The Express.
London, England, 1849-02-27 00:00:00

RAILWAY MEETINGS.

BIRMINGHAM, WOLVERI
DIIDLET.

F, AND

Herverly Mmibing.LY.ll. iftim, Esq., is the chair.
—The omen et the Menus stated that dna the Lot half-
yaMsealimry mods. the wt of parliament "conferring
pow= ea the Great Western Railway Company
with relmenee Se She purchase of this railway and the Hir-
ram& Oared insides Railway" las received the
imea nt, by which the firemen for the sale of theme
ways h essirmad, and a Mat board of management
appointed for amyl!. it NIL And in a subsequent pare-
graph then was tbe Menai " The control of the expea-
&tan sad mossorman of We works being vested in the
Greet Weetsaa 'Away Company, and the right of share-
holders of this to vote at meetings having ceased
(except so Sr as m tbe necessary to steam the due fulfil-
meat of the &greenest in ere of default by the Great
Wanes Railway Compaay) this meeting is held merely to
amnion the hell hems of the company." The statement
of momint showed :net with the balance in hand last June
of 4,0641. is. 10d., than had been received 30,1831. los. ;
and there had bum annalled on account of works 16,6741.;
interest en Gas, MOIL • the balance in hand being
6,6371. le. 3d. The Wes rt olden and adopted without
dissuasion. and Kr. Heary Scott, the retiring auditor, was
re-elected.

BIRMINGHAM AND OXFORD JUNCTION.
Half yearly Abeam,. —Birmizahaa, Feb. 26.—P. H.
Muirrs, Req., in the chair. The report read sal adopted
wee of a similar purport to that reed at the meeting of the
Dudley Company. The report stated that, with the
110,5271. 95. 2d. in hand last June. there bad bean received
190,82 W. 143., which included 60,0001. w swims deben-
tuna. There has been expended in works 130,6761., on
amount of lead 11,7681. Is. 10d., and in interest on calla
21,6001.6.., the Wanes in band bMft 14,7411. 16s. 6d.
Special Mestisv.—The draft of a MR to carry lite diet
ea agreement for the sale to this compel of the Stratford-
ea-Aen Casa Navigation, received the seaction of the pro-
prietors.

EAST ANGLIAN.
dial lhoeiv.—Leraf Feb. 28.—H. Bann, P.sq., in
the Amis. This was a of the baler* of 8 per ant.
sal T per east. mimeses shams, held patment to sdmr-
dimmest lona tq the Alreellee, br the pawns of wearing
oa ifs sakes* el the seatialleas latraded to be submitted to
the weft if rapist= es Weiaesday relating to the
esamealsa of the essapaere has esidtal and to the caution
of peshisalial west to the alammt of 80,7281. 10a, in sub-
stitalisa ef the amimeed_perlism ef the 7 par seat. shams.
Kr. WHIRL= Teed the sepal of the direeten Weeded
to be submitted to the raestisi Id shariesklies in Widnes.
day, in order that they might me the real resides of the
COSIIIIIIII7.
• Wag diessin aissol, r wYi 1M Most a= mai sat

of the proprietors took pert, es to the mode of nisi a; the
capital memory to pay off the debentures and general debts
of the company, as wall as on its general prospects as an
undertaking.
That claws of the report in whl&t the directors nem-
waded the appointment of a eosaraittes of shareholders to
eager with them se to the best luau of relieving the cons
path from its pecuniary esabarramments was mach
applauded.
The CHAIRMAN stated that variou modes of gettleg
over the difkeelty suggested by the gentlemen present would
be taken into consideration by the board previously to the
not meeting.
On the steam of Mr. BAIIINDALII, a vote of thanks was
passed to the chairman and directors for calling the meeting,
when the business terminated.

WHITEHAVEN AND kURNESS JUNCTION.

