The Express.
London, England, 1848-01-21 00:00:00

to their care. He believed that a great deal of the mis-
chief which hail ceeurred in the railway woeld had been
caused by the old railway companies themselves. He be-
lieved it was an axiom which nobody would dispute, that
profits would always find their level, and so long as the
efforts of all the old companies were directed to swell their
dividends, in many cases enormously—so long as they
abandoned all idea of keeping down their profits to a proper
level, se lang they could only expect to be threatened with
competition; and therefor* they bad themselves, In a
great measure, to thank for the opposition with which they
had been met. It must be dear that if they borrowed money
at 4 per cent., and upon that capital so borrowed they made
7 per cent., the add bona[ 3 per cent. went to swell the in-
terest on the money originally invested in the particular an-
dertakiag. For instance, suppose a capital of 10,0901. were
raised, and 10,0001. then borrowed at 4 per cent., and sup-
posing the whole 20,0001. to pay 7 per cent., it was quite
clear that the io,eoot. first raised would receive. not 7 per
cent., but 10 per cent. ; but the undertaking Brett did not
make 10 per cent., altheugh, oolong as money could be bor-
rowed at 4 per cent., so long would 10 per cent. he paid ; but
the moment that there was a difficulty in the money market
and that money could not be borrowed so easily, then they
were obliged to have recourse to other means in order to
keep up their dividends. He only mentioned this in order
that the proprietors might understand the principleon which
the directors of the North Staffordshire Bailee", wished to
carry on their undertaking, so long as it was under their
management. They would not pay money out of capital
which ought to go to revenue, but that which ought to be
charged to capital would be charged to capital, and that
which ought to be charged to revenue would go to revenue.
The dividend which the directors had been enabled to
make, of 6s. per share, arose from the first profits of the
railway, which they hoped to open on the hat of March,
from the profits on the canal, and from the interest
which had been received on money in band. This alto-
gether made up a sum sufficient to pay a dividend of ss, per
share, and he wished it to be distinctly understood that
the directors did not 'wish to make any flourish about this,
their object being simply to distribute that which was
actually revenue amongst the shmeholdera, and to keep from
them that which was capital. He would now advert to the
forfeiture of the shares. Since the report was printed several
payments had been made, and of those upon which the first
call had not been paid only 30 shares remained, and 470 of
the others. Upon those 470 the calls due amounted to 1,1751.
and at 101. per share, the present price, 117 would Love to be
Fold. It certainly appeared to him to be a very simple thing
for the holders of those shares to sell a portion to pay up en
the remainder. It had been said that the directors were very
harsh in forfeiting these shares; but they felt that they were
bound in duty to the other proprietors to take the course
now proposed, and if the parties who owned the shares re-
bated to sell them, and persisted in speculating—for that
was the proper term to use—at the expense of the com-
pany, the directors felt that they were bound to sell the
shares themselves. Ile now came to that part of the report
which referred to the canal, and he must say that he con-
sidered that most satisfactory. They had taken every
possible trouble to develop the trade, and they were at thin
moment carrying very nearly as much as they could without
some &Aeration No doutt a great part of the canal traffic
would be thrown on to the railway when it was oper.ed, but
the proprietors must recollect chat after the opening of the
railway, instead e..f paying the present dividend of 61 per
cent. on the 4501. old shares to the proprietors of the canal,
they would only pay 5 per cent. They would teke 5 per
cent. from the railway, and the profits beyond would be
divided until the canal proprietors received the same dividend
as they did at present, and any beyond that would go to the
railway. Now it was clear that whatever came off the canal
would go on to the railway, and it was therefore not lost
altogether, while at the same time they would not have to
account for that amount to the preferential shareho den by
the sum of '20,0001. 'I her must not, therefore, consider that
they would lose the traffic which would come off the canal
on to the railway. At the same time he was bound to toy,
that he anticipated that the traffic on the canal weuld in a
very short time become as great as it was at premut, even
with the railway alongside. A new trade had lately sprung
up, and that was the trade in Staffordshire iron, and the
importance of it was increasing every day. There was an-
other trade which he hoped they would have on the canal.
He did not know whether the shareholders ware aware that
they bad very large wareheuses Gainsborough, which the
old proprietors did not make available. The directors, how-
ever, had done so, and those warehouses were now quite full,
and the company was earning money merely for vrarehou,ing
, goads. It was generally known that there was a great trade
to the Baltic in salt, and of course the proper port for that
was Hull. Ile was in hopes that they would he enabled
to get that trade in salt to Gainsborougb, bringing hack
Baltic timber and corn, which at present went round by
Liverpool, by the cost, which was the most dangerous part
of the voyage. Considering these eircumstatices, seeing that
North Staffordshire was becoming one of the greatest
coal districts for the supply of coal to the whole kingdom,
he believed that they would get of heavy traffic, welch did
not naturelly go on a railway, as much as they would he
able to accommodate. But if they should fall then of their
traffic, the increased limestone trade would make up for
it. Of that limestone they could sell as much as they
could get, and they would soon be able to get one thou'and
tons a day, and as fast as they brought the :tone down they
could sell it ; and if they sold it at a profi,, the more they
brought the more proht they would get. This trade, there-
fore, was a sort of safety-valve. He thought he might con-
gratulate the shareholders on the positiou which the com-
pany had maintained under the very difficult circumstances
of the times.—Mr. E. Wood moved " That the report of
the directors is moat satisfactory to all present, and that the
meeting has the greatest confider.ce in intrusting into their
hands the prosecution of the concern, the opening of the
Tarim'. lines, or auy part of them, or the dividend giving
profit."—ln answer to a question, the chairman said that the
call now due bad been met nearly as well as the one of this
time twelve months.--The resolution was then agreed to, as
also one for the forfeiture of the shares, and the meeting ter
minated.

