The Express.
London, England, 1846-11-18 00:00:00

portant was the line to Plemouth, which would acquire
superior route for its metropolitan and eastern truffle, and an entirely
new northern onnMunictition. In the dietriete through which these
dividend out of their own proper earning', and that by the traffic
ling
which they would accumulate on the existing property of the corn.
..evthetirt•aftsvoulinr. were
tboilrernievedhe theretlialmt tlanieal:h°"olewliwovuelTapnfecy fair
ilea of authorised railway) they would be
parg (am°w‘tintr to
2't°unanimously recommended the
p active of great advantage. They
adequate to the construction of all the works which the cum-
wpronrpranictorsy,
intothgrase
shop
ptlr
ofweshoplemschuelLe.Thaen,dexisprgwereresouroesof
bomoithisf the,
wwent
pony were at present authorised to execute, or towards which they
had power to subscribe. To provide for new works., it was proposed
to give cu.ch proprietor registered in the books of the com-
pany an that day, or who should, on the 16th day of
of 10 abarlObepl::erge°afonur:o.:feldionatederklw
from.b.re. the rac:denthatt of tenths, nn.thsw,abmthil:sprbsatiodel.necpootfsiste°
PsharbeebtpaiueadrYinore:s.t:ueelofbeeacsot. hrFnareolrhe,de,,lidthbey
..himui(enspiatedeept Cionwmpokr.twperire.il.ege:l
toned, thc deposits would be consolidated into a proportionate num-
ber of shares of 501. and 401., entitled to the same privileges as the
prenent new shares of 50f. and 40/. ; and if
neauyw
s orhame all of them
would where
ere
sanctioned, the amount called on the proposed
interest at See per cent., payable out of capital, from let January.
1847, to Ist July, 1853, and at the latter date wo become identified
With the other shares in the company, and take uld
dividend at the same
made
rate per cent on the amount actually paid up. The chairman
a few remark'', the spirit and the general tendency of which was to
chow the hopeful character of the several lines proposed. The 263
miles of authorised railway belonging to the company, when complete,
would, he said, have been constructed at an expense of 27,000/. per
mile; while, with the proposed additions, there will be 390 miles, at a
cost of 21,0001. per mile. A proprietor expressed his anxiety to know
what as the entire capital required for the several lines ; obeerving
that within the loot twelve months there had been a reduction of WI.
diminutionp k in the
of revenue.tthitime
e 0 r
reductionhe k
t
the adoption of the report. Mr. fierjt. Gonne seconded the motion,
belief that the cell would ydnue b'
ochiwinatl°rrmeuc'e'en.°l7llecultnrrerdmfurorthhicsdes
and remarked that the directors were at last taking the course which
many shareholders had urged them to take en several occasion". The
report having been adopted, a swim of resolutions was passed, em-
powering the directors to take the neeeseary steps for carrying out the
proposed Khmers. Mr. Itced then proposed that the company should
take up shares to the extent of 50,0001. in the new South-Weetern
Steampacket Company, in order to provide increased steam-boat
siecommodation between Southampton and Havre. air. Tite seamiest
the motion. A long discussion ensued. Mr. Serjeant Gazette and
several other proprietors objected to the proposal, on the ground that
it maid not legally be carried out ; and that it was inconaistent with
the original object of the company, on well as dangerous to its interests.
On the other hand, it was contended by several of the directors that, in
order to secure and increase the traffic on the line, it was absolutely'
indispensable that every encouragement should be given to the steam-
boat traffic between Havre and Southampton. It appeared that fire
per cent. had born already guaranteed to the Packet C'ouipany by the
South-Western fb 'many ; but areistance in the shape of capital was
stated to be required, in order to construct efficient vessels. A rather
stormy discussion ensued on the pawing of the following resolution,
with only six dissentients That the directors be authorised to
lend, out of the funds of this company, to the new South-Western
Steam Packet Company, on the security of their bootti, such a sum,
not exceeding 50,001., as they may, in their discretion, think neees-
guy to get the company into full and efficient working at an early
period." A vote of thanks was given to the directors.
