The Express.
London, England, 1851-02-27 00:00:00

The proceedings thereafter terminated with a vote of off some further old claims which had been brought
thanks to the chairman and board of directors; the former against the company ; and the affairs were now
in reply congratulating the proprietary on the amicable ter- , be-alight into a very narrow compass. lie then adverted tie
mination of the business of the day. a bill in equity which had been filed seeing the company by
i Mr. Cooper l're.ton, a landowner and justice of the pease
' fur the West Riding, residing
nt }'tasty-up, in Craeen--
NIANCILESTEII, .t I) LINCOLN- (laughter) anti although Mr. Preston remains in the ton
SHIRE RAILWAY. disturbed enjoyment of hi,: property, he has the modesty to
Yesterday the ordinal 7 half-yearly meeting of this insist that this company shall pay him 15,000 P., and has tiled
company RA, held at the Exchange, Manchester, when, in a bill in Chances to compel it. (" Shame, shame.") The
addition to the routine business, it was proposed to confirm' directors had resisted the demand, and would continue to do
the forfeiture of certain shares. There wan also a special so. (Hear.) The chairman concluded by moving, "That
meeting convened to take place at the rinse of the half_ , the atcounts hr adopted and confirmed."
yearly business, having for its object the " fixing the period' JOHN WILLS, Ewe, of Liverpool, seconded the resoln-
when the deferrede interest and dividend warrants outetund-
tion, which woo carrivtl unanimously.
ing shall he paid." The chair was taken by the Earl of On the motion of the Cit AIRMAN, seconded by W. Goa-
YetMtwnoeatl. wooD, Esq., the retirim; directors were re•eleettal ; and
The CHAIRMAN opened the pmeredines by moving Mr. W. H. Brockett, of Gateshead, was also re-elected an
the adoption of the report. Ile said it would not be netts- , auditor.
vary fur hint to address them at much length, as the Resolutions were also passed authorising the directors to
din etors had gene very fully,
in the report, into all the ciseoutinue their exertions for obtaining a modification of the
cuinstances that could be interesting to the shareholders. It Railways Abandonment Act in the present session, and to
was a matter of sincere gratification, he could assure them, resist to the utmost the Chancery proceeding: instituted by
that the director were enabled to give them a better ; Mr. Preston.
tecettunt of their property titan they had been accustomed to Mr. WILLS, in proposing the thanks of the shareholders
do. l'hey hail only stated what they believed themselves ;to the cluorneun sod directors, for the anxiety and trouble
perfectly justified in doing—that their prospects were !they hail so long taken in the management of the affairs of
touch better than they bast been accustomed to look eompthily moved- " That inconsideration of the gratuitous
forward to. The value of their 100/. shares it would be en services rendered by them for the last two years the sum of
eollected, about twelve the ago, was about 121. ar 131.
; 0001. be placed at their disposal as an ackuowiedgment of
they were now worth about 311. (Hoar, hear.) That of such serviees."
itself showed not only that they might contreetulate them- I This motion was seconded by Mr. WALKER, and ear-
selves upon their improved prospects, but that the public tied unanimously.
generally were lonking with more favour upon their under- I The CHAIRMAN having returned thanks on behalf of
taking. He was happy to tell them, whet had been always . hisseelfrad his colleagues, and soured the meeting :hat
a matter of great interest to the shareholders, that the I their utmost exertious would be continued to be put
Grimsby Docks were progressing otisfaeturiiy towards I forth for the protection of the shareholders, the meeting
completion. It was a matter of very great importance that !separated.
they had been enabled to conclude a contr:tet with Messrs.
Hutchins for the completion of those ducks; and, if it bad
homer any utility to open these docks before Match, 1352,
he had no -hesitation in saying it might have been done lie
conceived, however, that it would be of no advantage, be-
cause if they were open before, they would not be able in
all prulxiltility to have any part of the Baltic trade before
that time, and if they increa.sed the rapidity of the works,
the rep ense-s would, probates', be int-mend also. (Hear,
hear.) With regard -to the reference in the report
to the works at New Holland, he might say that
though the traffic might nut have increased to
the same extent as they, perhaps, anticipated,
it was because for want of fonds they were not able to open
the basin so soon as to take advantage of the Baltic trade of
last autumn. Before they were enabled to open the basin
the vessels which traded to the Baltic haul already been
chartered for other ports. It was a satisf alien to them,
however, to find that no sooner WWI the basin opened than
the htmilingyards by the side of the basin were immediately
taken for umber-yards. lie believed it would be of very
gnat advantage to the proprietors to have the facilities for
receiving and sending away ROM. from New Holland,
where he confessed he often thought, with many of the
shareholders, that they had extended their operations too
much. From what he had seen, however, he was quite
satisfied that such was nut the case. In connexion with
the New Hollantl works came the ntatt,y of the number
ferries. In compliance with the wishes of the shareholders
euwessed at the half-yearly meeting the director. had
taken proceedings against the parties who bought the
Humber ferric" and afterwards sold them to the rompany.
He had been favoured by a friend with the evidence given
before the committee of the House of COllllllolls on the
South Yorkshire Railway Bill. It fully bore out
the expectations held out to the dinvtore, that if
they would only take the railway about two miles
and a-half into the Barnsley line, they would get an abun-
dant supply of coal. The company puseessed parliamentary
powers to make the line, but the powers fur purchasing
the land would expire next August, and the director, were
unanimously of opinion that it was for the interest of the
shareholder. that the land should be purehneed. Ile was
satisfied that very great ails entire would accrue to the com-
pany from the making of the line. They would get into a
coal district, when there was between 4,000 and dub acres
of coal. He was told that in this town there was a party
who would contract to take 100,000 tons a year from them
if they could furnish that amount. No doubt they would
be able to furnish that quantity of coal, and a great deal
more, if they made this branch into the cued di,trict.
They hail learnt by experience that it would be wise to
make an arrangement with parties beforehand as to the
quantity of coal they were to give them, hut he believed
that in the neighbourhood of Barnsley partiem were quite
alive to the inconvenience they suffered from the want of
proper communieation a ith the main line. By ntaking this
branch they would not only be utile to supply coal to Man-
chester, Staleybridge, and Ashton, but also to Lincolnshire ;
and he believed they would be stile also to send a consider-
able
_quantity for export from Grimsby. (Applause.) It
was a matter for congratulation that they had at length
been able to make satisfactory arrangements with the Great
Northern Company. One of the auditors had resigned, and
had declined to offer himself for re-election ; therefore the y
would have to supply his place at the present meeting.
Four directors, among whom was himself, retired by nota-
tion this half-year; they had consented to offer them...wises
for reelection, if it should be the wish of the shareholders
to re-elect them. (Applause.) His lordship concluded by
moving the adoption of the report and accounts, which
having liceu already published, were considered 14 read.
Mr. CHAPM.tN, the deputy chairman of the company,
seconded the motion.

