The Express.
London, England, 1851-08-23 00:00:00

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RAILWAY MEETINGS.

LEEDS NORTHERN RAILWAY.
(LATE LEEDS AND TIIIRSK.)

The half-yearly ordinary general meeting of the
Phurcholders in this undertaking was held at the Court-
house, Leeds, on Thursday last, for the transaction of the
usual business of the company ; and at the close of the ordi-
nary business, the meeting became special, for the purpose
of authorising the directors to exercise the borrowing
powers contained in the Leeds Northern Railway Act,
Titomas CONSTAHT.II, (who was appointed
chairman of the directors upon the retiretuent of 11. C.
Marshall, Esq.) presided.
The SECRETARY (Dr. Smiles) having read the adver-
tisement convening the meeting, the common seal of the
company was affixed to the registry of shareholders; after
which the secretary read the report of the directors, which
appeared in the Express of Saturday last. That of the
auditors, Messrs. Wilson and Bywater, was to the effect
that they had examined the accounts, and found them quite
, correct.

The CHAIRMAN, in moving the adoption of the report
of the director, and the statement of accounts, addressed
the meeting fur an hour and three quarters on matters con-
nected with the state of the works on the line, the present
position and future prospects of the company, and what
had been accomplished during the last half-year. He en-
tered into considerable detail as to the future prospects of
the company from the porta of Hull and Hartlepool, men-
tioning the fart with regard to the traffic of the Tees,
that an eminent engineer, employed by the Admiralty,
was at prescut surveying that river with a view to the
improvement of its navigation, and had reported that it
had considerably greater capabilities than the river Clyde.
He gave statistics showing the rapid increase of the shipping
trade at Hartlepool, and stated that at \Vest Hartlepool
there were 21 acres of duck and 44 acres of harbour read
provided, especially with a view to the opening of the
Northern extension, which the parties interested in that
town felt was required, in order to fully develop the capa-
bilities of the port. Ile also read extracts from letters writ-
ten by gentlemen engaged in the shipping trade, showing
the favourable anticipations which were entertained with
regard to the opening of the railway throughout. Advert-
ing to the present traffic on the line from Leeds to Thirsk,
the chairman observed that under all circumstances, consi-
dering that the line had no northern outlet for the purposes
for which it was intended, the traffic was not to be despised.
The traffic averaged about 30t. per mile per week; very
nearly as much as the York and North Midland traffic,
taking the whole of tkat company's lines. After a few oh-
iervations on the accounts, he concluded by saying that tho
directors felt confident that the result of the whole under-
, taking, when completed, would he satisfactory, and pro-
posed the adoption of the report.
C. G. MACLEA, Esq., briefly seconded the adoption of
the report.
Mr. EDWIN WARD JACKSON, of Norton, near
Stockton, at,, the request of the Chairman, proceeded to
make some statements in reference to the discovery of iron-
stone the Cleveland Hills, and its probable alert upon
the Leeds Northern Railway. Mr. Jackson then turned to
the prospects generally of the company, and argued that
when the entire line was opened the coneern must prove a
profitable one. All things considered—the Cleveland iron-
stone, the Hartlepool Docks, tic., eke.,—he confessed that
he was sanguine enough to say that he should not feel as-
tonished if the revenue of the company reached 200,0004.
per annum. (Applanse.)..

After sonso'cliiCussiou 'the report was adopted unani-
mously.
The CHAIRMAN said the neat matter was to decide upon
the best mode of meeting their engagements. A resolution
had been proposed which he would now propose as follows :
"That dividends be paid for the half-year ending on the :10th
of June, Mil. on the fidlowing shares, and at the following
rates, :—on the preference quarter shares, at the rate of
seven pounds per cent. per annum on the paid up capital,
and six pounds per cent. I.er annum on each sum paid in
advance on those shares, in accordance with the terms on
which such shares were issued." Resolved also, That on
the shares called No. 1,2, and 3, issued tinder the powers
of the company's acts granted in 1343, and according to the
resolution of the company on the 14th of September, 1319,
a dividend will he paid at the rate of two per cent. per
annum. And that the balance of four per cent. dividend
remaining unpaid for the half-year ending June 30tn, nn
the aforesaid preference shares of 12143; and also the
dividend for the same period, at the rate of six per

cent. per annum, on the preference fifth shares (Ist issue),
11149; and also the dividend for the name period,
at the rate of seven per cent. per annum, on
the preference fifth shares (Ind issue), WO, b• paid out
of the first earnings of the company, after satisfying the
prior claims fur interest on loans and dividends on pre-
ference quarter shares, as provided by act of parliament."
The question which this motion involved was whether the
I arrears of dividends which should have been that day paid
to the preferential shareholders should be carried forward
Ito their credit at subsequent distributions of dividends ?
(Rear, hear.) The opinion of the directors and the com-
pany's solicitors, and the learned counsel whom they had
consulted, was embodied in this resolution : " That the
arrears of the preference shares unpaid at one half-year must
be carried forward to Ire paid at the subsequent Half-year,
or as soon as there is money applicable to the payment of
dividends, and before the distribution of profits amongst
the holders of shares of lower classes." The equity of this
course was quite clear.
Mr. NEIL, in seconding the motion, said it was perfoetly
equitable to carry the unpaid dividends on to a future
period; and their attorney also informed them that it was
quite legal. (Hear, hear.)
Mr. HARRISON asked what would be the result if the

shareholders were to decide hereafter that they would not
pay these dividends carried over ?
Mr. I'AYNE (solicitor to the company) replied that the
holders of preference stock had a right to the dividends by
law ; and if the shareholders refused to pay these divt-
deuds, then they would be forced to do so, either by
mandamus or 1.01111: other course. (Hear.)

In reply to a tp.a,tion, the CIIAIIIMAN Said that tho
company could not pay any dividends this half-year upon
the preference stock lust issued.
The resolution was then carried, as also one giving the
usual powers to the directors to make arrangements and
amalgamations with other companies, 6ec.
TILE SPECIAL MEETISII.

The CHAIRMAN observed that the directors were
most anxious to raise as much MOM y as they elntlil upon
debentures at. per cent., instead of creating more prefer-
ence shares. They hoped, from what had transpired that
day, and the growing feeling of the public in favour of the
line, that they would have no difficulty in raising the
129,9401. they were authorised to borrow upon debentures,
and for which they were offering d per cent. lie then pro-
ceeded to describe the chief provisions in the act of last ses-
sion, for consolidating Me borrowing powers of the com-
pany, and affording facilities for effecting loans to the extent
of 608,9901., or 129,9401. beyond the sum of 479,0501. previ-
ously raised upon the company's debentures. In conclusion,
he proposed a resolution authorising the directors to exer-
cise the powers thus conferred.
Mr. JACKSON seconded the resolution, which was
adopted news con.
A vote of thanks to the chairman was then passed, and
the shareholders separated at 10 minutes to 4 o'clock.

NORTH BRITISH RAILWAY COMPANY.