The Express.
London, England, 1851-09-12 00:00:00

opinion should be charged to revenue as an expense in-
curred professedly for the protection of the traffic of the
company, and having nothing to do with the construction
of the line. The first preference dividend paid, amount-
ing to 1,447/., having been erroneously charged to capital,
ha, been transferred to revenue. The directors appear to
have sold 1,829 A shares, and 3,216 11 shares, amounting in
the aggregate to 31,6141. 6s. 9d., which has been duly cre-
dited in the cash book of the company."
The CHAIRMAN said—Very few words are necessary
from me after the detailed statement of our proceedings,
which has been made to you in our report. I confess, how-
ever, that I address you under the most unpleasant feelings
of regret and anxiety • it must at all times be more con-
genial to the feeling,' Of a chairman and board of directors
to be able to offer a dividend to his proprietary ; it so happens
that on this occasion we are not in a position to do so. I
regret this extremely, but at the same time, I am in no way
surprised at this result ; the extensive litigation we have
had to encounter, and into which we have been forced, bas
brought upon us expenses 6f such a character as to render
the declaration of any dividend impossible. This litigation ea
has been carried on much against our inclination, and it is a le
I source of much regret to me that we have not yet conci-
liated the parties with whom we have had to deal, 141
and I must say that I can only attribute this to the con-
dust of the London and North-Western Company. A IL
statementhas been recently made by the chairman of that st
company, which, with all my respect for him, I must say N
is inaccurate when he says that the act of parliament 40
for the Shrewsbury and Birmingham Railway was oh fhb
-
tained under the auspices of, and in itessiniew with, the io
London and Birmingham Railway. I deep that poWjon
altegither. It i true that when we first applied for our as
act we had the full support of the London and Birmingham
Company. 1 suppose Mr. Glyn refers to that; but it e”
must be recollected that when the assistance was given to us 1,
on that occasion, the London company stood alone—it had ye
simply its hue from London to Birmingham' and they were
unxious, in connexion with us,to proceed further westward,for
that reason we were opposed by Mr. Moss and the Grand et.
Junction Company. Unfortunately, on that occasion our it!,
I bill was thrown out, and the mat session, when we again 4.4
went before parliament, the London and Birmingham Cum- ye
pay had purchased the Grand Junction line. the result it.
was, that we had the decided oppoeitiou of the London and 17
North-Western Company. Although before they had the 16
continuous line to Liverpool, they were anxious to get zt
sown into the west by means of our railway. Therefore, is
Mr. Glyn is in error when he says that our act was 20
was obtained in connexion with the Lender' and 20
North Weetern Company. There is another point in 40
the hon. gentleman's speech of a most extraordinary telt!
character; a very large sum is curried over as a reserved k
fund to enable the company to conduct its litigation. ee
Now this company is poor; they are rich and power- to
tut, and it is a most unfortunate thing for us or for 10
any little railway, that we should be iu a position to be at-
borne dean in such a manner; however, if the share- V
holders in the London and North Western Company are to
content to receive :5 per cent. instead of 10, we cannot help et,
it, although the misfortune is none the less for our share- si
holders. Our report is so lengthy that I have nothing M-
ime to say ; I hope that at our next meeting the directors rt.
will be able to report our affairs in a more prosperous state. so
I now move that the report be adopted, printed, and circa- 2,5
lated. fx
The Hon. It. H. CLIVE, M.P., seconded the motion.
Mr. BEALE, of Birmingham, here handed the following it.
protest to the chairman : 21
10
" We, the undersigned shareholders in the Shrewsbury is.
and Itinninghum Railway, do hers by protest against retire- 10
ment t lection, or re.election of directors, at the ordinary 00
haltvearly meeting which is inconsistent with or otherwise
than in conformity with, and upon the basis of, the several 7;;.
resolutious passed at the adjourned special and ordinary 23
'settings of the proprietors of this company iu the months es
of April and May last. And we further protest against all 141
I and every of the acts of the persons since, andnow, assuming 911
to act as the directors of the Shrewsbury and Birmingham V,
Railway Company, inasmuch as no legal board has since
been summoned, or which after the passing of the said re- tail
solutions had power to act as the duly constituted and op- 20
pointed board of the company. And we further protest 19
against the appropriation of any part of the moneys received 10.,
by or due to this company from the Stour Valley Railway
Company to the payment of dividends on Preference shares,
or to the application of the said moneys to any other purpose to
titan the payment of a dividend to class A shareholders.— 23
John Webeter, Robert Scott, W. R. Collie, Henry l'iuches, 16
John Cliesshire."

se
After a lengthy and rather angry discussion, se
The motion for the adoption of tho report was put and so
carried. et.
A motion was then made by Sir R. LEIGHTON, to the el
effect that a sum of 2,563 i., which the directors had charged .2!
to capital account, should be charged to revenue account. "
This inotiou was in compliance with the recommendation
of the auditors. It was put from the chair' and negatived. so
Mr. of ShrewsSury, nest moved that a %um of
3,8191. undisposed balance should be appropriated in the eel
payment of Is. Gd. per share to the holders of Class A
than R.

