon the C shares in cense-
queoce of the oonditims en which they were originally
issued, and quoted the decisions of the 1 ice. Chancellor and
' the Lords Jnsticee in the cam of the company versus
General Briggs. to the effect that as the letter of allotment
stated that if the parties accepting the shares did not sign
the deed of association the shares allured to them would be
forfeited, and noises the deed of association was signed, the
allottees could not be compelled to pay calls. .fbe
difficulty arose from the slovenly manner in which the
business of the office was conducted. The directors had
paid a dividend to the proprietors, but out of borrowed
money, and part of the preference capital Molt called for was
to repay the bankers the adtauces made by them fur the
purpose of paying that dividend. He did not believe that
they would get the required capital, though it was dear they
could not go on without it.
Mr. HILL (the solicitor) said that animal Briggs' was
a peculiar use, inasmuch as he bad written to ask if he
might forfeit his C shares, and a letter of the general's, in
reply to a communication from the secretary, remaining un-
answered, the court'held that the neglect amounted to an
acquiescence. He (Mr. Hill) had not the 'lightest doubt,
and in this he was sustained by the opinion of eminent
counsel, that the C shareholders were liable for calls.
The amendment, not Wog seconded, fell to the ground.
The CHAIRMAN stated that the C shares were held chiedv
by persons who had subscribed the bulk of the capital, and
that in most cases the reason why the calls had not beta
paid up was the want of oteana. Ile bad no doubt that
ultimately the calls would be met.
Mr. DIRMTSEII me wanted a pledge from the Chairman that
every legal means would be employed to enforce the calls on
the C shares before they attempted to raise preference
capital.
1110 CHAIRMAN considered that the effect of that would
be to put the company to unmeesesry expense, and to
put it out of the power of many of the C shareholders who
would pay ultimately from paying at all. If the directors
were fit to remain in their places it must be left to them to
judge of the beat means of cl.eainiog payment of the arrears.
Since the last mottled the directors had, in accordance with
the wish of Mr. MuldholLand and others, made a second
call on the C shares. _ _ . . _

A SHAREHOLDER. asked for a pledge that should the entire
lamount of capital required not be aubscribed for, the de-
poet's of those who did accept the preference shares should
be returned.
The CHAIRMAN gave the required pledge, adding that
iost ructions had been given to the banker. to keep the ac-
count of the money received upon the new shares separate.
In reply to further question., he added that it would not
be necessary to call up 100,0001. for the purpose of Potties-
tiag the company from its present difficulties. He thought
80,0001. would suffice to complete all the arrangements,
transfer the boats to the Indus. and put the company
in working order ; but 35,0u11. would meet the
Immediate requirements, and it would do if the balance
cams in withiu the neat eight or nice months. The &r-
-oom:its be bad from the Indus satisfied him that when all
their boats were at work on that river the returns would
pay a dividend of $ per cent. an the preference capital and
perhaps 5 per cent. on the original capital.
After some further conversation the resolutions were
adopted, and the meeting terminated in the usual manner.