The Express.
London, England, 1849-08-18 00:00:00

THE EXPRESS, SATURDAY EVENING, AUGUST 18, 1849.

A...p dal unseal meeting of the sheweiMblere, held on
Re 31th October, 1646, it was resolved :
h That so order to provide for Um mireheme of the Great
North of England Rai ut and works, and to miss a portion
of the Sarni authorised to be raised by shares (in addi
authorised
to the remaining extension diens), seder the various acts of
lest see 5i0n,159 000 shares of 261. each be issued sad 5110 t. tl,
the proportion el ewe and a Leif for every 261._sher •
tins
in
each proprietor, who shall be a registered shareholder in
sesameny, oa the 13th day of November rte If.
" That 21. per share on such new shares be paid to the
sempeny's hankers on or
234 befo
on or re the 25
th day
the of Novembde er
nest, and the remainiag brfora let li of
July, 1850, by such iastaltneate as the directors may t L
"That a dieidead of 6 per coat. rn the mosey called up
ea tan- deans be guaranteed until the completion of the
Great North of England purchase, after which they shall par-
Ornate equate with the other shares of the sompany."
Your committee do not tied that any lease or punkas-
deed was 'ignited by the York and Newcastle Company
after the meeting of the 11th September, 1846.
In 1847 en act pasted for connlidation the York and New.
• ard Newcastle and Berwick Companies, and even
then emitting appears to have been done to catty out the
resolutions of the Great North of Reglaad sad York and
Ne ornate C‘mpeniet and your coneinittee do not find that
say erstrumeat of a 'legal nature was immerse wader the
led of this eompsay until the day prior to the appointment
of your committee. and on which day Mr. Rodeos resineed
his office of eh irman of this company. 7/bey had the follow-
ing entry ie. the board minutes of tee compeay :
•' May 3,lBl9.—P:qui Mr. Bodeen, Mr, Davies, Mr.
Ritharoson, Mr. N. Wood, Mr. Pleme,—Resolved, 'That
the seal of the aompaay he sflisal to the lasso mow produced
of the Great North of Reiland railway, and Riokmond
Breach railway, dated floe 27th April, 1849, and the coun-
termen of sorb lease from the Great North of England
railway to this campus, for the term of 1000 years.' "
Your ronamittee cannot retrain from uproars' their
opinion they, as the directors well knew when they paned
the ahoy • re;oistion of the contemplated appointment within
a few hours of a eiessnottee of investigation into the whole
stein of the cup iny (they having, of their own amend,
celled a general meeting of shah holders for that purpose).
they would have acted with the greater propriety they had
then informed the shareholders of their mountings ; or it
they htd, at each a moment, abstained from theme:onset=
el an act so tned/ affecting the interests of the company,
and which, whether it was the duty of the directors or not
to have performed, they had, at all events, emended for
stove two and a half peals.
The leans rennet to in the resolution is dated, it will be
observer, oa the 29 It April last, and is mate between the
Greet North ol Angler d Railway Comp.ny of the one part,
end the York, N. weutle, aad Berwick Itailwry Comp my
of the other part, and otter referring te the act of parliament
paved is 1846, conferring the power of leasing, and aloe to
the deed dated 28'h A .goat, 1845, end the resolutions of the
theei neeehogs shareholders of koth companies, Mem
he union of the act (that of the York and Newcastle Com-
p..., heing the etiolation of the 14th $ iptember, 1846,
oinked from no. minute book) the Great North of Zeeland
Company did demise and lease toe Gawk North of Eng-
land Railway, branch, station, works, and buildings, to the
York. N. weastlo, an 1 Berwick Company, their succeseore,
for 1,000 year., arum the Ist of July, 1845, under the yearly
rest of 149,0001, los sole out of the dividend or profi..l cf
the York, Neu:idle, and Berwick Railway Company half-
'early.
The lease contains all usual cleans as to payment of rent
sod teen, keeping railway and works in ropier, and confers
powers all ditrosie on the Great North of England Company
In ilefoult of payment of rent. No deed or instrument of
co .veyence, duly stamped for denoting the full and proper
stamp duty in respect of the while purchase money, as con-
temolated by the Bth section of the Great North of England
act. has beau executed.