NORTHERN AND SOUTHERN CONNECTING RAILWAY.
—A meeting of shareholders was held yeeterday at the Lon-
don Tavern, Mr. Castendierk in the chair, for the purpose of
taking into consideration the report of the seripholdern` ounwnittee,
as to what steps should be taken with regard to the suit in Chancery,
and what parte, if any, of the company's aseets could be divided.
The report, which was a very voluminous one, was read. After
stating the objects for which the company was formed, and the pro-
ceedings which took place previews to its dissolution on the 23rd of
July, it went on to allege that, " instead of there being 9,9001. ga. Ild.
balance in band, 88 shown by the balance sheet read at the meeting
of the 23rel of July, there was only 13!. te. 11d. in the hands of the
bankers • " that "some of the directors admitted there was a
trafficking
g in theme on the part of one of their body, and that
the securities were the scrip an purchased." It also etatad
that "on examining the cheque-hook and counterfoils, it appeared
that the counterfoils of many cheques had been cut from the cheque-
book ;" that "on calling for the paid drafts returned by the bankers,
it was discovered that all the cheques given for this share traffic, but
one, had been removed." The report also stated, "that not only has
not one farthing ever been paid in respect to 525 shares, which had
been allotted to the directors when the shores were at a discount, but
that not one of the directors has ever mild upon a either, share, nor
has any. one of thenerisked a farthingtin the company." The each
remaining in Messrs. Twinings' 'hands amount. to 12,4221. Is. Bd.,
which, with Si. its. 9d. in Messrs. Rogers', and 41. Cs. 2d. in ?deem
Ilai.keys' hands, constitute the present available assets of the com-
peny. The outstanding claims amount to 6,1601., leaving a present
belance of 6,3221. to be divided among a number of shareholders at pre-
sent unaseertained." The committee recommend the prosecution of the
Chu.ncery suit of " Castendicch v. De Burgh," and the keeping of the
entire fund in its present custody to abide the decision of the court.
In reply to Mr. Spaclonan, the chairman stated that the accounts pro-
duced contained all the liabilities of the company up to that day, so
that there would be about 6,3001. to be divided amongst 13,000 shme-
holdars, or about 10s. per share. Mr. Spackman said, he would
recommend the shareholders not to prosecute the suit in Chancery,
but to take what was left, leaving each shareholder to take his own
course with respect to the liabilities of the directors. With regard
to another company, which was similarly circumstanced, the Court o,
Ind iamptey refused a fiat because it was not applied for at the time
the dissolution ; but the matter was taken before the Court of Chan-
cery. no subject would be soon decided with respect to that win-
patsy; and if they succeeded in that case in making the parties bunk-
rupts, he promieed them the same peps wouad be taken in the present
one. The receiving and adoption of the report was then proposed and
reseonded ; but an amendment, proposing the reception of the report.
and postponing its adoption till a meeting, to be called this day fort-
night, should decide upon the subject, was ultimately agreed to—the
meeting generally concurring in the opinion that mifficient time was
no! afforded for considering the report; and that the most efficacious
mode of proceeding would be by a flat in bankruptcy. Almost all the
speakers stigmatised in the strongest language the conduct of the
directors. Adjourned till Tuesday fortnight
PROVINCIAL.—SIIREWSBURY AND BIKSIINC DAM.- -
The board of menagement of this company held a meeting at Wol-
verhampton yesterday; the object being to mature the arrangements
for proceeding with the works immediately. Plans for an estimate
were prepared, and contracts will be forthwith advertised for. The
amalgamation of the company with the Shrewsbury, Wolverhampton
and South Staffordshire Junction was completed, and the latter han
called in its scrip to be exchanged foe certificate in the latter. For
every share in the Shrewsbury, Wolverhampton, and South Stafford-
shire Company, on which 21. 10a, has been paid, there nee to be
issued two new shares of the shreashury and Birmingham, having
12s. paid on each; and each is to be mule an the new shares to
make them equal in the amount paid up to the present Shrewsbury
and Birmingham shares.
