The Express.
London, England, 1851-03-29 00:00:00

NGS. 16,0001. per mile. Looking at the prospective traffic of ti.j.B
RAILWAY MEETI
conducted, td°,
line when completed, the probable carriage of the mails,
e
CALEDONIAN RAILWAY.
serottuitivqt:hieupiniwrtayefiZsi:labl
the development of the admirable port of Waterford, and
which port
the
Yesterday liip half-yearly meeting of this emit- I
pany took place at the Yreemasons' Tavern, Great Queen- there was no doubt of their preference share's taking a very
street; Mr. Jolts DeXclo: in the chair. high position in the market. Mr. Bates coneluatal by
The usual preliminaries haying been gone through, a I urging the shareholders to aid in discharging the liabilities
resolution was passed confirming a proposition of the direc- !of the company, in order that the line might lie completed
tors as to the forfeiture of shares. Another resolution was to Waterford, which, he was happy to say, would he done in
also confirmed, empowering the directors to continue their I six months after the possession of land by the contractors.
proceedings for the recovery of arrears of calls. I After some discussion the contract was approved of unani-
The CHAIRMAN then moved that the report (a sum- mouely. A vote of thanks w 11.9 then paved to the chair-
'fiery of which appeared in the Erpress on the 2,5 th I man and directors, when the meeting adjourned.
hist.), together with a statement of accounts, he received I Tile OrtY-4T WgSTERN AND SOUTH WALES RAM-
and adopted. A great deal of discussion had taken WAYS.—TIIE AGREEMENT.--IC is stated that the Great
place as to the means adopted by the directors for , Western and the South Wales boards have at length coma
the development of the traffic, and diked been stated by Ito a new agreement for a lease of the South Wales line,
some persons that the directors had not exercised sufficient I upon terms which have been approved unanimously by the
energy and discretion. Upon this point he could assure directors of both companies. Special meetings of the pro-
them, that however they may have been occupied by the I prietors are to be convened for the 15th April, when it La
consideration of other matters, every attention hail been I.
'lieved that the new agreement will be ratified by both
paid to the development of the traffic, and he believed the,/ companies. The lease to Swansea will embrace u payment
Ind carried out their endeavours as successfully as a body
-( by the Great Western Railway Company of 30,5001. per
men could have done under the same adverse circumstances. I annum, for which they are to enjoy one-third of the not
The result of their labours was, that the grew revenue upon
profits of the line. The interest on a debenture capital of
the traffic had increased 16 per cent. on that of the placed- 00,000/. is to be paid out of the receipts before these profits
tag year, whilst the nett revenue had increased 26 per cent. I arc determined. The line to Carmarthen is to he finished
There had, at the same time, been a considerable saving in ,at once, and a further rent of 8,0001. per annum is to bo
the working expenses. The average cost of these expenses in paid for it, with interest on 200,0001. additional capital pre-
the year 1849 was 57i per cent. on the gross revenue, ands I viously deducted from net reeeipta. When the line is com-
bs the year 18.50, the amount was reduced to 53 per cent.
plead to Milford listen the Great Western Company are
for the whole period, but for the last half year—Ito pay 46,0001. per annum for one-third of the profit,: of the
from June to December—it was only 48 per cent. Ile I whole line between Grange Court and Milford—the interest
hoped that in the course of the present year, on the whole debenture capital of 1,000,0001. being pre-
some further reductions would be made ; and he viously paid out of the receipts.
I could assure the shareholders that the directors would
, Mit. S. M. l'Eto, M.P., has, it is stated. been
exert their best endeavours in this respect. (11
hear.) elected chairman of the board of directors of the Norfolk
The increase of revenue had arisen, not from passenger
Railway Company.
traffic, but from the ordinary goods traffic, and the convey-
, ance of cattle and live stock. Keen competition existed
ibetween this company and the East Coast and Dumfries
and Carlisle lines, and the effect had to some extent been
adverse to their interests. There was also a com-
petition with the London and Leith Steam-packet
Company, who, as a matter of course, had tho means
of successfully opposing the operations of this line.
With regard to the course' which the directors had adopted
respecting the preference shares, he observed that they had
not paid them away, except in the case of the Garnkirk
Company ; but they had felt it their duty to pay, in the
first instance, sonic of the ordinary debts by the company.
If they had had the means, they would have done a great
deal more towards developing the mineral and goods traffic,
but their financial difficulties were of so serious a nature,
that they found it impossible to lay out money in the gene-
ral
improvement of the line. 'I eking the increase of
traffic for the last year, anti contrasting it with the
results which had oraurred on other Baca not exposed to
the sante difficulties, the comparison appeared favourable
to the Caledonian Railway Company. (Hear, hear.)
Amongst the competing lines, that which they had
most reason to dread was the Dumfries Railway.
The Caledonian Railway was the shortest route, but the
Dumfries company had it in their power to reduce their
charges, a proceeding which must injure this company
without doing any service to themselves. With respect to
the Edinburgh and Glasgow Railway they were on a very
good footing, inasmuch as they hail the advantage in like
manner that the Dumfries company had over the Cale-
donian line. Ile need hardly remind them, however, that
this company was not in a position to do any iujury to rival
