The Express.
London, England, 1849-02-15 00:00:00

£717 16 6

The report laving been adopted, and the regist-MOfpro:
p•in authenticated by the common seal of the company,
William Chadwick, John Disney, Caleb Norris, and C. B.
Viskerman, Bain., were selected &Motors of the coin-
pany, and A. Ironmonger, Esq., was re-elected an auditor
of the company. Meats having been voted to the chair-
man, the meet separated.

DIITFRYN AND LLINVI VALLIIT.—SpItiai Mooting of
Sharehokiert.—Bristol, Feb. 14.—Rev. R. Knight in the
°hair. The menthe was held in compliance with the fol-
lowing circular:—' We, the undersigned proprietors of the
Old Darya, Llinti and Porthcawl Railway, and holders of
paid-up shares in the New Llinvi Valley Company, request
your attendance eta meeting of all perdu interested in the
said first-named =dunking, whether as shareholders or
mortgagees, t.) disease and determine upon the propriety of
muting to or opposing a bill whisk the directors of the
Llinvi Valley Company have given notice it is their inten-
tion to lay before partisanst in the ensuing session. Alto to
devise and adopt suck measures as shall insure to the old
proprieton for the time to come such a share in the
management of their Mere property as shall be pro-
portionate with the amount ofentigre
signed
eapitaL"—This
circular was most influentially by proprietors, among
whom were Lord Dunraven 0. R. Talbot, Esq., M.P.,
The reporters attended as ;mud to report the proceedings,
bat their presence was objected to by the majority of the
shareholders present, and they were directed to withdraw.
The following outline of the proceedings has however trans-
pired : From the statements made during the meeting by
several proprietors, it appeared that there was originally a
working railway, called the Dolan and Portheawl Railway,
a short line, but wall situated, lying in the heart of the
mineral district of Olasnorganshire. The construction of this
line cost about 92,0001., of which 60,0001. was paid up capital
on original sham, and the remaining 42,0001. capital raised on
loan notes. The Rae was a paying one, yielding about 10
per cent. to the proprietary. In the year 1846 it was pro
posed by some Influential and powerful companies in the
neighbourhood that there should be a Llinvi Valley Rail-
way, and a compsny wee thereupon formed for that pur-
pose, with a ested capital of 2,00,0001. Proposals were
made end eseed to that there should be an amalgamation
of the new Llinvi Valley Company with the existing Duffryn
and Polkaed Company upon the principle that the Dultyn
and Portoawl Company should be paid 3,0001. in cash, and
should receive for every 1001. of their capital stook flee
shares of 201. each in the Lliavi Valley Company. An act
of parliament far the amalgamation of the undertakings was
weed, which provided that twelve directors should be ap•
pointed of the new company to four directors of the Duffryn
and Porteawl Company. It was complained that, by this
arrangement, the old company was completely swamped,
11d was further alleged that the twelve directors of the
DOW company were chosen out of three large freighting com-
panies. It was further complained that by an unfortunate
oversight it was provided that each share should entitle the
holder to one vote at a general meeting, without there being
any provision made that each share should be paid up, in
consequence of which the members of the new company, who
had only paid up a few pounds per share, rescued
as much power as the Duffryn and Portheawl shsreholders ,
who had paid up all their saltiest. It was farther stated
that the 200,0001. nominal capital of the new company was
Mail, not more then 22,0001., haying been paid up, and it
was likewise that the expenses et mm meement had
been enornionslylureemd ; that the gempaers lases were
increased • and that feems the day of amalgamation the new
company Lad been the mem of the old was-
paay. A very dimmed= awed, and a series of
resolutions ems hem the sheds, but ultimately the meet-
ing adopted time Mote
- - -

.
That the dime=d *; Lll•vt Valley Lamy Onmesey to re.
=y ragereled le epeeist • ftaWea et disk My to meet •
als appleled their ae mad diet Mime Pamir,
rag, the I. Meet KAM ma see ethir• le tie ft..
a• hos tile sietthe Ibr the wpm el dreamt palate
this day diseetwed yea the Wolin elate ad the elopay.
flanks we Asa sots* to aistrmait. sad dm nesting
separated.

