The Express.
London, England, 1849-09-08 00:00:00

shy I have taken my fall sbari of labour, having de
Toted scaly the whole of ay time to the in-
terest. M the company, eacoaraged by the belief
that I erjoyed the eonlideme el the shareholders. If I have
lest that ocalidence it was ealy biomes I was • party to as
oat sot emanatio4 trees myself, whole wit pawed by ma
namilawine resoluisen of the board, aid afterwards adapted
by are rural stesdeps el the shareholders; sad se eissi-
sheaths would image me le maths' Is Wise witness the
pawed sopped of the prepriaten. As • holder of upwards
of 11,1111 is sonselidgeell steak sad s.nres is the comers. I
shall Mill wattage es Seal myself id. atilled with its Mures •
sad plaisper4y. It reuelos Mr me, ia miring, te mead my
grallseal aekceseledgmista for the itnifons contuses re-
pined is me by say selleagues, to expects my hope mid DAM
that whoa
otherist feveriik excitement km pawed away,
aka Mimeses the gempany will speedily sad imedily Ca-
rom—l none ilaalkimiam, your obedient carnal, Wirehmat
Mr naara*YD.”
He had stall to report to the.. (Hear,
he
He masseLedikilimarisift wastaa palatal duty kr kiiii to
read of his aid collisegpse io Mk way, bat it was a duty
width most be doss The sea resigutios was that of Mr.
Tu. Whk la thee pestlemas, ho hod been coimeted
with that anfeaessM. bashass is the north CM York.
Newcastle, sad Ihrwtek), hot with that be (the ettaii man)
bad nothing to do. He know settling ab at it, but in itemise
10 Mr. rue, be felt band to say that at the Midland Board
be had sever sees a maw efficient and able man, and he
might add, that he had been se independent, ema in the
fags of Mr. Hodson, as say man could possibly be. (Hem,
hem.) This bet was Dosed to say In his behalf. Mr. TIM'S
ialter was as follows :
Plough Hotel, Cheltenham, Sept. 4, 1849.
Dear sir,—As I feel I ems no longer retain my position se
ffirester es the Mahal Railway with convert to myself, or
sosieboarm am a pan if the dwasholden, I beg CM board to
anspt my reeipatisa. With pratelid aeknowledgmeate to
sash et the enema he their uniform kiodaess wed ma-
ideratim, I have the bosom to remain, dear sir, yours
flettklally, Cillaat.li Ten.—J. F. 8011, firamary.
After seas funk r °humidor. he aid he had sew to MOTO
that the it while hea boos read be remind, adopted,
sod simulatedamass the shareholders. (Chien.,
The resoltrios haviag bees seganded,
Mr. WYLIR rem Be had bird, after all that
heat sad leshieg et the feeling el the pelive is regard
al than the would sot hays interfered,
bug age weal laws lashed of defending Mr. Wadding.
hem, law reeemshadell him te whs. This report would
sot glee espial= Is asps bath if the paragraph whet' de.
esibed the Leeds sod DIN~ leen se a maser. of 'stud
..molosd, ea that, maidatai the ratan of all the
IS Ile lllNgis WO iiallitsows W hi shareholders,
raW7assill set fillip borreed be lay ishvideal. (Hear,
her. Per this he pespeeed to mobilities,
the telkewing, that Wish of IMMO gsassatssal so the
Lade sod Beedleed Mee wash be deeply regretted, as being
asset mollareushe le the Mama if the shershddere of the
Mho' , sod *Mho elesomessaate of th .t lease
wonatill uses to M regralskierasseh as they represented
the hewers al seise of the alreftes at be log at varianoe
with these of the allarlaT geseeelle, and as sash were de•
ronbap a Welt grusendes. (Hear, hest )
Mr. IRONBIDIIII eseesded the amendment.
