The Express.
London, England, 1849-09-01 00:00:00

NORTH WESTERN.

The ordinaryhaliyearly meeting of the shareholders in
this company was held at the Devonshire Hotel, Skipton, on
Thursday last, for the transaction of the general business of
the undertakMg
; after which a special meeting war w held for
the purpose of forfeiting a number of shares in which the
calls were in wear, to consider the propriety of lollies a
number of Lew thares bearing a guarantied dividend, an
for other parpeses. Amongst the directors present were the
following : Pudsey Dawson, Eqi., the chairman of the
board ; Thomas Birkbeck, E.g., D. Lupton, Esq., of Leeds ;
John Rend, Hu , of Bradford; Y. J. Rare, Esq., of Shef-
fi rld, William Robinson, Esq.
A little after twelve o'clock Mr. Dawson and the di-
rectors took their seas around the table. There were present
shareholders from London, Lancaster, Leeds, and various
other places.
The Secretary, WILLIAM WHELON, Esq., read the
several official documents indicated by** chairman. The
report of the directors stated :
The directors have to lay before the shareholders an ac-
count of their procesedinp during the put six months, and
their suggestions for the future management of the under-
takirg. On the 30th of July last 25 miles of railway, from
PSkipten to Ingleton, was opened to the public. A farther
portion will be ready for opening is the month of October
next, viz., Lom Lancaster to Wenniogton, being a distance
of 12 miles, leaving a link of 12 miles only to be completed
before the railway can be opened through from Skipton to
Lancaster, and this can be accomplished in the spring of
1850. The report of the engineer gives every information in
reference to the state of the Irons on the several portions of
the railway. The traffic on the Poulton branch continue.
steadily to increase, an earnest of what may be expected
when a communication is opened with the populous districts
of Yorkshire, and with the manufacturing 4.stricts of Lan-
cashire, by means of the junction with the Lumaster and
Cellists Railway.—The Company's offices have been removed
to Settle,—the central position of that place rendering the
change desirable both on the ground of economy and effi-
ciency of management.
" The directors have previously reported that in their en-
deavours to arrange with the contractors for suspending the
works north of Clapham, as recommended in the report of
Mesas. Stephenson and Ooodt, who in the autumn of 1841
were appointed the company's consulting engineers, they
found it most advantageous to the knouts of the comps.. y
that the lint should be completed to Ingleton. and consider-
ing the amount which has been expended on works up to
that time, and the amount of traffic to Ingleton since the
opening, they see no reason to regret the decision to which
they then came. As regards the expenditure on works north
of Ingleton, amounting to 18,5001., it is a matter of regret
that so large a sum has been expended , still it is satisfactory
to know that there is ne part of these works which will not
be absolutely required in the event of the interest of the
undertaking demanding an extension of the line for the pur-
pose of effecting a junction with the Lancaster and Carlisle
Railway at some point north of Laneaster.
" tinder the advice of Mr. Vignoles, then consulting en-
gines:, a contract wee entered into with Messrs. lairNiire,
of Manchester, in the spring of 1846, for the supply of 20
loesmotive engines, at 2,3001. each, mating 46,001, the
wards to be delivered in the spring ot 1849, he having refire-
, seated to the directors that on account of the enormous de-
mend ordeing for engines at that period it was important to
neon by sunset the delivery of such a number of engines
as he samiland would be required at the opening of the
railways !sr the effective working of the line, intended then
to be &amid* one of 62 miles in length. When, however,
in 1840. net only was the length of line reduced, but it was
denudes& to lay down only a single line of rails, applica-
tion was at ones made to Messrs. Fairbairn to modily their
agreement. Int the directs, heels; subsequently teeelved
that k woo Insopsdint hr this comps. to provide rolling
Merle In welkin tie own talk of than by contract,
to Marrs. Fafnir& te anal the agreement alto-
mid* after a pestrasted osgetlation, the y consented
to do m,,ien of the lam of 7,1001. as compensation—a
mad IMO which the directors greatly deplore,
rustatsti.ll7ender the einumetaneree, a necessary one for the
interests of the company.
"Daring the past half.year the utmost efforts have been
made to reduce the arrean of calls ; in many instances they
have been successful, in others a total inability on the part
of the registered holders has been ascertained, and the dim-
tees eoneitering it now desirable to remove all such from the
list of proprietors, have given the proper notices of their
intention to forfeit a large number of shares.
" The extinction of these shares necessarily leads to a re-
duction of the company's capital. The deficiency must,
therefore, be nude up, either by borrowing a large gum of
money, which in the present state of the company's receipts
can only be done (if done at all) at an exorbitant rate, or to
give to shareholders who have in times of depression paid
their calls the benefit of the amount paid on the forfeited
shares, and issues number of pakrenos shares pro rata to
the present registered share The directors are unani-
mously of opinion that the latter plan is the most advantage-
ous to the proprietary, and decidedly the most feasible.
They, therefore, recommend its ion, and propose that
10,000 shuts of 151. each be Immediately issued pro rata
to such of the holders of the 40,000 nano now on the
register as have paid all calls due thereon , muds shares re-
presenting 150,0001. of the money authorised by the special
eat to be borrowed for the general purposes ef the underhalt-
Mg, to be issued at a discount of 41. per share, and guaran-
teed a preferential interest or dividend at the rate of
41. per cent, per annum, with power to the company from
time to time, after the expiration of seven years, to redeem
such shine or any number thereof, upon six months'
notice of such intention, by payment to the holder
of the nom of la fog each share so redeems&
" The dimness soonler that the pined has now arrived
when a nand= se their number is donshis. They are of
rithat la omassotravng the 15*. resymelbhities
dsta boa:ssit lisonmdmuction in in autimee, he Adam
wesid be inereemed, end they teesmeleet tiet the
numbs el the be usdosed to dz. eel Oat the sea
part at She Awed din based he Moen* NU
' Messrs. Morgatroyd,
_Hwegbgelge, and 13
_kyle( re-
tired from tho hoard, and Hasa and slimy hav-
ing expensed their inanities to do so, the boon rosesammodad
the foliowiascittmea as the felon direness se the sea-
pony, viz.— Dowses, Thomas Birkbeeic, Itishard
Hisete,William Mossy Damns Lupton, Humphrey
John
_Hare.

