The Express.
London, England, 1851-02-22 00:00:00

THE EXPRESS, SATURDAY EVENING, FEBRUARY 22, 1851.

LONDON AND NORTH WESTERN I Oas
of the- leertarfie° in, .Ikmah) then ,aaa tir
report, e main poults of w eh appeared estey .
RAILWAY MEETING. i Espras.
I The CHAIRMAN then put the resolution, that the
Yesterday,re-
the ordinary general isalf- ly court port and accounts
as read, be eaceiveil, adopted and eireu-
ted, which was carried unan!inously.
K proprietors of this company, was held in the New Board
The CHAIR3IAN next proposed the resolution, declaring
Room at the Euston Terminus, B. C. Clegg, Esq., M.P., the dividend of 21. Ids. per lOW. stock.
chairman of the company, presiding. The advertisement
eammuning the mecuug and the minutes of that previous 1 Mr. GASKELI.--Said be gathered from the chairman's
Laving been read, oh*.evation, that it would in his opinion be a prudent act to
The CHAIRMAN said,—l should have been glad if keep a large reserve for the purpewe of meeting the competi-
tion to which they would in all probability be subjected.
&had been iii my power to congratulate you upon an increase
if the Great Western stretched its broad guage upwards to
la the piss cat ae r trate . ; I.at you will fine upon reference to the
. the north—and they had leariLl tiara tile reports of the
report—and doubtless the same causes are acting on it
Shrewsbury and Birmingham meeting, that nrrangemente
to which I have alluded on former occasions—that it has
fur the introduction of the broad guage into that district
remained very nearly stationary. With rd to one of
were being made—if those arrangements were 'carried out
the principal brunches of our revenue,—the goods trafac—
there was every reason to believe that when it united the
'the increase has been remarkable, indicating a great ins
crease of deemed throughout the country, and, I may arl'using company, a competition of the most real"' eh'•
meter would commenced. Now, if the North Western
add, in the general prep rity of the masses of the people..
Company took care, by limiting the dividends, to keep in
(Ileac, hear.) Bat there is another branch of your accounts
their strung box a large reserve, it might enable them to
to which I refer with equal satisfaction ; 1 allude to the
maintain a steady dividend, notwithstanding that
working expenees and their amount us compared with the
'''ell'etitirm' while the fact of their being so
amount in previous halt years. (Hear, hear.) Now, no
prepared would, probably, render the other com-
executive hotly can create traffic, but it is in the power of
Refer*
less anxious to euter into the competition.
ea executive body to take care that the working expenses r
ropetors should he willing to submit to a temporary
are kept down to a proper rate; and upon that point I think
sacrifiee, in order to prevent reckless competition. It ap-
we have • right to claim your apprnbation upon this
peered to him that there would lie equal justice to the pro-
occaeion. (Cheers.) We hue done • considerably increased
prietors whether the money was paid at once into their own
amount of work es ale but a relatively small addition to the
pockets, or whether temporarily, fur the benefit of the
working expense, ;and I may add that a much lancer .
concern a portion was reserved. The shares represented
amount has been laid out upon the stuck during the late r
not merely the line and the plant, but also the reserve fund,
half-year than in any preceding half-year. On very many
and they had therefore a proportionate value in the mar-
inade connected with the main line we have already
k
al `s
ma the capital account. On the locomotive ac- t*
A SH.VREHOLDER wished to say a few words respect.
event, on the carriage and waggon account, and also
ing the surplus. He highly approved of the determination
am that account of the estimated expenditure which I
to v ace a surplus of 150,01141/. ; but he would be glad to
has been submitted to you on two previous oc- • ia
know with regard to the gentlemen who were about to he
melons, and which is now we
have
laid before proposed as directors, and whose opinions were likely to
you by the autlitors, NO far we have
closed the
have areat influence, whether it was their intention to let
capital account ; and I confidently hope that in I
so . the surplus go un accumulating indefinitely. Though he gave
the count of a few months we shall be enabled,
full credit to the board for ability and honesty, he would be
far es the main line is concerned, to carry that principle
sorry to ex pose theta to the temptation of a surplus, which
much further. (Hear, hear.) But, gentlemen, lam sorry
bud them to represent as necessary expenditure
to state that owing to the non-completion of the negotiations m'gat
which in flirt was not necestaay. (Hear, hear.)
with the Great Western Company, to which 1 alluded
fhe CHAIRMAN, sal d m viewing questions of this
when I had het the honour to address you, we shall find it .
