The Express.
London, England, 1849-02-24 00:00:00

RAILWAY MEETINGS.

GARAI NORTHERN.
Fifth Half-yearly ifeetiay.—Landon Tavern, Feb. 23.
—B. DZIIIIIOII, Esq., M.P., m the chair.—The CEAlItILAN,
on taking Lis seat, was greeted with loud cheers from all
party IA the room and after the preliminary business had
of.
ThedtalllMAN end—Gentlemen, before I proceed to
the busUless of the day, I rounder it a matter of duty on my
part, and of respect to you, as well as to my colleague and
to myself, that I should allude as briefly sa.pessible to the cif.
eunistanots which induced me to retire in November last
from the chair which I pow occupy. Some of you will remem-
ber that at the last two or three meetings at which I have had
the honour of addressing the proprietors of the Great
Northern Railway, strong observations were made am to the
necemity of effecting the greatest parable economy and
retrenchment. I believe it was partly in coesequence of a
pledge which I gave to the gentlemen whom I addrimmed in
August last, that the dinctors would take the subject into
their most serious and impartial consideration, that a resolu-
tion on the subject which was then proposed was withdrawn.
In consequence of that pledge, and having regard also to the
courtesy which was shown to the directors by the gentlemen
then assembled, I thouebt it my duty, as the chairman of
the directors, and as your chairman, to turn my attention to
these subjects, which I did in the course of the autumn.
I thought I was the person moat fitted , to bear that
odious responsibility. (" Hear hear," and cheers.) Gentle-
men, I brought my proposals before my colleagues ; and,
without going into particulars, it will be suffitient for me on
the present ocanion to state that they, after due deliberation,
thought that those proposals went rather beyond what
was necessary; that the retrenchments of salary which
I proposed to make were too extensive. But finding that they
differed in opinion from myself on certain points, and that
my proposals were not acceptable to them, I felt it my
duty to • the honourable position of their chairman.
I will now tell you why
.I did so, and I hope I shall
convince you, as I have convinced myself, that I had no
alternative but to pursue that course. Fiadinr that my pro-
posals were not acceptable to the other directors, I certainly
did believe that I had so far loathe confidence which a chair-
man ouOt to enjoy, that they should have the opportunity
of putting another in my place, en whose judgment and
discretion they could place more rdienoe than they appeared
' to me at the moment to repose in mine. So much for the
' directors. I did not resign from a feeling of irritation or in
a pet, to use a common 'amnion, but I felt that I had no
other honourable alternative. (Hear, hear.) But, se re-
gards yourselves, I looked steadily forward to this meeting,
what I should see those whom I have now the honour of ad-
dressing; and I felt that the report which would have to be
laid before you en the 23rd of February would unavoidably
embrace recommendations for you to adopt, of which in my
conscience I could not approve. I could not consis-
tently occupy the chair which I fill on this Occa-
sion, and edviee you to adopt a report which was at
variance with my own opinions; and therefore I felt
that, as regards yourselves also, I had se el %motive
bietstreceasthmsiiswasuotyftresiguipyirmistts
toginomeg,
jars° ccisosairstb.:,:dwoerhugssitattlmlhmmeed.yhadratlierlehreeresioniataiiimmt
nooore-wl.
time aty wadi es, I must is, that I neva
so with higher or more independent hel-
-1 INK or mon mane be priers their duty to these ',pre-
sents/Oben the gendsmen with whom I have bees sew
idol here. Tay were nineteen to are and I felt
bawl M *Mow my own opinions. What Iwent now to do
Is to jasft the °pane which I then took ; foe I am quite
ready- to admit that without a very *ow we I we. not

