The Express.
London, England, 1851-02-27 00:00:00

444,4 W. had lees paid at the close of 11430, keying
325,8145/. to pay. Sines that period the additional expendi-
ture now reported has become necessary, and it is for the
proprietors to determine the respective portions which
shall he borne by capital and revenue. The directors re-
commended that of the 9.5,6301. (my 100,00(1.), one-half
should be charged to capital and the other to revenue, and
that the latter should he debited with 12,5001. per annum,
eommencing from the Ist July last ; and for this purimse
6,2-101. has been chanted to revenue in the accounts now
submitted ; hut they advise that the sum of 6i,taillt. for the
Soot% Staffordshire call, new buildings, siding*, eke., be
charged to capital. Mr. Barlow reports ' that the line
throughout is in good working condition, and that the new
permanent way continuer to exhibit the most satisfactory
results ; that he has sureceded in constructing it at the
same cost a. that heretofore made with vroo,len al, epee.,
and that the experience of the last eighteen month*
both on this line and npon the South Eastern
has proved that it is cheaper to mainto!n, and is
a more perfect and easy road for the rolling stock.'
There is again a small reduction in the rent of inaintenane,
of way upon the mileage maintained during the half-year.
The rust haring been 121!. per mile per annum as against
12fi1. per mile per annum in the half-year ending the 30th
of June, 18.;0. With the prospect of a more durable road and
of cheaper maintenance, the directors have not thought
it necessary to add more than 10,0001. to the renewal fund
for this half-year, making the total amount of that fund on
the 31st of lnrember last, 30,010/. The junction at Bir-
mingham, with the London and North AI intern Railway,
wascompletcti on the Ist of November, and has been us. d
fur the passage of goods and minerals for some weeks past,
hut the opening of the line for passenger. has been delayed
in consequent r of an accident to the viaduct near the junc-
tion, and- elm from the necessity for some alteration. to the
passengers' station of the London and North Western Com-
pany to enable them to give proper facilities for the working
of this brunch of your traffic ; these alterations are in pro-
gress and will shortly he completed. The branch line to
connect the 'Mansfield and l'innton and NMtintrham and
Mansfield railways with the Erewash Valley railway, has
also been cotopletNl during the half-year, and is now
open for the conveyance of minerals. The branch
of the °snort, Worcester, and Wolverhampton rail-
way from Abbott. Wtmd to Worcester, was opene
on the sth of October last, and your directors have ti;nrcesl
to work the traffic: for a shorteriod upon terms advan-
tageous to both nonpanics. This railway is now likely to
be completed in its entire length from Os hied through Woe-
ester to Wolverhampton, and if in the hands of competing
parties might he the means of seriously injuring the traffic
upon the Bristol and Birmingham portion of your railway.
I. oder these circumstance*, the directors have, in etinjunet
lion with the London and North Western Company, entered
into an agreement with the directors of the Oxfunl, Wor-
cester, and Wolverhampton Company for working the
entire line its soon as it shall be ready for truffle. The
director* who retire by rotation at this meeting are John
Ellis, Esq., M.P., Leicemer ; Josiah Lewis, Esq., Derby;
and John Mercer, Esq., Bristol; and John Jackson, Esq.,
of Anltsu, is the retiring auditor, all of whom are eligible
for re,lection."

