The Express.
London, England, 1849-03-02 00:00:00

RAILWAY MEETINGS.

EAST&RN COMM M&
deFainsed Jimkfiv.—Loadat Tavera_Yatab I.—D.
WADougetim M.P., In the qtr. The aliareholdele
Rd hi lambert at de o'cleek p.a., the hear
T
fin lbeelegag of the pal.
Tis wee delisted to be tbe molt of thapell:
tamprlowas 2,830
irate et idtbdrefelag the Safe& 6,409

The announcement of this result elicited loud appiarise,
and cries of " Bravo."
Mr. Berjeaut °ASHUR wished to knee whether the
directors thought that after this vote, which had teen given
whit them, they amid carry on the affairs of the c.mpany
with credit to them erms or with satisfaction to the proprie-
tors ; or whether they were prepared to pb-c• their seats as
a board at the discretion of the proprietors ?
The CHAIRMAN spoke as follows: In reply to the
Isannod mejsaat, all I an say is, that I cannot answer for
my ostlotgoes, as we have had no board meeting to consider I
the lOW ; bat I can say truly for myself that it is not my
Wades to 11011111,1111 at the Rasters Counties board after the
reptile** oesamittee. (than hear.) The course which
I inteeded to take I will now state. I must, of course, con-
sult my Mends, which I have not yet bad en opportunity of
doing, having been engaged upon two committees of the
Eastern Counties Company; but, according to my present
view, I cannot, consistently with doing justice to the prl-
pristary, who have by their vote to-day rescinded that wkkh
they formerly sanctioned—l cannot, I say, remain at this
board, not having the confidence of the proprietary. That
is my view at present. I shall take an opportu-
nity of consulting my friends ; but this I will
tell you now that I do not intend to rorign
until the committee shall have made their report. (Hear,
I hear, and cheers.) I will give you say reason for that de-
terminatiaa. I think that, from the great time that I have
I devoted to this railway, I must know something of its affairs,
and as the committee may require 113010 explanations, it is
my intention to attend at the Eastern Counties Board, as I
have hitherto done, until the period when the committee
make their report. I think your interest might suffer if I
did not.

—Mr. &dent GABBLE)! said he bad not meant to speak
offensively. There were several gentlemen then sitting on
the board who, if they.resigned their planes, would probably
be elected to serve again. (Hear, bear.) It war desirable,
however, that the board should, as a whole, be remodelled.
(Hear, hear.)
The CHAIRMAN—WeII, perhaps the committee will re-
pot on that point- hut I now declare that until the report
has been prs-ented the badness is adjourned.
Mr. KENNARD (a director) said he wished to make one
IR two observations. The Eastern Counties board consisted
of 18 directors, 12 of whom were elected by the Eastern
Counties , while the remaining six represented
the Northern and Eastern company. The six gentlemen
who represented the Northern and Eastern shareholder. had
at all times and on all evasions, expressed their perfect con-
fidence in Mr. Waddingtea—(Cheers)—and upon the cha-
racter of Mr. Waddington as thus viewed—a view
which he believed the committee of inquiry would
confirm—noes el: Northern and Eastern directors
would stand. (Cheers.) It was their duty to pro-
tect the interests of their own proprietary ; but they honestly
believed that Mr. Waddington had done his best, and he had
thought that there would be something wanting on the part
of the Northern and Eastern director., who sat at the board
as officio, if they did not testify publicly, after such proceed-
' bite as these, that they had placed entire otnficience in that
gentleman. (Cheat.)
The CHAlRMAN—Gentlemen, I &ears that this meet-
ing is now adjourned.
!Several personshere loudly vociferated the word.," Thanks
to Mr. Waddington." Amidst the confusion which ensued
it was impomibie to distinguish the mover ; but a vote of
thanks to Db. Waddington was formally proposed, seconded
by Mr. Box (on whose motion the committee of inquiry had
been agreed te on the previous day), and carried unani-
mously and by nelaination.
Mr. KENNARD—He deserve. your thanks.
Three cheers were then given for Mr. Waddington, and
three groans for Mr. Hudson; after which the meeting dis-
persed.

