The Express.
London, England, 1848-08-18 00:00:00

THE EXPRESS, FRIDAY EVENING, AUGUST 18, 1848•
___---7--=

be paid for the two yraws 1849 and 18.50, 1 per cent,
only in 1851 and 1852, 2 per cent, in 18342 m 141814,
and the 3 per a nt. stipulated in 183.5 only for the
first time. 'I he e Wel ence alone of 2 per
cent., upon the proposed reduction from 5 to 8,
would make • loss to the bondhoVaers in six years of
five millions sterling, and by the mode of deferred
and instaltnent payments of the new Three per
Cents, suggested on the part of the government, the
loss would be not very far short of Oleo m'llions
more, as calculated by M. Lesseps, the French envoy.
And this iniquitous scheme ia put forth on the part of
a government which has capitalised usurious internal
loans within the lest few years at some 300 per cent.
above the amount actually received in money, and has
since punctually paid interest, as it does yet, at the
rate of three per cent, upon the stock of this privi-
leged internal debt, whilst the foreign bondholder
has not received a single real for years.
NNULIPD FUN DP
Bank Plate. 16811 India Dumb, under.Cl,soo, 27 31mi
3 per Ct. nod Ann... POllO 41 conuolu for Amount, 1158 6511 010
3 per Ct. Cuo.Aurt+., 344 6AI 6 Kerb. Bill., CIAO, 510.. Mr*
New 31 per Ct. A1M.... e 4.4 I / II: Jun, 24
Lang Annuities% esp. 4th Jan.. Data. ESOO, 21.1., March. 32
1860, 13 Di Ditto Sundt, 2/0., JLLIkt,
India/tomb. i 1,900, 21 8
FORICION FUNDS.
per Cent. lbssilien Tionda. 704 I 6 per Ct. Spanish Pareive Si
3 per Cent 'WIWI Donde. 1626, 68 21 per Cunt Dutch attiviantu, 12
6 put COIL $lOllOll.l. 1546, l 7 444 /
6 per Ct. Deaden Bdu., .6 et.. 99/ 4pa et. MU° Geniis. 701
a/WHAM/an AND 81 iteli•
Aw.Toitoix. Auu. 16—Dutch Act. Debt Two.and.a, Dal t per Contr.,
434 414 ; Ditto, Three per Ceote., 511121: Ditto. Pout per Ceuta. tali at;
Amon. *ad. Thrurand..llalf per Cent.. 67 684. 1. Lunt, Four
per Ct., oatft Ilisehongos : On London. 11.95 ; two 11.87.
Hamburg, 35. ; two notate., 36. Paris, 66.76 ; two month+. rk.26.
Inland fund. wen, ill general demand. especially Threw or Cent.. Flee
per Cents. Sp ent& maintained Lhelr ; and Throe per Cent in
Net. to roe. Portuguev kept their prior. Andrisip, In oat
sequeitou nt the Wither exetance at Vienna, were Ilueldolly Improvud,
tupecial /no per I.:entu. No particular venation in Chu Rumania
funds nod the nut maintained their a.
Italia w, AL,'
,91 ; Ditto. 1842, 191: Ditto, 1
111 044.
: Ditto, 1638, 614 ; Ditto, of the City. 1832, ; in 43, 78;
Dank of anew.. 64 64; Ditto loom, 18411. 0.11. Nrchange utt London.
26 474.
A arose,. Aro. 16.—Exclunce on London, 25.45.
Vienne, Ave. 10.—Auutr0an Vire per Cents., nef ; Poor per
Cents., 68; Ditto, Three par Cantu., 46 ; Ditto, Twowanta-ligt per
Cento..44. Lean. 1a34. 130' Ditto, tra
Beam Arn. 15.—St &held *la, 904 bins. blicbaintoil On Lendob,
6.231 ;vu Ilatuhusg, 1511 ; Paris 814.

RAILWAY NEWS.
The market was quiet, but not worse in the earlier
part of the day than on Wednesday; on the whole,
perhaps, rather more steady. But we bad an un-
favourable alteration when the result became known
of the Eastern Counties meeting, at which a reduced
rate of dividend was announced by the directors.
Shares generally were more or less depressed in
prices afterwards, and the market left t.lf heavy and
iiscouregingly.
iDtAKK LIST.—LON DUN, A UOUST 17.
Nora—'l9e quotations of lines la Bouctri attune...to denote actual
Inatuactloas: %boas of DDOB /Wats alleneyrices.
PAID.
311.

..~..

