The Express.
London, England, 1855-02-22 00:00:00

MIDLAND RAILWAY.

Yesterday the half-yesrly meeting of this company
was hold at the railway station at Derby; Mr. Jelin ELMS
in the chair.

An abstract of the accounts appeared in the Daily New
on eaturday. The report of the directors was read. It
stated that •• the balance available for dividend is
239,6271. 18s. 3d., viz,, 229,1951. 16r. 7d. fr, en the path of
the half-year, and 10,4321. is 84. from the account of the
previous heftiest.. The directors recommend that • divi-
dend (less income tax) be declared payable on the let day of
March neat, of 1/.17s 6d. upon each 1001 eons dideted stock ;
U. 3a. 94. upon each 1001. Coniulidated Birmingham and
Derby stock 3i. upon each 1001. Consolidated Preferential
stock ; II 10s. upon each Ere wash Valley share ; de Old. upon
each 161.135. 44. share, being half a year's interest at the rate
of 41 per cent. per annum, neon 8/.135.4d., and 153 days upon
31., leaving a balance of 32,2881. 19s. Sd. to be carried to the
credit cf the account for the current half year. It is the
intentton of the directors to alter the time for the payment
of the dividends upon the 51. shares, hitherto payable on the
24th of April and 24th of October in each year, and after
th pey.nent on the 24th of April next, to make them pay-
able at toe same time, and calculated to the same period as
the ordinary L A If- yearly dividends of the company. The
working expenses, calculated as !termite's), have been
411. lls. 32. per cent., as against 421. 15s. per cent., for the
correspondlzg half-year of 1353."
Toe CILI I axAN, in moving the adoption of the report,con-
gratulated the shareholders on the 'attain ory state of the ac-
counts, and the result of the half-year's working,which must
be as much a matter for pleasure on the part of the share-
holder, as it undoubtedly was felt to be by the directors.
Mr. Sanest. Beaux, the deputy-chairman, seconded the
motion, which was all but unanimously adopted.
By a subsequent resolution the directors were empowered
to raise a ioniser sum by way of debentures, amounting to
235.000/.

Powers were taken to conallidate the Erewuh Volley
shares into stock ; also the Leeds and Bradford, the
181. 13s. 41. fifty pound shares, and the Leicester and
Ritchin five pound shares—all to be converted into stook.
Mr. Samuel Beale (the deputy chairman) and the other
wiring directors were re-elected.
The proceedings :terminated thereafter with a vote of
thank, to the chairman end the board of directors.

OXFORD, WORCESTER, AND WOLVER-
HAMPTON RAILWAY.

Yesterday the ordinary half-yearly meeting of this
company was held at the London Tavern, Bishopegate-
street, to receive a report of the directors, to elect directors
in the place of two who retired by rotation, and for the
general business of the company. Lieut.-Colonel 11118nour,
M.P., the chairman of the company, presided.
The report, of which the following are the material per-
'lion% was taken as read. It stetted that" the expenditure has
been on a very reduced scale compared with that of former
half years, which is attribut.ble to the main line being
nearly completed. Of the entire expenditure during the
half year of 77,0001., no less than 34,0001. has been spent in
plant. The necessity for this outlay was ascertained in
September and October, at which time it was found that
the engine stock, supplied by Mr. Williams (the contractor
for working the line), was inadequate in quantity and con-
dition to maintain the weekly receipts of the undertaking,
and that he was either unable or unwilling to furnish
further engine power. The revenue account shows a groin
receipt o
rateol. The gross earnings for the half year are
let the of 1,0001. per mile, or per week of nearly 401.
per mile ; and tins earning has been obtained upon a line
93 miles in length, of which 27 us single, which is not
yet provided with any connexion with a canal in the
mineral district of S.Aith Staffordshire, and which ia
without adequate working plant. The line from Dudley to
Wolverhampton was opened on the let of July last, but had
not then, nor has it now, any goods station at Wolver-
hampton, nor any means, except to a very limited extent, of
getting the heavy mineral trade of the country on the rail-
way at any point between Stourbridge and its northern ter-
minus. The rate of the working charges fur the half
year is considerably in excess of antecedent half
years, amounting to 64 per cent., whilst you
directors trusted it would not have exceeded 47g.
Your directors have made arrangements for the issue of the
remainder of the redeemable preference shares, and as the
proprietors were advised in February, 1854, a resolution
will now be submitted to them that the borrowing powers
consequent thereupon be exercised to the amount of
166,6661. On the requisite authority being given to issue
debentures for that sum your directors believe that they
shall be able to complete the undertaking, to stock it with
plant, to develop its resources, and make it produce results
adequate to give a reasonable return to the proprietors for
their hitherto long unproductive outlay. The directors
have introduced three bills into parliament, which iu due
course will be formally submitted to the proprietors for
their approval. The first is a measure to enable the com-
pany to effect a variety of modifications and enlargements
of their stations and works, urgently called for by the ne-
cessities of their trade, and not in the aggregate involving
any material outlay. The seobnd, to postpone the comple-
tion of the broad gauge, is merely an alternative measure,
introduced as a matter of precaution, to await the decision
on the application for the larger relief sought by the re-
maining bill. The third measure may be properly described
as an application to parliament to relieve the company from
the effect of enactments which changes and alterations have
rendered inequitable as regards the company and inexpe-
dient as rapine the public ; and the bill consequently asks
the legislature to repeal all the provisions in the company's
acts relating to the broad gauge, and so to relieve the com-
pany from an unproductive expenditure of nearly a quarter
of a million of capital, and alien remove the only pretence
for that constant interference on the pact of the Great
Western Railway Company with the internal regulations
and course of action of this company, which has proved the
source of so much litigation and has so impeded the directors
in their efforts to extend the interchaege of traffic with
their various neighbours."
The motion for adopting and circulating the report wan
then agreed to ; and a dividend after the rate of 6 per cent.
per annum, fur the half-year ending 31st Dec. last, upon
the preferential shares, was declared, and ordered te be
paid on and alter the 23rd March next.
On the motion of the CH•IRMAN, a resolution was
agreed to empowering the directors to raise on mortgage, by
debentures, a sum not exceeding 165,6641 , under the bor-
rowing powers of their act of parliament.
The vacancies in the direction were filled up, and the
meeting concluded.