The Express.
London, England, 1849-09-21 00:00:00

RAILWAY MEETINGS.

CLERICAL.
Rumors= or Noawrca.—We are informed that Dr.
Hind, Dose of Carlimas. heehaw appointed to the recent
Bishopric of Merida, sad the Rev. James Aspisall, M.A.,
of Aldterpe Rectory, Liscolashin, is to be his saccespor et
the eatuorre
sursarrl.-2111..—Rev. C. examinee, WA., to DwYrr
spirit V., Corearvos, din Rea. ; vales, 12411. without test-
disco; }sheet, R. sad L. Bytes, Ina ; void by ths Nair
satin of Rev. R. W. Eytos.
Rev. O. R. newt to Kiagweeteaß., Emend ; die. B.
sod W._i colas, 14W. with midges. ; gstalw., P. H. Dock-
willell.
Rev. J. BR.
B. Lune, WA., is oaaLr.ggaay IL, Cambridge-
shire ; die. Ely : value, MIL with, t ; patrons, the
Wireless sad Fellows of 3111.11110.14 gird.
Rev. L. Lewis to Perpetual laaretay Dhariet Church of
St. Joke the Evangelist st neverutle, Clan, Salop ; patron,
lid Fowls.

SOUTH EASTRRN.
TeMOW the 28th ordinary half-yearly must shaming
0.1 HAVPOiIy was held at the Bridge-bum Hotel' Lou.
mu Ms Macassoos, the chasm* of the ems-
-Ihoadeseethemapt eanveniss the messing wee mad by'
1111. IMMO. Iffib the elms eat mishit the Ippon of Um
diemileue. the newt el
were Ihe eatfreeer_Lilid the More 41"
alleheleste . • (The OM er these ap-
peal* the EspernyallaZ read
essainp; the sewed, want of
apes reeled* oar giving, bet we Mall de so at the earliest
eggelnlthi*.) The &reams' repave and that of the as.
esuatents' were received with marks of dieepprehatlea es
th• Put of • lea propos*. el the sisetleg.
The CHAIRMAN, who ea snag was met with mingled
*ens sad hies, then said—eleademes, I Sall au dea
mesa to add to the repat which he bees r. ad to yen. That
nue, gentlemen, embodies the asecesats se made up by the
pub& 04001imints •Aa the reistadis sad understaading
come to at the last gement meatim, sad whirl year dine-
r" thseenve, submit to you eamerfaa. These is a defi-
es,* it imam for the pest UN peer awing with the
preceding are of stout 18,0001., smiths sesensat of expendi-
re tu is eh with sums whit* wag apposed at Its debit
Won ihaXtta introductioa fate them eaments of elks
mom faiths future renewal of permanent way sad of raffia'
and working stook is an entirely sew feature. (Hear.) Whe-
thee this is a flitieg sioseut for these charges to be made to
the debit of the someents ia dimiasties of the present divi-
dead, the proprietor will form their owe opiniaa, bet after
the ',soleness come to at the last gaud mouth& the
directors felt that they bad ao @piles. (Hear.) At a later
period when the company's works should be finished, and
its *gem permanently established, this pennies would
have been comparatively unfelt ; bat it will be obvious that
the intrinsic value of the company's property is ealesaced
ts,rialiiia.reeftne fend, at the expose" of dividend. The
that we have to grapple with this kalf-year, I
have already stated te be about 18,0001. computed with lest
Aelliceir, end the additiesal charges ma* to revenue,
te which I have alluded, prom still amber against u, earl
math a total difference of about 40,0001.; and thus the
bilases at your disposal on the rause asesuat
sadamou
=repeat, accredited by pablie assessmate, which
everything applicable to the half-yeses examiners,
es& excludes everything not applimble te the half year) is
may 111,2911. 13s. rd., which, it -yem adept the aatemats thus
submitted to you, will allow of • dividend being paid of
Os. lAA* sham on the paid-up shares; of 9s. 4d. per share
es the tto. 1 shares ; and of Se. 4d. per share on the No. 2
shares ; sad will leave a *lace el 6701. 13e. 9d. (Hear,
sear.) la soselosiee, gestlesess, I beg to mere that the
ripen of the dtreete's and statemest of aetemata be received
awl adopted, read that they be *mkt* among the pro-
prieties, with espies of the report of the pub* auditors
of the messals, together with the report el the eagiater.
