The Express.
London, England, 1849-08-29 00:00:00

EXETER AND CREDITON.

The meeting ofExete and diediticsc iitirehaders then 1
toak place, but as note rufflcient number were pres.nt, the
meeting adjourned, a balsam sheet having beau previously
exhibited to the shareholders. By the document it appeared
that the receipts had bees 9.5 9811. 12a. 64., of which awn
only 2781.3 a. 841. remained in hand, the balance basing been
expended as follows :—Exper eta in °Main* ad of inoorpc
ration, 2,566/.1 So. 104.; 'nai-Gering expersee, 2,4151.21.114.;
land and compc motion, including ii juiyto rood. 14.8811.
12e. 741.• earthworks, masonry, and fencing, 18,9351: 10e. 84.;
iron rails, 13,3831. 18e. 64. ; permanent way, tuteAsibles
and pump*. 21.2031 9s. 911. ; timber bridges sod Cowie;
station, 10,7291. lls. 104.; Craditon station, 4,0151. 14e Gd. •
law expense., 1,6011. 16e. 104.; Interest on loan, 2,3334
ss. 10d.; interest on calls paid ap, 7311. 18e. 7d direction,
C 66/. 13,. 44.; auditors, 311. 10s.; ateretelyt 4031. 6a.8•].;
eutshliehatent, rent, travelling expenses, ; rutting, adver-
t'sing, /Lc., 7961. 14s. Sd.
The report prepared for the meeting alluded to the advetee
deeision of the railway conamiriooers as to the broad guar, '
which had postponed the construction of the Taw Vale to
probably a very distant period. The liabilities of this com-
pany having exceeded the capital, application had been
made to some of the more influential shseenolders, by which
a rem of about 2,0001. had been toads to settle some of the
more reviling liabilities.

SHREWSBURY AND BIRMINGHAM.
The report of the directors to ie. submitted to a general
meeting of the shereholders, to be holden at Wolverhamp-
ton on the 30th instant, states that
" The portion of the line from Shreetalntry to Oskengates,
which is 131 miles in length, and includes 101 miles between
Shrewsbury and Wellington, constructed jointly by thle
company and the Shropshire Union Railways end Canal
Company, was opened on the Ist of lane last, and it will be
wen that the reminder of the "rake is suffidently advanced
to leave no doubt that the whele line, from Shrewsbury to
Wolverhampton, may he opened on the Ist of October next.
The payment of interest out of capital will therefore estate
from that date, and all future dividends will he mil out of
revenue only, including th, se guaranteed on the preference
share., now ferny secured by the company's amendment act.
The recti:ste fir payerger traffic en the portion of the line
opened up to Saturday !set, being a period of twelve weeks,
amount to 1,5101.; but these form no guide for
estimating the receipts of the whole line when
completed; and, indeed, had it not been for the pur-
pose of preventing the legitimate tr: ffie of this line frrya
goirg in other direetioes, and of affording at the Fairs time
an opportunity of getting the company's set rants into .15-
dent working order, t`te directors would rot have opened a
portion of the line with a view to profit, involaing as It r'id
the necessity cf also running coaches from Oakengstes to
Birmingham. As soon as the rue is opened to Wolvet-
hanapton, a weekly statement of the receipts will be
Behest, era as t%e triffie become: gradually developed, the
directors believe it .01 be foend to wserant the hvoursh'e
estimate which has always been formed of it by them who
are best acquainted with the resources of the diarist through
which the line Dams. The directors state that the best un-
dewtanding exist' with the directors of the Shrewebury and
Chester and the Chs ger and Birkenhead railways, and they
confidently anticipate, from the advantages which the litter
port affords, end the expected improvements in the nav:va-
ton of the Dee, a large portion ci the Irish goods traffic to
Wolverhampton and Birmingham.
" The walk however can never be fully developed until
ater e epeuieg of the Stour Valley line, from Wolver-
hampton to Birmingham, so as to eft ted an uninterrupted
communication for the trains of this company hetwyn
Shrewsbury and Birmingham. The weeks on this line me
now progressing more eatis'ecterily. It is also absolutely
weeny!, en the same agex.unt, to make the branch line to
the Coalbr,ok I^%, lis!rict. The direct re are heppy to Ray
that this will he done at a considerably less outlay than was
originally contemplated. The act authorising the serletitu.
Hon of one branch with two very short fork line!, forming a
junction with the main line between Shansi and Welling-
ton, {intend of branch lines from cash of these placer to
Cotlbrockdale, has received the royal assent. The reduction

