The Express.
London, England, 1849-06-08 00:00:00

RAILWAY MEETING.

GREAT NORTHERN.
Yesterday an extraordinary general meeting of share
holders took place at the London Tavern, B. B. JAMISON,
Esq., M.P., in the chair.
The fincarrairr read the roan by whirh the meeting
tree convened, aid from which it appeared that the business
to be disposed eters' as follows:
lat. To c'difirui the forfeiture did ired by the directon of
certain the is upon which falls are in sneer, the required
notices of the forfeiture of which have been given to the re-
spective propels% to ; and to determine the court* to be
adopted fur disposing of the shares so forfeited by a rale or
cancelling, and re issue or otherevisa, and upon such terms
as the meeting shall direct, for the purpose of raising the
capital represented by such 'bans.
2nd. To determine the course to be adopted with respect
to the 40,000 London and York Extension snip shares of
261. each—it-sued in December, 1846, ae d by a resolution of
the general mei ting of 13 h August, 1847. consolidated two
into one registered Greet Northern there—to induce the
holders they of to pay calls to he made thereon, that the
capital wh ch th se shares represent may become available.
3rd. To approve and confirm, or otherwise, certain agree.
aunt. entered into by the oireetors with the Ear ern Coun-
ties Railway Company, and the B anon, Btamterd, and Bir-
mingham Rahway Cimpany, for securing to the Great
Northern trains the right of rut ning over the Eastern Coun-
ties Compact's line between Wisbeach wed Pahrborough,
thereby to supersede the necessity of constructing the paral-
lel line from Peterborough to Wisbeach, agreed to be leased
by the Great Northern Company, and to compromise and
&opense with such home.
The CHAIRMAN having read that portion of the report
adopted at the lest general meeting, is which the forfeiture
of the shares in arrest was declared, said that it now became
Ws duty to ask t e present meeting to confirm what had been
done by the directors respecting thtse shares. He then
proposed reeolut ens to the affect that the forfeiture
of the 26,634 shim be confirmed ; that they be disposed of
at the ettscretion of the dir.ctors, by cancelling or selling
them, and that, in lieu of the amount of capita represented
by them, there be issued, on the terms and condition already
s Wad, scrip shares of 121.10 e. bearing 5 per cent, interest, or
preference disidend in perpetuity. These resolutions were
unanimously 4.doptert.
The CHAIRMAN said that they should flow go to
the second claim of the business bettor* the meeting ; and,
with respect to the 40,000 London and York Extension scrip
share, of 2.51. each, issued under date of the Ist December,
1845, with V. 10.. inr share paid, and which, by a resolu ion
of the half-yearly general meeting of 13th August, 1847,
were to bare been consolidated into and resist. red as 20,000
Great Northern share. of 251. each, with M. paid up, repre-
senting a capital of 500,0004, and which are hi Id ea follows:
No. of ecti,) shares consoli.!ated two into one
Great Northern share, and registered
No. still in &rip 32,802

Total sham as also,
the course which the director. recommended wee that they
should be converted into 40,000 scrip shares of 121. 100. each,
with a depe.s't of 21. 10.. per share, as already paid thereon,
and be weeded with the Nether sum of 6.. per share for two
years' iat t &cooed to:3oth June instant, and be entitled
to 6 per cent. oer annum interest or preference dividend in
perprouitr. This proceeding the directors believed would he
beseficiaf to the company by acting as a stimulus to the
holders el these shares to register and pay up the calla made
en them, and would also place the Welders of the shares in a
more fsvouroble position than they occupied at present. He
then proposed the following tee' lotion : " That the 40,000
London and York Extension scrip shares of 251. each, dated
Ist December, 1846, sad subsequently by tuolvion of belt.
yearly genteel meeting of 13th August, 1817, reduced to
20,000 shores of 251. by consolidation of two into one Great
Northers shore, toed Terme ing a reduced capital of
500,0001., be converted into and 'recharged for 40,000 scrip
shares of 12/. 19t es.ch, bowing 6 per cent istrest or pro-
fuse, dividend in perpetuity, upon the terms and condi-
tions recommended by the dire aura to this meeting. 2 hat
an? remaiaine uteel oared be offered to G. tat Nathan pro.
pnetors (duly r g rend) ra•ealq, or be other-
wise disposed of at the disostion of the directors."
It was intended that these shares should be inlaid to thel
holders of sending London and York Extension scrip., who
were to receive i et ad an allotment letter, authorising the
company's backer.. to receive the hist call, and the following
were the conditi nee attending the lee° of the uew scrip
" That a first eal of 21. ss. per share be pa9:l between th
25th and 30. h of June, and unless p old by the 30th June, all
sight and title to those sharps from that day to etue, and
the shams to be immediately tdherwise deep sod of at the dis-
cretion of the d rectors ; thst a second cell of 21. 10s. per
share be paid on or before the 31st August; that a third called
21. 10s. per share he paid on or before the 31st Oct.; and that
the fourth and final call be paid on or before the 31st D:c.,
1849 ; the interest or preference dived. ode mmencing from
the Ist July next. That if any one of the her these calls
he not pail on the they spec:fie d, all interest wall from that
day cease ; and if unpaid for thir. y days, the scrip shares,
and ell previous pat ments thereon, will,without other notice,
become abstiutrly forfeited." . .

8 p. optic. ors, amongst whom •ere Mr.
Capt. HALL, Mr. Theo y, tic., objected to this propoettion,
as containing terms too favuurable to the holden of the
York amenu. n shares, who, it was inserted, were to be
be nt fl'ed at the ex penre of the original shareholdi re, whose
properly could be 1.1 moonily ;mem • bered with the nreferenee
stock created by this step. I hey contended that these shares
should either ba at one,- forfeited, or a reasonable time being
given to the penis* holding them to register, they should,
' in the event of non-registry, be then forfeited.
The CHAIRMAN said that the directors were in want of
mousy, and if they did not g•t it from the holders ol these
stares they should m..ke a call on their original shareholders,
upon whom tl ey were anxious not to press at present. By
the adoption of the plan prop s.d many pigeons holdir g es
tension shares would register and tika the guaranteed seep
in exchange. The tot Itidure of these shares was not legally
prairies. le, because none of the holders bad registered, and
the y could not he compelled to do so. because the share deed
tf the ctmpany had la.en signed in Pit:land the bill was not
obtained fur a y sr and a hal. Outwards.
Mr. COititiE moved an amendment to the effect that the
further consi leratinn of the question be adjourned to the
general meeting in Ataieust next.
The amendment eaving be. n put from the choir, was vie-
roared by a large majority, and the chairman declared the
original Tee elution carried.
Mr. CORRIE then demanded s

The serem..rs entered in•o by the directors with the
Eastern Counties Hallway, and the B nton, Stamford, and
Birmingham Ha I..sy, for seenrinz to tho Great Northern
trains the right of rough," over the Eastern Couni-* line,
between Wisbeach and Peterborough, having bean up-
proved and confirmed, the ballot wu proceeded with, aed
the result was—.

For the original motion ....... 6,982 shun
For the amendment 2,313 „

Majority 4,667
A vole of thanks havtag been given to the chairman and
directors, the pecomidbaga then terminated.