The Express.
London, England, 1849-09-01 00:00:00

belts obtained 40,2641. le. Bd. ; parliamentary expenses
3,885/. 4% 24d., salaries and office expenses 3,4791. Bs. 641.,
stationery, as el certificatm lls 7d., office
furniture 3921. 19.. 84.. direction ard audit 1,6801., direc-
tors ant officers' travelling 'unease* 6961.95. 64., engineers
12,4091 19s. 14 , solicitor 6,1931 6s. ld , banker.' commis-
sinus 2,1641.25. 23., land andoompeneation 104,3461. 36.13411.,
contramors for works 288,9071.9 s Bd., iron rails and chairs
85,3811. Ils. 64., timber and Umber sleepers 33,3711.141.8 d.,
fence railing 10,6811.95. Lid carriages 10,1001.145. 104 d.,
locomotive engines 8,7231. Ss., interest on calls and loans
21.3631. 14s. 6d. police expenses 7251. 158.108., Lammas
381.6 e. 7d., Maims 3401.—total 632,6181. 10s. 2d.
" The revenue account stated the receipts on the More.
catnbe branch fur the half-year to have been 6231. Is. 98.,
leaving a nett piont of 2491. 31. 541., and the appendix stated
that 14,626 paatengsrs had paned over this part of the line."
The CHAIRMAN now moved that the report, with the
statement of savants, be received, adopted, and printed for
circulation. jiir,LirruusaLn seconded the proposition.

A PROPRIETOR (from London) suggestedthat the pr.:
position should be divided into two parts, as he wished to
move an amendment to one pert of it; and after a long
conversation as to the best mode of procedure, it was deter-
mined to postpone the consideration of the chairman's pro-
position till after the meeting had disposed of the various
matters of detail referred to in it. . .

The CHAIRMAN then moved a resolution reducing the
number of directors to six, and appointirg the gen-
tlemen named in the report, one-third to retire
in August, 1850; another third in Augur, 1851 ;
and the remaining one-third in August 1852; three
to be a quorum. Mr. HARE seconded the motion.
After some discusion, the resolution appointing the six get.-
denten named in the report cf the directors was put and
carried unanimously.
The CHAIRMAN next moved that the sum to be placed
at the disposal of the board be reduced to 6001. per annum.
Mr. ALCOCR seconded the motion, which was agreed to
unanimously
The CHAIRMAN next moved that the salary of the
secretary should be advanced from 2501. to 3001. per annum.
Mr. D. LUPTON said it was only fair to say that in his
opinion no railway:company ever had a better servant then
their secretary bad proved himself to be. (Hear, hear.) He
believed his whole heart and soul was in this railway, and
the board were unanimous in their opini an that this increase
should be made to his salary.
Mr. ALCOCK seconded the proposition, °hurries that
equally with Mr. Lupton he could bear testimony to the
zealous services rendered by the secretary. It wee tangos-
&ibis to have a more active and efficient servant, or one
who had the interests of the oompan; more at heart than
he had. . .

The proposition was then at once acceded to.
The SECRETARY expressed his obligations to the share-
holders, and promised a continuance of his best services to
the undertaking.
The CHAIRMAN now proposed, in the words of the
report, a resolution authorising the issue of 10,000 preference
shuts of 151. each, to represent 150,0001. of the loan capita
of the ecmpany, the said shares to be issued at a discount
of 41. per share, to he guaranteed a dividend of 6 per cent.,
and to be redeemable at the end of seven years by the com-
pany on payment of the fall amount of 151. per share, to be
tensed to all such shareholders as shall on or before the Ist
October next have paid all calls due from them.
Mr. SANGSTER wished to know whether this 150,0001.
to be now raised, together with the money to be received
from the old shares, would be sufficient to (*ambits the rail.
way according to Mr. Stephenson's report. He meant was
the report of last February to be confirmed by the report of
to-day ? Mr. Stephenson's report stated that 750,0001. would
computes the line to Laneester, but he expected it would
hays been completed for a considerably less sum, as they had
thrown off a third of the original line, whilst they bad only
reduced the capital one-fourth. Besides Mr. Stephenson con-
templated a doable line, wheresa only a single line had been
made.

--/dr. WATSON, Use resident engineer, said ;the estimates
alluded to only included a branch from elephant to Lan-
cuter, and for that the 750.000/. would be sufficient, but
they had made a brunch to Ingleton, which would cat more
considerably.
Mr. LUPTON said an under estimate had been made of
the five miles north of Clapham, for it had cost 58,3921. to
make the line from that point to legleby ; and 18,2001. had
been laid out north of Ingleton.
Mr. HIOOINS, of Lcdon, opposed the issuing of pre-
ference shares, and urged that as the shareholders by the
non-payment of the calls, had made it impossible for
the directors to keep the promise of calling up only 151. a
share,the board should be authorised to call up the whole
201. He proposed, as an amendment, that no issue of new
shares take place, or any ether measures taken to reit*
capital by preferenushares, until the whole of the subreribed
capital be realised to the utmost extent.
A long discussion followed, after which the amendment of
Mr. Higgins having been seconded, was put and lost, only
two hands being held up for it.
Mr. SANGSTER suggested that there should be two
issues of shares, one portion being issued prior to another
after the Ist of October, sou to give thou in sneer an op-
portunity of paying up their calls.
Mr. RAND thought the let of November might be flied
upon instead of the let of October, so as to give more time.
Mr. MUROATROYD agreed with Mr. John Watson,
and thought that the shares might be offered to all on the
present register of shareholders.
The directors at length acceded to this suggestion, and
altered the resolution accordingly.
Mr. ALCOCK moved as an amendment that the resolu-
tion should stand as originally proposed, except that the
date of issue should be lit of November instead of let of
October. _ .

Mr. B. SHARPS, of Lancaster, seconded the
amendment, which on being put was lost, 8 Toting
for it, and 15 against it. The resolution authorising
the hens to all shareholders upon the present register was
then put and carried.
On the motion of the CHAIRMAN, theDireetpn were

authorised to borrow any sun not exceedlog 100,0001.
Mr. R. B. WATSON then put a number of questions rela-
tive to accounts and ether matters, which were answered ap-
parently to the satisfaction of the meeting.
Mr. Ar cocs. moved, and Mr. BIRIBICL seconded, a vote
of thanks to the retiring directors, which was carried nem
ens.

The meeting was now made special, and the forfeiture of
10,737 shares in which the calls were in arrears, by the direc-
tors, was eonfirmed ; and also the forfeiture of 489 shares for
which new certificates were to be issued to the original
holders, who had *old them, and were willing to take them
again and_pay the arrears of call.
Mr. BIILKBECH said the average receipts since the line
wu opened h►d been 2151. per week, the last two weeks
being the largest. Daring the 38 days the line had been
opened 7,300 pamengem had travelled over the line, exclusive
of 2,500 in the plasm" trains. (Hear, hear.)
Thanks were then voted to the chairman, and the meeting
separated after more than three hours• discussion.