The Express.
London, England, 1848-02-21 00:00:00

THE EXPRESS, MONDAY EVENING, FEBRUARY 21, 1848.

and our revenue hes been trebled. Veer stook Me continued in as
good • contlitien as It was in 1845, at the eats of the amalgamation.
ad I should not rest setielled if it was not considerably better—l
think I have shown you that your capital has been faithfully applied ;
and I may add, that there fa never • carriage or engine worn out on
the line that it is not replaced by • batter. INI not aware that there
la go other charge egeteetoe, or matter on which wean liable to be
that calla tor oblong/lee from me, and I will, there.
fore. proceed to the business more immediately before no. You
will aete, by a referenee to the report, that the directore propose neat
year to commence the creation of a depreciation fund. At pre-
sent we are under • contract which was entered into fer seven
years for keeping the permanent way of ODE line in repair. The
last of our old outrun for the line to Derby and some
other placeeexpites at Midsummer, when • couiderable saving of
ezpense will be effeced. That airing, together with other funds, we
intend to apply to the formation of slued for the repair of the perma-
nent way, and replacing rails and deepen when it Mull be found ne-
cessary. I bete may onetime, that In courquence of • heavier de-
scription of engines being now used, and a higher rate of speed being
required than was formerly deemed necreany. the rails have had to be ,
metered by heavier one. than were at first had down. Bat though the I
old tails have had to betaken up as nut eufficiently heavy for toe man
}et not being wore out, whey. tined them In the coutruction of
new iMes end Sane, for which other rails would otherwise beveled
to behoeght. The east of themes raibi leathern carried to capital ace
went, but when the old rails have teen wed their coot has been charged
to the revenue, eo that, in point of fact, the only addition thou made to
the capital account is the amount of difference in the met between the
old and the new relit, While I am mentioning the state of your
line I will nut call your anentkei to one fact. You are probably all
aware that the .oldster brought forward the budget in the House of
Camutione last night. A special train was engaged to carry this morn-
ing's papers containing the debate to the north, and we have learned
by the elietnc telegraph that our engine conveying the express per-
formed in duty in two henna and nix minutes, being at the rate of Si
mile• an hour, • speed which I believe has never been excelled on the
narrow gauge ; while it hoe been attained at • much Ina octet than
would have been the case bed our lime been constructed on a wider
gauge. There b another gratify lag fact, which it giver me much
pleseure tn making known to you it is that the directors do not
mean to make any call upon you for money during the present half
year It was with exceeding regret that, during the bete un-
fortunate and digestion. time*, the directors had to make
any .ills upon you, but they found it abrolutely necessary
to do so, in order to provide for their engagement, Wane were
falling in, and not knowing whether the parties would renew theta,
or call fur their money, we could not avoid making mile upon you,
in order that we might be prepared to meet any contingency.
It In, of canoe, difficult to settle, with any degree of accuracy, the
amount of our future dividends; but I hope that at the next meeting
•e shell be enabled to declare the came amount of dividend as we re-
commend to be declared to-day, notwithstanding that at that time a
large amount of 401. thane will come Into the receipt of dividend. I
joint toy opinion an to the result of our next dividend from the con-
viction that, after the severe deprerion which we have experienced,
trade FINISt if the geld be not run away with out of the
country by the operation of free trade ; and toy worthy friend, the
ileputy.chairman (Mr. Kill.), same; me that it will not; and as I
hope that It will not, • large improvement in trade mat shortly take
place. Now, ati the Bank in enabled to issue lathe ainountof 14,000,000/.
on the credit of the government, and lon now upwards of 19,000,C1en.
of bullion in hand, it in not • little remarkable that, after rub a dread-
ful equeeth a. we have had, that the Beak ehoobi have been
brought, within to abort • time, Into the most favourable
petition it boa ever occupied sue the panne of the
act of 1044, and which must, of neeseity. bare a con-
siderable inflacce upon the revival of trade. That eircum-
planer, taken In connexion with the heavy balance this
coliqmny will have in hand, NI the moan why I expert that the divi-
dend will he kept up for the next ale menthe. Ido not know that I
need state anything more, vant that I may mention that this day
we called all our principal officers together, end of the contadmation
in which I hold their ability I cannot spoilt tee highly, nor can I
expoxe too high an opinion of their honour and integrity. We
entre' them Wine us to-dav, end we drew their terioun nth ution
to
the necessity of economically conducting the line, living thtiafted that
every thin le should, under present circumstances, be conducted w:th
the ntriment economy, anon teeniest in view, however, the
etticimey and in 11-working of the railway; for there can be
era isontimy more unwise than Lacing 111-1,3!d and dim.
tidied aervente. The hn. gentleman then expOttheil arise
minor Memo in the account., and stated that they bad MIS
in other e ninnies. rather emery meeting., in cumquats@ of •
reduction of the dividends. That fortunately wan not the ages with
that compeer ; but hail it been AO hr (the chairman) should ham met
the sliatuholitere with the name confidence in their support; for It
could not be expected that upon the immediate opening of new Bass
which had tutu in tome measure forced upon them (though if they
net taken them the I:ri tepid traffic of their main Doe might have
le en abetracted; the yslioulti ht autidenlydeveloped,thn r. year' being the
average time leatally d for that procesa; and if they obtained
smu der dividend for a time, they moot bear In mind it was on a larger
ea; n.l that they had n(vie,it the chores in the exter..ione
1.1.7 alt of their protita ; and whelk. r the' hail retained or etl.l Co it
,hares, they must equally so con'iller them. The lan. gentleman
concluded by moving the adoption of the report—Mr. Ramey
...tended the motion, and after a short coneerthuon, In ablate Mr.