The Great North of England Company served a notice as
the 30A of June last upon the directors of this company in
the following I' ems:
"To the York, Newastlep and Berwick Railway Company,
lately c died the York and Newcastle Railway Company,
and originally called the Newcastle end Darlington Junction
Railway Company, the York and North Midland Railway
Co- posy, and the Midland RaLway Company, or suth one
of you, tne sai 1 three ocmpaoies, as have already or may
hav,, by any arrangement between you, the option to make
the hereinafter mentioned marches. alone.
"The Groot North of England Railway Compare do
hereby give you notice to purchase on the Ist day of July,
which will be in the year 1850. all that th • Great North of
Ensland Railway, and also the Richmond branch of the said
Great Nord+ of Ragland Rail.eay, together with all the
stations, wltirfa, houses, warehouses, beild.nge, nab, lards,
hereditanteate. and opportenanose (including the stuck of
engines carriages, ntechisery, utensils, too furniture)
belnnging thereto respectively, or with them or any of them
bel *, used, or enjoyed, or any part thereof, and also all the
rates, ti lls, and duties to seise by virtue of all or any of the
ante relating o the said Great Ni rth of England Railway,
and Richmond Brooch Railway, or either a them, aed all
the right., powns. and privileeee a them, the said on"
North of EngLosti Railway Compeny, in relation to the said
railway and branch railway respectively, or otherwise belong-
iag to them, the said last-menuoni d company, comprised is
a certain loam bearing date the 29th day of April, A.D. 1849,
and made, or impressed to be made, be .werit the said Great
Ninth et England Railway Company of the one part, and
you, the York, Newcastle, and Berwick Railway Company
Patel" coll• d the York and Newcastle Railway Company and
oriel, ally the N.:wend° and Darlington Junction Railway
Campus) of the other part, at or fer the mice or nun of
3,647,6001. (over and above and in aittlitien to the paymert,
and &ohms by you, of the debts, e entracte, engagements,
and liabilities of the raid Great North of Eagland Railway
Company, mentioned and referee 1 to in • certain deed of
coronet and arrangement, bearing data the 28th day of
Aueust, 1845, and made between the said Great North of
En .land Railway Company of the lint, or one part, and the
Midland R.ilway Company, the York and North Midland
Railway Company. and you, the York, Neweasee, and Ber-
wick Itulway C napery, by your thin name Cr style of the
Newcastle and Dexlington Junction R iitway Co.eitany, of
the aconel or other part. Given under the common se.l of
the Great N .nth of Billeted Railway Compauy, and under
th • hand of John Morse Spathes, the clerk of the said Great
North of England Railway Compaq, this 29th day of June,
o. n. 1819."
Your committee having thus put the shah hol den in pos-
session of the various documents and preceedings, hove sow
to call attention to the legal cff.ct of the whole upon the two
!Marva(
Yost committee have received statements and opinivas
from blialefOtill shareholders, all more or lees impair lee of
doubts as to the validity or these transactions, and they have
then( re considered it their duty to take the best legal
opOI:ots thereon. The whole at the &contents and resoles-
no... have been submitted to two eminent ei utoel, one of
the equity and the other of the common law bar, by whom
yours onsotittee are adrieed that the validity of the lease ad-
roit. c f very serious doubts, and that there are many legal
eltneulties in the way of the Great North of Eng:and Com-
oloy's enforcing the lease and deed; on the latter of which,
as counsel hue advised, proceeding. an only he taken in
the Court of Chancery, which might occasion a delay of many
years.
The shareholders will not expeet that the committe e thoul
state in a document of this public matuoi, what are the
precise L gal objections to the proceedings, more erpeeiallv as
the committee are not about to recommend that any undue
advantage be ...ken of these objections, or that the company
shout, se. k to disturb the spirit of the relation, which were,
least, supposed to have been established between the two
companies, but your committee are etroogly impressed with
the hem( tut, laikitig to the f.ct of the existence of these
defect., and the influents which they moat necesearily have
upon the stock of the Great North of England Compony,untal
they shall be known to be wholly set at mit, it is as much the
let rest of the Great North t f Ragland Company, as it is for
the interests of this company, at once to come to some
modification of existing arrangements as regards the time at
which the Great Ninth of England purchase shall be carried
out, and your committee learn that this view was very
genetally entertained by parties largely inten red who at-
tended tie Uleallol of the Great North of Rol/land Com-
pany, held on Tuesday lam, and has du hi en ex .n seed to
members of this committee, by many large holders of the
stock.
