The Express.
London, England, 1849-02-21 00:00:00

YORK, NEWCASTLE, AND BERWICK.

Yomi., Fan. 20.—This meeting wee held Immediately
after the forum. one, Mr. Bunion in the chair.
The SECRETARY read the report of the directors,
which stated that the total receipts on amount of revenue
for the half-yaw ending the 31st of December last, hid been
386,0191 18s., to which was to be added the surplus of
31,6801. 84.64 remaining after payment of the last dividend,
making a total credit of 400,6701.6 e. 6d., which, after de-
ducting working expenses, way leave rents, and interest on
borrowed capital (including interest on the Great North of
England sad Hartlepool loans) will leave a balance of
244,6791.3 e. 84. in favour of the company on the revenue
account. In accordance with the opinion expressed by the
directors in the statement issued to the proprietors last week
they now recommend that a dividend he; declared at the rate
of 61. per cent. per annum upon the consolidated stock and
dividend bearing share capital of the company. After the
payment of this dividend, and the half-year's rent of the
Great North of England and Hartlepool Rail ways, a surplus
of 69,7771.9 e. 6d. will remain to the credit of the company.
Within the last four days the directors have had offers of
loam to a very large amount at it per cent. interest, and
there lea prospect that before long money may be obtained
at a stilllower rate. Should this prove to be the am, a
mathrial saving will be elected in the item of inte-
rest upon borrowed capital, and no further calls
will be made during the mane year. (Applause.)
Since the last half.yearly meeting, temporary bridges
ova the Tyne and Tweed have been constructed,
and a continuous line of railway opened for traffic.
The whole of the works in connexion with the Tyne bridge
, are expected to be completed by the let of August next.
The directors have oleo advertised for tenders for the eaten.
don of the works on the Aucklend and Penther branches,
' the completion of which will form a direct communication
ftr the coal from the Auckland district to the Sunderland
and Tyne docks. The works will be let to be completed by
the let of July, 1880. The directors looked forward to the
opening of the Great Northern Railway as a certain means
of securing the through traffic between London and Edin-
burgh to the east coast lines, which cannot fail to benefit this
company most materially. The director' strongly urged the
necessity of the proprietors using
.all intimates with their
parliamentary representatives to give their rapport to the
measure which will be brought before parliament during the
session relative to local taxation.
The CHAIRMAN, in moving that the report be received,
adopted, and circulated among the shareholders, said be had
to announce that, after the meet careful consideration which
the directors cnuld give to the questions they had given
notice of to be brought before the meeting, as to the liming
of the Newcastle and Carlisle and Marypore and Carlisle
railways, they had determined not at present to submit those
questions to the proprietors.—The report was received and
adopted.
Mr. PRANCE, of Rampaged, then brought under coed-
&ration a question as to the sole of tome Great N rth of
England 151. share, by the Chairman to the company, and
he moved a committee of five to investigate the matter.
Mr. H. N. LOVE seconded the motion.
The CHAIRMAN at cues avowed the transaction alluded
to, and expressed his readiness to submit the whole matter to
the fullestiassetigatima.
There was • long discussion on the subject, which ended
in the appointment of the committee.
Mr. MARTINEAU complained that the last call on the
No. 1 end No. 2 extendmishares was not to take dividend,
but merely to receive interest, which, he contended, was
eontrary to the understanding arrived at by the obeervations
of the chairman at a previous meeting. He moved accord-
ingly that they should receive dividend ; but, after some
explanation, the quesdonwaswaived, the chairman promising
that the directors would give it their full consideration before
the next meeting.
The meeting was then made for the purpose of
submitting the drafts of three bills, one for coostructing
certain branches in the counties of Northumberland and
Newastle-upon.Tyne, and the other two for enabling the
Newcastle-uponTyme and Carlisle Railway Company and
the Maryport and Carlisle Railway Company to lease their
lines and works to the York, Newcastle, and Berwick.
The several resolutions were adopted, with the understand-
ing that the bills should be of a permissive character, and
that no engagement should be entered into without the con.
mot of the shareholders.

