The Express.
London, England, 1849-08-27 00:00:00

RAILWAY MEETINGS.

LEEDS AND THIRSE.
The half-yearly ordinary general meeting of the share-
holders in the Lei ds end Think Railway Company was held
at the Court-house at Leeds on Saturday, and at the same
Tinos and on the same day an extraordinary general meeting
of the proprietors was held for the purposes of determining
upon the terms and conditions on which the new shares to be
canted under the Leeds and Think Railway Act ef 1849
should be created and issued ; to authorise the director
to exercise the borrowing powers contained in the
said act sr soon as the prescribed amount of cmpital
is paid up ; and, lutly, as the preferential dividend
old per cent. on the extension shires of 1648 has been con-
firmed by the art of 1849, to determine upon and declare
the other oondaloas which should attach to those shares.
H. C. liallanear., Esq., this Chairman of the Board of Di.
rectors, presided. John Gott, Esq., Newman Cash, Esq.,
D. W. Nell, Esq W. We.. Brown Eno directors of the
company, were present; there also being a considerable
number of shareholders in attendance.
The reports of the directors and of the engineers wan
read by 8 Smuts, Esq., the secretary. The report *ldol
Directors was a. follows:
" The directors have to congratulate the proprietors ea
the completion of the original line from Leeds to Think.
and its opines for public traffic on the 10th of July last.
" The following are the periods at which the different
portions of the hue have been opened:—from Think to
Ripen on the Ist of June, 1848, 10 silts; from Ripon to
Weston on the 13th September, 17/ miles; from Weston to
Leeds on the 10th July, 1849, 111 miles; total length of
line now in operation 39 miles.
" The statement of accounts has been placed in the
hands of the proprietors, from which It will be seen that I
the gross receipts from traffic for the half-year ending June
30th, are 6,8461 9s 3d., and the balance remaining, after
payment of working expenses, is 2,8121. 12s.
The directors have already stated, in previous reports,
that no just inference as to the productive's''r of the under-
taking as a who can be drawn from the balk on that part
of the line opened during the period shown in these
accounts, inasmuch as it has been entirely of • local

