The Express.
London, England, 1862-08-28 00:00:00

STOCKTON CUP. Mile ►nd ► half.

Bonny BreaeaTe;i: Brightoq Hiog of R;;;;‘, Queen of
Trumps, Oberon, and Beverley are here.
PAID Foararr.—Neptunna and Welcome.
MIDDLESBOROUGH HANDICAP. Mile and a half.
Ivanhof, Caller Ou, Upperhand, Lady Ripon, Joey Jones.
Virginius, and Longabot are here.

NURSERY HANDICAP. T.Y.C.
Melandra, The Comet, Prince Louisa, Change, Tippler,
trufaahionable Beauty, Co don, Flying Spur, Woodbine,
Strawberry Hill, Formidable, The Robber, end Cachoca
are here.

SOUTH EASTERN RAIZWAT.-(THIS DAY.)

The Lill-yearly meeting of the proprietors took
place at noon at the Bridge House Hotel, London-bridge ;
the Hon. J. Bias presiding.
The report, which bad been previously published, having
been taken as read,
The CHAIRMAN moved its adoption. He said it showed
an increase in the net receipts which justified an improved
dividend-41. 55., instead of 31. 3s. 4d. that time last
year. Instead of an increase, there had been • decrease in the
continental goods traffic ; but it was hoped that that state
of things would not continue. On the other hand the pas
senger receipts bad considerably increased. They had
been under the necessity of reducing the fares
at intermediate stations, in order to secure inter-
mediate traffic. Without that step it would haie been
impossible to meet the new competition. Duplicate lines
were now in full operation, with what result to the
new companies he need not say. Fortunately they had been
enabled so far to keep themselves clear of entanglements, and
however great the loss from competition the adoptionof rival
lines would have involved • much greater loss. The Chasing-
cross Railway would give them the best access for traffic
in Loudon ; and he believed the improvement to arise from
that mums would far more then compensate the oonmaay
for the loss arising from competition. He then adverted to
the through coonectiop with Dover, and observed that
its being originally so circuitous was owing to parliament,
and not the promoters, parliament having yielded
on that point to the opposition of Maid-
stone, which afterwards discovered that railway
travelliog was ea advantage instead of an injury to every
town concerned. In conclusion, he expressed confidence in
the prospects of the line under the existing and pending
arrangements.
Mr. Bevis believed that the reason why the shares were
so low in the market was that the public were
afraid of what were called defensive projects. Ha admitted
that the railway was well managed by their officials—(hear,
hear)—but be doubted the policy of speeding such large
stuns in extensions. They had already expended 900,0001.
on the Charing-cross Railway ; whereas when the pro-
ject was first introduced by the chairman, all that
arms baked for was 300,0001. (No, no.) Some director
certainly said be would almost pledge himself that that
amount would not be exceeded. He was aware that
250,0004 was applied in Cannon-street, but that did not
appear to him a sufficient explanation of such a vast excess.
Hu opinion was that the new lines would involve altogether
an expenditure of 4,000,000 i., and that would require a
grows return of 400,0001. a year to yield five percent.
Mr. lifircem.t. said it was quite refreshing to come to a
railway meeting and awl no mention of " exceptional cir-
cumstances phrase which was the general pre-
lade to • reduction of dividend. He complimented the
proprietors on a general reduction of fares having
turned out satisfactorily. (Cheers.) And he was con-
vinced that, with the natural extension of sound commercial
principles on the Continent, the position of the line would be
fully maintained. Notwithstanding the reduction of fares in
the last half year, the receipts exhibited an increase of
4,0001. (Chaim I He was glad to see a gradual reduction
of the rate of iuterest paid for debenture stook, and be hoped
that ere long it would reach an average of 4 per cent. On
one point he was entirely at issue with the board. Upon
the way in which the hoard was constituted must depend
the management of the company. At the lest half-yearly
meeting it was determined to increase the number of
directors from 10 to 12. In the report under consideration
it was stated that the meeting was to nominate two directors
for election by the board.
The CHAIRMAN observed that what was referred to was
a mere legal form. The meeting would nominate. and
the board would adopt its nomination. The board pledged
themselves to elect any two directors who might be chosen
by a majority of the proprietors. (Hear, hear.)
Mr. Mrrctirt.t. said he was not satisfied with the explana.
time. When the resolution to which he had referred was
passed, the proprietors intended to select two gentlemen for
the direction themselves, and not to accept gentlemen
nominated by the board. (Hear, hear.) He concluded by
moving an amendment to the effect that the paragraph in
the report relating to the election of directors be expunged :
that the resolution passed at the last meeting, for the in.
crease of the number of directors from 12 to 15, be
rescinded : and that the augmentation be deferred till the
next general meeting, the additional directors to be then
elected by the votes of the entire proprietary.
Mr. TIPPING seconded the amendment. He said it was
evident at the last meeting that the board intended that
Mr. Whatrnan and Mr. Buckley should be these, directors.
The Board was present—perhaps it was the fault of Lan-
cashire—Mr. Jonathan Mellor. (Laughter.)
Mr. G. Mirra wished to know whether it was really ne-
cessary that the nnmber of directors should be increased.
(Hear, hear.) He deprecated the decision of questions like
that under consideration by the Lancashire proprietors,
through their proxies, without consulting the proprietors in
London, and the vicinity of the line.