kind, we have to consider not only the duty of laying aside
necessary to call upon you fur a further outlay in the
a very• considerable reserve fund, and the cart which may
town of Birmingleuu. It is not my intention to enter into
be thus produced, but also to take into account she effect
the question of the reasons for that non-coinpletion. I re-
which the proprietary have • right to expect will, when we
gret deeply (the report alludes to the subject) that the
are in a state of prosperity, be produced upon the value of
Great Western directors ejected the terms delay were
their property by the declaration of an increased dividend.
offt-red ; and I also regret extremely that the delay which
(Hear, hear.) 1 may also add, that the board was unani-
arose from the communications on the subject dial not allow
moue in the opinion that on this occasion d) per cent. (Bei-
I Us, at an earlier period, to put before you the cense-
deed was the right dividend to offer you. (Cheers.) I
quent n,ecesity which has mien fur a further
outlay at the town of Birmingham. The other confess, gentlemen, that I heard the declaration of the on.
proprietor who ',fear first, as well as that of the hon. pro-
point upon which we are not ready at this mo-
prietor who followed him, nil,, the highest satisfac-
ment to close the etpital account is the necessary atetimrno-
tion. (Hear, hear.) With reference W the partieus
dation for the rapid developmeut of our gnat% traffic. (Hear.)
lar enquiry or the last proprietor, I should be pre-
The Met is that that branch of our traffic has increased at
sumptuous Indeed if I pretended to 'elk the question which
such u rate that really it would by quite impossible for me im
this occasion t„ state what actually will he necessary for in he has Pat' with "gar(' to the opinion of the I"n*
say tlmen who may be elected into the beard. All I can,
ii-
full and efficient mcoministlation. (Cheerse hope, however,
that
at the next indi..,,,_,idy meeting, w „me may be the that they have been proprietors of this company during
both the half-years' when thew• principles have been
man to address you will be in a position to ask fur a finalput forward and settled, and, as they raveds, no obj ection
Tore on that hind—(wn, hear)—inul then I believe we
then. I cannot doubt that they will elm' he advocates fur the
shall have effected the total closing of the capital account,
same principles when in the board. (Hear.)
in on far as the main liar in coneemed. (Hear.) As an evi-
dence that our pnweedinge tend in that direction I may Mr. BASSETT said, while he entirely concurred in what
mention that we have this yearordered, set you will sue by the had fallen from the chairman, he firmly believed that the
ref suet, it considerable udditiou to the working stock, ell of value of the company's property would he greatly enhanced
which
by the accumtaittion of a lurge reserve fund. As an heti-
which is charged to revenue— cheers —the psyntent being
victual, he should have la-en perfectly eitisficil with a a per
spread ove r A period of years. (Hear.) I mention this cir-
cumstance in order that the proprietors may see that we c 'nt. divideud for the present ; lint, for the reasons assigned
by the chairman, he thought it more wise and judicious to
are hoi,,Viele carrying out the pledge we gave at the former
meeting. (Hear, hear.) You will see by the accounts divide hi per cent.
which have been sent tumid that the directors mean to pro- The CHAIRMAN said he was one of those who doubted
pose au increased dividend on the present Otensitin. I cm. that the receipts frum the Exhibition would be so large as
hall been anticipated. (Hear, hear.) Ho would like to
'tidily confess to you that i(1 hail been administering my
own private 'Seim, I should have preferred not to neili.e realise them before making any appmpriation. (Laughter.)
any increased payment of dividend out of the net receipts The niotion was then agreed to.
in the present position of our affair.. I should have waited Mr. henry Crosfield was then electiel an auditor in the
until I had seen what were the effects of the competition place of Elias Joseph Morley, E.g. deceased.
The CHAIRMAN proposed "'Phut the remuneration of
now coming against us from various quarters • but
knowing, es I do, that we are connected with a b'ody of the auditors of this company by 100/. each per annum, with
proprietor., •to Sane of whom an inenseed dividend is free pass over the company's limn."
is a matter of considerable importance, Ido not think it The motion having been carried,
right to ask you on the present occasion to ini•resne the rc- The CII A IltalAN then put the following resolution.:
serve fund, which twice you baie adopted and approved. "'That Captain the Hen. Swinfat Thomste Carnegie,
(Hear, hear.) With regard to the prolvahle effects of con- RN., and George Ilan Lawreuce, Eel., be re elected clan-