issuance
" Since the opening of the line to Leeds for passenger
traffic the amounts received weekly from such traffic have
4n 'as follows :-first week (6 dare), ending July 16th,
954. 18s. 94. ; second week, ending Jaly 22nd, 7211. Ba. 3d. ;
third week, ending July 29th, 6311. 10s. 5d.; fourth week,
ending August 15th, 8931. 16s. 6d. ; fifth week, ending
August 1211,9631. 16s. Bd.; sixth week, ending August 19th.
7771. lls. Bd. ; receip's of six weeks passenger traffic only,
4,4861. Is. 83., a result which, as compared with the pawn.
ger traffic of lin-s in the tame clistrict, must be admitted to
be on the whole satisfactory.
" The line is at present open for goods and minerals to only
a limited extent, but the station works at Leeds are in a state
of considerable forwardness, and it is expected that the com-
pany will be T. ady shortly to afford ample accommodation
for this description of traffic.
" Satisfactory arrangements have been made with the
London and North Western, and L•inesahire and York.
shire Companies, for the interchange of passenger traffic at
Leeds, the trains of this company running in connection
with theirs so far ss circumstances will admit.
"The Great Northern Company also intends running its
trains into the Leeds central station early in the ensuing
month, and some accession of traffic to this line is accord-
iagly anticipated from that source.
"The directors look to the completion of the Northern
Extencon as a means of efficiently developing the traffic oil
the lice generally, and with that view a portion of the walks I
are now going torward. The engineer repasts that the I
Hartlepool line, connecting Leeds and the man
districts with the Durham Railways, and with th:107:111.3
the Tees, may be completed and opened by the end el
next year.
"The whole of the works and permanent way on that
part of the line now opened are in good condition. The
tunnel has been completed, and the roof sheeted with galva-
nised iron at thou parts where the water percolated through
the masonry. The other works remaining to be finished
cm the animal line are of a comparatively trivial character,
involving little additional outlay. The engineer's report is
referred to for further information as to the state of the
works generally.
" By • the Leeds and Think Railway Act, 1849,' the pre-
ference in receipt of dividends formerly promised to the
holders of the shares registered under the acts of 1848, is
authorised and confirmed from and alter the date of opening
of the original line from Leeds to Think. The directors
have therefore telt themselves authorised, in conformity
with the resolution of the shareholders, adopted at the meet-
ing of August 28th, 1848, to make a call of 11. 105. upon
that portion of those shares which is registered under the
Harrogate and Pateley branch, and Leeds Central Railway
Station acts (making Si. on those shun), this capital being
now required for the purpose of constructing the works in
connexion with the Leeds central station, and in order to
form the branch line to Low Harrogate, and to construct a
station at that place.
" The directors not having yet taken any steps towards
the construction of the line from Melmerby to Northd.
lerton, no call has been made on the shares registered
under the powers of the hlelmerby and Northallerton Ex.
tension Act.
" From the number of shares which have been registered
under the acts of 1848, the directors are now enabled to statai
that the amount of such shares will be 201. each.
" By ' The Leeds and Think Hallway Act, 1849,' powers
are &me Riven to create and issue tarthersisares to the amount
of 450,0001, for the completion of the undertaking, with
such privileges attached to them as the company may deter-
mine ; and a eerie* of resolutions with this object will scoor-
ding:y be submitted far your approval at the Extraordinary
Meeting now to be held.
The directors are desirous of limiting as much as possible
the issue of preference shares. The number of Quarter
Shares heretofore lasted has bun restricted to about 10,000;
and it is proposed that the Preference Capital, authorised by
the Extension Acts of 1848, shall only be called up at present
to a limited extent.
" The haus of Preference Shares now contemplated is re-
commended, only because the raising of that capital is indis-
pensably requisite in order to enable them to fulfil the obli-
gations of the company to its contractors, u well as to com-
plete the undertaking already commenced, and to bring the
whole concern into profitable operation.
" There is, at the same time, another advantage to be
gained by the execution of the requisite works at present ;
namely, in the very low price of all contract works con-
nected with railways. The works remaining to be
cuted to complete the connexion of the original line with
Stockton and Hartlepool are mostly of a light and illtIrell•
vive character; and by a comparatively small expenditure,
about 20 miles of additional line will be opened, which are
of such importanee as leading to the more complete deve-
lopment of the traffic of the existing portion of the railway.
Since the half-yearly meeting in Febraary last, arrears
of calls have been collected to the amount of 14,1141. 161.8 d.,
which have been applied towards the payment of in.
terest on original shares ; the first instalment having been
paid on the Ist of July last. The warrants for the
remaining inatalments are also issued and will be paid on the
Ist of November out of the remaining arrears of eall, which
the directors caleulate with confidence on being able to cwt•
lect by Hitt date.
" The interest on extension shares for the half year ending
June 30 is alsi due ; and in like manner, as in the case of
the original shares, the directors pnpose to postpone the
payment until the Ist of February next • by which time
they expect to collect sufficient arrears of calls on those shares
as to enable them to pay the whole interest due in one ire.
Calment.
A resolution will be submitted for your approval, con-
firmatory of the forfeiture of certain original shares in anew I
of call, and authorising the directors to sell, or otherwise ,
pose of the same, in order to the payment of the last instal-1
ment of interest on the original shares."
The statement of receipts snd expenditure to the 30th of
June last, contains the following items: Received on account
of calls, 1,386,8341..85. 3d. ; loans, 377,7411. 2s. sd. ; miscel-
laneous receipts, 8,4651. lls. 11d. Of this total sum of
1,773,0411.25. 7d. received, only 6,7201. lls. Ild, remains in
hand. The remainder had been expended as follows :
Plawar.liamreciteigonegtarys:3share,Bolepehownslairs,
1.33d.2,;5,500116a.11..7;a5.105d.0taiuni,t
31parliammiyoin4renstiirin9pdaldg;
diareholders, 2.2001. ; total, 35,1711. 2s. 113. ; printing sta-
r dowry, &c., 4,9771 ; Engineering, 20.2631.75. 7d. ; direc-
lion, Wanes, &c, 6,8831. 31. 10d. ; miscellaneous,
3,0311. Bs. Id. ; rents and taxes, 7491. 18s. 91.; procuration
fees, 1,2121. Bs. 11d.; surveying, 12,6451. 10s. 9d.; less
amount paid by retiring shareholders, 6411. 19s. sd. ; total.
12,2811.95. 7d.; land, tenant right, &c., 159,1881. 14s, Id. •
dements to highways, 5,7241.3 a. 33. • permanent materials',
268.6201. 15s. ld. • raise liaisons stock, 3461. Os. 3d. ; works,
1.004,3351. 3,. stations, 8,4561. 2s. • interest on calls
and mortgages, 72,3641. 14e. 10d. ; central station, 19,0001. ;
working stock, 71,7001. 91. Id. • Ripon canal purchase,
34,8301. Or. 6d. • beakers' commission, 4,9071. 14s. led. ;
tdt.l, 1,766,3201.'10c Bd.
The account of share capital raised and remaining to be
raised, under the acts 1845, 1846, 1848, 1849, on June 30th,
1849, is thus stated
Original shares (184.5),18,500 shares, at 501. per share, re-
ceived 875,2331. Os. Id., due 49,7661.195. 11d.; extension
shares (1846), 9,620 shares, at 601. per share received
348,6461. 15e. 8d , due 132,3531. 4s. 4d.; quarter shares,
10,075 shares, at 121. 10s. per share, received 89,9831.2 a. 6d.,
cue 35,9541. is. 6d. ; extension shares (1847.8), balance at
credit, received 72,9711. 10s. due 314,0281. 10s. ; amount
authorised by Leeds sad Think Railway Act, 1849, all to be
called up, 450,0001.
1M r.

