The Express.
London, England, 1864-05-19 00:00:00

MIDLAND RAILWAY.

A meeting of this company was held on Tuesday,
at the Railway Station, Derby, nodes the Presidency of
M. HUTCHLNSON, Deputy-Chairman, in the absence of Mr.
11.1'., the Chessman, far the trams/Aim of special
bosioas.

The Cuararair explained that the meeting was convened
for several purposes, each of which they would have to
dad with separately. The fir* resolution would be for
the creation of new capitaL They would be aware that at
the last meeting Mr. Beale told them that they would
before long be called upon to find new capital. The owes.
aity had now arisen. They had got the bill for the nude.
psedent line from Bedford to London, the capital required
Wift 1,700,0001., and if the work was to he prosecuted
vigorously they must supply the amounts to the
correctors after the engineer. had certified as to the
work does. They would also require 73,0001. for the
Farness Railway, which gave them • far better line into
the Lake districts. The next amount required was for the
Bristol lime, the sum being 17,0001. The Chairmen ex-
plained that the portion the Midland in connection
with the Great Western Railway Company was somewhat
altered, and station arrangements had now been made be.
twirl the Great Western Company, the Exeter Com.
piny, and the Midland Company. There were also minor
sums required for the Cudworth sad Barnsley line, the
Duffield and Wirkeworth line, tic., sad for the purchase of
leads and houses extending over the length and breadth of
the Midland line, the net amount asked for rich work
being 215,000/. The total required wee 2,0650601.
The Chairman said the bad mode of raising the money
bed beau a good dial dreamed by the directors. It was
find a question whether they should create preference stock,
but there seemed an objection to that ; and it was then die.
mimed whether they should create ordinary stock, but there
was also an objection to that. It was then thought that
the best mode would be to promote one that would be partly
preference and partly stork—asmall portion being given
to the preference and a small portion to the open stock.
The directors were most anxious to do the beet they could
for the whole of the proprieties, sad make the allotment of
shares to them se valuable se possible. They therefore
should offer to the sharsholden a rock that
would be valuable to them to keep, and would
also be valuable to take into the market whenever they
wanted to dispose of them. By the mode proposed to be
adopted, treaties would have an opportunity of investing
money in the terms of their trust. The chairman con-
cluded by mowing a formal resolution for the creating and
teenier of new shares upon the terms proposed by the
directors.
Mr. HZIIIIICC eresided the resolution, and after some
oonvereation,
The CHALIXAM explaind that it was intended to have a
Ave per oat. 'recce stock. The directors had taken
every matter into their oonsideratioa. and the course they
bad adopted was the most fair to all parties. Those share-
holders who wished to up might do in, and receive
four ppaarr Gent. on the oasailed portion. There would be an
laatalssest of 21. per share on the 4th of June next.
The resolution wee then pet and carried.
The next resolution, for the voting of a sum of 40,000 f.
for the Tewkesbury sad Malvern lies, was then put and
carried.
The third reaolutioe was under the Midland Railway Ad-
ditional Powers Act, for tie miming of 121,600/. This WU
also carried, and the busiame of the special meeting was
brought to • close.
A Wharndiffe meeting was afterwards held, at which
some formal bonnier wee disposed of, and the meeting
I broke up.