After some further discussion,
The CHAIRMAN replied. As regarded the augmentation of
the directors, be thought the meeting was morally and
legally bound by the resolution passed at the last meeting
to appoint two new directors. (Hear, hear.) He added
that the election must come on for confirmation at the meet-
ing in March next.
On a show of hands the amendment was lost.

The motion for adopting the report was then passed, and a
dividend at the rate of 4f. ra per annum declared.
Mr. HAICH moved that Mr. Buckley and Mr. Whitman
be recommended to thedireetora for election.
Mr. JAMES HURST seconded the motion.

The vote on this question had not been taken when our
report left.

THE ORIENTAL INLAND STEAM COMPANY
(LIMITED).-(THIS DAY.)

Thia afternoon the seventh half-yearly meeting
of the shove company was held at the London Tavern ;
Colonel Gravy; in the chair.

The report of the directors, which was adopted, stated
that the progress of the company during the last six months
had been very satisfactory. The company's operations have
been extended as far as Feronepore, and the three
vessels of the company now on the Indus are working to •
good profit. Another vessel for the Indus is now in course
of shipment. On the Ganges also the progress had been
highly satisfactory. The superintendents both at Calcutta
and Kurrachee report that they have no doubt of being
able to obtain full cargoes for a larger number of
vessel■ then those at present on either river.
The directors regret to announce that the Secretary of
State for India has thought proper to cancel the contract by
the terms of which • subsidy of 5,00 W. a year for ten years
was granted to this company. This act was justified
mainly on the ground that the company had failed in its
agreement to pleas two trains upon the Indus by the 31st
August, 18.14. Nevertheless the directors have name to
believe that the profits upon tho working of the company's
vessels will be sufficient, by the end of the present year. to
enable them to recommend the declaration of a dividend
upon the full amount of the paid-up capital of the company.
The arrears of calls reported in the last balance-sheet hare
been reduced from 19,2151. ss. 2.1. to 4,1401.

THE VICTORIA (LONDON) DOCK COMPANY.
(THIS DAY.)

This afternoon the general meeting of the share-
holders of the above company was held at the London Ta-
vern ; Mr. C. Mogarsog in the chair.
During the half-year ending the 30th of June last, 1,547
ships. measuring 552.201 tone, entered the Victoria Docks,
showing an increase of 72 ships and 67,110 toss. as oom-
with the same period io 1861. The fol-
lowingari is a comparative statement of the ves-
sels sod their tonnage which entered the under-
mentioned docks in the years ending 30th June, 1861 and
1862. respectively : —Victoria, D 461, ships, 2,801 ; tonnage,
953,075; 1862, ships. 2,779 ; tonnage, 1,067.207; Loudon, for
years ending May 31, 1861 and 1862 (leaded from foreign
ports), 1861, ships, 1,021 ; tonnage. 457.948 ,• 1862, ships,
1,017 ; tonnage. 481,285; St. Katharine, 1861. ships, 869 ;
tonnage, 219,131 ;1862, ships,BZl; tonnage, 207,749 ; East and
West India (loaded ships which discharged their cargoes),
1861, ships, 4,005 ; tonnage, 864,212 ; 1862. not published.
The total number of ships, and their aggregate register
tonnage, that entered the port of London with cargoes from
foreign port., during the yea:needing 30th June, 1861 and
1862, respectively. wee —lB6l, shim 11.:82; tonnage,
3,090,053 ; 1862, ships, 10,72:1; tonnage, 3,188,049 ; decrease
in number of shipe, 859; increase in tonnage, 97.996.
The fire insurance compsnies having invited the dock oom-
psnies to make certain improvements in their warehouses to
=raw their security from fire, audits the condition of re-
,