" The Smatary, Mr. Whelon, hu proved himself a moat
etheleet erli valuable servant, and the directors recom-
mend tint his salary berthed from 2501. to 3091. per annum.
Perhepene bathe pude= be given of the veins they attach
to his minims thaa by stating that, out of the money placed
at *eh disponi for the past year, they unanimously voted
kelool.
With a view to the mare sins le and eeonoinkal working
d the lkor, the directors obtained offers from several panne
kr the wply of the rolling stock, and they have entered into
a andent with Mr. Edema Sharpe, lately a camber of
the Weed, kg the supply of seem and presager
la rim they have •Wo sold the stack of timber, stelitstl
Heald let the company's Moss and workshop at Loup
Thedlreetors believe that this stab* will nor ants
law the tnthe
oateaMms lef the uniagany, and m the pp
do ammo et Odle le be math ace athgerillote, Ihdr =
gado sor
et the Inless will be reared is deriophig to the Omit dr
reamere.
" L inadueits, the diresten have to mires their awls
dos that the ire, whilst wenn of pen value to the dis-
trict theme' it roes, and to the emennity at large
as as imp** irk la railway wearitadea, will re
loos *kg a lethhotry rebus ter the Spat lareled. The
local trails aloe* ease:eaae the &reale led anti-
cipated, sad slue can be ter &arias the ulti-
mate prosperity le the
The Onassis' statereat elated the receipts an capital as
coast to he es drier
To
120 ,2 calls on 31,127 dorsi. at 121.10 s it
12 lao
d. S a. d.
gcs share
S. a. d
Ws arrows an let all 2,240 12 0
do. !ad all 6,190 0 0
„ do. Srd aall 22,114 0 0
r. do. 4th all 23,471 410
• istallomm.l" Wm o
sat ea 21,100 2 0
„ 6th sal
1R22.3" 3
iota a 1 (33013 0 0

145,635 1 10 488,667 6 I
To saboaat nedved an 3311 (orbited shares 14,819 6 0
„ Amount remind hams Mambo/dm irt advance at
tells
„ tamest snowed by 10,647 13 0
tankerscal 8,030 17 9
do am ls paid
8,173 13 6
6,806 11 3
",, 89,139 3 1
„ Registration Ms
„ Amount romired mama la.-
81,200 0 0
Amount received an moment at Nib in armor in
grapaas —.... 11,133 0 7
4427,679 0 3
4,093 19 4
HS 10 7

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