MISCELLANEOUS NEWS.—Yon‘Niswounn, Awn
Bazwicn.—The directors have published copies of the capi-
tal and revenue aossrants of this lino, fee the half year ending
the 31m of Des, ISA and also a statement of receipts and
paymmts in meet of the capital created for the Great
North of From the maim scormat it
appears that .= 144,6791. 3s. ed. muds, to the
credit of the , oral* after deducting the rants of
the Groat North of and Hartlepool- linos, wlll be
more than adetarle to payment of a dividend after the
ram of 7L permed. pw annum m the capital of this under-
taking now a shied to dividend ; bat the directors are of
linithat it would not be pendent to declare a hither
eklend than six per mat. upon the pretreat cession, which
would loam a m of 25,1271. b. Od. to be added to the
hemsr reserve, the total amount of the reserve fund
69,7771.95. lid: In acardanos with the intimation pre-
viously given, the directors also give statements of the
traffic accounts of the Newcastle and Carlisle and
the Maryport and Carlisle Railwap front the time
they took management to the 31st December La
st,
showing a loss of 1,0241. Bs. Id. by the Ave months'
working of the for line, and of 195 L 4s, 9d. by the throe
months warldag of the latter. Notwithstanding this result
the directors my their opinion is not Mongol as to the m-
pedieney of accepting the lams of both *see lines. The
ehalkoetal of the Nowastio and Oarthis Company is
. ; sad their larrowid sighil doss not mood
61 Amain to the toms wpm whisk it is pr.,pored
to has. the railway, a rant after the rata of el. per cont. per
anion qea the share mild is to be paid for throe pars
compnMi tom the let of July last, and of 71. per cent.
attar the oxphadce of that period ; and the directors are
saddled that a lasso upon these tams must prom advan-
=to the lames. Is the mimosa of working the lino
deduction has already boa anted, whisk, if it had
soma tato awed= drabs the Ivo maths over whisk the
assent onleads, Imola (sop the dtrosliss) ham_prodneed a
=lashed of a has upon that swan T swank upon Alston
abs east of midrib is imbibe la the above stated
calttol, lea g, pot to be !might into widda sad mot to
the rovosas. With regard to the it tie pomid
s•
ion dig as an oddiuset to the Emma and Cartheallas is
of ispirtsmat, from its alkellies a dime esemessisetion
with das Irish Sea. Alm*lslw eelsse-
tared into to earn goal sad aka Er shipment at that pat.
BLAOIRALL tox.—The uterine of the Blank-
wall Railway to Saw is now somplots. T e anima= of
the assampmat men the pima 'moths with the
Ossetian at Ilhelited, is elm sample W, That per-
• ties el the estoodes is =rested, be reedy he tads
sett t meth of N Wham dm lino will be warble
vas, 'utast offiwitary engines. The ahem
by
of the pigs has pissed a surplas of between throe or
bar tin asst tins of Ina in rails, doe., is the Mau Otte

reaspany. The ropes that worked the trains 100 tons
each, composed of iron wire twisted.

MONEY MARKET.

WZDN7ADAY EVINDIC
The pay day his peeled over quietly, and specula-
tion thus reinforced by oonfidence has been carried on
with the same animation as before. Cords opened
at 94k to buyers for mosey at the first, and for time
at the latter quotation, but subsequently underwent a
slight decline, with the market rather weak. The
report, or appearinoe, of the circular of a Liverpool
house, addresied to their correspondents is the United
States, in which it is stated that the Russian govern-
ment were preparing to despatch no less than ten
millions sterling worth of gold to this country,
changed the state d affairs however. The intelligence
produced quite an effect on the Stock Exchange, in
which there became quite a rush to buy stock, so that
fOr account Consols rose to 941 buyers. Upon in-
=in the h4hest quarters connected with St.
burg the absurdity of such a report was made
manilist however, and the market sobered down cas-
Mem*, so that Consols were reduced to, and quoted
ihr a short period at, 941 to 1. The fall was mate-
rially assisted by the sales of Hebrew opa for a
tins. The same parties then reversed their open-
dens, and after giving freely in options for the "call°
et stock, commenced purchasing largely for
aceonat, and to some but a less extent for
messy, the result of which was the recovery
at the official close of Wainer to 94; to 1
far money, aid 941 buyers for time. After the re-
gular business hours, it remains to be noted, three
y hrtestione were not entire' maintained. Reduced
left off 941 to 1. -a-Quarter per
bents., 951 to t. Long Annuities, 9 1-18 to k
March Exchequer Bills were lower, at 425. to 445.
prem.; the June Bills, 465. to 495. prem. India Bonds,
51s. to 535. prem. Bank Stock, 195 to 7. India
Stock, 247 to 9. The high price, of the funds have
latterly brought some South Sea Stock to market, of
which a parcel to-day obtained 102.
There can be no doubt, should public securities
maintain their present advanced values, or a reason-
able approximation to them, that advantage
will properly be taken of it at the Treasury
to reduce the rate of interest on the Exchequer
bills falling due next month, from 21d. to lid.
per diem, and that the bills maturing in Jane next,
now c rrymg interest at 2d. per day, will be similarly
dealt with then. The market has been quite prepared
for this alteration for some time past, as was noted on
a former occasion, when the premium en the bills de-
clined upon the first report of what was likely to take
place.
The dealings in foreign stacks were of a somewhat
more active description than yesterday, but without
the character of a speculative movement in any stock
in particular. The transactions in Spanish, which
were the most freely dealt in, left the Fives little bet-
ter at 181 to I, the Threes 30 to j, Passive 41 to I.
Portuguese 26 to 8, Dutch Two-and-a-Half per Costa
improved to 60 to 1, the Fours to 791
_to 80h. Bel-
gian 80 to 2. Russian 108 to 110. Meta. were
251 to t. Peruvian 48 to 50. New Granada 15 to j.
Venezuela 19 to 21. Buenos Ayres 26 to 7. Bra-
!Man 80 to 2. Chilian in advance at 93 to 6. Ecu-
ador Bonds 3to A bargain was done in Austrian
Fives at the low price of 79.
The report about the ten millions sterling
amiss from Russia may be safely treated as
ea
absurdity. Bat the cause airdned in the
u Liverpool Circular" referred to is even more
absurd still, for it stake that such a large despatch
was making by the " Emperor of Russia under the
=ninon that the value of gold may be ecrionsly
" by, of coarse, the immense supplies coming
forward from California. On that score, the Em-
peror of Russia may assuredly keep himself easy for
mem time to come. The immense store in the vaults
of the fortress of St. Peter and St. Paul is not likely
to be so soon disturbed to such an extent on that
head. It is not improbable, however, that, in the
usual course some remittances of gold may be com-
ing forward to this country, and to Hamburg, to the
latter principally perhaps, for the payment of
dividends on Russian stock falling due next
month ; and it may be more advisable, per-
haps, to remit gold than bill., or credits, from
the comparative state of exchanges. The last
advice§ from Hamburg reported an advance in the
price of gold, which at 437 per mark found buyers,
though before sellers.
The impression gained ground again to-day that
the Bank directors, at their weekly board to-morrow,
might resolve upon reducing the minimum rate of
interest. The motive to such a step, it was argued,
would be to assist the ternary in the contemplated
diminution of the rate of interest on Exchequer bills;
also, perhaps, to aid in making such a money market
that some reductions in the rates of interest on one or
other class of public securities might be safely ad-
ventured upon by the government. But which are
those securities P
The following statement, prepared and condensed
from various official returns, will be found to present
an intelligible view of the note circulation of the
United Kingdom, and of the coin and bullion held by
the banks indicated, both positively at the date of the
accounts last made up, and comparatively with re-
turns for corresponding periods.
The aggregate average of the note circulation of the
United Kingdom, according to the returns last collec-
tively compUted for all the banks of issue stood, for
the four weeks ending the 27th of. January this year,
as follows :

