The Express.
London, England, 1851-02-28 00:00:00

FINANCES.

RAILWAY MEETINGS.

Claim t►e /may Noes.)

EASTERN COUNTIES RAILWAY.

A return of some significance on Indian finance
has just been printed by order of the House of
Commons. It purports to be a" General Abstract View
of the Revenues and Charges of India, as estimated
and according to the annual accounts, for the year
1848-9, and as estimated for the year 1819-341; and
its apparent result is to show that, whilst in the
former year there was an actual deficiency of
1 473 115 i in the latter there is, "errors excepted,"
an estimated surplus of 77,662/., even though the es-
timated expenditure of 1819-30 is set down at nearly
660,0001. more than the figures which the actual ex-
penditure of 1848-9 reached. This change from
enormous deficit to insignificant surplus in the
finances of India is so unexpected thut it is worth
while to examine a little into the items that have
achieved so wondrous a transformation. But first a

Yesterday the ordinary half-yearly general meeting
of this company was held at the London Tavern, Bishop-
gate—trevt, Mr. J. °IAN, the deputy chairman, r.residing.
The meeting was 1...4 numerously attended than usual.
notwithstanding the announcement that there was to I,e no

word as to the mode and time at which the change
is announced.

By the 3 & 4 Will. IV., c. 83, e. 116, the East
India Company is bound to present to parliament its
accounts of territorial revenues and disbursements
for the three preceding years fourteen days after the
Ist of May in each year. Punctuality in obeying
this statutable obligation, has, however, never
characterised the company; for these accounts have
rarely been laid before the house until the end of
June, not unfrequently until the middle of July ; and
in consequence of this delay, parliament has never
been fully informed on the last year's finances of
India until the session was expiring and all opportu-
nity of discussing them was gone. This year, how-
ever, parliament had not sat two days before one of
the eeretaries of the Board of Control moved for
this abstract of the full accounts due in May ; it was
sent from the India House on the 11th instant,
ordered to be printed on the 14th, was delivered
on the Ittth, and is now, by means of a little para-
graph in the papers, informing all the world that
British India, with a gross revenue of twenty-five
millions sterling, has at last an estimated surplus
of 77,6624 Whether this haste in 18.51 has been
caused by the grrdually approaching expiration of
the Charter Act, or by the pride at having, in esti-
mates, at least, turned the corner of deficit, it is not
worth stopping to inquire, when the larger and more
interesting question is before us—whether in all this
there has not been more haste than good speed.

In this abstract the net revenues of India in 1848-9
arc put down at 18,123,004/., the actual expenditure
at 19,596,12 V., leaving in that year, us we have
said, an actual deficit of 1,173,1151. In 114t9-50 the
net receipts of India are •timated at 20,495412/., or
2,375,440. more than those of the preceding year;
whilst tho expenditure is estimated at 20,420,7:101.,
or 821,627/. in exec:, of that of Ibt?4-9; leaving an
estimated surplus of 77,6621.

Now to render this large estimated amount of in-
crease in the receipts of 1109-30 of any real, per-
manent, enduring value, in considering the finances
of India, it must be found to have arisen from ordi-
nary, as distinguished from extraordinary or acciden-
tal sources of income; coutraregulations of surplus
produced from irregular and undependable supplies
are illusory and umubstantial. Let us see, then, as
far es the return will enable us, of what this increase
of 2,375,404/. in the estimated income of 1819-50 is
composed.

In tho first place, it is to be noted that in the
Presidencies of Bombay and Madras, and in the
north-western provinces, no increase of revenue is
expected; hut, on the contrary, there is in all a
slight decrease . nticipated. In Bengal, however, an
augnuntation of revenue to nearly 900,000/. is esti-
mated. The questions of how caused, from whence
derived, are not to be answered in this abstract; for
their euthentie -olotion we must wait until the full
tuvounts required by the act of parliament arc pre-
sented to the legisla‘ttre, and that will not, it
is to be hoped, be, this session, July or August.
In the absenee of detailed information a conjecture
may perhaps be hazarded. It is, that for the greater
part of this estimated increase in Bengal, the Indian
government will be found to he indebted to its
opium monopoly in 184940. This suggestion is not
indeed our own; for we observe in a Bengal journal,
connected with the supreme government, a calcula-
tion, that opium in that rear will bring at least a
million sterling extra to tfic treasury. Now, if this
be so, the estimated increase to the Bengal receipts
of 900,0001. in 1849-50, arising from an accidental
occurrence, is not an item that a government can
safely depend on; and any permanent expenditure
hosed on it would be very unsafe. The opium mono-
poly of next year may be as unproductive IN the
opium monopoly of 1519-40 has been productive; fol.
it is a gambling trade, and nut taxation. As part,
then, of the permonetit income of India we must
reject the 900,0001., thus irregularly and fortuitously
derived.
The other item of additional estimated revenue to
the Indian government is one that now, for the first