petition, I feel considerable uPprellension in approaching tore of this company; end that Thomas Booth, Esq., be
elected a director of this company, in the place of Lewin
the question, in cowsequence of the position in which it now
Morley, Esq., who goes out of office."— Agreed to.
stands, from the eummunitatimer we have received front
than parties now opening new linos, and thus raising the Mr. RCP:ON then proceeded to read the following 14-
competition against us. We made propositions to those solutions, which were severally put front the chair :
companies, by which the compitition might have been car- That the following portions of the Sharehuldi
rich on at equal rate., but when we find that such a prome Bill of last year be adopted :
salon will not answer their view*, but that they must have la. so much of cleave aas provided for the appointment, at the
what they are pleased to call "discriminate rules ,'• mean- scead half.yerely unsung in race year, of Me sharthold• e' to set
ing, I minion, differential rates, so as to draw the tragic for the thed coning year as an au it corninittav, whine duty It as„l,
be to met la the month ot January In each year, in ceder to remit.
front the shortest and best routes, and take it to the meet in-
convenient and circuitous—when this principle is to be pro- Irmo wadi? otih,teo;',:usielt,,,hblelifir hre4,,Trneg,l is aka*ttra'rus i.th: ietleete
pounded, lam once you a-ill agree with me that it Moir who at that meeting go out-o'-foutHce;d'aid with i priatelesiti thalate t
would be in rain to hope that we could now measure what no person shall le qualified to be elected or to act, as a member of
the effect of such competition may ultimately prove. (Hear, such audit coramitto, waeo he he at tie tine of his election, and
Ass hen for ths six ewonder months thin next immaltnely ere.
hear.) It is quite clear that if the "discriminating " prim-
ace.uine. arm clihri.d, ue during hie year of Mae, the pnprietor March
ciple is adopted in the quarter to which I have alluded, the
~,,,,,4m,yeLi.of
to
beres. r amounort ofiteho:libtnitnhi;her ;Imirptidatitnies, :Tett
inevitable eon-sequence will he the adoption of similar prin-
ciples by us in self-tiefnee in such quarters as may be open comtsmy, or Me pdriacr (in private trate) or a yof sae directors ot
to us. It may be interesting to you-1 will nut occupy or momu emplolvd by the coos, any or toe relatne by boon (in the
much of your time in stating it—it may be interesting to Medi-am.; ur the el,ric of any such director or person, or it he bold
you to know it, and I will shortly state it, in so far us we
any other Mice or place of trod or profit ranch!. the comp Inv, or be
interested in any e-ntrnct with the company ; sad that en member of
have been able to judge of it. Now we pre at this moment
replant to competition on three different points, the wen mt",acelrgZaell h'''',1,1,4,1,10f accr.*:,l,;r4i„ar beanrngoth,„'„r "„thznece
Shrewsbury and Birminglun, the Great Northern, and the amulet with the company, dui tug the titre he stall be a mciabearnoyt
North Staffordshire. With regard to the Shrewsbury and .uch neonate.
Birmingham, and the Great Northern, it is impossible to end. to muck of clauee sas provided that noperson Mall be capable
of being sleeted auditor who is then, Cr within ail calendar months
measure accurately the amount of injury which their corn- shin
whs. bee, in the employment of tie company, or
petition has infficted upon us, but that it has done us some terle,:retedneet partner
ibr
.va. trade)orof any
,afe.till,eerltr,m=dofkicr
uperson.
harm is a feet which nebutly can doubt. With regard to the the
North Stafferilshire, we can immure the effect of competi- dente), ur Me clerk orraYy'such director or person, or if he hold fired
tem to a shilling, because we ecouut to them every week otli r olliee or plate of Veil or profit under th•• company, or be inter.
for our traffic. Nit
ow 1 ant incliued to believe,—in fact, the rated in an) contract web the company; ant that to auditor shall b •
capable ot accer argue,y other alike or plase of trust cc profit under
North Staffortlehire directors candidly confess it—that they
p.tar re,
durPrjg.toehetlatnew,,btrevbetedaualLan. y contract vita the coal.
have been grievously disappointiel in the amount of traffic
they have derived under their iirrangements with us as did. The mole of clause 9, providing that the auditors shall, for
between London and Manchester, and you may be sure the purposes of each bah-yetiviy audit, from time to time employ sr
that their* will be no uncommon error in connexion with weli-auawa public accountant, Who OM tbeir epioion wen vequainted
that branch of the competition. The North Stafford- with ralway :moans and affas, end whally unconsemed with
abs, (.1
tlritlepenoent of the Means of, or any perwm employed
sett
publicthaudiwn
ainn the mutter of
Aire have already openly alluded at their asublic meet-
su
leg to the dieuppointment they have experienced. I may tn. ~,ejair „,„(eeny'enatetMall I. pail