lines. With regard to the fivancial condition of tho com-
pany, which was the most gloomy and, perhaps, the most
difficult question they were called upon to deal with : the
increase in their receipts had left them a net balance of
59,0001. toward.* discharging the claims of the preference and
guaranteed shareholders. The full amount of their demand
was 162,0001. It had been stated that the directors had
taken no steps to conciliate the parties, and that they had
done nothing towards placing the company in a more fa-
vourable position. Those who eutertained such an opinion
should look at the programme of the meetings they had
held, from the month of September, 1819, to the present
day, and they would find that everything had been done
with a view to arrangements for the general welfare of the
company. In some instances they had been met in a ques-
tionable spirit, and in others in a kind and liberal spirit,
but they had always insisted that the preference share-
holders should be taken in the same category as the guaran-
teed shareholders. lle was not without hope, that if the
views of the directors were carried out, they should be ena-
bled to raise the company from its present prostrate condi-
tion to a state of prosperity. (Hear, be
As
regarded the proceedings of the directors during
the year, the report would tell them that they
had had many obstacles to contend with. There were
no less thou 8, law suits pending against this company, 76
of which involved claims to the amount of 364,0001; but
notwithstanding these enormous disadvantages the direc-
tors had sufficient courage to commence eleven suits them-
selves, one of which was an action against the Dundee and
Perth Railway for a sum of 60,0001. Under all circum-
stances, he trusted that their creditors in these 76 actions
would begin to see the advantages of conciliation ; and the
result he believed would be that the creditors would get2os.
in the pound, and the guarantee and preference share-1
holders what they could give them. Ile could assure the pro-
prietors that not one farthing of the money raised should be
expended without their consent. (Hear.) Although charges
hail been made against the conduct of the directors, he
could fearlessly state that their position was a most onerous
one ; and he need hardly observe, that, in the circumstances
in which they were placed, some nerve and energy were re-
quired in order to keep their property from falling into ruin.
Re was glad to take this opportunity of observing that the
directors had shown a disposition to make personal sacrifices
for the good of the company ; and, if they were doing their
best for the interests of the shareholders, they had a right
to expect that their conduct would be construed inn gener-
ous spirit. (near, hear.) Ile trusted that the shareholders
would not compel them to make too small concessions to the
guaranteed shareholders, but that they would see the
policy of looking forward to the future to make up for
present sacrifices. The directors merely asked for a fair
stage and no favour, and he doubted not that they should'
be enabled to improve the general condition of the company.'
(Rear, hear.)
Captain PLUNKETT seconded the resolution; and ex-
pressed his conviction that the port was the best guarantee
for the future position of the company.
After some discussion,
Mr. 11. (lOC MUNE, M.P., stated that having watched
with some interest the proceedings of this company before
the Rouse of Commons, he felt it his duty to trespass upon
the meeting for a briceperiod, lint merely with the view of
assuring the proprietors that he cordially agreed in the
feeling that unanimity should exist amongst them. Re
thought it was advisable for the interest of all parties that
all bitterness of feeling should be east aside, and that the
errata quail° should he finally arranged to the general ad-
vantage of the company.
Mr. R. LA BOND, on behalf of the guaranteed share-
ho ders, banded in it protest against the report, in order
that it might not go before the committee that they (the
shareholders) had acquiesced in all the statements contained
in that report.
After SOMe few remarks from a proprietor with regard to
the general condition of the company, and the conduct
pursued by the directors, the report was unanimously
adopted.
A resolution was passed to the effect that the directors be
instructed to petition parliament for the abolition of the
passenger tax.
Mr. NUMICKING then proposed a resolution that the
servants of the company be allowed to rest 611 the Sabbath.
The motion having been seconded, an amendment was
proposed that the consideration of such a question be ad-
journed until they received a dividend of 2 per cent.
A PROPRIE'f OR stated that the motion fur discontinu-
ing the working of the line on Sundays ought not to lie en-
tertained for one moment. lie remembered perfectly well
that at the time Sir Andrew Agnew was agitating, in the
House of Commons, for a bill to prevent travelling ou the
Sabbath, he saw him on three consecutive Sundays riding
to church in his carriage. (Rear, hear, and laughter.)
Mr. D. CAMPBELL observed that the company was not
prepared to give up any portion of their receipts, aid there-
fore they could not be expected to accede to the resolution
now proposed. The proceeds of passenger traffic on the
Sunday, for the whole year, had amounted to 19,8521., be-
ing an increase of 2,0001. over the previous year, and the
amount derived from the mails on Sundays, fur the same
period, was 12,3071., being an increase of 1,3001. over the
year preceding. Under such circumstances it wail un-
reasonable to call upon the company to adopt any steps
towards the prevention of Sunday travelling, and, more-
over, he was in a position to observe, that not a single com-
plaint had been made against the present system by any of
, the servants of the company. 'f he amendment for the post-
' ponement of the question was then put and carried, and the'
originul resolution was negatived.
The meeting then separated.

