The Express.
London, England, 1849-02-28 00:00:00

RAILWAY MEETINGS.

CALEDONIAN.

Half-yearly Meeting.—Ediahurght Feb. 20 HINDE,
Esq., in the chair.—The following is an abstract of the
report of the directors:
The traffic receipts for the half-year ending 31st December
amounted to 130,9681. ; and the charges, including reeve, in-
terest on loans and on preference shares, 99,0611. ; leavine a
balance of 31,9071. to which the balance of account at 30th
cf June hat, 21,8091., is added, making a disposable balance
of 53,7161.; out of which the directors recommend a dividend
on the ordinary share capital of the company at the rate
of 3 per cent. per annum, which will amount to 31,5001.
on the consolidated stock, and 6,1741. 15s. on the
quarter shares, making, in all, 37,6741. The re will con-
sequently remain a surplus of 16,6111. to be carried to
the ensuing half-year. At 30th Dec. het there was a balance
against the capital account of 557,6031. ; but there was a
sum of 983,0261. from arrears of calls, guaranteed capital,
ite. which remained to be realised and placed ainst this
balance,, so that there would be a surplus of 425,4ag231. The
company have also the power (not yet exercised) of raising a
further sum of 200,0001 on loan, under the acts of the com-
pany authorising the capital already created. The capital of
the company is thus amply sufficient to meet all engage-
ments, and finish all the works now in progress of con-
struction. The average weekly receipts during the half-
year amounted to 6,0371 , being nearly at the rate of 2,0001.
per mile per annum. The working expenses are stated to
be 41 per cent. on the receipts.
" The Clydesdale Junction, and the connexions with the
Greenock, Barrhead, and Ayrshire Railways, and the Har-
bour of Glasgow, are nearly completed. It is expected that
the branch to Buchanan-street, Glasgow, will be completed,
and the station opened, in the course of the summer. These
works embrace the whole now in course of execution.
" In their report to the last half-yearly meeting, the dime.
tors intimated that an arrangement of differences previously
subsisting in regard to traffic had been effected with the
Edinburgh and Glasgow Railway Company. The condi-
tions of arrangement had then been specified and agreed
upon, /abject to the adjustment of certain minor details; but
since that period the Edinburgh and Glasgow Company have
demanded that certain important stipulations should be ow-
ceded to them, which the directors consider to be both incon-
sistent with :the original agreement and prejudicial to
their interests. The negotiation is in consequence at an end.
The failure of these negotiations has necessarily pre-
vented the directots fronemetint upon the resolutions passed
at the special meeting of shareholders, held in London on the
10th November last, by which they were authorised to com-
municate or give over to the Edinburgh and Glasgow Rail-
way Company, an interest or share in the existing agree-
ments with the Scottish Central Railway, and Dundee and
Perth and Aberdeen Railway Junction Companies, in
regard to the lease and working of the said lines;' and by
which they were further authorised, along with the
Edinburgh and Glasgow Railway Company, to enter into
an agreement for the lease and working of the Scottish
Midland Junction Railway.' It consequently became neces-
sary to withdraw the bills introduced into parliament in
the present session for the joint leasing of the Scottish
Central, Scottish Midland, and the Dundee and Perth and
Aberdeen Junction Railways; and the directors have
accordingly to report that these bills have been withdrawn.
" The directors have, however, to report that the working
of the Scottish Central line has been placed under the
united superintendence of the London and North-Western,
and Lancaster and Carlisle Companies, and of this
company, under a working contract, the practical ef-
fect of which it, that the Scottish Central company
will be entitled to draw half-yearly the sum of 35,70001.
out of the above-mentioned traffic fund, before the
other companies can obtain repayment of the working ex-
penses advanced by them. Experience has already shown
that the Scottish Central company bare the power of direct-
ing traffic to a much larger amount than is sufficient to coun-
terbalance the risk which will be encountered in working
the line en the above terms; and the directors have no doubt
that the arrangement will prove a fair as well as a beneficial
one for all concerned.
" In consequence of the withdrawal of the bills already '
alluded to, the bills now before parliament are reduced to
two, vise., the Wisbaw and Column, and Glasgow, Barrhcad,
and Neilaton, lease bills. It is of the utmost consequence to
wry through the Withal, and Colinas home bill without
further delay, as the necessity of having this line entirely
merged in the Caledonian becomes every day more and more
apparent in conducting the business of the railway. With
pawaregrkltha:endthtaryirece Gtoexie.gobeinslg,,Barrwanertho
ateusadotn,oeanatitiniedNoeifinolseocupirtronit direct
aittrthrl
bill might be allowed to stand ever till next session, but hay-
hog been implied to by the directors of the Barrhead
Company to allow them to introduce the bill, their request
was to, on the condition that they would undertake
the irredrisk and expense of the application to parliament.
They now consider themselves fortunate in baring made