-ti 1A440.. II P. Weattet
42. Do. New. SOL
34 Da. Rod. 4.. d. •,
50 IN. W.. listAi
10 Dr. do. Maki
U 1 Ito. Third.
1 Do.N.S. Prat T e! :
it 10.D.1,44.c.0.--.
it W01...5641.0L...tr. Ice.
4 MM.. INV. II: Nat
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14 lb 144 e lul• Pr(l•
I. Munch. Atktothamp.
21 slidbusd .... ....
21 DO. 2.:. Awn
IVO Is.. It.t.e. a 1.4 t,
1.4.1 Dv.o. BAAL Dz. 1
IS I Do. Br+ 0..40
42111061.1-0. W 40.1144.4 •
I.lolNewesstls & Catlide
23 rellMarltel
U North British
1 'BO.. li.hons ..
Po. storages; . :
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10.1 NorfuLt ..... .. •
1 4 Do. Na. WI. Cl.
6 Llo.tiuvrl. Sip. 4.
20 Dv. ./11,1-43..P. ett 1.1
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2 'Nur..., a WA. Item,.
444'N0rt1484,440% !Wm*
SI /WM Weston
lb 10af..V10.‘,. Moly
11Resst.01.441. a: Hew.
1.1 goals... Nut 11.1theo.
licotudi Clootral
1' Ssultt.s2 016.2..14.1
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Lis., Ms.. N. J. Do. M-41W•505.C1.
London t Ind Aran 44 49 roat.t• lUsisamte.
Do. ruination... 4. Anglo. 'Minn
Wm, briatitoo. Dia 8 t 20 or oo a Asoloso
1 Lb. thou. Ein.ahs. 22 Md. la Coco I SSA° sal Vas
• Ds. da.timer.6y4) 0. a Deitch
I; W. Prre.issop.V. 15 47 nd. la Swan
3Do f 6 7 lasisobang
' Do.. Nross ya..ip(s Namur sad lanes •
121 L nee • Una • recap le s einem et Frame
IM De. Pre/e29110...... Pried's', 4 iterdreva
.10 ...los N . wester tI4 130 dII Awls odd LP,. •• • • •
11 In. I taws 40..a.d to earn and or num _
T Do. do. Now 7ll to ..Honed 15 11
2 Do. Fifth. 4 e.el. il Ports eterostiouro 464
,v Po. L. eM • ZI aO.lll sad llarie
9 De.lol,sh.oteat h q lip. 4,111, .14 Ilrus., 224
43.101.14. M &ft t lip. 9 Tours and Nantes ..
1 Do.lof.sh it II .14 0, Wrat ts.ktm.• . of sa.
MEET 1 NOS. —ORZATWItaTtnn. —Ralf yearly Meeting.
—Mr. C. Ruseell in the choir.—Bridal. Aug. tf.—Tbe notices having
ben read, the Chairmen saki it was the duty of the erasers et that
meeting to lay before the proprietary the mulls of the seepesy's
proceedings in parliament during the lost seem, aid be drdi'die.
charge that ditty with ths sneer nekatectlan. Meson he manaanY
hoped that it might bathe let semethas spa width be ebeeilvu
to discharge ouch a duty. biped awl bilooda dot Os ti a &le,
as legal erschop sad peekensoley pare
way sway
iwt=ele pre
WM. 'The petwallelp ako Oeue worm Omapay
Oa bet par steles hod brimtheibleil wS m the
MIIIIPPINOpmabis bed set bethalsest sib my line,
awl lel eadwaltheessees le the eserphei eff thesa.easa-
ores el the bet swim et pediment whits we telleefeew to
make good Mir peddles spirt the gee* Widen may.
At the let baNyweety waft be pithel doers Sea the
minds of thease Wig visa onteted,Weild*Will Wok hill
to Windsor. Ildt tbst thole alio b. Min Lire read on
stab droop allinier =1,1112 wail be terc.hi.ei
to deny it. Shy bed set beta loparba
their 1111, and in wee their bisaded W peeped se Mile no Pleghie
in the ansistrelles et that then btu' lie object of ft vas lo pre.
vent thee teas beleg When meg by dr tooth-Western Colifemy.
Yrld ha beam{ that le weld pees eeriest for that P
opinion wee, -be Mow, dithetdri dieted Werke orrioult-
Western lir* MI WaWdagolidipa tsalllgdr be thee esupayeseelde-
Table advantages. to. did et bases thee meth waled be ibe ease.
leery that bug rhea pre deemed that the balker the
traffic between London sal Whief Weatifiesected with the Word •
end net the eastern end al the thateeple ; rid eltliongb nee ad the
train would id doubtedly be tardedeep the South-Weeters Ithe, yet
hi. firm (mere* ion was that the psi balk of the ea* would
continue to ore the Greet Weems lies. On the otkarbiled, the
South-Western Company had obtained a bill, which was
loot session, for making a line d railway from
by Yeovil to Exeter but in these days the pier el
as sat of parliament' and the men of a railway were
l4saao me.as synonymous terms. TM line of railway from
eto Elecr had ye to he eartructed. The entire
aistore emit be ide miles, Slid putting lie east at 20,0001. per mile,
this mail swain a capital at 0,000,0901. Now he msked them ms
rational maw eaunercial men when they would find people in
these dna be mho • Med Mime weepy 6,000,001 th over balioNiry
Philo sad arggsligmh *was at Mothered, sad lerborne I But
supposing tt puelble art 1/1110 &aurae= Medd arise under
which the ram" aside be node, be ded re bathe that it could by
porothility sheinat elf theddethble wrath of tbs. Greet 'Western
truffle. They badebbdued a bin toothed MO keel liosprford to
Westbury, and the pride( sad Rader Cbeeppy to make one from
Cantlecury to Swam°. By the siodielles el ;thee two short in,
terra* they would have a dbeetAlee liewt leadento Exeter. only
mile and a huff longer than that d by Yes South Villrern
Company, pawing through a eel g noel efj,,ntfy, end
• wrtlag ale the admotege9 of spied a bead smogs
aue_
Ha (the Mama), mono* ROW ot tn. South Waders
company'. obtaining that hill. His deliberate conviction cm that if
ever the South Wtstern Company should be so ill edited as to' con.
*trout thane, it would ',runs more destructive tither intereeti sod
more poeiasits•lL:iinotrAis thrii the
iwattetillombeldlet'alr44. t New.
:gags of the loath W%stitet:Cemparty--they went ths ors joacire of
th*
""
int=
WIZ'? ="1 wal
lee °M-
an nith the of tb• W„ bowed Mkt
ha lad sot etheeded the Wade et the bbseewe
lye ha had. Bs knew It would bre.isd ape Wl that ff the
non& event Company wt to the imp thp lino Western had
par Milts north. and it would be sea Wert ledges bad com-
pany. galas Lath Great Waseca le preesed lie Nagle, Dir.
Wolvethampten 1 Ms • prose are that it ear
reCiteir withee—Lyeawthth the eththeatsPePthee they weth there.
natal deb* to Itegby ire tundra muesli Now, ea.
quell with the TIMM IWNOMIL t. iwalits a Um ea Ithe seirrow
pep, *roast the via biegibt dessiadsieptiat,
wee would bath W tin to. garpriceng
bed est the' - threes
dews titer maw, moth MO& Medd astatheekte theme
eirtenetkaase he a spirit of biter. yes the With al Swim up
of easy lebleb be wished 1015.sesa; bete we Baldts that
(the let)
_eseasion nemesia do ee. toested ash of ,
isnr=rewirer =alit 4 lb° askto wake
warmeey,eld it has beta
the e. spirt ebi Leis add Wltft Wasters Coatheay.
maw ithe
taro nLthrhirmi eadajthratior
,datbz gryt ham:
op; sad the loped dot wish *at as Zd had bass
pet to the mistier bat so .Jag sub.
rdbetween thee ...rrrsVestern Company. In
peeent parliamebt wary hostootiot with their rivals had
Ms mottled, and be dusted that they ab he too wise is revive
had been the duty of tlie, &talon to protest thee trade ;
Wthey mist aramily aedred to picenote omleeble feeling with
4,11*.040b7„,.and M Mame fiat thee had neer been a mote
=lt r1"1 eu
w do
amrizriigettlwrffeirlid:itsieulimleVrielgre.
m
mow,. Tr,. it was that their roxelpta had not been
No
hapelilonid be wider etreurarteneee °remoter national pros-
=be dim it poet be regarded aa entiedintory, when they
similikop through all their political relation.,
nig thkettorprootatiga of fossat.voi401on17101011•124 Nat through-