perhaps state the particulars of the traffic Isetween Liver- by the company stalt competent salary rrt atkow.nce to this
pool and London, because, you will remember, that LI the iguana., 'Want el the cer.firmation of the general met Mg, shall
next point hp,m which we are to he ottateca. Now, we ronsider proportioned to his duties in each case, on each occasion of
atithe And, since the effect of this provi-on will be greatly to reduce
ago to be attaeked on the Liverpool traffic with London li‘u.lithoub.gra.of
otk: auditor;
ir=titilLbytler,,,cctuiornupany, your coati
wader the circumstance. of a circuitous mute, a break oi rsc
Cr, and the crossing of the 3leniey. I mention tlwse aconowleoged by a payment of aleal per annuli( eacthe(wrlrlava fresbd.
because I sec gentlemen opposite to me who, when rya-" Over at piano( Like curopam's lines, mid :imitate; at all tmis
snaking their journey, will find considerable draw- dieing the year.
backs to their pleasure and comfort in the change,
4th. esi merle of clause 13 as would secure the deposit by the dine-
anso.dlettkrirapitaitorsoishan sage t, of a list of
Ler:, for the inform itidn of the proprietors, within the first lavender,
laces
and, mint probably, limier our own route. But year, 11,1:::
son h
even giving them credit for some self-denial, for such or ytne
Kleist/ no objection to enseatag the Mersey on a rough clay, fur elution as Sueeters; such list( also to be printed, sad safilfdait a
to break of gauge, or to goidg '2O miles round, in these reasonable price to an proprietor applying for the same.
! time. when distance is everything, still I think it is quite nth. Mo much of clause (.5 as provides that seem days be ore each
impossible that the inning,* who use our express. trains meeting fur the election of directors or auditor., the directors shall
will submit to the inconveniences to which I have alluded. rel,w.be:ta° Pr'teahe'ig"t t° every
c eha'eh"l4er a hurt eeeulatall
(Ilear, hear.) There are men who look upon desaiatch as riteaia by the auditdc pianos., anitteff,oanilecutiou
areas(' thaerulhosrv.e. 15t.7,7,...
sock
moat important, mud who will not submit to such ineonve- over pereins ill :ray) as shall then have been proposal in writing by
nience. Therefore deducting the express from the re- say shareialder (ti. t,c oratory of the ournpany) as cantlidans tor the
ecipts, the whole of the remaining earnings between Liver- miter of director; and alma list containing the names of the directors
pool and London are but 1,4701. a week. Suppose I give, who are to noire from Mice st such meeting, sad übsy the name. and
then,
railroad of all the Demme who are directors or auditors of the
liberal, competing
one-third etin
of this—it will only amount to 492 ryl tilica, Unit I think the allowance ve .
a 'ddtmdT, sr members of the audit committee, at the data of the
maim of such hot.
week on 227 mike of railway. Now the goods receipts are GM. So much of clause tom provides that the ashler of share-
may half this. Will these prices enable the company to holders, as well as docicholdera with the number and description of
carry on a fair competition ? All I con say is, let shares or amount of stock towkith ask Is entitled, shall he made up
them do it. (Cheers.) Renumber lam nut talking of the che,"leenth-_,,'"'l,,hr,__at all re'seeehl.„„ times °Pee t" the Pr Prieter`i
ton, sad members of the audit
discriminating rates, but present rates •; at lower rates they committee," a'.. rest.'" tum i.",,le"iito direct
cannot pay working expenses, not to speak of interest upon ,the Sommers of class. It as provides that neither the directors, use
capital. It is saiinrrular fact which was mentioned to me last any other person, at the expire., of the company, shall issue or Ma
! week by our mint able and active manager, that in taking trines• any appointment or dorm of appointment of a proxy in nand.
the passenger return our the week, amounting to 22,300/., patio. of, or for are at, any general meanie of the company, uoless
' only I,3vAM. cam from any line beyond our owu line. We rt he suthor
aityroni pr rthia Ic ilous g:nera I meeting, or by resolution
have always advocated one principle—that competition is not And soh, ho much of clause J(nillesuld lhaveprovideddrat the power
the rule of railway traffic -but, on the contrary, it is the con- of re-eleatng directors at any Do eting, at which such directors go out
acetate the various links together in union and harmonious of office. Mat never be elerLiara in Lamar or more than tour of suck
working for the benefit of all, and by which alone the retiring directors.
public can be efficiently served. (Hear, hear.) It is All the above resolutions were agreed to. except the Bth,
that principle which I OM happy to say is recognised by the upon which a reservation was made that at a subsequent
Great Northern and some other companies with which we period an amendment might be moved.
