The Express.
London, England, 1846-10-09 00:00:00

RAILWAY NEWS.

We had a dull market yesterday in shares and
scrips, but without any material alteration in prices, or so
depressed an appearance as it presented on Wednesday.
The disposition evinced of late to make sale of shares in the
old established and most profitable premium-bearing lines, is
doubtless referable in great part to the desire of purchasing
at present low rates into new lines, which offer the superior
advantages of certain assured and liberal returns of interest,
besides divisions of profits, under the undoubted guarantee
of the most substantial of the old-established companies.
Mr. J. F. Maubert, one of the most wealthy and intelligent,
as well as cautious, members of the Stock Exchange, and
treasurer to the fund for decayed members of that body, has,
in a circular address to the committee and subscribers, ex-
pressed himself strongly in favour of converting a por-
tion of that fund, now placed in government stock, in
the description of guaranteed railway securities adverted to.
The condition of perfect solidity, indispensable for the invest-
ment of trust property, he conceives to be perfectly satisfied
in the ease. " I consider," says he, " that they are as secure
as any mortgage or ground-rent in the kingdom, possessing
the additional advantage that they are transferable ; can be
bought and sold without the intervention of law ; and exempt
likewise from all anxiety respecting title, &e. The holder
of guaranteed shares stands in the position of • landlord, the
great companies being his tenants, and these tenants proving
to him, from their actual receipts, their ability to pay five
times the amount of their rent." There are doubtless
many cool calculating men besides Mr. Maubert who judge
and act upon the views thus set forth by him. When other-
wise the means for additional investment may not be pos-
sessed, such parties would make sale of their shares in the
old lines to purchase and pay up calls upon in the new.
However apparently inactive one or other share market may
appear, there is no question that upon the whole a fair
average amount of business is carrying on, and that the
better-conditioned scrips are silently being taken off the
market,. _ . . __.

The course of prices in London on Wednesday caused
much anxiety yesterday in the share market here ; but the
transactions did not show quite as marked a decline as was at
first anticipated. London and North Western stock found
buyers at 195; Midlands were no lower; East Lancashire,
Ormskirks, and North Staffordshire, only showed a decline
of to 4. Still the general feeling was one of despondency.
At Manchester prices still continued to droop.
The Birmingham market continued flat, as reported in
our paper yesterday. There were sales in Birmingham,
Wolverhampton, aad Dudley registered scrip, at 17s. fid p.,
and in North Staffordshire' at the same rate. Shropshire
Unions were done at 11s. 3d. and at d.
At Leeds the share market presented a more lively appear-
ance. The business transacted was good in some of the lines
at a slight advance. East and West Itidings advanced
7s. 6d.; Ormskirks, 3s. 6d. more ; North British remained
firm, and some good sales effected also in North Staffords at
6s. less; New Thinks declined 10s. less; Huddersfield and
Manchester 61. 3d., West Ridings 55., Matlock and Buxton
45., and Manchester and Leeds Extensions Is. per share less
each.

PROVINCIAL.—SHEITIELD, ROTHERHAM. AND GOOLE.
—We find acme inaccuracies have crept into our notice of the pro-
ceedings at the first meeting of this company: its actual position at
present is as follows: The seven directors nominated under the
hand of the chairman of the Manchester and Leeds Railway Com-
riiria:ire,NewEarl
FAmPii.ndW. T. Vernon W
Dennison, ta~enrceopr.t,h,
Robert
Dymond, Esq., William Gordon Thompson, Esq., and William Bennet
Martin, Esq. The seven remaining directors elected by the share
holders at the meeting are, Edward It. Beaumont, Eaq., Godfrey
Wentworth, Faq, John Brakenridge, Etc., Edward Tew, Faq.,
John Banff, Esq., George Chambers, Esq., James Andus, Esq.
201. each per annum was awarded to Henry Wormold, Esq., and
Edward Meynell, Eel., elected auditors; 1,4001. were fixed as
the remuneration of the directors for the ensuing year ; the mere-
. tary's (Ole. Beatified) annual salary was ordered to be 3001. The
agreements entered into with the Manchester and Lead* Railway
) y, and the South Yorkshire Coal Railway and Canal Company,
(°
dated Nov. 1845, and 14th March and 4th July, 1846, were con-
firmed, subject to such modification as the directors may deem expe-
dient. The directors are authorised /to take the necessary stern for
carrying them Into effect ; to make application next awake for any
act or acts deemed expedient; and to concur with both or either of
the above-named companies in any application to Parliament
necessary tor carrying out the prosiamms of the agreements.
The capital of the company is fixed at 80) .0001 , in
32,000 shares of 20/. each, and authority is given to the directors to
allow interest, not exceeding four per tent. per annum, upon all cads
from the day on which they are paid. By the agreement with the
South Y • coal. railway, and canal company, the Sheffield,
Rotherham, and Goole have transferred to them that portion of the
main line south of Barnaley, and the branch line to Dodsworth, reserv-
ing the right to work engines and carriages over the Doclsworth
branch at an magi mileage rate. The South Yorkshire are entitled
to run their carriages over the Silkstorte branch of the Sheffield,
Rotherham, and Goole, at an equal mileage rate. The Manchester
and Leeds company take a lease for working the line north of Barns-
, ley, rendering to the Sheffield, Rotherham, and Gook the receipts
artumg from working this portion less forty per cent., and guarantee-
ing that at no time shall the dividend to the shareholders be less than
four percent. upon 330,900 f., its estimated cost. The relative pro-
portions of the 800,0001. ;moan] neocasary for the construction of the
railway are : —For the pot <inn transferred to the South Yorkshire,
450,0061.; for the portion re: dined by the company, 850,000/. The
South Yorkshire Comix.ny has taken up and registered pto the
extent of 18,000 shares-450,00V, An act will be applied far next