The Express.
London, England, 1851-08-27 00:00:00

Int eottrt.

At the Court held by her Majeoty at OsUorne on
Monday, hi. ExeeHenrCount Wale.ki, Ambaaaclor front
had French
the Republic, the honour of presenting M.
Ihiroche to the Queen. Ile, Excelhney era, Introduced by
Vi•eount ralinertton, Secretary of State for Foreign
.Altair.

OSBORNE, 7.:vrainar.
licr Majesty, Prince Albert, aed the Prince of Wales,
attended by the usual suite, emharked on board the Fairy
yonerday afternoon, and proceeded to ityde, for the put,
pose of tut etiag the yachts contending fur her 31 ajeAty's Cup.
rue Royal party returned to Osborne shortly after seven
o'clock. Litut..Colunel the lion. R. Boyle arrived at
Osborne.
Despatches were received ye-terday at the Colonial-office
(rum the Governor of the Bahamas.

(From las: sigh •• Guette.)

OSBORNE-110CM°, ISLE OF WIGHT, AVG. 25.-1 t is
this day onlerisl by her Majesty in Council, that the parlia-
ment, which stands prorouued to Thursday, the 4th day of
September nest, be further prorogued to luesday, thu 4th
day of Nos ember nest.

THE QUEEN'S VISIT TO TILT NORTH.

THIS DAY.

Her Hniesty was expected to arrive at Bucking-
ham Palace about half-past 12 o'clock, and at five minutes
after the royal outrider came in sight. Her Majesty was
escorted by a dotachment of the Silt King's lluwan. The
royal cortege co ted of four carriages, the first of which
contained her Majesty, Prince Albert, and two of the royal
children. The other carriages contained the royal suite, in-
cluding the Countess of Desart, lady in waiting, Lord A.
Paget, Lord C. Fitsroy, &c. For some time before the ar-
rival of the royal party, a considerahle crowd was gathering
in the neighbourhood of the palace, but it was evident it
was not generally known that her Majesty was to arrive at
a fixed hour, otherwise there can be no doubt that a
greater number of persons would have been collected on the
occasion.

On leaving the paLtee, the course taken by the royal car-
riages was as follows :

Through St. James's-park as far as Marlborough-house,
emerging into Pall MAI by the gates near the Royal Ger-
man chapel, St. James's, thence by Waterloo-place, Regent-
street, Coventry-street, Leicester-square, Craubourn•atrect,
Long Acre, Ilanover-stret t, Endell-street,Bloomsbury-street,
Charlotte-street, Bedford-square, Gower-street, Torrington-
place, Gordon-square, Gordon-street, Tavistock-square,
Turistock-place, Compton-street, Itegent-square, and Sid-
mouth-street, into Gray's-inn-road, thence up Maiden-lame
to the terminus.

THE EXPRESS, WEDNESDAY EVENING, AUGUST 27, 1851.

RAILWAY MEETINGS.

GREAT NORTHERN RAILWAY.
After the report given of the halt'-yearly- meeting
of this company in yesterday's Express was dispatched,
Mr. lIERAPAT deprecated the East Anglian agree-
ment, which would entail a permanent liability on the com-
pany of 2.1,0001. a year, and moved the omksion of the para-
graph from the report referring to that subject. Ile believed
the agreement in question was had in principle, bad in law, and
bail as a coinmerrial bargain. If the direetars had the
power to make such an arrangement with the East Anglian,
they might in the same way, without an act of parliament,
or without the consent of the shareholders, go and practi-
cally lease any line in the kingdom, or all the lines in the
kingdom. Ile, however, denied that any such power existed
under the company's act. The proprietor quoted Lord
Cranworth'e opinion and the arguments in the cane at some
length, but was interrupted by
Another PROPItIEIOII, who ruse to order, contending
that it WAS out of place at a meeting like the present to go
into a long discussion on a legal question.
The CHAIRMAN said that without going into the ques-
tion of order, which was a difficult one to determine on all
occasions, he must say that it was a waste of time to eater
into a legal discussion on such an occasion and in such a
place.
Mr. HERAPATII, after repeating his objection on the
legal part of the ease, and denouncing the conduct of any
board of directora who entered into leases with other lines
without the consent of the. shareholders—(hear, hear)—
proceeded to show that in a commercial point of view the
East Anglian agreement was most objectionable. They
were already sailaltal with three gunruntees—the East Lin-
colnshire, which entailed a loss of 21,000'. a year; the
Royston and Hitchin, the loss on which was at the rate of
10,n00/. a year; and the navigation, which occasioned
a loss of 10,804. a year; and to these they
were now adding the E ist Anglian, which, by a calculation
he had made (and which he proceeded to explain) would
produce a loss of 2,1,6:18/. a year. This, too, was (or a line
which was some twenty or twenty-five miles front the Great
Northern line, and to get to which they must run over a
punkin of the Eastern Counties line. The first result of
this agreement was law. A Chancery suit had already
commenced.

