The Express.
London, England, 1848-02-17 00:00:00

The great value of the stock and plant will both show the importance
of their early appropriation, and also give evidence o
ff the means aow
at our onnthand fur the vigorous prosecution of the s. nom the
Matement of amounts hangmen that the meiniw to the prow at time
amounted to 2,176,6231. Ile. Id., and the expenditure 100,7. 41. over
that sum, wrist Much most be placed a beano/ of 21,t MI. on the
fe•eilliel•DOCALML
The Cammusi then role, and mid that be hoped the morn which
had net been reed would prove astisfactory. They explained most
fully the ration of the company ; and it would not be nemeary for
Mai to nuke many remarks of his own at prevent. Ile should boldly
move that the report be received and adopted, but before he put the
question he regimen that the shareholders would ■ask min questions
of the &ratan as they might think proper. he dinkier. bad
nothing to withhold or conceal ; their only desire ma to make the
athrehoiders as fully acquainted as they were themeives with the
position of the company. Ile was quite convinced that the mon the
shareholder' Mew of the whole working of the line the more soured
they would feel of its ultimate rooms- Ile would jut natation one
subject. This morning the director were waited upon by a deputation
from the shareholders, requesting that the directors world omen
to reduce the number of director. from the preeent number
to twelve, if possible, or at all events to fifteen. (Hear hoar, and ap-
plause.) Thu was a question Mich he thought the directors would
entirely leave to the shareholders. (Hear, bear.) It was • share-
holders' question, and rine which they ought to be the best jodges
about; but it certaisly wee very strange that it was only twelve
months ago since the thareholders themselves were the MOM of
calling a r pedal meeting for the very purpose of increasing the num-
ber of direetors, and now, without having seen whether the Increase
was 40 advantage or not, the shareholders themselves wish for a re-
duction to about the fame number as there was before the ha-
rem. There was another foliation which the deputation also wished
the directory to Odleider, that the remuneration to the directors should
be reload to 1,200/. This was aim • question toe the shareholders, and
not for the directors. As far as he the Chairman) was manned. ho
would much ratter bare no remuneration at all. (Applause.) That
had been big feeling throughout from the very commenoetrient of the
railway. But he did not call it a remuneration ; It was nothing more
than a matter ol compliment from the nharebolders to the directors
for the services which they are supposed to reader to the company.
He again stated that the directors were most anxious to answer any
minnow, that might be put to them, because the shareholder were
entitled to know precisely what they were worth. He was an advo-
cate for each shareholder being put into poomion of all the nets, he-
mline if he should wish to diaper of his property he knew what to do,
and if a man wasted to buy he did not boy in the dark. (Applause.)
As to the number of directors there should be to future, he would
say they could trot tale day deride whether they should be re-
duced or not. There would have to be a special meeting called for
the purpose of deciding whether tie number should be reduced.
Perhaps the proper plan would be to postpone this meeting from to-
day to WON future day, of which notice would be given, and a spinal
meolisgealled, became if the shareholder. rivet° part without electing
dinsgMes to fill the vomit seats, it would be the duty of the remaining
dangler to ti.l up the TALCAlltied. If the shareholders thought proper
he should move a resolution adjourning the meeting to some future
day. He concluded by moving that the report if the diretore and
anglairere now read, and tae statement of accounts now produced, be
tusked and adopted.
Mr. Leiser raid that tie re son why a board of eighteen did not
glee satidaction to the shareholders war, because they believed that
aMa number would give greater satisfaltion, and make the line pay
belt, r. He intended to here lined a few questions with reference to
the beianeedtheete, but be felt It only doe to the directors to say, that
on Iraniry at the office he was informed that the acretary would
willingly give every information to the shareholders. (Hear, bear.)
He complained at the form in which the balance-sheet was pea
seated to the directors, and raid it looked very suspicious. It woe
ltd
the form they had teen accustomed to have premed to them. la
Mellott place, the debit and credit sides bad be a reversed during the
last six months, and the low introit ma coupled with the profit.
Aft, r alluding oi other discreraneir, Mr. Velvet compared the ex-
penditure of this oinipany with that of others; for instance, this et-
penditure cal the Logern trounta is, the nuutinWeetern, and the MO-
Lod Rails, ay, was much less. Ile had no doubt the directors withed
to give satisfaction, but the shareholders ought to know why this aim
mull not be worked 4 cheaply as 4therA, and whether or nut it arose
from the inability of the director'. (Hear, loar.l
The Chairman in answer to 14r. Peter said, the director bad en-
gaged the Dery ices of • very able amennitant, and it woo their desire
to make every item of the IleCOUnte intelligible to the dorehuldent
It was, he contended, most unfair to empire the expenditure of •
short line like theirs, with a great through lice mach as the Midland
Railway.
Mr. (ireig submitted wove questions to the directors relative to the
accounts. Hewed that he would have the word "ea:coal inscribed
over the portals 4 f every railway statioa.—Mr. Smith, one of the
directors, reminded Sir tiring that there ...judicious as well as ia.