• *
Sri,
4.ILAS• V

'heal& forthwith risme lbi tiara as chairman of the
board of director." (Chem)
Mr. RIND sesoaded the remintion.
The resolution was speed tenseniessesly.
Mr. HUGHES thesegardt " That ft is bi&y desir-
able, and fee the hater rst el the dreerekkes, that stmt
N• or be alsored asphe leatharlome of the esseper and
..6.l..n.timit * Rom" aeadftwe be avoided whistle set
dingiest to dm 11111111.1Mhe id the sada rusk Ire."
17.—e CHAIRMAN odd the seislatra wee a dationdos
tithe duty of the &settee Kiehl& der all all eke delly
serethe. They all felt the tresery kir mom); lied
be Kw* ft was sot Weeded by the meat Wt the loop
Ikea ireati set be emir=
The euedstre was vt
Ifs. =M IS seat perms& a resolution to the drat,
that the lards if the dream should be reduced one half
but there Wee se ..sender, it 1.11 to the ground.
lb Ur. 11 CORES then posereed, " That an arrangement
be forthwith made with the Widget sad parliamentary
egad of the empany, to pay him 2sy a salary of 1,0001. a
year, besides hi. costs eat of OAK.
Mr. WATMI worded the mottos.
After essaidlorable 4hessits,
The CHAIM'S( eitemied to Mr. Hughes whether he
led not better ertherairlfs reseluties.
Mr. HUGHES said he would do so, provided the chair
man would promise that the subject should be takes into
resideration by the beard.
The CHAIRMAN replied that he would not enter into
my each pledge.
Mr. Hughes's reelsties was then put, and four hands
only were held up la favour alit.
The Camas/at was then proceeding to put the ori-
ginal motion for the adoption of the report, when
Mr. BATES roes to move the following amendment :
" That • committee be appointed to investigate the affairs
of this empany, with power to all in, if necessary, an
esionatasth web committee to have acme to all peps'.,
bask; errors. egremente, a proceedings of the com-
pse sad that this metre be adjourned to the day of
(a bleak was left hr the date), to revise their report,
eweary expenses to be paid by the company."
A Pioramos here seeded 'raiders's!' merriment by
naggestise that the bleak amid be fitted up with the
word " fret," se as to fit the meting for the la of Aril.
Kr. Hatee's ameadseent leers been ultimately with-
draws. the report was then adopted unanimously.
Mr. Orley. the rodent auditor, was re-elected.
The CHAIRMAN tM propesie", That the amber of
Mester be redwood flea JO ti la, by sot filling up four of
the Sr menthe 'suer egad by the snarl retirement of
ame.teurta of their amber."
The motion wee areeded by Kr. AIROUIN,:a director,
sued easried. -
The CHAIRMAN sextproisaFTrat Cap—news, one of
the five encitore retiring. be re.eleard a dire ter."
After arms emideratios Capt. Laws was re-elected,
there being seers dimationts. '-r"'
Besdatieaa Ofeef'lefflthi
were the. adore which the allowance to
the herd was roars' km to 2,0001._ per annum,
and the salary of the merstary 1,2001. to SOK
The *shiver of the shares enumerated la the report was
she agreed th
The metes was then made epeeist for the purposes
shred in the directors' report, namely, to tubing to the
shareholden a bill empowering certain deviations, " not in-
volving any additional capital, ' and " to confirm, finally,
the egreemests entered into with the Royston and Ritchie
Company, for the transfer to the Great Northern Company,
as authorised by parliament, of that railway and the Shepretk
entension.'

Ben'attests for this pa having been carried, a rots of
tab was given to the ohairsaa and the directors, sad the
reeding separated.

EASTERN UNION.

Half%warty Meettep.—Loadon, Feb. 23.—J. C. COlllOl.ll,
Req., ALP., in the chair—After the usual feenialities,
Mr. SAUNDERS, the secretary, read the Mowing
M erle
** The directors meet you to day with the cheering pros
put of completing, at an early period, the Eastern Union line
to Norwich, and of opening a considerable portion of it in the
coons of the ensuing spring. The partial opening which it
was expected would have taken place at as earlier period,
has hitherto been delayed by the antes fully detailed in the
engineer's report, which will be presented to you ; bat it
will appear that no material delay will be experienced in the
time which was last proposed to you for the ultimate com-
pletion of the whole line. It is now, however, neeesiuy
with all poseible activity to proceed with the works sad sta-
tions and terminal arrangements required to accommodate
the passenger and rnerehandise trams, without which the
resources of the district eanaot be developed or ascertained.
The Axed periods for the payment of the remaining sails,
whisk during a season of great apprehension awl
distrust, w.re announced for the COIIWWWWW lOC
sessranee of the shareholders, and at their sensed and
repeated request, do not enable the directors to effect this
from those sources alone. They will, therefore, shortly
being before you a proposition far carrying int, embolism
the powers which the company pommies under an act, ob-
tained in the session of 1847, of raising an additional capital
of 200,0001, for which no shares have yet been created.
" The agreement for a lease of the Harwich line
by the Eastern Counties Company is prepared, and will
be forthwith submitted to the board of that company
sad the directors of the two companies are particu-
larly anxious to expedite these works, as the government
have announced their determination to WAR& the Post-
adios mail steamers for Holland and the Nee* of Europe, at
the port of Dervish, coatraste having bees already calmed
into for the commehtement of that series is Alisperd.

