The Express.
London, England, 1849-02-12 00:00:00

would mein in a few daps the last payment of the an per
seens eel when they felled in Asa payments it would be
anted s
to conepielei. The hosed, seeing a failure likely,
and saihat the would be disastrous, not
only to the Chester aM Birkenhead interest, but to the
united oompany were fee haring the macula
he had indi-
cated to secure the Inimule
Mr. GIDLOW 811816414 the adepden of the report.
Mr. WILLS. —After the extragedinary announcement
made by the directors, I ask if you will proceed with the
btll ? The CHAIRMAN: The answer is, it will be contin-
gent on ether parties. (Hear.) And till we know what
their proceedings will be (sad we will know in a few days
for their petitions, if they mean to oppose, must be presented
by that time), we cannot tell what steps we will take. The
probability is, that that portion of the bills referring to the
revision of the capital will be withdrawn. The director!, if
they thought the opposition would he fatal, will not press
that portion of the Mil, so as to endanger the other part, for
altering the levels on the line, etc.—Mr. WILLI : In the
event of the bill being carried in its integrity, what would
be the position of parties paying the 101.—The CRATIMAN :
That would be a meter of at.—Mr. Wrath : But
it is a very important eemtlee, Tsushi an extraordinary pro-
dtion. I never M6ee Made( snot a step being taken.—
The CHAIRMAN : Prelim* a conme like this has not been
taken very frequently ; bat I meet remind you that dream
'tenses tech as we are plead in do not often occur, and it is
only the circunnainces that justify the measure. (Ap
please.)
Mr. WILLIL—The relative circumstances of the wolf and
the lamb. The Camargue : In the event of parties with-
drawing their opposition, the board feel satisfied that they
can Carry the bill without muting the funds of the company.
—Mr. WINCH : Then are we to understand that the call of
101. le a threat, to make some of the shareholders agree to
what they otherwise disapprove of ?—The CHAIRMAN : No,
nothing of the kind. We amuses as a matter of course that
the panics who have intimated their intention to oppose the
bill will petition ; in that case we will proceed with the
works. He might state it had been assumed by the Lor.don
proprietors, many of whom were largely interestedin the
docks at Birkenhead, and by other parties, that it was the
intention of the board, as now constituted, entirety to
swamp the Cheshire Junction interest, and to get out of
the obligation of completing the line for the purpose
of selling the Cheater and Birkenhead portion to another
large company. The practical answer in the way of refute.-
tion to this was, that the board would proceed at once, and
do what was intended should be done, make the lino of
fifteen miles to Moore, which was now under contraa—Mr.
Virus : Bat have not the London proprietors a right to
think that, instead of a refutation, this is a confirmation of
their opinion ? If you are intending to go on with the
works, would not a call of 21. or IL be better, as it would
answer your purpose ?—The CHAIRMAN admitted the force
of that argument; but before June next the board would
have to purchase the whole of the land for that portion of
the line under contract. They must purchase the requisite
land from the various landowners ; and he put it to thou
present, if the directors would act with due discretion,
if they purchased such an extent of property without
securing the funds necessary for it ? Not only had the land
to be purchased, but the contractor had to be met, and
his present and future claims liquidated. (Hear.)
Mr. WILLS : Have not the directors the power to exercise
some oversight as to the treater of shares ? For instance, if
a transfer is presented which you know to be a transfer to a
man of straw, have not you power to refuse it ?—The CHAIR.
RAN : No; we are advised that, if the perty be of age and
the deed be properly executed, we have no discretion in the
matter, but are bound to register.—Mr. Wthui: I know one
company, at least, where the directors have each power.
How much of the fifteen miles is purchased already ?—The
CHAIRMAN: Yon can judge of that whea I state, that be-
tween Helsby and Chester, a distance of 81 miles, not a
piece has been purchased.—Mr. WILLS: Are there not
already bridges and works executed on that part of the line
—The CMAIRXLN None whatever.—Mr. Lax said be
had been told that several shareholders, having heard
from some of the directors that the 101. call would
be made, had effected a treater of their Cheshire Junction
shares within the last forty-eight hours.—The CiletelleN
said, in London, Liverpool, and whenever the directors had
come into conversation with the shareholder., they stated u
explicitly as they had done that day, and without hesitation,
the course they feared they would be driven to. The looks
had bees closed for fourteen due, and therefore no transfer
could have taken place within forty-eight hours, as stated.
No treader, in fair, had or could have been registered since
the books were closed. —Mr. Lae said he had spoken with
one who supposed that lodging his certificate at the office
prior to that meeting was equivalent to a transfer. Was it
so?—The CHAIRMAN : Oh, dear! no.—Mr. HERON (the
town-clerk of Msneheeter) said the gentlemen who had sent
down from London would no doubt be glad if such had been
the owe. They would find that no transfer could
be registered whilst the books were closed.—Mr.
GIBBON, the secretary, said the books had been closed
on the 27th of January, and no transfer whatever had taken
place aince.—Mr. WINCH : I ask if it is absolutely neceury
to make the 101. call, pending the proethiinp in parliament ?
I wish to know whether this is the last day that the call
could be made, or whether it could not be postponed till
Wednesday or Thursday next I—The CHAIRMAN : Cer.
tainly ; but for one objection it might have been made a
month hence. And we may u well be explicit : it was
intended to act on parties offering opposition and sheltering
themselves by the transfer. The reason for making the call
was to keep responsible parties on the register—(applause)
—and in order that we might resolve here to proceed with
the line.—Mr. WINCH : It would have been satisfactory to the
Cheshire Junction proprietors if it had been done some time
ego.—This was denied both by the Chairman and by Mr. Town-
send.—Mr. WILLS: As you have afforded us so much in-
formation, perhaps you will tell us when this call will be
payable ?—The CHAIRmAN: One instalment of 6/. on the 16th
of March ; the other instalment of 51. on the 16th of April.
(Laughter, and loud applause.)—The motion for adopting
the report was then put, and declared to be carried unani-
mously. The declaration was followed by loud applause.
Mr. WINCH said he could not let it go forth u unanimous ;
he was a dissentient.
The CHAIRMAN next announced that the directors had
joined in the movement which was taking place in London
relative to the rating of railways ; a petition on the subject to
the legislature was read, met the approval of the meeting,
and the seal of the company was ordered to be attached to it.
A vote of thanks was passed to the chairman, and the
meeting adjourned.