In • subsequent paragraph it was announced that the
meeting would h.: made spevial for the purpose of submitting
a proposition for a lease for a term not exceeding twenty.
our years of a portion of the tolls of the Leeds and Liver-
pool (*anal to this company. jointly with the Lancashire and
:redYorkshire and Loudo:redNorth West, rn companies, the
Hut Lancashire Railway company being also parties to the
arrangement though not as lessees The meeting will also
be made special fur the purpose of enabling the company
to adopt the powers and pros isiono of an act of parliament
past d in the reign of her present Majesty, fur authorising
the pmprietort of canal. to become carriers. The directors
having very carefully considered the terms and objects of
the proposed leas., were unanimous in their opinion as to
the great advantages which the company will derive from
being a party thereto. and they accordingly recommend you
to assent to tt as well a, to place yourselves under the Act
and 9 Vie. e. 42, for enabling proprietor. of canals to he-
come carriers. The assent of the proprietors of the London
and North Western and East Lancashire Railway compa-
nies ha. already been obtained to the lease and traffic ar-
rangement consequent thereupon.
The ('HAIRMAN, in moving the adoption of the report,
said that it was satisfactory to him, as it must be to the
proprietary, that he was in a position to congratulate them
un the improvement which had taken place in the traffic,
which had been gradual and eontinuous front the loot half-
)early meeting; this had not been quite to the extent he
had anticipated, but still their returns hail considerably in-
creased. It would be remembensel that he scattered on a
prediction to the effect that, although they might hose MIMI,
thing in consequened. of the opening of the Great Northern
line, that this would lie more than mode up from other
sourceo; now the result had shown that thin prediction wan
fully borne out, although the South Walt's line, from which
much might be expected, was not yet opened. (Hear, bear.)
It wan quite clear, too, that the Great Northern line could
not take moth more from the Midland than it had already
taken, the falling off in the passenger traffic
been something like five thousand pounds in the half-
year. With reference to the aceunuts, it would he oven
that the locomotive charges had increased, te circumstance
which must he attributed to the increase of traffic in the
goes. department, and the consequent employment of an
additional number of engines V. nth respect to provision
for the future maintenance of the permanent way, 10,0901.
had been added to that fund, which the directors deemed
amply sulfle,ent to keep the road in proper repair ; and he
ought also to say that the iron way, so far as it had been
tried, had been found to answer well. To providejur the
increased traffic, it had been deemed necessary to &der 34
new engine., 1110 covered carriages, and 200 waggons. The
cost of the engines would he, in round numbers, 190,000/.
The account from which the money for the payment of this
sum should he taken had been carefully considered by the
board. If he had to provide for it individually, he would
take it all from revenue, hut the hoard had 'come to the
conclusion that it would be the fairest to take one.half the
amount from capital, and dint-half from revenue. (Ilene.)
It must be remembered that they had a fluctuating pro-
prietary ; therefore it would, perhaps, he hardly fair to
take the entire 100,0001. from revenue. (Hear, hear.)
It was, accordingly, proposed to take 50,000 L from
the revenue in tight half-years. (Hear, hear.) The
hon. gentleman nest. adverted to hi. declaration twelve
month, since, as to the further outlay which would at
that time he required on account of the company. That
statement had been fully borne out by the fact. The
amounts recommended for new works in the report to-day
were rendered nerves:ere by the increasing traffic on the
line, and was for entente-sheds, corn warehouses, &c.,
amounting to 65.0001. In every instance where pilling'
had been laid down for the benefit of coal-owners an agree-
ment had been entered into by which the company re-
ceived ten per rent. on their coot. (Hear. hear.) An ex-
penditure would be required upon the station at Rugby. in
conjunction with the London and North Western Company,
the aceomnandation at that place tieing lamentably defi-
cient ; but in this outlay due regard would be paid to eco-
nomy. Ile further adserted to the arrangements which
had been completed for running into the London and
North Western station at Birmingham, which would, he
said, he most advantageous for the company ; and eons
chided by remarking that be had received strong letters
complaining that the surplus carried over (25,0000 was
excessive. Ile differed in opinion with the writers thereof.
Ile hoped they would get the bill paned with
reference to the 501. shares. If they were un-
able to do so, it was probable that a portion
of the present !surplus would be required to make
up the dividend next half-year, for having once
gone up he should he emending(' sorry to let the dividend
down again. (Hear.) Ile mentioned the subject in defer-
ence to those hon. proprietors who had written to him, but
in their opinions he did not at all concur. The hon. gentle-
man then formally moved that the report and the recom•
mendations contained in it be received and adopted.
Mr. REALE. the deputy-chairman, seconded the motion.
Alter some discussion, and before the report was put.
Mr. Indioddrte protested against the payment of any money
on account oft he Leeds and Bradford lease.

Thercatler, the Chairman put the resolution forthe adop-
tion of the report, which was carried unanimously.
fly a subsequent motion, the resolution passed at the last
half-yearly meeting, haling reference to the publication of
the contract, entered into half-yearly, together with the
amount of salary paid to each of the company', servautN,
was, on the recommendation of the chairman, re.einded.

. •
Another resolution Is a. ve.sed, authorising the direetors
to proceed as they 'Maid think must expedient• either by
the purchase of land or otherwise, for the Stonehouse
branch.

On the next question. the filling up of vacancies at the
board,
Mr. BASS, M.P., moved the re-election of Mr. Ellis,
M.P.. the chairman.
Mr. JthiE, of Bristol, st conded the motion. which was
put to the meeting by the hoe mover, and unanimously
adopted.
The remainder of the retiring directors were re-elected;
and a resolutitm was passed. having reference to the
•' audit." which was notieed in a special report read by
Mr. Bell, the seeretarv.
At the instance of Mr. Bass, M.P., a resolution was
passed. empowering the directors to take the necessary
steps for the construction of a line of railway about five
miles in length to Ripley : it brunches off to the collieries a
little below Derby, and is to be guaranteed for twenty-
one years at sin per cent, on the outlay to this company.
The act has already been obtained, but the powers expire in
July.
Captain 111,71511 spoke strongly in favour of the con-
struction of this branch, which would open up a large un-
developed tniffie and with ref. mice to some remarks made
at the early part of the meeting by Mr. Deakiu, complaining
of the small profit resulting from goods indite, the gallant
captain said that his experience had shown to him that coal
trains at a halfpenny per ton per mile were more profitable
than any passenger trains that passed over the company's
lines.
At the *special mectiu7 ro.lution* were passed in con-
formity with the Tetouan. ittlAtior-s referred to iu the direc-
tors' report.