Braneireth confirmed from personal examination the statement of the
et amen SA to the efficiency of the mock, the rendutirm was unant-
moinity earrien.—A WIN. of reeolutione were then parsed declaring
the dividend as recommended in the report, for converting the 40f.
paid up shares into stock, authorising the directors to borrow various
sums of money under the powers of their acte, and re.electing the
retiring director+ and auditors. The meeting wan then made ,petal,
and the hill. int. educed into parliament were unanimmoly approved
I of. A vote of thanks to the chairman was accompanied with three
rounds of applause.
Bi INGH All, WOLVERHAMPTON, AND DUDLEY.—
Ifed.reenele Alrelit.g.—Birmingham, Feb. 19.—Mr. W. Matthews In
the chair. The report stated that since the ordinary meeting of
ah,relitildere, in August lust, the direetois had consideri d it their duty
to retied rather than hasten the progros of the wo he; and, in the
aelopuon of this plicy, they had been influenced by two important
enneitlerations—firat, by ,he degree of uncertainty attending the hour
• of the dnput, relating to the einnineham and Oxford line; and,
eecondly. lip the generalcondition of neinetery affair% which rendered
it dethrable that the resources of the company should be es husbandry'
as to render any precious on the nhercholders unticemary. With re-
ference to the tint point, there were rateinable grounds to expect a
netisfactory termination of the disputes which had to long extend.
W:th reference to the emend point, the improvement in the pecuniary
erodi ion and prospects of the country tideland of mush theater kee-
dein is regard toexpenditure, an that no obstacle was likely to occur to
I prevent the proaccu. ion of the work* with aline:emery Incite. An act
of p trliunent, bureau, haring been recently paned, authonning the
railway commiesiongre, on the application of railway compunies, to
grant au extension 1V time for the eampletinn of their worker, the
diens-re had censidered It advisable to avail themsen es of ills provi-
sion, and had made the neeneary application. Further, that five of
the directors retired (Messer. Muntr Lewis, Mamma*, Crane, and
siinmonds), and that they were eligible foe re-election.—'The engineer
reported that the land and buildings on the line, with few centr-
um), had been purcba.ed, that tome difficulty had been experienced •
in agreeing lor the Mal at Ilia Top (In the mineral district), where 1
the principal work at cootract 'No. S had to be executed, but that the '
arrangements being now completed the cohtnicters would proceed •
rapidly with the tunnel, as well as with the works through I
ti nen. The statement of accounts showed that, including a balance, '
there had been received niece last halt-year 91,0941. U. I Id ; and that
the expenditure, which included 17,970(. for bun, was 61,211/.16.11d , •
' leaving a balance in hand of 3n,6821.68.—The Chairman ocagratu.
land the shareholders on the position and erne. eta of the undoes
taking; the arrangement to base the line to the firent Western Coin-
they woo u good one ; and that proprietary had, under all cireum-
suncee, Pluck feet by them. With rupee' to the progress of the
• work., he hail only to remark that they were prepared to have them
contpleteit in the time preocrihed, but that in ennece,uence of
the incomplete Mate of other lines with which they were I
connece d at both ends they were compelled to go on in •
ge..tle way. At the town of Hiletou they connected them-
selves with the Oxford, M'oreester, and Wolverhampton, and at I
Birmingham with the Birmingham and Oxford ]unction; but
until thine linen were completed theirs would be comparatively me-
les+. Ile a tie happy to announce, however, that there was every
pri.ppect of a speedy and amicable settlement of the disputes which
had no long continued between the Great Western Company and the
one to which he had just referred ; and then the populous turd im-
portant mineral and manufacturing district around them would be
better pnivided with railway accommodation than eny other dinuict
in the AiDlO44ll. Ile concluded by moving the &attain of the re-
port. —Mr. Stephenn inquired when the ra,curitiee or debentures of
the Great We-tern to the aharehnldent would be issued?—Mr. G.
Wheteley, the company'a rolieitor, raid that the form of the properad
securities was now under the conaidenition of counsel, and that they
would be issued as won ses completed.—The report was adopted, and
the retiring directors and auditors re.elected.
