The Express.
London, England, 1864-08-17 00:00:00

MIDLAND.

The hall-yearly meeting was held yeitenlay at
Derby. Mr. W. E. fldretioson, deputy-chairman, pre-
sided.
The report, an abstract of which has appeared is the
Express, was take. as read.
The CHAIRMAN, IR moving the adoption of the rep xi, after
alluding in terms of regret to the retirement of Mr. Beale
' from the chairmanship of the beard. on which he will am-
tieue to sit, ungratalated the shareholders on the large er-
ne= in the traffic receipts, and on the fact that so large
• proportion of that excess was available for dividend.
The increase had ben over every department except
cattle ; as urinal the largest ratio of increase had been to
the tumoral traffic • in merchandise it had been 40,00dt. ;
in minerals, 79,01704 The increase in the passenger
traffic) had been very satisfactory, amounting as it did
to 2401101., and that in the face of large reductioaa in the
passenger fares over a consideralle portion of the railway.
This large increase of 128,0001. had been tamed at • rearm-
able cost ; it had amouoted to no more than 52,0001., leasing
76,001.0. available for dividends ; hews the large increase
in the dividend as umpired with the oorrespoadiwg half of
last year. The increased expenses over Dio3 sad bees ceased
onnapally by maintenance of way, renewal of road, he.,
all at the ant of revenue ; as had also drugs' for carriages
and waggon, and an increase in the charge for traffic ex-
penes had lieu caused 1,, reason of the line having bees
opened fur the whole ball year to Bowsley and Bastes.
Among the general charges of increase was the item for fire
' iiieursoce. The terms upon which they had borrowed this
money were favourable, considering the high price of mosey
during the past halt-year. They had borrowed nearly ball a
million, about cowbell of which was at 4 per cent., the re-
mainder at 4f, the average being 41.2 a. 7 fd.,which was below
the rate of some of the leading railways. The new lieu is
course of construction were programing satisfactorily, and
their northern frauds would be glad to bear that there was
• prospect of the Ottley and Daley line being opened in
the autumn. Considerable progress had been nude in the
line from Siszoingbain to Nuneaton, which would open
up a aim way, via the Midland, from Birmingham to
London ; and although it would not be so abort as the
route by the London and Norte- Westeru it would lilted a
third means of communicative about equal in distance with
the Great Western. la the last parliamentary campaign,
so far as the Midland Company was concerned, they bad had
• protracted and espies:we seseioa, and that too from
quarters from whicb they had • right to expect eomethiog
else ; he alluded ehiedy to the opposition at Sheffield and
Burton ; but, thanks to the zeal of their oolicitors sod
officers, they had had a sucontaful seadoe. The works at
Sheffield would be proceeded with as speedily as pos-
sible ; be hoped that any bad feeling which might have
existed against the Midland in that tows would sue,
sad that the inhabitants would soon opine to the cowrie:Soo
that what had bean dose was best for their interests. He
concurred with Mr. Beale as to the satisfactory position
which the Midland line occupied ; it had a most important
wgrapliical petition, in the centre of a great commercial
district ; their traffic had increased of late at the rate of
nearly 4,0011/. per week; but tbosigh that advance had
takeu place, and it had enabled them to raise the dividend
at the rate of 14 per cent., they must pot be too mambos
that that tureens would continue. Many circumstance.
might militate against it. They wars laying out • great
deal of capital. sod had consequently more to pey upon.
They bad raised more than 1,000,000/., having • deferred
dividend that would bear interest at the rate of 5 per cent.
in July of sett year. Be runtime:id that among other
reasons why the increased dividend ninth; not continue.
Circumstances might reader it desirable that larger balances
should be carried over than usual; but in any ease they
might depend on it that nothing should be wasting on the
part of the directors to maiutain their peeition and every
possible improvement.
Mr. Lewis seconded the motion, which was adopted.
The varioss dividends were declared in accordance with
the recommendation in the report.
A vote for the expediters of • sum of 200,000/. on capital
account was carried, the amoaat to be employed in the I
purchase of mafioso, stock, ht.
. .

Mr. Heat. ;as ;ppuinted auditor in the place of Mr.
CANA. deceased. It wee stated that the new auditor was
a bolder of 12,0004 stock in the company. The audit com-
mittee was re-appoisteiL
Mr. RAIKOW, M.P., said be was sure that the share-
holders would amain with him that Mr. Beale was entitled
to the best thanks of the proprietary. He concluded by
proposiog that I,ooof. be placed at the disposal of the board
to provide some suitable acknowledgment of the late chair-
roau • valuable services.

BAMI AN seconded the resolution, which was carried
by acclaim:Loa.
The meeting was the• mods special, and • resolution
passed for consolidating Into stuck such of the 6/. 4s. shares
as bad been fully paid up.
This proceedings term:a•tsd with • Tots of thanks to the
chairman •sd directors.