LONDON AND BLACKWALL,

Haltiyeatlireeing.—Leader , Feb, DANIBLL,
pay
SECRETARY read the report of the directors, wlleh
stated, "On reference to the revenue account it would be
ass that the receipts, including the balance from the pre-
view half-year, have amounted to 29,63.51, and that the total
ensenditure has been 17,7831., leaving a balance of 11,8521
applicable to dividend. This will admit of the payment of
It. 6d. per share, clear of Income tax, upon the present
molted stock of the company, comprising 87,900 shares,
will =deeds the number of shares on which the last diet.
*ad was paid by 15,900. The extension account includes,
hr the precast, several payments made in respect of the
alterations now in program on the main line, and which are
necessary foe the purpose of adapting it to the use of locomo
the engine', and the reception of traffic from the extension
line. The directors have not been able to include all the out-
standing charges, either for the extension or the alteration of
the main line, nor have they taken credit for the value of the
old materials, such u rails, theirs, rope, itc., the stationary
engines, or the surplus property, the last of which
is alone estimated to be worth 3111,N01. • but sa soon at the
works are completed, end the istmeint accounts got in,
separate statements will be prepared, owing the actual
expenditure for the menden, and the Bost of the alteration
of gauge and other weeks messested with the main line.
There km been a abased* In the traffic, as
compared with the 7. Irre-
spective of the c,use=sitediaii late aided tlb w well
as other railway's, the endeveseralie stem of the weather
during the summer, and the dreentehmee that only au line
has NMI in operation daring the hue three weak will
account far the decrees. The alveolars repeat their con-
viction that there will be a esseiderable saving in
the working expellees under the locomotive, as com-
pared with the stationary engine system, and from
• recent and careful review of the subject, they
have no doubt that both the extension line, so far es the
traffic to Bow is eincerned, and the main line, will be
waked for two-thirds of the cost hitherto of working the
mein line only. A joint station is now In course of con
erection at the i"n nof the Eastern Counties Railway
with the Waal. Ic. c , .on line. So soon as it is com-
pleted 1/1.1. .wellls. carried out for running the
trains in c a 0.• vv It those on the Eastern Counties
line, and the t ehtertain no doubt that the advantage
derived by the public will cause a considerable and gradually
increasing traffic to flow to and from our City terminus
through this coscanel. As the powers for widening the line
ben Mpg to Fewbareb-street, an apt for which was ob-
tied is the em lea of 1846, would eerie in July next, the
dleedese have deemed it prudent to direct that au application
he Miele parliament for an extension of the time for carry
*. late elPset the pecans given by that act."
CHAIRII sail, before moving the reception end
adeptisa of the report, he wen desirous of making some
eirensticas on various subjects contained in it. He would
that anode to the alteration in the mode of traction, by the
we
ottbehetuaseive instead of the very system of
=gds. asCsrenalra.=2, by a
very as
great stated fa the
Wei. it* that
wield be Awes& They knew from their oconstrj
earring, hew great the expesew of the old system had
Men, and weld estimate these of the new by knowing the
figpsaese of the otter linos hadlway that were situated
NOb tilawldves. The rank proved to the draftee that
they twat by the new method wadi the are Vase for M-
adre lam met then woe now milked to work tics Yak
elide would lases them is suck !trillion that tiz2r
ply the interest on the mem Ist vat ea the
Its, ma .till des high......pareks is they ware at the
prescat moment, even en”Whis they did eat carry a obi&
tr=on the Bow line • enneare, the addfdatel
t owe by that line would go to imereape the paws/
-we et the =way. By tie new misty Fedi