this arrangement, looking to the steps lately adopted by the
eornbieed Ayrshire and Glasgow, Dumfries, and Carlisle
Companies, for hastening the completion of the rival through
Ilse between Glasgow and Carlisle.
" The directors announce that, in order to give effect to the
wishes of a portion of the English shareholders, to be more
fully represented at the board, they have availed themselves
of a vacant y occasioned by the resignation of Mr. Monteith.
of Cuitairs, to elect Alderraan Thompeon,M P., of London."
The CHAIRMAN said that not only had the traflle
considerably increased up tel the end of the year, but
a return which he had before him of the goods and
cattle traffic showed that it had been iecreasirme since that
time. This return did not include the passenger traffic, nor
the mineral or local traffic of the Garnkirk and Wishaw
line-. For the first week in January last there was derived
1,8891. ; for the second week, 1,7911. ; for the third week,
1,88'21.; end for the fourth week, 2,0581. For the first
seek in February there wee received 2,1456 ; fur the second
week, 2,4421. Showing a regular progressive increase every
week from 1,6891 to 2,4521. The chairman then cot, red into
details of the negotiations with the Edinburgh and Glasgow
Company, which, as stated in the report, had been broken off.
The next point upon which he wished to address the share-
holders was in reference to the Scottish Central line. With re-
gime to the validity of the %aching contract into which they
had entered with that line, they had consulted the highest
legal authorities, and it was their opinion that that contract
was entirely free from any legal objections. The chair-
man then referred to the traffic which bad been diverted
to the Caledonian by means of the Scottish Central dur-
ing the last four months, which amounted to 8,2671, being
nearly 600/. a week. Ile then stated that the dingo. ment
which had occurred between the Caledonisu and the
Edinburgh and Glasgow Companies had, as the directors
of the Celedoniso stated previously to the sharekoliers,
compelled the Caledonian directors to withdraw their leasing
bills tor the Scottish Central, the Durdee and Perth, and the
Scottish Midland Railway Companies. As regarded the
Scottish Midland they had no working eontract at all.
The relation in which they stood to that company was
precisely that in which they stood previous to the sanc-
tion of the *harsh, lders having been obtain. d fm leasing it.
With regard to the Dundee and Perth and Aberdeen Junc-
tion Company the case was different, for a working contract
was entered tote with them in November, 1817. Under
that contract the directors of the Dundee, Perth, and Aber-
deen Compapy applied to the Caledonian directors to make
good to tee& the cliff react between the earnings on that
line and a dividend of 8 per cent., to which they cansidered
themselves entitled under float contract. Tee directors of
the Caledonian Company were advised that, at all events at
present, as they had Lever worked the line, and as there was
no direct communication between Dundee, Pcmh, an 1 Aber-
deen, they were not bound to make airy such payment, and
troy sem- nngly declined making payment. The chairman
then stated that he now came to a subject on which lie was
desirous to hive the fullest information to the shareholders
—he meant the subject of shares which were pure used by
the directors of the Caledonian in c ther companies in behalf
of the shareholders of the Caledonian. (Ile tr.) As the
shareholders acre aware, from time to time es these shares
were pu-ehased, the particulars of the payments cn account
of these shares were catered on the books of the company,
end °maimed in the halance-sheet which was a ibtnitted
to the auditors previous to each haifyearly meeting ; but
these accounts wire not included in the printed state-
ments which were submitted to tho shareholders along
with the report. This was the point which he was
anxious to explain—namely, the grounds on which the di-
rectors deemed it inexpedient—and this was a very weak
word to express what he meant, or rather detrimental to
the interests of the company that these amounts should ap-
pear in the printed accounts of the company. If they had pub-
lished the'o transactions its their printed statements, and the
reasons they had for acquiring these shares, their policy would
be mule known to the very railway companies to ouster-
rct whose plans was the object they had in view; and they
would thus have b. en defeated, Tue.,. would also have been
obliged to Oct r ir.to a full explanation of the policy which
dictated purchstes in:these lines; and for these reasons they
had abstained from introducing the subject into the published
account, not because they wish to conceal what they were
doing from their own sheath dilms, but because they t'id not
wish to let rival companies know what they were doing. Oa
thesul ject of these shares, a letter has been published by Mr.
FARO, tt, enclosing a letter from Mr. Douglas Campb 11 and
Mr. Mi emicking, prefacing to give an account of share
transactions from the books of the company. lie usumed
that this letter was not pubiithed on Mr. Campbell's autho-
rity. The chairman then entered into an explanation of
what paned between them and Mr. Campbell and Mr. Mac-
micking, when the two latter gentlemen waited upon them
after having examined the books of the company. They
stated that they thought it would be better that the directors
should divulge to the shareholders what had bet n done ire
the transfer of sharer, rather than that information should
Le communicated by a shareholder. Of course he readily
believed that Mr. Fawcett was nut aware of the understand-
ing which existed between these gentlemen and the directors.
Mr. CAMPBELL said that Mr. Macmicking and himself
felt great al Lin when they discovered, after examining the
company's books, the dangerous position in which the direc-
tors had placed themselves. They stated to the directors
that they ought to tell their own story. The directors would
not consent to this; but they would delay till the Saturday
following, when they geld they would give an answer as to
whether they would publish these transactions themselves
Or not.

