The Express.
London, England, 1851-03-20 00:00:00

had been paid. During the last year thu had
had many difficulties to contend with, in connexion
• "

with the creditors; but at last an arrangement had beeu
entered into, to the effect that, provided they could induce
the holders of the scrip already issued to reduce their rate of
interest to 5 per cent., the creditors should accept the new
shares at the same rate. On being asked for this conces-
sion the holders of the stuck would naturally look for some
advantages. The advantagea-offered were these:—ln the
first place nearly the whole of the creditors of the company,
bond aud simple contract, would be converted into share-
holders, provided the agreement already sanctioned by the
creditors were carried out; 70,0001. or 80,0001. would still
remain in bonds, the parties who held that amount being
placed under legal disabilities which prevented
them from acceding to the arrangement. Thus
LM •biddan of the saes •••eas pet amt. stook as,
would rank as the first preference shareholders of the corn- II
pony, and come in part pfliali with the creditors of the com-
pany for all dividends which might arenas. The next ad-
vantage was that the shares might be consolidated, the I,
holders of the 101. shares being enabled to reduce them to at:
51. ; and, instead often shares being liable, as at present, to 23
calls amounting to 801., under this arrangement there would Is
be a liability only to 301. ; that was to say, 61. each on five ss..,
shares. A bill had been introduced into parliament for the
purpose of carrying oat the arrangement; and as soon as 5611211
that bill had been sanctioned it was the intention to give at.
the shareholders the option of consolidating their shares. 17
The SECRETARY, then, at the request of the chair- $0
man, read the resolutions by which the creditors of the 161
company emoted to the proposed arrangement. as
The CHAIRMAN said he hail been informed by the u
chairman of the committee of creditors that the assent of 20
bondholders and other creditors had been obtained to the 50
amount of 240,0001. The parties who had withheld their 11l
assent were chiefly trustees, many of whom had stated It
their willingness to renew their bonds for seven years at
4 per cent., or a trifle' lower ; per cent. had been named. 25
Ile (the ehairmao) thought the holders of the 7 per cent. Sr
stock would benefit by the arrangement, and it was impor- 10
taut that the matter should he settled speedily. Ile would ti•
now mention a few favourable circumstances in their posi-
tion. The meeting was :doubtless aware that an ar- la
rangement had been entered into with the Great at.
Northern Company, by which that company agreed 131
to work the line, guaranteeing a minimum revenue of Si.
16,0001. He thought that agreement would be advan- "
t.
tageous to both parties, and there was every probability of 3S ,
its being carried out in good faith. This line would now at
become the great thoroughfare between Norwich and Sr ,
Manchester. They would have a great traffic in lean
cattle, of which they hail hitherto been deprived by the et
Eastern Counties Company. The Great Northern Coin-
pony having power to meet them at Wisbeach, would run 50
over their line to Dereham, and would then have no dial- at.
eulty in making their way to Norwich, either over the 20
Eastern Counties line, or, if difficulties did present them- se
10
selves, by some other 1:11CM11,. 50
Mr. ROSS characterised the proposed arrangement as Ht.
iniquitous and unnecessary. There was no necessity
.for 23
burdening the line with a perpetual 6 per cent. debt, arising 25
out of the bonds. Money might be obtained iu the market ISI
on moot advantageous terms. The agreement with the 9
Great Northern Company hail materially altered their
26;
position.
The CHAIRMAN said the best answer which could he 131
given to Mr. Rosa was, that they had debts to p.ay, both 2o
bond debts and simple contract debts. Mr. Ro.: said they to
ought to borrow money in the market. The decision of the "
Lord Chancellor showed clearly that a simple contract r 4.
debtor, with judgment, had priority over a bondholder so
without judgment, or perhaps over a bondholder with 26
judgment. 'tint being the case, he was sorry to say that 23
the prospect of borrowing money in the market at a reason- 200
able rate of interest was quite hopeless. SO

After some thscusmon, . so
to
The CHAIRMAN moved a resolution declaring that the yo
meeting approved of the proposed arrangement, and re- 20
que'ting the board to take steps for obtaining the assent of St.
the holders of the stock in question. IS
Mr. SELF seconded the motion, which was carried, 2,3,
there Icing only three dissentients.
The meeting then separated.

LIVERPOOL, March 19.
Stoci-Eicw►voE.—The market ha. been rather heavy.

to-day. end prices gesendly are lower. 71sare was a Large amount of
stock offering, but buyers did not seem inelined to give the prirce 20
asking. The following are the latest quotations :-Amhergete and
East Junctine, 31 d.-Bir.enheari, Lanmahlre, and Cheehire (Lll 20
shires), 41 d.-Caledonian, 131 1 )3 -Ditto (pr frrcnre sham.). 11
- fla4t Lane rehire, 171-Great Northern. 161-Lancsahlre and
Yorkshire, 614 2 4 e.-Ditto (01111 shares), 61 d.-Ditto (ii per cent. 20
Prettrume Mare.), 131-Lewis and Thirtk, 19 - London an•l North
Wasters, 1304 i 1-Ditto (new 'harm), 31 1 1 p.-Ditto (fifth
Awes), 31 p.-Igtta (quartet shares), C), 3 g-Monehmter, Sher
field, and Lincolnshire, 36)-Ditto ((preference shares). 111-Mat-
lock and Midland, 3 3 Id d. • Midland, 611-iiitto (half letaresl, 121
1 1 4.-North British, 101-North Statfortishirr, 64 d.-3: mat wes.
tern, 101 d.-ihrewsbory and Birmingham (91. 12.. 3d.), 61-Month 00
Fag= and Dryer, 224 -WhPehmen and Fume.., 6: -Turk, New- 424
castle, and Berwick (unpaidup), 14 d -York and North liultind, 30
271 e. 111 -Ditto (preference), 1 d.-Weter(urd and Limerick, 16- 42)
Dutch ithenish, 41 d.-Northern of France, 1 d.
•-•