dotedilij hi'fe additional means fir wetting a greater traffic
between Louden and kwsll, but could w ork from station to
station, which they could not c'es hitherto by the old system.
From the Bow line there was little question of their n eels.
big a considerable, and perhaps a very large addition, to their
present traffic. He hoped the directors of the Eastern
Comtism Company would see the great advantage cf their
City terminus not only to themselves but to the public
generally, sad that the two contraries would soon work con-
jointly ; till then they must go on quietly, making the best
of the pretreat arrangement. It was specified that the
Easters Counties should stop their trains at the joist sta-
tion to bring in the passengers for Bow, who would us
doubt prefer the Black asinine to may other mode of transit
to the CitT. When they lust met, he gave out that the altered
Ilse Irma be worked by the locomotives at lust two
seethe ego, and if they now complained of the deny, he
begged to say that it was from no fault of the directors
or their odious but from the procrastinationof some
public functionaries, who were not quite so easily managed
as persons under the control of the din Orton. He was happy
to my that the working of the line on the new principle—
and it had only been is operation for four or five days---wie
as regular as mould be expected, sad when they came into
fun working they would do their work in a shorter time
than was required at present, for they tad only the north
tine to work upon ; but the next effort would be to get the
south line, by which they would be enabled to perform their
I JIGMBRIMI math more conveniently. They might also expect
seam edtitional Wale from the extension line to the docks,
whisk maid be worked without any additional expense to
the eamisiel. Looking at the whole, he thought they
wady= with him that they had now arrived at
that which the directors had all along wished
they I odd arrive at; and all he could say was, that their
principal aim would now be to keep down the expenditure,
and to helmet the line all the additional traffic that was to
be obtsie in which they had already, to a certain degree,
been weseemfal. He trusted the day was now approaching
whin the proprietors would have to look back to small
dividends sad large expenditure as only matters of history,
and not es the fruits et working the line on the new princi-
ple In conelasion, the chairman moved that the report
and accounts now read to the meeting be received and
adopted.
Mr. SMITH tecanded it, and would take that opportunity
of asking the chairman when her Majesty's Commissioners
of Woods and Forests would be kind enough to give them
permission to work the locomotive line ? (Laughter.)
The CHAIRMAN said it had been done, mid the line had
been at work four or five days already.
Mr. DOVER asked Ethers had been anything paid off the
debentures.
The CHAIRMAN replied that the shares, No. 1 and No.
2, were for the purpose of paying off the debenture debt,
the automat of which would be seen as the debentures
fell in.
Mr. FISHER! thought a less number of directors might do
for so small a line of railway.
The CHAIRMAN observed that the board had been re-
duced from 10 to 7; there were originally 16 directors.
Mr. FISHER said, still thou 7 took away one-sixteenth of
the net profits of the concern.
The CHAIRMAN hoped they would not do so for the
future. (Laughter.)
Mr. ABRAHAMS maid it wasthe act of the proprietors, he
would admit, which allowed the directors still to retain the
1,0001. ; but as the object of the act was to induce economy,
be thought the directors might have been content with the
7001.
The CHAIRMAN said the directors were quite in the
hands of the proprietors; any gentleman was competent to
MOTS that their salaries be reduced to 7001. It was quite
true that the line was only three miles and three-quarten long,
but as 1,100.0001. had been spent upon it, he could assure the
meeting that to make that a paying capital had been the
source of great anxiety all along to the directors. The sub-
ject of salary, he again repeated, was not an object with the
directors, and any shareholder was competent to move its re-
duction. (Hear, hear.)
Mr. J. WILSON observed that, as one of their paid ser-
mutts, at the large remuneration of 101.10e.,—he meant as one
of the anditon' —he could testify to the great trouble which
mast have besntaken by the directors by only linking at their
mode of keepiag the amounts. He, as an auditor, would
there acknowledge that he had never beheld such a clear and
excellent mode of account-keeping ; indeed, it was a pattern
to the railway world. (Hear, hear) Therefore, the remark
made by .a proprietor that the directors were overpaid was,
in his opinion, unfair.
Mr. Casa asked how many stations there were on the line
at which the carriages would stop ?—The CHAIRMAN re-
plied five.
A PROPRIBTOR asked is what proportion the old shares
stood as regarded the others b—The CHAIRMAN said that the
proportion was three old shares to one extension ; they were
241. shares.
The report was then adopted unanimously.—Oeerge Lee
and Joseph Bishop, &qrs., the directors retiring, were re-
elected unanimously. A vote of thanks wee then paused to
the chairman and dirors, when the meeting adjourned.