in the mileage authorised in from 10 miles to 71 milts. Tke
directors, howev, r, do sot intend to construct the line father
than Medeley and Coalbroukdale at pretent (which it is esti-
mated will cost 130,0001.), postponing to a future period the
extension to Ironbridge and across the Severn, the works on
which weuld be of a much greater mnenitude and cost.
" The directors under this head (the Development of
Traffic), regret that the Hoe of the letudon and North
Wt stern Company, from Wolverhampton to Willenball, is
included by the directors of that company in the schedule
of lines intended to be postponed. This short branch (over
which parliament gave this company running powers) hes
always been considered by the directors important to this
company, u a link In the belt chain of communication
between Shroeshire and the East of England; they accord-
ingly had it surveyed in 1847, and only withdrew in favour
of the prior claim of the London and North Western Com-
pany. Your directors still hope that the London and North
Western Conway may be induced to construct this short and
comparatively inexpensive branch.
fhe printed balancwsheet shows that the expenditure on
the main line to the 30th of June, 180, amounted to
5".13,j4k4. di. is has bless increased by palrscuts since
made Occluding the half-year's interest) to 818,9761 9.. 21.;
and from as careful en estimate as can be made of all the lia-
bilities incurred, end the additional working stock required
by the company, the capital account of the main line nil: be
cloud by an expenditure not exceeding the perliamentory
estimate, fa., 1,000,0001., as stated in the last st port.
" The amendment act accordingly authorires the reduction
of the capital contributed by Class A a‘d Chats B shares to
that amount, exclusive of the sum contributed by the former
to the Birmingham, Wolverhampton, and Stour Valley com-
pany, reduced by egret ment to l90:0571. 10s. Class A shares
will accordingly stand for the future at—
£9 12 3 loins the awe nominal ontontt n• Cla« r.
And 3 13 o contibuted to the Stour Valley Compat.,..

Together CIS 6 $
The directors had hoped to announce the separatim of these
into their component parts, whin the share capital of the
corcrany, se provided by the amendment act, would have
stood u follows:
. .

101,000 Shrewsbury and Birmingham shares,
el. 12s. 3d each 81,000,000 0 0
1u.373 Hirmibuly and Bitminglam Bute-
forenee sh-res of Si.
Ditto, ditto, 'London and North Western 011.1.
laniard Stock' 190,007 10 0
thus getting rid of the distinction which now exists between
class A and elms B shares, and which it but imrefectly un-
derstood by the public. The committee cf the llciitc of
Lords, however, made inch reparation deper dent troll the
consent of the London and North Western and Stour Vevey
Companies, and until this is obtained the two clams of
aborts rand continuo to mist. _ .

" The amount to be called np on both classes of thane le
263,5001., of which a further call of It. per share, tvether
with the outstanding arrears, wilt be sufficient to meet the
remaining claims connected with construction of the mein
line end stations; but it will be necessary to call up the
whole in the =urn of next veer, in order to make the
Hinkley branch, unless it should he found that • rufficient
amount can be raised on debentres for that purpose. The
directors have thought it for the interest of the company not
to items the 2,000 preference charts which remain on tend.
If ultimately obliged to be disposed ot, they will, no doubt,
realise a much higher premium when the line front Shrews-
but y to Wolverhampton is opened, and the preference &el-
dend is accroine, than at present.
" With reference to the important question of deteriora-
tion of rolling stock (including locomotive engines, tenders,
passenger end carrying stock) the direct trs of this com-
pany have been the first to conclude a clntraet for the
whole of the repairs, sod whatever deterioration mey teke
place in the market value of the stack. They have also con-
tracted with the same parties (Mame. Jrhnson aid Kinder,
of the Brotorgrove Works) for working tl.e line at find
mileage per train. This measure must be regarded as impor-
tant, embracing es it does for a term of years so large a pro-
portion of the current expenditure. Your directors are con-
vinced, however, that it is a step in the eight direction, not
only as it will secure a more accurate revenue ace unt, em-
bracing every possible outlay, actual and contingent, urder
these heath, but as it is believed it will be found to reduce
such current expenditure considerably below what could
ave been hoped for under the mai system of maneee-
sent ; they ere confirmed in this opinion by the text that
other companies have since adopted a similar ecurse, end a
still larger number are at the present time entertaining the
proposition. These contracts include ell damage to the
stock of the company, arising from collisions and accidents
of every description, which may be considered • sufficient
guarantee that the safety of the passengers will not be len
provided for under n tystem so entirely new in tits working.
of railways, butwhich, so far as this company is conc,rrcd,
s lik-ly to be earrit d out efficiently, without ditnirishing that
control over the working of the line which tl e (lir -eters
ought to retain. The =Antenatal of the perms-
tete way for twelve moot= from the comple-
tion of the works is included in the contracts