Dr. O'BRIEN obeigyed BO them was het evidence
le show that the airman hog made large profits hy the sale co
shine In Ludes. whit.' posits feisty belonged to the share-
bele" and it was kis holestles to move a moieties, it t °tilde
eimaktethe elliellthiltbs erecters be igetrusted to take such
hid weans ge they may be advised to adept, for the per-
use ef all seas which might have bees obtaiasd
by the directors Dy Mimi sauna. (Heir. hear.) He wished
to Maw whether sash a mato Ws could be put ?
The CHAIRMAN was informed by the legal Urger of
the esopsay that it weld sot be put without previous
seise. (N. ar )
Mr. ORACH approved of the Terri os the tam
on whisk Mr. Wylie had mottled it, via, that to.
feeling Met there was no blame attaching to the
fairing stated that amviction publicly in their re.
pert. (Seer. hear.) _ _
Mr. RAND, el Bradford, observed that the Leeds aid
Braised ampules, bad bees mede on the unanimous re-
minders of the board, whisk had afterwards bees sane-
timed by more thee es* maths of shareholders; and it
was set lair, bemuse the Ilse had sot bas se prodective as
was ezpotted, sow te swell at the bargain. Had that line
stlo per ma essapialat woeld lime been nude—
. a•
r)—ead be, Wain at the greet hiseass is the treffic,
bat little doubt that are hag it would pay 10 per coat,
sad that it world yet be heed to he a seat valuable
aqua le the Midhad lie. (Cheers.) He had sever ob-
elus" anythiag is KT. Wadding aaa'S Padua showier,
that be wee indiessesd by gay motive housietent with the
positkeet of a man of hamar. (Haar, beer.)
A SHARRHOLDBR—ProbabIy some gold dust has bees
throws is year eyes. (" Order, order.")
Mr. RAND would repel sub a ream& with the sontempt
ft deserved. (Hear, hear.)
The CHAIRMAN hoped the meeting would support Ma
Is preserwha order, and a conducting the bunnies in a
cooodemealy weer. (Cheers.) The report was In eke
Mate shareholders to deal with it ea they thought fit.
What was intended by the paragraph Is question was to de-
clare, oa the past at the director, that with regard to the
Isms as which the Leeds and Bradford line had been leased,
they wished to take their full share of responsibility ; bat
eat with Mr. Waddingbam's or any other persoa's she.
truesedems they had nothing to do. (Hear.; Mr. Wylie
west& make a proposition which, he belied, would remove
IMMlllmalty. He suggested that the paragraph in the re-
pm ebeeld he altered so ea to read thus: "That the dires-
t= Isis to remind the proprietors that the Leeds
mil Bradford lease, which has given rise to much
dbesedia was the unanimous act of the whole beard
and adopted by the shareholders. The opl-
= 1":11 the directors that it was a measure of sound
pel reataMmire gemmekni of tile liae, remains unchanged;
mad the the teem ossoo Iso high, yet, looking at the
eliesmieuse a the We, sad the position of all parties to
the beepbe obi& was knows to the directors, bet not to
Ow ahesehaldeea, • bettor arrangement tou'd not be made "
—striking sat t e
h paragraph, that they did not consider
blame atuited ta any adividul. (Hear, hear.) Referring
to 111r•Waddirittun's defence, he thought it would have
bees at well if be had stated who were the parties in London
with whom he negotiated after the failure of the contract
with the Manchester and Leeds company.
Dr. O'BRIEN would amend the amendment just sug-
gested.
Mr. V. SMITH would move as an amendment that the
report be adopted except that paragraph is which the dime-
tors stated that no blame attached to any one, whisk
was is entire opposition to another very al le reps; which.
bad emanated from the committee of investigation. That
report in page 37 stated, that two gentlemen had in their
hands at the time of that tramaesiort a very large number
of shares, ore amounting to 60,0001., and the other to
10,0001. The shareholders now present mated that they
were nit ener.dly cognisant of the feet. (Hear.)
Mr. WYLIE withdrew his suredmeat in favour of Mr.
Smith's; which was put by the Mtilate'', sad serried by
an overwhelming majority—the Leeds sad Bradford share-
hoiden only bolding up their heads in (avow of retaining
W paragraph.
