The Express.
London, England, 1851-08-29 00:00:00

NORTHERN COUNTIES UNION RAILWAY.

The half-yearly meeting of this company was held
yesterday at the London-tavern, Bishopsgate-street. Major
BERMS!' tttttt M.P., took the chair.
Tho following report of the directors was laid before the
meeting :—" Your directors regret that the parliamentary
session has closed without any modification having been
made of the Railway Abandonment Act, and, therefore,
your directors have considered it impolitic with the feelings
generally entertained with respect to the operations of that
act, to take the sense of the shareholders upon the question
of proceeding under it for the abandonment of such port'
or portions of the line and consequent reduction of the
capital as might otherwise hay been deemed advisable.
Your directors have assiduously prosecuted negotiations
with other companies whose interests arc identical with
your own, and the progress of those negotiations induce
your directors to look forward, not without some confidence,
to an alliance which will prove of the utmost importance for
your benefit ; and they recommend, that this general
meeting should give their authority to the board of directors to
apply in the neat session for a bill which willenable them to
renew their powers for the construction of such portion of the
line as may prove remunerative, and will obtain the cordial
support and alliance of other companies. Should this re-
commendation be acceded to by this meeting the bill would
have to be submitted to you at the proper time. Your
directors reported to you at the last meeting that an agree-
ment had been made with the Leeds and Think Company
for the transfer to them of about 2j miles of your line, which
that company was empowered to purchase by their act,
1818, and that the purchase money should be fixed by valua-
tion, and, in case of difference, that it should be settled by
arbitration under the Companies Clauses Consolidation Act,
18143. Your directors have now to state that the sum has
been fixed at 6,0001., payable at the end of twelve months,
debentures being given in the meanwhile. Ample power
tor using the line so transferred by this company in case
it should hereafter oe required has been retained. The
directors recommend the confirmation by this meeting of
the forfeiture of certain shares (101 in number) on which the
call is in arrcar, and of which due notice has been given.
The balance sheet is appended hereto, showing a credit
balance of 26,3121. 19a. 3d."

The accounts showed that the total sum received was
226,1321. 7..9d., and the balance in hand was 26,3121.195. 3d.
The CHAIRMAN said he wished to press upon them
the necessity of coming to some active and determined reso-
lution in respect to the carrying on of this company. They
were now come to that point when it became perfectly ac-
tor them to decide upon something definite us to
fhesearr7uture plans. When they last met it was determined
on that they should endeavour to obtain, in conjunction
with other companies, some modificatious in the Rail' ways
Abandonment Act, which had not been found to operate
for the benefit of those companies wishing to dissolve. In
consequence of this resolution, the directors of this com-
pany, and those of other companies, had en interview with
the railway commissioners, when they showed the dangers
companies had undergone by adopting that act, and those
which would follow on others attempting to proceed under
its provisions. He was sorry to say that they failed in
making any impression upon the railway commissioners
with a view to the amendment of that act. If any one
were now to endeavour to put it in operation, he would be
immediately pounced upon by any parties who might pretend
they hada claim. lie thought the proprietors then present
would not think that a very advisable course for them to fol-
low. Another coune,which he also thought very unadvisable,
was to let the thing go es and wear itself out. A third
,some was to endeavour to make some money by their pro-
/sat, by uniting or selling themselves to some other com-
pany. He thought this was the only coarse which was
likely to be followed by sense benefit for the shareholders.
The mere mention of negotiation some time ago had
caused their shares to rise from 4s. 6d. to 11. 4s. 6d. in a
very few days. This showed that such a course was not de-
trimental to their interests; besides, it would enable those
who dissented from going on to get rid of their liabilities.
After consultation the directors thought it advisable to re-
commend the proprietors to agree to their applying for a
bill is the ensuing sestion for the realisation of those ob-
jects. (Hear, hear.) The chairman, in conclusion, said
be would move that the meeting now give the directors
an opportpti.tr ofasking ifor this bill by a resolution w hick' had
been pre for that purpose.
Mr. SABER considered the bargain made with the
Leeds and Think Company a very fair one, and congratu-
lated the directors and shareholders upon the success of the
negotiation. Several lines were interested in getting a
connection with this company. Originally they had
Oen of a guarantee upon 1300,0001., and when ho re-
tested that by constructing part of their line 30 miles
wiatid be saved in the distance between London and Glas-
gow. be thought the policy of the. Northern Counties Union
Company was to lie on its own oars. (Appisuae.)
Mr. MANDE; said it vas matter of --• =Florian to him
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!rectors be and am hereby authorised to enter into such
agreements with other companits as the said directors may
deem advisable, subject, however, to the confirmatom of a
general meeting of the company."
' The CHAIItI4AN then put a resolution, authorising the
forfeiture of 101 shams, and it was carried alter an ex-
planation that the original subscriber WAS prepared to pay
up the calls in arrear. The total number of shareholders
seas stated at 2;3)0, holding 59,670 shares.
After the usual vote of thanks, the meeting adjourned.