1.41 'Mtn 011ian AND OXFORD JONCTION. Hoff: yearly
Meenny.—Birmingham, Feb. 19.—Mr. Munn in the tilAD.—The
Chairmunithid that Once the decision of the Lord Chancellor had been
given, profess's for an amicable arrangement of all the differences
which bed hitherto existed in the company had beeo submitted by
the dissentient Phareholders. With
prefernce to the nature of there
prrotwabt he would not then Fay a
word ; he hoped, however
that those differences would be soon put an end to, and that they
would be in a poeiteon to complete the line. li was for the Nike of
the runway interest generally that he hoped ouch a decision would be
arrived at, because he felt gatieft“l that if the great uompanies were
more united it would be better f r thcroselee., better for
the public, and better for all patties. Pending the sego.
elation, to which he hail referred he 'Mould decline enter-
ing into any statement of the affairs of the comiany, but
would emits nt himself with the announcement that • ballot had been
taken that day at the board, anti that the six gentle' o. to retire had
been determined upon. [The six named were those elected by the
diseenticit shareholders m alarch lase.] Ile move} that the meeting
at once erected to the deeD4-11 of gentlemen to aupply De vacancy at
the directorial Loonl.—Mr. admitted that the course to be
adopt. +I at the meeting to-day was different, in tome respects., from
the ordinary mule of proceeding, and that, in fact, the meeting would
be thmewhat of • formal tharacter ; hut this departure from the usual
tractive had been agreed upon, and VILA in tact, easential, in
the position DI which they were placed. It was not hie
mother (be paid), at that time, to elate any observations with
reference to whin had fallen from Mr. Russel in hie speech at the
Great Weeteni meeting, although horn that it might be thought
they wire the parties oho, by their procreating, raised obstacles
in the way of the b Meting these diffentices to a termination ; he
pledged himself, however, that they bad been advised the best mode
of proceeding won by demurrer, because it was the mat likely to lead
to a speedy molt. It was quite true they bad not edit dud whattbey
sought for, but • decision hail been given, be and thorn with whom be
acted bad taken a could, which, in the circumstance., they believed to
be the most coed thin to the memos of the shareholders. They had
made an ogre lathe Great Western Company in a goal and bows fide
spirit, arid with an intention of bringing t he matter .o a Abel and speedy
settlement. The position in which he had been placed had given as
little eatinfactiies to him no to others. lie admitted that such
contents were dinadvantageous to railway mameety generally: they
afforded the means by which other, might step in and interfere with
thou rights and privili gee shah they an railway proprietor had a
right to posses, Ile never had thught for a mere ti iumpb, but the
principle for which he coetended In the first instance hr now adhered
to, aed maintained the same determination to any it out In all its
Integrity. From the Bret he bad taken a nand against the agreement,
and now that the opportunity of making ',repaint+ for settling the
diepote offered itself, he was the fine to avail himulf of it. As an
amendment to the Chairman's motion Mr. Mosley then moved the

ff That the consideration of the election of directors to supply the
place of those who go out by rotation be adjnurnrd ;•• and this meeting
having heard read the following letter from Mr. Dobie to Menus.
Hunt—namely : 'Lancaster-place, Strand, Feb. 11, lug—Dear fins,
—Birmingham and Oxford Junction Railway--Strice the Chancellor's
judgment on our demurrer I bare communicated with such of
my clients as have been in town. It sill be in your recollection that
they have always expressed an anti°us desire for a speedy settlement
of the question in dispute, and have throughout declaredtheir
wNiag-
sees to concur in carrying out the alleged nmeement, if any compe-
tent mbunal should decide It to be binding mon them. Atiovelingly
they used every menu within their power to obtain the decision of
the Lard Cbanrellor upon the merits of the case, but so you are
aware without success; for in his judgment upon the technical point
involved in the demurrer, notwithstanding the allied to Aim by our
counsel, his lordship pointedly abstained from expressing any opinion
as to the merits, thus leaving the real menet in dispute as unsettled
as ever. My clients are adv,sed and Mill believe that their original
objections to the alleged agreement are well founded, and will
eventually pre.il if the pending suits be prosecuted to a hear-
up I but they cannot conceal front themselves that suck o ter-
mination could be arrived at only by a tedious end expensive
course nf litigation, extending probably over a period of avers'
years, during which time the undertaking would be locked up in
Chancery, the works remaining unfinished, to the serious Injury of
those who may be eventually declined the posseesorsof the line. Under
these
w ese.eircomatanecii then my clients, adhering to their original
the invalidity of the agreement the in, tem of the
price proyered to t.e paid by yours for the line, are, neverthelem, now
dor/Mem that an sinkable a, rangemeat is deshable, it one can be
effected; and they are therefore ready to recommend fur the adoption
du.' 'Amino:ham and Oxford sharcho,ders at the general meeting
tier •urday the following proposal. if I hoer fit m you that it is one
whin,. the Gent Western Company are Moo prepared to
Wout—arroely, that all proceedings at law and la •
equity be item' excepting lady your pending snit for specific
perkrii acre, in whieh a deems shall be passed by content, providing,
1. Fr the transfer of the Birsaingissm and Oxford undertanuag to the
Great \Velar en Company, who shall retain the 1...0rid art and comple-
tion of it. 2. That the Great Masten Company forthwith give to
such shareholders In the Birmingham sad y as shall
have paid op the full amount of 201. per share debenture or
to the amount of 304 upon each share of V.. inch recuritYlera

due glad be paid off with interest at the periods and rates eel forth in
the agreement of 12th November, le lti. 3. 'I hat the Birmingham and
Oxford Company, at a general meeting to be forthwith oiled
under lord Whams:llWe on!er, ettall appaove by tte neces-
sary mnjority of emir of the bills saw before parliament
hi reference to this line as the Great Western Company may require.