WINDING-UP JOINT STOCK COMPANIES.

1810.

&51
160
9-11
6i
32

1501
tti
113
188
220,
90
219

4
6116

i2I
470
171
239

THE WORT, WARWICK, AND WORCESTER RAH,
WAY.—Yebterday there was a very numerous meeting of
the shareholders and representatives of shareholders in
this company, to discuss and determine on the expediency
lof a call. Mr. Daniel, with Mr. Valiance, appeared as coon-
, sel for Mr. Wryghte. the official manager, and Mr. Ittox-
burgh, Mr. Jisise, Mr. Field, Messrs. Galsworthy, Smith,
Yeats., and others for various parties who opposed the call.
The report of Mr. Wryghte, the official manager, as to the
necessity of a call, set forth that the total shares allotted
was 28,115, out of which the directors houg:ot up, by the
brokers in the market, 5,655, leaving 23,360 in circulation,
land on 21,620 of which, us app ear from the books of
the company, the holders hail received back 15%. per
share, leaving 1,800 shares held by parties who had
not received anything. The claims upon the company at
present aseertamed were as follows .—the Northampton-
shire Banking Company, 3,4201.; Messrs. PMTS.., 4811/.;
G. IL Weller, 1,0091.; T. Red, 2611.; T. Hodson, 141.;
t. Jones, 1521.; Messrs. Wright and Welehman,lool. ; O.
Pell, 0001. ; sundries,lool. ; total claims, 6, 261/.; cost of
winding up to this period, 1,0001. The official manager
stated his opinion that a call of lfla. per share would be
necessary to meet these engagements. mdependeut of any
proceedings that might be taken against the directors for
the recovery ot 10,400 f., misappropriated by them in pur-
chasing 6,65 t shares with the eompany's funds in the mar-
ket. A lengthened discussion ensued, in the coure of which
the call was opposed on a variety of grounds, the principal
being that it was premature until it was ascertained whether
the claims against the company eouli be fairly enforced.
Ultimately the Muster determined that a call of 4s. per
share should be made on all those who had received Lack
15s. per share from the directors.
PORT OF LOSDoN SHIPOWNERS' INsURANCII
Com PANY.—Yesterday the first meeting to settle the list of
shareholders brought on by Mr. Hutton, the official
manager, and Mr. Colley, his solicitor, was held latbre
Master in Chancery Tiling,. In the process of settlement
it appeared that the signature of the attesting witness to the
deed occurred in many places in juxtaposition with a blank,
showing that the signature of the attesting witness was
placed there by anticipation. On the name of Mr. Augustus
Collingridge, the promoter of the measure, being
called, the only answer was the return of the official
manager's summons through the dead-letter office.
Several individuals attended, and complained of
having been cajoled into the concern. A practice apmared
to have prevailed of getting parties indiscriminately to sign
the deed by power of attorney prepared for the purpose,
and which in law holds the parties equally liable as though
they had actually signed the deed. A Indy alleged that in
this way she hail hero induced by Costello. a Jew. who was
very active in promoting the measure, to sign one of these
powers of attorney, on a representation that the shares
would be worth her having, and that at any rate she might
dispose of them directly. Mr. Aaron L. 'Hammond, wins
protested against ever having signed the deed, or given a
power of attorney for the purpose, was struck off the list, it
appearing, moreover, that his signature to the deed was
misspelled. A person who signed the deed for four of his
children was held to be individually liable.
DOVER, IhsTINGot, AND BRIGHTON JCNCTION
AAt LwAY.—Oa Thursday the first meeting to settle the list of
contributories, brought in by Mr. Nevins, the official
tar
nager, and his solicitors, Messrs. Wilkinson and Gurney. was
held before his Honour Master Brougham. The list taken
contained the names of 15 members of the committee of
management, who had attended meetings for the transac-
tion of the company's business, and whose qualification was
fixed in the subscribers' contract for 40 shares. Mr. Frewen,
M.P. for East Sussex, for whom Mr. Daniel appeared as
counsel, examined by Mr. Terrill, counsel for the official
manager, admitted having attended one of the meetings,
not in the character of a member of the committee of ma-
nagement, but only to take those who got up the scheme a
copy of the report of the commissioners on the South
Eastern Harbours, to show the importance of a railway to
Dungeness Point. Letters were read from the secretary amt
solicitors representing that the Duke of Wellington had ex-
pressed hi msel fin favour of the I i ne, and that the hon. member
underwent no pecuniary liability by conneetingliimself with
the company, 200 of its shares being at his service. 'l'heso
he never took. Some of the promoters of the measure
waited on him at the Carlton, and asked him to sign the
deed, but he declined. His Honour said that, in the thee
of the law as it stood he could not place Mr. Frewen on the
list. Sir ltubcrt Price M.P., acknowledged to a letter
saying he would take 100 shares, and to, having attended
meetings, but the case of the hon. baronet, as well as the
others, were adjourned for the evidence of the secretary at
the neat meeting.