The CIIMIIIIAN—Wo say BO in our report. (Hear,

HERAPATII continued, amid some interruption, to
contend that the shareholders ought at one, to negative
that part of the report which admitted a liability in respect
to tne East Anglian •agreement. The result of saddling
themsels es with this large am•mnt of dead weight, would
he to place them in the same position as the unfortunate
Eastern Countiss Company, which, though earning a large
profit on their traffic, could not pay any dividend. Me
concluded by moving un amendment adverse to the East-
Anglian agreement,
Mr. DAiroLecouded the amendment.

Mr. BATES contended that the East-Anglian agreement
woo the best bargain that had crer been made by any
railway company. The East-Anglian had cost 1,1041,00111.,
and they were bi have it en a guarantee of 13,000/. a year.
The Uov. T. MAXWELL HUNT denounced gullteCl
in general as ruinous, and the one in question at especially
so. He called on the directors to prove how this East Anglian,
whose shares were quoted the other day at U. rat. each, and
which had Owed its capital because they could not obtain
another shilling, would be renumeratire to the Great
Northern.

The Rev. Mr. HUGHES, though he agreed with the
general principle of Mr. Herapath's observations, be-
lieves] that the amendment he had submitted would lease
no practical effect, th, agreement having been entered into.
The only mode of proceeding was to try the question before
the Court of Chancery. (hear, hear.) The proper course
now was to pass a resolution, cond,mning the conduct of
the director, in entering into such an agreoment without
first obtaining the consent of the shareholders, and calling
upon the directors not to enter into any guarantee for the
future, except with the consent of the proprietors given at
a public meeting.
'Mr. BERNARD asked how many shares Mr. Hera-
pith held, because he, as u person holding some 19,0d01. of
stock, felt that the meeting ought not to be led by the opi-
nions of a shareholder Wilo4C interest did not extend be-
yond four or:five shares. (" Hear" and "oh," and some con-
tusion, followed by a call of " Order and chair.")
The CHAIRMAN, on rising upon tho question of order,
said he wished to advert to one or two points which had
been referred to. Ile did not consider it at all unreasonable
that a proprietor should ask the name of any gentleman
who might he addressing the meeting and the amount of
stock he held, for it was evident that, unless they Lad that
privilege, they might, practically speaking, be talking to
each other in the dark. With regard to the insinuation that
the proprietors had been taken surprise at the last meeting,
and that they had been cajoled into the agreement
with tho East Anglian Company, it could not but
be rememberel that that agreement formed part of the
report at the lost meeting—that it was then very fully dis-
cussed, and after such discussion was passed, he believed
unanimously, and having been so passed six months ago,
and arrangements having been made on the faith of it, he
would appeal to them whether it was fair or reasonable now
again to raise the question.
The Rev. W. HUNT—Yon have not answered my
question.
The CHAIRMAN—If the rev. gentleman would wait he
should have an answer.