FliaTiyear"--17;iesTati.—Eoadoa, Feb. 26.—The Earl of
10011/DALI In the chile. _

The 813CRETARY read the report of the directors,
from which the following are extracts ; " The portion of
the line between Mire House and Whitehaveo and the line
frees the river Calder to Ravenglass (the latter being five
miles in length) are being urged on with despatch, with a
view to the section of the line between Whitehaven and
Ravenalass (164 miles) being opened for passenger traffic in
the month of May next. From the cost of works completed,
and the forward rate of the remainder, which are being
finished between Whitehaven and itivenglem, the cost
per mile of these 164 miles can be stated with
tolerable accuracy at under 10,0001. a mile, Including
every che that can arise for works, stations, &0,,1
up to the opening of that portion of the line.
Beyond the 164 miles of railway above reported on, there
remain two sections of the line to complete the whole ; the
one, from Riverview to Bootle, being six miles ; the other,'
from Bootle to the Furness Railway, a distance of 11 miles.
The fineness of the company have to some extent improved
during the half-year •' the arrears of calls have been conri
derably redueed, as will be seen on reference to the annexed
balance-sheet; and dur;ng the period subsequent to the Slit
December, there have been further Fitments on account of
arrears; and the company's solicitor reports that a further
considerable sem may be retied upon, en the ap•
preaching termination of some of the proceedings which I
the directors have been compellzd to take for their recovery.
The all of IL, payable in December. has been paid upon the
usual number of shares upon which prompt payment is
made, about 8,000 ; and the directors will continue to act
upon the expreeed wishes of the shareholders that the ar-
rears shall be, as far ea possible, kept down. A considerable
number of shanty, upon which the directors previously Bads.
fled themselves that the holders were utterly unable to pay
up, have been vested in the company ; and the sum paid on
the shares which have been so taken over, up to the present
time, 'mounts to 17,9741."
The engineer's report, which was also read, merely gave
some details of the mode in which the works had been
executed. _ _

The statement of receipts and expenditure brought the
accounts up to 81st Dec., 1849.
The NW iseripts wore £166,339 3 4
nada spml2la2e. 114,617 12

Leaving a banns at the Mann' or £1,741 10 11
In answer to several gentians it was stated that the in-
terest on capital lent would shortly be paid, end that it was
very advisable the shareholders should pay up calls sufficient
to complete the railway off hand, so as to bring it into full
working condition.
The report wee then agreed to, and, after thanks had
been voted to the chairman, the meeting esparatcd.

WILTS, SOMERSET, AND WEYMOU CH.
Half-yearly Meeting.—Bath, Feb. 28.—W. Lotto, Eq.,
M.P., in the chair.
The SECRETARY read the report of the directors, in
which they stated that, from circumstances well known to
the propristort, and which had affected this railway in com-
mon with all others, they had found it necessary duritg
the last half sear to being the oompans's expenditure within
narrow limits. They had therefore been obliged to confine
the prosecution of the works to such parts of the line as were
under contract, and even in those cease to proceed with great
deliberation. The portion of the line between Thingley and
Westbury had been opened for traffic, and had been worked
by the Great Western Company, under the stipulations of
the agreement between the companies, sines the 6th of
Sept., 1848. The branch between Trowbridge and
Bradford had been delayed more than was ori-
ginaPy anticipated, bat was now approaching cote
pletion, and the laying of the permanent way had
been commenced. The portion of line extending front West-
bury to From was that which the directors next intended
to open for traffic. This extension would prove more imme-
diately remunerative than any other, as it would connect the
part already opened with manufacturing and mineral dis-
tricts ; and arrangements had been made for carrying on the
works there with rapidity, as soon as the weather permits
No great progrus had been made on the other branches, or
on the southern portions of the line. The statement of Mr.
Brunel, quoted in the directors' report, gave a detailed view
of the present state of the line. The financial statement
showed the total receipts up to the 31st Dec., 1848, to be
1,049,8761. ; and the total expenditure to the seam date,
1,038,8741. U. 4d., leaving a balance in head of
13,2001. 15s. Bd.
The report was adopted unanimously. Capt. &obeli
and M. J. Fisting. Eu.,the two retiring directors, were
re-elected, as was also Mr. Mandy, the retiring auditor,
and the meeting separated after giving a vote of thanks to
the chairman.