DRISTOL, March 19. 10
Store EXCRANTT—Thet market to day was not quite
talkative la that of yesorday. Gre►t Wade-4.n Original Steck laft
off at 94.4 ; ditto New 171, at 21 die.; Lanew.hire and Yorlohirr, at
624 div.; booth Lute= and Dover, at 274 en do. ; Valve( Noah, av
at 4 dL. ; York and North Midland, at 271.

MANCIIESTER, )(arch 19.
STOCK EICKLNOK.—The market to-day has been very
terminate, sad prices arc still on the decline. Lancashire and York.
rhino, which were quoted yesterday at 621. have declined to 611,
and have been done ea low as Sheffield Stock .ilso hos declined
from 37f to 36f. London and Noah Western, 1314. Kest Lanca-
shire, 17 1-16. Moth Staffordshire, 64 d. South Eaotern, 274. York
and Korth Midland, 27c, 4, 11.

BIRMINGHAM, March 19.
STOCI Excwarros.—This market way heavy to-day,
and prima lower. Shrembury and Birmingham AN were done at 4
and 31 dia., Wm at 36 and St. la. 3d. dta. the Pref truce "barn at 11.
South Stafford' at 51. la. 3d. do. London and North-Westerns at
130, and for the next amount at 1311.

I
LONDON AND SOUTH-WESTERN RAILWAY. 361
Traffic for the week ending March 15, 1851 : Passengers, 71
6,4091. 65.84 d. ; goods, 2,3001. 16s. 3d. Total, 8,8001. 2s. 11id. 61

SMITHFIELD HAY MARKET.—THIS DAY. 16.
Messrs. Cooper and Davis report prices at the following 2:
quotations : Prime Meadow May, 7.55. to 80s. ; inferior ditto,
635. to 70s. ; Rowan, 601. to Gas. ; Clover, 70s. to 80s. ; se- 12'
Cowl cut, 665. to 725.; Straw, 235. to 28s.
SO

FATAL CoALPIT EXPLOSION.—On Monday another
explosion of fire-damp took place at Hey's Colliery, Ashtou.
It appears, from inquiries made on the spot, that at about
8 o'clock on Monday morning, the men being nearly all at
work, a young man named William Joule, a miner, took
the to off his lamp, and went among some other men. An
explosion ensued, and the consequence was, that Joule and
several others were severely injured ; one man, named John
Ogden, was killed; and another, James Andrew, has since
died from his injuries. We are also informed that two
others arc in a very dangerous state, their recovery being
doubtful. It appears that when Joule was found, he said
he could not blame any one, as he had caused the explosion
himself, by taking his lump top off. We are informed that,
in addition to the caution given by the manager of the
works, the men have for some time past made a rale among
themselves that any man known to take his lamp top off
should forfeit se. A few weeks since one of the men was
caught with his lamp top off, and he was compelled to pay
the above fine, or leave the works; as, if the fact had been
laid before the underlooker, he would have been immedi-
ately discharged.—Manchester Guardian.
FIRE IN SOITALFIELDS.—Yesterday morning, at a
few minutes before four o'clock, a tire broke ont on the
basement floor of the premises belonging to Mr. Charles
Lauer, a skin-dresser, No. 41, Fashion-street, Spitalfields.
A young man, named Castledine, who slept on the first
floor, having snatched his child up, succeeded, with his
wife, in reaching the street, but they had barely left the
building, when the passage gave way, and the flames then
mounted so high as to cut off all means of escape for the
other inmates in that direction. Mr. Lauer,jun.,jumped out
of window into the back-yard, but he was so much injured
by the action of the fire that he was obliged to be removed
to the London Hospital. The Royal Society's fire-escapes,
with several engines, quickly attended, The conductor of
the escape having raised the machine in front of the burning
premises, got into one of the upper rooms, where lie found
Mr. Lauer lying on the floor in an insensible state, nearly
suffocated with smoke, and panted him in safety down the
escape, where they inquired of him as to what part of the
house his wife was In. He replied that she was in the loft,
and the only chance that remained to rescue her was to
mount the top of the building and cut away the roof.
The conductor, with the aid of the police, having made a
hole sufficiently large, dragged her upon the roof, and con-
veyed her in safety down the escape. A plentiful supply of
water was procured, and the firemen were enabled to get
the flames extinguished in about an hour, but not before
' the lower portions of the building, with its contents, were
destroyed, and the upper part extensively damaged by fire.