The Express.
London, England, 1849-02-24 00:00:00

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*WA In vacating the chair. Sines the time of
In Waking the subjects which I introduced banshees
lola esmeideration ; and, without going into partieulari, I
have now the pleasure of stating that such arrangemmite
kwe bum made that I can with set :action and with pleasure
ie to the seam on of this chair. (Loud cheers.)
The SBCRIITARY then read the following upon:
NIA the Best half-yearly general meeting the shareholders
weft Wormed that arrangements had been made for oppeen.
I ins the line north of Peterborough, through Lincolmhire.
This was realised on the 17th of October last to the extent of
68 mass from ;Peterborough, by Boston, to Lincoln. The
Bast Lincolnshire lbw, 48 miles, was completely opened a
few days previously, and sines that period the Great Nor-
thern trains have been regularly worked over thews 106
miles, affording communication between Hull and London
by mesas of the &item Counties, or the London and North
Western lines. From the lit of January last
her Majesty's mails have been conveyed between
London and Hull by this route. The line from Lincoln
to Gainaborough, 16 miler, is on the point of completion,
and will be opened next month. In September lest a stoop
portion of the line from Doncaster north to Ashern was
opened,and is worked, under agreement, by the Lanouhir•
and Yorkshire Railway Company. It is proper here to state,
that to avoid the immediate outlay of capital further north-
' ward., an arrangement has been made with the York and
North Midland Railway Company for the use of their line
from Burton Salmon into York; and it appears, by a recent
communication from the chairman of that company, Mr.
Hudson, M P., that the works on the short connecting line
from Knottingiy to Burton Salmon are immediately to be
let—the land being purchased—and will be completed with-
out delay. The works from Retferd to Doncaster are pro-
gressing rapidly, and it is fully expected will, together
with the line of the Manchester, Sheffield, and
Lineolnanire Company to Belford, be ready to open
' and thereby complete the continuous line from
Lincolnshire and Yorkshire in the course of the ensuing
summer. Arrangements have been male with Mr. Brassy,
the contractor, by which that important part of the Great
Northern system—the line from London to Peterborough—
will be completed and ready for traffic in September, next
year, and the directors, desirous of reaping, at the earliest
period, the advantage. to be derived from having the main
trunk line connected continuously throughout, are prepar-
ing to let the works north from Peterborough, by Grantham
and Newark to Retford, in the hope of accomplishing this
object early in 1851. The particulars of the state of the
works ate described in the annexed report of the company's
engineer. It will be satisfactory to the shareholders
to be informed, that the directors, after mature consideration,
have every reason to believe the authorised capital of the
company will be sufficient to complete the works of the
railway necessary, and to provide the plant. In coming to
this col:elution, it is assumed that the large amount of calls
in arrear—above half a million—may be made 'mai:able.
"The directors have well considered the subject of calls in
urea, and their injurious effect in depreciating the property
of the large majority of the shareholders, by whose punctu-
ality in the payment of calls funds have been supplied for
carrying on the works of the company; and, in justice to
that body, and as necessary to the protection and promotion
of the interests of the company, they have, with reluctance,
and as a painful duty, resolved to proceed to the forfeiture of
every share on which there are arrears of calls, excepting
only in the cases of those proprietors in default, who have
entered into engagements for securing the payment of them.
Notice of the directors' intention to forfeit these shares has
been issued to the several proprietors in default ; and a
special general meeting of shareholders will be convened in
or about the month of May next, fur the purpose of confirm-
ing such forfeiture, at which meeting the directors will be
prepared to submit a plan for obtaining payment of the
capital represented by the shares in
.question. At that time
the directors hope to be in a position to bring forward a
measure that will induce the registration of, and payment
of calls upon, the whole of the 40,000 London and York
Extension scrip shares, and entitle the holders a them to
receive the interest that has been, from the Ist of July, 1847,
and is still, accruing, but which cannot legally be paid at
present. About 360 shareholders have dis ided 18,561 Great
Northern 2.51. shares into A and B haleshares of 121. 10s.
each. The amount of the capital of the shires thus divided
is not yet sufficiently large to convert into stock, as contemp-
lated at the last general meeting.
" This company has already being mewed to parochial and
other rates, to an extent confirmative of the unjust and op-
pressive manner in which railway property has been forced-
to contribute to them; the directors have therefore evolved
to co operate with the railway interests generally, in an ap-
peal to parliament to revise and modify these Aachen., so
as to place railways on an equitable footing with all ether pro-
perty. A petition to parliament, under the seal of the com-
pany, in support of these views, will be submitted to the
meeting ; the directors advise one also by the shareholders,
which has been prepared for their signature individually.
" As promised, upon the strong expression of the wishes of
the lit haleyearly meeting, the director' have considered
the expediency of providing for the kw bueinen of the com-
pany by the appointment of a solicitor or law clerk, at a fixed
salary ; and have some to the opinion that, for the present,
it is more advantageous to the interests of the company to
continue to have the business carried on by the mentors
who have hitherto conducted it—they having "menu d to
certain modifications in the usual professions) charges, and
to their bills being examined and revised, before payment, by
a gentleman of high standing, accustomed to the taxation of
solicitors' bills of costs, and with wham an arrangement for
the purpose was made soon after the last half yearly general
meeting. Under that arrangement, the whole of the
law bills paid during the half-year were so treated before
being paid.
" John Cattley, E one of the auditors, retires by rota-
tion, and offers himself sq.,
for re-election.
"It is with-regret the directors have to state that, in No.
vember list, Mr. Edmund Denison, M.P. resigned hie office
of chairman of the board ; but he retains his seat as director,
and continues to give all the support in his power to the in-
terests of the company.
" The present is the occasion on which the annual retire-
ment of a fourth of the board of directors takes piece ; the
five gentlemen retiring are-1, Mr. Foster; 2, Mr. Gill ; 3,
Captain Laws; 4, Mr. Paull; 6, Mr. Pickengill. But,
with the view of carrying out the wishes of the
proprietors, the board now recommend the reduction of
their number to sixteen, the smallest the act allows; con-
sequently, only Capt. Laws offers himself, and is recom-
mended by the board, for re-election. In peeping this
reduction of their numb, r, the directors recommend that the
allowance to them of 2,6001. be reduced to 2,0001. per annum.
To meet the wishes of the shareholders by the exercise of
economy in every department, the directors recommend that
the secretary's salary be reduced to 8001. per annum for the
present; and notwithstanding the very anxious and arduous
duties of the office, which he has faithfully performed, he is
willing to accept that amount.
"Annexed is the balance•sheet, exhibiting the receipts
and expenditure of the company to Saturday, the 30th of
December, 1848, as passed and signed by the auditors, a
copy of which has been sent to each shareholder. Annexed,
also, is a statement of the traffic, to the same date, ever the
line opened.
According to notice given, immediately after the termi-
nation of the business of the meeting, a special general meet-
ing will be held, for the purpose of submitting to the share-
holders, ior their approval or otherwise, a bill before parlia-
ment to empower the company to make certain deviation. of
the line, and other changes to facilitate the promotion of the
linUrests of the company. bat not involving any additional
capital; and else to confirm, finally, the agreements entered
list° with the Royston and Hitchin Company, for the trans-
fer to the Great Northern Company, as authorised by pull,.
meat, of that railway and the Shepreth Extension.
" As at former meetings, the directors have now to recom-
mend the confirmation of the forfeitare of 238 shares, on
which calls are in arrear, the object being to issue new certi-
ficates to the registered proprietors, who have sold the shares
to parties who unjustly refuse to register the transfer., and
”t retain the certificates. The numbers are as follows:
112,983 to 113,032-82,125 to 82,164-221,212 to 221,213
221,229-221,260 to 221,261-119,423 to 119,630-79,862 to
79,671-108,264 to 108,288-214,954 to 214,963-161,548 to
161,667-169,793 to 169,822-42,953 to 42,962-126.329 to
126,338-172,077 to 172,086-146,714 to 145,718-108,471 to
108,695. By this step the company receives all calls due on
the shares. (Signed) 0. H. PACKE, Deputy Chairman."
For the cash statement see Expreis of February 23. The
menu statement was as follows :
wax.. STATZACCHT ro 30n sac, 1818.
.0 a. d. L a d.

