The Express.
London, England, 1851-08-28 00:00:00

THE EXPRESS, THURSDAY EVENING, AUGUST 28, 1851.

to be binding unless accepted with this condition within a
month. (Hear.) This it was thought would place them
in a better position than if the matter was left open, and
would place them in the receipt of dividend much sooner
than they would e!se be. Their natural allies were the
Great Western Company, no doubt; but he looked with
suspicion on the connexion of that company with the Bir-
mingham and Oxford line, u;ion which it might ha possible
for them to throw so much tratfle, reducing in proportion
the traffie on the Oxford and Worcester, as would deprive
the shareholders of the latter of every shilling of dividend,
unless it w•as mole clearly their interest to develop
the traffic of the Oxford and Worcester line. This would
be effected by the condition now suggested, and which he
now submitted to them.

Major COURT, amid some laughter, seconded the reso-
lutioo, which, he contended, confirmed his previous state-
ments. In four years after the completion of the line he
believed it would realise all that bud been expected
from it.

Mr. PARSONS begged to Ray that be would vote in
favour of the amendment of Mr. Tatar, both on his own
Plums and on all the proxies he possessed, as he considered
it would put the Great Western Company to the test.
(Hear, hear.)
Sir H. FOSTER concurred in the propriety of Mr.
Tudor's amendment, and thmight it should be at once re-
mitted to the directors to carry it out.
After some further discussion,
Mr. HUDSON, M.P., thought practically under the pro-
posed altered agreement for four years the proprietors
would reee:ve nothing, and the effect of that would be that
they would sell their property at 21f. a share. Ile recom-
mended that proxies should not be used. lie bad twin
placed in a • 'lar position, and hail refrained front using
the proxies in his hands. Ile thought it only reasonable
that they should require interest to be paid by the Great
Western from January next, He hoped the original pro-
position would be allowed to he negatived, without calling
in the use of proxies at all, and that Mr. Tudor's resolution
should be referred to the committee as suggested. (Hear.)
Mr. PARSONS, on the subject of the proxies, said he
held the proxies of the whole Stock Exchange. The Stock
Exchange held 8,000 out of 21,000 shares, one-third of the
whole. The question had been debated at the Stock Ex-
change, and the decision was an authority to him (Mr.
Parsons) to support the present agreement with hi' proxies,
provided a resolution like that suggested by Mr. Tudor
were appended, teat with this difference, that the sum they
proposed as the terms of sale should he 2d!. per 501. share,
instead of 30!., and 21 instead of 3 per cent. These were
the terms the Stock Exchange were prepared to take. Ile,
however, thought them too little, and that morning the
terms had been increased as now proposed. With all de-
ference to Mr. Hudson, he thought the more prudent course
was to put the agreement to the Great Western with the
new clauses, leaving it to them to refuse or accept it. He
believed, when they knew it was the final determination of
the proprietors they would accept it. And, with regard to
the Oxford and Worcester company, it was a golden oppor-
tunity which he, as a large proprietor, hoped would not be
lost. ((!pear, hear.)
Mr. LAURENCE hoped the resolution proyosed by Mr.
Tudor would be carried at once without referring it to any
committee. Practically, the effect would be to carry out
his motion. _ _

A long and desultory conversation was continued for
some time, whip It ultimately resulted in the carrying of Mr.
Tudor's motion, the sum at 101. havirm been sub,tituted ns
the purchase price per .501. share for 30/. • and the confirm-
ation of the agreement with the Great Vestern, subject to
the conditions described in that motion.

A vote of thanks was then passed to the committee of
shareholders, which Mr. LAURENCE acknowledged.
The business of the special meeting then terminated, and
the business of the ordinary half-yearly general meeting
was proceeded with.
The SECRETARY, by direction of the Chairman, read the
report of the directors, as follows :
" The directors have so recently communicated to the
proprietors the position of the undertaking that on the pre-
sent occasion little remains to he stated. The general
balance-sheet to :kith June last, and statements of receipts
and expenditure for the Stourbridoe extension Canal, and
for the Stratford and Moreton Railway, for the half-year
ending 30th June, arc subjoined. The proprietors are aware
that the company kept an account with Messrs. Ituffords
and Wrogge, bankers, at Stourbridge, and that Mr. Francis
Ittiffur.l, one of the partners of the house, was connected
with this company. as its chairman, from its original for- I
'nation. This hank stopped payment about the _'6th of 1
June last, there being at that time a considerable amount of
the company's money in its hands. The report of the
auditor hereunto annexed details the amounts and the cir- '
cunistances. The directors are, through the medium of the
company's solicitors, engaged in ascertaining the exact posi-
tion of the company, believing that some portions of the
bees will fall on third parties. The directors fear the
I assets of the bankrupts will suffice to pay but a small divi-
dend. The various works upon the line are progressing
satisfactorily, though more slowly than the directors con-
templated when they made their report to the special
general meeting of the company in January lasts This is
attributable to the unsettled state of the company. On one
contract, that for the Mickleton Tunnel, the contractors
stopped the works in June lust, and refused either to go on
or to give the company possession. In order that the works
upon the whole line might not be rendered unproductive
by the non-completion of this tunnel, the board, acting
under advice, took possession of the contract, they are
happy to say, without absolute violence or injury to any
individual, though the menacing conduct of the contractor
at one time rendered such an issue probable. The question
touching the company's rights against the contractor, and
his rights against the company, is now the subject of
arbitration.