The Rev. W. HUNT—I will not wait, sir. (Loud
laughter.) I have put a question, anal I have a right to
have it answered. (Oh, oh.)
The CHAIRMAN had thought it his duty to answer the
objections in the order in which they had been made ; and
therefore he had addressed himself, in the first instance, to
the points raised by Mr. Herapath. With regard to the
legality of the East Anglian agreement, Mr. Herapath
was aware that that question—which had been raised by him-
self, and very fairly raised—had been under discussion
for same time. It had been submitted to eminent counsel,
and he would read to them the opinion of Messrs. Loftus,
Wigram, T. Halt, and J. Bullar, on that subject. The
agreement had been submitted to those gentlemen, and they
said, " We have perused the agreement, and with regard to
the question on which our opinion is asked, as to the legal-
ity of the covenant fir the payment of 15,0001. a year to the
East Anglian Company, we are of opinion that as the
money is to be paid out of the tolls arising from the traffic
of the East Anglian lima, the arrangement comes within
the 87th section of the Railway Clauses Act, and is binding
on the Great Northern Company." (Hear, hear.)
Mr. HERAPATII—But the case was not fairly stated.
The money does not arise wholly out of the tolls of the East
Anglian lines, as will be seen from the terms of the
agreement.
The CHAIRMAN said the document upon which the
opinion had been given was the agreement itself. The
opinion of these eminent counsel was, that the agreement
was legal, and that being the case, he did not think the
question was one they could discuss satisfactorily among
themselves. This he could say, that he did not consider
his opinion on the case worth anything. (Hear, hear.) So
much for the legality of that agreement, and now as to the
policy of it. /or that he was answerable. (Hear, hear.)
He believed at the time it was entered into, and he believed
still, it would be found to be one of the most beneficial ar-
rangements the Great Northern Company had ever made.
And he believed so because under it they were called upon
to pay but a very small sum of money in return for the use
of a line which would enable them to draw traffic, to a
considerable extent, from other lines on to their own.
Both directly and indirectly, he believed they would be
largely benefited by the arrangement with the East
Anglian lines. Ile would assume that the terms to
be paid to the East Anglian company were fair and
liberal on both sides; it was evident that without
some such assistance as was given by the Great
Northern they would be blocked up both at the east and
west. By the right they (the Great Northern) had ac-
quired to run over the Eastern Counties, they had the
means of running over the Eastern Counties lin s from
Peterborough to Wisbeach, and from Wisbeach over the
East Anglian lines to Beecham, thereby letting out a large
amount of traffic from Norfolk, which must come on the
Great Northern line westward, but which without such an
arrangement would go to other lines which were not in
amity with them. It would assist them in bringing traffic
upon their lines from the east which they would nut else
have, and in taking traffic along their line from the west
in return. He believed the traffic both ways would be
very considerable, and therefore he contended that the
arrangement was a politic one. (Ikar, bear.) With re-
gard to the remarks of the reverend gentleman (Mr. Hunt),
and who, though a clergyman, having so extensively specu-
lated in railway. and been so severely wounded in his spe-
culations he could sympathise with. But when he (the chair-
man) told the rev. gentleman that no one of the directors held
any shares in the East Anglian line, he would ask, what inte-
rest could they have other than the benefit of the Great
Northern property? (Hear.) He had the pleasure of say-
ing that he was acting with gentlemen who were as honourable
as the day was long, and he challenged any one to say
that black wu the white of their eye. (Loud laughter, and
cheers.) The question of this East Anglian agreement had
undergone much discussion at the board, and after bestow-
ing. considerable care and anxiety upon it, the directors had
arrived at the conclusion that the agreement was a politic
one for the Great Northern proprietors. (Hear, hear.) He
believed it to be politic, he knew it to be prudent, and
fortified by the legal opinion he had read, he was justified
in saying it was legal. (Hear, hear.) Mr. Herapath had
referred to the result of guarantees on other lines, as a
reason why they should be on their guard. Ile (the chair-
man) admitted that guarantees had been the ruin of most
of the lines in the kingdom. The London and North-
Western and the other Main trunk lines were paying enor-
mously for their guarantees. The guarantees were weigh-
ing down the profits of the trunk lines in almost all
cues. Ile believed that while the North-Western was
mini! only 5) per cent on the whole district,
the original London and Birmingham line was earning not
lieu than 20 per cent., and no doubt it was the case with
guarantees gem rally, that they tended to reduce the profits
of the trunk lines; but they could net always be avoided.
(Hear, hear.) In the case of the Great Northern guarantees
certainly the matter was not so bad as the hon. proprietor
represented it. Take, for instance, the East Lincolnshire
line ; six per cent. was guaranteed on that line, the guarantee
extending only to the cost of the line, whirls was o 0 miles
long, and had been constructed under 15,0001. a mile. He
admitted that if the thing were to be done again, it would
be a question whether it would be prudent to enter into such
an arrangement, but they must recollect that though
this line did not pay directly, it was still valu-
able as a means of bringing a large amount of
traffic to the main line, on the one hand from
Boston to London, and on the other from Boston to
the north. After passing over the East Lincolnshire, the
tram te p for 100 miles on the Great Northern lime into
Yorkshißand on the other hand towards London and was
this worth nothing ? (Hear, hear.) He wished to show