4. That both parties shall comer in all each further warmers as may
be or as the Waft stall direct fur the purpme of fully and
gaiety Into drat this arrangement. hewn sting an early a
reply to this letter arstay ameba with the convenience of your clients
and remelt, I have only to add that it in written .o"ely for the alike of
at once ending, if peedble, an otherwire apparently neerminable liti-
gation, and that of mune my clients will, under all circumstances,
reserve to themselves the right at all times of reverting te sod acting
on their .till decided view of the alleged agreement (if either), the
present suggestion (made, as it IN without prejudice to their preition
or intereets in any respect) be not adopted by the Great Western Coon
patty, or if the latter shall fail to perform their part of the arrange-
ment.-1 am, dear airs, he. (signed), A. laseen—Mere. W. O. and
W. 'Nat.—And this meeting, age roving of such letter, and adopting
the offer therein contained, the chairman to communicate the aameand
this resolution to the Great W. stern Railway Company, with • requeet
for a definitive reply on or before the 3,1 March next, end that this
meeting be adjourned till the 4th day of March mat, at half-mut two
o'clock in the afternoon, at Dee's /loyal hotel, at Birmingham..
Mr. inners. of Liverpool, Preceded the amendment. Mr. C. Russell,
the chairman of the Great Western Company, commenced by remark-
ing tied been e he made any oho re:atone, he wished it to be distinctly
underetood that he did not intend, in anything he might utter, that it
should be regarded as in a hostile epic It. With reference to what he
had mid at the Great Western hoard, and to which Mr. Mosley bed
adverted, he winked it to be mderritoud, that although he add that
the proceedings taken by the dissentient shareholders wore of a
character to came delay in the final settlement of these unhappy
difference', that he had aim mitt he had nn doubt the advice of coun-
eel had been taken, and Mr. Morley and his friends were
not seeking any aitrantage to which they did not eonsider them-
, selves fairly and legitimately entitled. Ile appeared at that meeting
▪ the character only of a director In the compeny, and IN chairman
of the Great Western Company it was his duty to be careful not to
ecamit that proprietary to aything by ob....rations he might make.
With reerence to the letterswhteh had been rend from Me. thine, it
see proper he should explain that It wan TrOMWW/1 at the station nt
Paddington on Tuesday, the 15th, and forwarded to him the game
edght ; at twelve, as Wednesday, he received it; that was the day
gator to the half-yearly meeting of the Great Weiner. Company, and
!am circernetancee which took place at that meeting, it had been ion.
possible far him to attend to the content. of the letter ring; in fact
there had not been a board meeting, hut tie mater was of ..uch
haportaree, and involved queetion. which it wee so dot/able should
Is speedily settled, that It would Immediately be taken into
sanatdetutton. With the object of Mr. Mint e3': amendment he bad
so fault to Mil, but it was impresible for him to concur Is it alto-
gether, because it pledged three who did out to a particular thing; at
tieresume time he begged to secure the meeting that he should proceed
to the ceneigeration of the propneala submitted by Mr. Morley'. friends
with the noel anxious deeire Lind pur, me to arrive at a satisfactory
result. The company he rentmented desired peace, and that that
peace should be rendered sa general and a. universe] a. paedble.
—Lord Ilatherton could not support the amendment, for the teaser
amigned by the last speaker, but his lordship said that he was
equally anlieue as Mr. Morley that the dismute should he put an
end to by a satisfactory arrangement. Ile did ant doubt the
sincerity of Mr. Morley, [wither did he doubt their being
on the ere of a settlement of this ye...id question.—Mr.
Mathew. (the chairman of the Dudley company) said the battle
had been fairly fought and fairly won; having done this, no ream
wax more anxious for peace than himself ; at the some time, he eosin
not commit him-elf to the nmendment by supporting it in the len-
gusige in which it WWI couched.—A ter a brief sheets/lAm the amend-
ment wan put and carried, and the meeting stands adjourned to the
4th of 31arch.• -"there woo tome alight symptom of returning amity
in the fa& that, for the gnat time since the meeting on the 4th of
October, 11444 there was a vote of thanks moved to the chairman.
This ace, done he Mr. Morley, who warmly eulogised Mr. Munn: tor
hi. unPorte courtesy in trying eircuitostancx... In the c • nese of his
epoch, the hen. gentleman rend that the public hall lawn rrned
better by rails aye than they ever expected to be; and that if railway
director. woe to go on considering and 3 leltldg to the public much
longer, the public would soon have no railway propriety. on whom
to turn.