are brought into contact—Guar, hear)—it is that principle The CllAllialAN Mined the following resolution,
which will preserve your property safe and unscathed, which was adopted:
while the other would injure it to a degree we Can scarcely •' That the number of directors of this company be
contemplate. (Cheers.) Gentlemen, you are called upon and is now accordingly increased to 30. That of the 30
on the present occasion to receive from the committee of directors who will constitute the board, six shall annually
proprietors their report on a very important alteration in retire, and that thine retirements shall be according to se-
the composition of the managing body ; but I am anxious ninrity, subject however to a power for the directors to sub-
not to take up your time em that question, as it is of im- stitute, by ballot, for some three of those who would other-
portance that we should proceed with as little delay as pen- wise thus retire, any three of the whole board."
sible to the business of the day. You will be aware that The CHAIRMAN said the next proceeding was to elect ;
when the amalgamation bill received the royal anent, the 12 directors, to snake up 30, in pursuance of the above reso- '
legislature wisely, as I think, allowed the existence of the lutions.
several committees, and kept in office the directors eon- The following names were then moved and agreed to :
stituting those committees at the time. That, I think, James Heywood-
, Esq., M.P.; Richard Moon, Esq. • Joseph
was a wise arrangement, and the service of the Christopher Ewart,Esq. ; Sir Charles Eurwiche bought:4
different localities was better conducted by that 'M.P.; Joseph Brook, Esq. ; George Boyle Chappel, Esq. ;
arrangement than by any other—(hear, hear)--and 'regret John Ellis, Esq., M.P.• ' Ross Donnelly Mamie*, Etai,
that the legislature did not allow that system to go on M.P. ; Theodore Weolman Rathbone, Esq. ; and Edward
' until the time arrived when the old committeemen would Tootal, Esq.
have ceased to be in your *Mire. But, gentlemen. the On the Bch resolution, which recommended that two out
legislature determined that five years was a fair period fur of the six director* who were to retire annually should not
the trial, leaving it afterwards to the proprietors themselves be eligible for re-election, being read,
to en the manner in which the board should be constituted The CHAIRMAN said that he was desired by the ,
and the business of the company nianaged. The period has whole body of the directors to express their dissent from
now arrived when that eubject must be presented to you. that recommendation,
I must be permitted to bear my testimony to the great Mr. TITE strongly objected to the rule suggested by the
loss you have sustained in the resignation of my committee. In several of the London companies a similar
frientrand colleague, Mr. Lawrence, the oldest director, I rule had been adopted, and afterwards adandoned as vela- .
believe, in railway management, except Mr. Bandare,whase tious. It was not unlikely that the very best man among
services I also regret to hose. (Hear, hear.) It has been them might be turned out by its operation. If the pro-
always a source of great gratification and pleasure to me to prietors wished to keep the management of their affairs iu
have the aid and experience of such colleagues at the board. the hands of the directors, and not allow it to fall entirely
(Hear, hear.) 31r. Lawrence has, and I must say wisely at under the control of the permanent officers of the company,
his time of IW, thought it not expedient to continue in the they would refuse to adopt a resolution which would have
active management of such a concern as this, and has with- the effect of concerting the directors into mere temporary
drawn from your service. I must bear my testimony, too, subordinates to their own ently salaried servants.
to another great loss you have suffered in the death of my Their owe chairman might =netted under the operation
friend, your reepected auditor, Mr. Elias Moseley. (Hear.) of this rule. The bon. member moved that resolution Bbe
I could mention many others be whose services you have omitted from the report.
been greatly benefited, but as then gentlemen are them- Mr. RUTSON explained that there was no chance of the
deism present, I will not refer to them by name. But you company being deprived of the men-ices of the chairman, as
will forgive me for passing this tribute to those who have only two of the six retiring ditectorPerere declared ineligible
shown such kindness to me personally, and so much hearty by the resolution, and there usher would be any difficulty
ft-operation in your service during the period 1 have had in providing for his re-election.
the honour to preside over your concern*. (Loud and long Mr. LOCKE, M.P., supported the recommendation of the
coutinued applause.) ' committee, and said that by infusing new blood into the

