The Express.
London, England, 1849-02-23 00:00:00

EAST LINCOLNSHIRE.

General Me5ti74:147;c1031,-Fei:i2.---Giso. H. PACKS,
Esq., in the chair. The preliminary formalities having been
obaerved, the following report was r• ad :
In their report to the last ordinary meeting the directors
promised that the railway would be completed and handed
over to the Great Northern Railway Company in time to
earn for the proprietors, before the rim of the year an in-
stalment of the annual rent of per cent. This pledge has
been well kept, the directors having had the situ! on to
receive from the Great Northern Railway Company, and to
pay to the shareholders of the East Lincolnshire Rail-
way Company, on the 30th of January last, a quarter's
dividend of the guaranteed rent. The lease has been settled.
Tour directors hart, 'obi, et to your approbation, agreed
with the Great Northern Railway Company that this com-
pany shall raise, by the i-sue of debentures, the capital
nece.eary to work the East Lineolnabire line, provided that
such capital do not exceed 150,0001 ; and your directors
have reserved ample powers fee eecurisg the due repayment
of such capital. In future the rent will be paid halt-yearly,
in two dividends of 31. ger cent., on the 30th July and 30th
January respectively and on the following days whenever
either of thews dates falls on a Sunday. While the company
remains a separate corporation, there must be a committee
of directors, hall yearly. meetings of the proprietors, appoint-
ments of auditors, and other resiolth or proceedings, in terms of
, she act, hut ft is proposed that directors and auditors
' shall act gratuitously?'
The report of Yr. Fowler, the engineer, stated that the
line between Loath and Finby war opened for trait: on the

let Sept, and the remainder to Benton on the 2nd (Maher.
No accident had occurred since then. The works were in
perfect oondi•ion and the station accommodation was nearly
' complete. The complaints which had been made .f the ferry
accommodation at New Holland were being reale lied. The
dock works at Grimsby were proceeding rapidly, and
premised a large increase of traffic to the East Lincolnshire
railway. The abstract of savants to the 30th Dee., 1848,
showed an expeaditsre of 619,1371. 4.. Ild. The profit for
the hell year amounted to 8831. 15e. 7d. The profit op to
the 30th Jun*, 1848. was 3,3591.25. 3d. The balance due to
the bankers w.a 2,4351. se. 7d.
The CHAIRMAN said it was a pleming duty to be able
to tell them that they had dabbed as good a line as any in
the kingdom within the time stipuleted which they banded
over to the Great Northern company. They had executed
the lease for this purpose and the proprietor had received
the first guartor's dividend of the 6 per cent. He begged
leave to move the adopton of the report and accounts.
Mr. BARBER asked whether, if the raised the 150,0001.
by the issue of debentures, they would do so on their own
responsibility, and whether they would be liable for the in.
tercet.—The /tottery:l of the company stated the Gnat
Northern Company tad not °ivy to pay the rent,
but the interest on the 150,0001.—Mr. Batman: The interest
will aot come out of oar 6 per cent —The CHAIRMAN :
Certainly not —The SOLICIToR: The Great Northern Com-
pany are liable for the interest, and if they failed to pay it,
then the shareholders in this line had their own line as se-
curity.—Mr. Bauman wished to know what was the amount
of trafile.—The CHAIRMAN said it varied. la October it
was 71101. a week ; in the week ending the 3rd of F. bruary
it was 56.51 104—Mr. KZLLY : What interest will be paid
for tha debentures P—Toe CHAIRMAN: Of veins that would
depend on the circumstances of the time when the money
would be required.—Mr. BARBER asked whether the 6 per
sent was free from all expeuaes.—The CHAIRMAN said that
they ware receiving 6 per sent. en 600,0001., free of all ex-
penses, except income-tax.
The report was then received. Mr. Bening. and Mr.
Munday were re-elected director*. Mr. Parker and Mr.
De Jei were appointed auditors.
The CHAIRMAN then proposed a resolution for the
forfeiture of 70 shares, and for their sale in such time and
manner ms to the directors might seem expedient—Capt
HALL suggested that the defaulting shareholders should get
notice.—The CHAIRMAN said that had been done. The reso-
lution was then agreed to.

A vote of ttutitie was unanimously voted to the chairmen
and directors, in reply to which the CRAIIIIIAN said that the
disectors had in every way tried to promote the Interest of
the sharehold• re, whilst at the same time they afforded a
great convenience to the public. He could assure them the
traffic was rapidly increaeing, and he had no doubt it would
be very remunerative In six or eight months.