The CHAIRMAN said he would state hie rensons why
he regretted that this mibunderitanding had arisen on the
part of Mr. Campbell and Mr. Macmicking. If three
gentlemen had stated that they intended to publish this
statement, instead of having recommended the directors to
publish a anew nt themselves, regarding these share
transactions, the directors would have taken care to have
given them such information as would have prevented
them publishing an erroneous statement, which this was in
several respects. They have made out that the ditectors
have perch .sed, in behalf of the company, capital to the
extent of 562,0001. In this amount, however, it would
at fun be seen, that there were two items included
which had no connexinti with share capital. Oae of
these items was in reference to the Glasgow General Termieus
Railway; but this wee not the cost of shares purchased in
that line. It was for the cost of the line, for which they
had the parlismentary sanction; it being intended to form
the terminus with the Greenock lines. This was a large
item, amounting to 120,0001., which would fall to be de-
ducted from that statement. The next item to which he
begged to call attention was the plant stated to hate been
furnished to the Dundee, Perth, and Aberdeen Railways,
and which was set down as costing a sum of 60,0111. This,
however, was not plant furnished to these railways; but it
was plant purchased off them. There had originally been an
agreement, by which, among other thinge, the
, Caledonian undertook to furnish them with plant, but
in consequence of that agreement not being carried out
the directors became bound to take that plant back from
them at prime cost. These two itemi, therefore, must he
excluded from the capital expi nded by the directors on shares.
He also, while upon this subject, wished to set right a
mistake into which several of the ehareholciers had run,
in supposing that the amount expended on there shares was
an excess over what was stated by the directors to be necessary
for completing the lime. He had to state that when the
proposal to issue guaranteed shares was before the
meeting of shareholders the directors took into ac-
count any possible lose that might arise on
these shares. They took distinctly into consideration, that
if these shares were forced into the market at the
present time, a great lass would accrue. They believed that
if allowed to negotiate in reined to these shares in the way
that would be hest for the company, the ultimate less would
be small indeed. Another suggestion has been made, of
which I must show the fallacy. It was this, that if the direc-
ton had not made these purchnes, it would have brcn on.
necessary for them to have raised money by the issue of
guaranteed shares at all. In answer to that, he bad a plain
and simple statem.nt to make. At the time the authority
was got to raise this guaranteed stock, money had been raised
on the credit of the directors to a larger amount
than the sum expended in the purchase of shares
is then companies. Not only had the directors
provided the sum necessary for meeting the calls
on then shares, but they hid raised large funds in order to
complete the works, and the truth was, if this money bad
not been raised on the credit of the directors the works
would have been entirely stopped. (Hear.) He would
refer, on this point, to the printed accounts of the company,
subwitted at the halfiesrly meetings. These, as he had
already stated, did not include any sum in reference to these
share transacticns ; and vet, in December,lB47. they would
find that a sum of 288,0061. had been expended more than had
been received. On the 21st of June, 1848, that amount was
increased to 337,0001., and bathe lest account which occurred,
and without ineludins the cost of these shares, this amount
was increased to 557,0001., being a sum greater than that
which was spent altogether on these shares; so that if no
transaction of this kind had been entered into at all, it
would still have been necessary to have raiv d that amount
by the creation of preference shares. It was perfectly tree
Oat the interest on these shares had been placed in the
genuine accounts of the company ; and that bed been done
consistently with the views of the company ; for if the audi-
tors had stated that that interest was improperly placed, it
would have been entered in another place. He referee dto
the auditors' report, therefore, in justification of the directors
for placing the interest where it bad been placed. He
might state, in the first instance, with regard to these
shares, that they had not been entirely unproductive.
They had received dividends from the Scottish Midland.
(A voice : " Yes, out of their capital.") There was also one
transaction in connexion with these shares by which the
company had made &profit of 36,0001. The comp any had
received the benefit of that. He next proceeded
at great length to explain the grounds on which the
directors had made these share purchases. He always wished
to be plain-spoken. Now, the charge which he was told was
made against the directors was, that they purchased these
shares with the view that, if they should rise in price, they
should put the mosey in their own pockets ; or, on
the other band, that if the transactions should turn
out unfavourable, they should then saddle the company with
the burdens. This was a plain statement of what he had
alleged. If the directors had been guilty of such conduct,
it would, he had no hesitation in saying, be difficult to con-
ceive of conduct more discreditable; but if, on the other
band, these charges had teen falsely and sl:nderously made,
with a view to a particular object, for in the instance to which
he alluded they were addressed to a 'gentleman who had been
easeassed for his vote against the directors—then he hardly
thaw in what terms to eharacterise them. (Hear.) The
question at issue oa this point was for the deter-
mination of the shareholders, and the evidence of its truth or
frierhood was in that room ; and he had no hesitation in say-
* that that evidence conclusively showed the's the diree•ors
Medd not have turned the property of the cempacy to their
teen private purposes unless they had either burned or faki-
ng the books. (' Hear," and apple-,tae.)
Mr CAMPBELL said that, sitar the books,
he had no hesitation in saying ttat • 'Vowed for
such a charge.
Qt

- I
, I
7 1 .74' 0> (1.