ex di,

s' Audit

* di,

direction it prevented railway companies from becoming
close bodies, os they were too often inclined to become.
After same further discussion, the motion of Mr. Tite was
put and negatived.
The eighth resolution was then agreed to, and the report
of the committee received.

A vote or thank. w.as unanimously carried to the chair-
man, as well as a similar vote to 3lr. Lawrence and the re-
tiring dirsetors.
The meeting was then made special, and resolutions were
agreed to erupoweriug the directors to cuter into in arrange-
meet (in conjunctimi with the Lancashire, Yorkshire, the
East Lancashire, and Midland Railway Companies) for leas-
ing a portion of the tolls on the Leeds and Liverpool Canal.
connecting Liverpool with Leeds; the object of the agree-
ment being to unite more intimately the interests of the four
railway companies occupying that district, and to prevent
that injurious competition as to rates to which they have
severally been subjected; and also for the purpose of
enabling the company to subscribe for and take, in con-1
rurality with acts of parliament alreadylfor that:purpose
pa d, certain preference shares in the Chester and Iluly-
head Railway; and to authorize the raising of the needful
funds by mortgage or otherwise.
The meeting then broke up.

WEST CORNWALL RAILWAY.
The half-yearly meeting of this company was held
yesterday at the othees in Throgmorton-street, City. H.O.
WILLA, Eq., took the chair.
The report, which appeared in the Express of Wednes-
day, having been taken us read,
the CHAIRMAN said that since the report was printed
the directors had received tenders for the remaining portion
of the line, upon very favourable terms. The contracts
might now he put down at a sum of 10.3,000/.,independently
of stations.

Mr. PEARSE said he had great pleasure in moving the',
adoption of the report.
Capt. MOORSO3I, R.N., was exceedingly glad to hear
that the estimate had been put down at 10.3,009/., exclusive
of stations. (Hear, hear.)
It was stated that an additional it. per share to the 91.
already paid would carry them into Tntro.
A long and acrimonious discus ion took place en respect to
Mr. Mowatt's agreement not living fulfilled, in w hich Mr.
Flight, Colonel Harlow, Mr. Lodge, and several others took
Pt"- _ .

---
An amendment was proposed for the adjournment of the
meeting till that agreement was signed, but it was even-
tually withdrawn.
Mr. SMITH condemned their working the inclined
' plaues, and he thought it was most advisable to sacrifice
more money to carry out the works on the proposed plan
from ltcdruth to Penzance, so an to avoid them altogether.
Mr. CHING seconded the adoption of the report, which
was passed unanimously.
The retiring directors were then chosen, and a vote of
thanks was passed to the chairman and directors, after
which the meeting separated.