So atatior m --
ares S 11 11 1
" Locomotive pair, make, Sta. — 1,547 9 1
" malatmease M may . -- —.. ..... - 468 7
" Cambia( mews ... ..... . - 665 4
ke. —-- 105 16
:: ?cake emntbs=caea,vmes
...... ...... —.... 400 15 1
"OW tragic ditto ... 287
pear lot loss sad damage ....... ..
~........ 21 17191
. Geolcol amps4e4 7
" Paris's raw
. Repairs or PraPert7 B6 3
186 13
" Duty or pm:wee teas 2 11
Al Boyna,
"846 9
Ca.
By n Moraha Mee Wank £999 12
" Presagers' tradk ;719 11
" Paresis ditto
" Hones, caviare, dad dop SI 2
" Coal Mat 4,557 10
" Lime ditto poi 10
" Live Mock
"Raab
..--....

//1,848 0_ 8

The CHAIRMAN said he bad sow to move, in ornformity
wentnatal praetioa, that the report now read, and the
of mounts, as certified by tits saditon, be adopted

and printed for circulation amongst the shareholders. Ano-
ther interesting matter for the consi.leration of the share. I
holders to-day would, he apprehended, be that arising from I
their operations on the opening of the orLinal line through- ,
out and the indications which those operations might
afford as to their prospee's of traffic hereafter, I
for they had but very little of • foundation
as yet on which to rely on forming an opinion
as to what the traffic would be ; but as far as they had gone
the receipts held out a good prospect for the future.
JOHN GOTT, Baq., seconded the motion.
After some dimuuton, the resolution was put and carried
91011 con.
The CHAIRMAN next moved a resolution authorising
the director, to form any alliances with other companies
which they might think necessary for the promotion of the
interests of the Leeds and Think Company. In the course
of his remarks he referred to the Government Audit Bill,
which he spoke of as having been properly opposed. He
also called upon the secretary to read a letter from the com-
pany's auditors, which stated that the company possessed one
of the mat perfect set of amounts to be found in any dike is
the kingdom, all the items of expenditure being clearly ex-
plained by the different accounts opened, many of which
were adapted under their different heads to show all the
details of eta & expenditure.
Mr. J. G. PALBY seconded the resolution.
The CHAIRMAN next moved the forfeiture of 125 601.
shares, 116 of which were 141, and 10 of which were 241. in

enema..
The resolution wee, alter some explanation, screed to
riCift, OOPS.