Did
'ld.
iv.

sap.
17 164.

!444d.

km

11484.

15,d

4 6d L
- 0,1
1?4! YT

zz.b..:lso7:l7:l:ll°Tre.ff:rtil.z.,7::::(4.l;dl:ll,lr;:zdt...kiwgf:i,nL,ft:::.w.rbi:,,..f.:o::Eb;:d.:llht:ice:::inuritkots.mb:regttb4bi:g.byri
Mowry, oldie a veer few on:. had ince...sot their traffic. 11e wee
happy tow that the G. cat Wetern woo in the loot miegory., Their
milli had increased, and for the extent told details he nom. again
reef them to the repoet. The ins ease, unfortunately, hot not bejn
rod , tt
lin proportion to the meet of new Um which had been op
the `:wedm in mind thst It bed Ply beim opened for • short
Lefed quits lamilleisat ke the developmeot of the treffic.
, wee to my that It hod been progreesively in-
ebrie=......imi..th.ifeceatmerdiiisfy ayi...rof=
jib opei
.:170„,i.g..t...41.....it ehooogio.,bil.a.alsoablith.b.be.,...l
oarthbdir:e.
tiro of a *hedges to Exeter, sod the bash of its eetabliehnient
mold only Molly lowed when tt @Medd gotta part dim entire bile
open et both salt The sap of of the compeay bad nemearily
hiseesseL It had been ategeory to MAU* stadons, and clerk. and
porters era the new trine, brides" which every addition brought
their lies labir saw petal:mend cooled an addition to be made to the
setae sad charges. lie should state, however, that the Item
P toe MeeMedved armada of rate. to the extent of 3,3001. for poor
rates, width had been in dispute, and which properly belonged to
otr.ucd,...hot padodo; sadtb.o In the
asreeseetipsets,
wiltretyhelne.lruded,..terrarearst.p.tarmi.
in
the
locomotive mimeses there had been no increase ; on thc mammy,
if they compared the experiditurrwith the work dune, they would fled
that It had coniderably diminialted. Mon malting • caretul review
of the mounts the directors felt justified in t minding the half-yearly
dividend of three-and-a-halt per cent. They were all aware that the
half year which closed on the list of December was always more
productive than that which cloned on the :mix of Juno. 11 was the
coreideration of that circumstance, ct noted with others, which Induced
3lestdiv.,crectonrs.b.trecomme mdie,mito.the
bretiadrovb..etionrs.,doi
..a
iltahrgerr,tittancertvoent the
continued thermion in the value of all ritilway property, and they
were newt anxious to reduce the expenditure of their own under-
taking to the lowest possible umount, and a committee was ',omitting
to nee what could be does Mesas a etoucing tho expenditure in every
department, as far as was connotent with the primer/ mmideration
of safety and efficiency. An inquiry woo 0100 peas *ding na to the
contrieutue to other companies. Of melee the receipts and expendi-
ture of midway campaiiirs were both, to a cotoiderable extent, air.-
dent co away moos beyond the reach and contrail of any direction;
but whatever could be done ought to lie done to decrease expenditure,
and augment receipts, and the director,. were fully alive to the ne-
meaty of
_devoting nil their time, atom ion, and energies while lam-
ing theme% this period of great national difficulty, to the giving
strength god Improving the financial ouudition of the company.
The neweary then read the report, which art forth that upon n re-
view of the accounts foe traffic during the eat six mouths, un com-
pared with the some period of the year MT, tt would he seen that an
Meer, bed taken plaice of about 21,0401.
!The expenditure hall been
Increased by Me escrow, establiehinente wking the addittonel
railway art atetiero, as well th for maintenanoe of the new permanent
way and works, mod the payment of parochial rate. in reelect of ouch
new linsa, ladeprodently of some orreani upon disputed amesoncies
With to
le to all there matter., aa well 05 to a careful revision of
the whale aaPendfilve of the colultelly, the directors were employing
their best 'Radom to prostate such rigid emuomy tot may
be quite cosuistint with the safety ot the public and the
good management of the business confided to that charge.
The directors re onimend that the same dividend as before, of 34 per
cent. for the half-yeer, he doclatcd, at this meeting, to he payable
from the damnable balance, which will Mee the sum of 7,e21/le.7d.
to be carried to the credit et the current half-pose. Acts of parlia-
ment have pored during the prevent ore ion, upon the aoplithti. to of
OM comp:ley, for molting a line from llunaerford to join the WiPe,
Sumerwt, and Weymouth Railway at Weotbur r, and be. asking the
sheet branch troin slough to Windex e. by the tomer act no eultecat he
made, and consequeetly no Mayo token b. one red with the undertaking
during the next twcinnionths, It will Ire remembered thst the pro-
pnetors of a projected London, Newbury, and Kali Railway mbecrilied
under an merriment shout 460,0001. toe a guaranteed 5 per t ent.
mock, and paid up the depend of la per cent. towards the Bungee-
ford Extension lute. It wdl now be neemeary to eAI open the
i artier to deliver in their claims for rev istratim, preparatory
to any moisture being adopted under the provisions of that
att. The agreement with the subscriber* to the Windsor
Reilway entttles them to have two Great Western atoms
of 201. (bearing a pro rafts dividend only after the completion of
that IMO in substitution of three of the original Wind..n ebares of
2111. each, allowiug to them out of the two Great Western shares for
401. the a= they had previously mid as domit on their three !