The auditor's report states that the balance-sheet repre-
sents an expenditure of the sum of 69,0631. Os. lid. fur hind
and compensation in the half year, but several amounts,
parts of that aggregate amount, have been deposited in pro-
vincial and joint-stock bank'., leaving in deposit with
hankers 24,912'., 10s. 4.1., and the Gloucestershire Bank,
Stow-on.tbe-Wold, 2101., a purchase since completed. These
11111114, for the most part, have been so deposited in the names
of a director of the company and the vendor or his agent •
but a sum of 375/. deposited in the bank of BAUM and
Wragge was so placed in the name of Mr. Itufford alone iu
the matter of the executors of William ['age, deceased. Two
several checks, the one 5,6231., and the other 5,500/., ap-
pear to have been paid to the agent of Lord Ward's estate,
being the consideration for the purchase of lands ; they were
both drawn on the bank of Messrs. Redford and NI ragge,
but in the pins-book of that bank the cheque for 5,5001. dues
not appear to be debited. The balance due from Messrs.
Itufford anal Wragge, according to the ledger account of
the company, and as expressed in the balance-sheet, is
4,11'6/. 13e. 2d. In that account they have credit for all
sums drawn upon themoby the company ; but one cheque, for
4701., so credited, has not been issued, whereby the ba-
lance is increased to the sum of 4,636/. 13s. 2d. The fol-
lowing cheques, drawn on them and issued to Messrs. Bedford
and I'ideoek, are also outstanding:—April 18, 1814, 311.;
March 6, 1851, GO/. 17s. 6d. ; March 12, ditto, 1501. ; June
16, ditto, 2,6321. Os. &I. ; ditto, 182/. 14s. ; ditto, 1921. 10s. ;
ditto, 1371. 104.; ditto, 2101.; total, 3,596/. 12s. 2d. ; and
one to Mr. Elgie, May 14,18.51, fur 431. 101. ed.

The general balance-sheet up to June 30 shows the fol-
lowing items:—Receipts, 1,8,7,4221. 4.. 9d.; expenditure,
1,819,722:.94. ; balance in favour of receipts, 37,699/.155. 9d.
The receipts comprise, in addition to the sums under head
of stock and preferential stock, interest on loans and deben-
tures, 22,593/. (rum the Birmingham, Wolverhampton, and
Dudley It.tilway 700/. from the Midland Itailway Branch
from Abbott. Wi;ed to Worcester, and 6,620/. Be. 4d. from
the Stourbridge Extension Canal, the income of which,
however, is only returned as up to 31st December, 1850.

The CHAIRMAN having moved that the report and
Recount* be adopted,
A PROPRIETOR inquired if the amount stated in the
balance-sheet was the total loss the company would sustain
by the failure of Messrs. Rufford's bank ?
The SECRETARY—No there are some sums paid as
deposits for purchase* of hind, which were in their hands,
besides which there are some outstanding cheques, but upon
whom the loss will fall, in respect to these, will have to
be ascertained.

After some conversation,
Mr. PARSONS remarked that in the autumn of last
year Mr. Raiford had very large sums of the com-
pany's money in his hands. His house being upon the
line, it was convenient for making payments in carrying
on the works. Since then, however, the amount had been
considerably reduced, and at the period of the failure it
had been drawn down from about 20,001.1/. to 4,000/. The
directors, in the first instance, supposed that to be the
whole extent of the loss; but they were subsequently told
that there were cheques outstanding to the amount of
3,6001., in respect to which, as they had heard, there was a
question as to on whom the loss would fall; and now it was
found, besides that, 7,6001. had been deposited in Rufford's
bank shortly before the failure, in the joint names of Mr.
Ruffurd and another trustee, which had been paid for the
purchase of property required for the line. Unfortunately,
it appeared that the liability in this case was with the com-
pany, and not with the vendor or the trustees. Some in-
quiry had been made on the subject, and it turned out that
an agent of the company had, at Mr. F. Rufford's re-
quest, gut as many of the deposits for land as he
could, and paid them into the bank. Further investigation I
would be instituted, and it might turn out that blame at-
tached to some of the company's servants. With regard to
a sum of 6,0001., they would have a contest with Lord
Ward, their late chairman. He had insisted upon the
company completing the whole of a purchase of land be-
longing to him at once. The money was paid by cheque,
and had found its way into the hands of Lord Ward's agent,
but it had not been presented until after the failure. In
regard to this sum of 5,500/., he thought they had a good
case, as well as in respect to various other smaller items.
The resolution confirming the report was then agreed to,
as was one fur forfeiting certain shares on which the calls
had not been paid ; and another for allowing 2001. for the
expenses of the committee on the Great Western agreement
and the payment of legal assistance obtained by them.
A vote of thanks to the chairman was next passed, which
was duly acknowledged ; after which the meeting separated.