NMI OP /41W SHARES.
The meeting was now made SPISCIAL, for the purpose of
considering the terms on which the new shares should be
Wined, and on other business.
The CHAIRMAN said the capital necessary to be raised
by the shares of 1848 would be obtained by fixing the amount
of these shares, originally issued as 351. shame, at 201.
He moved a resolution limiting them to that amount. These
shares beingid were registered for distinct objects-4,000 of
them for capital required for the central station, and
these shares would be all called up ; another portion of them
was for the construction of the Pateley- bridge and Harrogate
branches, and about half the amount would be called up ;
the third portion would be applied in making the Ms Imerby
and NorthaUert2n branches, and upon these the directors did
not propose that anything should be called up more than the
31. 10s. per share alreaaid. Tis distinction iht in-
volve some difficulties, but p
ale directors could notm sgee how
they could avoid it.
The SECRETARY, in answer to a call for the numbers of
the ShATOS applied ti the different portions of the works,
stated that the shares numbered from 36,512 to 40,394 were
registered for the central station ; those from 40,395 to
47,859, for the Harrogate and Pately Bridge branch ; and
those from 29,101 to 36,511, for the Melmerby and Ncrth-
allerton branch.
Mr. CARBUTT thought this mode of dealing with these
shares was a groat hardship upon such holders of original
shares as himself. When the 7 per net. shares were offered,
he refused to take up his from prudential motives, as he ex-
pected the whole of the 6 per cent. shares would be called ue.
and, had that ban so, he would not have been justified in
accepting the 7 per cent. shares offered afterwards; but had
he known that on some of the 6 per cent. shares nothing
more would be called, he might have acted differently.
The CHAIRMAN agreed with Mr. Carbutt, but was him-
self in the same position in some respects ; but did not know
how the difficulty was to be got over. A long coaversation
ensued, but with no result.
The SECRETARY next read the terms and conditions on
which it was proposed to issue the new preference shun, a

follows :
" 1. That, in pursuance of the powers confined upon the
company, and for the purposes authorised by the Leeds and
Think Railway Act, 1849, the sum of 450,0001. be raised by
the creation of 45,000 new shares, of the nominal value of
101. each, to be denominated' preference fifth shares.'
" 2. That such shares shall be entitled to a preference
dividend of 8 per cent. per annum for three years, and of 5
per cent. per annum in perpetuity thereafter.
" 3. That the new shares be offered to the shareholders
now standing registered on the books of the company, in the
proportion of one preference filth share to every 401. of
capital held by them.
" 4. That there shall be no allotment of preference fifth
shares to any shareholder in respect of any shares of the
company on w►ich any call due before the Ist day of Sep
tember next shall be in arrear on that day, unless otherwise
ordered, under special circumstances, by a resolution of the

directors.
" 5. That the instalments on the new shares be paid as
folbw, viz. :
" Aug. 25, 1849—First call of IL, payable : 11. on Oct. 1,
1849, deposit ; Li. on Dec. 1, 1849, second instalment of first
ea l • 11. on Feb. 1, 1850, third instalment of first call.
" Feb. 25, 1850—Second call of 31., payable : 11. 10s. on
April Ist, 1850, first instalment of second all ; 11. 10s. on
Jane 1, 1850, second instalment of second call.

