The Express.
London, England, 1851-11-03 00:00:00

LATEST FOREIGN EXCHANGES.

MADRID, OCT. 28.—Three per Cents., 38! ; after
343!.. Four per Cents., 14 ; after &Asa,
Five per Cents., 101 ; after 801 a.% 16k. Coupons, 8;
after Bolsa, 8 c. Passives, 3 I.i-19; after Bolsa,, 29-32.
Bank of St. Ferdinand, 99i. Exchange on London,
50.73.

[By Eteetrie Telteraptt.]

Ilmutinto, Nov. I.—Three per Cents. Inte-
rior, 321. Russian Four-and-a-Hall per Cents., 96,1.
Exchange on London, three months, —; at sight, —.
FRANKFORT, Nov. I.—Five per Cent. Metalliques,
121. Three per Cent. Interior, —. Exchange
on London, 1192 ; on Vienna, 934.
. .

BERLIN, Nov. I.—Voluntary Loan, 1021; Na-
tional Debt, 881 ; Four-and-a-Half per Cents.,
Russia, Exchange on London, 6.23. ditto
Hamburg, 1501; ditto St. Petersburg, 163,; ditto
Vienna, 81.
VIENNA, Ocr. 31.—Five per Cents., Metalliques,
92; Exchange on London, 12.21 ; on Paris, 1461.
ANTWERP, OCT. 31.—Five per Cent. lletalliques,
41; ditto Ardoins, 131. Three per Cent. Interior,
341. Russian Four-and-a-Half per Cents., Ex-
change on London, 25.28.
BRUSSELS, Oct. 31.—Belgian Five per Cents., 981;
ditto Four-and-a-Half per Cents., 891; ditto Two-
and-a-Half per Cents., 491. Exchange on London,
25.28.

AMSTERDAM, Ocr. 31.—Five per Cent. Metal-
Epics, 70,1 ; Five per Cent.Ardoins, 131 ; Three
per Cents. Interior, 34 9-16 ; Russian Four-and-a-
-1117 Cents., 991 ; Two-and-a-Half per Cent. In-
tegra 56 15-16. Exchange on London, 11 873.

THE MONMOUTHSHIRE BANK FAILURES.—The re- I
gistrax of the Bristol District Court of Bankruptcy, Mr. S.
Tockett, has, in pursuance of an order of the court, attended
several days during the past week at Newport, for the pur-
pose of taking proofs previous to the choice of assignees,
which will take place on Tuesday next, in the matter of the
petition "Re Williams," the Newport Old stank. On
Monday last 152 proofs were taken, on Friday upwards of '
250 on Wednesday 150, and Thursday 105. The amount
of the total number of proofs exceed 53,0001., and in con-
sequence of these proceedings a large number of the poorer
dames of the community resident io Newport and the
neighbourhood will be saved the expense of attending the
examoineriess at Bride/

On Saturday the adjourned half-yearly and special
meeting of this company was held at Birkenhead; Alder-
men Bancroft, the chairman of the board, presided
The CHAIRMAN said the matter formally adjourned
for consideration was the supplementary agreement entered
into with the London and North-Western Company. The
memorandum of an agreement he should lay before the
meeting that the directors had entered into, subject to the
confirmation of the proprietors, to lease the line to the Great
Western Company and to the Shrewsbury Associated Com-
panies. (Applause.) This was a step of great importance, and
it certainly required souse hesitation on the part of this com-
pany before they embarked in any new expenditure what-
ever. He then adverted to the necessity of applying to per-
Bement in the ensuing session for powers to complete certain
arrangements. Prior to the negotiations with the Great
Western and associated companies a negetiution took place
between the directors and some members of the Holyhead
board. The terms were that the Holyhead Company should
pay a gems sum of 3,0001. for one year—that was, from the
let November inst. to the Ist November, 1312—for the use
of the lines of this company—that was, the line from
Chester to Birkenhead and the line from Chester to Lower
Walton—undertaking themselves to perform all the duties,
so that it should be a net sum of money payable to the Bir-
kenhead Company. The memorandum of the agreement
entered into between the board of this company and the
Great Western and associated companies was in substance,
that from June next that company should receive 3 per
cent. upon 2,000,0001., an invariable amount, 31 per cent.
the next year, and 4 per cent. afterwards in perpetuity;
with the option, if that company should think proper to
exercise it, of merging into or amalgamating with the WM-
ciaced companies at par. Assuming that when the compa-
nies came to amalgamate, one cumpAny got I per cent. and
the other assuming that the Great Western Company
got 5 and the two Shrewsbury companies 4 per cent., they
would have to adjust their c ipitals in proportion to those
dividends. The result would be that the 1001. of Great
Western capital would remain intact, but the BM,. of the
Shrewsbury capital would have to be reduced to 40f. 10
per cent. less; they would then receive a uniferm dividend
for ever. It was simply an adjustment of capitals, and
when the capitals were so adjusted the Birkenhead Com-
pany would merge into them a capital of 2,000,000 f. at par.
'fhat was the biUis of the arrangement agreed upon. (Ale.
plause.)
Mr. fITHEIIINGTON suggested that it would be best
to take first the chief business ut the day—the lease to the
allied companies.
Mr. W. JACKSON, 11. P., agreed with this suggestion.
A motion, authorising the company to borrow 00,0 001.
which had been seconded by Mr. Brown, was tnen put and
curried ; as was also another formal resolution ordering the
70,0001. so raised to be borrowed from Mr. Brumley.
It was decided to take tho memorandum of agreement
with the Great Western sod associated companies as read,
an abstract of which appeared iu the Express of Tuesday
last.