MISCBLLANEOIIB NEWS.—Etetatx COUNTIES.—
The forthcomii g dividend will, it is stated, be dr. 6.1. per
share, with a balance of between 15,000 i. and 20,0001. to be
carried forward to the June dividend.

GIOTSANIMIT AID TO IRMA RAILWATS —ln our Irish
news in another column will be found the report of a depu-
tation who waited on Lard Clarendon to ask for government
aid towards completing various Irish lines.

MONEY MARKET.

THURSDAY ETSHING.
On the receipt of the advice, this morning that the
Bank of Amsterdam had reduced its rates of accom-
modation for money, the impression became almost
general that the Bank directors at their weekly board
to-day would certainly make a move in the same
direction. The dealers on the Stock Exchange, who
had calculated on the event, were, however, again
doomed to be disappointed. The court separated after
a very short sitting, leaving affairs just as they were.
Consols, which upon the more favourable character of the
intelligence from India—more favourable, thatis, than
anticipation—and in the expectation of a Bank
movement, had improved to 93; for account, and 931
buyers for money, began to relapse in the after nut
of the day as stock was brought forward for sale, until for
money they were sold at 93, leaving off heavy a fraction
only better at 93 to k for present transfer, and 934
to for account. Reduced Threes were 934 to 1.
Three-and-a-Quarter per Cents., 944 to 1. Long
'Annuities, 9 1-16 to a. June Exchequer Bills, 435. to
455. premium. India Bonds, 545. to 575. premium.
Bank Stock, 194 to 6. India Stock, 244 to 7.
In the foreign market Mexican bonds were still in
favour, and quoted in advance at 261 to F. Brazilian
were in request also, and obtained 84, but called 82
to 4. Chilean, 94 to 7. Peruvian, 48 to 50. New
Granada,;l7l to a. Venezuela higher at 21 to 3.
Ecuador, 3; to Spanish Fives, 171 to t ; the
'Threes, 291 to t ; Passive, 3; to 44. Portuguese, 251
to 6. Dutch Two-and-a-Half per Cents, 50 to 1;
the Fours, 80 to 1. Austrian Fives were sold at
79. Danish, 66 to 9, and the scrip of the New Five
per Cent. Loan, which has made its appearance at
market, was quoted from 3 to 4 premium. Russian,
108 to 110.

The loan and discount ra'es, ea reduced by the
Bank of Amsterdam on the 19th instant, were to 2i
per cent. for bills of exchange • 3} per cent. for
promissory notes ; 3 per cent. for Lana on securities ;
and 4 per cent. for loans on merchandise. It would
seem not improbable, after this movement of the Bank
of the Low Countries, that the Bank of England may
be found following the example next week; such, at
least, is the expectation very confidently entertained
and expressed in various quarters.
It is stated on sufficient authority that the Pre.
ference 8 per cent. shares of the Aberdeen Railway
Company, guaranteed in perpetuity, have not only
been an subscribed for, but that applications for
several thousands more were received than the number
to be issued. Of course, the issue of 7 per cent. Pre-
ference shares is now out of the question. The high
Prices of the funds are at length, it would seem, carry-
nig the public into railway investments.
'fho announcement that law clerks had been ap-
pointed to the Brighton and South Western Railway
companies, which was made at recent meetings of the
proprietaries, has been the occasion of much discus.
sion in railway circles. In the first instance such
appointments appear to have been viewed with
favour, as involving economical tendencies of proper
consideration, but these, as the subject has been more
thoroughly csnveased, are thought to be greatly over-
rated. For the fixed salaries of the law clerks of those
companies cover only, it is stated, the law business that
arises out of revenue ; the clerks being still allowed
professional bills for al l conveyancingand parliamentary
business, wL icb, of course, and as it is argued, consti-
tute by far the heaviest items in the law department
of railway companies. Doubts, too, are entertained
whether the principle of fixed remuneration can be
extended to those items, either with safety to the
companies or credit to the profession. It has not
failed to be remarked that, hitherto, not only the
traditional etiquette of the profession, but the deci-
sion of courts of law, have been quite opposed to the
practice of paying attorneys and solicitors "by the
beb; " it is consequently reasoned that, if the practice
now resorted to, practitioners of the highest repu-
tation and the greatest experience will be disposed
to retire from railway business, and leave it to
an inferior class of the profession, by which pubic
companies must in the long run be deeply prejudiced.
The payment of a fixed salary to a law clerk for con-
veyancing business would be likely, it is considered,
to deprive companies of that responsibility, which
now attaches to their solicitors, as to the sufficiency of
the titles conveyed to them; a deprivation which, in
its ultimate consequences, might result seriously to
their pecuniary damage. It is, moreover, contended
by many persons, that the economy of a fixed
salary arrangement for all business would in
reality be small, for such salary, it is observed,
would constitute remuneration for personal service
and superintendence only. Large staffs of managing as-
sistants and clerks would still have to be provided for
the law clerk to carry on the business of the COM.
Fany, whilst, although the salaries of such a staff
would necessarily b 3 always running on, there
might not be at all times employment for their ser-
vices. It will thus be seen that there are difficulties
on both sides of this important question. The proba-
bility, after all, would seem to be that a surer and
greater saving might be effected by directors dimi-
nishing to the utmost safe and possible extent the
amount of business confided to the lawyers, and by
exercising a rigid supervision over their &vomits,
than by risking the appointment of a law clerk on the
fixed salary plan, without experience how such ap-
pointments might practically be fund to work.
These statements of differing opinions may not be
inappropriate in reference to the Great Northern
meeting to-morrow, where it is understood, the sub-
ject will be again largely, and perhaps warmly,
re-opened.