WINDSOR, STAINES, AND SOUTH-WESTERN.
Ordinary Gowns! Meeting, London, Feb. 19; H. C.
Lacy, Esq., in the chair.
The SECRETARY read the directors' report, in which
they state that the main line between Richmond and
Da•chist has been worked, since its opening on the 22nd of
August, by the London and Soutk-Western Company, in
pursuance of an agreement already approved of, and that a
half year's rent, at the rats of 5 per cent. on the amount of
capital paid up, will be due in • few days. They also report
that they have concluded an agreement with the Commis-
sienen of Woods and Forests, by which the royal meat
is given to • line crossing the Thames near Black
Potts, and thence through a small portion of the
royal property into the town of Windsor. The
consent of the authorities of Eton College and of the Thames
commissioners has been also obtained, and the construction
of the works has been let to Mr. Brasses. A bill authorising
them to proceed with the formation of the line, &c., has been
introduced into parliament, and would be submitted is the
proprietors at that meeting for approval. The estimated oat
of the line is 80,0001, and the bill gives power to the com-
pany to create that amount of new share capital. In com-
pliance with the standing orders of parliament a snbscriptioa
contract was signed by persons representing the London end
South Western Railway. The proportion of the new capital
to which the shareholders who did not sign the contract are
entitled was reserved, and will be allotted pro rata te those
shareholders who will intimate, before the 15th March,
their desire to receive an allotment.

The CHAIRMAN having moved the adoption of the re-
Ports
Mr. WCALLAN said be will anxious to be informed
when the bargain with the London and South-Western
Company was to be brought to a clone. There were no
more than about 5,000 shares out 50,000 not taken up, and
he thought that it was not worth while to keep up the ex-
pense of a separate board of direction on account of se very
small a sum.
The CHAIRMAN said there was every prospect of a
speedy completion of the bargain, but it was not in his
power to name an exact time, as the option regarding the
lending of the two undo takings lay with the South.
Western Company, and he • -tw no reason why they should
be anxious to burry on the al% togementa.
Dr. G. LONGSTAFF observed that in all probability
when the loop line was opened the South Western Company
would be more anxious than it was at present to obtain pos-
session of this railway. He wished to know in what manner
the giving way of the bridge in Kew-park had been accounted
fee by their engineer. He believed that some blame had
been attributed by their engineer to the government en-
gineer, but he was assured that that gentleman was Napo&
sible only for the elevation. A great deal of money had
been spent in engineering, and he was decidedly of opinion
that it the misfortune had occurred through the mismanage-
ment of Mr. Locke, the expense should not be thrown on
them. He also would like to be informed whether the
works which had been let to Ptr.Brassey had been previously
put up to public competition.
The CHAIRMAN, in reply, stated that Mr. Locke had
made a report oa the subject of Hew-bridge, which he would
read if it were called for, but they had not se yet been
charged anything ton the restoration of that portion which
had failed. Previous to letting the contract to Mr. Bratney,
the engineer had gone over the line, and having calculated its
cost at the prices of the day, recommended the directors to
let the contact to Mr. Briuney, provided he took it at the
sum which he had estimated it would cost. Mr. Brams had
taken it for a smeller sum than had been named by their
engineer, and they had been saved a great deal of trouble in
oonsequence.
The report was then adopted, and the outgoing directors
and auditors were re-elected.
A Special Meeting was then constituted, and a resolution
adopted, approving of the new bill for enabling the company
, to make an extension of the line from Daschst to the town
of New Windsor. After which the meeting separated.