The CHAIRMAN then moved that it be approved of
and confirmed.

Mr. GIBIS seconded the motion.

Mr. JACKSON, M.l'., rose to enter his protest azainst
this amalgamation, and he did so upon the ground that to
be allied to any great company would most materially in-
jure the position and ultimate good to be derived by the
proprietors of this company ; and that the amount of ptr
tentage to be given either by the Great NI/catkin or the
North- Western emnpauies would not amount to what they
would receive trout the line if maintained in au independent
state. (Hear, hear.)
Mr. ROY begged to state in the most explicit and empha-
tic language, that if this amalgamation were carried out, it S
should remain open to all. (Applause.) They (the associated
companies) had themselves antlered from opposite views, and
knew too well its injuries effixt, he meant by the prevention
of traffic coming over the line, ever to practise that system
upon another. And he was entitled to state, as he knew it $
to be the unanimous sentiment of the members of the three
boards of the emaciated companies, that they would give to
the Holyhead Company and the London and North Western 3
Company, when they chose to come to Birkenhead, the most
absolute facility, the most perfect absence of anything like
obstruction or prevention of trade coming there, that the
strictest orders of the most zealous exertions could secure to 1
them. (Applause.)
' Mr. BUCKLEY supported Mr. Jackson's view, and I
thought it would better to remain an independent line.
Mr. %VINCI' said, when lie saw at the present time that
they were not dividing 11 per cent., and that anything be-
yond that was purely prospective, and when he found at the
same time that a guarantee was offered to the company at '
3, 31, and 4 per cent., ho must say, as a man of business,
that a bird in hand was worth two in a bush.
Mr. TITHERINGTON said, the North Western COM.
pany had sent along this company's line 3,000 tons of traffic
within the last 12 months, the Holyhead Company had sent
3.3,1100 tons, and the Shrewsbury company 100,000 tuns of
truffie. Was it reasonable that they should be afraid the
London and North Westeni Company would make a second
line to Birkenhead ? (Laughter.) Was it to be thought
fur a moment that they, despising the Birkenhead line,
would think it necessary to spend a quarter or half a million
of money in making provision for 3,000 tons of traffic. (Bear.)
After some observations from Mr. Liddell, Mr. Birch,
and Mr. Webster,
The CHAIRMAN put the resolution, which was carried
said loud applause, with only six dissentients.
The CHAIRMAN then moved, " That the board be em-
powered to proceed for an act in the ensuing session to
carry out the agreement."
Mr. BUCK seconded the motion, which was carried nem.

con.
The CRAIRNIAN moved—" That the directors be &Ruth°.
fired to enter into the agreement with the liolyltead Com-
pany."
Mr. DANDY seconded the motion.
Mr. KNOX moved, as an amendment, tbo negative.
Mr. TREVOR seconded the amendment.
After a short debate the amendment was put and carried,
about eight or nine hands only being held up against it.
Mr. KNOX moved—" That the supplementary a:,rreinent
with the London and North Western Company be ad-
journed sine die."
Agreed to.
The meeting then separated.