MONEY MARKET.
THURSDAY EVBNIN 0 .
The great scarcity of stock noticed yesterday, and
the over ample supplies of money in the hands of the
banks, continue to exercise a favourable influence on
the value of the public securities. Before the meet-
ing of the Bank directors broke up, which was later
in the day than usual by an hour at least, Consols
realised a further advance of 1 per cent., the quotation
touching upon 88. As the day proceeded the sari-,
guine expectation which had been formed, that the
minimum rate of interest charged by the institution
would be further reduced, was abandoned, and prices
fell off again to a fraction below the opening figure.
The closing value was 871 to for money and for
Feb. 26. Exchequer Bills left off 245. to 275. prem.;
Bank Stock, 1961 to 81; India Stock, 237.
The foreign funds were more extensively dealt in
than has been the case for some time past, prices
fluctuating with those of the English market. Bra-
zilian Bonds, 62 to 3; Buenos Ayres, 30 to 1 ; New
Granada, 191 to 1; Peruvian, 381 to 94; Por-
tuguese, 257 ; Russian, 1081 to 9 ; Five per
Cent. Spanish, 184 to 191 ; the Three per Cents., 29;
Two.and-a-Half per Cent. Dutch, 531 to 41 ; the
Four per Cent. Certificates, 83. At these rates these
were actual bargains, though few things were sup-
ported at the extreme points of improvement at one
moment established. Nominal quotations: Belgian, 89
to 91 ; Brazilian, 81 to 3 ; the new stock, 79 to 81; Bue-
na; Ayres, 30 to 3; Six per Cent. Chilian, 88 to 90; the
Three per Cents., 50 to 2 ; Danish, 82 to 4 ; Two-and-a-
Half per Cent. Dutch, 531 to 41 ; the Foar per Cent.
Certificates, 841 to 5 ; Equador Bonds, 21 to 3; New
Granada, 181 to 191 ; the Deferred Bonds, 4 to 1 ;
Mexican, 171 to 181 ; Peruvian, 37 to 40 ; Portu-
guese, 25 to 6 ; Russian, 108 to 10 • Five per Cent.
Spanish, 181 to 191 ; the Passive Bonds, 4 to 1 ; Ye-
nezuelan,'36 to 8 ; the Deferred Bonds, 10 to 11.
The proposed reconstruction of a large house in the
East India connexion, to whose affairs much atten-
tion has been directed for some days past, was a lead-
ing topic of conversation among the moneyed classes.
One or two of tke present partners will it appears, as
has been strongly rumoured since Friday or Satur-
day last, retire from the concern to make way for a
gentleman of large opulence, whose name is much
identified with Chinese interests. It is said that he
will reinforce the establishment alluded to with a
capital of about half a million sterling. It is most
confidently asserted that the firm have been assisted
by the Bank of England.
The Liverpool Times intimates to its readers, as
upon trustworthy authority, the intended dissolution
of the banking firm of Leyland and Co. Should the
statement be confirmed, Liverpool is about to expe-
rience a change of very great importance. In point
of substantial wealth Messrs. Leyland and Co. rank
among the first bankers in Europe. The cause of
their withdrawal from active life will, to many, be
an enigma not easily to be solved. The want of
eligible channels for the future employment of their
immense funds may probably be one of the principal
inducements. They, will discontinue business, it
seems, in two or three months from the present
time.
The failures, reported some days since under this
head, of M. A. Baert, and of Meru". Heidelberg,
merchants, of Frankfort, dealing largely in British
manufactures, will, it may be feared, according to
private &deices, be severely felt is the manufacturing
districts of Lancashire and Yorkshire. The liabilities
of M. N. Maynz, the colonial merchant of the same
place, who failed at the same time, are estimated at only
100,000 thalers. The state of the affairs of M. Beekmer,
drug merchant, was not known, but it was supposed
that the loss falling here would be bat of trifling
amount.
The Council General of the Bank of France have
given notice that henceforward the interest of loans
on bars of gold and silver, and on coin, would be re-
duced and fixed at 2 per cent. per annum. The
borrower to have the option at will of reimbursement
within the space of three months, and to pay once for