The Express.
London, England, 1862-08-23 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND NORTH WESTERN.

(Continued from yesterday's Express.)

After the adoption of the feport,
Mr. G. WALLER said the chairman bad not made any
explanation as to the rates they were borrowing at.
The CHAIRMAN said they were borrowing at 4 per cent.
for long periods, which he thought better than borrowing at
2i or 3 for short periods. They could borrow for a abort
period at 2.
The Cu/annex then moved that a dividend of U. 17s. 6d.
per 100 stock, and so in propirtion on shares of a lower
nominal amount, be now declared out of the net profits of
the company, up to the 30th JUDO leak upon the stock and
shares of the proprietors entitled to the same, after making
or alleiriog the usual deductions on the amounts not paid
op, and deducting the proportion of dividend payable in
respect of any period for which the proprietors of shares are
not entitled to dividend.

The motion was agreed to.
The following resolutions were also passed :—" That the
proposal to execute the works stated in the report of the
directors be approved, and that this meeting sanction the
addition to the capital of the company of the sum of
22.5401. for such purposes; and that the sum of 38811.85.,
certified by the auditor to have been expended in the
half-year ending 30th June, 1862, in the improvement of
the permanent way, be transferred to the capital account,
under a separate and distinct bead." "That John Beak, of
Aldershot-place, Hants ; Robert C. Currey, of Peel-terrace,
Canniogntreet, Liverpool ; Edward Smith, of Wicker Iron
Works, Sheffield; Bamboos Walker. of Birmingham ; and
Samuel Charlie Whitbread, of The Brewery, Chiswelletreet,
London, &qrs., be the audit committee for the ensuing
year."
Mr. MITCHILL mid be should press his resolution relat-
ing to the depression of the line.
The CHAIRMAN said the proposition was a general one.
There was no special object to be gained by it. The direc-
tors did not want to increase their territory, which they
thought quite large enough, and under these circumstances
he appealed to the honourable proprietor not to press it.
Mr.lirrcitzu said, after that explanation,he would with-
draw it.

Mr. Moon then vacated the chair, which waa takes by
Mr. Wcattead.

Mr. Burros amid, at the last half-yearly meeting he gave
notice of a motion that the chairman should be allowed the
same salary as that which was paid to the Marquis of Chan-
dra, and he now moved a resolution to that effect.
Mr. Row; aecooded.,.He said he considered it an act of
strict justice.
. . . .

The; CHAIRMAN, in reply to questions put to him. said the
amount at present allowed to the directors would be about
1001. • year each. The total amount was 4,00 W. a year.
The amount paid to the Marquis of Chandos was 2,0001.
a year.
Mr. Havasu, observed that Mr. Denison, the chairm►n
of the Great Norther•, did not get 2,0001. a year, and he
thought this was hardly • time to briog forward such • re-
ankh°, when they were receiving so small • dividend.
Mr. WILLIAMS thought the patronage • sufficient remune.
ratio*.

Mr.Antr. thought they ought to have a man who would
do his work properly, and be properly paid. He asked if
this oompany had anything to do with the Pneumatic Dee.
patch Company.
The CHAIRMAN used it had not, and in reply to another
question saidthare was no doubt Mr. Moon devoted the whole
of his time to the affairs of the company. The feeling of
the Weed was that this was a question for the proprietors.
Mr. CIINIFIELD, one of the auditors, supported the
motion.

Mr. BNERTON moved as an amendment that an additional
2,0001. a-year, making 6,0001. a year, be granted to the
directors for their services, and that they apportionit among
themselves.

Dir. mrrcazu, moved u an amendment that 5,0001. •
year be u anted.
Mr. Symms withdrew hie amendment in favour of Mr.
Mitchell's.

Mr. TIPPING supported the original motion, and appealed
to the meeting whether they would say that while a mar-
quis was worth 2,0004 a year a commoner was only worth
1,0001.
The CHAIRMAN then put the amendment and the original
motion when there appeared for the amendment 34, for the
original motion 41.
The meeting was then made special, to consider the crea-
tion of, and if approved, concurring in the creation by the
Chester and Holyhead Railway Company of 2,468,000/. Lew
preference stock, to be issued in substitution for their
3,455,000/. of existing stock, M the proportion of 501. of
5 per cent. stock for each 1001. stock bearing interest at
2j per cent., and 1101. for each 1001. stock bearing interest
at 5j per cent., such new stock when so issued in substitu-
tion of the existing stock to be guaranteed by the London
and North Western Railway Company.
On the motion of the CHAIRMAN a resolution confirming
this proposition was agreed to.
A vote of thanks was then given to the chairman, and the
meeting separated.