(Chas)
lily. JOSIAH WILSON hid stated on a former
caoilss that be considered the affairs of the company re.
geared the careful examination of a person well acquainted
with accounts, ail* on behalf of the shareholders. It ap-
peared that Messrs. Quitter and Ball had bees employed for
that *ruse, bat it must be r. collected that these tenth men
had been asployed sot by the shareholders but by the exe-
cutive, and had made their report in that skararter. The
great ability of Mans. Quitter end Ball se accountants, he
did not dispute, hut they all knew, (though it might be is.
possible to Us-state figures) how easy it wee in skilful heads
to make them appear to answer the views of one pasty or the
other. (Ott,* ) What lee desired wee that this mamma shoeld
be audited by seer unman, who felt that they were acting en
behalf of the proprietors, and sot of the executive
merely. With regard to the present mode of *di., it was
wires than useless. The directors appointed their "town
auditors, who merely examined the vouchers put before them
after all the payments were made, to see that the becks
agreed with the voucher". He had no doubt that the direc-
tees were reared sow with the names of auditors, as they
had been before with the list of a committee of avestigs-
tios, when that course was proposed, and what had
been the result ? That the accounts were, after all.
made out to suit the views of the di mes% ea of
the members of the committee having been already reworded
by a seat at the board. (" Oh, oh !") The chairman had told
them that if the sum now carried to revenue bad been left
on the capital 'meat until the whole works were finished,
the offset would have been comparatively unfelt. That was
not a proper defence of the system of takiag
nom capital what ought to come from rave-
atm Moo* had been taken in that way, sod
now they were called ea to raise more to pay it back. He
believed that if the shareholders did not take matters into
their own bands, the dividends would come down from 301.
to 205., and se on to 10e., until at last they crumbled away
altogether. The next point upon which be had °Meer Jose to
make was, the power asked for by the directors of edgier a
large sum of money by means of a guaranteed rote of in-
terest, that use to say, in plain English, an Mee of pre.
krenos shires. (Hear, hear.) He moved as ea asses&
sent that ell that portion of the report which referred to the
creation of guaranteed stock, which was, is feet, preference
stock should be emitted.
The CHAIRMAN said that the adoption of the report
would sot pledge the meeting to the issue of the gnu*.
teed see*. With must to the other observations of the
haw,gesp he would say that no scrutiny of the eons-
skies of investigates Dad been able to name to the
dilations* payment of a disheserarable kind. (Hear, beer.)
Mr. CARLISLE seconded Mr. Wilsoa's amendment, be-
cause be *ought that while 240,0001. remained due on cella,
it was absurd to talk of raising 100,0001. b 7 means of pus.
Tante* stock. The lager themen* was arewed to remain
dee, the greater world be the diiaulty in getting it in.
(Hoer, hear.)
The ameadotent was thee put and negatived, after which
the directors' report was pat and manimonsly adopted.
The CHAIRMAN said that his next duty woe to move
that a dividend not 'audios 10s. Bd. each on the paid-up
shares, 9s. 4d. on the No. 1, sad Bs. 4d. on the No. 2 shares,
be declared.
A PROPRIETOR said he understood that under the
Ashford and Hosting' act so dividend could be declared
until throe years alter the completion of the works, and that
consequently the last dividend was Megal.
Toe CHAIRMAN said that the directors were acting
under the best legal advise as regarded that matter. They
were instructed that the act should be read as applying only
to the capital used in the construction of that anion of the
line. The No. 1 shares had not been so applied.
The dividend was uneninsouly adopted.
The bye-laws for the North Kent, Gravesend, Greenwich,
sad Woolwich lieu were then put and agreed to.