" Ju.ne 25,1860—Th1rd wll of 31., payable : U. 10!. oe
Annan 1, 1860, first instalment of third call ; 11. 101. onOct.
1, 1850, woad instalment of third call.
" Oct. 25. 1850—Fourth call of IL, payable : U. on Dec.
2, 1860.
" Making • total of lOL per share.
" 6. That in case any shareholder shall fail to pay the de
posit of 11. per share on the first of October next, the allot-
ment shall be cancelled, and the right to such new shares
shall be absolutely forfeited, unless otherwise ordered, under
special cirearnstaneee, by a resolution of the direation.
' 7. That all new shares stet appropriated as before pro-
vided, shall 'amnia at the disposal of the directors, to be
issued at such times, on such terms, and in such manner, as
they may consider most to the advantage of the company.
" 8. That in cue any shareholder shall neglect to pay any
instalment or call due on the preference shares, interest at
the rote of 6 per cent. per annum shall be charged on the
instalment or instalments so in , until the date of pay•
meat ; and the dividend or divid.nds due upon all such
shares standing in his name shall, for the period durinthg
which any instalment shall be at arrest and unpaid by e
said shareholder, be absolutely iorleited.
" 9. That the directors are hereby authorised and ,

powered to do, and cause to be done, iall such acts as are ne-
cessary toenable them to carry into effr et the previous res.r
lutions, sad all matters or things incident thereto, or arising
therefrom.
The CHAIRMAN, after a gond deal of conversation, sug-
gested that they might append some conditions to those
already proposed, and, if necessary, call another meeting to
pass such resolutions as might be deemed necessary for
placing the 201. preference shares in toe position it was in-
tended they should hold.
In accordance with this suggestion
Kr. SMITH moved, and Mr. Powenn seconded, the ad-
Moe of the following words to the secttd condition under
which it had been proposed to issue the new shares, and
which, as altered, read thus:
" That such shares shall be entitled to a preference divi-
dend of C per cent. annum for three years, and 5 per cent.
per annum in perpetuity thereafter, subject to the priority
in payment of dividends already or which may hereafter be
granted to the .quarter preference shares of 1848, guaran-
teed, and to the 6 Leedsnt. preference or extension shares
of 1848, under the Lee and Think Railway (Harrogate
and Pateley Branch, and But and West Yorkshire Junction
Amalgamation) Act, 1848. This addition having been una-
nimously assented to, the series of resolutions for issuing the
new shares were adopted without further opposition.
On the notion of the CILAILIWI, it was next re-

solved :--
That, so soon as the whole of the above 4.50,0001. shall
have been subscribed for or taken, and one-half thereof paid
up, the directors be authorised, ”ndes the terms of ' The
Leeds and Think Railway Act, 1549; to borrow on mort-
gage or bond, at such rates of interest sad for such periods at
they shall think fit, sny sum or sums of money by the slid
act authorised to be borrowed, in addition to the other
sums which the company are authorised to borrow by these
several uts."
Thanks having been voted to the chairman, the meeting
separated, with the understanding that another meeting
should be called on en early day, to pus such resol
utions as
might be deemed necessary for giviag the 201. preference
shares of 1848 thiariority over the new issue, and rendering
the guarantee le .in conformity with the Leeds and Thirsk
Railway Act of 849.
The meeting was occupied three hours.

LANCASTER AND CARLISLE.
The half-yearly general meeting of the Lancaster and Car-
lisle Railway Company was held at the gitadel Station,
Carlisle, on Thursday, B. W. HASELL, Esq., in the chair.
The attendance was almost wholly confined to the directors.
The directors' report was read and stated :
" On the present occasion it is the agreeable duty of your
directors to report the satisfactory conclusion of all their
long pending disputes with the Lancaster and Preston
Railway Company, es the owners, and the Lancaster Canal
Company, as the parties in possession, of the Lancaster and
Preston Railway. At the last general meeting you were
reminded that a bill was then before parliament for author-
ising you to construct a new railway between Lancaster
and Preston, all other means having on your behalf been
tried in vain 'to secure the public and your interests as
respects the absolutely needful connection between the
Lancaster end Carlisle and the other lines which ex'end
from Preston southwards.' Your directors trust that you
will be now of opinion, with them, that although that bill
was not prosecuted, adequate and substantial advantages
have been secured by its introduction into parliament.
" Without going into minor details, it may be sufficient to
state that, at a very early stage in the parliamentary pro•
ceedinp, it became evident that, unless a friendly arrange-
ment ware made with respect to the existing Lancaster and
Preston Railway, your bill for the new line would be passed
(a result which no party could really profess to desire, except
as an unavoidable alternative) ; attention was therefore at
once given te the making of conditional contracts between
all the three companies iaterested, and these contracts
have since been confirmed by parliament. In pur-
suance of them, the Lancaster Canal Company gave up,
on the Ist of August, absolute possession of the Lancaster
and Preston Railway to the Lancaster and Carlisle Company,
with the assent of the Lancaster and Preston Company.—
who are thenceforth to be interested, in common with the
Lancaster and Carlisle, in the net proceeds not only of their
own line of 20 miles between Preston and Lancaster, but
also of your line of 70 miles between the latter town and
Carlisle, in the proportion of 7 to 15 (those being the actual
proportions as nearly as could be ascertained, of the past
earnings of the two lines); both undertakings are to be
managed and worked as one, b 7 the Lancaster and Carlisle
Company, to who's board of direction, however, a Lancaster
and Preston director, selected by the Lancaster and Carlisle
Company, is to be added.
" The foregoing is • succinct general outline of the new
arrangement, which dates from the let inst., and which your
directors believe to be mutually fair and equal as between
the two companies, and of the greatest importance to the