Windsor share,. The utnount required for the construction of that
branch beyond the rum payable by the Windsor nhumboldere, le to
he provid. dby this compaoty, and the demon, have re..ui to believe
that unati•facuey arrangement can new be effected for the completion
of it without drawing heavily on the pecuniary rewarue of tee
company, or creating any preferential shares for that purpose. The
line of ra lun from Reading la liasingetoke. and OW
nu
the
Great Western near Chippenhom to Trowbridge, flooletrif, and
Westbury, will be Aninbeet within a few A rekr, and opened for truffle
It le the Intention of the beard to reduce as match on tathible the ex-
peroliture en new works, and for the prevent to arrange fur an outlay
of money only match portion. as are far admaced, and likely to add
to ths revenue of the compeny.
The catotal acetunt to 20th June loot showed receipts at
11,437,2771. 9e. Id.; the payments, 11,311,1.69/. 3s. 3d. • balance,
144,21,01. 3s. ltd. rm the revenue account It appear. d that the re-
ceipts were 319,5421. 2a.; diaburseminte, 229,1171.4*. 11d. ; balance,
290,4241.175. td.
A proprietor inquired whether the company was not imder some
legal requirement to reduce its tolls 7 —The lthairo.n said it was very
true that a queetion had arisen out of the construction of two acts of
parliament paned in 1947. The directeee had taken the opinion ot
the meet eminent men of the common law and Chancery bar. air
Fume Kelly and Mr. Turner, and they were both of them deddedly
of opinion that the Greet Western Company wee not liable to any re-
Minion of Ito toile until the London and Birmingham an t the Hie- ;
gategtuon, Wolveehanipton, and Dudley Lo were tranderred 1
to them fur works, lie was as are .hat. the Atlorney-Gentrel
and noticitor-Gmeral had given different o. intone. As lift-
gstion Wad probably arise, lie would my so more as
to the legal question, but as a question of common Muir and
hoarsely it never was the intention of the Great Western to submit to
a reduction of its tolls until it had received that which ma to be the
comitheation demi reilactlon, mod he could hardly believe that by
any mum tochalent maim Grit the act of parliament could he mu-
'trued in such it way Os; so pretedue so great an Injustice upon the
conspsny. However, if tiliaiffilimsenil be bound by the act of tortiamint
to
so do. he woo webfoot re a itmettot at prom and 100, the
Great Western would be sa * the enforcement of the law.
No tympany in the !MOM' gam the peddle such acosinniodation
no company one tai a member of Marna or gave the tame nodtaaftlo-
elation by its esteem help both sate speed or they've. of pathogen
it carried, and no iimaprear gave such aconmmodstion in the way of
return tickets. Utley &mild be compelled to &Meta Mete fares,
tee Yana Mantel the meommodation to thopubile. and the prep
smut no ...eh en event would rest, not with them,
M=.11•••• wile sonipelled them to it. As a question of profit
and la* le Minted that the alteration would benedt Wets.— A num.
bee id tithoes were then put by different proptietors os to
tho liab of Use company and Bons in the amounts ;
all of whisk were satistaciordy replied to by the chairman.
Adel • deal of desultory ounserudiao, ohledy with • view to
abet co points of detail. Mr. Core ease tor the purview
of that adtvirkind of 3 per cent. aknoild be declared impel of
34 pram., e remetmended to the report Mr. (ion founded his
motteanpathe large liabilities of the company, in aspect of its
leasies sod its engagement' to other companies., and also the amit-
osis of Ile balance which would alter paying 34 per cent. be carried
avec—The Chairman replied to this that the magnitude of their
Malan ought not to alarm them, provided they were
undertakes upon terms adventsgeous to the company; end
he then went into an exeminthitei of the engagements of
the Great Western Company, glowing that in moat breathes
they had engaged to pay a much smaller rate of intemet Menthe ham
they took would be likely to produce, and that in one only Miff they
given, under eircumetancee which they could not control, what might
he comddered to be a lull price. The chairman advised Mr. Oare, if
ha should wish to press his resolution, to revive it until the resole.
lion was adduced acciaring the rate of theWentl. This arreggamem
having been amented to, and the report adapted, the chairman
brought forward the ies Hutson (Or the declaration of • divide's'. if Si
per mot., and in eo doing he considered the din-cues 'erre Justified in
recoisaidsting it, partienorly as the hialf-yeer upon MUM they menu
entering was the roast preductive half of the year. .
Mr. Gore then prepared his motion, which was opposed by the Rev.
Mr. sadler, who entered into arguments we a view to rustily the re.
commendation 0. the directors—The Chairman remarked that et the
last half-yearly meeting, when they had wondered it advisable for the
Interest of the proprietors that the dividend should be reamed, the
director' had not shrunk from coming forward and advising it, end
pressing it strongly. 'they now felt that they could with lacy recom-
mend a dividend re St per tent.—No lemon having come reward to
second Mr. Gore's amendment, he withdrew it, and the resolution des
elsring a divide sad on the Ist of Sept. of di per cent. posed. A reso-
lution was then adopted authoneing the directors to take steps for
=seriwith the ioiedou and Windom Branch, and thanks having