Mr. I'E O, M.l'., advocated the further opening of the
coal trade, and said when he told them that the land to
Barnsley could be bought for 10,0001., and the line into the
Silkstinw district could be completed with four locomotives
and 400 waggons for 90,0001.' and when he told them that a
firm in Manchester would take 101,000 ton., of the coal per
week if that line were made,. and another firm between
Manchester and Womlhead would take 140,000 tons mon.,
making an increase of 1,5001. per week in the income of the
company, he felt that they were not trifling with the time
f the company. (Applause.) The hon. member said that
with regard to the Grimsby Dock, to have changed the con-
tractors would have lost a season, and it would have been a
question whether they would be ready in time for the Baltic
trade of 1102 or 18.53. They had now gone over the esti-
mate, and a contract was drawn up for completing the docks,
warehouses, cranes, &e., within 100,0001. He expressed his
opinion that, with the completion of the docks and all the
stations, and with the Sillistour coal trade opeued,the traffic
would reach 10,0001. per week, which would give a dividend
of 3 per cent. on the whole capital, and every increase of
1,11001. per week afterwards would give an increase of 1 per
cent. in addition. (Applause.)
The report was then adopted unanimously.
The CHAIRMAN moved the payment of a dividend of
7} per cent. on the No. 1 Quarter shares, and of Ss, per
share on the 101. Preference stick, on the 10th March.—
Agreed to.
The forfeiture of certain shame by the directors was con-
firmed, and the re-election of the retiring directors was
agreed to unanimously. Mr. Unwiu was elected auditor in
the place of Mr. Walker.
Mr. GAMBLE, a dinetor, moved for power to purchase
land, before the powers of the act expired, to make the
junction of nearly three quarters of a rode with the Midland
line near Woodhouse. _ _