Liter

The CHAIRMAN now begged to move that the report
by the damson be sprayed of, and that the statement of
wows be received sad adopted. (Hear.)
Mr. JOHNSTON DOUGLAS, of Locke/hie, seconded
the mores.
Dig. LITTLE, abrades, said be had a protest to ledge it
sagrenes to the routhase Otiose shares. It was tothe effect
that,observiag is the report the introdesetion for the tint thee
in the capital account of the company of a new head
of diabursonest fur subsidiary lilies, under which
is was prepaid to charge the company to the
extent of 351,0001. • and having further observed
that those alleged 'shams in subsidiary lines had
been treated as saes of the company to be realised ; and as
they had best advised that this was contrary to set of perils
sent, they reseed to adopt the sail stores, and objected to
the applic Mos of the money of the Caledonian eampney to pay
sells ea these shares. This, Mr. Little said, was a very ho-
erot s•or and as he was &rims that it should be
ought eitelt;lo.fo the mortisg the course which the die-
sentient shareholders had person's, he would now read
as °pietist th.i. had been (busked Ix, the subjtet fn ma the
Attermy G. octal gad Thames Jones, Esq., by the London
shareholders:
" We are of opinion that the directors are not justified
by their sets in purchasiag shares or interests in undertakings
to which their acts do not specifically refer. They are by
their statutes constituted a corporation for a specific purpose,
hey nd which they have so authority.—(B'reed) Joao
Janne, Tames' Jos as.—Loadoo, Feb. 24, 1849."
Mr. LITTLE went oa to say he bad to place on the table
• further protest against the workine outrun 'entered into
with the Scottish Central Railway Company. His pretest
Mated that, as the legi4atarehad previ,maly refused to legalise
this agreement, gni wishing to pay all due respect to that
dens on, they objected to the application of any of the
money of the Caledonian Company to this cosines In
any way. Mr. Little stated that this protest had sp.
to it the signatures of five oe six hun-
dred the shareholders of the Caledosiaa Company.
He then read an opinion from Mr. Jones on this
contract, which stated that the effect of this
agreement, to pledge the capital of the company
for purposes foreign fiont the object of its incorpo
rations, could not be dons without the authority of
parliament. From the tenor of the chairman's observadeas,
Mr. Little said he bad gathered a new fact, namely, that
there existed a working costreat with the Dundee and Perth
Coot any. Now, he had to state that if he had been pre-
y hammed of the existence of this compact, he would
have been prepared alas to have lodged againit it a protest.
Mr. FAWCETT, Loudon, said he roes to move sa amend-
ment to the modem submitted by the chairman. It wee ori-
MailYintended to take the osiers a the meeting on the
rent puts of this ammaswat, but he now proposed to
submit it saint. The amesebseat was to the effort that
the dividend recommended in the report at the rate of three
per cent. be declared ; the same to become payable, leas in-
come-tax, out of the prcats if the company ; that the state-
ment in the report, and capital acommt of the alleged expen.
dime. out of the funds of the compasy of 381,2271. in the
purchase of shares in subsidiary lines in contravention of the
ems relating to the Caledonian company, is unsatisfactory to
this meeting, and that this meeting refuse to adopt sad shares
and expenditure ; that the statement in the report of
the contract for working the Scottish Cashel line is also un-
mtisfactory, and this meet* refuse to adopt said vorkiag
contract as respects this eempaay ; that the report and
Satsuma of accounts be termed to a committee of share-
holders for the purpose of investigating the same and of
reportilig on the financial affairs of the company ; and that
the mesdng stand adjourned till Monday, the Zed of April,
to wain some place in London for the purpose of receiving
that rep, rt. Mr. Fawcett said his confidence in the Caledo-
nian Railway was undiminished ; but they must take means
to prevent the directors incurring further liabilities, else
mittens would aid in the company Wog landed in the Court
of Bankruptcy.
air. LITTLE seconded the amendment.
After a long discussion, in which the polity of the directors
was attacked and defended at great length, fir A. AGNEW
moved another amendment, to the effect that the meeting
should act approve of that part of the report whisk related
to the working contract with the Serethi Omani Railway.
The hon. Wood stated as his oases for this
amendment that he did not wish the tide of Sa desecra-
tion to be carried on to the Scottish (Usual by the Cale-
donian.