lieCierNOHAtestitite Ilaif yearly 3/se: ling.—London,
Feb 19.—Sir 11. Vence y in the chair —1 he direetnue repot stated
that onthe approach of the extraordinary diffieultiee in the money
market, the dinners eoneidered that they wink; beet consult the in-
tempo of the proprietary by curtailing the expenditure within the
narrowest hunks consistent with good faith towards the contractors
for the weeds and r ill,. The necessity of this course also became the
more ohnius In consequence of the ciriunotenert of the times eel- •
tiering it inipmedeable to apple the tenrent of harrowing, contained '
in the acts of parbaroent of the coropeny. Are...temente were ac-
cordingly made wi-h the contractor., by which the intended peeled
(or opening the line hue been postponed from the spring to the
autumn or 1549, and the delivery 1.1 rails and e that, has been
emoted over a correspondingly longer period. The directors
• were glad to rude that the effect of there measures bad
DOW made itself felt, and that the proprietor', were in
such a metition Out the prosecution of all the works which have been
let might be resumed in the approaching spring. as oleo ;hone on the
Banbury Extemion line from Buckley to Banbury. tinder the set
of parliament, the london and North Western Dienpany are autho-
rised to substitute their security for that of Ulla company, f. r the pee-
wee of raking the amount which this mammy is authorised to We-
tow; this power they hare agreed to exertire ; the Inane of this ami-
no' y will, therefore, be raked on the most favourable terms which
can be obt tined ender the beet railway security. The time for making
the remaining calls must mainly he determieed by the terms on which
money Is tendered on loan. The veers on the amount called up te
the period to which this report applies, viz., to 31st of December, are
21,5701., or about 5 per mot. on the amount called up to that
date. From the statement of accounts, it appeared that
391,1911. 3, id. had been received, and 3h6,0931. 2e. 9d. ex-
prrielesh leering a balance on hand of 23,9hite 0. fel.—
The Chairman, in moving the adoption of the report, raid it was with
most that the director.; had felt it their duty to male calls •to
frequently, hut he thought the proprietors would concur with Wealth
thinling 'tut it was their interest to make the line, in order that it
might be leased by the London and North Woe, rn. For his part.
although the difficulties of railway undertakings and of the mow;
market wene conniderable, he did not look hack with regret, or look
forward with want of mealtime, on the state of things en affecting
their speculation. Ile believed that the undertakins would prove re.
muneratire, and be did not regret being comteeted with it. lie would
refer to • subject in which he believed they all took an intereet —the
religious condition of the workmen employed upon the line. They
would recollect that in consequence of the pressure in the money
curial, and the redaction of the number of men em-
ployed, the company had dispensed yeah their chaplain.
Since then, the 1t... Mr. Freenuoitle and some friende had IM-
dertukeo, without any expense, to do the clerical duties and superb.
tend the operations of the scripture reader. lie read a letter from
Mr. Freetnutle, detailing the woes of hie exertion., the desire ad
the men to be instructed, and the general benefits of the plan pursued.
In answer to a question, with reference to the but call made in Janos
ary. the Chairman said that it had been paid up extremely well, sad
he believed about three-fourths of the amount lead been already re-
ceived. In reply to a qua, ion with regard to the arrangement with
the North Western, hie. Harding, the nee:Mary, stated that a cer-
tain number 01 proprietors, holding about 12,0ti0 Mares, addreesed a
memorial to that company, asking them to commute the terms on
which they were bake the line from the rate agreed on, which was 4
per cent. and half profits, to a fixed guaranteed rent of SZ per cent-
fire proposal, however, had not been entertained. The report was
adopted. Ihe re-election of the retiring directors and auditors, and
a vote of thanks to the Chairman, concluded the nroceediegs.
EAST INDIAN.—First Annual Meeting.—London Feb.
19.—Mr. D. B. Colvin in the chair.—The directnne report, read by the
secretary, details at considerable length the etepe taken by toe board
of management since Aerate last. It =Donnas that the director., in
the first metance, called in the scrip receipts of the company, in order
to register and exchange them for shore certtfira, e, sod that at the
present time there are In thin country 94,475 shares, and in India
11,044 chores registered; making a total of 105,520 shares; 19,981
charm have also been regietert d for proprielore in the Great Weseeen
of Bengal Railroad Company, but the preuhiary arrangement. be-
tween the two companies are represented as being an abeyance. The
report goes on to state that with a r aw.of carrying out, in the most
efficient manner, the cot:teeny s operations in India, the directors ap-
pointed Mr. Adams and Mr. lies can to act conjointly with Mr. Ste-
phenson, as the representative of the board in India ; and these gen-
tlemen, accompaniod by an aselstant secretary and a complete staff
of engineent, proceeded to Calcutta on the 20th of septerober,
with instructions to limit their proceedings to the meueiree
alavolutely ameseary for showing the remarries., of their
purpose, and to prohibit the oommencemmt el any expensive opera-
tion. The report further eitateethat these inetructions have been fully
acted up to, and with a prudent economy, no that a coneiderehle por-
that of the first deposit of ss. per ebare Atilt remains unexpended. In
order to provide funds for the deposit of I, o,oolie require' by the Eau
India Company, a call mat made in August lest of 20s. a Aare, which
was not reopended tom an to enable the directem to make the deposit
by the 2 ist of October, which was the time fixed; and, by arrimile-
meats with the East India Company, the time is tow extended to the
31st of March next. In the mean time, the directors hare taken care,
by u judicious insestracut of the funds, to be in a position to secure te
the proprietors who paid up the call a sum equal to 5 per cent. inte-
mot, the rate, as guaranteed, to be paid by the Rut India Company.