LOWESTOFT HARBOUR AND RAILWAY.
Eaif yearly Mutiny.—Lowestoft, Feb. 23. Derr,
Esq., in the chair.
The SECRETARY read the report. By • statement of
the harbour sad railway revenue for the year ending Dee.
31, 1848, it appeared that after payment of the fixed
charges of the undertaking, no surplus profits had been
realised. The shareholders, under the provisions of the act
of parliament, were entitled to receive a dividend of 4
_per
cent. per sonnet, payable on the let of March next. The
accent showed an outlay up to the sane period of
316,301. lie. 4d., and the receipts front share capital and
loans of 318,1761. 2.• Ild., leaving a balance in hand of
1,2301. lls. 7d. The works for the completion of the pier
had been renewed under the direction of the ossunittee,
consisting of directors of the Norfol Company, and they
were progressing very satisfactorily. A powerful dredge
lug machine had been constructed and completed
under the superintendence of the harbour master at muck
less cost than the company could have purchased a like ves-
sel. The inner harbour had been considerably improved by
the extension of the whirling and by the deepening of the
channel, so that accommodation was now afforded for 200
vowels to seek refuge therein. At this meeting Mr. Duff
and Mr. Mills, two of the directors, went out by rotation,
end they were at once eligible to be re-elected, and they
had signified their intention to act, if re-elected.
The CHAIRMAN moved that the report be received.
After some conversation, this motion was carried.
The SECRETARY, in answer to questions put by Mr.
Cony, said the estimated cost of the completion of the works
was 30,0001. previous to the outlay which had taken place
since May 7, 1848. In consequence of the agreement between
the Eastern Counties Company and the Norfolk Company,
the further outlay for the harbour was committed to the are
of a joint committee, and 30,0001. was the limit of the sum
'barged to the Norfolk Company. Whatever sum was ex-
pended beyond that was to be borne by the Eastern Counties
Company, and was not to forma charge upon the Lowestoft
Company.
Thanks having been paned to the chairman, the meet-
ing separated.

LONDONDERRY AND ENNISKILLEN.
Hsi flowly llestieg.—London, Feb. 26.—Jmze CLIII,
Esq., M.P., in the chair.
The SECRETARY read the following report:
" Your directors have the pleasure to report that in accor-
dance with the arrangement made with Mr. Leishman, and
easfinned by yen at the special meeting, held on Sept. 19,
1848, they have, in part liquidation of his award, paid to
that gentleman the sum of 7,5001., being one-halt of the
payment stipulated to be made in cash. The difficulty of
soUeWeg arrears of calls has determined your directors to
Footpath the sarrying on the line to Derry-bridge until such
time as the company is in a more favourable financial posi-
tion. The aaft for the current ball year (notwithstanding
the continued depreelion of trade, and the diminution of
receipts upon railways generally) his, as compared with the
serresponding period of bat year. shown an improvement;
but your directors, admit! believing that the revenue re-
esipto will inane, with art improved state of the country,
yet retain the opinion frequently expressed to you, that it is
vain to hope for any very considerable thereon of traffic
until • further extension of the line has been made.
The waking expenditure has been redwood, as your directors
believe, to the lowest practicable limit ; but they will not
relax in their attention to this important subject ; and where-
ever found practicable, without impairing the efficiency of
the service, they will be prepared still further to decrease it. ,
&mei of the alterations by which the reduction to the pre-
sent amount has been effected, hash's only recently come
into operation, the revenue mount now before you does not
fully exhibit the benefit of them ; but for the future they
will be found to make a vary material saving under this
head. Taking the income and expenditure at their present
respective amounts, the working of that portion of the line
now open would give a net profit to the shareholders of
2,0091. per annum ; but while your directors may fairly cal-
culate upon being enabled to keep the expen-
diture down to its present limit, they feel they
may also fairly hope for an improvement of traffic
which will serve to increase the profit thus shown.
The directors having declared 1,364 shares forfeited for non-
payment of calls, the confirmation of that forfeiture will, at
the special meeting, be submitted for your approval. Under
the amended act, the shareholders have power to merge them
shares in the company; end for this purpose it will be nem-
sexy to hold a spead meeting about two months from this
date. Upon the shares now submitted for forfeiture, 17,9551.
has been paid ; which, in addition to the amount previously
received upon forfeited shares, makes a sum of 32,2321. 10e.
ctsts added to our capital, upon which no dividend will ever have
to be ; while, at the NM holders time, the holde of the thane
thus Ind to be merged, continue liable for all calls
up to the of forfeiture. One-half the capital being
now pilaw, authority will be taken at the meal meeting
IMIIIVINISi ter that purpose, to enable your directors to en-
ergise the borrowing powers under the act of incorporation.
/AWN, g upon the early extension of the works se of the
Mind impaling, ea the interests of the shareholders, your
dientheee as. determined, as soon as practicable, to complete
the line he Dewy Bridge ; but they feel that its extension
Upend thethastheaust be dependent upon their being enabled
to avail themselves of the borrowing powers of the art. They
have, however, some ground to hope that moistener) to
Irish railways will be mamma the remedial measures for
Ireland about to be bed beam pediment; in which case
they feel coaddent of ensidenee be side sempany, as it is one
of the very few who, by having half their umbel paid up,
are WWI to paiiilists In nay loon be lid pozpon.—.l.