ENGLISH FUND&
Bank Stock, 191 6 India Bonds, SI,OOO, X
II per Ct. Red. LOU.. 934 I 4 Ditto. under 51,000, 64 1
3 per Ct. Cons. AMU.. NW South Son Few Ann., 904
New Xpa cent. Anus. 144 if rr r Oars. fee Aect, 931 ;I4 14
Long Annuities. cop. Sao. 6 1949. Fachetner Min Li iriv. 3.1. June.
DittX o. 30 years, exp. Oct. 10. 1860. Ditto Small, 2d., June. 45 8
61316 i Ditto. Adtortised, XI, March. 37
In
Ditto,
Stock 346 4 " 7
yan az% Jan. 6,1800.84 4 11 4
dia Sto.
FOREIGN lONIA
4 per OR Austrian Resit 1079 4 per CL Portuguese Bat. Amt.
bier Ct. Bailie& Deeds, al. gu.. 4
Feb. 38, X
4 per Ct. Chasm Bonds, 93 6 egir Cant. Spaabh Ms., dlr.
3 per Ct. DIM, DOW 515 from Nov. 1940. 171 4
3 pee Ct. Death Bea de.lM, 88 6 per OR Spennb lids. Falsire. Si
6meOL Er Seep, 3 4 pm. 3 pie Ct. Spanish Ronde. 39 r
34 Mr OL Bond/ 31 4 r Urge Veciesnela Fonds, 1,21.,
M
1 5R
Date D Ot.
efeer44. 14 a15.,1477 4.14 Ar ‘CL
Owl Dutch Exch., 12
M.
7,eregritt 11311 1 4ml
Lt. Dot& CerUL, MI

CASUALTIES.
Awes arrived from New York with part of cargo thrown over.—rieffer,
Feb. 18.
Canton, from Sydney for China, me wrecked on the Island of Ticla
Oct. 2; crow (except second and third matmand three sailors) drowned.
Cape Packet, fur London, was destroyed by Are at Prime, Jan. 6; pet
of cargo wed.
Caroline Reed and Mary Florence. far New York, have put Md. will
&mode, having been In contact off Lyme—Liverpool, Feb. 22.
Edward and James, from Dunkirk for Newport, put in, with boned
sprung and sells eplit.—Tortey, Yob. A.
Ems.ranoe, of Bordeaux, sustained maddest.% damage. Limn bees Ii
contact to Permits Roads—Cardiff, Feb. 21.
Florentia. for Adetslde ; put back.—Deal. Feb. 22.
Ueorge Armstrong. of and for Llvorpool from Calcutta, was deetroyed by
sloe In the 1100g1111. Jan. 6; crew, a few mile, and solina lege of der
mood.
Nary, from Myth. for Caen. put Into the harbour leaky.—Bridltogkes
Feb. 21.
00AD Queen, of Abcydeea, from Singapore for London, was era:bode
a coral roof off the southern comet of Undo, on boo. 9 ; crew and per
wows wed.
Rainbow. from Sedum for Gibraltar, pot back, making Ore indict
water per hour.—Yannoutb, S.W., Feb. 21,
Royal teherberdeso, for Aden ; pat teck.—Deal. Feb. 22.
Superior, for Charleston; put back.—Aberdeen. Feb. 19.

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