" Al part of the general arrangement made in parliamontt
the account in respect of the put use by the Lanceoar sod
Carlisle Company, of the Lsnesster and Preston lfeilway
was agreed to be, and has since be-n adjusted by arbitration,
and thus all disputer with the Laccaster Canal C..topany,
as will as with the Lancaster and Preston Railway Cony .ray,
on this account, are finally disposed of. Although the
result of this arbitration has been less favourable than a our
directors had anticipated, yet they have the satisfacti M of
being able to add that the difference between the ones
awarded and the sum estimated and set apart as probably
payshle to the Canal Company will be covered by the net
receipts for the extra or seventh month (last July). hese
receipts would otherwise have been brought on the present
m
u
t the account of revenue to be now divicts
ch as the Lancaster and Preston proprietors are, as
before stated, under the new arrangement, to be Joint i Arta-
captors with you es from the Ist instant.
Under the circumstances of this company, as they now
stand in relation to the Lancaster and Preston Cotupany,
and in order to the more equal half-yearly division f the
income of the year, the board recommend that in hOur^ the
accounts be made up to the 31st of July and 31st January,
and the dividends paid accordingly.
"The dividend now proposed, after the rate of 4 per cent.
per annum, your directors consider satisfactory, aver. that
it is for the poorest half-year ; and they confident tv ; ape
that they may always hereafter have to propose some r 'ghat
rata of dividend.
" They have to congratulate you upon the sucecastal
result of the opposition to the bills mentioned in the lest
report as the* before Parliament, for vesting the N. ••••••ells
and Carlisle and the Maryport and Carlisle railways the
York Newcastle and Berwick company—bills whic,. it car-
ried, would have most seriously prejudiced the int. r ,!, of
the public, and of the West Coast Companies; ant, ich,
therefore, if ever again submitted to Parliamen', must
again be met by the most determined opposition.
" Your directors have great pleasure in reporting t .t the
whole of your railway and works are in excellent cut .1 'ion;
and now that the difficulty heretofore expert( need in h use
of the Lancaster and Preston railway is entirely rt toed,
and unity of management is secured for the whole ••:- .nos
between the Caledonian Railway at Carlisle, and the L ndon
and North Western Company's North Union Rail, • y at
Preston, your directors believe that a progressive ine;,..e of
the through traffic may reasonably be calculated up .et' and
that the Lancaster and Carlisle may undoubtedly he rests rasa
as a safe investment for capital."
By the accounts presented to toe meeting, It sp;wared
that the receipts for the half year ware 64,7501. 10. 71d.,
whilst the disbursements had been 31,4531. 16e. 44d.
The CHAIRMAN, after some explanation, al.-A-4
" That the report and statement of accounts lanceted
thereto, now read, be approved and adopted."
Mr. HEAD then moved : " That a dividend of IL
per whole, and 4s. per third share, be now ma, • and
declared out of the nett profits of the undertaking up • s the
30th of June last." He would only add that their t .iiway
never promised so well as now.
The motion was seconded by the Hon. Colonel L.. —.her,
and adopted nnaaiasOnaly.
Mr. GEO. DIXON moved that Mr. Haul', a reti i; g di.
rector, be re-elected. Seconded by Colonel MACLEa , and
unanimously adopted. Mr. Garnett was also re et cted a
director, and Mr. H. Braithwaite as auditor.
Mr. HOWARD, of Greystoke, acid that they het' ow to
elect • new director from the Lancaster and Presto', :rd,
according to the act of parliament. He proposed, ''That
Wm. Jackson, E.q., one of the Directors of tit Lan-
caster and Preston Junction Railway, be appointed a
director et this cempany."
The motion was seconded, in two or three plx. s, and
unanimously adopted.
Thanks were then voted to the chairman, on the .).,,tion
of Mr. Sheffield, and the meeting terminated.