G. Frith, E.g., luoiog resigned his seat at the London
hoard, the directors have elected in his Meld 11. H. Vsndeput,
Esq. H. , having aLo 'Wined his t.fllca as
local director, 8 Giniland, E•ra , of leutdondary, has been
elected in his place i which appointments they hope will
meet your approval. A vscsney as auditor haviog occurred,
by the (lath of J. Elliott, Bag., your directors have appointed
H. P. Fuller, Esq.—Your dfrectme have to report that the
line generally is in a very satisfactory condition ; and they
are gratified in still being enabled to state that the trafßc
has been conducted without accident or interruption. For
the financial po,ition of the company your directors beg to
refer to the bali•yearly statement of amounts."
From this statement it appeared that the total expenditure
on the line was 171,0261. 49. lid.; and that there was a
balance in band of 6171 10e. 4d.

The revenue account from July 31, 1848, to January 31,
1849, show rd that the total reosipts had bKn 3,8601., and the
expenditure, 3,2411.
The CHAIRMAN pointed out the possibility of pay inn 6
per cent. to preference sharsholden and 2 per cent. to the old
shareholders by a prosecution of the line to Derry Bridge
and Newtown Stewart. He took for his data the present
income and the promised additions from the extension of the
line; but that rested will the shareholders, and the opinion
they themselves had of the undertaking.
Mr. RUTTER asked what sums were then owing by the
company ?
The CHAIRMAN said the amount was 52,0001., but that
it had been reduced to 35,000/.
Mr. CARR noticed that the expenditure of the half-year
had been increased by 1,7001. for legal expenses.
The SECRETARY replied that this amount included the
expenses of the last act of parliament for 1848.
The report having been adopted, the meeting was made
special, when a resolution. authorising the directnrs to bor-
row to the extent of 113,1001., was pasted without opposition.
Mr. RUTTER asked at what rate they intended to borrow
that money ?
The CHAIRMAN said they could not give beyond 5 per
cent. under the act ; if they got the assistance of govern-
ment they would get it at 34 per cent.
After some further discussion a resolution was passed for
the forfeiture of 1,364 shares in arrow for calls.
After a vote of thanks to the chairman, the meeting
adjourned.

GREAT WAISTS= AND GIBRIDOR.—A mooting of this
company was appointed to take place yesterday, at the calms
in West Strand; but at three o'clock, the hour appointed,
no proprietors were ?repent, and after waiting the specified
time, the directors adjourned the meeting.

LEEDS AND Tniasx.—la anticipation of the meeting at
Leeds to-morrow (Wednesday), the directors have is ued a
financial statement. The following is the account
for the half-year ending Dec. 31 :
Da.
_ . .

