The Express.
London, England, 1848-08-25 00:00:00

u
,124

De, Noe —
Do. do. Muer. 6p.Ct L
is Leedom& Beeman, 4 20 usu.dase Amen,
1., Do, Extestrion Id • eke/ I*.ioe.ei Vent
ji) 8:0- i ihddt Witelds
✓ De. •'nehme.spta. dde 71 Genuine In Seeker
.1 Do.reef.Ciae.hp•Ct. 44 470 Lureerbourp
!.‘, Do. do. Isf.2 M4d ate 20 Smote and Mops
4.
3 Lio.Newslo.o9.UL Jt to serum. or Trasim .
51
tai L nk.a and • • p.c.,. • Urbana Isorikaux Li
io: Do. Preerce• •• • 11 Paris and Llnuls •St 5
.. N. Wesaso. 111.16.. d. 10 Do.do. .
T 1 Do. shares LAB. 261 chd. Paru and. Orkau 16 27
7 Do. du. Neu Si Per* awl /Owes_ 10 14
Do. Fifths
5 TO Austen ..rsi Shure . 7. 8
9 Dedalah,,M o lip. e Seestser owl Verse. xi
✓ n..1.101.0—il ,SOCI lie. Sloan and Nada I eid. d
1 Da. 104.4,31 c a? tfest !Loeser. .... ii lld.
11dEETINGS.—NOItTiteeN COUNTIES UNlON.—lia/f-
-yearly Meetiity.—Londan, Aug. 24.—Major Bereeford in the chair.—
The directors report rot forth that within the present session of par-
liament every effort has been made to give effect to the unanimous
wishes of the proprietors, expressed at the extraordinary meeting held
on the 17th February leak for the purpose of removing the restriction
imposed by their uo spiel act on the outlay of capital, and of vesting
in the shareholders theme:nes the power to direct in what manner
the undo of the company should be expended, but they regret to say
that, alter considerable decussates, the committee of the House of
Commons declined to remove the restriction, and suggested the sub-
atitution ota cla to th Wowing effect, Tie. :—Ttutt the compaey
be allowed to apply thecaemedal in the tied Weenie to the construc-
tion of the line from the lime works at Leyburn to Thank and Wath,
or to some point in that nelghbourhood. That they be plobihirca
tram ean•Vnietillll any portion of the tun reasserts of ley-
burn until they have opened the lux c
onditionsop Auckland
to Barnard Castle. That upon these being com-
plied with, they be allowed to comitruct the line from Leyburn to the
junction near Kit kby Stephen, but that they be suß prohibited from
opening their line to Cotton, until the line to fleished from Barnard
(Wale to Testy." To this proposal the directors returned the follow-
ing answer : 'This board is aiding, on the company's behalf, to give
their concurrence to the suggestion of the committee in its spirit and
object, but they beg to press upon the committez the necessity of ex-
tending the point of cohatrucuon to Hairdos! Soar, Iligh Abletaide
township, parish of A) egarth, an the het spot where the best agricul-
tural lime us found in abundance, and alao where the Line abuts on a
highway." But the committee, alter further discussion, altered their
owl suggestion for the following, intimating that its acceptance was a
td ,e yaa non to any alter anon of the clause :—" That the committee
are desirous to adhere to the terms suggested on June 9,
with the lollowing modilicatiOin Ist. That the Wensleydale line
be made from Wirth only, and to a point above Askrigg, such point to
be determinei by the expense of construction, es compared with thee
Atha line Irons Mishap Auckland to Barnard Curie. 2nd. That no
dividend exceedmg lour per cent. be paid upon the first above-men-
tioned line until me line from bishop Auckland to Barnard Castle M
opened for t• tic, and if it be not opened within four years •;suggested
by the committee ) then an dividend to be paid from that lime until it is
opened." The directors were 01 opinion, that by the adoption of this
suggestion the company would have been placed in a worse position
than they are at present under the original simultaneous clouw, and,
therefore, withdrew the The state of the money market has
weighed and continues to weigh most heavily on railways, and the
dilbcultiee which the directors anticipated have been realised in the
large amount of arrears still due on the Brat and only ail. This call
was made in April, 1817, and the arrears still due in July, 184), are
47,39)0., out of a sum of 09,5051., which it ought to have
produced. Cniler existing circumstances the directors deemed
It prudent, for the present, to curtail all further out-
lay, and to eeons mix every expense. To the end they have
already reduced their office establishment to a very low limit, and
have terminated their engagement with their late engineer, and now
miens Ostia' suchfurther steps for lessening the liabdities of thecom-
pie an Soy saaydeem desirable. They recommend the dtecontiatiance
deo rannalersuon voted to the directors at the first general meet-
ing din company, and the forfeiture of 162 shares. The balance
Anil ea 27th July last showed receipts at 206,4a1. 3s. 4d. ; expendi-
leirt, 129,6781. 11.0 d.; balance at banker's, 76,791/. Ile. Id.
The Chairman in moving the adoption of the report, exp reared the
regmenttick he felt in common with the other proprietors at the
denim et which the committee had arrived; and without impugning
the norms the gentlemen competing that committee, be eon.
donut an they were quite at liberty to differ with them in opinion.
The proprietors were now in exactly the same condition as before the,
went to parliament ; and at the extraordinary meeting into whisk