--After a good deal of ensaltatin and debate se to how the
vote should be taken, the charm* seasented M alter his
antic& so ea to leave out any 'sprain. of approval of the
contract wilt the Scottish Cestnl. He said be did this on
compabloa ; but he, at the muss time, imationed tha, it did
not much matter whether this working matron was or
was not approved of by the eampaq, as it wee already a
kga, valid, and binding costreet, kasi which the company
according to the beet legal advise, scald not withdraw.
Sir A. AGNEW, ma hearing this &heretics of the
chairman on the original 'motion, et once consented to
withdraw his amesameat. The motion of the chairman
and the ammadmist of Little were then pat to the vote,
what the masa wee earned by a majority of 48 to 28
votes
Mr. LITTLE then demanded a seratlay, which was
panted, and a committee appointed for the pupate,
who es. • to give in their report oa Tuesday (ya'erday)
erasing.
The CHAIRMAN said he might aunties, for the info,-
nestill• if the shembadden, that uwards of 3,000 proz,es
W bout Nat kis dkestors to bep seed by them la support
of the paw "Mk they lad adopted.
• peiniatisa thug *levied, &sluing a 3
& AIM per mat.

-91 r. LITTLE raolostai t. roulades.
Bir A. AGNEW forward Ids wed artist
esoiset to .tee woo loot bp a majority Of
16 to 96 war ; the posiessse Wag ematiosed.
TM arioNag tkos lake up. lulu; oat boa 1 till 8 p.u.

AMBERGATE, NOTTINGHAM, AND BOSTON, AND
EASTERN JUNCTION.
Ralf-rap* Mmitay.—Norrutocut, Feb. 27.—F. N.
Nolan'. Esq., in the their.
The SECRETARY read the report, of whisk the follow-
ing Sea @MOM :
" Tke improved propene of the eompany, "Wag from
the payment of dm calls la wear, and to saiicipalin at that
sew made. have hid year directaes to believe, diet the lino
betimes Grantham and Bidwell may be opened en Sae
shoat the annum et the protest year. The imprimis of
sash as Mid MA be apparent to every sharebalisr, Inas-
awl as the paid- spitsl of the misplay b sow sus.
Wain. the dead weight of a large expenditure of interest,
without nweiving any menu tl stet web die.
bansumat. Your Ameba" haw, in aceordsase with
the imperative halawilow et the halt yearly wetly
most sistaatly hew msmdled to enforce the papist of
mine of the arrow of the calk 'phut a small popeetion
the papist= of ham Mb, is meet the theerig. Y.
angles haw the satidmitsis MOM that they hew net
D
male he ethrillag the aestrathi made in
Demeter. I he the supply el rails foe 46 miss of rail-
rift blairwttiVrei=thwillitellaihelmarett=l:iatic to
Grantham. Thus ananismati °Mies lbeesinpay haul
liabilities to the Meth of 116,4601 , and yaw disselses awns
but congratulate *madmen their weebnian; mad
for to to theca as a tarthie prat et the good Leith with *Mak
they bare mud. cm the eau sallaadwg that they should eon-
Le their apsesiliew Is On ampleties et the Ens from Non.
themes M Chentasea. Yaw threshes her Wei wpm the
(Mustan& habitue' emirs the ihrhilumo d 10 ions, the requiced
lawcfng boss glass Is Es impeedve
paydelses as the righter, ohs having odd tors thins to
yards ailing le wagterin the toms the 'Sybil haus have,
uniertaltea pey its eels en swift new emtileatee."
Tice statement at essunte slowed a ash balsam in hand
Mealy 8.164 E eut et the (seal ma received, 292,1421.
The CHAIRMAN staesol. in his answer to Mr. Briggs,
that at the board seetingjest held, it was lewd that, on
the Put call them were 71,777 dime paid ; on the second,
52.1 t and is the third, Min. Siam the report wu
650 had pia the first ; 2,425 the mond ; and
filrthe third. By the next mains, S May or Jaw,
hither calesiedint woad be mete, to -enable the directors
is pis a mere aepldt mid mewl report.
fle spat was dna
llesektima slowingaigrfleibiture of the shares Ism-
*awl is the reset use this adapted.