TAFF VALE RATLWAY.—The half-yearly meeting
of this company was held yesterday at the White Lion
Hotel, Bristol, the chairman of the hoard of directors, W.
Coffin, Esq., presiding. The report expressed the satisfac-
tion of the directors at the continued success of the under-
taking. The halanee of account allowed the directors to
declare a dividend of 4/. 10s. for the half-year on each
original share of 126/., payable on the 6th of March next,
and a dividend in the same proportion on the quarter and
101. shares. They had 1160 applied the usual ludf-yearly
sum of 730/. to the depreciation fund. On the Ist of kehru-
ary last, 76,214/. of the debenture debt became due, namely,
12,1001. bearing interest at 4 per rent., 63,214/. at 41, mid
9001. at d per cent., all of which had been renewed at 4 per
cent. per annum. The South Wale% Railway Company
having given notices for applying to parliament this session
for power to make a branch railway to form a junction with
the Bute Docks, the directors have taken the necessary mea-
sures for opposing such application, as the Bute Bock
is proved to he inadequate tor present requirements.
The directors arc now taking active steps for ac-
curing the lands fur the extension of the Rhondda
Vallies branches, so that the legal powers of the'
act of parliament may not he permitted to expire.
In reply to a question, the chairman said—The sum re-
ceived 04 account of the depreciation fund, prior to the
present half-year had been 7,600/. After expending por-
tions in repairing old, and purchasing a new engine, and in
replacing part oil* the permanent way, about 4,000/. re-
Maine(' in hand. The chairman then moved the adoption
of the report, which was agreed to, as was also a resolution
declaring the dividend recommended. Mr. C. E. Bernard
then proposed an itdditiou of 200/. per annum to the 500/.
already paid to Mr. Bushell, as remuneration for his ser-
vices as resident director. M. Hutchings, M.P., seconded
the motion, which was carried unanimously, and a vote
of thanks to the chairman and directors terminated the
proceedings.

NORTHAMPTON AND BANBURY RAlLWAT.—YetTer-
day, the half-yearly meeting of the proprietors of this rail-
way took place at the Easton Station. Mr. E. 11. Burwell
in the chair. The report stated that while the affairs of
this liac continue in abeyance, no unavoidable expenditure
is being incurred, and the resources of the company are
husbanded in every possible manner. The directors, as ad-
vised by their solicitor, consider that great difficulty and
expense would be risked and incurred by attempting to
wind up the Akins of the company under the powers of the
act of last session. And as hopes are held out that an im-
proved measure may be introduced and carried during the
present session, the directors would venture to ncommend
the proprietors to await the result, and take due advantage
of any such bill, if passed or expected. Should the share-
holders, however, consider any other means of bringing
about a rateable division of the assets in hand (which may
be acted upon more speedily) to be desirable, the directors,
IN far its they legally can do so, will be quite dispensed to
carry out the wishes of the proprietors. fhe statement of
accounts showed that the receipts, including a balance of
2d,4231. 6s. 7d. in hand, amounted to 25,7011. 6s. 4d., and
the expenditure to 43/. His., leaving a balance of
2.1,660/. Ss. 4d. The report, together with the statement of
accounts, was received and adopted, and it was further re-
solved that it is desirable to divide the unexpended deposits
rateably amongst the shareholders. Mr. F. T. Head, Mr.
J. R. Cobb, and Mr. E. it. Harwell, were re-elected direc-
tors of the company, and Mr. li. B. Whitworth was re-
appointed an auditor. Thanks were then voted to the
chairman, and the meeting separated.

BUCKINGILUISIIIRE RAILWAY COMPANY.—Yester-
dav, the half..parly meeting of the proprietary. took
place nt the Luston Station, Sir Harry entry in the
Ichair.—The report, which wax received and adopted, stated
that—The directors were happy to announce to the pro-
prietori that the Oxford line was opened us faros Islip on the
Ist of October lust, and was further opened to the Oxford
road on the 2nd of December. The remaining portion of
the line into Oxford will be completed and owned on or be-
fore the lot of May next, and at the proper time the lease
of the line to the London and North-1S ester Company will
be executed, as directed by the act. The accounts show
that there has been received up to the 31st De cember,lBso,
1,119,8821. 10s. 9d., and that 1,115,658/. 3x. 841. has been
expended, leaving a balance in hand at that date of
1,221/. is. Id.—Mr. Richard Creed was appointed a director
in lieu of Mr. Hunt, resigned, and auditors were re-
eleeted.—A vote of thanks was passed to the Rev. Mr.
Frecneuttle for his gratuitous services us chaplain on the
line of the company's works.—The meeting then separated.