The Express.
London, England, 1849-02-21 00:00:00

CORK AND WATERFORD.

Haff-yearliii;s7ing.2lLoS;d7;, Feb. Right
Hon. T. WM in the chair. The report stated that since
the last Dentine of the proprietors the directors had con•
sidered it Gr the advantage of the company that interest on
deposits ahead br suspended, and that they had not thought
it expedient to take anp steps towards the prosecution of the
works. The espenditure for the put you amounted Ito
5201. 15e. 75., and there had been no receipts for the mane
period. The balance in favour of the company amounted to
2,3961. 12s. 2d.
The CHAIRMAN said since their last meeting =consider-
able redaction had been effected in the expeaditure. The
sum originally allowed to the directors was 8001. per annum,
but it had now been reduced to 2001. per annum, the expense
of the cake establishment had been reduced from 7001. to
1001. per annum, and a similar redaction had taken place in
the malarial of the auditors, and the amount of office rent,
to. In the present state of affairs to Imbed they had con-
sidered that it would be imprudent ma the put of the com-
pany to commence new work; and to make any new
call, and they considered It polity lo wait for the
reappearance of energy in that issantsy, and ma-
gi NM so-operation and smalinsliest between the
capitalists of this country and die people of Ireland
should be effected. Them was as daubs that at ao his.
lizt there mast be railway ammaamicatisa %newels
Cork and Waterbed, as it would net be a
matter of chaos with the loopla ad dismahat a =Om
of aessuity. It was, he banned, the 'pinks that
Ireland would farm a °moan the suture
sad western hemispheres i salfis tide point if view these
railways extending from the east= to the western soden
of that 'Dupery meet asessamily be predastive of the pealert
gamma to • one misaested with them. He trusted
that a eo4mu3rstka between the Limed* and Waterford
and the aterbril mid Oak Vass wadi illintately be
famed, es nothing scald be mon simmtegoses tri these
railways then andi a irommoisaillen. (Beer, bear.) As ere
'sly el the line between Waterbed sad Liaaerish and
fra"bellied an Manny had lima dodged, the tows et
iisesxd em at moat lamina nadir a Mats of dspres-

-ion, hut there was little doubt that this would he removed
when the railway should be oompleted.
Mr. WIBHAW considered that if the shareholder, con-
sulted their own Interests, they would wind up the affairs of
the c twiny without delay. He confessed that he had no
confidence whatever in the undertaking, as he felt eenvinced
that the Great &others and Western must supersede the
Cork and Wtecrford line. He must say that he felt surprised
to find that • suns of 2001., out of the funds which ought to
have been divided amongit the shareholders, bed been al-
lowed to the directors when there was no business to transact.
Mr. HADOW defended the conduct of the directors. He
quite agreed with the hon. proprietor that the affairs of the
company should be wound up, if it could be easily effected ;
but, to dinars the oompeny legally, they must first obtain
an act of parliament, and the would involve very great ex-
pense. If it were the general wish of the shareholders that
an act of parliament Ghoul be obtained for this purpose, the
directors would, he had no doubt, take the necessary steps
for obtaining it, but he thought they should bear in mind
that they would have to go to very great expense, and even
then perhaps they should not obtain the act. Vikh regard
to the salaries of the directors he must say that they had
onerous duties to perform, anti it was unreasonable to expect
that gentlemen could attend to the affairs of the company if
they were not remunerated for their loss of time.
Mr. P. BUTLER, 11. P., considered that the strictest
economy had been pleased by the directors in the manage-
ment of the company's funds. With regard to winding up
the affairs of the company, no one would be more anxious
for this than be would be, of he considered that it could be
conveniently effected. He had had the opinion of many
gentlemen who were well acquainted with such proceedings,
and they had all agreed that it would be both expensive
and inconvenient to seek to obtain the necessary act of par-
liament, and he believed that government was averse to
granting any such act. After some further conversation,
the report was adopted, and resolutions were passed which
provided that the directors should be paid the sum of two
guineas for each attendance at their meetings, that the salt-
' ries of the auditors should be reduced to five guineas each,
and that the number of directors should be reduced to 13
lee the present year.
The following gentlemen were then re-elected directors :
P. 1). H4dow, Esq., G. Emery, Esq., Jas. Murphy, jun.,
Esq., Geo. Ashlin, Esq., and T. S. Coppinger, :Req. Mr.
Wilson was elected auditor in the place of Mr. T. Bates,
and the chairman having announced his intention to resign
his offices as chairman and director the proceedings termi-
nated.

MISCELLANEOUS NEWS.—Sours /DAMEN. A
central committee Is sittimg daily in the city, corresponding
with the principal shareholders in Liverpool, Manchester,
and other places, relative to the propriety of proposing a
committee of inquiry into the state of the company at the
forthcoming halt'-yearly meeting.