The Express.
London, England, 1848-06-05 00:00:00

RAILWAY NEWS.

The market was heavy on Saturday, and with com-
paratively little dealing. An expectation was ex-
pressed—but upon what grounds does not-appear—that
affairs might be better next week.
MEETING, --OKLEANB AND BORD/tArX.—Special Meet-
, iny.—l'exis,May 31.—Due de ?slouchy in the chair.—The meeting wu
convened to consider the government scheme reepecting the railways.
The directors had the proxiceof English shareholder. for nearly 341,000
share% with special instructions from almost every shareholder to
resist the proposed conflecation of their property under the semblance
of a purchase.—Mr. Benet read a report of the directors respecting the
project which had been formally submitted to the National Aseembly
he the Minister of Finance. The directors hail protested, in the most
energetic manner, against the proposed flagrant violation, without
any public necessity shown, of existing contracts between the compa-
nies and the elute, thus destroying confidence in the stability and in-
violability of all property whatsoever, and teatime directly to awn-
munisra and universal spoliation. The report proceeded to develop
the legal and other eon,irerations in opposition to the ministerial
measure, and to colour the hollowness of some and the ateurdity of
others of the reasons on which the project was ba-eil by the airliner.
The application of the proposed measure to the shores of thin com-
pany would be as follows :—The mean price of the shares (15tlf. peid)
was 115 f., 1111(.1 the mean price of 5 per cent. stork, 116 f. The pe.. of
the latter this day is barely l'Of.! t'pon thin basis each share of 150 f.
would be entitled to a ernte in the Five per Cents. of 41. 95a.—not
quite sf. This annuity would repreaent the following sums In capital
;in lieu of 150 f. paid) at several rates of the probable market value of
the Flu per Cent. Stock
Fire per Cents., at pr, a capital of
0 !present price)
SO
55 „
tr
60
"
And with the proposed creation of between .20,000,000 and 30,000,000
additional stock for the railways alone, it was not too much to sop.
pone that the market price would fan to 60, or even lower. It was,
therefore, 69f. which the shareholder would get, at the price of this
day, for the 15of. he had paid on each of his shares ; and it might be
only 591., or perhaps even Mat, according to the compkxion of politi-
cal events, which no one could foresee. But the injustice would appear
still more glaring, if the value of the share be considered with refe-
rence to the amount actually paid up plus the reserve applied In ewe-
ment of the capital, and also with reference to the revenue yielded by
each share, slime the partial opening of the line. The Isof. have thus
increased to 162 f. 10e. The 81 per cent. first year's revenue gives a
value of 3014. The six mouths of the emend year, ending the 31st of
lie:ember, as a bans for the whole year, 511 f. 50e. These would be
respectively the real value of the 150 f. share estimated upon each of
these beau, and supposing the right or the necessity for expropriation
to exist. In conclusion the report stated that the whole question wu
now before the ehareholdere, and the directors were in their hands,
prepared to carry out their wishes, whatever they might be. An ani-
mated debate ensued, in which the meeting declared their entire ap-
proval of the course pursued by the directors, and their determination
tat resist by every means the pawing of the project. When the queen=
was put to the vote only one hand wee heW up against it. A com-
mittee of three shareholders was then named to co-operate with an
equal number of the director, in the oppontion to the project; sad,
ear a Tote of thanks to the directors, the meeting separated.