The Express.
London, England, 1848-08-31 00:00:00

the 'tarts of the period to which the &comets refer, ea much greeter
thin the directors had hart rethon to anticipate, that although certain
reductions hut subscouerdly attended the proem. of the eriment,
and others to conpiderable exteht might pr obaley be re ed upon,
ye' the director; fam.l it nectheary to refer the inveatiaation of the
whole of this momentous subject to the special c athltration of a COM.
mince, who Lave for many weeks moat ananathiy devoted their time
• utmost attention to It. After moat earnestly balancing
and
he various ci and ohardderationn which the label,. of that
t
COMI h
he:ore the hoard, the directors, without pro-
noonOUCCavecing to the ultimate emcee* of the atmospheric
nyanfna. sad /b 7 are prepared to afford to the macrame and
cabin polio labonelni In it the used their machinery Mr continuing
thole mu amailnamilist bane arrived at the conclusion, with the en-
MN INIMIMMINIM PI on the recommendation of Mr. Brunel, that
Mlingpffiliegg fir OM la anakend tbe the of the atruerphen re nyatem
Ma the ism 111011 be sada efßcient at the expense of the patentees
and Kr. Ramada. TM baud are prepared with arrangennute for sup-
plying locomotives from exert date of the ethpension of the ateneepheric
Invoice Delays, which noions of the dirutorscould prevent, hive
involved vexation. patponemente in the realisation of peeled reve-
nue. Under .1.101 circumstance.% it was with much regret that in the
estimate of the limited means remaining at their commthid for the
attainment of those oh;ects the directure were compelled not only to
defer the present consiuration of preceding with the remaining
works, but mne' reluctantly to propose rape the poemonernent of pay-
nit nt of the rnterest upon short which will become due in tkether
nest ; but with the aesuran etbatevery exertionphould be made to rent
der this postennement of as short duration as possible,the director,.
take the ear next opportunity of announcing thin ntention, not
doubting that the considerations which alone meld hove induced
them to ad apt Data teethe will he readily responded to by the
shareholders generally. The revert of Mr. Brunel stated that the
works in the whole extent of line were in a very satisfactory condi-
tion. The permanent way was being laid on the Torquay brunch, and
would ehorly be ready for use. Difficulties in obtaining positesiou of
the land having been removed, the importantextenaion into Lii mouth
might be comple.ed. The balance-sheet, as rir r capital aceowit, exhi-
bited an expenditure of ; ,820,6111., and • balance in the hands of the
banker. of 31.2271. Ihe revenue account for the halt-year ;thawed a
rethipt of 29,2691., and a balance carried to profit and ion% of 2,
The Chairomn in moving the adiption of the report, adverted at con.
eithreable length to the mares embodied in it. The director* thou
iht
that in opening the line to Laira, the large outlay prevlowly ex-
pended 'mull no longer be required. The line was opened on the
In of May last; and it had been resolved to open the line to Ply-
mouth, as well as opening the Torquay branch en early as possible.
The engineer had already bees instructed to carry out those two ob-
jects without delay; that to Torquay would be opened in
two or three in. lithe, that to Piytitouth would not exceed
ale months. The directors bed been applied to on the part of
the mercantile interrst of the neighbourhood not to delay any longer
the erection of a good Mlitioll, ill order to afford them as soon as
pothible the accommodation they natundly expected to have in the
oing of the line to Lairs. The atmospheric syttem had been
wpenorked under great disadvantages. lie alluded to tbe expe noes of
fitting op and tauintaiaing in work So many station estabtishmer.ts
on the line, s d concluded by hoping that as the directors
were determined jo retrench the Clpelldglla., as meth as
pnoribte, the oharebolders would have perfect confidence in them. - •
A lengthened discussion then ensued respecting the atmospheric
mode of traction.--Mr. Ellis, deputy-cheirman of the Midland
Countith line, paid there w_s great reason for dithatisfaction with the
mariner in which the directore hail played with that expensive
bauble, the atmospheric system. 1 here were many who had
tong thought the resolution now come to ought to have been
earlier adoptel.—Lord Courtenay biped the meeting would forbear
further from discussing this delicate and diM alt paid in the present
star of the ere. Ile reciproested rhe sentimente in the meeting en the
subject of a reduction of exunditure.--Mr. Brunel said that any
apparent demolition, or what with called trhoneyeombhg," of tee
sea-wall at Dawrish, sem a mere deception, an everything was tit,,.
roughly 104111,1.—A:-er further discussion, a resolution wan puise•l for
electing two directors at the next vacancy belonging to the Midland
Compuny tido the direction, to revetment the inter. ate of the share.
ho dervin that company.—The Chairman, in clotting the proreertings,
paid they would be willing to diepose of their line either to the Great
Western or Briatol and Exeter, U they would only pay them or their

outlay.
