The Express.
London, England, 1849-02-28 00:00:00

THE EXPRESS, WEDNESDAY EVENING, FEBRUARY 28, 1849.

of the company." The Whines sheet showed the iota
penditure up to the 31st January, 1849 to be 94,0991.24. 6d.,
aid the teal In band 2,0171. 14s. 4d. The balance to be et.
caked in respfct to the tram roads was 6471 19i, 2d.
The CHAIRMAN, having alluded to the unwillingness
of the shareholders to minima the further construction of
this railway of their own secoent, said they had now till the
year 1861 to think on the matter, and if at that time the
monetary militia% of the country were not more favourable,
the directors could but eatl a general meeting, and if it were
so decided, they cluld wind up the company. Before
sitting down be would allude to the *mount of the cads un-
paid, which were is follows: On the Arst call, 7,7281.; on
the second, 7,6821.; and on the third call 9,4061, But Flows
that list was made out some bad been paid ; for instance, he
had just received 1,1001. from parties with,mt going to law,
and he had no doubt it would be so with a large number of
the calls. _ . _ _

The report having been adopted, the matting was made
special for considering the terms of suspension propoad in
the &rectors' report, when the same were approved. After
a vote of thanks to the chairman and directors, the meeting
adjnurned.

TAW YALE RAILWAY AND DOCK.
HaTyatrly Meeting —Lendoo, Feb. 27. Button/I.
COOPER, Esq., in the chair.
The SECRETARY read the report, from which It ap-
peared that allusion was made to the loss of the big inperils-
meet for leasing this line to the London and South Western
Company, as well as to the difficulties that had been imposed
upon the company by the decision of the railway commis-
sioners upon the gauge question. The directors had now to
report the termination of the agreement with the London
and South Western Company, and that in consequence they
had deemed it expedient to limit the works as
much as possible, with the exception of road.crossings
and occupation bridges required for the convenience of the
landowners and tenants on the line of railway. A large
amount of calls having been paid up, the directors had
effected a great reduction in the debt of the company. The
directors had obtained additional powers for taking land for
two years longer, but they dill not ~sk the shareholders to
make any further progress in the Use than might be re-
quired by the state of the works under contract. The clod
elms of the railway commissioners in ordering the hoe to be
constructed on the broad pup had taken from the line any
prospect of a commercial nturn, as it would imrose a large
additional expenditure, whkds would be attended with no
possible benefit hereafter, and had prevented the North
Devoe from participating in the promised railway accommo-
dation. The behmes4fteet showed the total sum espended
to be 143.791/. 9s. 7d., and the recti2te only 142,8381. Its 7d.
The CHAIRMAN observed that about 35,0001. would be
required to meet the present contracts, which would give
them nearly 9 miles complete. After this it was proposed
by the directors to leave the works in their present state.
The report was adopted.—The meeting then adjourned.