time, appe:trs in Indian accounts, viz., receipts from
the " Punjault and 'I,: is-Indus territeries," estimated
to amount to the large an of 1,84,142,000 company's
rupees; figures not fur from what ROULET Ststal
himself was supposed to derive from those portions
of his kiterdom. Now, though this sum is debited
on the other side wider the head of charges, with ,
102 28,000 rupees for the estimated expenses of the I
Panjanb, atilt the balance of 843,44,188/ rupees, or 1
about 044,400/. sterling, woald be a surprisingly
large yearly surplus to receive from Lahore. But a
lade appended to the item destroys that expectation,
and scatters to the winds the estimated receipts of '
1419-50. This item of " I,BB,B2,ooorupees from the '
Punjaub and Tmus-Indus territories," says the note,
includes e.rfraorolinary credits for estimated value
of property in the late government Toshakhana,
sale if confiscated eleph..nts, grain, &c., and compen-
sation in lieu of sowers, rupees. 51,00,000 ; the reali-
sation of which, hotreme, tlariny 1349-30 is very
dotibtful"(!)
This note is very suggestive of a little cookery in
this " General Abstract View." and creates a mis-
trust lest the lit:le leaven it displays may have lea-
vened the whole mass. For then we have it first
stated that nearly one-third of the estimated receipts
from the l'unjaub are not revenue in the proper
sense of the word, but spoils of war. and thou what
is almost dishonest is announced, that though credit
is taken for the full value of their estimated amount
in the year 1144944, their realisation during that
year "is very doubtful." Why, then, take the
credit in 1849-50 ? Why found a surplus
of 77,6621. on the estimated value of pro-
petty belonging to the conquered governmentof Lahore " confiscated elephants, gram, &c."
put down, in round numbers, at nearly 5481,0001.,
when it is confessed that the actual receipt of any
such sum is most improbable? Surely this very
admission at once converts the surplus of 77,64121.
into something very like a probable deficit of
4(10,0001.: " and the general abstract view," thus on
its very face, wears 01 aspect of having "been made
pleasant " either at the India /louse or the Board of
ControL
It is probable, then. that of the estimated increase
in Bengal 900,0001. will be derived from an acci-
dental cause; and it is certain that nearly 50.0001.'
of the estimated receipts front the Punjaub
are even more temporary in character; for,
whenever it is once realized that sum can
never again come from the government To-
shakhana, " elephants' grain and sowars," pe-
dantically enumerated in the significant note above
quoted. *lf such be the case, this very "general
view; intended to propagate &belief in an estimated
surplus. is suggestive of un estimated deficiency of at
least one million and a half sterling in the finances
of India in the year 18-19-60, if from the estimated
receipts of that year are deducted the accidental and
i fortuitous items which no real statesman would
place any reliance on, however great a godsend they
may be to secretaries of the Board of Control.

EARLY CLOSING AmmaaMos.—A meeting was
held on Wednesday evening in Ebenezer Chapel, Shadwell,
to ,rtunote the objects of this association, the Rev. 11. liar.
risen in the chair. The Rev. Chas. Stovel proposed a reso-
lution deprecating the late hour system of business, which
11111 n conded by Mr. Owen. He bore his testimony to the
advantare to be derived from closing early. When in busi-
ness he obw•d at 7, and although others in the same locality
kept open till nine and even ten, they did him no injury ; in
fact customers come to him because he did close early. His
Young men, he was proud to say, made good use of their
leisure. Dr. Allison, as a medical man of extensive cape-
nee, asserted that disease in various forms was more com-
mon amongst drapers and grocers than almost any other
class, which arose from their protracted labours. A suc-
cession of able speeches followed, and the meeting separated
with a Tote of *Maks to the chairmen.

THE EXPRESS, FRIDAY EVENING, FEBRUARY 28, 1851.

A SHAREHOLDER said he was anti aware of the exist-
ailet of any claim.
The CHAIRMAN Laid the claim arose ont of certain par-
liamentary.expenst, incurred by the East Anglian board in
1847 in trying to obtain an act of parliament. This claim,
which amounted to, 22,0001., hail been placed in the bands
of Hewn. Crowder and 3dayna7d. It should not be allowed
to stand in the way of an amicable agreement between the two
companies; it might he settled by law or otherwise, and had
nothing to do with the main question. The line being
worked through from London to Lynn, and from Lynn to
London, each company booking, of course, received the
fares. But the East Anglian Company being in diffi-
culties, a receiver was appointed to take the fares on
the East Anglian Um., and on coming to a settlement, the
board found that the money had been applied to other pur-
poses, and was not forthcoming. The distance from Lon-
don to Ely was 72 miles; from Ely to Lynn, 27; therefore
the proportion was Bto 3. An arrangement was made by
which a depcdt was left iu the hands of the Eastern Coun-
ties board sufficient to cover the deficiency, and from that
time matters bad gone on smoothly. Now these differences
were anything but hostile, and on neither side was there
any power or control which could prevent them arising.
(Cheers.) That company had lately published a notice in
the Gazelle of their intention to apply to parliament for a
bill to lease the line to another company on • working
agreement; but as soon as the bill w;1.1 brought before par-
liament, the most important clauses were withdrawn. Now,
with respect to the Newmarket line. The shareholders
would already have seen a large station built at Cambridge,
to receive the passengers by the Newmarket Branch from
Bury, when made. The directors had on all occasions