LLYNVI VALLEY RAILWAY.—The half-yearly
melding of the shareholders of this company was held yes-
terday at lb. Great Waiters Hotel, Paddiogtoo. Kr. A.
llacgregoe in the chair ; Mr. G. F. Saunders, the secretary,
read the report, which stated that there had hewn • steady
Maisie in the traffic. The gross revenue was 10,1334 17s. sd,
against 9,3741. is. 11d. is the cerrespandiug period of the
past year. The net memos, after deducting interest ce
bentoresand thews:Hiking peasecanamoted to 4,843/. against
4,2 f. for the half-year ending the 30th of Juno, 1863. The
mount required fee the payment of dividend at the rate
of 5 per amt. per annum on the first and second prefer-
ence shares was 3,6861. These consequeutly romaioad
1,1561.14 e. M. available for dividends ea the ordinary
stock, sod the directors proposed to odd to this balance the
sum of P24/.171. 6d. from the reserve fund, and to declare •
dividend at the retool lour per cent. per 'moon, free of
income ter. A cootract had been estered into with Mr.
Tr0d...11 for carrying out the floatiegdook at Portheawl, and
operatic"' had been commenced. The company had still to
issue about 23,000/. of the second pietereon shares bear.
is Ave per cent. interest, with onstiogent ad-
vantages, which would be offered to the Ameboldece.
The chairman moved the adoption of the report. Mr.
Baker 'wooded the motion, which was nuanirnously adcpted,
GREAT NORTEK/AN •ND WESTERN or IRELAND
RAILWAY.—The halt yearly meeting of the proprietors in
this company was hold yesterday at their of ces, 17, Duke
street, Westminster ; the Earl of Lucius, K.C.8., in the
chair. Mr. Room, the secretary, having read the notice
renaming the meeting, sod the formal business disposed
of. the chairman moved the adoption of the report, an ab-
stract et which has already appeared. Mr. Byrum secooded
the motion, and congratulated the directors on the
canoes of their exertions during the past half-
Tear. The motion was agreed to unaoimously.
The chairman then moved—" That the following divi-
dends be declared payable on sod after the Ist of September
next, .is.: —A dividend at the rate of U. per coot, per
annum, lees income tax, open the {reference capital issued
to the 30th Jane last. A divided at She Meet 31.17 e. 6d.
per tent. per annum, lees income tax. apes the 113.3501.
ordioary stock, held Si, the Midlsod Gnat Mestere Rail-
way of Ireland Company. A divided at the rate of 3 per
seal. per annum, lees lomat@ tax, upoo the ordinary capital
of the company other than that held by the Mid-
land Great Western Railway Company." Mr.
Parson seconded the tnetioe. Mr. Room, in reply
to • shareholder, said the dividend amossted to about
3.. rid. per share. The motion was agreed to.
The meeting was then made special, when resoletiose cress
greed to ter camellias 5,400 wormed shares of UN. each,
antlimised to he crested by the eorepaely's acts of 1861 sad
1862. and for issuing in Ilea thereof shares represestisg
51,1/001., is pursuance of the provisions of tbse Great
Northern and Western of Ireland (Rasping Poems, tee)
Act, 1864, and for creating and issuing ea adladoaal

r capital of 30.0001., under the posers of the Croat Nora.ere
and Weldon (of Ireland) Railway (Capital) Act,1844, sloe
terms and conditions, and with such privileges and priori.
tied; in payment of dividend or otherwise, and in such num.
nee, am may be determined upon at such meeting.
NORTH DIVON. —The report of the directors
states that the available balance on means account of
27764 enabled them to recommend the payment of • divi.
dead at the rate of 11. 16e. per cent. per annum on the oral.
nary stock ; at the rate of Die. par cent. per mum as the
A stock, and at the rate of 31. 12.. per omit. per annum on
the B stock (free of income tax), being the same as that
declared for the previous half-year. The amalgamation of
this company with the London and South.Weatern Railway
Company is pursuance of the provinces contained in the
act would take full effect on the let of January next.
On that day the proprietors would be entitled to re,eive
the ordinary stock of that company in **change for the
several denominations of stock of the North Devon Railway
Company in the following proportion—viz., 19/. 12a.
South IVeetern stock for every 100/. North Devoo A stock ;
96/. South Western stock for every 1004 North Devon
Bstock,sod 49!. South Western stock for every MK North
Devon ordinary stock. The redeemable preference .tuck of the
company would become preferential stock of the South
Western Company, but was to be redeemable by them on
the terms on which it was redeemable by the North Devon
Company. The capital account showed that 496,6694 had
been expended, leaving a balance of 1,173/.