WHITEHAVEN AND FURNESS.
The Wintry half yearly meeting of this comp rny was
held on Saturday, at the dace in 0 uil lhall Building, Ile
End of LONSDALE took the chair.
The SECRETARY read the following report and

accounts :
The proprietors will recollect that, at the last hel 5 arty
meeting, the progress which hail been wedeln carrying on
the undertaking enabled the directors to report t• e. ten
miles of the railway had been completed for mineral tr ffic ;
and they have now the satisfacti .n to state that a further
portion of the line between Whitehaven and Rave glass
(sixteen-and-a-half miles) having been examined and cer-
tified by the government inspector, was opened for puma-
gers in the month of July last. The stations erected et the
Whitehaven terminus are adjoining to Preston-street, as
near the town as possible for the convenience ie the
public, and are arranged in such a manner as to afford
due facility for the conveyance of merchand.se Lei pas-
sengen. Upon the portion of tha line which h-s been
opened since the last half-yearly meeling, the gener..l goods
traffic has net yet been developed, but arrangem' • are
making for conveying iron, ore, lime, slate, ane goods
generally produced in the district, and the qu n• ity Is
steadily increasing. The number of passengers c • v yed
hitherto has come up to the expectations of the dee term ;
and this source of revenue promises well, the am wit re-
ceived in the three weeks from the opening being 4!01 It
will be borne in mind that the receipts on account of r e rough
passenger traffic are materially affectel by the 17 ,u' ee of
coach journey which intervene between Revenge., and
Broughton; the amount received, therefore, gni, ly indi-
cating the local traffic on the 161 miles open, will be Tee irded
as a satisfactory commencement of working, and 'sill no
doubt give encouragement to the shareholders as an e trout
of what their line will earn when the mineral a' 1 goods
traffic is developed ; and the completion of the line to Ilr ugh-
ton has, by effecting a junction with the Furness Railway,
opened up a new field of traffic In that district, and . ~urea
the through traffic, by affording a continue transit in rail-
way. The completion of the line at as early a perigee us pos-
sible is, therefore, the anxious desire of the directors; and
the means at their present disposal are being applied o the
completion of the six miles intervening between Raverglass
and Bootle. The early construction of the remaining emven
miles between Bootle and Broughton may also, it is antici-
pated, be relied upon, arrangements having been le hole for
payment of a great part of the cost in the company'. b
These arrangements being made, there appears every proba-
bility that the line may he finished throughout in the spridg
of next year. The construction of the works already exe-
cuted within the original estimate justifies the exp• elation
that the estimate for these which remain will r. t be ex-
ceeded. The existing outstanding liabilities of the c in. peny,
and the probable cost of the remaining works, here been
carefully estimated by the directors upon detailed reports
from the officers of the company; and the result tie y cost-
eider justifies the belief that the further expende ere will
not exceed the 123,0001., exclusive of such further a coking
stock as may be required. This, added to the °edgy
up to the present time, amounting to 194,0001., giv, s a total
of 317,0001. • much, es will be seen, within the 0rig....1 esti-
mate of 350,600/., and showing an expenditure under 111,0001.
per mile. The means at the company's disposal for meeting
this further expenditure will be derived from the 4/. per
share remaining unpaid on the company's shares, from the
arrears of former calls unplid, and from the amou .t to be
taken up on debenture by the public, and by pareee con-
tracting for the remaining works and supplies ; and a eureful
estimate of these several resource., leads to the belief h-it the
amount will be forthcoming. The proprietors will observe,
from the foregoing remarks, that the requirement. of the
company will render necessary an immediate turtle r
ment on the shares being called up ; a call of 21. per share
will, therefore, at once be made, of the payment of which
the usual notice will be given in a few days. The oeyment
of the remaining 21. per share will be delayed to us late a
period as the progress of the works will permit.
By the statement of accounts it appeared that 'he total
sum was 193,9931. la. 4d. ; and that the expenditure was as
folows : Parliamentary and legal expenses, 11,5591. 19s. Id. ;
laud purchases and compensation, 29,787/. 14s. 10 .. : con-
tract works, engineering, and surveying, 138,4271 9s. 9d. ;
locomotive engines, 3,9561. 16s. ; advertising, ste coney,,
rent of offices, and cffice expenses, 2,2281. 3s. 2d. ; a cretary
and clerk's salaries, 1,4671. 3s. 2d. ,• direction and auditose,
1,3271. 10s. ; interest paid shareholders, less receive I from
bankers, and arrears of call, 2,7151. 131. 3d. : total.
191,470/. 9s. 31. ; leaving a balance at baneen of
2,6221. 12s, Id.
The CHAIRMAN said, in moving the recepti .n sad
adoption of this report, he should rather speak in •ne lea-
pine of congratulation, as row a portion of the be Cr half
of their line was opened.
Mr. TILL seconded the motion for the adopti ii of the
report, which was passed unanimously.
Mr. CUNLIFFE suggested that the report sh ..l .l be
published at least a week or ten days previme.y to the
meeting.
The CHAIRMAN stated that it had been delay. il in the
present case through the illness of the secretary, weo had
suffered from the prevailing malady, but the hue gestion
would be attended to the next meeting.
Alter some conversation between Mr. Hildyar , eI.P.,
Mr. Knox, Mr. Devitre, and others, as to the fort eiti shame
the traffic, and other matters,
A vote of thanks was passed to the noble chairms. end di-
-. ...en I rectors, when the meeting adjourned.
interests as