The &Wool*, anticipating from previous
with, and intimations from. the sielfteldeii that
each coarse woald be taken Mirett swidest, teed
being firmly convinced that the .1 the lies to
Berwick, at the earliest pendble will be curviest
with most beneficial rusks te this ccempany and lie
capital stock, and being also swore ageism an on
expenditure of capital, by the arrangement mitered Into
with the BastentCoundes Cotmermary, did not avail themselves
of the power of the act of 1847, by applying
ft an extension of for the purchase of land
and execution of the weeks en that line. Their duty
therefore, as well as your Leftist, renders it necereary that
these works should now be prosecuted without delay, sad
with the utmost expedition, that, with due regard tom:ono:ay,
the resources of the company will permit. There must us-
eamarily be a further delay in commencing the works to
Woodbridge, prudence demandiegcaution in the prosecution
of branch or extension lines until the resources
Ot .the company can be advantageously realised,
we capital more readily obtained for railway purposes.
Thu directors thought it desirable to provide for this enserg-
ewy by taking advantage of the provisions of the general
set before referred to, to obtain the necessary extension of
time, and this line will not be undertakes without giving
the shareholders an opportunity of-expressing their opinion
upon it again,
' The original capital of the Ipswich and Bury St. Ed-
mund's and Norwich Railway Company wu 950,0001., of
which 3,042 shares of 25L remain, as appears by the firmer
reports and published statements of the isompany's accounts,
in the hands of the company ; the sudden revulsion
which wm experienced in railway property after the passing
of the Norwich act, rendered it impossible to issue the
skairesineept on terms very disadvantageous to the company.
It being expedient that the company should have additional
powers or this purpose, and also be cabled to re inue such
few ;dunes as may be forfeited for non-payment of calls, and
which scold not be advantay effected without the
unlucky of parliament, the ors gave the ma par-
liamentary notion of • bill he that purpose. rise Is the
pumt cession, and as at the time they piss wit sedges
Use current of public *pink" sad the sass takes by the
great leading railway commies were eftsgly in fewer of
union between onapanies Wing a weelesa object who
the chums anew justified or reguized it, the dinesl
tors tlettit right to labeling* permissive powers,
into the to risible the shareholders of this company to
carry MO cosy angsgement for their advantage which
they might hereafter have the opportunity of making with
the Bootees Counties C and which without perlia-
asstasy authority could net le effected; but the powers
'ought for are only peusinivo, so negotiation on the Bab-
ied have nor tam plies between the respective boards,
and the direaten Iwo at potemft none in view, except those
which relate to the HumoM Ws.
" la reviewing the Weems of the company, it will be found
that although no sew Ilse has been opened during the last
year, except the short additional portion to Finsingbas—
opesed foe goods traffic ea the 7th of June, and referred to
In the la‘thelf-yearly report—the gross receipts have ex-
ceeded the receipts of the preview half year by 6,9481., and
those of the conewonding half-year of 1847 by 6,082(.; the
working expenditure has at ttio HMO time increased in •
very trilmg cement, the cost on the preview half-year bang
19,7344 old talks Let half-year 20,0001. Had it not been for
wee inereased met ea esaintermice of way daring tee recent
wet resses, the lest half-year's expenditure would have been
Ism than*, kalf year preteding,uotwithstanding the increased
amount d trate. From the experience they have had, and
from isliewation which they have ablailied from the
MOWN of the traffic department and the engineer,
the
dirtame hal einviseed that whet the resources of th line
▪ dooseopod, the working expenses will be "stead frees a
ceinglesateeig b to at average per outage on the mews
fees mid rob-
" The flusters bow to essounce that Mr. Footman, ea*
of their bedy, who, apes Ise opening of the line, kindly un-
dertook the duties of gerund tragic manager for a limited
period, and who has perfumed those ditties with the
:titadvantage to theriemweray, is new about to relinquish
at their resident minim (Ms. Beal), who has bun
his eesutant coadjutor, and whose general capability and in-
timets knowledge of the locality and its resources are highly
iffellesiated by tb. board, has, without way bureau to ho
salary, lei taken those duties until Use immeing ef the line
to Merwicb, in which he will have the essistesse tad advice
et Mr. Footless, should they be needed by him.
"Some Mann will be brought before you for forfeiture at
it= to
e meeting be hereafter held, bat • easeful com-
the lam whisk the company may @Wain in
Miraate thereof *sables the direeters to state that the
not be materially affected thereby. They deeply
trigger that it has been numeary to octopi lepl proceedings
ter the mousy of calls .pint mural parties who are repre-
sented ta them es able to pay. T.key have refrained as low
se putibis from praline say shareholders, bat they felt
bewail to set with eeqqual justice to all.
Genie Mr. Frederick Pratt Barlow,
Mr. I. Cketellief Cebbold, 'Kr. George Joserdyn, Mr. Wil-
ma mg Wares, and Mr. Robert Williamon, ass the six
abootom eseriesea it falls to vacate their sues at the Board
ea ells seem. Under the Amalgamemation Act and a
earehdies ef the general meeting of shareholders held on
the and el low last, _iv* *sly are to be elected in their
rases, and Mr. Frederick Pratt Barlow, ler. J. C. Cebbold,
Mr. New ',ugly*, Kr. Rebut Williscsoes. and Mr.
George Mums- der, wW be pat in sgstiasties, and are re-
filwitwied W yes kit re-daft&