to come to • good understanding with the Newmarket
Company, and they would continue to do so. It was the
more necessary to do so now, inasmuch as the distance from
Newmarket to Bury was only thirteen and a half mike, and
though the powers to take land by compulsion under the
act had expired, still that company possessed the power to
make the line, if they could obtain the land by consent.
There could be no doubt that it would be moat detrimentul
to this cumpany, if the line by Newmarket to Bury should
be made. (h ear.) The rolling stock which had been held
in pledge for the debt due from the Newmarket Company,
had been taken at valuation and by amicable agreement.
He now came to the bills before parliament, by which the
interest of this company would be affected more or leas.
The first of these was the bill for the improvement of the
town of Harwich. lie hoped they would be able to come
to eonte arrangement by which the mistake of the Eastern
Union in applying the money to a wrong purpose might be
rectified, and the line to Harwich made. Anythingtending
to the improvement of the town of Harwich must neces-
sarily increase the traffic on the Eastern lines. The govern-
ment had made a splendid breakwater for the protection of
shipping in the harbour, and the harbour itself was one of
the finest, if not the finest on the whole cast coast of Eng-
land, and when railway communication should bo opened
directly up to the port, there could he no doubt that con-a-
derahle benefit wouldlaesult. The next bill was for the Royeton
and Ilitchen Branch, on the Great Northern Extension,
from Shipreth to Cambridge. This bill, as they were aware,
had been lost on the second reading, a result which would
place the Eastern Counties Company in a better position to
treat and make terms with the Great Northern than before.
The 3rd hill was that for the line from Halesworth, by Bee-
cles, to Bungay, and to join the Lowestoft line at Reitiliain.
This was a line promoted by the landowners of the distriet,
and would be carried out by an independent company. It
was i I milts in length, and would provide fur a district now
destitute of railway accommodation. Re next came to the
East Anglian bill. From that a very Wportant clause had
been withdrawn, and what they now naked was an exten-
sion uf .titue to make the line from Ely to Huntingdon.
They would be aware that the line hail been partly con-
striteteel between Huntingdon and St Ives, and should it
he carried through to Norwich it would then form another
competing line to Norwich—a line by the Great Northern
from King's Crass : therefore it was necessary that this bill
should be actively and carefully watched. The 4th bill,
the Thames Haven and Dock Railway bill, was merely for
en extension of time to make the line from a place near
Itomford to Shcllpoiut. The next bill, the North Gravesend,
had been abandoned. The ith, the London and Blackwell
bill, which was for making a railway to Tilbury Fort, had
been read a second time, and was tad! before parliament.
He might mention that before that company went to par-
liament with their bill they made a proposal for carrying
their Bow junction line into the Eastern Counties line at
Stratford, running on the Eastern Counties between Strate
ford and Ilford, and then diverging to Tilbury. They
offered them (the Eastern Counties) an equal share per
mileage after deducting WI. percent. for working expenses.
Now it appeared that the result of such an arrangement
would be that when a passenger paid Is. for his fare, the
Eastern Counties Company would only receive :di. of it for
their sluice. (Laughter.) Besides, a junction of that na-
ture would bring an influx of passengers to a point on the
Eastern Counties line where such influx would be extremely
dangerous; to the public safety, and it was on that ground
that their bill of last session was thrown out by parlia-
ment. (Hear.) Nevertheless, though they could not open
negotiations based on the acme principle again, they were,
as they had always been, shalom. to come to an amicable
understanding with the Blackwell Company, for they be-
lieved if a fair "give and take" agreeneept were entered'
into, they might have the advantage of the kenchurch-street
station. (Hear.) The bill promoted by the Eastern Union
Company hail been read a second time, and if they went to
a committer with it, the Eastern Counties Company would
probably have to fight there gentlemen, who might here-
after be their allies, and perhaps at great expense and
trouble. Ile sincerely hoped this might be avoided. (Hear,
I hear.) The last bill on the list was the Cambridge and
Shepreth Junction, which was simply a renewal of the bill
which came before parliament loot session. Lust year they
were put to great expense in examining the plans of the
promoters of that bill, and in sending down engineers to
ascertain their object.', and similar expenses he was sorry to
say had had to be incurred this year. lie stew came to apart
of the report which was highly important— that was the ques-
tion of the dividend. The lialance to the credit of revenue
was very small indeed, and he had explained the reasons
why it was so ; but the sum, small as it was, had been fairly
and honestly earned. (Cheers.) Revenue had been debited,
as he had said, with the expense of police during the
strike, anti other extraordinary charges which he
had mentioned. Everything had been charged to
revenue that could fairly conic against it. (Hear, hear.)
Su long as he sat there they should have neither fictitious
dividends nor coeked accounts. The directors bad power to
&clam a dividend ; hut, under the circumstances, looking
at the capital account placed before Mr. Quilter, and at the
state of the revenue, the directors thought it right strongly
to recommend the proprietors nut to divide anything that
half year. (Cries of " iLet us have a dividend.") It was
simply a recommendation; the directors would not refuse to
nuke a dividend if the proprietors wished to have one.
The suns standing to the credit of the half year's revenue
was 21,0001., and a dividend of Is. would take abort
17,4001.. leaving a surplus of about 7,0001.
A SHAREHOLDER--If there is only a penny we will
have it. (Cheers.)
The CHAIRMAN continued—The superintendent re-
ported that the permanent way was in an excel-
lent condition, and during the poet year the directors
had directed their attention to effecting improvements.
The very low price of lion at the present time enabled them
to pot in iron sleepers at no greatee cost than wood sleepers,
and the whole of the branch tram Shepreth to She fund
would be thus constructed. Though their !tunny and re-
ceipts had been considerably diminished, owing to the cir-
cumstances he had detailed, he was, however, happy to say
that the aggregate amount of traffic had not suffered at all,
and that there hail been little or no reduction in the num-
ber of passengers or the quantity of Foods conveyed. *the
desire of the directors was to art uprightly, honestly, and
with the stricteet integrity, and not ta conceal an thing
whatever from the proprietors. The chairman concluded
by moving the adoption of the report and the accounts ap-
pended.
. .