SHEFFIELD, ROTHERHAM, BARNSLEY, WA/MP/LLD,
Runnaaeriami, anti Goons.-- tryearly Muting.—Wakefield, Aug.
30.—Mr. F. B. Bowman in the chatr.--The sr cretary read the report
of the dirertore, which embodied a report from the engineer respect-
ing the program of the works. That report, alter describing the pre-
sent state of the works, mated that an arrangement had been made
with the contractor., Mersze. Miller and hen, to complete the works
on • meals (except ae to the bridge.) that moult admit of • single line
of railway being mimed before the 31st of Deretether, 1849, for the
man of I Retell. The directors' report stated that between llorbury
and Barnsley the beard had premed on the works with as much
il +paten es was consistcnt with the promise made at the last meeting
to limit the calls to 5/. per there during the present year, on amount
which they con-Wend sufficient for the due ptheecution of the
undertaking, having regard to the financial difficulties under
which all charm of the comitiunity have been I.Mairing,
and which have induced the director., eti he es the southern divieion
leconceraed, to restrict the expentheure to the lowest possible print
by suspending more attire operations until a wore economical me-
thod of carrying out the whole project could be devised. In carrying
out three objects a difference of opinion had unfortunately taken place
with the proprietor of the southetn portion of the line, wising lrom
the different positions In which the proprietor. of the two storks were
placed ; them connected with the northern division wishing the
scheme to be carried out in all its integrity, and the southern pro.
prietore deeming it of too great a magnitude to justily the heavy
outlay that its immediate formation would involve. As one result of
thee differences the directors believed they might congratulate the
company on an arrangement which would secure the forma-
tion of the line at a diminiehed cost by reducing the
i.riginsl scheme to • eiagie line of railway throughout.
As regarded the northern division of the line, the effect would be such
mto reduce the 25/. shares to led. 10s., which, with the 71. les.
already paid, would haver nly 111. per &anent' to Mulled fur; and
upon taw chminithed amount of Bd. 10s., the original marmites of
the Yorkshire and Lancashire Company would still be continued,
namely, 5/, per cent. and hell profits. There was, however, a new
eieoient in the arrangernert mien ed to, which was, a etipulation that
the line to he bwdeoover to the Yorkshire and Lama-hire Company,
pared by the government inspector, be ready fur traffic on or before
the 31st December, 1419, the guarantee in that ease to extend over
260,041.0. should that sum be necessary, or such les. wok an the line
may cost ; on the other band, failing the completion of the works by
the atipuleted period, the guarantee Is to be limited to 250,r:004 the
estimate.* cost, only, the company to find any requisite excess can such
sum. Frain the lorwatd progress of the works of this dission the
directors do not anticipate the least difficulty in carrying out the
agreement; in fact, both engineer and oontractor agree in the peed-
May of completing the works in the retiree of the ensuing summer,
if it: were desirable to do no. As maths the southern division, the
=Tenors having given the subject their must mature coneideration,
are of opinion that the formation of • single line of railway to join the
northern portion at Barnsley would be sufficient foe the minter:of the
cheviot, while the wring to be effected thereby will be beat calcu-
lated to render the stock profitable to these who have embarked
their capitol therein. The report morinded by stating that the threa-
tens had obtained from the railway eommhmoen en extension of
the time for completing the works fur two years. From the eaah
account it appeared that the receipts to the end of June I Ist were
132,9701. 13e. Id. • the payments to the end 0(1847, 97,2222. 4s. lid •
and during the hat year ending 30th J une, 30,7971. 10s. Bd.; leaviag
• balance in hard of 4,95 M. 18a 30.—The Chairman, In moving
the adoption of the report, said that io consequence of the pres-
et= on the money market it had been understood that the pro-
prietors at the south end of the line weee desirous to suspend their
works ; but the directors, thinking that that would be diaadvsatagenus
to the emcees of the whole undertaking, had remonstrated
against such • course, and It had resulted in an arrangement
which he thought would be advantageous to the ehareholelers.
The agreement which had been entered into with the Lancashire and
Yorkshire Oompany, in the altered circumstances of the line, was
coneidcred satistactory, and he trusted that the ehareholdere would
enable them to complete the line by the time named. Upon this
point he observed that though some persons had complained of the
amount of the calls, he had received letters from various le utlemen
of the proprietary, who thought that it was a hard thing that they
should be rcpt out of the legitimate profits of the concern by the diffi-
culties and delay in paying their calk of parties who had only sp. cu.
latterly entered into the concern. The report was unanimously
adopted. A resolution, declaring the forfeiture of • small number of
Moires, wart then adopted. A vote of thanks to the chairman clotted
the proceedings.
