The Express.
London, England, 1851-02-11 00:00:00

334 6a. 81. at '3
per cont. ..£77,245 0 0
Ditto 11. 13a. 41. at 41 ditto.. 5,793 7 6
83,038 7 6

Benefit arning to the holders of consolidated
stock

If, however, the dividend on the stock be at
the Ate of 21 per cent. only the benefit
will then amount to 65.014 11 2

Supposing a further sum of 31. 6s. Bd. be
called up on or before the I,t of January,
18.52, making 51. per share guaranteed,
and the dividend on the consolidated
stock be at the rate of 31. per cent., the
account will stand thus :
Guaranteed dividend on 77,215 shares, of 51
per share, 386,2'2:4. at 4} per tent 17,350 2 6
If not guaranteed, the dividend would be on
386,2251. at 3 per cent

Loss to the holders of ungusranteed stock .. £4,793 7 6

Should the dividend on the unguaranteed
stock he at the rate .if 21 per cent. only,
the loos will lie
It thus amain that the gain to the non-guaranteed stock
in 1851 will canc,l the Inns for at least eight subsequent
year', or until 18.19: and should the dividend be then equal
to 4 per cent., no disadvantage will arise to the holden of,
consolidated stork from the proposed arrangement.
He recommended as a wise step the calling up of the
31. 16s. lkl. as soon as the hill becomes law, and then stated
that the balance duet, which is to be submitted to the half-
yearly meeting to lea• held shortly, had been that morning
made up, and he could tell them that they would he enabled
to pay 2:34. per share, and carry over a I.alance of 20,1)001.:
he wee sure whenthey saw theUlance sheet they would not
be disappointed.
The 60/. share hill was then read. The chairman then
moved its adoption, and stated that the preterentiel stock
would remain precisely as it is. On a call from a proprietor,
the protest handed in by Mr. Ironeides was read: it is
signed by about fourteen shareholders.
An angry discussion took place relative to the conduct of
tlw Board as meanie the issuing of proxies, which a pro-
prietor denounced as unjust, considering that the proprie-
tors paid the expenww of the issue. Several proprietors said
they had not receired proxies, and they charged the Board
with partiality, which wax re rented by the chairman.
Mr. BItAIiCKER moved an amendment to Mr. Ellia's
motion. Ile proposed that the 501. shares bill lie rejected,
on the ground that it was introduced to secure from immu-
nity the conceeters of the Leeds and Bradford lease. It
wee not equitable.
Mr. IRONSIDES seconded the amendment, and said he
and others would oppose the bill through every stage.
Mr. BOWER (of Leeds) spoke strongly in support of the
amendment; and said, though thi y might be beaten by
proxies, which hail been ',wiled with great industry, at the
cost of the company, they would battle the directors foot to
foot in parliament.
On a show of hands being taken, the original resolution
was carried by a considerable majority. Mr. Ilraneker
then eenmoded a poll, and do meeting was adjourned for
an hour.
On the re-aneml,ling of the meeting at half-past three,
the result of the poll wax declared as follows:
In favour of the tint resolution, stork ...„ £3,696,F48
Against

Majority of stock for the bill
In favour of the lima revolution, votes 17,591
Ai:abut

Majority of votca for the bill

7 -
The meet= then proceeded to the consideration of a bill
giving the company power to commute the rent of 90,000/. 4
a year payable to the Leeds and Bradford Company, by the
payment of 100/. per share to the holders of shares Oa);
in other words, buying up such rental or guaranteed divi-
dend of ten per cent. at twenty yeani purchase, amounting
to 1,800,0001. The reasons urged for this arrange-
ment are, that the Midland Company will effect
an important yearly 'eying, while little, if nue. sacrifice
he called for on the part of the Leeds and Bradford
holders. The latter, it is contended, will obtain 1001. for
their 50/. shares: whilst the Midland Company, by borrow- '
ing the 1,800,0001. (at say 11 per cent.), will have to pay in
the shape of interest 81.9004 instead of the present guaran-
teed dividend of 90,000/., thus effecting a yearly saving of;,
9,000/. ! or, if borrowed at 4 per cent., a yearly saving of
18.000/.
In reply to questions,
Sir ISAAC MORLEY stated (as we understood) that
the total liabilities of the Midland to the Leeds and Brad-
ford Company is 385.000/., including 95,0001. fur the pur-
chase of land, and the expense of building the new station
at Bradford for all the lines.
The CHAIRMAN moved the adoption of the bill, which
was seconded by Mr. T. P. Joan (of Bristol).
Mr. TRONSIDES (of Sheffield) moved as an amendment :
"That the shareholders refuse to consider or approve of any
lull for thepurehase of the Leeds and Bradford railway until
a full and searching inquiry has been instituted by a special
committee into all engagements existing between the Mid-
land Company and the Leeds and Bradford Company, and
into the mode m which such engagements were contracted,
and the result reported to the shareholders ;" urging many
reasons why this course, which is a simple matter of justice
to the shareholders, of the Midland.
Mr. GARBUT'T (of Leeds), a Midland director, then
rase, and after regretting that the motion for a committee of
inquiry was not carried at the last meeting, disclaimed any
wish to repudiate a bargain. What he wanted was inquiry
and an honourable settlement, which shall he satisfactory
tol,oth parties. The two hoards had met, and h.. now re-
commended the meeting to adopt the course pointed nut,
though he would have liked to make better terms. But ,
the days for negotiation were gone by.
Mr.WYLIE (of Liverpool) stigmatised the Leeds and
Bradford lease, and though he would not deprive the share-'
bolder. in that line of one tittle of their just rights, he °
would have no peace with Messrs. Waddintham and the
others who promoted the lease. He asked them to grant
him a committee of inquiry, with power to prosecute Messrs
Waddiugham and Co. for a restitution of their unjust
gains.
Mr. HUTCHINSON (a director) defended the conduct
of the members of the present board, and reminded the
meeting that the bargains made were sanctioned by large I
meetings of the shareholders, and though, as the result had
shown, the bargains were not the best, other and rival corn-
ponies were ready to pay the same price. He called upon
the meeting to take a peaceable course, and their property
would improve, and then traced Mr. Wylie's conduct at the
several meetings, which he exposed and denounced. Mr
Wylie could meet them in committee of parliament.
The Charm* then put the question, when the original
motion was euflied by an immense majority, Ipmidst ap-
plause. A pull was demanded, and the following was
the result
For the -econd resolution—a—.
Against

t 3,620,737
278,917