The Express.
London, England, 1862-08-19 00:00:00

ODLONIAL GOVKIIII

.14.6.. 08
Do. 6 per 0ent.,18834
DO. per at leb.&Aug.
Do. Spec ct.Mar.dBep.
Do. per cent.
Da& per essat.ln. Stock
(?apedl Hopettp.ct.lB7B
Do do. IEOO
Do. do 1861
New Brunnr.Gov. 6p. et.
N. &Wale Ov.6p. 1
Do. p. c., 1871 ice 1878
Do. 6 p. a., 1888
New Zeeland 6 per cent
Nova Scotia 6 p. 6..1878
Atut.Gov. 8 p.c. Hoods
Vic. GT. p. c. J nn.dJul,)
Do. do. Ip. APOI 0.

Wolk!

102 101
104 HS
96 96
96
109 110
112 114
111 US
104 100
._ _ .

--
lit 94
OS 100
106 110
166 106
106 110
106 106
1061 1061

iii.Oool

LONDON, TILBURY, AND SOUTHEND
RAILWAY.-(THIS DAY.)

The ordinary half-yearly general meeting of the
proprietors of this railway was held at 1 o'clock at the
London Tavern, Mr. J. N. DANIILL, chairman of the
board of directors, in the chair.
The report of the directors, which appeared in the Ex-
press of Saturday last, having been taken as read,
The Ctisrannit mid this was the first oocesios on which
they bad been assembled under the new conatitutioa, under
which the shareholders now formed a company essentially
of themselves. The board, however, were rather pee-
-1 Motive than administrative ; those who guaranteed
the line of course worked it, and did what was neoeeary to
benefit themselves, and what would be for the benefit of the
shareholders hereafter. Everything bad been done at South-
end to promote the traffic on the line. A great many
houses had been built there, and they let rapidly.
I The portion of the line between Bow and Barking mid
Plaistow also held out a fair chance of improvement, and
when the works connected with the metropolitan sewage
were complete, he believed there would be a good deal of
building at Barking. lie moved that the report be adopted.
A SHAREHOLDER complained of the bad management and
insufficient accommodation at the Fencburchetrest 'tattoo.
The CHAIRMAN mid the matter should be represented to
the oontractora. .

—iceiiiOTioi;Was then agreed to.
On the motion of Mr. Gm, Mr. Whethem and Mr. Tin-
dal Atkinson were elected auditors ; and a vote of thanks to
the chairman and directors closed the proceedings.

GREAT LUXEMBOURG RAILWAY.—(THIS DAY.)
A special meeting was held this afternoon at the
London Tavern ; the Hon. F. Scow in the chair.
The directors in their report said, "At the ordinary
general meeting, held in London, on the 27th of March, it
wee mentioned that negotiations were in progress, having for
their object the concession of • railway from Lame, to join
the main line of the Luxembourg Railway near Aye.
Before these negotiations were concluded, propositions were
addressed by other parties to the Belgian government, with
• view of obtaining the concession of a railway from Spa, to
join the William Luxembourg line at the frontier of the
Grand Duchy. Under these circumstances it was considered
desirable to modify the propose], which had been fist sub-
mitted to the government ; and, after long and anxious
negotiations, the follow ing agreements have been entered into,
which the board unanimous recommend for the approval of
the proprietors :—' 1. Agreement with the Belgian govern.
meat, by which the Great Luxembourg Company under-
take to construct a railway from the city of Liege to Aye.
The length of this line is 40 miles ; and the 'overcommit
agree to transfer to this line the guarantee of 32,0001. a
year, now applicable to the railway from Namur to Arkie,
but which, owing to the earnings of that railway
the sum guaranteed, has ceased to have any e=2
operation. It is stipulated by the agreement that
the company shall be relieved of its engagements
to prolong the canal beyond the point to which
it at present extends, and the company is equally
to be exempted from making the branch railway to connect
the river Ourthe with the main line of the existing Luzern.
bourg Railway. 2 and 3. Agreements with the William
Luxembourg Company, by which the Great Luxembourg
Company consent, ie ooneideratiou of their having the
working of the William Luxembourg lines, to
divide the aforesaid guarantee of 32,0001. a year
with the last-named company, in the propor-
tion of 18,0001. for the Great Luxembourg Com-
pany, and 14,0001. for the William Luxembourg
Company.' It is stipulated in the agreement with the
government that, after the opening of the lies from Spa to
the Grand Ducal frontier, which (owing to the difficult
character of its works) will in all probability be some yeses
after the opening of the Liege and Aye line, the govern-
ment are not to be called upon to contribute to
the Great Luxembourg Company more than 18,0004
a year, or such lesser sum as, added to the not
earnings of the line, will make up 36,0001. If •
lesser sum than 18,0001. a year should be milkiest to make
up the said sum of 36.0004, the difference will be banded
over to the Spa line. After the completion and opening the
Spa line, the whole ,Macau of the William Luxembourg and
the Great Luxembourg lines is to be worked by the Great
Luxembourg Company, and a separate account is to be
kept of their respective net earnings. At the expiration of
five years, an average of the yearly net earnings of
each line is to be struck, and the Great Luxembourg
will then work the lines of both companies as their own,
and will pay over to the William Luxembourg Company
the game proportion of aggregate net profits as they will
have earned on the average of the first five years. After a
careful examination of the matter, the directors feel confident
that the cost of constructing and furnishing the line of
railway from Liege to Aye, as well u the Bastogne
branch, will be confined within such limits as will
enable the company to pay 5 per cent. on the
preference shares, which it is now proposed to issue, without
trenching on the profits of the parent line, and, come-
quently, without reducing the dividends thereon. With
this conviction the directors do not hesitate to recommend,
in the strongest manner possible, the acceptance the
agreement by the proprietors." After setting forth the
formal resolutions to be proposed to the meeting at Brussels,
on the 28th instant, in order to carry out the
object, the report said the following was the
financial arrangement which the board proposed for adop-
tion by the stuireholders " That the capital to be raised
for the execution of the line from Liege to Aye, under the
convention with the government, dated the 27th of June,
1862, and for other pummm shall consist of 40,000 shares
of 500 franca, or SOL sterling, each ; to be styled
Great Luxembourg Preference Fire per Cent. Shares. That
these shares bear a preferential interest at 5 per cent. per
annum, and participate equally with the constituted shares
of the company in all dividends above that rate. That said
interest be paid half-yearly. Interest at the rate of 8 per
cent. per annum to be charged on all cells in arrest. That
a_ payment of 24 per share be made on allotment ; and that
all subsequent calls be made as the progress of the works
may require, not exceeding 21. per share, and at intervals of
not less than three months, with one month's notice."
The CHAIRMAN mid the matter was no new one, but was
already familiar to the proprietors. Generally speaking the
English public were averse to branches, considering them to
be calculated only to exhaust the parent line; but he sub-
mitted that the position of this breech was very different
from that of any English one. No English company could
boast of • substantial guarantee of 4a per cent., that gua-
rantee having been sul'stituted for one that bad become
futde and nugatory. He submitted that the scheme Dow
proposed would materially improve the position of their pro-
Perr.. wrrn then eddreseed the company at some length
upon the details of the agreement ; and after some further
discussion,
It was agreed to sanction the resolutions, which are to be
proposed at the meeting at Brunel&