The resolution for receiving and adopting the report, as
emended, was next pat lad carried.
The CHAIRMAN then put • resolution, confirming the
dividend rsoomassaded in the report; and, in reply to
questions from Mr. Wylie aid several other shareholders,
stated that If the proprietors adopted the view
of the aceoantante, they would ant sanction any
dividend • but be and the other directors bad In-
vestigated the matter fully, and they believed that
the view taken by the committee of investigation
sus the right one, and that they maid pay honestly and
fairly a dividend of 3 per cent. per annum. They must re-
member that it was intended to take in a large amount of
liability in the next half year. The liabilities of the com-
pany would be 40.0001. more next half year then in the pre-
mut. Tune would be enough to divide 3pa ant., tali*
W traffic as it was for the present half-year. Bet, calm.
lade, oo the losresse on the second half-year of 1848, they
might take 100,0001. more retain for the ensuing half year,
which amid give the same dividend, and a seirplus of 30 0001.
The pinch would be la the following half year. That surplus
would be Web quote to carry them over to the next half.
year, unless they got some amass in the traffic, ay to the
extent of 1,0)04 a week, wiieie wei a very small acmes to I
look forward to es nearly 600 miles of line ; but with that
they would be able to pay 3 per cent. for that halcyear
she. He °Add sot emotive that la tie improviag state of
W washy the talk would not eassiderably increase a
1150; and an homes, to the extent he had stated would
*sable them 'e esstinse to pay the 3 per neat.,
mid if thee should be able to pay it then he had no
&Dahl they we be able to my it afterward.. (Hew ) The
liabilities of the moray for law charges and psrlimuntary
guesses, he meld set Meta *meetly. There was some land
in 1101111.1i0111 wilt the Leeds and Bradford which yet ye-
amined to be cos end which would add to the law
muli
expeama P the total liabilities under this brad
would not he nave 6,0001, but they could ant exceed
10,0001. Them were perhaps between 20,0001 and 30,0001.
due to Mr. aleph...a the engineer, whose account was
ender' x,ainetliss • this was in addition to a large sum
while had toes already paid to him. Them remained about
110,0001. Mill to be paid (or the Leeds and Brad ores Hee ea
amount of works sad milieus; bat against this there were
esrplua lands and buiirlinge to be sold to the amount
probably at 100,0001. With r :geed to the working espouses
d the line there had set bees much increase, he belt old,
when umpired with the last hall year, and taking into so-
lemn, the Ikereasad number of miles which bad been
brought Into work. The working expellees were shout as
per cent., hat if he remained at the board the subject of
working expenses should have his cheat artention. (Hear.)
The line was now almost cr mdeled, and their duty would
ha to get as nue% franc upon i•. and to work it as cheaply,
NI potable. With regard to the salaries of the official., he
believed there were not above seven pc•soos employed by
the aosimusy with salmi's b. rind 3001. a year, and not
mere than eight who bad so mach. The wages of the
peek» had been redwood from 17e. to 16.. a week, oat of
which they had le_ pay Is. ter vest The salaries in every
determent were azoi at the lowest rate 'insistent with
the du'l.s perforated. The propriety of continuing the ax.
prom tram at their present time, by which a consider.
able expense was issuned, would alio be considered. With
regard to the eau trains, he was one of those who had
he a Inns time Men is fee ‘ur of the system of low taw.
He and M. Badges bad differed on this point, and he
sew found that Mr. Hudson sea right. (Hear, bear,)
They tad rwtemid the datelees fares from 3d. to Zed. a ails,
h order tee Wag people fees the second to the first elms'
Ito rash resits, however, had Lilo .ed ; and he believed they
bad is: to the fall eaten: of the reduc:ion. He tnoug .t
thoy gave leo meek accomgandatica in the fourth oboe or
government trahm, and that the time would eau shortly
wheelthesyy must shakes the speed of those tales is order to
bra r M who wore good seam ism the high* diem