Mr. ELLTS, a director, seecmded the motion.
Mr. NATHAN, after expressing a hope that the meet-
ing would divide whatever W4lll at their disposal, and advert-
Mg to the proposed amalgamation with the Eastern Union
Company, said he wished to aek the chairman whether
that company wu not deeply in debt to the Eastern
Counties Company ?
The CHA It MAN —Yes.
Mr. NATHAN inquired how much?
The CHAIRMAN—Between eleven and twelve thou-
sand pounds. They had obtained judgment for the
amount.

Capt. KELLY, the chairman of the committee bn the
amalgamation scheme, said that on receiving the report of
the directors he examined it scrutinisingly, and, having had
some years' experience as a director of a metropolitan rail-
way, he conceived that he was in a position to form an
opinion upon it. Now, he must say that the working ex-
penses were beyond anything that he bad ever witnessed.
From the report sent to him as a proprietor of the Brighton
line, he learnt that the Brighton Company worked its trains
fur goods and passenger traffic at au expense of 20 lbs.
weight of coke per mile. On looking at the report of
this company, he found that the coke, instead of
20 lbs., amounted to a fraction beyond Z:4 lbs. per mile,
If the directors had brought down the cost of coke to the
rate on the Brigham line, they would have saved rather
more than 20,01101. a year. Comparing the entire working
expenses of the two companies, he found that the Brighton
expenses were 361 per cent., while their own were 1,61.
The difference represented the sum of 84,0001. per annum.
Again he found that the Norfolk Company took out of their
revenue upwards of 28,0001. per annum; and these sums
combined would give 113,0001. per annum for dividend.
(Hear, hear.) He would now ask the chairman a question
which he considered very important in reference to their
interests ; it woo, whether be and his colleagues meant to
use proxies at the adjourned special meeting ? If they did,
the investigation ut the committee would be fruitless.
The CHAIIMAN said he must rise to order. lie hail
told them that he would abstain himself, and he had re-
quested the in, eting to abstain, from anything that might
touch the next special meeting. He could answer no
question of that kind. He would act then, if he were
there, as he thought best for the interests of the company,
and how he should act he should then determine.
Mr. NATHAN—We are sold if those proxies arc used.
Ca t. KELLY said the inference which he drew from
the chairman's declaration was, that the hoard did mean to
use proxies. Now, he could tell them this--
The CHAIRMAN nee to order. (Cries of " Question,"
and " Go on.")
Capt. KELLY continued—lf the committee should report
that the agreement entered into ought to be carried out, the
proxies would nut be necessary ; on the other hand, if they
should report that it would be injurious to the interest& of
the company to carry out the agreement, then the proxies
would be brought forward, the meeting swamped, and the
interests of the company annihilated.
Mr. HOWES said all the arguments used by the chair-
man that day had strengthened his opinion that, having
earned a sum of money, however small it might be, they

ought to divide it. He would move an amendment, a■ an
addition to the report, to the t Met that a shilling dividend
be declared. Ile thought it foolish not to declare a divi-
dend when they had the money in hand. lie did not think
there was any reason for despondency if the concern were
properly and economically managed. Ilis proposition
would still Imre a balance in hand of 6,0001. . .

I agreed to accept the proposed terms; and we have ever
reason to hope that trustees and others under legal
tiis-
abilit will accept a minced rate of interest, and noels
their lbonds for seven years. Notwithstanding a memorial,
signed by the mayor, corporation, and utmost every
respectable inhabitant of Lynn, was presented to their
board, requesting that passengers might be "booked
through" to London and to the principal stations on
their lines, and we offered to deposit the probable amount
of such traffic in advance, the Eastern Counties board re-
fused this very reasonable request, thus compelling the pas-
sengers front the East Aughan line', to hurry over to the
opposite side of the station, in order to obtain tickets, at
the risk of being late, and leaving their luggage and par-
cels without protection. They have always refused to allow
your carriages to proceed to London on the usual terms:
an short, we are prepared to prove that the whole conduct
of the Eastern Counties company towards this company,
from the very first opening of your lines, has been that of
oppression and annoyance, arising, as we conceive, from a
desire to cripple your revenue, and reduce the value of your
property, and thus obtain it on such terms as they might
be pleased to offer. The "strike" amongst the sailors and
porters at Lynn has for several weeks caused agreat dimi-
nution in the traffic."