• moolutiew rsoememailsd by the committee for considiz.
fag Oho empoisn or male railways for the adoption of
posidewifbe pollommet IS that subject will be submitted
toyea.
The semills for the half-year ending the 31$ of Dec.,
1645, _ waft =Ail& 17s. 6d.: the disbursements
MAIL b. IL ; leaving a balance of 9,4641.155. 3d. The
memo uonsust ttp to the SUN peeled Mowed the following
malts :
Do.
lb=lod sails m 117,407 0 11i
33,011 I 48
Sll,OlB 13 0

Same
Ca.

---
Bylormotheitazges
Oosehlagelltlo
llordradindlllo 6,038 0 7
P• 1166411110 1,95317 4
p._
18
=lB lB 3 4
1,618 7 10
f 2OO 3 7

19,014 0 11
Rates 016 5 ili
Dui,
90,037 10 4y
Balms

£32,071 2 44
The report was then agreed to. Resolutions were parsed
appointing the lln directors who offered themselves for
re-election, sad Mr. Field was we-elected auditor. A re-
solution for a petition to parliament on the subject of
rating 'sawn. was passed. Oa the moths of Mr. Az-
rimer, a resointion was paned noneeting the directors to
obtain power from naliament, in the bill which was to tome
before It, far the limitation of the number of the directors to
12 instead of 15.

