The Express.
London, England, 1853-08-17 00:00:00

LEEDS NORTHERN RAILWAY.

The report of the directors contains the following:
The railway being now finished, with the exception of
certain necessary station and other minor works, the
execution of which bas been postponed until the corn-
, pony's powers of raising money under the act of 1853
can be legally exercised, the expenditure during the
past half year, under theisead of capital, has been compa-
ratively small—the principal items bring for land, 3,4131.;
works, 9,9631. ; stations, 6,6751. ; and permanent materials,
1,8231. Your dirccton have continued to pursue the policy
of raising the means of defraying the unavoidable expendi-
ture on capital account, by temporary advances and sale of
forfeited shares—by which further calls on the issued pre-
ference shares have been avoided, in conformity with the
understanding already come to amongst the shareholders.
The loans which have fallen in from time to time during
the half-year have been renewed at 3! and 4 per cent. inte-
rest, by which the future annual liability under this bead has
been reduced. In consequence of the adoption by the
House of Commons of the resolution recommended
by Mr. Cardwell's committee on railway and canal
bills, it was found necessary to withdraw the
amalgamation bill jointly promoted by this company
and the York companies, and to rest satisfied with
the interim traffic arrangement, nntil a renewed applica-
tion can be made to parliament for the requisite powers to
carry the amalgamation into effect. The directors thus
found themselves placed in a position of some difficulty,
being under the necessity of prosecuting the bill to enable
the uncalled up capital to be raised for the purpose of pay-
ing the company's debts, and also to legalise the referent*
of all questions as to the apportionment of the future net
earnings of the company among the shareholders, to
Meun. Glyn and Stephenson (as authorised by the special
meeting of the 11th of March last) whilst the Amalgama-
tion Bill, to which such reference was subject, was itself
suspended. Acting under the advice of eminent counsel,
the directors nevertheless introduced • clause embodying
the proposed reference into the bill as submitted to the par-
liamentary committee, and they exerted themselves to ob-
tain the requisite powers, but the committee thought pro-
per to reject the reference clause ; and they limited the
powers contained in the bill to the money clauses, in
which state it has passed the House of Lords
and received the royal assent. Looking at the compa-
rative facilities of borrowing money on loan, and at the
lower rate of interest at which money raised in this way
can at present be obtained, the directors are strongly of
opinion that the company should confine itself to the exer-
cise of the new borrowing powers conferred by the act of
1853, instead of issuing a new class of pre-preference shares
or stock ; and a resolution to this effect will accordingly be
submitted for the approval of the proprietors.
FURTHER MEASURES IN REFERENCE TO THE AIIALOA.
MATION.—Under the circumstances in which your directors
are now placed with reference to the proposed amslgama-
tion, it becomes their duty to apply to the shareholders for
fresh powers to enable them too (incur with the York com-
panies in making a renewt d application to parliament for a
bill to amalgamate the three companies and their under-
takings into one. The directors of the York companies
having called upon this company to pass a resolution, con-
firming the amalgamation in • decided manner, and pledg-
ing the shareholders not to raise any question in opposition
to the bill when brought under the consideration of parlia-
ment, it will accordingly be the duty of your directors to
submit such a resolution for the approval of the share-
holders at the approaching special meeting of the company.
A resolution in the following form is therefore ',replied
to be submitted, vie.: " That this meeting approves of and
confirms the amalgamation of this company and its under-
takings with the York, Newcastle, and Berwick, and York
and North Midland Companies and their undertaking.,
as the best course for this company to pursue under any
circumat inces, and pledges itself to support the amalgama-
tion bill, and not to raise before parliament any question
upon such bill having reference to the division of the re-
venue accruing under such amalgamation between the dif-
ferent classes of Leeds Northern shareholders, leaving any
differences between the various classes of shareholders to be
settled by a separate bill, it necessary, to be brought into
parliament by this company for that purpose." Haying
also been waited on by a deputation representing an influ-
ential body of the preference shareholders, who are actuated
by the desire, which is also entertained by your directors,
of discouraging all further agitation among the share-
holders of the various classes and of giving effect to the de-
cision of the shareholders at their special meeting held on
the 11th of March bilk is far as that ran possibly be steam-
plished—the directors 'are willing to adopt their recoul-
' mendation, that a final effort be made in the next session of
parliament to legalise the reference to Messrs. Glyn and
Stephenson. And should a sufficient number of the share-
holders resolve that such final effort be made, the directors
will in that Me employ every memo in their power to ob.