Mr. BOX would second that proposition, and believed
that had the working expenses been properly looked after
there would have been a 3e. dividend.
Mr. CON expressed his surprise to find so large a balance
as 111,0001. in the hands of the hankers, especially after the
recommendation of Messrs. Reeves and Mayhew, the ac-
countants, that a better system of employing the surplus
capital should be adopted. He was the more surprised that
such a surplus should be maintained at their hankers', seeing
that they were paying interest on 80,0001. for which those
bankers held the company's bond.
Mr. ELLIS (a director), as having been an active mem-
ber of the finance committee, at the suggestion of the chair-
man answered the question. Ile said, when the incoming
board took office they found the finances of the company in
no very flourishing condition, and it was necessary- to have
recourse to the bankers for a loan. The bankers met them
on that occasion with great liberality and had advanced the
money on a bond which would fall due on the Ist April
next. It was true that large balances had occasionally been
left in the bankers' hands, and it was necessary it should he
so. It had been the anxiety of the directors as a first principle
to support the credit of the company. (Hear) To be always
ready to meet their debentures as they fell due, and to
avoid, above all things, anything like commercial dishonour
therefore, though at some cost truly, they had maintained
sufficient for such purposes. But it should be remembered
that the balance had not always been so large. The auditors
had taken their average by the month, while the finance
committee calculated theirs week by week, which mode the
balance in the auditors' report appeal,~• unduly large. It
would often happen that the balance was allowed to accu-
mulate to meet liabilities coming due• as interest on gua-
ranteed stock and interest and debentures. In the torment
month many such payments had to be made, which ac-
counted for the large balance spoken of in the report.
Mr. WILSON would support the proposition of the
directors, that there should be no dividend.
Mr. GE.ICII said the Eastern Counties Railway Company
was in a very unfortunate position ha two respects; it was
unfortunata, inasmuch as the shareholders obtained no Tatum
fur their iuvestment. and unfortunate, inasmuch as the ma-
nagement hail failed to create confidence. He agreed with the
chairman as to the dillicultiesconnected with competition and
expense, and thousth he thought a great deal might be saved
in working expenses, he could not admit the justice of
Capt. Kelly's comparison. (Hear.) If a large company
like that was to prosper, the directors must enjoy the eon- I
lidencc of the shareholders.? The development of traffic
required as much knowledge, skill, and experience as the
ilevelopment of the business of an ordinary trailing concern;
::ad they must turn their attention to that subject in par-
ticular. Ile hail come to the conclusion that there were
defects in the present management of the line. Mr. Ken•
nard had told them that differences of opinion at the board
rendered it painful to sit there. There were three vacancies
to he filled up. Let the meeting elect three new members,
who would form such an infusion of new blood as would
tend :to the development of the resources of the line.
(Cheers.)
Captain KELLY deprecated the Board of Directors dele-
gatiog their powers to a manager.
Mr. WADDINGTON rose amidst cheers and hisses, the
former preponderating, and both being continued for a con-
siderable time. The chairman having stated, in reply to
Captain Kelly, that he should use his discretion as to
proxies, he deprecated the use of them at the forthcoming
meeting, as they might have been received in consequence
of impressions founded on incorrect data. He said the ow
of proxies would prove a most damning instance of railway
management. Ile never did use n proxy, and without tlic
sanction of the meeting he never would. (Cheers.)
In reference to the report, he felt it has duty
to call the attention of the directors to the real
Lets of the ease. The chairman said the directors
suffered frost odium which did not properly belong to
them. Why, they had lived upon that odium for the last
year and a half (laughter) ; the reports had been full of it ;
and the dividends had notwithstanding been getting
o small by degrees and beautifully less." Let them adopt
the principle of making some one party responsible for the
management of the line, and they need not go away un-
der the impression that they would receive no dividend in
future. Ile would recommend them not to divide the shil-
ling, but to save it with the feeling that they would be able
to divide a good half-crown for the future.
The CIIAIRNIAN then put the report with the addition
pro by Mr. Howes.
arlOftltlS objected that if the motion was put in that
form and assentea to, the proprietors would be pledged to
the whole report, to many parts of which there were strong
objections. Ile suggested that the question of the dividend
should be put as a substantive motion.
After sonic convermion,
Mr. NORRIS said he had an amendment, the effect of
which would le to adjourn the consideration of the other
points in the report to the 18th of Marti', when they would
have before them the whole questions of the Norfolk and
Eastern Union agreements. Ile mould submit his amend-
ment so soon as tiny should have decided us to whether or
not there should he a dividend. (Hear, hear.)
Mr. HOWES then moved his motion us au amendment
instead of as an addition ; and it was so put, and lost on a
show of hands.
The original resolution, adopting the report and accounts,
was next put, on which
Mr. NORRIS moved his amendment.
Two or three proprietors having spoken in favour of the
adjournment,
The CHAIRMAN said before putting the question he
must observe that he considered it a very important one,
and so much did it, in his opinion, affect the executive posi-
tion of the company that he must declare, not in anger or
in pique, not offensively to the mecsiaa, or with the least
intention of uttering u threat ; but lookiag at the situa-
tion in which the company would he placed if she restitu-
tion were carried, lie must say that if she adjournment were
carried he must, in as short a space as lee possiltly could,
resign his paejiion at the bond. lle said this wiiliout the
least spark of hostile fc ling. The company would, probably,
be able to find a litter person to fill the vacancy, but,
' speaking comm.:lei:llly, he could not stand there to incur
responsibility 'cahoot possessing any power, and that
wnald he his pas him if the adjournment were carried.
Mr. WADDINGTON would suaatat to the mover of the
amendment that the following should be substituted arc
what he had pmposed Th-t the commistee of consul-
tation appointed on .ho 13els ins:. be requested in consider
the policy of including in any working agreement that may
be mode the Newmarket end Chester fiord and the East
Anglian lines of reilw-y, era: if so considered by them as
advisable in moron theivion on the Milo of Murea, and that
this meeting be atl•ouiossl to that date." It had appeared
'to him shat they could nos have She whoa, case belbre tl'em
unless these tompanie- ware included in the investigasitin.
(Hear, hear.) As it had been remetensed that the com-
pany might be Ore ed in an awkwaid position, he would he
glad to know wheolier if she meeting adoourned Mr. Mar-
grave and Mr. Smyth would not continue in the board
Mr. MA.YNARD (she company's solicitor) said it was
mete clear 'hat sho a: two go:oilmen would remain in that
board anial directors were appointed in their stead.
Mr. NORRIS here intjonait d his willingness to adopt thy
resolution suggesaal by Mr. Waddiaatou as a subootituta fur
his own. . .