Judicious economy. aloe director wire moat desirour to Carey oat
economy.
Dr. Ilu.looJ, ant dher director, a:droned the starebold. r In
reply to the question which itoh t e.o asird ; and lie e ntended than
when the present short line of the tympany had additions made e•
it, it would pay se well as any of those to which allusion had MIS
made.
The Chairman read the itillowin; extract from a circular adrenal
by a Hull broiler to a house in Maroliester, which he thought wadi
Interest the thareholders "You will also be pleased to bear that
greater accommodation will be afforded in Hull fur placing goods
which arrive there for reshipment, and that a Separate station will be
devoted to merchandise, as the passenger trains will arrive at the new
station, now aim, eat cooplete ; and, in conclusion, we beg to give you
the following informatioo respecting the port of Grimsby, at the
mouth of the Humber, in order to show you that we are acting
for your interest on all oceavirms. This port ' to rival
for many reasons—lint, being at the month of the river it MU
save time, freight, and inemance.—Secondly. It will have Miter ite-
commoilition for shipping than Hull. The Dock Company bare es.
elem.' *bout ISO antes of ground fur the docknabieli will be opened la
a few years, besides the one olready in operat.—But, thirdly, what
will give it still greater advantages will be the excellent and nume-
rous lines of railway which sill coronet it with all the largest
English town.. In March or April next the trunk with Lirerpni
and Manchester will no doubt commence, as the lines will then be
completi d nom thine town': and we were in:sinned, duels. a recent
ci it, thatarrongements are la in. male fur conveying the hamburg
111■11 to and from tondos through Grimsby. As .0011 as the port is
in working colloid( n our branch estoblishment will be opened there,
and you will receive all information which may facilitate your bin-
nem or be inter:lino to you."
Mr. Riley deprecated the making of the line to Whaleyd.ridge, a I
place that he thought ought /lever to be inhabited for a hundred
years to come. (Laughter., He thought the directors, in the pre- •
unt state of the line, should be content with the honour of the thing
without renu eration. lie would propose the reduction of the board
to twelve, and he would give notice ae motion to hold • specialoseet-
Mg for the purpose—The Chairman read the draft of a rem-
lotion he had prepared, for the aubjest, supposing it to be
the wish of the merting.—Mr. Smith said, in the Whaley-
bridge branch a wider range of policy than Mr. Riley
seemed to contemplate woe taken by the direchon, and if the
affairs of the compaay were to bee -Warted profitably theyintert be left
to them. Ac to the new station at Sheffield, he should like to know
who informed Mr. Riley that they were going to erect one 7—Mr.
Riley mid that woe not a fair question. (Great laughter.' —Mr.
Smith mid he did not know of son an intention and he thought
proprietors should ho well informed before they asked gumbo:la—Mr.
J. Craig seconded the motion.
In answer to a queetiom from Mr. Smith Philip Robinson whether it
was true that some of the solicitors. bills had out had to to cut down
by the directors, Dr. Holland (one of the directors) said there bad
been a 100-. practice of charging by the solicitors, and without rule ; '
but on the matter being placed before thou gentlemen they expressed
the utmost willingness to meet the board in fixing ruin for their
charges, and had also very handsomely agreed to a large discount on
their bills then due. (t. Hear," and applause.)
Mr. Smith Philip Robinson asked whether the architects west of
Sheffield were paid by • per eentage on their building accounts?
Secondly, whether a large number of passes were not isond by the
directors, and whether some of their relatives and friends were not
riding free by means of those panes !—The Chairman said the archi-
tects west of Sheffield were paid 3 per cent on all buildings. As to the
other question, if it was a fact, he did not know of the practice.—Mr.
Whittaker said there bad been one cow, and remuneration had been
made to the company for it —The Chairman mid that was a care un-
known to the board at the time of is occurrence.—The resolution then

poMrAlderman Livingston asked bow was it that the ants for the
canals had cost so much, and why they did not pay ; also, whether
anything had been received on the waterworks'--The Chairman
replied these acts had been obtained fifty years, and he could DOI
answer. As to profits, he could rawer, that if Mr. Livingston
would
say why business was so bed, be COLA answer him. As to bow much
bad been expended on the waterworks, all the accounts bad not bees
received, but it would be upwards of 10,0901.-81 r. Bradshaw con-
tended there had not been eufncient economy in the work-
ing expenses, after all the explanations which had been
given. Could they not also do with but one solicitor, and
reduce expenses in that respect, calling for additional as•
sistanoe when it was required! Mr. Stephenson, engineer,
too, wan surely competent to manage it himself, without incurring
ether expense—Mr. Smith said it was true there was a solicitor for
the &ere& and Lincoln and Grimsby lioes. Would any one sug-
gest before the bills they had in parliament were disposed of that the
men who had most knowledge of them should be dithered with!—The
Chairman neat moved the dividend recommended in the report be
payable on the Ist of March.—Mr. Coates seconded it, and thepuotion
was carried—The Chairman next moved the reappointment of audi-
tors, which was agreed to.—The Chairman then moved the forfeiture
of certain Mitres, that the owner. might have • better title, the title
having been lost through irregularities among the shareholders.