• This motion having been put by the CUAIIIMAN was also
&elated to be lost.

On the question of the election of retiring directors being
brought forward,
_ Captain 1' ROBYIf, a director, said that he was not a 202
candidate for re-election ; that ho was opposed to the con- ui
duct of the majority of his colleagues at the board, and
that having been re-elected by the shareholders at a meet- 50
ing some time since, he should not submit to another election.
Mr. WALKER, a director and Mayor of Wolverhamp.
ton, then moved the re-election of Messrs. Perks and u
Balmy on the part of Class B shareholders ; and to com-
plete the number at the board to which the shareholders au
were in his opinion entitled (under the act of parliament) 25
he elm) nominated Mr. F. Barlow, a director of the 13i
Great W,st.:ru Company, to fill a seat at this board.— 3l
Carried. - IS(
-

Mr. BADGER, another director, moved the election of 10
Meson. Knox, A. S. Phillips, James Baird, 151. P., Charles ai
Emery, and Captain T. Buckley (of the Great Western di-
rection), to rei,reseut Class A shareholders at this board.— 10
Carried. 60
The CHAIRMAN intimated that the Great Western u
Company .would admit two members of the Shrewsbury
and Birmingham board on their direction.
All the newly-elected directors are friends to the Great 10
Western alliance.
Mr. KOI3ER 61 T SCOTT protested against the election of 61
all; and animadverted strongly on the conduct of the board (I
tor presuming to nominate w:rsons to till up vacancies in 12
the direction. It was quite evident (he said) that the whole
batch elected had been concocted in the board-room. 95

The meeting terminated with thanks to the chairman and
board a directors.

GREAT SOUTHERN AND WESTERN
(IRELA.ND).

The half-yearly meeting of the directors and pro-
prietors of this company was held ou Wednesday at the
terminus in Dublin, when the chair was taken by Sir
Eow.tuv SI'DoNSEL, chairman of the company.
The report stated that the accounts for the half-year ex-
hibit an expenditure of 25,9191. chargeable to capital. This
amount comprises an item of 6,6921., the balance of final
account fur the erection of station buildings, and another of
6,908/. outstanding payments for purchase of land. The
remaining sum, 12,3181., is the amount expended on works
along the liuc during the half-year. The directors of the
Killarney Junction have, during the past session of parlia-
ment, obtained an amendment of their act, which reduces
the amount of their shares from 241. to 151. each, and dimi- et.
sidles the liability of this company from 100,0001. to 60,0001. So
of which a sum of 18,5001. has been already advanced. It Ls.
also conta ies borrowing powers and clauses for the acquisition
of land of so advantageous a nature as cannot fail to result in
the speedy resumption and completion of its works. The to
directors are to strongly impressed with a coutietiun of the et.
benefits which the extension of a railway communication to 16
Killarney would confer upon the undertaking, that they can- .
not hesitate to advise the immediate adoption of such race- "
lures as will enable the company to fulfil its pecuniary en- to
gagements with the Kilhuncy Junction Railway Company.
There bas been an increase an the receipt for passengers 16
over the corresponding period of last year of 4,0051. ;in 117
goods, of 3,550/. ; and in cattle, of 299/. ; and that the "
tonnage of goods conveyed over the lino has increased by es
15,000 tons. The working expenses present an apparent in-
crease of 1,7931. This item, however, is the cost of work-
ing the Irish South-Eastern branch line; but, as the COM-
paar has received a sum of 3,1271. for that service, the
worasng expenses of the main line have, in fact, bean re-
duced by 1,3921. The directors will spare no exertion to
lessen the expenditure in every department, so far as it can
be done consistently with the efficient working of the line
and the proper accommodation of the public. The accounts
for the half-year present • disposable balance of 40,979/.,1
out of which the directors proposes a dividend at the rate of
31 per cent. per annum, or ltie. 3d. per share, leaving a ba-
lance of 551/. 18s. 4d. to be carried to the credit of the en-
suing half-year's account.
Resolutions adopting the report, declaring the rate of di-
vidend which it recommended, and re-electing the retiring
directors and auditor, were passed unanimously, and the
meeting separated.

EAST LINCASUIRE RAII.W.VT.—The directors are
about to construct mai complete the Bacup branch of
this line.

THE FATAL ACCIDENT ON THE MIDLA.ND RAILWAY.
—The coroner's inquiry was opened at Nottingham ymiendayi
when several witncena were examined. The
of the day had not concluded when the expressimzfral
for London.

- •
BELGIAN RAILWATL—A commission has just been
appointed by the Belgian government, to inquire tote the
public utility of the different projected linos, to sonsees
the collieries and manufactories if the loft bank et tats
Sambre.