SHIFFIRLD, ROTHERHAM, BARNSLEY, ARE-
FIELD, HUDDERSFIELD, AND 000 LE.
Half pm* General Meillisy.—Wakeflekl, Feb. 27.—
Jame 14271, Reg , be dm chair.
The raped et the division ran is follows :
" The
_sleet wig& which hes elapsed sines the directon
act the sWsisiiws tad Isis leshre them a stateliest of the
ethic d the wawa &Width of the tre, renders say-
heathens& Newt to Oil Main, se that division,
mmseemny. Tim illanssial sentiment w wee then di-
sable& Math the samyskeers Wombs down the accosate
to the 27th Harsher. The half yearly aremets now t• be
sthseitted under the prenvidens of the sompany's set bring
dews the asesests to the MA December. The directors,
however, deem It their ditty to spades the meeting of the
weedy improve& pailful of he eimesers Seamen slue the
theme, the yowl sad they have to esearetalate the northern
shartheline w tlie *My Maims& sedation in which
their Meek Is ennegusedy hell. The sells which were un-
paid at the close of the pad year law left reduced from
40,4081. 55., at whisk thsy 11.4 to lk=l. Ids.. and
this latter ems 111 ad iley wwly relation. Of the
Ball payable en the nth her, needy thee-fourths
bavelmin reseived, eel 101118. ban las ressivad from Au,-
Wien aim the cenginismist of w par is spamo of

elk. The Must= Its" thenehre. N seknowladge th•
=iltiollk vita their to die iiiftholden in
et age tun to, end to side that they
Vlw esehied to Ms Meeks with and se
as to bete no dent* uppo *dr minds of their Why te on-
piss. bdsg• ra Mat a/ Zomba the line, whlek le then to
M lamed am in the lateesehke sad Tedrhire Com-
pany. The abed= sepoomatiog the anthem dlykies
et the valkely see MI- of globs, as was exproned
ski hat own. OM the esaylni Old et that peril=
of the lin In on seesimieel intinser will be amply re-
saansellve, end Ask allemillen hes bees turned during
the Wises te whits anassemento mkt lentlewners sad
oases betide yue In =say ewes they have bees no.
esidel, ems MINIM, have Man, bat net of an law-
it
dinatart. rod the Maslen leek aroma to as sin et Mese yeakeinery mown at no
la the mesa tine ell lapis sidle
thetiamore, 0111111ree euspesded. Mr. lt.=.
amok . Barg sod Xr. Jaws Asdr, representing
the swam divides, and Mr. Mona Dashes, M.P.,
Mr. Z. Dymond, Mr. W_ Zemke Tkompon, sod Mr. Wia.
Noe=s, are=smosonhema mazieo, tho swoon
lOW woks $ Ns. alrest Mandl NA Mr.
llllNllkepo_lho whooollee by relledeia."
to MO beittlet ef Stl. iseemeett Meek
telethon 11 egkesdMosior uppstmore te the
end of in% 111 wowk 1144 ass deft Ow

half-year to the 31st December, 1848.22.5371. 12s. OIJ. had
been expended ; making a total of 96,2951. 13s aid. The
various receipts to Ji no 30, 1348, vr. re 78,7981. 16s. 34.;
during half-year to 31st Deceuilrs, 32,9741.75. 104. ; making
a &dal of 101,77i1. 3.. 14., mud showing • Wanes in hand of
di4771.95. 9(4. The czynditure in respect of thenuthern
vision to Joao 30, 1818, was 64,2811 13s. bid; during
U. kalf-yeer to 31st December, 7.9371. 9s. 414. ; making •
tctal of 64214/. Ild. The rewire *0 June 39, 1844, were
64,1461. 17s. 10.1.; during the subs. open! half.year,
12,7071. 17a SI. ; making a total of 66.8541. 16e. 31, and
leaving • balsam in of 4,6401. 12s. 4d.
The CHAIRMAN moved the adoption and printing of the
report. He said it wu a very favouraMe en., PS showing
that a large amount of cells had bees paid during the last
two months, and arrangements were in vegeta, from which
it woe hoped that, with the exception of a few shares (of
which the meeting would be called upon to confirm the for-
feiture) the who:e of the calls would be
.paid up in the course
of a few weeks. The report of the engineer was assn satis-
factory, as showing that they would be able to complete the
line at the northern end before the end of the year, when
they would came into *on of a guaranteed dividend of
6ve per cent., with f profits beyond that sum.
J. ANDUS, E.q., seconded the motion.
0. WENTWORTH, &q moved—" That E. B. Beau-
mont, Bag , J. Buff; Bag , J. Andus, (three of the re-
tiring directors represtnung the sharehelden of the northern
divides), end E. Denison, Esq M.P., R. Dt mind, Big ,
W. G. Thompson, Esq., and W. Newman, E.q. (retiring
Chute:l representing the shareholders of the southern divi-
don), he re-elected."
EDWARD TRW, E.q., seconded the motion, and it
posted unanimously.
EDMUND DENISON, Esq., M.P., proposed the re-
election of Edward Meynell, E.q., and Henry Wormald,
as million.
FIASIES MICKLETHWAITE, Esq., seconded the ru-
sks, and it was adopted.
Tae CHAIRMAN stated that be had been under •
mistake in stating that some shares would be forfeited to-
day. Notices of the intended forfeiture had been given ;
but they had not yet expired. A special meeting would
be held for the purpose during the half-year; bat there
would be no Ices to the eonspriny in respect of them.
Mr. BRAKE/MIDGE inquired how many these were
to he forfeited ?
The CHAIRMAN.—Forty-ilve only.
CHAIRMAN.- Forty-five

This being the oely bulimia to be thweaded, thanks were
voted to the chairman, oe the motion al Mr. Dymond,
mended by Kr. Wade, of York .—n• meeting then
Woks sp.