them that they were hot so tautly off with regard to their
canting guarantees' so they aupposed, and that though the
East Lincolnshire might not be a profitable bargain, it
brought traffic to the Great Northern line, and in estimating
its value was entitled to credit on that account. (Hear,
hear.) Then with respect to the Royston and Mullin--if
that arrangement had to be made over again, hu should
nut, perhaps, consent to give 6 per cent. for th it lino ;
still he did not know, considering the circumstances
under which the bargain was made, that the directora
were to blame. Great complaints had been made that the
Great Northern Company were aetin unfairly to the
Eastern Counties Company in their endeavours to get into
Cambridge. But when parliament granted the line (which
the Great Northern ware not particato, though they subse-
quently bought it) originally (root Galant to Cambridge,
but of which was cut oil in euininittee all west of the Great
Northern at Ilitchin, and esit of the Eastern Counties at
Shepreth—it evidently intended that the nuptial and
Hitehin line should have the right to go into Cambridge—
and if they did nut insist upon going there, how could the
directors account to the shareholders fur the 14,000!. or
15,0001. a year they had contracted to pay on account of
that line ? He contended that the directors were bound
lin defending the property of their shareholders
to insist upon going from Royston to CAM-
bridge, as parliament evidently intended. The Eastern
Counties said they should not ; and, to 'meet this opposition
of the Eastern Counties board, at the suggestiou of the
manager, coaches had been put on to convey the traffic be-
tween the two lines. This the Eastern Counties complained
of as being unfair. Now he believed the majority of their
• opponents were free traders, but he believer( they meant
free trade in all trades hut their own. (Cheers.) Mr.
Glyn was a free trader, Mr. Ellis was a free trader.
A PROPRIETOR—And so is Mr. Denham. (Cheers
and laughter.) He has declared himself so.
The CHAIRMAN denied most distinctly that he wiu a
free trader. He knew what was meant when it was mid be
hail declared himself a free trader; but what lie had said
was, that parliament having thought tit to adopt the policy
of free trade, he would stand by that policy, and he lent dune
so. (Hear.) lie saw an Eastern Counties proprietor present,
and he would tell hint that into Cambridge the Great
Northern Company must get. They wished to do see iu the
way most agreeable to the Eastern Counties Company, but
go there they most undoubtedly would. (Hear) then,
with regard to the navigation. He admitted that these
were a hiss to the company; but what was the explanation?
If they took a navigation which produced 20,0001. a-year
and transferred its traffic to their railway they could not
expect to have it both ways. And, beyond that, if they
had not taken these navigations, they night have had to
pay the same rate for the land on which to construct
the line as they hail paid in other places; whereas
the navigation proprietor+, in selliug their interest,
agreed to find the land for the railway with certain
exceptions, which land had cost them nO,llOOl. Though
the dividend was small now, he knew of no line
that was so likely to continue to grow as the Great Nor-
thern. To what it would ultimately arrive lie could not
say, but it was evident it could not go bark: his opinion
was, that it would grow to be one of the most important
and profitable lines iu the kingdom. (Hear.)
Alter some diseu,sion,
Mr. (MOVE asked whether it was the fact that other
parties had offered more for the Smith Yorkshire Railway
than this compauy had done.
TheCHAIR.MAN replied that it was; and this reminded
him that Mr. Waddington, than whom no true better knew
the value of the East Anglian line, hail offer:a higher terms
to the East Anglian body than were to be given by them.
After SI)1111• furtlh-r conversation,
The antendrurnt Iva, then put. Only about half a dozen
hands were held up, ma it was rejected by au int-
MCIAC majority.
Mr. HUGHES proposed an amendment, declaring that
the directors ought nut to have catered into the agreement
with the East Anglian Compaay, without sufficiently ample
notice to the shareholders, and that in future such a pro-
ceeding should be avoided.
Mr. Tittmmisu seconded the amendment; and in doing
so expressed his conviction that there was pushing dictato-
rial is the conduct of the chairman.