The CHAIRMAN said he now tame to the nuestion of
raising the money, and the state of things wu this. There
wee a number of No. 4 shares which had never been and by
I*e directors but remained as scrip in their possession. The
regulation stated that such shares as might remain in the
ham* of the directon after the proprietors had ban satisfied,
might be disposed of at the discretion of the former. The
dhecillees now propped to issue them a' a fixed guaranteed
MU le bitterest. The actual mortgage debt of the company
at pretest exceeded 1,169,0001., while the remaining mom
ct =went:tended to only about 80,000 L They proposed
to issue these shares at a guaranteed rate of
Interest in perpetuity of 44 per cent., which would be
equivalent to a mortgage at that rate. Ile proposed then
the power be given to the directors to issue sew shares to
the smarm of 340,000!., bearing 44 per cent. interest.
Mr. RENSHAW seconded the motion.
Mr. JOSIAH WILSON objected to this issue of preference
share., as nothing was more caledated to run down their
duce. He bad seen the coneequesces of such a system in
the ffisessed* Mae 10 years sines. He thought that the
emelisratism Ow Outlast a question should be adjourned
seta the thareitolders had had an opportunity of giving it
Aill sauskistation.
Mr. ALBERGER me quite eta los to know why it was
that a ammo* having a isapital ef sight er aloe mentions
alaraid call on the shareholders to niee mosey at 44 per oat.
by means of prefer**, shares. He thought debentures at
Eger ant. preferable to preforms shares at 44. After some
The CHAIRMAN bogged to be permitted to put the re-
solutket before them and the amendment which had been
moved by Mr. Wilson.
The amendment was put first and lest by a very large ma.
levity. On the roulades losing t,
I Mr:JOSIAH WISPON said* pu had another amendment to
move, via., that the shares should not be Weed below par.
He nouns:After some coavenation, signed to withdraw
this, an
The CHAIRMAN Vela stearin the seed* that the
shares should be issued at par, and at par osly—(hear) to
bear interest at 4 per amt. in ~mity.
The racist* woe then sgresd to.
After a leas and desultory diesseeloae seta the remunera-
tion of directors, in whisk precis* 41 marlins amounts were
suggested, it was at last erigaseillOk.ALlllloll that the
amain( director should have 2,0001., and the other direc-
tors WM.a year each. The number to be eight, in addition
to the aunegiss director.
A PROPRIETOR asked, *raidked, eight be sufficient ?
The CHAIRMAN said that, whether the number was
nine or nineteen, the actual work would be done leLfirr.
Ha thought sine would do the *Suss es well se
Mr. JOSIAH WILSON again suggested postponement.
After some further conversation the motion se amended was
put sad agreed to.
The meeting than resolved itself into a special meeting,
for the purpose of adopting a resolution for the issue of the
sew Seek.
The CHAIRMAN they lamed the following sOiss o
reseintioas
"That la h atemilient, by the snail* el sew shares, to
funds fir the farther widening =
et
of the the Lead* and
wish Raillnp, and esargement Loader
bridge statics, awl Ihr the soethesentelies of the railway Mess-
neat the DMA* Mid Gresswii Railway sad the New*
Kist Bag with Os Beieldaysie Arms Brea* Railway, sod
kr the Oho*. • esed Om railway frem
Osumi's' he 3et-ester. That fir suck pupas@ an ati-
&Bond aged e/ 340,0001. be robed bi the hew of
34,000 sew Owes al 101. seek, bowleg *tenet *mos
papeader. at the rate a/ los. per seat. per
Gahm, hem the respestive Beane of the payment of
the aped, eel betalmisti ails seentioated, We inters!
to be aids By the eempeay ea die Het day Jemmy
and tie-list ac of July is each year sad W 4 sea Boa
'shame be howl to perdue de alai &seism their Joke in
onceg** of Os esespemy, to take this mane
hobos the Ist of OMAN' sea. That the fed
isatelmeat of M. per be rid ea the 10th der ef
°clean ants and the remaining laehdteseas of NA
51504418 ((pet nageffies 11. 10s. pee share) at *di
dates (at Intervals of set Is. than tire months) se the
directors shall determlie le mil the man. That twenty-
one days' nodes of eel call 'ball be given by advertise
meat in two London 6115 messing newspapers, sad two
newspapers published is Rent. That upon payment of all
suck lastelmist. the Owes ea &canal whereof the same