notedg ha the ileum= and booth the meeting, which waste
the whole a very satisfactory one, separated.
&kinking COUNTIES. Half-yearly Meeting —London,
August 17. Mr. 0. Bodeen, M.P., in the chair. -- Mr. Rooney,
the secretary, rand the directors' report as allows: 'lite dimmest'
• beg to announce a dividend of On. ter share of 24. each of the
(onion latest stock of the oomph y for the Regime eticlicg the
4th of Jule Met. The B tamales of the York Extensioo Shares some
to for dividend for the tine time this haltiyear, making the number
of shares upon which dividend te ramble 287,121. The annul half.
yearly reports have Men received from the resident engineer and
from the locomotive superintendent. The permanent way, 'Utterly
Ike., are in a satisfactory state, and the comptuy's stuck, mane.
(=ring., he., are in a must effective condition for earn tog on the
Increasing traffic upon the line. The Malden, Witham, and Braintree
Railway will open kw mods traffic on the 131 e Mt., and for pa,
Mager traffic on the 1 tof next month. The Enfield and Edmonton
line will be completed In the course of the autumn. With the excel,-
Won of the line of 12 miles In length between Dereham and Palen.
ham, and the corop.etion of the Lowestoft Harbour, contracted for by
the Norfolk Kola ay and e utinued by this company, the directed
have no other work, in warm. The direetots have received notice
from the (teat Northern Rahway Ounipany that tho northern paedon
of their line of railway will be oar ed he. teethe at the et.d ot dept.
ember. Armaments, of a satisfactory otaracter have been made
for the we at the Peterbniough station by that company, and for
the establishoseit of through rates lath tor parameters and geode to
and from the Eastern Counties line to the rtations of loth the Great
Northern and of the East Lineolitehire Companies" Prom the itute-
mint of accounts .o 4th July last, toe receipts on construction lir:Wont
were 7,1344,60/.7e. 6d.; the diabureementa,7,666,tha Ilia. Id. ; tearing
a balmier ot 277,9280 ee. Ice The revenue tucrount to the half-year end.
leg July 4 showed the receipts at 342,0741. I Is. Bel , and the Whence,
alter defraying all charges and the interest on the ext. nsion mok
I and 3, at 118,8921. Ito. ltd. available for the half-yetiee doidead.
The Clathemen then moved that the report and statement of ye-
eounus be adopted and a dividend of en. per share, for the holt year,
be tieldtm or after the 4th of September next.—Mr. Mace teethed to
lathe by the number of Mired mated in the report ;2/17,121) was
lade sp—sthat was the number three yaw* opt, how many had been
eroded ilk end what was the number of forfeited Mores I—The
Cbairioad gpgad that the whole number of shams booed was 491,000
paite,
—them IMO /OJOS yet to come io, which would be liable to receive
ofeitheth,„ they came in; but as Moe Mime bore interest at 3
per and. 4iVideni being 4 per cent , 1,. was not nrc,,,,,,r ' to
maize,, gordade on acemmt of teem, us the interest owing to the
~m than the divldetal which would be ale. AI he di-
rectors Mere y r produced ustalay the actual list of the shares re-
gistered.--11r. Prim averred that three years ago there h..d been a
voneuilliM3Se.bairta. and
fo thee hid hied frewh.crestioes duce ; the
Pturtfehles. to ore lurmation on these pante, and also dto e
the teethed —The Chairman said this company had laced cer-
tain dame, el ihtteh it fad kept no register, and they pad no hold on
• Ow prase ellilltid them, nor andel they eneepel them to register,
sad acme of eMerholaters bad Porto to forfeit what they tan
= threibid--theltmlhrmettl'ef llls'aleih'le'e nman.rsEetaterTra'reoedhad2ol=
sad there was 79,633 A. laid IL sharts.—Mr. Prior had
said Peres eg a ihmount through not being aware of the arrange-
=entail( the atheism.. The phairman, who obteeved that every share
he held gatpacespogy had Oct him 23e, teamed that, at the next
meetl*, be tetrad pm a statement how the several classes of Asarco
were mooted, sad beer they were placed. The amount of calls due
on all. the shame wee stout 40,0001. or .50,0001.—thr. Heard asked
whether it, was intmehd to pay off any of the tom capital of the 6 per
t-qi. ask., : Na at promo-eA wetter of ether
r agthWeedge pet, sad 'elicit explanations to the following effect :
.OM telineca meont of the Norfolk Rom the balance *ails
aMa it deaden& !es be the two meeths d=ta.witlek the Eastern
Oreadesbedhadthemiddagefthettlierathetheir own
he the puma baleen Pat tidtgwegthe.daritood 0 both
.F.
moo* wowil. Epee 1/11111 loameneeemeelling debts
ter soma nt
le mitres inserted la lortaberstmegarxfty ~, ~.
l!milks; ad toped -Mama theta twO other
trail her Mberrirt, the eheinneassiald not pledge.
en le the haul moues not marten the &minds
7 *Pap inessZOf lOW were included in the
so -w. aewast. kr 1 L must be recoil. cted they had
a ilur.•
inditila
itloi=ll Parilopast to bold tbsi
It, bil thought, eery sue-
. hid Imp "pyre @mai; expremeatearret Noce In
1 I.49lZezipme"i=d, 011igniel lia•oark OW hod smoreded
get to •IfiMal=3 he diehlase aa the Effia;e%
Naha.. Mae. Itio Opel the directors *am to keep the
expenditure el tha company as low as b they
would hare esfilatelbed their duty if they =at in
made the
attempt to Opnokt the property of the by keeping
the county to fir alteistrielkos to thenuelmei."77ey could have
foreseen the dahlia the potato dingo, the Preach rim-