Of the 159 000 share., authorised to be created by the Teem
lurion of the 10:h October, 1846, to provide fur the purchase
Otto, Grist Nerth of England Railway, avid for other pur-
pasts, only 143,939 shares were issued, and the shareholders
are aware that the directors, instead of makisg cells frees
time to time on than shares, while they were at a premium,
teed when the money could have been easily raised, and pur-
chasing up the Great North of England eto:k with the pro-
f:end., in terms of the authority given to them for that our
pots, when these shares were first hued, have allowed
nearly three yews to elapse, and leave called during that
time cult 81 per share, or 1,151,6121., of which they .
have
/remind 1,117,368 e., leaving 171 per share, Of 2,446,963 i
be celled in the next tea month.. an amount which your
committee am no prospect of tithing in that limited period,
even if it were expedient for other reasons to make such
calls. It will be observed that the total amount of the
Geese Norte of England purchase shares already issued,
whew fully mad up, will be 3,698,4751, and that the amount
demanded under that company's notice is 3,547,5001., besides
some d.bta of stall amount.
Your committee having devoted much anxious considera-
tion to the subject, and having regard to the financial state
of:this company and its prospects for the meet iew years,
would new recommend that up= the Great North of Yu-
lard Coalmen connoting to postpone the payment et the
purchase money for their railway, for a period of six year.,
from the lit of July, 1850, this company there'd now give its
bonds for the amount, payable at that date, with interest at
4 per tont, a rate at whisk this tummy burrowed on de-
bentures to a large amount within this last few mouths. The
committee further recommend, as pert of the proposed
arrangement, that the shone which were Cr. ated for this
payment, now bearing 6 per mat. interest, should take divi-
dends with the general Meek of the company, and the
Mltee o 4 6 E'er sent. esan from and after use let of
1860. The Greed North of England Company
would thew be placed he palmation of security fur
the ultimate poshest (and that at we mireesonsblie
date) of the foil amount at whisk their line was agreed to be
wearied ham them:. while the extension of tame would
enable this empany is sell op the mean ea the Great
14°46 of Ealiland abuse at soak defined periods u might
be fuel to be meenenient to Chi dnoininAdels•
In the event of soak a nmOlkiniftit the existing w-
llii hiling slue tee estwessittee see so objection
to tan being asadmed an a meet est of pediament in
the neat sessiset. if lb. Great Nertl: England Company
desire it.
If the shareheidees shall signify *air upsommal el the emu
retionmendiatisam the mundites-will be rese.4Y 610009 o,them-
selves in mamaidesties with the diresteeie $ the wrest
North of Cempea end will y nocit se akar
segeditioss y,
l
= a Wan asseing.

'lmpieties the SUNDZILLMID DOCK finstres, the com-
mice• state that they acitninly expected that Mr. liudiou
And the directors would have been preperi d, ere sow, to
repay the sum evinced out of the funds of the company for
tte 2,343 shares, and th. y feel it to be their duty strongly to
adviee the shareholders to refuse their sanction to Any pro-
petal such as hebeen made by the director. ; and felling
their making eons satisfactory proposal, the committee s. •
no ether course than to institute the legal proceedings
iced to be taken by the last meeting of shareholders.
At a meeting with the directors, held en the 15th instant,
slime the ahoy* was is type, they intim
ated theythat they would
not proceed with any arrangement at present ; and your
committee have reason to hope that, before the nest meet.
irg. ter /calor, will be preared to make a satidactory
proposel settlement of the 2p,345 shares.
The rest of the report relates to the state of the wake,
nlant, and roiling stock of the York, Newcutle, and Berwick
Railway.

LONDON AND NORTH WESTERN.
Mar If htsrruio —London, Augu.t GIORGI
CAlla GLYN, Esq., M.P. chairman of the company, to the

_
shale.
The minutes of the last half-yearly meeting having been
reed by the recrAiiry, Kr. STIWAILT,
The CHAIRMAN rose, amidst considerable applause, to
address the meeting, and said : Gentlemen, before we proceed
to the reading of the report, I am anzions, according to
the custom of this company, to occupy your attention with a
few remarks on that which will afterwards be read to you.