Carried.
The Chairman said, now come the question of reappointing direc-
tors shout to retire; and as to the question of adjournment, he
would leave it to the shareholders.—Mr. Riley moved that the meet-
ing be adjourned to Wednesday, the 9th of March, at one o'clock, and
that an extraordinary meeting bo called for 12 o'clock (an hour pre-
vious), to consider the question of a reduction of the board. Ile
denied the shareholders increased the number willingly.—Mr. Pettit-
jean seconded the monist.— Mr. Riley hoped the directors would not
come with peones—Mr. Buckley said they should leave It to
the meeting.—Mr. James Wood seconded the motion.—A Pro-
prietor moved as an amendment that they should proceed
to the re-election of directors. The amendment was carried.
—The Chairman then moved the reappointment of the retiring
directors—Mr. Riley noosed the substitution of Mr. Samuel Lees iu
place of Mr. Cornelius Randall's nome.--Mr. Pettigrew seconded the
motion.—Mr. Riley said he believed Mr. Thorold was not qualified by
the registei.—A Proprietor said Mr. Therold had a large amount of
stock—ten times the amount neesseary.—The Chairmen put the ques-
tion, and the amendment war declared to be carried; and, with this
alteration, the list of directors was agreed to.
Mr. Thomas Grvig moved a resolution against Swam* their, con-
tending that the argument that it was for the benefit of the working
clarets was unsound, and such a practice could not prosper._ He gave
Dail*, if the motion was not carried, he would bnng it forward at
every meeting till it was. (Applause, laughter, and a cry of " Ques-
tion)—There were two amendments, ono to diminish the trains to
ease in the morning, and one In the evening on Sundays: and the
other was, that the number of trains be left at the diacretion of the
directors. The het was carried, amidst great laughter and sheering.
Eetraordisory was a meeting to sanction the bills
new before parliament, seven in number, and one other bill. It wee
four o'clock when this brines.; commenced, and a great portion of
the proprietors had left.—ln answer to a question, the Chairman said
Wares were not allotted for these schemes, but they would be if the
bills were euccessful, and the allotment would be pro rate, in the
usual way. Of the preference shares last created, 15,000 only were
left in the hands of the directors: they had been taken up very
rapidly lately. The only bill not before parliament was No. 7,
" A bill for improving the steam navigation across the Humber." fric.
—A Shareholder asked if there would be oppeeition!—The Chairman
said be thought it probable. The Docks Company at Hull did net
like it. • All the bills were approved of unanimously, and powers were
given in the usual manor to enable the directors to take all step. for
the Interests of the company In the peening of nob bills—A vote of
thanks was then given to the chairman, and the meeting separated.
EAST ANGLIAN. Half-y•arly Meelity. London.
Feb. 18.—Mr. H. C. Lacy, M.P., in the chair.—The directors'
report stated lid the shortness of the interval between the ANIAI-
NAMINaOII of the three companies and the previous merlins rendered
them unable at that time to estimate accurately the ftwocial portico
of the company. Prom inquiries othesquently instituted they find
that the sompany's liabilities amour to 248,5621., consisting of
89,9821. for liabilitses initirred to Dee. 31st last; 91 400.1. for works
now in progress ; and 87,3001. for threw of sidinge sheds, and
cattlepena, and laying down the electric telegraph. i o meet the
above sum of 248,3621. the company had at their diaper] 14,13901.,
calls on old shares; 53,4611., amount to be received on sew shares
created Nov. 3,'. 1947; loans authorised, 48,0001.; leaving a sum
of 131,1111. still to be provided, In seder to pot the railways hi an
efficiest state. The directors recommended the raising of this sum
by • tion of aharee bearing • preferential dividend in perpetuity
of f percent. per annum; these glares to be offered to the preeent
proprietors in the proportion of one new share of 14 henry exiting
251. chore, and one new (hare of 31. lea far every existing 111. share.
The branch from Watlington to Wiaboch was resod for traffic on
the Ist inst. In a few weeks the junction of this branch with the
Eartern Counties line from Wither to March and ISt. Ina would be
completed, thus erahlishiag a commusiostica with the Bt. Ins and
untinxdon line. The train° epee the parties akeady completed
averaged 4131. per week; but this was not to be eamiskeed as a test
of the capabilities of the line% in aoregwesee of this nesemartly im-
perfect arrengements of the company. Ttie amide( expenses were
expected to be ea low as upset any railway in the -kingdom • and an
seemeion Si cost trails in the dinettes of the river Owes Ins wag-
. and, esedeipiet There we Imp Mimeo of impendire beyoed
the admit% %whine midway teem the mem et met of eontraet
works and extra works requited by peddle bodies wile led the ein
Si prescribing the extent and height of the bring% AM fees the In.