The receipt 4 ot the half year were to the extent of
18,2751,94,10 d., which, alter expenditure, left a balance of

ire'• & 1Od:

The CHAIRMAN begged to say, that the directors
had been supported to a certain extent by the com-
mittee of creditors, who had laid before them the heads
of the agreement come to amongst themselves. Ho
hoped they would unanimously agree to confirm the
agreement with the Great Northern Company, as it was
the only way of giving confidence to their creditors, and of
diipo'.iag them to accept of stuck at five per cent., instead
of this company having to raise the money at seven per
cent. (11,ar, hear) The Great Northern Company now
guaninteed them 10,000/. a year. To insure that amount
some extraordinary expenses must be incurred to increase
the traffic of this line, so that they were justified in grant-
ing to the Great Northern Company higher working ex-
penses to a certain extent, which was, that till the traffic
increased to 1,0001. a week they should charge them 60
per cent. as the working expenses, but beyond that the
working expenses to be subject to an annual revision.
These expenses were never to exceed 60 per cent., nor
to be less than 40 per cent. The other parts of
the agreement were in the same spirit, with this exception,
that in ease the Great Northern Company he subjected to
a loss in the first year by the payment of 15,0001., they
might deduct a small amount annually to repay them-
selves. He would conclude by observing that two of the
dissentient contractors had been arranged with, leavinkr only
one, who had now subjected himself to arbitration. There
was now only the dispute between themselves and the
Eastern Counties Company.
Mr. VALPV asked if that dispute with the Eastern
Counties Company was likely to relate to hundreds or
thousands.
The CIiAIRMAN said it related to unsettled accounts in
respect to the Ely station on one side, and the use of the
Ely and Huntingdon line on the other.
A PROPRIE LOLL asked if the management would be
in their hands.

The CIIAI ItMAN said the Great Northern Company
would take the management, paying them the 16,0110/. a
year.
Some discie..ion tool' place, in which Mr. ROW, Mr.
Chadwick, Mr. Leclinteke, Mr. Bates, Mr. Oake", Mr. Flint,
and other., took part.
The report W 44 edopted unanimously.
Mr. WILLIAMS, the solicitor, read the loads of the
agreement with the Gnat Northern Company, fur leasing
the line for 21 years at the net sum of 14,000/. per annum,
which mftecnient, after sonic discussion, •as approved of
unanimously.
After a vote of thanks to the chairman and directors, the
meeting adjourned.

YORK AND NORTH MIDLAND RAILWAY.

The half-yearly meeting of the proprietors of this
company was held on Thursday at the lie Grey !looms,
in tie City of York; PAIIN. Esq., in the chair.
The two retiring directors, Mr. Willianeum and Mr.
Jowett, were unanimously re-cleeted on the motion of Mr.
13u11.

—The eIIAIRMAN said that by adiourning the meeting
would p'uee the company permanently in a moat disastrous
position. (Dissent.) He spoke from his knowledge of the
subject, while other gentlemen spoke in ignoranee. No
peram keowing what he knew would remain with his
respon:ihility hanging over him if the meeting adjourned.
He warned the meeting not to take a step by which they
would paralyse the board.
The question was then put, and a show of hands having
been taken, the eha'rmun declared the amendment lost.