they were afterward* to resolve themselves they could come to some
deeisuen as to the future course to be adopted under the circumstances.
Alluding to the art ears of all he said he could not but attribute theft
not,-pa)ment to the refusal of the committee to repeal the that, Mho
clause.— LI, answer to a proprietor, the chairman Mated that if &lithe
contracts into which they had entered were enforced against them the
amount of their liabilities woul 1 exceed the =omit in hand, the con-
vects alone amounting to about 13,0001. The execution of them eon-
tracts, however, not having been even commenced, they would
course be comprismised. Toe other of the company win
very small.—A resolution confirming the forfeiture of the lel shares
was then loomed, which concluded toe regular Mania..
The meeting we then made special, in order to take into consider.
ation the future proceedings of the company.—Mr. Glyn moved
Mr. Batley seconded a resolution by which the meeting expressed its
regret at the decision of the committee which deprived theoompony of
a privilege enjoyed by public ampulla generally, that of expending
their funds in such a manner as was in aceordanse with the wish ,
of the majority of the stuireholders. The resolution was carried. A •
motion, propped by Mr. llodpon, for the formation of a committee
to inquire into the affairs of the company and report thereon to a
future meeting, gave the to a dominion, in which some difference of
opinion was expressed aa to whe. her such a resolution would imply a
want of contideme in the directorate. An amendment wee eventually
carried, agreeing to bear the recommendation of the board in the first
instance.—The Chairman accordingly proceeded to state his opinion
that there were only three °purees open to them—either to make a
very heavy all on the proprietors; to append the works because
they did not choose to face the call; or to endeavour —he used the
term eigniticantly —to dissolve the company. With regard
to the tine proposition, he considered that there could be
only one result —that the call to be made would not be
paid upon even to so great an extent as the last. It war therefore
his own opinion, and the opinion of the majority of the board,
that a heavy call or any call on the proprietors would be most im-
politic. there were many reasons also which rendered it extremely
undesirable that they Mould apply for an act of dissolution at the pre-
Bent moment. Therefore, the only course which he coon feed to be
open to them was to reduce the expenditure to the lowest perkiest ex-
tent, to suspend operations, and wait for better days—wait and see
what other companies were defog or willing to do, when they
might either dissolve with advantage or rim like a {Amex
from their ashes, and be yet prosperous+. lie believed, in thus
speaking, he expressed the general feeling of the board.—
Mr. Wyvil, a director, deprecated the expediency of the pro-
prietors giving up their project entirely, and bung every-
thing that they had paid up. There were four mike on the line near
Bishop Auckland, which if constructed would redeem every
which the company had yet experienced. Ile dwelt at some gth
upon the advantagee offered by the portion of the line in question in
carrying coal and co-operating with neighbouring lints, and con-
cluded by heartily recommenthog the adoption of the course which
he proposed.—The Chairman differed in opinion with Mr. Wyvil, and
expressed his opinion as directly against the propositlou—an opinion
in which the meeting appeared to ountur.—After a long coeversation
the resolution for a committee woe withdrawn, and on the
proposition of Mr. Middleton, seconded by Mr. Monkhouse, a remits-
tiou agreed to by which the directors were invested with powers to
enter into terms with a view to the suspension, abandonment, or
otherwise, of all the contracts entered into by the company • to enter
into such negotiations and agreements as they might think fit—all
agreements with other companies being subject to the confirmation of
the shareholders; and further providing that the director* should
suspend all further operations, and make no more calla for the next
twelve months without the concurrence of the proprietors at an ex-
traordinary meeting. A reeolutthn was then passed by which the
offer of the directors to continue their services without remuneration
was accepted, with the host thanks of the proprietors.
BIEMINGEASI AND OXFORD UN CI lON ,—AdiOttalVd Spe-
cial Merieng.—Birmaagham, Aug. 2t.—Mr. P. 11. Munn in the chair.
—The Chairman merely announced to the shareholders that the bill
for legalising the sale of the hue to the Great Western CompaLy had
now received the royal amen, and that consequently all proceedings
connected with this special meeting, convened some months since,
were now at an end.
EAST AND WEST INDIA DOCILE AND BIRKINGILAX
JtNCTlON.—lialf-yearly liretiny.—London, Aug. 24.—Mr. Tinsman
Young in the chair.—The report stated that the directors had felt it
to be their duty to proceed with the construction of the line more
rapidly, the period being advantageous in regard to the price of ma-

iu ed.
rl 74.
11.toL