for their corotruction, and con. in fact, hardly be orpatated
therefrom, at tho work. will t: ke tint time to get properly
c:meelideted. Your directors will, et the (spiral ion of tnat
period, let this portion of the current expenditure, et as to
include everything connected with the permanent wry, ex-
cept the deterioration of rid's, thereto, and filed plant, ell
which mg h• prnvided for with considerable 'tenni:, by •
separate fund ; by these means the whole expenditure, on
revenue account, will lit freed from fluctoatim end nr^er-
tainty so far se is practicable."

OXFORD, WORCESTER, AND WOLVERHAMPTON.
The repast of the committee of shareholders appoiuterl to
investigme the aff.dre of Ode eempv y has hem completed.
This document Mates the.— _ . .

7.1,006 shires were allotted among the directors when at a
high premium, few of which were ever reeister,d by tha par-
ties t 3 wit= they were allotted. It then allude, to the eery
lone manner Is which the ececnnts were kept, the large
sums paid to landowners, and out of a sum of 122,3701. ex-
pended hi parliamentary expenses, 70,0001. is due to the
encpany from the Greet Western Company. The coat
of tile sine, in its integral state, Including all expenses,
cannot fall short of 3,250,C0a1, A saving of 230,0001.
may be elf eted by running over Stour Valley line
from Tipton to Wrlverbatepton, as suggested by the di-
rectors of the Great Western Company; this would re-
duce the cost of the ;ice te, in round numbers, 3,000,0001.
1,500,0001. is then required to complete) the line, which,
under present eircumstence, could not he raised a: less than
5 per cent. inter, st, amountiog to 76,000/. per annum. A
forth. r seem will ho required as rent for the use
of the S:iur Valley line, to be provided for to-
ter, the orieinal shareh3ldets could take a (Leiden&
These are the sad results of the connexion of this
company with the Greet Western Company, and of the want
of foresiibt and policy on the par: of our directors.
The fact that en unlimited guarente• had been elkstl and
'Proud her also been adre,Mcd egain and again by Mr.
Raiford an -1 some of hie colleagues who had been present
at cmgerences in relation to the guarantee. The board
denies, therefore, explicitly, that it was an Onlitlien in the
agreement : on the contrary, they aver that it was a distinct
and definite condition between the two companies, made a•ter
due cendZeratlen of the matter, and that it has invariably
been referred to, SO well by the chairman of this company to
the Great Weetetet proprietors as upon other oeerdone, as
being a *senatee upon a limited amount of expenditure.
The proapsetite of the company is sufficient attestation that
is was to ; and, morenyer, that it was known to be so by the
sharehelders. The report concludes by stating that the
hope of cure irg out any arreneement with the Great
Western Company heel, g failed, the committee now re-
sign the trues which has been bestowed on them into
the hands of the shareholders; after loop and anxious
oonsideration, they have determined on recommending the
directors to proceed es s ;porously as roesible in the comple-
thm of the line between Worcester and Tiptoe, and iron
Worcester to AbbooP wood. and to lay down the narrow
gauge. In followicg tell course they will be strictly adhering
to the provisious of the act of tr. ?Usenet, which tequirea
that the narrow gauge shall he laid down on this part of the
line. The means of completing this portion of the line are,
they believe, within the power of the directors, as the rails
are ell purelipecd, and the laud, with some trifling creep.
Sons, is pealed fcr ; they have the power of iwuing deben-
tures to the amount of 350,000!., which they have reason to
asset; would be readily accepted by the contractors in pay-
ment for their works; stipulation ehould be made that there
debentu-es are not to bear interest till the epering of that
part of the railway shall afford funds sufficient, at all events,
to dieehsrge the interest on debentures."
lac
money
as
wig obneevflegleurta.
reeioveraßbyle
awdooulrdingaiftohrdis scuocuhre
the
company would be pr reeling with the works, withott any
new creation of capital, which, under the present circuit.-
station' of the es repay, would, they thtek, be wholly 111-
1 practiesble.