Mr. GEACII, direetor, seconded the motion, and it was
agreed to.
Mr. MAXWELL, of Liverpool, depreeated the pr sent
system of granting free passes to shareholder+ over the line
to the meetings of the company. Ife thought it was unjust
to non-residents on the line, who had to pay their expend...
The motion was only lust on a narrow scrutiny by division of
the meeting, and he muted for a pull, but at with-
drew the demand.

The business of the speeial meeting wa.s then gone into.
The CHAIRMAN moved that the outstanding interevt
on dividend warrants, the payment of which was deferred
at the half-yearly meetings of February and August, luni,
be payable on and after 2:ith March neat ensuing.
't
he motion was seconded and carried.
Three cheers haring been proposed to Lord Yarborough
for presiding, were given with much heartiness, and an
additional cheer having been proposed for free-trade, was
also given.

LIVERPOOL. MANCHESTER, AND NEW-

CASTLE JUNCTION RAILWAY.

The half-yearly- ;n;Wng;;;lTtritiOCific, offices of
the company, in York, on Tuesday last ; LeemAse, Esq.,
chairman of the company, presided.
The accounts showed a balance remaining in hand, ralw
jset to existing debts and liabilities, of 4,9601. 14s. 7d. The
common seal of the company having been attached to the
register of shareholders,
The CHAIRMAN proceeded to address the meeting, and
stated, that in accordance with the provisions of the com-
pany's act, and of the wiA expressed at the last half-yearly
meeting by the shareholders who were then assembled, the
directors had paid interest on the deposits amounting to
8.1361. 13.. 4,1., and leaving the available balance now in
hand, subject to liabilities, 4,96411. 144. 71., as shown in the
accounts read. In compliance with the wishes of the share-
holders present at the last meeting, the directors had ab-
stained from taking any steps under the Railways Abandon-
ment Act, passed in the then closing session. That act
was felt by all companies to be so defective and
would operate so unjustly to railway companies, and for the
advantage of landowners, that ha believed he was right in
saying not a single company hail availed themselves of its
provisions, although there were many new companies
anxious to have availed themselves of the powers of en-
tirely abandoning their undertakings ; and many old ones
who were also desirous to have abandoned unnecessary
branches for which powers of parliament had been granted
in the more palmy days of railway enterprise. He (the
chairman) had recently received communieations from seve-
ral parties who intended to form adcputation to the govern-
meat, for the purpose of seeking an alteration in the act of
last session, so that it might not remain a dead letter, and
he had undertaken on behalf of this company to unite in
any measures having that object. (Applause.) In the
course of the half-year the directors had cleared

SOUTH WALES RAILWAY.

Yesterday the halfearly meeting of this company
took place at the London 7 ;trent, Bishopsgate-strect, fur
the purpose of receiving the report of the directors, and on
other husinem. A slug number of propel tors attended on
the occasion. C. R. M. Tat.nor, Esq., M.l'., took the
chair.

