The Express.
London, England, 1853-09-29 00:00:00

BHRElrsausr AND CHESTER RAILWAY
COMPANY.

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The ordinary half-yearly general meeting of the
shareholders of this company was held yesterday at the
Boyer! Hutch Chester. The meeting was also summoned
specially for the purpose of considenag and if approved of
raising resolutions, authorising the directors to raise
56.1401. (being the balance remaining unissued of the
173,4001. preference stick &isthmian' by the act of 18.51),
by the creation of new shares to be apportioned pro sate
among the present shareholders, and to guarantee, either
in perpetuity or for each limited time as might he kernel
upon, and suliject to such terms and conditiv n 4 as :he com-
pany might determine, such amount of dividend upon the
said chases, not to exceed 51. 10.. per cent. per annum, as
the company might tbiuk tit. Also, "to aired the share-
holders an opportunity, should they consider it 'seminary, to
pass a resolution or resolution., consenting to the appoint.
seat by the Board of 'Trade of a commissioner
(as already assented ti by the board of direc-
tors) to make all investigatioLs that may be neceeary
into the state of the shames and transfers of the company,
as the same were voted upon at the special meetings of the
company in the months of June and July, 1631, with power
to such commissioner to obtain access to all books, papers,
and documents that he may deem accessaly fir the pur-
pose." l'he chair was eceapledin Mr. J. WILLIAMS.
The report, which was read by Mr. NICUOLLI, the secre-
tory, announced a considerable and regular increase of
traffic in the half-year ending 30th June over that of pre-
ceding half-years, notwithst coding the pressure of the com-
petition, which had been for a hose time weighing upon the
property. The Lumber of passengers carried in the half-
year had been 213,646, and the goods 269,099 tens, the re-
ceipt. from both being 50,128/. In the eurrespondino half
of the last year the number of passengers craned was
181,946, and the goods 230,277, producing in receipts
43,41161. 6s. 2.1. Though the gross receipts had thus
increased, the amount received on the through traffic
had considerably dimini-lied, partly is consequence of the
London and North Western Company having practically
reduced their passenger fares to a lower rate than was
charged on this line, and partly front this company having
declined during some part of the half-year to continue
carrying a certain description of the through traffic at the
existing very low and inadequate rates. By this means,
however, they bed been eualeed to increase their accommo-
dation fot the local traffic, which, although paying consi-
derably higher rates than the through traffic, was suffer-
ing from the deficiency of rolling stock. The directors did
not anticipate any profitable increase on the through traf-
fic until the Great oi cistern Company was completed for
through working. The rise in the price of labour and ma-
terials had increased the working expenses of the line, and
the directors expressed regret that so large a proportion of
the revenue should be absorbed in such ex-
p- nses. The expenditure in the locomotive department
would be reduced under new arrangements made in this
department. The locomotive stock which had been exit
mined by Mr. Beyer, locomotive engineer, of Liverpool, was
reported by that gentleman to be in excellent condition.
The line from Newport to Abergavenny would be opened
is the course of the present half-year, and a considerable
increase of traffic was expected from that line, which would
connect the iron districts of South Wales with Liverpool.
The local mineral traffic of the Shrewsbury and Chester
line, which was only limited by the amount of the facilities
for its transmission, had considerably increased, and with
such arrangements at ,Birkenhead as would improve the
shipping accommodation—the trade might still bo doubled.
The directors added that they were now negotiating for the
required additional accommodation with every prospect of
success. The parliamentary proceedings of the half-year
had been confined to the opposition made to hostile lines.
A bill for • line from ()sentry to Newtown which had been
encouraged by the directors but hail been thrown
out, they recommended should be taken up and pro-
neuted in a future session, as being of essential
importance to this company. An eminent contractor
Lad offered to make that line, and to guarantee
for a term of years 4 per cent. on e capital. They also
recommended a new project fora line from Wrexham to
Ruthin, and another for a short line from the Dee viaduct
to Llangollen. The directors next adverted in terms of
congratulation to the state of the protracted negotiation
with the Great Western, and intimated that they had pre-
pared an agreement for carrying out the amalgamation on
the terms proposed, via., 3} per cent. and half p:oifits from
the let of January next. To raise the capital for which the
special meeting was called, the directors proposed to issue
7,614 shares of 10/. each in the proporti an of one abase to
each 1501. of stock, bearing interest at the rate of 6 per cent.
per annum from the 29th October next en the sums from
time to time paid up, and redeemable on the same date as
the former WWI of preference shares, with a bonus of 10
per cent. The report concluded by recommending a divi-
dend of 1 per ant. per annum on the ordinary share
capital of the company besides the dividends on the pre-
ference shares.

The statement of accounts, which has already been pub-
lished, was taken as read.
The agreement with the Great Western, for carrying
out the terms of amalgamation as agreed to at the meeting
on the 13th instant, an embracing the Ors, of 31 per cent.
and half profits, was neat read.
After a few remarks from the CHAIRMAN, the resolu-
tion that the report be adopted and circulated amongst the
shareholders was put and carried unanimously, as were also
the formal resolutions authorising the dividend.
The retiring directors, Messrs. J. Williams (the Chair-
man), John Hoyle, James Haswell, and J. I'. Oubbins (who
had been elected on the resignation of Mr. Hichard:Ellerton),
were then re-elected; not, however, without some opposi-
tion.

The auditors were then appointed, and the appointment
of Mr. John Nicholl, as Secretary, in the room of Mr.
Durkin who had resigned, was confirmed.
Mr. Musiion proposed a resolution requiring four other
directors to retire and nominating four other gentlemen in
their stead.

The Cnainsime stated that they bad the opinions of Sir
F. Kelly and Mr. Butt, Q.C., to the effect that four di-
rectors only were required to go out at the present meeting
—he must therefore decline to put the motion.
Mr. Mcsuoz protested against the chairman's decision,
and intimated his intention to resort to the remedy which
the law gave him.
The special business having been called on,
Sir W. Jontswrosz moved an amendment to the motion
for confirming the terms offered by the Great Western
Company, to the effect that the meeting disapproved to the
re-appointment of directors pledged to give effect to that
offer, inasmuch as it precluded the board from considering
any amended offer from the North Western Company, and
that the meeting declined to entertain an offer from any
company short of 4 per cent. and half profits. Ile was quite
confident that by bolding out, the Great Western would
come forward with still better terms.
The Cuersewser put Sir W. Johnstone's proposition aa a
substantive motion, it having been first seconded and
spoken to by several proprietors.
Mr. THORNTON proposed In amendment, declaring the
entire confidence of the meeting in the director., and ap-
proving of the course they had taken in endeavouring to
give effect to the alliance with the Great Western on the
terms proposed.
Mr. WATMIN seconded the amendment.
After a lengthened discussion, which frequently beams
angry and penonsl, and celled forth numerous explana-
tions, Sir W. Johnstone replied, and the question was pat
from the chair, when Mr. Thornton's amendment was ear-
ried by a large majority.
Captain BULICLET, a Great Western director, who bad
voted for the amendment, demanded a poll, in order to
chow that the large majority of the proprietors were in
favour of the Great Western amalgamation.
The CHAIRMAN appointed the polling for the end of the
meeting, after the other business.
Resolutions for raising the additional capital were next
proposed and pawed, and the meeting adjourned till to-
morrow (this day), at 12 o'clock, to receive the report of the
scrutineers on the poll on Mr. Thornton's amendment.