lutittn, and other circumstances which had since liappeptel, and by
which every escription 14 property had been affected, they woad
law Mew twin r to keep their money in their pocket.; bet am the
meetly recovered iterlf horn the Merkel to which it had been &ob-
jected, sad as minium and population ittereared, he hod no loci tt rail-
way property would improve and that the peneriettore would havens
resteat to regret what bad been dune. be Ba. dividend was not pro-
tean: to be clear of income tax.
A Proprfeter moved, as an amendment, tbat the dividend be en. a
share clear of become tee. —Vas amendment was supported by two
or three other proprietors, who complained ot the gradual falling off
ip the dividends, end urged that an there hall Semen increase of profit
on the working of the line In the st so
7 compared with the
previous half tear of between 1
ana ,0001., the income tax
should be paid by the campus aid not by the individual Mere-
holders Another Proprietor reminatat the neimeetee for the higher
sum that there were 40,000 new shone corning Into dividend this
half year. The chairman said he Seated be satires' whichever way
• the question was decided, but he thought they had better are the re.
suit of the neat half year before they iscreeeed the dividend by the
mount of the income tax. Ile had e very twee that their proepects
would be Islam during the next six month% and that tile traffic
"mould bones : but It was Memorable to be fenes-en what might be
Stem result. Though the weather was at prevent bad here, it was peel
ha the north, where there had scarcely leen a Mower of rain for a
week. The directors were now examining elsely into every branch
afeenenditure, with a view to monomim ae much as posiMe, and
• they bad already decided on vas iou, change. with that view.
In the fleet place, they did not intend to run ei.• many long trains—
they prepared to run only eve blame of seven or eight
V Itis a day between London and Cambridge, and by
this and similar generations Mitch might sky be effected—for the
public were now mart reasonable in their expectations tram railways.
than they formerly were--they hoped to rave 6,00 u mem a week in
the working of the regime, and of mune there would be a cone-
' evading sieving in engine-men, firemen, poke, wear and tear of
' engine% and other itens. The present low prim of every attack of
railway use, would also enable them to fettles the expenees to tome
degree. Be teemed, under there chemist:mom, th • proprietors Would
wait until the neat meeting I More they interfered with the dividend.
The balance Left, sifter deducting W." dividend, sat between 3,5001.
and 4,0u0/. --The ene etdn.ent wan then put, and about twenty hands
wens held up In tie favour, at lest einedetithe of the meeting de-
claring in favour of the original remit/thin, which woo carried.
The Chairman then moved that Mr. J. Peek and Mr. J. Reeves be
appointed auditory., and that 201. each beetle...eel them fur their ser-
vices. A lon duscuraion ensued as tic the peopriety of the auditors
being named by the shareholdere instead of the directors; buten
reline of the former giving their untimony in lemur of the two gen-
tlemen propped an bring in every way qualified eir the duty, the nmo-
lution wan leveed uniinineruely. --A Proprietor inquired if there was
any intention to intense the Colchester station, which at present was
mint Inconvenientt—The anneal n replied that ntil the ternprietars
were heater paid he must net hin thee imams any large ezpenditure;
if, however. the accommodation at CoLeheeter mild be improved by a
trifling outlay, it ithould be done. lie had gone over the
line the other day with Mr. Waddington to rue in what
way economy could be carried out, and had found that It
wee poseible to reduce the number of persons employed,
and thweih it was painful to him to have to discharge their ter/ants
he had felt bound to do eo. If they had got the line nort heeds' they
might have been in a better ',slam-1n reply to q Radom; put by
Mr. Price, the Chairmen added that the whole of the I: per cent stock
—the amount of which Wail stated et 311,001f1.—bud not been taken
up. The preference stock—which amounted to wane 3,000/ or 4,0001.
—belonged to the popriethire, and though it was not intended to
beteg I. into the market in time* like the present, when sold it would
be fur the benefit of the company.—
any shareholder asked it there wan
any prospect of the Harwich blanch tieing woo : ceried out?—Mr.
Wanduigton, M. I'. (the deputyett drama said that would depend on
the Ester n Union Von-Many; but he thought, in the present state of
the man y market, it was tot eery libel; they would en em with it
Me. leagenaw, ALP. (a director), eroten'tel attend his hon. friend
giving an answer upon a matter upon which it was evident he knew
nothing. This company took a great intereet in the Harwich
branch when it was flint projected, and, it was only by an accident
that it did not form part of their branch line ; but it had been esied to
the Esestern union line on an agreemt e f 41 per cent and half pro-
fits alterwatda So be from the state of the money market having
anything now to do with the pregress of the Harwich branch, he
could state on hie own knowleuge they every acre of land between
Manniegthee and Harwich required had bees purchased. The hoe had
teen :staked out and contracted for, and the works would be cam-
anneed within ten days.—The Chairman stated that the liubulty of
the company ad to the Norfolk line saa limited te 2,300,0001.; if that
amount wan exceeded, the surpine was to be deducted from the divi-
dends of the Norfolk shareholders. With regard to the Newmarket
line, the circumstances were th •- Warn he meunimereltd
to the penprieteirs the leasing of that lin , be underntood that the
capital memory to complete it wan 400,0tha. but on going
iota the . question afterwards with the directors, he found
that it would require a much larger sum ; he then
intimated that without the aiinctitna of the proprieters he could not
carry ma the proposed arrangement, and whatever agreement might
hare.after be entered Into must be ...timed by a meeting of the
shareholder'. list what as contempated he would state. 'they
meet not forget that the Newmarket line was to them a line of pro-
tection rather then of revenue. It would be moot inthinventent to
them If any other company should by means of the Newmarket line
get scram their line into the Norwich lire. The proposal woe to