BIRMINGHAM, WOLVERHAMPTON, AND STOUR
VALLEY.
_ _ _ _ _ _

Hal)' ifeding.Lßirmingiass, Feb. 27.—T. LID-
SAX, Eq., in the chair.—The report stated, that since the
led half yearly meeting, a 'pedal meetiog had been held
whereat the terms of the dose to the London and North
Weitera Company had been agreed upon, and that these had
also been approved by the London end North Western Com-
pany. In the lease It was swanned that the last named company
should provide ell further capital beyond the calls now made,
amounting to 131. 14e. per share, the company to receive a
sum equal to two thirds of the dividend for the time being of
the London *divan! an 760,3601., the amount of capital ex-
pended by this teucern ; the first half-yearly payment to be-
come dos on the 30th of June, 1860; the proprietors, up to
the 31st of December next receiving 4 per cent. During the
past haMyear there has been 64,9311. 4.. 61 expended on
works; more than half the week of the railway has been
executed; the permanent rails arelold down= ranee than twol
miles of road, in White to the Meek is the tunnel through
Birmingham, the works of which are eempkted. It was further
set forth that the weeks on the fonder parte of the line are
progressing as rapidly se possible, in elder that the final
opening of the line may be retried no bow than is neces-
sary. The statement of mod* awed an expenditure sine*
the lime was projected of 911,11111 L Is. Bd. ie parliamentary
expenses ; 18,8021. Ss. 11d. fa unlike's*/ sad surveying ; in
lead and compensation, 310,6371. Mk 6d. ; rail• and chairs,
80,0901. 17s. lit ; works, 176,9801. 18e. 6d. ; and advertising,
1,1171. fle. 11d. ; the total expenditure being 688,9361. 9e.,
leaving a bales.* of cash at the beaker's of 48,3511 fle. 9d.
The report was adopted, and If.. Chance end Mr. Scott,
the retiring director and auditor, re-elected.

COVENTRY, NUNEATON. LEICESTER, AND
BIRMINOHAII.
Hof/yearly Meetissg.—Birmingham, Feb. 27.—J. Blocs,
Esq., in the chair.
Mr.WATE. INS, secretary, read the fallowing report : "The
directors hare to report Mat the requirement of the act of
1847, vie that half the compears capital should be called
up ad eapamial rise to the ompletion of any eels of the
unionakitsi to dew of the named in each act is
now alfilled, and that as applieation will be immediately
mode to the mallow moolnioners to certify that this can-
ado& has been duly 'seafood. On the receipt of the
ofliatet• tram the ommissioner your directors will
be it a peaks to pressed in acaordamo with your
hialroations to tk• renewal, and. they hope, the satisfactory
Ossolowiwa of the is connected with the sale of
the .To data a total sum foe deposit call
eel annest el 17s. Id. has been remised, a total
cam of WPM Ild. eraded, sad that there is a
Wawa k heal ef !OR

report istlVpiel.
The Tr. medaleta alllGOlig, b. ceasiderieg sad &Whig as the
Isle dee Her te Ole 'Maid Comm, or the London sad
NsettiMemira Company, or either dem& wee taes held,
The TART stated that as theeiedieste that bolt
the imolai et the oreepsay lad bees Nimbi hid not bees
Illeshed, it would be assesemy 4em the meeting. Tits
rands( wee ecassquatly to the SIM el April, at
Lamer.