OXFORD, WORCESTER, AND WOLVERHAMPTON.
Haf-yearly Meeting.—Wormater, Feb. 23.—F. act-
roan, Esq., M.P., in the chair.
The SECRETARY read the directors' report, which
stated that " The directors having made the Anal call upon
the original shares of the ccmpany, which became payable
on the 20th September last, and having found it impossible
to raise money on debenture to any adequate extent, have
refined their expenditure within the narrowest Uric com-
patible with the safety of the works, and with the cont sets
into which they had entered, ea will be seen by the repeat
of the engineer, Mr. BrouteL"
After refining to that report, the directors say:
" They feel assured that it will not he in their power at
the present time, or within any reasonable period, to raise
the mosey necessary to complete the whole line, and until
such completion the lease to the Great Western Railway
Company, upon which this company mast rely for a revenue,
doss not come into operation. Your directors, therefore, feel
it most important to the interests of this company to enter
into some are t with the Great Western Railway
Company, by which a proper rent may be received upon the
completion of a portion of the line, with the view of en-
ab:ing this company to raise the capital requisite for the
completion of suit portion, and to continue to pay the
interest to the shareholders, after which they apprehend
there would be less difficulty is raising the capi-
tal nueseary to complete the remainder of the line.
This, with your sanction, the directors would endeavour to
obta.n ; and they cannot doubt that it would be the interest
of the Groat Western Railway Company to meet their views.
' But the directors must state to the proprietors that a differ-
ence has arisen between the directors of the two companies
in the carrying out of an arrangement upon which an agree-
ment foe lease would be founded. If the proprietors agree
with the directors is to the desirability of an arrangement
more suited to existing circumstances, and are prepared to
sanction their endeavours to effect this, the dircwors, would
strongly um upon the meeting the necessity of not Weren't.
ing thhee ties whirrs already exist, by a discussion
of the question on the present °cession. The di-
rectors do not uk any qower which shall sow-
sede the necessity of obtaining a vote of approval from
the proprietors, who will be called together and the whole
case submitted to them for their sanction as soon r any de-
finite terms shall have boon la/ranged. They further suggest
that, under the present circumstances, it would be desirable
to postpone the payment of interest on the paid up capital,
for the half-year ending Deo. 31 last, until the special meet-
ing shall have been ailed. The only bills before parliament
in the present mask* in which this company is interested, are
the Severn Navigation Bill, which contains clauses prejudi-
dial to the interests of this company in reference to the
guarantee of the tolls, and which your directors will oppose
unless a satisfactory arrangement be made ; and the bill re-
ferred to In the notice of meeting authorising the sale by the
co npany to the Birmingham and Oxford Junction Rail-
way Company of the Stratford Canal, and which is
wholly at the expense of the latter company."
ricvliltehlee had been forfeited, and two directors and one
auditor retired by ratatio*. The accounts showed a total
income of 1,480,6851. 12a. 6d. and an expenditure of
1,234,9441. 14s. Id. up to June 30, 1848, besides additional ,
199,6481. 14s. Bd. for the last half year, leaving a balance in
hand of 45,9931. 31. 94. only. On the accounts of the Stour-
bridge Extension Canal, a balance of 1,2161.5 x. lid., being
the profits of the half year, was shown. The tonnages re-
ceived for the half year had amounted to 2,0641. Os. Ilyd.
The statement of income and expenditure on the Stratford
and Moreton Railway &amount showed the receipts for the
half year to have been 1,8201. 3.. 2d. and the expenditure,
with rent, lank fn. leaving a balance of 281. 18e.
The Meet was wispeed, as was also the forfeiture of five
dross ea wilt moos* of arrears of calls and Interest
therms is secured *Use ompany.
The directors retiring, namely, Thomas Badger and Henry
Goober, Esq., were ra-elected.
The meeting then resolved into • special one, to consider
the draft of the bill referred to in the report to authorise the
isle by this company to the Birmingham and o:ford Junc-
tion Railway Company of the Shalford Canal, and having
resumed, The Rev. Mr. BEARD put several questions
to the Camillus relative to the proposed amendment, and
the time of fixing the special meeting, to neither of which
the chairman gave a definite reply, and the meeting then
sepusted.

BRISTOL AND SOUTH WALES JUNCTION.

in the their.____ _ - -

The CHAIRMAN remarked that no material alteration
had taken place in the affairs of the company since the last
ball-yearly meeting to form materials for a report. The
directors had hoped ere this to have been in a position to
call a meeting of proprietors to determine as to the future
course to be pursued ; but difficulties hod arisen in reference
to the Aust Ferry, and until they had been got rid of the di-
rectors would not be in • condition to give a statement of
the company's Ia the meantime, in order to pro-
vide for any contingency which might arise, and more espe-
cially to meet the course which had been commenced by
some proprietors of transferring their shares to irresponsible
parties, the bated kid thought it right to make a call of 11.
per share. He (the chairman) was afraid that they
would not be able to complete the undertaking. He
said this with much regret ; for no one could see
the direction which tke South Wales line was taking to
Gloucester, without at once perceiving that much of the
traffic which should come through Bristol would be diverted
' from its present channel. The chairman then proposed the
re-election of the three retiring directors, Messrs. W. Morgan,
Robt. Leonard, and W. D. Wills, which was unanimou.ly
adopted. A brief cone/nation followed, in the course of
which the chairman stated that during the past ball year
there had been nothing spent on account of engineering and
surveying expenses. Although the directors had made •
call, is wee not their intention to enforce it unless the money
was abeoluteiy required. As soon as the matters in relation
to the Aust Ferry (which were now in the hands of the soli-
&tors) were settled, • al meeting would be called. The
cash account showed • balance in hand of 9,7161. 13e. Id.,
and it was stated that there was between 6,0001. and 7,000.
due on calls which it was thought could be recovered.