which has been the number fer several half-years; and neat,
to extraordinary payments occutriog in this half-year,
amounting t s 2.0.501. It therefore appears that there is a
sum of 2,0501. 13s. 10d. which should be deducted ht fora a
fair comparison can be made with the corresponding half-
year's account. The net balance of revenue for the half-
year, added to the reserved fund on hand, amounts to
96,1311. 19s. 4d. applicable to dividend; and your directors
recommend that a dividend, at the rote of 6 per cent., less
reeorne tax, be declared for this halcystr. While, however,
considering the varioue causes which have tended to depress
your traffie for many months, and the circumstances under
which a half-year's dividend was kept in reierve by the
shareholders, the directors recommend this sum to be now
divided, the excessive fluctuations and esteems depreciation
of railway property, having forced on the ir consideration whe-
ther the system on which all railway companies have bitteerte
proceeded, of dividing their whole earnings each half-year,
is a sound one—they believe that the sys.eni ((rowed by
almost all other great public companieu, of laying aside a
reserved fund proportionate to their capital, is much safer,
much lees expensive to the company as a whole, and w'.ll
ultimately be found much more advantageous, even to the
shareholders who wish to sell out, by establishing
the permanence of the dividend, and thus reatcring
public cenfilence. Your directors, in staling these, which
they believe to be sound, principles as the bases
of future management, will ho prepared to close the
capital account at the termination of the current half year,
and theceeforward to meet every expense out of the current
ue. They will recommend you to add to, instead of
abstracting from, your reserved fund ; and it will be for the
proprietors to determine whether a smaller but sure per
centage thus secured, is to be preferred to the tempo? dry
division of a higher, but a fluctuating and uncertain divi-
dend. The agreement with the Caledcrien Company for
the allocation to each company of traffic from various dis
tricts, and consequent assurarion by you of part of the bur
den of various guarantees to be taken by that company, has
been broken off,mainly from its appeering that the Caledonian
did not Include traffic to and from Leith end (Ironton. as
included in the phrase t r and front Edinburgh.' Your
directors considered the exemption front all competition to
Edinburgh and its harbours as bought at its full value, by
taking a share in the probalie heavy loss of the mere
northern guarantees, and at once declined to yield any part
of it. The arrangement has thus been finally broken off;
but your board trusts that the self-evident advantage of
each *Repay confining itself to its legitimate traffic, oa the
one line east and west, on the other as north and south, will
prevent any collision of interests, without needless sacrifice
by either."
GOTEZIOIRNT AID TO Intact RATLIVATIL—The following
are the chief points in a plan, arranged by the directors of
several Irish finer, upon which government aid is sought for
cer:ain Irish railways.-1 That the company, by having
half its capital paid up, be legally in a position to borrow.-
2. That the ban be to the extent of the parliamentary
borrowing power—namely, one-third of the capital.-3.
That the loan 'hall under no circumstances be appropriated
to the liquidation of existing liabilities, but be devoted ex•
elusively to the further progress of the undertaking.-4.
That the loan be made in four equal instaltn- nts ; the
second sod subsequent instalments net to be required until
an engineer appointed by the government shall have certi-
fied that the amount previously advanced has been actually
expended on the line.-6. That the company pay interest at
the rate of 3i per cent. per annum, and commence repay-
ment of principal at the end of five years from the completion
of loan; and such repayment be extended over 16 or 20 yeere
from that period. The amount of loan required is 1,2E0,0001.
To this plan le appended three schedules. The first con'alns
the names of railway companies requiring loans from govern-
ment, and entitled to borrow under the proposed plan. The
companies are : Cork and Bandon, Dublin and Belfast
Junction, Londonderry aed Coleraine, Londonderry and
Enniskillen, Midland Great Western, Waterford and Lime-
rick. Tits second gives a list of 'ebb railway companies
with lines wholly or in part open which would not require
loans under the proposed plan. They are :—Belfast and
Ballymena, open without government aid ; Dublin and Drog-
heda, open with government aid ; Dublin and Kirdtstown,
open with government aid ; Great Southern and Western,
open (135 miles) with government aid; Newry, Wsrrenpoint,
and Roestrevor, made to Warrenpoint without government
aid ; Ulster, open with government aid ; Waterford and
Kilkenny, open (11 miles) with government aid. The third
schedule enumerates remaining Irish companies which are
not in a position to borrow on the terms proposed. They
are:—Belfast, and County Down ; Clonmel and Thurles ;
Cork, Blackrock and Passage; Cork and Waterford; Dublin,
Belfast, and Coleraine; Dublin, Dundrem. and Rethfam-
ham ; Dundalk and Enniskillen ; Irish South Eastern ;
Killarney Junctions; Killarney andlValentia ; Kilkenny
and Great Southern and Western ; Limerick, Ennis, and
Klllaloe ; Mallow and Penney ; Mountmelllck Junction ;
Newry and Enniskillen ; Sligo and Shannon; Templer:tore
and Nenagh ; Waterford, Wexford, and Wicklow.