_
lb stades gooses £l3 5 5
LoomsPs power and repairs 1,099 6 5
Meddlesome. 490 11 S
284 3 3
lisedie="traile comes 309 10 8
9 Mal WO soma 139 2
Ompsmadts es lost aad demos 4 12 4
Masisl dross 75 14 1
Pselit rates 26 17 G
DO as presager Male

£5.027 6 10

By pumser teak C2,55091 15
Ands 4 6
Hams, esortivsk mai ....... 31 3 1
1ta:11.101.111..e ••• 709
.7 11

1k•1 and Pm. 1,79515 7

Live*

$2l

£5,027 • 10

NORTH ERITISH.—It is the intention of the directors to
take steps to convert their paid up capital into consoli-
dated stock.

irWANCII RAILWAY TRAFFIC.—The following are th• last
returns of tiro gran receipts of the principal French railways :
Nerrenms.—Troan Feb.l2 1) Feb. 16 : nesemers, 140,818 f. ; goods,
217.8076 ; total, 388,7110.
Rover.—From Feb. 11 to Feb. 17 : Passengers, 64,0550. ; goods,
92,700 L ; total, 146,7616
Honks—Front Feb. 11 to Feb. 17 : Passengers, 19,004 f. ; goods,
411,0547.; total, 65,038 f.",
Osmotic —FTOIII Feb. 11 to Feb. 18 : Posoasgere, 74,1990.; goods,
118.8601. ; total, 191,0394
Boamauz..—Front Feb. 10 to Feb. 10 : litineagets, 25,5890. ; goods,
43,521 f. ; total, 71,0600.
Vreauton.—Front Feb. 19 to Feb. 18 : Pawengers, 22,8990.; goods,
15,1330. ; total, 57.034 f.
loccosorz.—From Feb. 12 to Feb. 16 : Passengers, 31,0911.; goods,
7, INLIMIII.IO.B3f.
D Feb. 11 to Feb. 17 a Passengers, 3,7800. ; goods,
TAIL; 10101.114141 L

MONEY MARKET.

MONDAY BVUWTNG.

Money was rather more easy on the Stock Ex-
change to-day, and was readily obtainable at 2 per
cent, or 1 per cent. below the lowest rate required at
the latter end of last week. The broker acting for the
Bank was stated to have afforded Reasonable suppliesl
at this reduced rate, not, it may be mentioned, on ac-
count of the Bank, but of other connexions. The cir-
ounstance, however, had no effect in improving the
funds, although probably. it might have had
some little influence in retarding a fur-
ther decline. Consols were done for money
as low as 921, and for time 921, bet finally
inclination they
fit
off 921 for money, and 921 to 3 for account.
this downward of prices there is reason to
conclude that the opinion of the more experienced
practitioners of the house, if they bring so far what is
technically termed a " bull " account, may be correct;
meaning, of course, that the speculators for the rise
are on the wrong side of the qnestion, and find them-
selves with heavy responsibilities of stock purchased
at high rates, up to 95 indeed, with a market which
has given way, and is still falling under them.
Reduced Threes were 921 to 3. Three-and-a-Quarter
per Cents., 93; to 4. Long Annuities, 9 to 1-16.
June Exchequer Bills, 42& to 455. premium. India
Bonds, 575. to 595. premium. Bank Stock, 194 to 6.
India Stook, 243 to 6.