THE SOUTH DEVON.
Half-yearly Hating.—Plymouth, Feb. 27.—T. WOOLIr.
COMBS, Esq., the chairman of the board, in the chair.
The directors' report stated that " The powers of raising
the remaining balance of capital under the Act of Incorpora-
tion, by the issue of the two thousand shares which have
hitherto been re served, and of creating capital in due season
to replaces the advanees already made, and to supply the fur-
ther amount of subscription required for the Great Western
Docks, form an important part of the company's eventual re-
sources ; but it is obvious that the value of those ;powers
must depend altogether upon the future prosperity of the
railway ; and it would, therefore, have been purely spe-
culative lad the directors presented any estimate in raciest
of the sums which were likely to be thus realised. The
receipts upon the revenue account for the half year
have am-tented to 40,1211. 18s. lid., and the expenditure
has been 28,9281. Bs. leaving a profit upon the working of the
line, of 11,1961.85. lid., out of which interest amounting to
98341.11.. lid, has been paid upon debentures ; and a sur-
plus of 1,3601. 17s. b brought forward as a balance to the
current half-year. To this sum will have to be added the
amount which the company is entitled to receive for the car-
riage amens from 21st September, 1847, but the directors,
pending arbitration upon this subject with the postoffice, are
to unable present an estimate o the amount. The revenue
account besides being forth, first time directly charged with
the payment of a bail-year's interest, has borne a great part
of those ch of establishment and other expenses which
had pretioulj been paid out of the capital account. In its
general moult, therefore, this account is really more favour-
able in comparison with that which was subreinsi to the
proprietors in August leek than it may at first sight
appear ; and It shows who* quite as great an improve-
ment as under all cireuestoosos could have been expected
In se short a time. Dodo' W. period the directors have
redwood to on. half of its fame amount du sum allowed by
the proprietors for the direseme rannosentien ; and this,
with other reductions which have bees WNW, will amount
to about 2,8001, per annum. Farther measures for unto.
Wing the worklag of the line ere under present considers.
tics. The directors have concluded arrengenesets respecting
the perdu of the Dartmoor Railway neer Plymouth, to
moon the adeptatios of that line for the asesamnelation of
the trade of Sutton Pool. Rehiring to the evidences
which hes been given to parliament and to the Admi-
ralty at diffused time, as to the selection of a
pe
en d departure for the mail steam-packets, the
anticipate with much confidence that this rail-
way in connexion with Its terminal approaches, will ulti-
mately secure to Plymouth, in preference to all other ports,
the advantage of being selected as the mail packet station.
The directors have for some time been in negotiation for the
renewal of debentures now due, amounting to 81,2001., or
the !substitution of bonds bearag interest at six per cent. ;
and, having consulted the solicitor general in reference to the
legality of this proposal, that gentleman has stated ' that
he is clearly of opinion, no objection min be taken to these
beads on the ground that they bow a higher rate of Interest
than five percent.' Therefore the directors have agreed with
some of the debenture holders accorlingly. With reference to
further renewals, ithad bun intended to iesue a circular to the
shareholders offering the same terms to such of them u might
have been disposed to advance money on the bonds referred to
for the purpose of disabusing the Chian of diseenthatereditors.
It will be desirable that a resolution should be posed by the
proprietors Investing the directors with power to re-borrow
on debenture or bond, where this may become necessary in
respect of loans that may not be etrictly In mere renewal of
those now due or about to become payable. It will this day
be proposed that a petition be presented to the legislature
in favour of a bill promoted by the railway interests through-
out the kingdom, having for its object the introduction of a
more eeqquitable system of rating railway property to the
poor. CColonel Hindi having retired from the board, the
ddkk have, in exercise of the powers conferred upon them
by the act of incorporation, elected T. H. Belted, E q., to
supply the vassney. Lord Seymour, whose period of service
would now have expired, has abo resigned his seat. The
obairmen, Mr. Woolleonabe, retiree lathe order of rotation,
eallgsbotenble for re-obeties. It Lemmas necessary for the
also, to alerting ondittles ha the oneeonte of the
sibtomt yew. A plan tar the redaction of the board in such
a Mother as to preserve as needy as possible, the constituent
settled by the act of inoorp=mcwill
ba originally
01l
shareholders at the ary
earserdag. The set of incorporation provides that the number
of hkethers shell be twenty-one ; four of whom ere to be ap-
pointed by the Great Western board, five by the Bristol
end Zeoese board, two by the Bristol and Gloucester
board, and ten by the shareholders. In sonsequence
of -the transfer of the Bristol and Gloucester Railway
to the Midland Railway Company without due care having
bees taken to confer upon the directors of the Midland
Ccomeaythe privilege which the former company poseessed of
tation at this board, therespect right of **Bristol and
Company, in this , has la • the
Moslem htve propeeed to conger In any applicupsedtkxi tobut pu-
llout! to odub that right in favour of the Midland board.
The todastion of the board which will be proposed, contem-
plates therefore this arrangement; and that a board of eleven
directors should eventual? be composed as follows :—Two
arm bar to by the Great Western board.
Three dleseesse to impoineed by the Bristol and Exeter
beard. One dinette, es lie appointed by the Midland board.
Pin dineetors to be della by the shareholders."
Mr. I. CHILLCOTT, of Bristol, moved • resolution to
the effect that the plan of Mr. Hutton, for the creation of new
shares or stock be recommended to the beat susideration of
the directors.

The report was adopted, sad
The resolutioa of Mr. Calm-Gorr was then again pro-
posed by that gentleman.
General 817LLIVAN seconded the resolution.
filome convention on the plan ensued, from which It ap-
peared ft would be considered and matured, or modified by
the director., with the assistance of Mr. Hutton, and then
submitted to the shareholders for approval.
On the stational the °RAHMAN, • petition In favour of
a bill for the more equitable rating of railway property was
adilyre tte motion of Mt. Z. H. Gar., seconded by Mr. Cam,
corr, sad supported by Col. Harris, Mr. T. W. Fox, and Mr.
F. Fry,_
Mr. Woollarenbe wee re-alerted director and chairman ;
Mows. Leaps ma Huns were oleo molested auditors,
and the resaandies to the dirmion was reduced from
2,8001. to 1,0001. pause,.
I Or the Reeks ef Na. 11. Dana: ,It was recommended to
the dkeeten pima the liblribadell to ss withentpey-
oast ever the lb" ha attosing a penal or extraortbnary
weft tithe eeespery.
This owahoded the beim of the general meeting.
Ilestieg.—Tlais took pins {minding, as
theillereasjailearglim7 wasmeta meeting. Mr. Woozzcoisa
mum
pialled. I agreed to rodeos the directors to 11,
el 'bon g mete be *Wed W the shareholders, and 6 by**
eseidMail enwpwilm. and the following were eled the
sheraboldere diresesse..—Mr. T. Wool:nabs, 81, A. Balk,.
Mr; B. Oak, Mt. David Deny, sad Mr. T. H. SulteeL
—A violation was pawed, dziag the routine of the retire-
ment et Cream, se4 to the ease that the directors
should dine be whet eider they shall retire by ballot
.mash
_themselves. and that a don should be kept opsa
,Si atilt • limber et the Midland Commies Heilway on
the diresdon. Thanks were given to the =dkastaki
' lad to the dial:ma, and the meeting dna