The Express.
London, England, 1851-08-12 00:00:00

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SOUTH DEVON DAILWAY.

The report of the directors of this company is as
follows:
" The directors have the satisfaction to report, that the
bill submitted to parliament during the present session, for
empowering the company to carry out the various objects
which were sanctioned by the shareholders on the 12th of
November, and at the half-yearly meeting, received the
royal assent on the 3rd of July. The directors have also the
pleasure to report that the difficulties in reran' to the de-
benture debt, which at nue time so seriously ember.
rassed the company, have now been completely sur-
mounted. The whole of the overdue debts were re-
newed or paid off almost immediately after the bill passed
the House of Commons, and the debentures becoming
due the present month arc now in the course of renewal at
the rate of 11 per cent. per annum. The provisions of the
new act, for adjusting the proposed commutation of privi-
leges attaching to the half shares, claim the earliest coiei-
deration of the shareholders ; and the directors lose no time
in submitting to them the necessary resolution: for effecting
this commutation, reserving the future consideration and
arrangement, the convenient of the debenture debt, and
the other purposes of the act. The scheme of commute-
tioa proposed at the spacial meeting of the 12th Novel-
bee was so decidedly approved by the votes of that meeting,
and by subsequent written assents, that the directors feel it
uunecvssary to recommend it further; and the proposed
resolutions are, therefere, prepared to give effect to that
scheme. Dependent on the iiduption of the resolutions, the
directors intend to recommend immediate payment of the
first half-year's einumuted dividend at the rate of Üb. 9d.
per half-share per annum, from the 13th September to the
date which was assumed in the calculations her the comica-
-1 tation, to the 15th March last. The payment will require
the sum of 2,0631. ISs. fid. The resolutions to be proposed
require the assent of the holders of four-fifth', of each class
of shares present in person or by proxy at the meeting,
and a poll will consequently he taken to ascertain their
decision.
SeHEME FOR COMMUTATION OF TIIE GUAHANTER
ATTACHED To THE HALF mILAIIES.—The exi,Ain; guar:m-
ien and privilege attached to the half-sharei of 251. in the
South Devon Railway Company to be commuted into the
guarantee and plivilege following, each such halt, share of
231. to bear and be entitled to a lived dividend in perpe-
tuity, at the rate of Ws. 9d. per half-share per annum, to
be payable half-yearly, in absolute priority to all other
dividends, save only the dividends on any shank or stock
to be created in substitution for the existing mortgage and
bond debt, which shares or stock will continue to have the
priority now attaching to the mortgage and bond debt over
all other shares or stock. The substituted guarantee and
privilege is to be received as a full equivalent for all arrears
and future pigments of interest quiginul:y guaranteed on
the creation of the half-shares uf 231., :mil in satisfaction of
all further claims thereon, up to 13th March, 184 ; but, in
case the surplus net revenue shall permit a dividend to be
made in respect of the 301. shares exceeding 61. per cent.
per annum, the commutation now effected is not to exclude
the holders of the hall shares of 231. from participation in
the surplus rateably with the holders of the 30/. share;:."