fiutrequently, and when the imposed state et the money market ap-
peered to justify that measure, the directors felt Bright, looking to the
Interne of the undertaking, and especially of those who had paid
their call, to fix the 15th of January lea es the longest limit that
could be allowed to make the payments in arrest.. The dinictors
now report, that te this dote the sum of 21,370/. It.. 9d.
has been paid on amount of the said call in thla country,
and that 7,529 f. has been paid in India to the 23.1 of
December hut, making the total meets of the company,
including the balance of the Mot deptsit, 53,096/. 12. Id.
The directors propose, with the concurrence of the proprietors, to
forfeit all shares on whet, the tall is not paid by the 11th of Starch
Dent ; and although the directors have the power, under their deed
of 'settlement, to ;orfeit the share without pet judice to the right to
recover the call, they see no reams to doubt that the public will be
glad to hike the forfeited shares at the prior of the call, and in that
cue payment entire forfeited Mama might he dispeffird with. In re.
epect to those terip receipts which bane not been registered, the direc-
tors feel it imperutive that they should be declared forfeited. Aftet
adverting to the bill before parliament, for facilitatiug the operations
of the company, by reducing the Sol. shares to Md. each, the report
mates that the directors are In a position to pay 5 per cent. interest on
all the rails paid up with money derived from the investment of the
trompany's funds, and which they recommend to be paid up to the
31at of Starch, when the guarantee of the East India Company will
take effect, on payment to them of the deposit of 100,0001. With te-
ference to the completion of the contract aoh the East India Com-
pany, the directors think the termsoffered susceptible of melioration;
but, with a Ike to these and other matters 4 interest to the company.
they are strongly of opinion that the board ought to be In a poution
to make the deposits of 100,000 f. on the 31,0 of March neat, and
hope to he able to effect this by the prompt payment of the
call in serer. The shares in lethal ham been well refrotered and
paid upon, and the staff is huelly employed in re-eurcejing certain
portions if the line out of Calcutta. The report expresso the regret
of the directors at the retirement of some members of the board
under circumstanced which call for the sympathies of the shareholders
By the retirement of air George Lament, Stajor-General Caulfield,
It. 0. Barclay,Esq., and W. Scott, Esq., the joint-board wits reduced
to 'evade-en. These vacancies bore been filled by the election of Mr.
Henry Ai:booby Asininity, M.P., Mr. John Dorrien Magene, Mr.
Frays Offisetn, and Mr. MOO Wires Crawford. The report
coartais br eleding the eradsres whirl the directors entertain of
td east Importsroe or Ihlu oboe, whether considered as • national
week sr as a private walereal, and their unqualified desire and
11MIssimition to stre le Mak full support and unremitting atti n-
lko Malll it shall have Ova featured into a work alike beneficial to
1110ffillis• Nil productive Mike proprietary. From the etattment of
serials Mortared Ilea Or receipt. lei En sth of April, 1847, to 25th
d kairszy,_-16411, amelmisi to 53,6211. lea. The total expend(-
. ' ture Is OAK la. Itt. kris. a Woo la had of 43,219 f. les. 4d.
The meow pad ula, ore eggirae.—The thairmaa, in
reply te a rook fro MR eiedr.., ad mist the dieerepar.ey in the
finanedal shilimmit tetainialemn the bat that upwards of lo,ffide bad
been paid skletelligleggengla were cloud on kith Jan. lie stated in
reply to Mr. rad sea arlegised the report In the strongest terms),
Its
that se arra ha takes place with the ehareholders as to
die gam ila le haibiliii Wow 'tenth men had exprereed
as solar Ojai sitislaider as aelstaal holders in preference to
pstairbs dims Or rail; hot why, he could not may. In
amewer essetimimmillinsbn odd that he we no reasonable ground
Me destringliOali torbill capital would ha forthcoming: that
Ursa we aslMlMMOslssides a asii, ea the directors boPed, by
the ale at tidaildiasak le mit Or collect in view; that this,
however. doweisa, in a peg mom" ea the proprietary 1b..-
selvee ,• Lint the sormit NOM ad elle, co which 5 per cent.
was allowed, was ONO sad ass la the mature of • lout ;end
that seowed,
regarded lielidatiketats a preference ihould
be given to the proptialogn—it=
.....lirt.tva unanimously
adopted, ?dr. Hartley =Pal* the director. to
ray 5 pi e rent. interest rin A aim pair;l7.7lS the 3lat March,
wffeh was elm readily agreed In, the Chairman ohs ovine that it
would not he paid out of the capital, hat out of the Interest derived
from the • urplus fund of the company. Resolutions outhcersing the
forfeiture of sham', and otherwise c Trying oat the reheassi Valium
in the report having been adopted, Mr. W iloox, bLP., stated, in reply
to a queetion, that he had preeented the bill to the House of Com-
mons, and believed it would pant with as much dimity as the toms
of parliament would admit of. A vote of thanks to the direatnra eloped
the proneedinp.