WHITIII.IITEN JUNCTION. HaZ-yearly Meeting.
Whitehaven, Feb. 7.—The Earl of NSDALE in the chair.
—The report stated that the gross traffic receipts amounted to
4,9101. 71. 7d., and the disbursements to 2,4791. 7e. Id.,
leaving a profit of 2,4411. Os. Gd. Balance at disposal, after
the payment of interest on preference shares and loans, was
9731. 61. 2d., out of which the directors recommended the
payment of a dividend of 3s. 9d. per share on the old share.,
amounting to 9371. 10e., leaving a balance of 3.51. 16e. 2d. to
the credit of the next account. In the report to the proprie-
tors in Aug. last, the directors intimated their intention of
making a general revision of the ra.e of charges, and after an
experience of three months, the increase in the receipts as
compared with the previous half-year we. 10 per cent. on the
passenger, and 20 per cent. on the goods traffic. The report
added that arraugements have been made with the York, New-
castle, and Berwick Railway Company which it is expected will
enable this company to secure a large proportion of the
traffic between Liverpool and Newcastle, and between the
' east coast and the north of Ireland. On the capital account
there ham been an expenditure of 16,8691. 9s. 9d. during the
half year. The directors is August last estimated the total
expenditure under this bead at 169,0001., and they have a
confident expectation that this amount will not be ex.
ceeded. Of the 6,000 quarter shares created in Ang.last, 4,666
have been taken up by the holders of the original shares.
The directors have allotted 290 shares to parties who were
not shareholders, and 65 sharesrema in unappropriated. The
total amount received on quarter shares to this date is
207901. 10s. The whole of the 11,0001. authorised to be
raised on mortgage has been borrowed at 6 per cent. for
periods varying from three to seven years. The report
eopted.

MISCELLANEOUS NEWS. GMT Wearies.
11alfysarly Account.—The half-yearly meeting of this
railway will be held on the 15th hat, when it is intended
to propel, a dividend of U. per cent. for the half-year.
From the general statement of accounts issued to the share-
holders, It appears that the sum expended upon the revenue
account amounts to 216,0951. lls. Bd., and the receipts to
647,9161.16 x. ld., leaving a balance of 332,8211 3e. tod. To
this is added the balance carried forward from lut half-
year, amounting to 7,8211. Bs. 7d., making a total balance of
340,6421. 12a. From this sum are deducted payments
fa respect el the Bristol and Exeter asilway •, in-
terest papa& to the Wells, Somerset, and Wey-
mouth Railway, for the line opened to Westbury;
and balance:of Interest paid on la-•' mounting altogether
to 116,6541. 12s. Id., leaving a dtpo.abe balance on the half
year of 223,9871. 19e. lid. The account of the share capital
comes next, from which it appears that 263,205 shares of
different denominations have been issued. The amount
coiled on which dividend is payable amounts to 7,259,1001.,
there being la remaining 9W,9001. uncalled. The divi-
dend, at 3 per cent. on the shares called up, will amount to
217,7731., consequently the balance carried toward will be
6,2144 19a. 116. The capital account shows that the receipts
wpm shores and debentures amount to 11,643,3571. ss. 641.,
aid the payments in respect of the 2131 miles already opened,
together with branches and extensions, and locomotive stock,
to 11,608,8161. 3s. 9d., leaving a balance of 34,5421. ls. Bd.
To this statement of accxunte are added two appendices. By
the first is shown the comparative traffic of passengers and
goods for the half gars ending 31st December, 1846, 1847,
and 1848. The number of passengers for the half year
ending December 31, 1846 wee 1,504,102 ; for 1847,
1,642,221 ; and he 1848,1,6752,890. The number of miles
travelled were for the three half years respectively,
30,467,16541 682,563, and 61)363,447. The quarvity of
Ex's= for the three MU years amounted to 175,188
WA, SOON and 239,341 toes. By the second sp-
it wears that the comparative masa& travelled by
the icomodve engines for the esseesgesalinglf years was
1,346,341, 1,464,610, and 1,5824172 OM the amount of
coke commined wee 19,731 tom kr the bat year of 1848,
21,464 br that of 1847, sad 26.348 for tbst 01848
Dona Paratrue.—Tbie mappory hr NOM *with Mr.
Passers, the Writer, for bit amoigr 62,11001., and with
Mr. kr deboodig 7 Kr. Fsaroa's m-
amma mdm* the whole Cl the railway, and '
amesated M abed 240,0001. . edr eire bill we have
hard erred at about 42,0001.—Herreth
liimamammt. Suarnaza, AND Loromarraz.—To-
day a boas& at 1W Lae will be eye Mr WO° traMe, by
Sail Cl ablit • Ida sbe 'O&M railway win
be domed mew Ibrahim, between Darby sad
Kasebeser be oberleasi. est porepes
aedi Wig seseitallawkeirerash. he Me wee laspresed
on Meg Wyss. The ma of Ike verbs co
thellae bee bees per nine, with Ike azoselea of are
etedeakvbist 30,0001. The Lae wee cemesced to
r °egg ism