The CHAIRMAN vaid though not prosperous, he was
happy to state that the eimipany sae in an improved con-
dition. Some arrangements had been effected, and he
hoped 1x...0rc long that amicable airreements 'slat-
ing to traffic would be made with every rival
company. The chn-rman next proceeded to enter
upon .he details of the accounts, which showed
au increase of rreipts of 13,4191., and of payments
the increase was 6,41191. lle *anted that the whole of
their accounts were being placed on nn improved system,
He next showed that but for the high rates payable on
leased lines, .his company was able to pay 4/. Ire, 4d. per
cent. on the windy of its capital, and the prevent
inerfua-
lity--one p..rt of :he stock reeeiving 10 per cent., aml
another only 2—was row muent on arrangements which
they were not respomible for. Ile eselaMA the reasons
why the directors had nut publ'sheil the salaries of their
officers, observing that they were web served at a very
low rule, and that he was satisfied the publication would
he invidious, and mob: effect nu practical good. Ile con-
cluded hy moving :he adoption of the report.
Mr. SRI MOI It (Vice-cht:'rman) seconded the motion.

Mr. Serjeant GAZELEE then, vociferating above the
united voices of some 20 proprietors, all speaking together,
and col by the utmost exertion of lungs endeavouring to
make himself heard above the din, moved that the meeting
adjourn till the 18th of March, which, on being put to a
show of hands. was declared to he carried.
Mr. GEACII then, amid the moil noisy opposition, de-
manded a poll, which was ultimately fixed to take place on
the same afternoon, front a quarter past five to six, and on
the following (this) day, commencing at ten, and closing
finally at 4.
The result of the poU, as declared at 4 o'clock this day,
was as follows

Proprietors. Stork. Voters.
For the adjournment.... 173 .. 432;590 .. 6,078
Aguinit do. .... 83 .. 201,•230 .. 2,062

Majority 9O 231,390 3,278

EAST ANGLIAN RAILWAY.

Mr. KENN EDI, of London, ruse to move an amend-
ment. He represeuied 23 shareholders having a large stoke
in the undertaking, and his object nos to more that the
:and for the renewal of permanent way—amounting to
18,0001. per annum—he nut continued.
The amendment by Mr. Kennedy was than put, and only
two hands held up fur it. The:e were a large number
against it.
Mr. RAMSEY inquired if anything bad been received
from Mr. Hudam.

The CHAIRMAN said—Yes, a sum of 10,7001. had been
received from that gentleman, being a balance of a much
larwr account. This: item had arisen from some debentures
tal.ett up by Mr. Hudson on behalf of the company. Tho
money had been
,paid to his private account, and repaid
from it Mr the purposas of the railway as retinived. Ho
was no Liend or defender of Mr. Hudson, but he honestly
bei;eved that this matt .r was purtly one of mis.ake, and on
its detection Mr. Hudson paid the tarn, 9,000.1 with 5 per
cant. interest, amounther altogether to 10,7001..

In reply to other inottilriesit was said liar Chancery suits
against Mr. Hurl on were provessitio: at (liancery lace;
and that the arbitration laotween the company and Mr.
Crawshay, the contractor, WitS still pending.
The report was then received and adopted unanimously.
The CHAIRMAN th-n utorel that at dividend of It. per
cent. be declar.ll, payable on the 14th of March next. This
was carries' unaniumwoly, atter some complaints by Mr.
Hawkey as to the th.olay.
Mr. Cottarn, of Manchester, was re-appointed the auditor
of the company's accounts.
The resolution passed at the last half-yearly fleeting for
publishiirt the salaries or the officers wa,, rescinded.
A resolution was proposed, instructing the directors to
take immediate proce“lings against the Lancashire and
Yorkshire Coo,,pany, to enforce that company to take a
joint lease of .he Itull and Selby Railway, according to the
original agreement. After some discussion on the subject,
in which a great relucianee to resort to hostile proceedings
WAS evinced, so long as the host hope of an amicable ar-
rangement remained, it was finally agreed to authorise the
director to take legal proceedings.
A viee of thanks to t-te chairman and directors terminated
the meeting.

