The Express.
London, England, 1848-07-24 00:00:00

RAILWAY NEff.''.

We had a dnil market on Saturday, with little ap-
parent disposition to do business, either for sales or
par.:haste. Priers were nominally with little altera-
tion.
MEETINGS.—NORTH STA TPORDSH IRE. llnlf-yearly
.seism.—Statkompon-Tient, July 22.—Mr. J. L. Ricardo; in
the chair.—The report Mated, that the directors had chiefly followed
the course proposed in their last repot t, of completing tems/steely
different lengths of the line, and that the plan would come into oper-
ation as follows:—Prom the Potteries to t'ttoaeter, and from Crewe
to Cheadle, 41 mile* of roil would he emend in August or September;
from (emglosan to Celerich sin addition to length from Stoke to Stone),
lit mike, in Septerber ; Conghton to Moor lestield, 7 mike, in Mai etc
1049 ; and latoseter to North Rode, 21J miler, in July ol the same
year. The anathema' Norton Bridge to Stoke, 101 miles, hag been
opened for traffic a little more than two months; the net profit obtained
upon it during that period has amounted to 16687., a result, %ceding
the anticipation" of the dimmed. The (outage on what mar be
called the competing part of the canal has not been direirieheli by
the opening of the railway; and great connoarry in the expense of
the two may be effected by a judicious conabinaUsti of the joint staff.
The amount required to complete the whole works and plant of the
railway will be met bv the nubetibed capital of the company, a cir-
cemetanoe almost without precedent in raaway history. One more
call of 21. )os. will be required in the arum of the present year. It be
proposed to make Vie in the month of September. A further amount
of 2/. less. 1611 imure the completion of the line, but this call will
not be made until Me year 1819, even if it should be necessary at all,
a contingence dependent on the iesue of debentures. The directors
arc determined not to earritlee the true and permanent intereet of
their ,hareh adore for the rake of a present aireantam in the
market price of the shame, and they have uniformly refuses,
in times mid under circumstance, far more adverse than the
lon
In Louts debentures beady interest above 5 Ter cent-
In the last report it was intimated that the interest received on
capisal and see le fie proceeds on the canal wood enable the director,
to recommend a moll dividend on the share., and the amount of this '
woe estimated at se. per share. The great deersraion of trade during
the Lot sin months hale however, so for diminiehel the receipts of
the ,anal, that it is not thmeht preplan onneretently with the ex-
premed determinaton of the directs re to 'refrain, wider any Mecum-
...cameos, from trenching on their capital for the payment of interest,
to recommend a dietribution of more than 4s. per More. It le not
at present to op. Peel to incur any expense upon the Aehboume 10-sneb
until the eimieetion ot the main line in illy, 1449 The its nn
and exptiere 0. inswing C, property of tee cam ley ,griese
tiro
have tern fully inquired into. The proprietors are recommended
to become their own usurer., and to set aside a certain per cent.
age In order to form a fund which may coeer any lames incurred."
The "capital account" showed that these had been disbureal under
the following principal heado : General expenditure to the inemporm
Lion of the company, 131,844/. Ge. 1,1.; works, 970,4911. Os, 2d.; rails,
chairs, he., 231,949/. Be.; ntations, locomen,. stock, carriages,
115,041 id. Us.; land and compensation, 251.3381.; 35.4071.; the total
amount expended being 1.881,355/. 6.., leaving a balance under thin
head in Loner of the cresopeny of 154.5651. 16e , and upon the aeneral
balance (which includes revenue traffic recount sad interest account)
of 170,727/. 16e. 10d. From the pareencer traffic report it appeared
that sine° the line tram Narton.hrldms was opened in April to lone 30,
the number of flretsclam pawnor,. has been 3.210; second-elm.,
12.36 G; and third-class, 28,536, Of the 161,507 regiets red sham
there are 43,3411 nom whkh the fourth cell has not been paid;
upon the other mils the arrears' are comparatively trifling.
The navigation revenue account, which extended over a period
of IS months, showed that the receipts had been 124,23.31.,
and that after paying the interest on the preference ehares
the met accruing to the company was 10,5031. If,. 73.
The report was adopted, the retiring directors were re-elected, awl
Mr. S.dt, banker, of Stafford, was unanimously elected auditor to the
company. A resautioa Vr.e. mowed Auictionnie a dividend of sk. per
Awe, tree of income tax, to be payable after the 14th of August—ln
reply to a question, the Chairmen tail that those promo who had
not paid up the calk would not receive their dish end warrants until
they discharged the claims the mammy had upon them, with inte-
rne.. •A nenintien waft passed aOthoroirg the director* to pelt such
shoree on which the calls were tat paid up, the Chairman remark.
log that a r•unth., onc had been pawed et the last half-
arty meeting, Mat reelect to the
some
call, but
that the 39 Marne upon it in arrear had since been mid
up; the resolution now passed referred to the third call, bat
—Mr. Ricardo raid that although the directors were determined to
act upon it, they would not deal more harshly with partites than was
necessary. Oe thin call there were 1,22 i shams in arrear.—A Pro-
prietor said that having in view the state of the ranee, be did not
think too much preserve should be used in thin matter.—To this Mr.
Ricardo very pertinently replied that there was no excuse for a man
not paying ho calla; that if he held too many sharee, the trzeset
course for him to take eree to sell at once; it was the plain and
mode of getting rid of a difficulty ; and If a man had not the moral
courage to do it himself, he could not object to the directors doing it
for him. This matter having disposed of, and the business of
the day so far term* Mr. Ogilby asked the chairman
whether tbo directors adhered to their original reso-
lution to work the line themselves, or whether they were
&Toad to amalgamate with crane other company I—The Chairman
reMied, we are to be told if anybody will hid enough for ; but we
are not purehmera—Mr. °trilby. May I ask whether at this time
there are any negotiations going on with any other oompanyt—Tbe
Chairman
countyrwh much good humour There is scarcely • rail-
road in the untr where there are not negotiations oi some sort
going on—k fact. there are always all (sorts of tiation..
((Lou. titer.)—Mr. —Mr. Ogilby I ooefem, Mr, that Ima completely bowled
out.—(Renewed laughter.)—The proceedings terminated with a very
eomplimentary and usanimoue vote to the chairman and board of
directors.
NAMUR AND Lizon.—Annual 3feeting.—Loudon, July
22.—Mr. A. Spottiswoode in the chair.—The directors' report stated
that the section of the Mons and Manage Railway, about 12 miles
English, commenced working for merchandise on the 20th January,
and for passengers on the Ist of March last. The number of ;mien-
"ere who had availed themselves of the ning of thiaantity sof ection up
che rto
the 30th June lag, amounted to 20,36 opeand the qu coa,
dime conveyed up to the same period was 26,121 tons. The returns
amounted to 43,3236 c 97a5.„ and the wortang expenses to 41,fAMs.
Nwere Nets. Arrangements is progress for the oonveranoe of large
quantities of oral to Paris and the interior of France as soon as tbe
whole of the line la open. The contractor, if supplied with funds,
would be able to complete the work. from Mons to Manage by 2fov.
next. As Icet as they romainolincomylote not only wasthe company