To losoniative power—
failaries—Waess to drivers, stokers,
eoketnen, and cleaners
Btass—Wie, oU. tallow, &c.
5,500 10 6
To •

gionager and goodo traffic
Salado sod wages to geoids, porters,
pi& .n..... Lod poSos
Carriage 7,01017 2
283 5 5
Storer sm ..io dodoes
(hr-Wage ... . . 43 6 1
4,713 1 1

To atoms department,—
Salaries and veva 271 II S
To noeenunent duty on penesnem. at 111 5
To balance carried Sown ....—............ ............

LAMS I •
Cr.
By tragic—
-168,180 morellos ..... .....
Horses, camases, and dop 1551k 111 •
Parcels, ke.
Merchandise snd Uwe stook

£1e,318 to •
By balance brought down
" The great northern line from Peterborough, by Beaton,
to Lincoln, was opened for trefilc only on the 17th October,
and during the intervening two and a half months, to the
30th December last, the supply of stores to the station with
wher mastery arrangements, were only in progress, and
could not be completed in time to admit of a detailed re-
venue account being rendered with the balance sheet to that
date. The accompanying statement of the working of the
line, including the. Bast Lincolnshire, together 106 miles, to
30th December, 1841, as giving the beet information attain
able, hat since been prepared for the sbareholdeve, It
shows the expenses of working to have been 66.24 per cent.
on the gross receipts, which, under the circumstances of the
recent opening, the unusually wet and unfavourable seemon,
and the shortness of time for developing the traffic of the
district, is, in the opinion of the directors, satisfactory and
promising. With the half-yearlybalancoeheet to 30th June
next, the revenue account will be rendered in the usual
form, from the data olopening.—J. H. MOW•I7, Secretary."
The CHAIRMAN moved, " That the report of the &ras-
ters now read to this meeting be adopted, Prultade and &-
mailed amongst the proprietors."
Mr. HUTCHINSON seconded the motion.
Ilia. HUGHES proposed the following resolution : „That
the proprietors desire to testily their unabated conSdlet.
ability, nal, and judgment of Mr. Denison, sn4, appidirtlri • rr,
of his meat efforts to promote retrenchment and seam ,
is the affairs of the %away, are Of "!6far ths4=l"