The half-yearly meeting of this company was held
yesterday at the London Tavern, Di.hopsgate-street. HENRY
BIII:4 R, Esq., took the chair.
The Seem:ratty read the report, which having alluded
to the diminution in the traffic, observes that a
considerable reduction in the working expenses has
been effected without in any way impairing the efficiency of
dco.nntrariyn,gtlsiteoclink,eares andinsta,,xticols,nast
con-
dition,wel.la s the
thecw
capa-
city of 21 tons to that of 5 tuns, the cost of which and of
other improvements has been included in "repairs.' The
illanrn:lmt;°wtoeinlectheanetrucks Lase been altered from the
cost of locomotive repairs would have been considerably
reduced if the financial position of the company had enabled
us to supply the lathes and other machinery requisite fur
the repair of wheels, the want of which has obliged us to
send them, at considerable expense, to manufactimers for
that purpose. The contract for maintaining per-
manent way having expired on the 3rd inst. a new
r
contract has been entered into, which we have wer fur
extend from month to month" on mine terms e{ babe.
In our last report we referred to proceedings width were
pending in Chancery between the bondholders and simple
contract creditor.. The case was fully argued in December
before the Lord Chancellor, whose 'decision having been
unfavourable to the bondholders they have appealed
against it to the House of Lords. Tim committee, notwith-
standing their great exertions and all the assistance we
could give them, have encountered extreme difficulty in
obtaining the assent of the creditors ; and there seemed to
be nu prospect of their being able to put a stop to ruinous
litiration, until we were enabled to azure the creditors of
the punctual payment of dividends ou the new shares, by
entering into a contract with the Great Northern Company
for w.wking your railways, whereby we have beet gear/A-
I teed a minimum net revenue of 15,0001. per annum. tinder
the influence of this guarantee, and the prospect of a much
greater amount of revenue, to be obtained by means which
that powerful company will be able to employ for develop-
ing our traffic, a very great proportion of the creditors have

YOI.7NG 'MEN'S CHRISTIAN ASsOClATlON.—Yester-
day evening the sixth annual meeting of this society was
held at Exeter Hull, the 'tight lion. Fox Motile in the
eim,r. The Cimino= expressed great 'satisfaction to find
himself presiding over a meeting of this description. It
was gratifying to think that in these days, when error was
stalking (inroad under every known form, there should be
such a determination cxio)ut amongst the young men of
the metropolis, not only to seek the mugs fur themselves,
hut to endeavour, wicsi al, their minds and with all their
' might, to dissemina‘e it amongst others. (Hear.) AVMs he
taw such a pursuit of truth his heart took courage,
and be felt that wi.hin the walls, if he might so
say, there was a garrison ready to spring forth against
all inroads and all aggretsiors which error might at-
tempt to make upon the bulwarks of their faith. (Cheers.)
He did most earnestly hope t:u,t the time would come when
the young men of Lonclon would be distinguished, not for
their :as.e fur the chea,re, not for their fondness fur casinos
nut for diving intu cellars and hiding themselves in the
wreaauof smoke that :hey !night tild there, but for giving
up all such things as „hose. an the search fur that which
alone could yield :bore rational entertainow nt while they
were here, awl whims would g:VC them entAta:nment in
another place :or ever. lie hoped that these institutions
might prosper, and that the young men who supporter'
them would go on gaining strength from day to day in
their good work.—The secretary (Mr. Tarlton) mad the
report, which was very lengthy, and detailed the
various channels of success in which its operations hail been
directed. They had remired. in various ways the sum of
2,0001. 17s. 10E1. (including 301. 16s. 10d., which had been
left in the hands of the treasurer last )car) ; and of that
amount they had expended all but 561. 13s. rid., which wan
the balance now remaiuing.—Dr. Archer moved a resolu-
tion which, while adopting the report, congratulated the
meeting on the success that had attended the exertions of
the society. The Rev. Dr. Beaumont seconded the
resolution. The Rev. Mr. Harrison also addressed
_

the meeting. Ile entreated all who heard him to
reflect that there was nothing they could do, whether in
business or in private society, that did not exercise a great,
though perhaps an unnoticed, influence on those arowoll
them. He cordially supported the resolution, which was
carried.
PROCLAMATION OF OUTLAWRY.—Xt tho Sherd's
Court yesterday the following were called upon to sur-
render to the custody of the sheriff under penalty of out-
lawry. William Routh, at the suit of David Owen ; Domi-
nique Andrew Morel, at the suit of John Grosanith;
Henry Hunt, at the suit of Edmund Robins; William
Henry Langley, at the suit of Thomas Edwards (adminis-
trator) ; Alexander Gordon ; John Bishop, at the suit of
Benjamin Spilsbury, and anoth.r ; Mark Kerr, at the suit
of John Mathews ; 11. W. Beauclerk, at the suit of Martin
Stout' ; Brownlow Thomas Montague Cecil, commonly
ealled,Eord Brownlow Cecil, et the suit of Martin Stutely;
Benjamin Munn, at the seit of Thos. Cartwright ; D. A.
Burnett, at the suit of Thomos Pltillipi Rober Allcard ;
Robert Anstruihers, at the suit !!,,leird Kirkman Lane;
Chas. Webster Wedderburn, at .nit of George Samuel
Ford ; O. willies Dyson, at the 5...;.t of George Nicholson ;
Thomas Kay, at the suit of W. t• sorter ; George Brew,
at the suit of Joshua Mayhew; 0. Hanley Drummond, at
the suit of Catherine Eliza Polk vin (executrix) ; Jacob
Barrow, at the suit of Geoer Drayton; Benjamin Munn,
at the suit of Charles Smith Momus,and opother ; El-
phege Van Zuvlen, at the suit of \Vilna* Richards road
Idoerezd Jones Phillips, at the suit, ut tsaikosy Tliodatios,

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