The SECRETARY read the notice eonvening the meet-
ing, alter which the 00011210 R SCA wu. Ktfiaud to the registry
of proprietor.
The report and account/I, which hare already appeared,
were read to the meeting.

The CHAIRMAN thought that it was a most favourable
feature of their undertaking to have realised during the
first six months' toiierations a balance of 10,8001. in favour
of the company. If they added to this the amount to be
paid for the carriage of her Majesty's mails, this balance
would be increased to 15,0001. for the first half year, or
30,000!. per annum. (Loud applause.) This traffic, which
they could already boast of, was impeded by the want of a
sufficient number of trucks, but he was happy to
say that the Great Western Railway Company hail ordered
the manufacture of a number sufficient to satisfy the wants
of the South Wales Railway. (Hear, hear.) They could
do three times the traffic that could he carried on with the
present number of tracks, and with the addition proposal
and the further completion of the line 10 times the amount
of traffic might be expected. (Applause.) The chairman
referred to the isolated position in which he stood at their
Last meeting in November, and informed the meeting that
sines, that 'time the whole lseird had united with him in
carrying out the policy he then recommend, d. (Hear,
hear.) After this he thought they might with safety pro-
secute the line to Fishguard. They must, however, con-
sider their means for this purpose. He found that up to
31st December last they had expended 2,568.000/., which
would leave them something like Lanomow. still unex-
pended. Fortes, than 1,000,000/. the line might be finished
to Fishguard. This would leave a disposable balance of
upwards of 300,000/. short of the 4,000,000/. which this com-
pany was authorised to raise. Tho it immediate object
now was too finish their line to Grange Court, which
would not &pope of -more than 140,000/. As far as that
RUM was required, he felt justified in informing the meeting
that he himself and one of his personal friends were quite
ready to lend that amount to the company. (Loud applause.)
The chairman then alluded to the reports going about, that
in the event of their completing the fine to Fishguard, the
Great Western directors would refuse to sign the kiss.. Ile
was happy to say that in his communications with the direc-
tors of that company he could not find that they ever said
an either directly or indirectly. Let them not heed such
reports, hut go on completing the line to Fishguard, and he
had no doubt the directors of the Great Western Company
would complete their part of the agreement like honourable
men. (Iliac, hear.) Without a firm belief in the integrity
of the directors of the Great Western Company the beard
would never think of going to u place like Fishguard. Ile
hoped, however, better opinions would prevail with
that Company, and that they would see the propriety
of substituting fur such a place the influential
port of Milford Hawn. (Loud applause.) Let them agree
to this, and they would have no cause to lava t guarantee.
ing 200,0004 a year to the South Wales Company. (Re-
newed applause.) This place was ex natures res strung as a
packet statism, and no other port in England or Ireland
could present a more favourable terminus fur a railway
company. This chairman concluded an eloquent speech by
moving the adoption of the report and accounts.
Mr. FRANKLIN put several questions in reference to
the accounts. _

Mr. BAKER, the auditor, replied that the expenses of
management might he taken at 6,0001. per annum. The
interest was paid on debentures to the extent of 272,7001.
Mr. CHAPMAN (Overend, Gurney, and Company) said
of all the meetings ot' this company he hod been present at,
not one gave him such sal satisfaction as this did. It must
be consolatory to them all to have heard such an aide speech
on the part of their chairman, and to possess such a board of
directors, units r their existing circumstances.

A ',midi'', owiom took place in consequence of Mr. Chap-
man mooting the subject of preference shares, in which Mr.
De Winton, Captain Berkley, and other proprietors, took
. . . .

The CHAIRMAN remorml the want of unanimity shown
on the part of Mr. De Winton and a few others, by saying
that the board would not think of issuing preference shares
without calling the proprietors together at a meeting fur the
purpose of considenng the subject.
Mr. DE WINTON then withdrew his amendment.

