The Express.
London, England, 1849-03-01 00:00:00

THE EXPRESS, THURSDAY EVENING, MARCH 1. 1849.

Lave smutted for the issue of 18,8891, leaving weappro-
pr;sted 3,8891. In respect of these debentures, there became
',payable on the 31st December last, 21,6001 , there will be
due in the nuns of the present year 55,2001. . • to Igo,
21,0001 and the remainder will be due at warbasse period,
ending la Calabar 1864.
" For a portion of the debt now due actina have been
commenced, and an pending against the company. The
directors have in vain endeavoured to enter into sathfse.ory
arrangements for a renewal of these bonds. They bare no
MOMS of judging whether any more successful result may
attend their attempts to reissue the bonds due in the wane
of the present year and afterwards; and it is quite clear that
the company cannot swage in continued legal struggles with
specialty creditors. It is, therefore, the °puff= of your di.
rectors that it will be • prudent entree, and indeed that it is
essential, to nuke provision for thtsa debts, and there is only
one motto by which rich provision can be effected, namely,
by capitalising the debt in pursuance of the company's
powers. The director, recommend the entire isstead of the
partial conversion of the loan debt into share capital, because
sash 0011Tellsinn will prevent any future creation of stock
with a priority attached to it.
" The fact of the existence of share capital applicable to
loans, and to be resorted to, if need be, for their repay-
ment, will, to the opinion of the directors, materially mist
the credit of the eampny, and enable theta the more
readily, and on more equitable terms, to obtain a renewal of
loans. Of count, the beard will take can to call up in
respect of the new capital to meet loans, such amount only
as may be absolutely required, and they will prefer the re-
tention of the money on security of the company's bonds, to
the repayment of it out of capital, provided arrangements
can be made for such retention, for a fixed and lengthened
period. The total capital therefore to be now created, if
the views dram directors meet your concurrence, II in lieu
of loans 294,0001., and to pay off debts 80,7281. 10a.; mak-
ing a total of 376,6261. 10s.
To obviate doubt as to that portion of Ins plan which re.
late. to the issue of the 80,7261. 10s., the sanction of the
legislature will be desirable, and at you have a bill before
parliament in the present session, measures may be immedi
atsly taken to secure that senetioa. The capitalising of the
loasas has been explained, is within the company's powers.
" The bill to which allusion bad been made, as being now
before parliament, relates to the portion of the Ely and
Hantbigdon Use which connects lily with Bt. Ives. The
object of the bill is to obtain an extended time for the pur-
chase of land, and the construction of the railway between
these points ; and to authorise an arrangement by which the
line may be made by and at the cost of other parties, and sub-
sequently lased to this company. This bill will be sab-
minArllednex to yen at a special minting to be held probably in
The accounts showed the expenditure to have been
1,247,4481. 8.. ed., and the cash at the banker's woe
9761. lie. 541. The receipts for the half year were
18,9681. 71. Hid., leaving, after the expenditure, a balance
, in fame of the company of 7,1841. 135. 84d.
The CHAIRMAN moved that the report and the Mate-
aunt et accounts be received.

Aims dierstesion ionicplace on the asks of the company,
is wideli Mr. Waimea, Mr. Alum, Mr. PLR", Mr.
Lannicaaa, Mr. HAILSISON, Mr. WILLIAMS, Mr. PUNCH'S,
Col. TULLOCX, Kr. Alderman QUIDS,, Mr. Lawson, and
others took part, daring which several propositions were
made and rejected, as to the mode of obtaining the addi•
decal capitaL
It wee, after much &Attesting discussion, carried by a law
majority that it was expedient to raise at one/ the new capital
mentiesed in the report ; and soother resslutioa was also
passed by a large majority, that it be raised at and after the
rate of 7 per Nat. per annum in perpetuity, and that the
shares be offered to the holders of original aad preferential
shares, at the rate of 1 new share for every two of each
shares. . . .

The committee advised by the directors to be appointed by
the shareholders for going into the affairs end peospeeb at
the company, wu, after some discussion, nags by ea
amendment moved by Mr. Boyd, and wooded by Mr. Pare,
the substance of which was, that it would, if serried, appear
like a want of °waft lance in the directors on the part of the
shareholders, and was therefore not neoessary.
The vacancies caused by the retirement of Mr. lAney,
M.P., Bir Hoary Calder, Bart, and Mr. Foster Reynolds,
were not filled up at the meeting. Mr. Renwick was air
pointed an auditor, in the play of Mr. Tinkles, who re-
tired. The report was than adopted.

that period, nor any upon the original shares byond what was
due up to the 31st December last ; and that for the future
the holders of been classes of shares rely for their benefits on
the revenue derived front traffic. A special meeting will
shortly be called for the purpose of submitting to the share-
holders for their approval a now before parliament, exa-
seining the isseemery provisions for enabling the company to
guarantee a preferential 6 per cent, on the capital called up
on the extension shares of 1848, in order that the requisite
apical may be raised for carrying out a portion of those nn
dertakitags ; sad further giving powers to raise additional
capital for the eseglatioa of the undertakings of this caw
peaprzionserally. The account of expenses incurred in the
a • made to parliament in 1846/ having now bean
ea r Geed, and it having been ascertained that a Wanee remains
to the credit of those shares which were not exchanged for
the renewed scrip on the re-execution of the deeds in 1847 8,
a further suns of 2s. 31. per share will fall to be returned on
the preferential scrip (blue), 1848, which will be paid forth-
with, making a total return of 21. 12a. ld. per share."
It appeared from the 'Women% of receipts and disburse-
ments under the head of capital account that the amount re-
ceived during the half-year ended on the 31st Dee., 1843,
was—from calls, 170,W61. tie. 4d. ; making a oral of
1,262,4131. di. Bd.: from lane, 44,3091. 10.. 101. ,• mak ng a
total of 292,8711.24.6 d.: from miscellaneous, 6381. 18e. 10d•;
making a total of 7,3301. 6r. 9d., and giving a grand total
of 1,662,1541. 14s. 101., showing a balance in hand of
124001. 64. 9d.
The CHAIRMAN moved the adoption of the directors'
report.
J. GOTT, Esq., seconded the motion.
A protracted debate ensued, but the report was eventually
adopted.
The CHAIRMAN next proposed that interest upon the
original shares of the cJenpany, paid up to Dec. 31, 1848, be
paid out of the arrears of ealbi upon those shares by instal-
ments, one in Toter, and the other in eight m,nthe from the
present date, or sooner if it be blind available ; and that the
directors do take such steps as they may deem neceosary, for
collecting the outstanding arrears of cafe with this object.
Mr. RAY, of Huddersfield, seconded the motion, and it
was adopted.
The usual resolution was adopted, authorhieg the direc-
tor* to take such steps as they may deem necessary to pro-
mote er protect the interests of the company, by treating
with other companies for amalgamation or otherwise, and
by opposing the program of undertakings or bills that they
may consider Winded to the interest of the company. A re-
solution declaring the forfeiture of 10 original snares In the
company was passed.
Mr. Macho, Mr. Paley, and Mr. Whinkup, the three di-
rectors who retired by rotation, and Mr. J. R. Bywater, the
retiring auditor, were severally re-elected.