would deftr its compltt:ua until tit:
Imen setticil.

TheCIIAIItM.N said the amendment appeared to him
tore,etnble a vote of censure.

. ----
Ihe amendment WWI rejected by an overwhelming
majority.
Ilw report was then adopted with only two dissentients.
A resolution authorising the payment of the dividend
declared in the report \VAS adopted unanimously.
The CHAIRMAN then proposed a resolution authoris-
ing the raising of 740,000/., additional capital, on the terms
stated ; .toting that the whole of the shares might be tidiest
by the proprietors in due proportion.
The resolution was earned with only one dissentient.
A resolution with napeot to the raising of the necessary
loans was also carried.

The CHAIRMAN moved the following resolution :
" That the salary• of the se,retary be 114M1. per annum, and
be included in the arrangement fur contingent Mere:Die,
adopted by the directors, with reference to the other officers."
In reference to the latter part of the resolution, the lion.
gentleman stated that the arrangement was that the salaries
of the officers should remain as at present until the dividend
rem:lied 3 per cent. The proposal with regard to the secre-
tary's salary had reference nut to the individual but to the
office, and emanated front a committee of directors ap-
pointed to revise the salaries generally. lie was hound to
say that he had not concurred in the recommendation; but
he now felt it his duty to bow to the opinion of the
majority.
A rather warm discussion ensued in reference to the
secretary's salary. Ultimately there WAS a division on the
point, which gave 99 votes in favour of retaining it nt the
present amount, namely, 690/., and lOU in favour of the
proposed increase to gall.
'tite resolution having been adopted, a vote of thanks was
given to the chairman, and the meeting separated.

YORK AND NORTH MIDLAND RAILWAY.

The half-yearly meeting of this company was held
this day (Tuesday), in the TM Grey Room, in the City of
York, at noun. 11. S. Tnowesom, Esq., WWI in the chair,
and the attendance of shareholders was not numerous.

The report, of which an abstract has alr;:iriliiiii7ared in
our paper, was taken as mad; and the registry M share-
holders was duly 'waled.
The CHAIRMAN, in moving the adoption of the report,
said that at the last half-year's meeting he promised that
their meetings should in future be held at art earlier date,
and that the reports should be in the shareholder's hands
some days earlier than heretofore. Their meeting this day
was two days earlier, and their report had been issued six
days earlier. Ile was, however, not satisfied that this was
all that should be done—and he hoped hereafter to have
their meetings still earlier. This half-year sonic diffi-
culty had arisen consequently on the consolidation
of their goods' accounts—but that being now ac-
complished this inconvenience would nut ugaiu occur.
The capital account showed that a large amount
had been expended in the course of the past half-
year; but not one-seventh of that sum was incurred
by the present directory. As to the outlay they
had made, they invited the shareholders to deter-
mine whether this outlay had been required, and
whether it bad been exercised with economy.
The chairman next referred to the question of improved
prospects. He was not inclined to take a desponding view
of the consequences of the competition to which they had
been subject. No doubt it bad taken some thousands as
year from them, but thanks to the development of traffic in
their own local districts, this loss had been less apparent.
Their own resources had shown an elasticity which had
made up the loss from competition, and now that the com-
pany had not much further threatened competition, he
hoped to receive their traffic further developed, and ir
receipts improved. In conclusion, he moved the adoption
of the report.
Mr. SEYMOUR seconded the motion.