BIRMINGHAM, WOLVERHAMPTON, AND DUDLET.—Thai:
yearly Meeting.—ltirtaingham, Aug. 30.—M. W. Mathews in the
chair.—The report said, .• It is with great eatiefection that the direc-
tors have to report the enecessful terminatien of the long-pending
dis,ntee relative to the Birmingham and Oxford !me of railway, the
possession of which has been Mien, assigned to the Great Weston
Railway Company, with powers to extend the broad gauge from
Fenny Compton to the oxford, Worcester, and Wolverhampton
Rail-
way at Ptiestfield. The set fur the contirmatioa of this arrangement
awaits only the royal assent. The just issue of this arduous :orogen
plane the oirectore of this company in a pceation to proceed, wider
the agreement with the Great Western Railway Company, with the
condi unmet of the line unfettered by any other emeideratime than
these which relate to the advantage of all parties interested.
The further progree of the works will be influenced by the de-
gree or celerity with which three on the adjoining imee are prosecuted."
The engineer's report only stated that the works had proceeded
slowly, with the exception of the tunnel at Bill Top, near West Brom-
. with, with which hethielereble profess Lad been nude. The state-
ment of accounts showed that of the sum received or In band since
the la-t year, '42,9951., there hail been expended 38,9111. 13.. ed. ;
which disbursements included 14,1336/. on account of walks; 13,9311.
for land; 1,0971. for law and parliamentary expenses, with the usual
et edema; inclusive of only 35/. 19a ;id. fur waverthing anal printing.
—The Chairman, Inn Inert speech, move the adoption of tee moon.
• Ile adverted to the fact of their hark, r hitherto sailed in untroubled
waters despite the stoma se hick had inset their ally—the 13,ratieg-
, hum sold Oxford Junctiou ; and the bill oonterring powers to enable
these two companies c. lay uown the broad gauge from Fenny Comp-
ton to Priestheld having pureed the two houses of parliament, he ex-
premed a hope that all differences were at an end, and that the two
Boer would prom as adelottagemis to the Great Western Compeny as
I they could not fail to ter to the trade of the district. The report was
adopted, and a vote of thanks pawed to the chairman and beard of
directors.
BIRMINGHAM AND OXPORD JUNCTION,— Rolf-yearly
Merlin,.—Eirminglam Aug. 30.—Mr. P. 11. Monts in the chair.—
The ieport odd :—." rhe directors have much satislaction is reporting
that the disputes of the eltareholdees are finally settled, and that the
averment tor the rale of the line to the Great Western Itadwae Com-
pany will be carried met in its fall integrity, under the authority of an
act which has peened both houses of parliament and only awaits the
royal assent. art contains definite powers for the future manage.
went of the company; for the laying down the broad gauge, in addi-
tion to the narrow gauge; and also for the MOO of the coupons to
the shareholders, which will be attended to as soon as practicable
oiler the passing er the est. The ore:at western Railway
Compeuty have also ob.ained an net to mete the devia-
tion line of railway in the town of Leamington. The state-
ment of account showed that, including the balance in De.
ember, 1817, there bad been received 301,57 W. 124.2,1.; the expendi-
ture was upon land accounts 79,1311. 3e. 4d. ; works, 81,0001. ; en-
gineering, &0., 3,9151.; law and parliamentary expense.,
14,4051.1 e, 44.• advertising and printing, 1351. 14e. fele; leaving
a balance in hand of 40,5'171.3e. 2d."—The Chairman remarked that
1141C8 the last meeting, and after ti goad deal a negotiation, terms had
been agreed upon between the dimentieet eharehohleni as they then
were and the Great Western Company; these had been embodied in
a bill, which had since passed both houses of parliament, and be had
now to congratulate the shareholders on the fact of all differences
being et an end. He could not refrain from leering a
tribute of respect to the Great Westem Company for the
honourable manner in which they had earned out the agreement.
There was a misconception abroad with respect to the payment of in-
wren, in consequence of some words uttered by Mr. Russell having
been misreported Li one of the papers. This was to the effect that
the cheentient shareholders would not be entitled to interest in eon-
sequence of their not having paid up the calls at the time they were
due. The answer to this was that the marmite for payment of inte-
rest would be tamed forthwith to all shareholders—Mr. Hadley in-
quired why the engineers had not reported with reference to the peev-
e-rem of the works—The Chairman rejoined that this was partly
accidental, but that in tact the Great Western Company bad
now the sole caatrol of this ratter; he might, however, state that
the wedge were ptoteeiliog rapieLy, and that a great dell had been
dope.—Mr. Colemore, solicitor, remarked that as the shareholders
received their coupon. for 301. Is., the rate at which the works pro.
greased was • matter of no importance to them —ln reply to another
proprietor, Lord Ilatherton said that the Great Western Company
would afford every facility to :shareholders tor obtaining their cou.
pone; that, in fact, arrangements for that purpose were in progress
which shortie would be made public.—The report wan adopted, and •
rote of demise passed to the chairman and beard of directors.
EDINBURGH AND GLASGOW,— Hay:yearly Meeting.—
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In accordance with the powers entrusted to them the directon with-
the !ideation of the Edinburgh station. The powets &eked fog the