The Express.
London, England, 1847-10-25 00:00:00

1317, it was hated that the harbour would amply repay the outhy
and nothing wen said about the expense, or upon when it was to felt:
The last meeting was the not time when the thareb.ohers Stew fly
capital Was to he increased by raising nt w stock 120.00 Lend bre...
tog 43,004. tie presumed the Norfolk Company were blind tomes. plate, and that they had nought to do was it. Mr. C. Men
rejd
several el-ures in the seta relating thereto. Even under Coe sat
which euthorised raising new capital, they had no power to de.
price those vhareholders of the half profits who rofteed to tau
the new shares. Then, again, if they di I agree to adv..
tLe new capital on the proposed guarani... e all the
shareholders did not come in, the N.rfolk Company might
not be disposed to guarantee. Ile would rather Mend to Ulu
dad now. with 4 per cent. and half the profits. than take the Norfolk
Coa pan 'it
guarantee for 6 per tent. By taking up the new capital
they damaged their profita—Me. Joseph Davey having it desirous,
if poraible, to effect an arrangement, had written to the iseretary to
peewee that the diarentlente should be paid off, not in rash, shier,
would embarrass the oompuy, but by exehtinging with thus who
might desire to withdraw, Norfolk debenture. petyaWe ill three years,
bearing 3 per cent. It might seem unreasenable to ail forum* folk
debentures, but a glance at their real puitio• would
such a proposal. For his own part, he looked upon the
this of the Norfolk Company to be that of les-ere to this nntnpany, and under engagement to pay, first, the ,vitas;
upon the 40,0001. loan. ;.theri four per mt. on the 120,0m0. c vital;
after which the remauung income is to be applied, first, to defray Ute working expense. of the company, mid then be divided
twin the shareholders of thee two companies.. And it did mem that
thin VIM precisely the view which the Norfolk director* thet.ei,
must have taken, or they never would have kid out so large a se.
upon the faith of he:ag able to get it hack afterward.. Ile thought
that this company had nothing whatever to do blood 'hat they had
done. If they conamted to rot
the new apital,44 not. no they em.,
cement to pay the interest, which, according to their original an,
meet,
the Norfolk Company would Lave to do. Nothing could ha
more oejort than the present attempt. Anxious to ovoid any etaii.kq
with the directors on the part of the shareholder*, be had urboutted
a pr.posit ion which he thought they ought to have accepted, rather
than to mine the wholequestion,which he fe tied would be theta.' itehe.
The following melodist. were then unanionnoly meed to:—n 1.
That the proposal of the Norfolk Railway Cempae y. • for the Lows.
tort Huhu., and Railway ComPenY, to double their capital apes
being guaranteed 6 to r cont. upon the new shares, upon esekhtine
that the hitter anise relinquish their right to perfidy .to in
plus profits,' if carried into effect, without off, ring to pay off the
shareholders who dissent therefrom, will mad onjug:y d, prive sock
shareholders of their vested rights, on the faith of a bah thy r
barked their capital ; and will distributeaminagst the we Ithr sh,Ts
boldeni• portion 44 the property of that clam •bo are unwilling or
unable to double their investments. 2. That as the Lowestoft Con-
y net authorised to rilinnujsb Ihs
ripirdleueiwrithri,ut trec'eform.senit t of every ..hareholder, the agog be
not relinquished, and that the new shares he not accepted unless the
diesontient shareholder. are Bret offered the ureal option or rep„,,.,
meat of their already submribrd capital. 3. That os the Norfolk
Company have leased the Lowestoft Itallway nod II nhour, and am
bound to pay, therefore, 1 per cent., and hall the tech., after de.
ducting from the profit. the ex?ense. of ma ns,,meut And in tcreg upoe
the original capital and loan only ( total Mono 4.); end the N..rtolk
Company have extended the wort., and hare also :arta..y if ',Vended a
considerable awe upon the harbour more than the ohm.. estimate,
without any authority or request of the Loweitoft t soup .ny, and
which, oaks. their guarantee, is not entitled to intern t prior to the
division of profit. ; and as the guarantee of the Norfolk c'.mti.,ny does
not bind that company, unless all the Lowestoft sharthold.r. r
quieh the half.prulita ;it is the (minion of this 'mote: this It be
• great ditodv,mtage to all the Lonestoft shareholder. ti -.ono the
new charm, and re:lnquish the half.profita, more esacially as the
oew capital, if accepted, will he consolidated with the es.ging repaid,
will weaken the present security, ar..l &sums all e6tlve. of any
profits. 1. That It. Birkbeck, W. S. Wilson, J. eultarr. t-. Mora;
J. Brown, and C. Corp, Esq.., be a committee, with pourer 10 add to
their number, of whom any three are empowered t. act, to comm.
elate with the Lowestoft directors, nod, if noel wary, with the Norfolk
Cempsny, for the purpose of carrying out the objects of MI meeting,
and or watching and defending the interest of the &harebells....
MISCELLANEOUS N EWS —CLIELTENHniIaNDOLor.
rE-113t.—The ceremony of opening this line took place, us ..onfmiced,
on:Mine:lay. At Chulten urn o splendid rtojewter t'-...mat
Barrington presiding. The chief feature of interest woo the unice
for the Mat time between the broad and narrow gauge, The mole
in which theruneture is effected, without etomore, 12µ1,1.il imam, or
danger, was courteously explained by Br. Brunel.
BOUTR roitkelllltE.—Active operations ere now point
forward on that part of this line Letween sbefneld and It...sky. The
tunnel at Tankereley has been in preenew for sonic tu, 4,10 there
are many men at Work in the neighbourhood of Ihrthre.l.coannon.
Near Butterthenite oleo pre7trations are &Armoring.
BRIDLINGTON AN:, FILEY.—On the 16th inst., Captain
Laffan, the government inspector, went over this line. It was loud
to be in excellent oder, and opened fur public think on the lath inn.
I''lALNE.3.s.—'rhe branch from the Furneoa line to Broach-
toinan-Furnmis Lso far advanced, that it wdl be completed in about
six weeks or two months from the present time. Vat station at
Broughton in in course of erection,