The report of the directors was adopted unaitimemsly.
The CHAIRMAN then moved the following rimiluiions,
which were seconded, and agreed to unanimously :
That in exereise of the poners and provisions of the
Gloucester and Dean Forest Railway Act, 1846, a sum nut
exceeding 1:10,0001. be raised by the creation and issue of
additional shams in the undertaking of the South Wales
Railway Company, of the nominal amount of 501. each, and
that the directors. be, and they are hereby authorised to
issue such additional ohms on such terms, at such times,
anal to such persons us they may deem expedient.
" That in exercise of the powers and pmsisions of the
Vale of Neath Railway Amendment Act, 11418, there be
raiwd a sun. not exceeding 127,7801.. by the creation and
issue of new shares in the undertaking ..f the South Wales
Railway Company, of the nominal amount of 401. each,
and that the directors be, and they arc hereby, autho-
rioed to 16411 C such new shares on such terms, at suelt times,
and to such persons as they may deem expedient."

. .
Mr. CHAPMAN moved a vote of thank. to the chairman
and diroetors for their able management of the affairs of the
company.

Mr. ftIDGWAY, havinz spoken on the advantages of
Milford Haven, seconded the motion, which was passed
unanimously.
_ _

The CHAIRMAN, in returning thanks, advised them to
be united, as the only wuy of eompletingithis great under-
taking; if they were not united, he could we no pruapect of
its completion. (Rear, hear.)
The meeting then adjourned.

NORTH STAFFORDSHIRE it tiLWAY.—Traffic return
for railway and canal, week ending Feb. 16, 4,6271. ; cor-
responding week last fear, 4,09.51. The above is exclusive
of the receipts available under the agreement with the
London and North Western Railway Company.
LONDON AND SOU T 11-IVESTERN RA I LWAY.—Amount
traffic for thu week ending Feb. 23, 1861 :—Paso niters,
5,9261. 3s. 21d.; goods, 2,2601. 21. ; total, 8,1861. Ss. 21d.

BIRMINGHAM, Feb. 26.
STOCK EXCIIANOL.—CIue A, Shrewsbury sad Birming-
ham, 36 din, and 34 die.

WOOL MARKET.-THIS DAY.

The last sales of the colonial clip of 1819-50, which emu-
meneed on the 13th inst., terminated yesterday evening.
The total quantity offered was 16,963 hales colonial, 665
Feat India, and 0,000 foreign. At the opening of the sale
the attendance of buyers was very numenne., and Decem-
ber rates were fully maintained, but for the last few
dace they mustered in smaller number', and the pric, for
nearly all qualities, excepting lambs' Wool, gave way to
the extent of Id. per lb., a result not surprising considering
the dulness which has pervaded the manufacturing district,
during the last few weeks, caused to some extent
by the mildness of the winter and the consequent
reduced con'unmtion of heavy goods. The present range
price,, however, may be considered satkfuctory, both to
grower- and manufacturers. The stocks of the raw material
arc now exceedingly low, more particularly of wools of
home growth. Messrs. C. and D. Jaeomb state:

lila probable th the reer:pte of the ne clip from all the porta
will be ea. lien th 6 yTe►r than wad, and with a proweet ..f a dettard
hwee .* in the p orketinn and import of Calortlrl W.os, tbe>e to nn
rerun to d mat dry. there will be an amp'e supply far the want et
the y. or: and we [ra•t that our m etet will, in nal., queLee. be lees
rubjecud to ductuatarna than has hear the ease in the it.,at ;ear.

SMITHFIELD ILtY MARKET.—THIS DAY.
Mewl,. Cooper and Davis report trade at the following
quotation, Prune Mcadow Hay, 73a. to 80, ; inferior ditto,
63, to 70s. ; Howes, WA. to 65a. • Clover, 70. to 80s. ; 2nd
cut, 60.. to 705.; Straw, 21s. to 365.