The Express.
London, England, 1853-08-22 00:00:00

LEEDS NORTHERN RAILWAY.

The half-yearly ordinary general meeting of the
shareholders in this company, was held lint in the Stock
Exchangeand then by adjournment is the Philosophical
Hall, Lewis,d on Saturday at noon ' • and after the disposal of
the ordinrry betimes, the meeting was made scial for the.
purpose of confirming the agreement for amalgamation of
the company's undertaking with the undertaltiege of the
York, Newcastle, and Berwick, and the York and North
Midland Companies.
THOMAS CONSTABLI, BK., the chairman of the board of
directors, presided.
The Szcarrxar (Mr. Smiles) read the notice calling the
meeting, and the report (which appeared in the Erpress
of last Tuesday) was takes as mad, it having been previously
circulated amongst the shareholders.
The CHAIRMAN moved the adoption of the report.
Mr. U. U. BROWN, a director, seconded the motion.
Mr. BRIGHT. of Hull, wished to know how many for-
feited shares had been sold by the directors during the lest
year, and the pries at which they had been sold.
The Unman/Jr said the secretary could not at the mo-
ment state the number, but they bad been sold in the
market at a price, which with what had been paid upon
them, had realised to the company from 181. to 261. per 601.
share.

The SICRETART subsequently stated that the slut num-
ber of shares sold dining the year was 1,423, and the amount
they produced was 35,4161.
Mr. Joarteote, of Leicester, said that was 221. 10s. per
share, • piuch higher price than they had ever been in the
market during lost year. He condemned this act of the
directors in selling 80,0001. of property for the sum Mated,
and at amoment too when the prospects of the company
were brightening ; and said the directors had proved them-
selves wanting in discretion, and unworthy of the confi-
dence of the shareholders. (" lieu, hear,' and and applause

...renolders. .("
from a section of the meeting.)
Mr. Bright, of Hull ; Mr. Smith, of South Cate ; and
Mr. Fersyde, also expreleed their disapprobet.i9l2.

The Citatixasr said that they were sold, after mature
consideration, and in order to meet pressing demands upon
the company at a time of difileufty, when they ouht not
raise money by othet means. But of ecier.c nuw tl.ct they
had got out of these dttfieu:ties they should not dispose of
more.

After a good deal of discussion upon this and other matters
of detail, the resolution, adopting the report, eras put and
carried unanimously.
The meeting was then made special, for the purpose of
considering the question of the amalgamation and other
matter..

The CHAIRMAN mild he would first introduce the resolu-
tion, which would probably be passed without auy &s-
-ell/810C He alluded to the raising of further sums of money
on capital account. By the act of the present sessim they
had power to raise 300,0001., either by first preference
shares or by Ivan. The directors were of opinion that if
they issued prefetence shares it must be at a higher rote of
interest than thi-y would have to pay fur money taken up
on loan ; and, therefore, the shareholders would probably
agree with them, that it would be best to raise what they
required for paying off their debts and improving their
station accommodation by exercising their borrowing
powers. (Hear, hear.) He would, therefore, move that
the directors be authorised to take up, ;rota time to time,
such sums of money on loan a.: they might require.
Mr. Roma JOWETT seconded the motion, which, after
some conversation, was agreed to.
The CHAIRMAN next introduced the question of con-
firming the amalgamation with the York Companies. The
resolution which the directors proposed to pass being in the
following words: " That this meeting approves of and con-
firms the amalgamation of this company and its undertak-
ing, with the York, Newcastle, and Berwick, and York and
North Midland Companies and their und.rtakings, as the
best course for this company to pursue under auy circum-
stances, and pledges itself to support the Amalgamation
Bill, suit not to raise before parliament any question upon
such bill, having reference to the division of the revenue
accruing under such amalgamation, between the different
class of Leeds Northern shareholders ; leaving any difference
between the various clams of shareholders to be settled
by a separate bill, if necessary, to be brought into parlia-
meat by this company tar that purpose."
Mr. Sums seconded the resolution.

Mr. Juntesozi said, as an original shareholder, he was
willing to allow this amalgamation to take plains with the
York companies, if that was done in accordance with
the resolution of this company, passed on the 7th March,
by which it was agreed that the claims of the preference
shareholders should be submitted to arbitration, with the
view of their making some concessions to the original share-
helders ; but if they refused to assent to thin,
lit and his friends would oppose the amalgamation
by eres'y means in their power. (" Hear,"and disapprobatioa)
He insisted that the original shareholders had a claim to some
cotcessien, and the preference dividends under this swat
gamation should be re-arranged ; but as they could not
agree about this amongst themselves, it ought to be sub-
milted to arbitration as agreed to on the 11th of March.
After commenting on the position of the different classes of
shareholders in the company, he moved an amendment ap-
proving of the confirmation of the sgreement for ainalga-
matiin, and pledging the shareholders to support an amal-
gamation bill in parliament, providing clauses were intro-
duced for referring it to Messrs. Glyn and Stephenson to
settle the apportionment of the net receipts amongst the
different classes of shareholders, and whether any time
should be filed for paying off any portion of the preference
stock.