sweaters 3 pa cent. on the share capital of the Newmarket Com-
pany for two years, and afterwards 3i per cent. in perpetuity—the
amount being 200,1100: this was the extent of the li May except the
mortgage di of the Newmarket Connmuy, which they (the Estero
Counties) proposed to take also and heist with as their own stork.—
Mr. Price : When will the Blackerall branch come Into our line 1—
Mr. Waddington understoodilust it was in contemplation to open It as
far es Bow in toiler.—Tye Lanterns', in answer to a proprietor,
odd liar Great Northern were, by an athaneernent entered into, to
come into the Eastern (bailie* slat on at Peterborough, and use a
part of their line, paying Gel. 13e. 44. pre cent on their receipts for the
accomettodutlon, hiking the remailnkr for their owe expense and
'profile, though it wow not expected when a company used the nee of
another for the purposes of its own tr oath, that any pratfit was to re-
sell. This would he the arrangement till their own line was opened.
—Mr. Cash then proposal a vote of Want. to the chairman, who be
complimented on his determination not to incur umuceasary expendi.
turn, adding, that railways were now in that state that, uteMs they
were managed with the strictest economy, the proprietors would ob-
tain no return for their capital.
The Chairman, in acknowledging the eorapinent, enured the pro-
prietorn of the rainless of the baud to make the line as profitable as
posible, and *aid that, but for his anxiety tq meet them, he shop d
that day have been en/gazed in paying the Ist mark of respect to de-
parted worth—he should have been attending the funeral obrequies of
the late Mr. Stepbeneen, in whose death dad suffered a great
Ines, and who had conferred perhaps greater benefits on the world
than any other man of the present age—
eat
Oct the rich and wealthy
only, but on the poor, who were not able to help themseive. leis
- numerous improvement. and insetton Is cheapening the cost of
' fuel, ustredueu.g improved methads of eommunication, anti other
purposes` entitled him to be regarded as • great benefactor to his
nem% and his departure from the world was an event they meet all
deeply deplore.—The meeting then terminated.
SOUTH EASTlllini.—litytoarly Afearing.—Londan, Avg.
17.—Mr. M. L. Pritchard in *hair, who expressed regret on a..
*met of the absence of Mr. Ill3er from indiaposition.
Tee directors' report ecteemenad by stating that the accounts for
the half year ending 31,6 July, 1818, showed that the receipts
amounted during that period to 210,3651. 5. Gd., the working ca-
l& neva to 87.1021. Its. 3d.; the rent of the Greenwich Railway and of
the Whitstable Railway, 21,3721. lOs.; the rats met government
duty, 17,9701. 84.—making the expenditure on revenue account,
106,6451. 7s. 3d. The ketones carried to account of profit anti lees
was 112,7191. 180 Id.; and that account showed an &meant at the
disposal of the proprietors of 106,8367, IS. led. The sum of
713.1461 134.44. had been received on aemaint a cane ; 457,1411 fa, Id
expended on conetruction amount; and 170,750/. for mortgage beads
and loan note. paid of The dtheettore, en reviewing the stele of the
company's affairs, theaddoring that to a intermit on se large • Mtn
of unproductive capital as the No. 3 anti No. 4 shares represent was
I.rejudteisl to the int- reels el the company, had resolved en finishing
the works with as much rapidity as ie consistent with economy aid
durability. They had ample means for completing the whole.
The agreement made with the London, Brighton, and Suuth Cost
Railway Company, alluded to In thetas report, had been sealed by
both companies, and the toile usually introduced into the ameants
were now excluded. In consequence of the near completion of the
North Kent It ihway, the directors have euesidend it neceragre to
prepare for a large acceseion of thank, and bane in consequence
given notion to the London, Brighton, and South Collet Railway for
the diethion of the Loodon-bridge station. The necessary alterations
required on the part of this company will mat a sum sot exceeding
41t,0001. The director., received an intimation fromthe engineer-it-
ch:a of the Great Nerthern Itailsrey of France that the 26th inst.
would probably be fined for the opening of that line, and in Mar-
ten= of this *We ,eon they hut no tome in completing an arrange-
manamitit IY lloodsMaaken and CNontinental Steam Pneket Company
le pines Mem slamilla &natation between Done and Calais. From
MS opening odrbit OTIS, Northern Railway of France great advan-
tages are expected ; as, from an nntlerstanding the directors cane to
at Paris with the directors of that line, al rangements,
wit be entered into to book through from Pavia to Lon-
Wind vier ryas, and thus bring on the South Eastem
y a truffle erhish has hitherto gone by water to Landau
Is conclusion, the directors stale that, notwithetanding the distant/oes
effects of the French revolution, the traffic of the South Esters Rai-
ney has maintained a comparhim of mileage with tiresome period of
het year that must be satiffectory to the proprietors.
The engineer's report announced that the progress of the works
during the Met half year had fully confirmed hie anticipetioas as to
the reduction in the quantities of work as compered with the esti-
mated contract amain's, the various reductions would make a sum at
the contract price. of shout 250,0001. on the whole oft he linen. although
brickwork Ltd generally been sutetituted for the tiraber ennetructions.
This imponantreduction had been obtained pertly by deviations of the
lines within the paeliamentary limit% but principally from the mate-
rial of the country proving more layout able than ase saumed when
the we. king drawings were firs mule' particularly in Use tunnels,
whets nearly one half *Me saving occurred
The capital account to Stet July Las nhowel the receipts at
7,066,641.11. lea. 1411.; the expenditure, 7,306,3121. Us. 3d.; leaving a
balance in hand of 279 3271. fra. 7d.
The Chairman said, In the present state oe distrust in railway pro-
perty, I cons:der it my duty to lay Lethre you the financial position of
the company ; and I would ales denim to call your attention to the
prosiest we have of a errant for the cupitai expenditure. I ill, in
the fart place, call your aUeneou to the statement of oar capital as
smuts, in whittle you will end the fulloweng Items:
Balance in hand
Cells, am., in eoeme of payment
Calls due yesterday on Nu. 4, about.
Terra..