Danish scrip of the new five per cent. loan was
about the most attractive feature in the foreign
market, or so at least should be supposed, seeing that
it attained to, and was actually done at, 8 premium.
No notice of the conditions on which this loan was
negotiated has yet appeared, nor of the rate at which
the scrip was dealt out to the public or the subscribers.
Judging from the premium it has earned,
however, it should be assumed that both
the conditions and the profit rate at which
the scrip was issued, were satisfactory to all
concerned. It may be mentioned that, although the
amount of the loan, as advertised by the contractors,
is only for 800,0001., the commercial advice' from
Hamburg, as reported in the Express this afternoon,
represent the extent of the loan to be eventually, car-
ried out, and brought to market, at two millions
sterling. Meanwhile the old Danish Three per Cent.
Loan continues heavy and difficult to move, at the
wide differences between buying and selling prices of
65 to 8. Dutch Two-and-a-Half per Cents. were 50
to 1; the Fours, 80 to 1. Belgian, 81 to 3. Russian,
108 to 110. French Five per Cent. Henke were done at
841; exchange, 25}L Spanish Fives were 17 to
17i ; the Threes, 29 to 1 ; Passive, 31 to 4/. Porto-
resa2s to 6. Ecuador, Sto 1. Brea's, 82 to
ilian, 94 to 7. Mexican, 261 to 1, Peruvian,
48 to 50. Venezuela, 23 to 5. Buenos Ayres, 25
to 7.

Letters from Hamburg report that accounts bad
been received there from Leghorn of the failure of
the house of Bohlhoever and Co., of that port,
understood to be a house of Dutch origin. The
merchants of Hamburg were sufferers only to the
extent of 60,000 marts banco.
It is satisfactory to be enabled to state, upon com-
petect authority, that the British Bank, projected and
to be governed by Dir. Macgregor, M.P., is not to be
conducted upon the system 'tanned to it by report,. of
making loans upon shares a leading branch of its In-
tended operations. As an essential part of the system,
loans upon such securities are not at all contemplated,
and are to be dealt with only exceptionally ; when at
all, when covered, as in the cue of warrants, by other
sufficient securities accompanying. In such case they
will be treated upon the footing of substantial secun-
ties, that is, without any of that exaggeration of terms
for accommodation which, as in the case of the Glam-

gow exchange banks, would rather represent a
gambling sprat speculating on the doctrine of chances
than a fair trade in banking.
The Limerick Chronicle states u follows :—" The
failure of Mr. Jer. S. Murphy, in Cork, is for 80,0001.
'i'he Bank of Ireland is a sufferer to 28,0001." The
house was connected with the Irish linen trade, and
its fall is solely attributable to the state of the coun-
try, u a very few years since it was a most prospe-
rous concern. The dividend anticipated is small.
1521031.1611 TUNA&
Beek Stock. 191 6 India Bootle. 11.000, 37 9
I
per Ct. Rot Aans., gai3ni Cone. for Acct.. 923 325 3 X
3 pee' Ct. Own. Amos., 5.3 211i338024 Xiabegote /gum, 3d.. Jtme.
Now 3 per Cola Anna..l.4 1 162
Inns imattlekezp. Jan. 5, ,9 Ditto, SmW, 484
Ditto, 33 Yon. erp.eloo. 6,1689.4 Ditto. &Westin:4, 234.,36 8 6 8 5
India Stock, 243 4
7011ICIA
6 per Ct. Brazilian Bonds, 84
3 per Ct. Chllem Bowie,
182466 5
Dant& Boods, , 68
Ditto 6 per Ct.,.1019, Scrip, 66 6 74
2 Pm.
21 per Ct. Zostdor Donde. 3*
1 per Ot. Oran& lide„ 17
5 per Ct. Meziosn. 1846. X 8 6
6 per Ct. Peruvian Bonds. Ye
4 per Ct. Portuguree Banda. 251 6
81

roans.
6 per Ct. Rood= Bonds, 182%
1081
per CL imoish id:, from
-Nov., 1840, ITO
II par Veambela Boads. 25 6 T
6 c.Slsf..lirsvoc. liontes, Ht. 60e.
26 par Coot Dukit gzeimage, 12
(ha. Lei
`per OL Duke

PUBLIC S4LE&
Fos. 28.—8 y Mr. H. Homo., at Garrawars.—Lease of
the Lard Collier's:A pablie.howt, CoLlingwood-steeet, Bethnal.
green. with private house adjoining, eatisnated to produce 164 ter
=Busy Mid ttr 34 you, osezpirett, at 661. per attoola—eoid kr