Mr. J. SWAISN having objected to the item 1,7001. for
stationery,
Mr. PEART could not agree with the chairman that the
prospects of the company were improving, and he consi-
dered unless considerable reduction in the working expenses
were made, the hope of any dividend would be very poor.
He thought the fares of the company ought to be increased.
A SHAREHOLDER inquired whether the Market
Weighton and Whitby branches were realising what paid
working expenses and maintenance of way.
The CHAIRMAN answered in the affirmative, and said
that even on the Selby and Wcighton branch there had
been a large increase of tonnage. The apparent small
receipts per mile arose from the dispreportionate length of
these branches as compared with the trunk line.
Alter some conversation,
In answer to a question, the Chairman said that there was
no intention of doing away with the renewal fund for per-
manent way, and they were now largely drawing upon it by
works which were in operation in the shape of renewal of
permanent way.
The adoption of the report was then put, and carried
unanimously ; as was also the resolution declaring a divi-
dend at the rate of 11. per cent. per annum, payable on the
2nd of September, less income tax.
Mr. Cott= was re-appointed auditor for the ensuing six
months.

Mr. ROWN TREE moved the thanks of the shareholders
to the chairman and directors, whose duties had been very
onerous in their efforts to extricate the company from a
very disastrous position. The chairman was entitled, with
his colleagues, both to their confidtvice and thanks.
The CHAIRMAN responded. His task was an arduous
one, and he should be delighted if the company was in so
prosperous a state that he could leave its affairs to other
hula.

remitution adopting thu report wai then put and
carried.

On the motion of the Cit istMAN. 111essrA. Burbidge and
Phillips were re-ticet:ni dirictors of the company.
Letters wero read from Mews. Bishop (deputy chair-
man) and flannay, announcing their retirement Crone the
directory.
Mr. lilitLEY, of Leicester, and other gentlemen, begged
of the chairman to continue his position ut the head of thu
directory; and the propri.?tary pre.eut Lwow to slow that
the feeling was unanimous.
. .

After some hesitation, Mr. Nourox consented to act u
chairman fur a short time longer.
A motion authorising a slisidcnd of a shilling a share on
the 29th of September next, VILLA umusimously earrM.l.
Mr. SPALDING moved that the %aeallelei caused by the
resignation of Messrs. Bishop he nut til:ed up, leaviug,tho
board to bascomposed of nine directors only.
Carried unanimously.
Mr. PERCY and Mr. Ilunnettsrr, solicitors to the
company. repudiated some iiisnmatlous that had been
made by one or two of the speakers, to the etleet that they
were acting in a double capacity, being solicitors to the rail-
way as well as to the canal company. They concluded by
placing their resignation in the hands of the directors.
A vote of thanks to the chairman haring been punted, the
proceedings terminated.

TAFF VALE

ILWAY.

The half-yearly meeting of proprietors wns held
yesterday at thu White Lion Motel, Bristol ; Mr. WALTEIL
Corns, chairman of the company, presiding.
The ellAlltMAN having itruwii attention to the fact
that the increase of revnue had been 25,000 f.,
Mr. E. KENW AY, the secretary, read the report, from
which the following is an extract The balance of
accounts allows your directors to deefire a dividend of
It. 10, for the half-yew., un each original share of 1261.,
payable on the 6th day of September nest, mid a dividend
m the same proportion on the quarter and lot. shares.
They also apply the usual halt-yearly sum of VAL to the
depreciation land."
The report was adopted, and the retiring directors re-
elected.

