The Express.
London, England, 1851-03-12 00:00:00

SOUTH STAFFORDSHIRE RAILWAY.

The half-yearly meeting of the shareholders in
this undertaking was held at the George lintel, Walsall,
on Monday, Mr. It. C. CHAWNtiI in the chair. The follow-
ing arc extracts from the dirteters' report :
• The total amount expended on capital account to the
31st ultimo is 850,5291., and has been raised by shares,
693,0901.; by loans and bonds, 80,7501.; by loans from
bankers, 58,4121.; by debts due from the company, 14,32814
and by payments on account of calls, forfeited shares, &c.,
3,949/. ; making a total of 850,5291. To pay off the bank-
ers and other obligations just stated, 72,7401. will be re-
quired, and the directors consider that the shares at the
company's disposal and the arrears of call to the 6th inst.
inehmive, 37,2501. ; together with the arrear of the last call,
17,775/., will suffice to pay for the land, and for
putting the line into perfect condition, me 55,025/.
which is the hest estimate that can now be male. The
mortgage bonds bear interest at 41 per cent., excepting
6,5001. at 41 and 4,6001. at 5 per cent. ; and the term of
borrowing has been limited to three years, with the view of
enabling the shareholders to pay off this debt when thought
desirable, and when the proprietors shall be in receipt of an
increased interest upon their shares. The small balance
against the revenue account from the opening to the date
of the lease has been, by arrangement with the lessee,
carried to the capital account, on which be pays rent under
his lease. The directors are on further experience fully
satisfied that the lease of the line, which has been duly
executed and carried out so far in perfect faith, was • step
most expedient fur this company to take, and they rely on the
well-known ability anti character of the lessee for the efficient
working of the line, and a fulfilment of all obligations in-
cumbent on him during the term of the lease. With refer-
ence to the call of capital made in November last, the direc-
tors have arrange,' with the lessee that it shall bear interest
at 4 per cent. up to August next, when it will bear such
further rate as may from time to time he payable under the
lease. The future expenditure will be limited chiefly to the
completion of the land purchases, the incidental charges,
and the needful outlay for putting the company's line,
works, and moveable stock fate perfect condition. The
dividend available fur payment, the warrants for which will
be issued on the 15th March, will he Is. 9 7-10 d. per share, after
deducting the income-tax, equal to 91. Os. 9d. on 100 shares ;
namely—lialf-year's interest, due the Ist inst., at 2 per
cent., on 81. 10s.; 74 days' interest, at 4 per cent., on 11.
per share. The retiring directors submitted themselves for
re-election."
The capital account to the 31st of January, in the present
year, showed that there had been expended up to that time
850,529/. is. 111.; there has been received a 80,274/. 1 4.,
leaving a balance of 70,254/. 12s. owing up to that time.
As a set-off to this, there are large calls in arrear.
The report was adopted, and a dividend declared at the
rate of 2 per cent. less income tax, pAyable on the lath of
March.
By a subsequent resolution, the directors were em-
powered to raise additional sums on loan to the amount of
119,250/, making the total bonded debt 200,000/.
The retiring directors were re-elected, and the for-
feiture of 561 shares was declared, unless the calls are paid
at once.
A vote of thanks was passed to the Chairman and board
of directors.
The mineral traffic on the line is said to be greatly in-
creasing, and the opinion gains ground that the lessees have
got the line on advatitagoons terms.

MADRID AND VALENCIA RAlLWAY.—l'estcrday,
in order to complete the list of contributories in this tram•
parry, the Muter in Chancery Blunt gave notice to all per-
sons holding scrip certificates in this company. and who
have not yet produced them, to do so to Mr. Quilter, the
othcial manager, before the 20th instant, on which day, in
cases of doubt, the Master proposes to have the matters in-
vestigated, and proceed to settle such list of contributories,
and specially exclude all those frog the.list who may not by
that day have claimed to be included theiein. -