LEEDS AND EILADTOIID.—AceI yearly Meeting.—Leeds,
Feb. lb.—Mr. Waddinstant in the chair.—ffse. B. tiotlif4 reed
the statement of the capital moot to Dec. 34 1547. Reed"

1,1,5,587/. Or. gd.; aapenditurs, 5d.; ba a
hankeis, 12,154/. 9a. The line Ming under a lease to thememai.
land Company there was nos perate atetr meet of the Coe aa
of working the line. The financial tot,tt.raent ort:L red tuis
printed, end It wee resolved that a dividend of I/. 5,
hare
should be payable on the 29th inst. Mr. Rand was i duet, toe,and mi.. T. W. George was again chosen auditor. darer roaa,
nation ensued with regard to the time when the line will he o
ar
from Skipton to Color, no from the date of that occurrence ihe
land Company have guaranteed the payment of 10 per cent. !sr annum,
to the shareholders.—Mr. Thiry raid Ord the whole of the capital ha)
been called up, and be inquired when the opening would take p 1...
—The Chairman raid that the directors bud expected the line to
opened in the course of the present spring ; but as a parte'', of it halha been undertaken in connexion with the Feet Lanuolure Company the
directors of this =ninny had been unable to oxclerate it. c anpk:haa
as they otherwise would have done. Ile had recently learnt that it the intention of the East Lancashire Coeusany to open their -
lion of the line from ornley to Blackburn and Mar.ch,ter barfh%
Ist of June, and Rani Burnley to Caine by the Ist of Aurnst.
couW assure the meeting that there bud been rat iuthecesary
and his own irepreoion wan, that the line would be opened
out in the course of the year ; but he could not answer 614
people —slr. Rand thought that it would be ermpleted in the coma
of the next summer or autumn.—Mr. Goodman, a die soar of it,
East Lancashire Company, thought there *al little doubt that the
works would he completed in the course of the sear. He had rani.
backwardness In his brother directors, and he would do his perk
to
accelerate the o mpletion of the line.—The disewaion terminal/4
the *daytime of a resolution authonong the uircctora to take
sup* with regard to hills hewn: parliament as they Might es,
advisable.
HULL AND SZLIIT.—HaII Meeting.—HuiL
le.—Mr. R. Pearse in the chair.-71ne chairman, in openag the..`.
coding; elated that an interview hod taken place between the
and Selby Board and Mr. Hudson, M.P., relative to the valueof
stores claimed by the thin and Selby trarathiry, hot that sir.
ref ueed te admit the claim, on the ground that all the prop, et,. a(-4
company war, by the agreement entered into between the term.,
panics, to be transferred to the leesees of the railway, and that lithe
matter had been urged at the outset, he would rather have Nom
the leose of the line, than have agreed to what he conQerot ad.*
From the directors' snort it appeared that the balance in fay .ter
the company on the current acoaunt to 31st Dec. last, war 31,91 y,
18'. 4d. The amount due for interest on the quarto .ores,
2.912/. 10.. to Ist February inst.; and the directors reestamend,d tut
adividend he declared of V. 9s. 6d. per 5 /. share ~less tntotn tat)
and of I/. 4s. 9d. per 251. share (lessincome tax); het*, at tress
of 9/. Inc per cent. per annum, parable on or then the .sth eke.,
On the motion of the chairman the report was adopted, and the aht
deed declared, r Tranameerd.

COMMERCIAL AND MARKETS.
COTTON.—lavautrooL, FEB. 19.—The market to.da
oar more firm, and the sale. were 3,000 ban. Priers Nee to.
4,1 Si ; Bowed Georgia, 4I burats,
MANCH !sign, FEB. 19.—The cloth market zmitinnea to
exhibit the rather healthier tone noted on Thundly. An adreeee
3d. to 4",e1. per piece on 71 re, d shirting, 22 compend with the gig"
peloee, has been given. and an advance ban also been ohLined hiS
reed, the demand for there descriptions of goods haring bra lam al •
materially to ligiiten storks. The prices of printing cloths
depreard, though there has limn a more active ttem.nd for %clover
and middle qualities. An increased demand for lung cloths ad lot
cloths haa alin failed to make ouch an Timms= on sucks a, tone
prove the Klima. In yarno there continues also to esut a better de.
wand; and for note description. of mule twist better prices mesh.
tainable. Soma of the home trade houses are doing More nadasa
than of late.