Bank of England 518,307,366
Private Banks. 3,821,382
Joint Stock. 2.624,446
Irish Banks 4,674,739
Bootch Banks 3,032,873

Total circulation—weekly leverage £32,190,805 I
For the four weeks ending Dec. 80, 1848 111,054,021
lame" lan. 27
The increase waa_thus composed on balance : Bank I
of England more, r,281,6ea.; private banks more,
144,6391.; joist-14ra banks more, 57,3321.; Irish
banks less 102,8941. ; Scotch banks less, 243,9541.
The fixed issues of the private banks being
14,816,4;61., it follows they were below the amount
1,164,0741.
The fixed issues of the joint-stock banks being
3,409,9871., it follows they were below the amount
785,5411.
The fixed issues of the Irish banks being
6,354,4941., it follows they were below the amount
1,679,7551., with specie in hand to cover issues for
1,645,4631. besides.
The fixed issues of the Scotch banks being
3,087,2091., it follows they were below the amount
64,3371., with specie in hand to cover issues for
1,013,9041. bean.
The average of coin and bullion held by the Bank
of England daring the four weeks ending the 27th
ult. was 16,014,7531.; increase on the preceding re-
tarn, 197,5661.
The average of specie held by the Irish banks
daring the Name term was 1,645,4631. ; increase on the
previous return, 49,5691.
The average of specie held by the Scotch banks
during the same term was 1,013,9041. ; decrees%
12,9711.
The yearly comparison shows the following differ-
ences in the circulation :
Priva
Dank at Unkind kr £770,040
te /wake—lase 96,818
Joint doek—more £69,591
Irish tenke—kwe 649,177
Scotch Becks—kw 128,150
1,541,725
Deduct joist mica bias
DOMANI ci tie yesr balsam £1,454130
The coin and bullion comparison stands thus :
Bonk at England—snare, Jan. 27, 1644 £2,022,481
Irkle bake—lees
Scotch boaks—kss ekes
87,976

Ins OW as beam% Zsa. 27,1649 £1,934,303
The Lords of the Treasury have come to a de-
cision :effecting the memorial of the London, Liver-
pool, Manchester, and Glasgow houses interested in
the sugar trade, and which we printed some days
since. They have sent down a minute to the Com-
mimioners of the Customs ordering that the board will
instruct their officers to make no change in their
former practice se regards Benue; sugars, and that
the great mass of sugars will, therefore, be admitted
at the same duties as heretofore—that is, at 13s. per
owt. ; but that with regard to each portions as are of
finer quality, on which the higher rates of duty have
hitherto been charged, in conformity with the provi-
siesta of the act of 1846, and subsequent acts regulat-
ing the duties on sugar, the same practice mast of
ewes be continued. In pursuance of this order direo-1
thee to that effect have been lamed by the Commis-
sioners of the Customs to the principal officers at the
enema poets and places throughout the kingdom, u
well se at the pert of Loam