The Express.
London, England, 1851-07-31 00:00:00

NORTH STAFFORDSHIRE RAILWAY.

Yesterday the half-yearly meeting of the share
holders in this company was held at the station at Stoke-
upon-Trent, Mr. Riceiteo, M.l'., in the chair. The
attendance of proprietors was limited.
The seal having been affixed to the registry of share-
holders,
The CHAIRMAN rose to move the adoption of the
report. He paid that he had not much to add to the
report, in which was fully set forth the exact position of the
company ; but some fault having been found with the
working expenses as excessive, and statements having
appeared to the effect that these were 561 per cent.,
he thought it proper to state that, taking into
consideration the amount they received from the
London and North Western Company, the expenses
were little more than 50 per cent. of the earnings of the
line. Their expenses had gradually declined with the in-
crease in their receipts; for the half-year up to June, 18-50,
the receipts were jo,oool. on the railway, and the expenses
38,0001., being GS per cent. ; on the railway and canal
together they were ol per cent. ; for the half-year ending
December, 1860, on the railway and canal the expenses were
61 per cent.; this half-year onthe railway they were 60 per
cent., and on the railway and canal they were 481 per
cent. ; they had also, it must be borne in mind, a working
staff able to conduct • much more extensive traffic. During
the half-year just ended their receipts had increased by
11,4601. over the corresponding half of last year ; this was
an average of 4101. per week, to which must be added
the 1401. per week excess over the amount remised
fres the London and Needs Western Company ever the
first half of lest year ; this amounted to 1401. a week, and
actually increased their weekly receipts 5801. per week. Hu
thought that this was most satisfactory, and now that the
line was out of the danger of not paying its working ex-
penses, as some persons for their own purposes appeared to
wish, he thought there was a fair prospect of the rail-
way becoming ultimately remunerative to the share.
holders. The hon. geutlentan referred to the disputes with
the London and North Western Company, which were still
under arbitration, that company still withholding
those facilities for their traffic to which the North
Staffordshire railway was entitled by virtue of existing
agreements. The directors thought that if they had trains
running from Colwich to Stoke and other places on the line
there ought to be trains at Macclesfield to take on
the passengers, especially as this could be done without any
difficulty by the North Western Company The arbitrator
had, however, stated that he did not at present think he
WAS called upon by the terms of the agreement of arbitra-
tion to alter the train ; he hail, however, intimated that he
would consider this, and although he (the chairman ) was so
far disappointed, not dissatisfied, with the arbitrator, he
hoped that:they would be able to show him sufficient grounds
to alter his decision. The line possessed groat resource., and
would be really of great value so soon as a legitimate outlet
for its traffic was obtained ; the directors were not content to
sit down with a 11 per cent. divideud, but it was satisfactory.
to know that, with all the obstacles they had encountered,
they were in a position to report a surplus at all. The hon.
gentleman concluded by moving the adoption of the report.
Mr. MAMMON II was so dissatisfied with the manage-
ment that he should no longer support the directors. He
moved that the places of those directors who retire from the
board be not filled up at the board.
Mr. HALL, of Newcastle, seconded the motion.
Before this motion was put, the Chairman put one to the
effect that " the report " should be adopted, which was
carried unanimously.
Dr. WILSON, of Neweestle, said that if the present
number of directors was only just sufficient, it would be the
height of insanity to reduce them.
The CHAIRMAN explained that, considering the canal
was reptesented at the board by three directors, and that at
Manchester, Liverpool, Derby, London, and at this place
the line required to be represented, he thought it would be
quite evident that the number of gentlemen sitting at the
board was anything bat too numerous. Moreover, lie re-
ferred to the tart that within the last year the directors had
voluntarily reduced their allowance to themselves one half.
To remove the four directors going out would derange the
whole constitution of the concern.

Mr. BRAMLEY MWItS, of Liverpool, said that the
practical etfrct of carrying the amendment of the lion.
proprietor would be to deprive the company of the head
of the concern, n well as two mint valuable director,. ; and
in his opinion there waa no man at the board fit to take the
place of the chainnan.
The CHAIRMAN then put the amendment, and one
hand only was held up in favour of it. The motion was,
therefore, declared to hc lust.
_

The retinug directors were re-elected ; and a resolution
sou also pamed, declaring a dividend of 2s. 6d. per ',hare.
Mr. S. Child, 7d.P., was elected a director on the part of
the preference shareholders.
The meeting then broke up, it having been one of the
most harmonious that boo been held since the eompany was
incorporated.

CAMERON'S COALBROOK STEAM COAL,

SWANSEA AND IM:GlIOR RAILWAY.