WOOLLENS.— LEEDS, Felt, 19 —We had a Road attek,
dance of merchant and marmfileturent at our cloth ha.;. this Mat
Mg, and there was 2 etn,iticrabie amount ol bte,:neot I.ont; ow.
the tranwnetonew. re more extensive than they km. hey, W
p,,.
viour m.irket-day in thi., year. The goals mostly in ism
milted cloths of the middle and lower quahum, bearer., and as ae
aortment of fancy twee..

THE IRON TRADE —litaxim/HAL Fan. 19 _Then
Is ratter a better Wittig in the iron trade; and allogethir matters art
of a more elicenng character th m w hen I elute Est airs. Orden
are dropping in more briskly than for some weeks past, aid the men
seem to be recorering their stoves. It is time they did, at valiant k u
calculated that, during the last fire weal. of the strike, there hasten
something like a quarter of a million less told In was, aisw thin
usual in this mineral district 1,114 e nitiotars of the mill ant bare
returned to their work, but the gent difficulty in wah the paddlew,
who ore aiwayn the moat obatina'e, for :Ito reawm that, rerriving the
highest rate of wages, they are generally in funds 13e 3 few week'
boaday. On the course tow take much depends, hr.:sate, miles
thi y procure the iron, there is little work Sr the minors 'o pano.
On the Won:eaten/lire aide, however —ln the neighoourhodir stow.
bridge evprelally —it is eutithivtory to he chub'.d to unt,ante that
they hone yielded during the week, and hive eel urnod to
dared wages. The very large amt. of Mr. James Foster were mon
put In gear on Tuesday. The f Mowing day the Mess. uhreter pm
eleven furnace a again In Wart; and in the neigt.bourlool 0: Brinky.
hill many of the most extensive worke iind manufactories are cum
more in motion. Turning to the south Staffordshire tide of Ow
district, 1 find that matters, although nut quite witislactoty, era etPl
mending. At the Bloomfield Works, at Tipton, a part of the En
hare gone in, anti others seem to be Ina yielding mood ; In feet,
their families ore suffering ouch heavy nriratineW that it is impel*
they can much longer hold out. Iltreabouts, however, the Mal nn
are yet firm, but it Is scarcely probable they will long remota so, me.
log that their brethren an the western Hart of the disuict hare ow
cumnd. There are wane additional doclosures nwpecurig the Oak
Farm Works, which I have not yet had an opportunity of nendng.
It seems that the banktuptcy was in some measure hastened Is ens
sequence of the cireumstaace of Mr. John Attweod, M.P., hue* a
judgment bond for ;Lir Of , which would b ire enabled him to Weenie
the 'works and satirry kis claim to the jail!'" of the other ere-
ton. On the part of lord d it hao loin coittrid,d that
the lithilthes do not amount to 311,1.100., as rho,. in the
statement published in the Ellrea in January, in.:ouch
as that included a sum o; 50,00.1. advanced by the hinkrares
(Boyden and Roper), and OnC of 30,0, Of. borrowed he the aid
proprietors can mortgage of the freehold of the mires and work.,
no part ol which was included in the wet" and an a ouirequeme
these should be deducted from the liabilinen. Further, ,m attempt
has been made to show that the ones .meant to I th,ooOf , pm-
Vend the works are left entire; that the very large sum of ss,test.,
Ist aliment entirely by the old Ilan at warehouse estiiEnts d
by them for the sale of iron at Liverpool toms a part of the charge by
them to the bankrupts, but fur which, the latter not having noon
value, it would reduce the actual liobilitin to 168,0001., admitting a
dividend of Its. in the round, whilst the mortgagee. offer 9s. n'y.
Ttie interest the old firm have in pitying the full 21w. to the gem.
mnteed creditors, has been illuotrateu by the tact, that tin re are due
to en Wow., on bonds and mortgatet fur which the old porton% art
liable, I 19,700/., and amount of ramrod advanced by them (Lord Lyt-
telton, Sir Stephen Glynne, and Mr. Gladstone) 38,310 f. On trdsaam
intern! amounting to 7,905 f. has Iran hitherto *clout of the ea.
blishment, but which in case of bankruptcy, the retiring partners
owl pay (the works at a stand during the time) in the interval rat
quired to wind up the ...noire. To thin mind be added, oleo, a nun of
about 60,01101., which the old company huge guaranteed to the cent.
tors of the bankrupts. In the gross, there liabilitien are rear
220,0001., the interest of which Mr. W. E. Gladstone, M.F., and bit
ocrivartnere must pay. Enough hoe been mud to show the emborraaw
trig character of the concern ; the amount due to the creditors who
ban not been guaranteed, not including Mr. Attwoud's bond, is
about 37,00 W., In discharge of whick the old company bare offend
a compthition, which will be covered by 11,u,sr, leaving
20,000 f. unpaid, being the amount of about two years'
interest on the 220,000 f. above refi reed o; a tact shirk clearly
shows how greatly it is to the interest of the great mortgagees to pay
• the creditors in full—release the eons, n from the Bankruptcy COurt,
and put the works again into operation. Such is u beret, and I bare
, reason to believe o eorrect, outline of Inc potation of the. uncero ;to
• all engaged in the trade it cannot tail to he mend and ititerciting.