LIVERPOOL, MANCIIEsTER, AND NEWCASTLE-
': rON-TYN J ("lux lialLwAv.— The half-yearly meet-
ing of this company, which is still in course of being wound
up by the directors, was held at York, on Tuesday; Mr.
O. Leeman in the chair. The common seal haying been
fiscal to the registered list of shareholders, the statement of
receipts and expiaiditure up to the 30th of June was taken
as read. The statement showed there was a balance re-
maining of 3,713/. 4.. and a profit on purchase of Lanca-
shire and North Yuri:Mire scrip of 71. Bs. lid, ; also claims
against the company amounting to 2,543/. Is. id. To meet
the balance and liabilities, there were assets amounting to
6,216/. puss 19d., and petty cashier's balance of 161. Ws. 9d.
The Chairman said from the statement of accounts it would
be perc.ived there was an item of expenditure made during
this half-year to the company's engineer, which had arisen
uuder these circumstances. Bethre th, present directors
came into office, a contract was entered into with Mr.
flawkshaw fur the construction of this line. Under
that contract he took steps and prepared plans,
and, in fact, the heaviest portion of cap s:mature had
been incurred by him. When this line was suspended, Mr.
Ilawlithaw said he was entitlentitled to compensation in respect
set' that contract. This hoard looked into the entire matter,
awl they were of opinion that, taking into account the largo
amount of molly paid to the engineer listnre the comp my
obtained its act, he ought not to press the delimit. Mr.
Ilawkshaw, however, placed the matter in the hands of his
solicitors, who called upon the company to pay IMO/. as
compensation for Mr. Ilawkshaw's loss un that contract. A
negotiation took place. and it was arranged ultimately that
5410/. should be paid to hint iu discharge of all claims. That
was the item in the accounts to which he (the chairman)
referred, and he thought that under all the circumstances
the board had adopted the best policy, rather than becomo
involved in a law suit. There were other small items in
respect of which he observed that from time to time small
demands were made upon the company, which they arranged
and compromised as well 114 they could. All matters were
now considerably narrowed, anal he believed there was now
only before the board a suit instituted by Mr. Preston. Of
that matter there had been a hearing before the Vice-
Chancellor Lord Cranworth, who had indicated an opinion
upon the agreement so far as it was set out in the bill;
but his lordship had desired, before giving judgment, that
the question of law arising out of the agreement should bo
referred to the Court of Queen's Bench, UllOll a special
ease. That special ease had not yet been settled, and it
would be some time before the argument could take place.
11'hen that argument had taken place, the board will bo
better able to report as to the ultimatum. Ile concluded
• by moving that the accounts be adopted, and circulated
amongst the shareholders. The inot was carried ; and
after a vote of thaults to the chairman and directors, the
business closed.

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MONKLAND RAI LWAY.-111te halt-yearly meeting
of this company is called for the tith instant. The follow-
ing are the principal items in the directors' report: " Tho
revenue account !Or the half-year now closed bill/WS an in-
crease of 2,1871. no. 2d. in the gross receipts, when com-
pared with the previous six mantle., and 2,1001. Ils. 7d.
when compared with the corresponding pe'riud of last year.
The net receipts, however, are only 2001. is. 9d. and
1,0891. 16s. 9d. more in the past than in these two preceding
half-years respectively. Alter paying interest upon bank
and debenture loans, the revenue accounts exhibit a free
balance of 8,441/. 9s. 6.1. applicable to a dividend upon the
consolidated stuck of the company, and upon the six and
five per cent. guaranteed shares. To meet the interest upon
the six per cent. shares, you will require to Net aside the
sum of 1,6181. 14-11, and upon the live per cent. shares the
sum of 8301. 6s. Oil., which will reduce the disposable balance
to 5,993 f. Is. 7d. Your directors, therefore, recommend a
dividend to be declared at the rate of 31 per ceht. per
' annum, less income tax, and 2201.35. 11d., the balance of
revenue, to be carried to the rest rye account."

CLERICAL