DIRECT LONDON AHD PORTSMOUTH.
Hatrim* Mestig.—Loadaa, Feb. 27.—W. A.
I Ma-
mmon leq..la the shah,.
The IBC read the bilewieg mpert ; " Sim
the last assets ef the reprises, be ailestlea of the di-
rest= bee bass le Oa safe* of the ar-
raepeetst semaemplated Lzwitailastraw of their
meet bade te that mrseing. expended
on this nadsettAbg might be = ellielmal to some ou-
twit be the paepsasa be wYab the, were advanced, but
= iis.repet they an WM enable to mammal anything
It wM be swab, Os =nixed account that up to
tha 31st Damage last, tbe all at 11. 10e. had been paid on
13,1111 shame, sad slue MO period It bee been paid on the
beam nimbi: of Leilddemee, =Wag In the whole 16,384
this.. upon "Mob this bet all has been paid. Two directors,
Mr IL HOMO* mid J. 311. Pawass. Ma. harlot since the
last losit*LeNto ProPrlslore seeranadc their places have
been suissa by R. W. Carden, E•q„ and 8.
kr4lew Tie baiance Mem gave the following items
a, TANK 6e. al. Ilbbessimmets :—Parliamentary
espouse. 47.8851. !win liad "MO%
15,1481. la. 4d. ; law alts Imar. b. 3d. ; land (with
law charges, &c., relating thwale), 33,7801. 18.. 9d. ; corn.
palmation do., 2,679 L lb. dd. ; advertising, 4731. 9s. Bd. ;
printing and stationery, 3061. oa. 3.1. ; incadental expenses,
1001. Its. 6d. ; oMes charges, 2881. 13s. 4i. ; salaries,
1,3041 direction, 1,20014 auditor, Mk —total,
te.104.974L 41.2 d. ; babas* be Mad, 27,5851. 2e. ld.
The CHAIRMAN, to moving the Mugabe of the report,
said be regretted that It wen so Debt, aid that it wet so un-
eatidastary. It was only within this. taw se tarn days that
they bed emend hem Sepias for • easy diarist sash for
the prepetetsse. The meet stated Sea My amid not
anseunse napkins blabs ; be seuM sew eey that they
meld moans me tldng widit wee that the plan
they bed in esubeeplatien had filled. (Hui.) He meant
the proposal agreement with the Lomita sad Brighton
Downey. They mut now go on Oak wouldx,
whisk wield be be June, when the armorstake
what messures they weld to ascertain the liabilities of the
01161118117, Men due side as rapidly as possible, and return
to the what balance might remain. (Hear.) Bat
to to this enclusion, it was necessary that
should pay up his milk se ea to make
itleitSieldsw Yr to all parties (Hem. bear)
lase sobs
meet adopted. elservatioas from several Mbar proprietors.**
wee

2411170111 T, ABERGAVENNT, AND HEREFORD.
Fifth Orf
Ftll M
111C1 is the chairary Methol.—Loadas,. Feb. 27.—The Hoe.
W. Z. MAI 7

-tce iciOitciroTrisl,7l47c&oaso of which crio so
follows : _ _

Niiiie the bat °Massy meeting of Shareholders the
ollalalalleall of Realms hays granted their certificate for
an Marisa of the period for compulsory maims of lands
on the mkt Use, to Aug., 1861, sad Is completion of that
line to Aug., 1865. And the oes4taafspewsn for purchase
of Mae as the Tat Ws Rzteastes has bess:mtesded to
1861, sad hr sompletLeg that Mae to Int Oa receipt of
this sertlfisete, the &maim seek assort IM MO= to the
propristess of the Lissellmossl. ememm and Hereford
seasmoda, with a view to a MON, aoifimtdoa of terms
M somistiss otthe medusa of them toads respect' ,vtly •
mad they have the
_ibellsa le smounee that a providers'
momment Me imeshomuly agreed to by the shsem
Maass of the time osmosis% whereby the period of
W partines of them trimmedis, sad paying the
re=bitities_panisso msi MR be postponsd, the
Isms mil osad,
to, be iel to the o
smotiog.
lac
may,
ismagrasathedwill liosiogyiesel bee,Neilthwrtt
or le be relined Mat the mime of roads
al
In seat of Moir :e
nsmpleingth wails Ms mom
already paid will be
ftiftheis wails, on the other
hand, the balsam still due on the imam may of them
tram loads eseanalhas to AM, MR so Magorbeallatility
on the shmeheiden. Is the smsettfle Me imam of the
tram reads will, it is sapmesdr pm rallideat bath it pay-
mats of Mann is the amend of unpaid pram issasy
due to the tram NM esspeMoot Ma rate of Am per mei.
per essune, sad be delbsiMiltiot
soil= 'Ming the
Fabler seepsallaa. TM that aring
the period of mosonslos of Mowslts of thls mammy, $ am
aprome will Imo beas made lowesiermaigledis of Me lines
meth of Ifareferd, in smooths Milli the limpet. Aber-
gummy, and Heraired Raw. mpalbtkera basing bee.
mtgs./ lam by the llimesbuty est Itrealagham,
the filtrowsbary and Clear, sad illispehire Haim
Railway Companiso, with the Riorewskary red Hereford
commay, through Mash is mob osesseasemst of works
wigs. gamer! sed ftraMmy may be ossildastly
lieshod amid to. It MI be is the rocollesllea of aim-
Whin dist in commies, of the dinette, bribe bees
ems& chat Mial obehrise nimbi to the sirmisseents
.Ittewees His esuesslg imi the Harms/ Railway
sait . Hip bad sit MN ispitelk al had beam pro-
=7l.Sil OM it ism set - my postbags mall re-
sult. WM dies tie Maws,' Compaq have
Sid a Wil is Mum stilmosy, to empa Übe
sempledss of Os MINA TM atessats slow that
Mee the mats la lout $ esidistable ma bat
boss melted Wail& in smoit_, and Wks sum an In
some of realitisiss; It is fay ezpostsd Hat tat sneers '
II tell will et WA toe safileient to meet the present liabilities'