The Express.
London, England, 1851-12-11 00:00:00

LOCAL SHARE MACKETS.

Lmnernot. Dee. 10.—Our tilarkit to-day is firm, and
there is a gnoil demand for stork. The folios ing are tho
transactions ;—Calislonian, Li—l.:3st Lauctorlire, Ll—Ditto
(pref. fifth-shafts, 2nd issue), --Lancashire and York-
shire, .-,51 1 6—Ditto (pref. shar.s, I r cent.), 13 9-16.--
London and North IVestern, 115—Ditto (new 1-shares),
21 3p.—Maneliester, Sheffield, and Lineola, 321- Midland,
dtl I—South Eastern and Dover, 261 I—York, New-
castle, and Berwick, 171—York and Nor:li Midland, 21.
tNellesTEU, Lcr. 10.—Thera ha been:rather nieln
business, and prices have improved. The I.rinei.i4l sales in-
elude :—Amhergates, 31; Caledonians 11; ; Bast Lanca-
shire, 111, 15; Leeds, 3,, 651 ; London anti North Western
(new quarters), 3 pm. ; Sheffield, 321, d ; South Eastern,
21.14,
LV.F.DS, Dec. 10.—We have had a very inactive market
nn 'Change this morning, but neverthlesi the market was
firm at 14rmerquotations. The only sah^s were in Midlands,
which closed at 01! ; and North Statfords, ;41
LlinstiNn if tw, Dec. 10.—This market wi“ more active
to.day, and prices generally higher. South &affords wero
done at It itis. Dd. die.

NORTH DEVON ILULIVAY AND DOCK

COMPANY

On Tuesday a special general meeting of this com-
pany was held at the London Tavern. Bishopsgate-street, to
au horiso the classification of the 26,6.10 16'. shares pursuant
to .he 11th and lah Vie. cap. Si, see. 2'2 ; and the issue of
all any of the unissued shams, and all or any shams
air. ady forfeited, at such Cotes and to such persons as the
may think lit. Also, to authoriso the directors,
o woo ea 11r. per share is paid up, to carry into effect the
provisions of sections 21, 2.1, 26, and 2; of the said act, re-
lat*lig to the division tot any of the said 16/. shams into two
had shares, if required by the holders ther.uf so to do, nod
that the rate of preference dividend to ho secured to the
ho:ler of the lialf-share B guaranteed" by the holder of
"half-share A defirred," shall be to the estlmt of 61. per
I cent, per annum, on the amount paid on for t!,." tint.: being
on the " Ilalf-share 13 guaranteed," it the dividend on the
whcie 161. share amounts to so much, and that the exec's°,
remainder of the dividend on the whole 16'. share, if any,
shall alone be payable as a dividend to the holder of "Ilalf.
sharo A deferred."

Th.l CHAIRMAN' (J. Shetland, Esq.) said allusion had
been onade in the notice paper, calling this ns to the
fact that the directors would lie preparsel to make a state-
ment on the subject of the resumption of works. They
were all aware that the directors were authorised to proceed
under Mr. trassey's contract immediately on.:6o,otrg. being
subscribed in the locality. Although he could nut say that
the whole amount had keen actually subscribed, still they
had approached the amount .as marly, that was to say,
within a few thousands of pounds, that he thought it would
have been prejudicial to the interests of the company to
withhold calling this me tine for obtaieinl the m.• i.ts of
at once puttiug themstivc.s in a position to lint Ai the line,
by giving Bit. Liriutsey notice. A great many emintry gen-
tlemen had said that they would not subscribe till tho
works were commented, but how far they would
fulfill their promise he could not prognosticate. Not-
withstanding, the directors felt satisfied that the
amount would ho made up, and that they would bo
able to give Mr. Brassey notice to make calls to pay for
their land, and proceed with the works. A large number
of gentlemen in the locality hail liberally submrilnd. (The
chairman here read the list to the meeting.) The resolu-
tions he had now to propose were to the effect of dividing
the shams;; to give the holders of shares the power of divid-
ing those shares into halves, giving a preferential dividend
to the holder of the one half they wished to part with, for
the sake of getting the dividend paid up. It had been done
by the Great Northern Company, and found to answer very
well. (Hear, hear.) It was intended to fill in the Wank
in the resolution with six per cent. for the pr.ference. In
conclusion, he would advise the shareholders to I..gree to the
I...solutions proposed in the notice, under the conviction
that if they would willingly conic forward to sacrifice their
dividend for a short time, they would eventually get the
best end of the stick.

A few observations having been made on the subject,
The CHAIRMAN moved the following rcsolutiuns :

" That the 16,...,30 161. Rharts now on the reg Mee of the com •
pony on which calls of 91. 101. per share have been made, mid
representing capital amounting to 281,160 t., shall be deno-
minated' Clubs No. I,' and that the 1,610 unissued, and the
5,510 forfeited shares of 161. each, subject to calls of 161. per
'sham, and representing capital amounting to 161,9201.,
shall be denominated ' Class No. 2.'

" That the directors be and they arc hereby authorised
to issue the shares ' Class No. 2' to new sub,cribers at such
times and to such persons as they may alit': fit, and to
landowners and others in return for land required by the
company, as provided by section 47 of the said act.
net when 111. per share is paid up on any of the 16/.
shares of rlasees Nu. 1 and 2, the directors be authorised,
upon application being made by the holder of any such
share, to divide the same into two half shares of MI. each,
cue of such half shares to be denominated ' Half Share 12
guaranteed,' having 31. paid, and being subject to further
calls of dl. ; the other hull share to be denominated ' Half
Share A deferred,' and to be wholly paid up; and that the
preference dividend in any ono year, payable to the holder
of 'Half Share B guaranteed' out of profits accruing on
the whole share, shall be at the rate of per cent. per
annum on the amount paid for the time being, if the dim-
' vend on the whole 161. share amounts to so much in such
year; and if the dividend on the whole 161. share in an
one year shall exceed 61. per cent. en the ' Half Share B
guaranteed,' the remainder shall alone be payable as a divi-
dend to the holder of the 'Half Share A deferred,' pro-
vided that, if in any one year the dividend on the whole
16/. share is not equal to 61. per cent. on the ' Half Share B
guaranteed,' then the holder of the' Half Share li guaran-
teed ' shall have no claim on the holder of the ' Half Share
A deferred' for any prior arrears or deficiency."
The resolutionswere agreed to unanimously, and a vote of
thanks having been passed to the chairman and directors,
the meeting separated.

THE AMAZON, WEST PACKET.—
This fine VC.Sei of 3,000 register tons Luellen, built by
It. and H. Green, and fitted with engines of SOO horse
power, by Seaward and Capel, went down the river yester-
day to try her engines and speed, in charge of Captain
Symons. The vessel being the first ready of five of the same
class, ordered about twelve months ago to bo contracted for
by the dinctors of the West India Mail Steam Packet
Company,at half a million sterling,or about 100,0001. for eacb,
a number of officers and scientific persons were ou board to
witness the trial. The Amazon left her moorings at Black-
well shortly after 1 o'clock. The diameter of the cylinders
of her engines is 90 inches each, and the stroke 0 feet, and
the engines made 14 revolutions of the large paddle-wheels
40 feet 8 inches in diameter, per minute, and a speed, by
the log, of 11 knots per hour. The Amazon draws 19 feet
forward and 19 feet 9 inches aft, which rendered it difficult
to navigate her over Barking Bar, and she was brought to
anchor below Gravesend for the Hight, and will be tried
this day between the Nore and Mouse Lights.