WEAR VALLEY.
The half-yearly general meeting of the Wear Val:. y Rail-
way Company was held in the offices of the company r, Dar-
lington, on }ridgy. H. STOBART, Esq., occupied ;he (pair.
The report of the directors stated :
The full amount of the 501. shares is now paid up, vii.,
109,300/., and the sum of 561,2781. 10s. 10d. has h n re-
ceived on the 251. shares; the amount called up the
latter is 151. per share; the next instalment will not I.✓ called
for till 1850. The company's act of parliament of 1847 gives
the company the option of taking up a portion o their
capital by loans instead of calling up the full amount of the
shares, not exceeding the sum of 168,6681. Your directors will
ask the authority of the general meeting to exercise the said
powers to such extent as may seem expedient and f, r ihe in-
terest of the company. It is not their intention to go yond
a limited amount at present, but in the event o' wormy
being obtainable on easier terms than it has beer of late,
they may see it right to avail themselves of the borrowing
powers, and abate the calls on the shares. The d. rectors
recommend that the dividend for the half-year ending
September 30, be payable on the 18th October, which will
be as follows:
On the fiel. shares
On the 251. shares, paid up „ 15s. ~
On the 251. shares, calls paid 9s 31(1. „
The report was adopted, and it was then unanimously
resolved that a dividend of 6 percent. per annum (Ice. income
tax) be declared, for the half-year ending Sept. 30, 1849.
The CHAIRMAN then proposed the following resoln-
.

lion
" That this company do borrow oa mortgage or bonds
the sum of 90,0001. authorized to be borrowed by the Act
enabling this eompany ' to purchase or Wee the Blabop-
, Auckland and Wee Railway, the 'Wear and Dement
Railway, the Woudale &tendon littAlTery, eled the Ma'

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