FORGEKTER ON THE BIRMINONAM STOCK EXCHANGE.
—A great deal of excitement prevailed In the Birmingham Stock
Exchange yesterday afternoon, in consequence of a discovery that
three forged orders had been thrown into the market for the purchase
of three hundred shares in the Birmingham, Wolverhampton, and
Stour Valley Railway, at a price considerably above the current rates
the value of this scrip havinghoen on the decline all the previous par;
of the day. It has been already noticed in this journal that on Monday
the price of this scrip went up to 41 p.; it, however, declined yester-
day to p. Towards the evening three orders were sent in, purporting
to he from " E. Massey," a shurebroker, of this town (but not of the
Exchange), and from a gentleman named Onions, to buy three hun-
dred Mares, at 21. 17a. Cl. pm. Much surprise was manifested at
this sudden and remarkable advance in price, and eve of the brokers
called upon Mr. Massey with the siew to ascertain the cause of this
advance. It was at once discovered that the orders were a forgery,
neither that gentleman nor Mr. Onions baying osnt out any for the
purchase of shares in the company alluded to. A reward 'has been
offered for the discovery of the perpetrater of this scandalous forgery,
and in consequence of it the business transacted yesterday afternoon
has been cancelled.
BIRMINGHAM AND OXFORD.—An allottee in this line
requests us to publish the following suggestion :—" Diesatiefac-
Bon having been expressed by Birmingham and Oxford shareholders
at the term. of sale arranged between their directors and those
of the Great Western, the following modification might, perhaps,
reconcile them to the bargain. Let the line be made by the
Greet Western, instead of by the Birminghan4and Oxford Company;
and let the Great Western immediately Issue coupons to the Birming.
ham and Oxford shareholders, one coupon 4121. 5e., bearing interest
at 5 per cent., to be paid within 24 years from 4th December next;
and this 121. se. to include the 21. deposit already paid by the Bir-
mingham and Oxford Company:"
FOREIGN.—FnAticia.—FAMPOUX TO HAZEBROOH.—
As extraordinary meeting of shareholder. was held on Saturday in
Here's great room, Paris, M. Laurent, vice-president, in the chair.
Sixty shareholders, representibg 45,000 shares, being present, the
meeting ii:LY declared regularly constituted. The meeting hadexcited
great interest, as it was known that the directors intended to propose
the dissolution of the company, a step unprecedented in the history of
French railways. The report of the directors commenced by stating
that the intimation made at the general meeting in March, of their
readiness to commence operations, would probably have been realised,
but for the bark wardnes of the shareholders in paying up calls. A
caller 25 francs per share having been made, a considerable number of
shareholders did not respond to the demand. The report went on to
recapitulate at length the various steps adapted by the directors to
disengage themselves from contracts', dsspose of materials, and lastly,
to indite the Northern Company to take up the line. The terms
offered by that body being inadmissible, nothing remained but diem-
lotion. A hope was expressed that the 1,500,000 trance caution-money
held by the mate would be returned. A detailed account of the com-
pany's financial position concluded the report. A long discussion then
mulled, after which the meeting voted almost unaeimously (minus
three votes) the dissolution. A committee of liquidation, chosen from
amongst the directors, was appointed, amending of M. Bertrand, the
Marquis do Flees, and Captain (titmice, the latter representing the
English shareholders. A committee of control was also named, to
watch over the proceeding's, and, in certain ease., to unite with the
other committee in their more important acts. This latter committee
was chows fmm the body of the shareholders, and consists of MOM,.
Vacoistan, ltevuau, de Grimaldi, and Moreau. The meeting then ad-
journed. The sum that each shareholder will receive for a share of
500 fr., is estimated at 414 fr. • and, should the government return the
caution-money, 54fr. additional will be paid.