Sovtß .:s:tievVorks on this line are advancing
rapidly, and it la antieii uted that it will be opened throughout abut
the elder of 1848 or early in to 9.
WRIAII MIDLAND AND BRECON AEI) MERTHYR TTIOIL
RAILIFATC—It is stated that a second dividend In in ern,e of pq.
meat out of the foods rained for these defunct ache., s.c., a, upon
Welsh Midland, and 2s. upon Brecon and Merthyr rnalun,
grove return of 19.. on the former, out of 50s. paid, and 9s. in. ou the
baser, out of 255. paid.

COJIMERCIAL AND MARKETS.
SUGAR.—Blcurror., OCT. 23.-Our market has expe.
Hewed another week of depres&lon, and des could only tette& 1 at
a decline in prime of fully In. per cwt. llu rum mallet is iiaost
literally at &standstill. The arrivals have been all COlllat RAP frep
Liverponl, and not eeryconsiderable In iunount—sic., 200 hhtls,
3 tzes., ee kis., 33 bogs, 30 meta, Ir amain

COTTON.—Ltvettrooi, Ocr. 22.—The whole of the
prevent week has exhibited general trade controlled and deproaed by
a permute upon the Money Market which bee had no parallel. Ma
faßore of two banking establiahments In this rat has materially
tended locally to increase the embarranment, end the utmost anxiety
has prevailed. Today blinds aorne alleviation to this pressure. the
Beak of England having given some partial aid, and the tone of the
Money Ma- ket in London being alialitly improved. The trade ham
bought cotton very vadn, gly during the whole of the week ; the total
.014 have nor ex ces 13.1b0 bales. To-day there is more demand,
and bolder % have shown less disposition to force sales. The .ales an
9,00(1 bales, end in many inseam:es an advance of ed. per ib. has bee,
obtained upon previous rates. American descriptions have Mee
pressed for sale, to treet urgent and immediate engagement% end
they bare declined id. per lb., the authorieod quotations of t. fair •
qualities being al reduced ed. per lb. Brmila and I engine bare
been influenced by the same circumstances, and they, too, hare de-
clined ed. per lb. burets are in fair request, et a decline of shoat id,
per lb. 1,900 bales of American bare been taken on glaciation, nod
9,420 of American for export.
WOOLLEN CLOTHS.—Ltens, OCT. 23---Both the
cloth-halls here were very thinly etended by merchants the m
and those who were present bought very little, in comparieon=
usual dealings. Indeed the caution which appears to gonna the
transactions of cur niereentile magnetos, and their desire to avoid
entering into present pecuadery obligations, causal the market to be
comparatively tint. In ths Maillidoth hall the printirol purchases
were in milled goods, pilots, ea dodo for padding. In the white
1 cloth hall the sales were very feet.