gi ow, 040

Yr.
-
I bold in my hand a clot, meat, cr. oily drawn by :Ur. itarkiw,
showing that the amount required . Bth,oool. to eocripleto the
whole et our work. • You will Marne the 815,000/. is de-
..octi rl trave the sown called up and awn, due and that It leaves a
holanee of 1: %MO/. its hand. The directors w aid rather Gave post-
poned the tam call on No. 4 shares, but the la. 1,, that on the expira-
tion of can parliamentary powers fai. purchaaing land on the Ashford
lOW liamincti bag we are obliged to complete all out engagements orr
that toe, and in order to push Kowa, the North Kent line, we have
been forced to pay large sums of money for the valuabie property
throuah which we pros. Within the lest .fortnight to. kw a rum
thug 132,0001. bas Man paid, and witida WO treat mouth we chat' '
have comploted the porehitees of the greater pat of land . 'quire('
toe the whole ea our scheme. The eats which are noted on the. fen
of the amounts, as being in hourrie of paymeat, at the trot blush
appear large, but they arocooilog in in Ma noel satisfactory manner, '
sod when we consider the pressure tb.at late b,,en of necessity put
''upotitio proprietonk you will agree welts me that tht mils have been
rapidly land ward poi l up.. Our capital, when the whole of our works are
firm:heti and the bonds paid off will amount to 0,19 i,0007.,0r thereaboilt•
h If from the sum of 8,191,01.10 f. you deduct 4,548,0008., there 1 ill se-
Main a tuts oi unproductive capital amountroff to .3,645,0001. krill
the ham which represent this large amount of a:extol produce an
adequate return to the proprietors I I have given a atatemept of our
productive capital, or that which p.iya dividend, for the entithes. of
the North Eastern Railway have through some portion of the prdBe
attempt.' to east redactions on the directors, that we have paid and
eantinue to pay dividend out of capital. I will male it perfectly
plain and clear that we do no stash thing. Ilere M a statement of
wind our present productive capital amounts to, Mx.:
Firot capital
Second capital
'1 bird capital No. 2'11) 972,000
Fourth c +fetal (No. 341)
bonds, about 8.50,00:1

Making a total of E 4,2441,000
Now, you often boa people say, we cannot make out from your ac- '
counts what amount yen pay upon. TM:. Is as clear in the official
accounts as It pessibey con be to my pewee who understands figures.
It is -clear that we pay woos the 010 shares; it is clear that we pay
upon the No. I shares ; and it is equally Wear that we pay upon the
No. 2 shares; and It is further clear that we pay a certain sum for
interest on the borrowed capital, represented by bonds which amount
to 850,0007. Now, if you deduct the 4,21n,000., the total of the pre-
sent predictive capital, froth 8,191,0001., our capital when the whole
stabs works are mandated, you will Ind we shall have a capital of
3,240,0001., for which our lines will have to provide talk to pay the
dividends. After othanumnag upou the &drainages to be denved by
the connexion of the line with vatiotui branch", the chairman dwelt
With moth three spots that of the North Kent line, which would be
' completed within six months, we the emend= of Woolwich. This
broken link could be filled up by the aid of omnibuses, which would
convey the passengers; and he had no doubt but the profit from tins
hoe would be very grew. They had competed with the Green-
wich boats by the Greenwich line, and he had no doubt
but that they would be equally succewful in rename
to oraceses4, a plea where no leas than two millions of persons