Yesterday, the half-yearly meeting of this com-
pany was held at the offices in 3toorgate street, City. E.G.
Wisirmuor, EM., having taken the chair, Mr. Hownes,
the secretary, read the report, from which it appeared that
the delay in the payment of the arrears (deans had impeded
the completion of the railway to Llanelly, but so little re-
mained to be done that it might be completed in six or eight
weeks. Tho directors had successfully resisted the claims
of Mr. W. J. P. Cameron, the granter of the property, both
in respect of his shares and the 8,0001. claimed as part of the
purchase money. This had settled a great difficulty. Mr.
Cameron now agreed to assist the company in raising pre-
ference shares to complete the railway, by postponing the
interest on his remaining shares till those shares should be
paying 8 per cent. A bill had been brought into parlia-
ment for the object of completing this arrangement, but it
was successfully opposed by two shareholders, who were de-
faulters to the extent of 1,0001., and was therefore lost for
the present session. The calls in smear amounted to nearly
3,0001., for the recovery of which the directors had taken
legal proceedings. The following balance-sheet was read to
the meeting :
" I)r.—to capital stock, being the amount paid up on
shares, 180,7981. 10s. ; this amount includes 11,970 shares
having 101. paid up thereon, received by Mr. Cameron, on
account of purchase money ; to sundry creditors, via., bills
' payable, on loans 6,7331., 9s. on sundries 5,2011. lls. 34.; to
sundries, including contract for Llanelly line, 6,5021.95. 2d.;
to royalty claimed, 4,5001. Total, 203,7381. 19s. bd. Thu
claim of Mr. E. M. Elder on on account of costs is under
taxation, and until further examination and taxation, the
directors are not prepared to state how the balance between
him and the company may stand.
" Cr.—By mining property, 118,0001.; by working stock
and permanent works, valued at 2,875/. 7s. 5d.; by line
from the company's works to the port of Swansea, by act of
parliament obtained for the same, which ultimately would,
it is considered, be of much larger value than the cost as
under : law and parliamentary charges incurred in obtain-
ing act, engineering expense, surveying, &c.,9,3371. 12s. 6d. ;
by parliamentary charges, cash advanced, and costs in re-
ference to the two bills lx fore parliament this session, and
other matters, 2,0221. 16s. 61. ; by line to the port of
Llanelly, general engineering, cost of land, way -leaves, &c.,
2,5741. bid.; by cash at bankers, and bills and balances ,
on overdue bil's and accounts, MI .
13s. llid. ; by balance
at debit of profit and loss, 38,6001. bs. 6d. Total,
203,738/. 19s, 5d."
Mr. Atkinson 's report (the engineer) was read, who gave
it as his estimate that 460 tour of coal could be raised
daily from the mines, as soon as the winning was com•
plete, the expenditure for which might be extended over
two or three years. At present prices, he calculated this
, would pay a dividend of 8: per cent. upon the capital of
I 79,410/. The Chairman, in moving the adoption of the re •
port, advised the shareholders to contribute the small sum
now required to finish the railway to Llanelly, when
means would be adopted to obtain the capital necessary to
open the coal mines, and act the company profitably at
work. He thought this much preferable to dissolving the
company, for it could saly be done at an immense expense,
delay, and litigation. (Hear, hear.) The report, after
some discussion, was adopted unanimously, and the retiring
directors and auditors were re elected, when the meeting
adjourned.

WINDING-UP OF JOINT-STOCK COMPANIES.

TILING, READING, AND BASINGSTOKE RAILWAY.—
Yesterday there was a meeting in this matter before the
Muter in Chancery Richards to consider the claim of
Menus. Hill and Everell, the late solicitors, for 4,0001.
Mr. Roxburgh, counsel for Mr. Wryghte, the °facial ma-
nager, opposed the claim, upon the ground that it had
already been disallowed by Mr. Commissioner Fans when
this company was before the Court of Bankruptcy. Mr.
Everell contended that he was at liberty to go into fresh '1
evidence before the Muter, who, however, after a discus-
'ion, decided that Mr. Everett must either apply for a re- 1
hearing before the commissioner or take the debt as die-
allowed.

LANCASHIRE, CHESHIRE, AND STAFFORDSHIRE
RAlLWAY.—Further proceedings in this matter have, with
the consent of the parties, been adjourned to next term,
to allow of negotiations for a compromise being carried out.
ROYAL BANK OF AUSTRALlA.—Yesterday, before
the Muter in Chancery Richards, a meeting was held to
consider a compromise with the executors of Mr. J. P.
Robinson, deceased. Mr. H. Harris, solicitor for the official
manager, stated that an order had been made on theexecu-
tors for payment of 2,5001., Wince of calls due, but the
affidavit of the executor, shatiad that after paying certain
debts and liabilities of the below there was a very small
balance in band, and that eery lad sloe Whaled a sett to
administer; the testator's able. Under Ilan rift-im-
mure. the 'Mehl emeerted M lobe 36W. in di*
charge of the MAWS bet reeet.tai all subsequent
rights se to [stare male to he Mil Mier lie MAW. The
Koalas emigrated the ocespeedee.

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