In the first place, I am a little anxious to remove froandhe
minds of the propriety's some apprebensien wnich I er-
has bee felt, since the publication of our accounts, a
the large dip which we make on this occasion into the re-
serve fund. (Hear, hew.) I wish honourable prepri tors to
nail net—and those who are at all cons/neat with railway
practice well know the fact—that the divisions of the owning"
of the two half-yean are very dissimilar in their comparative
results. Aed, gentlemen, it is to be remarked that
this alteeation in our traffic receipts has fallen in particular
places. London bee done its duty ; but at Liverpool, and
particularly at Birmingham, our receipts resent a consider-
able diminution. On the other bawl, taking the whole
local traffic in the aggregate, we are sstLfied mien the results
which it presents. In that—and it is en important con-
sideration in the esac—there is no falling of whatever.
(Applause.) Now, g. stamen, in touching on the question
of the passeeger traffic, It is impossible to avoid elludiag,
in passing, to the causes which may probably have produced
this effect. From Ireland, which Is of course a considerable
source of traffic to this particular line, we have drawn
eompatatively little or nothing ; but I am inclined to 'tonsi-
-1 der that we most attribute the falling off in the receipts fur
passengers to the fatal effects of that disastroue year, 1847.
We cannot 'specs a revival of oar pa.acager receipts till the
etmounity at large have recovered from the effects produced
by that constant recurrence of calls—that constant recurrence
of subscriptions and loses in new projects from which so
vast a portion of the community have more or lea suffered.
But if the passenger traflit presents, as it stands at this
mement, cot sr cheericg an aspect as we might dealer, I
must tell you that in the goods' traffic our accounts pre-
sent a very considerable increase. In alluding to this
.abject, we should not do justice to the energy, activity,
and the proceedings teetotally which have charac-
terised our agents under the new system of traffic
(in which that part of our business is conducted), if I did not
say they have managed the goods' traffic in a way which
leads us to look forward to still further ice/ease; and I may
allude not only to the activity these gentlemen have di--
pl eyed, but to the accommodation and satistai tion which
they have afforded to the public. There is one other point
in connexion with the accounts before you on which also I
have a right to ask your approbation. I allude to the reduc-
tion of the working especses. Ide not say that the reduc-
tion is very large, but it is well that you should clearly un-
derstand that the system which we, in a former report, an-
nouceed to you we should adopt, namely, of working our
supplies by contract and tender, has not yet came into gene-
ral o peration—:hat is to say, we are at pr sent suff.rine
under the effects, in part, of the old system; but we look for-
lord, and there te to re aeon why we should not look forward
with confidence—to an additional saving under that head.
At** same time, I wish to add—and I am sure you will be
ratified by our assurance—that whilst this subject occupies
the attention of a particular committee, to wham cocaidera'
den it is assigned, I can at the same time report to you that
the whole public service of this company—and we see able to
mar to retrenchments on particular points— is, I am happy
m say, conducted with more than usual regularity, and with
perfect efficiency in every branch. When you have read the
report, you will see that allusion is made by the board ece
revelations that are being carried on with the Midland Rail-
wey Compiny. 1 am happy to state to you, that sines that pa-
reeraph was penned, the final meeting of the deputations of the
two companies has taken plate ; and lam able to amaar ce
Ite you, 'net arrangement. have been made with the Mid-
teed Comp my, which I have no doubt, in their working, will
productive of benefit to both companies, and will secure
Ms you a more full development of your merchandise traffic,
Isla perhaps mote than by any other system could have been
devised. Wu have, at the same time, so Tertian d the
arrangement, that eny disagreement should arise under it,
there will, from time to time, be the pussiblity of settling
any Inch differences, and of avoiding any consequences detri-
mental to the proprietors. (Hear, hear.) The arrangement
I all-de to does not partake of the character of an midge-
nistion, but is an arrangement for the working of a eon-
sidetrable portion of the traffic—indeed, I may sty, to nee'
a mercantile phrase, it is a joint account, and I
em well persnaded it must be (cosily beneficial to all
parties. The report alludes to another point on
which I wish to occupy your attention for oae moment.
This is the first occasion oe. which you have seen in the ac-
counts any reference to the peculiar mode of working the
system whirl we have prepared for keeping in outer our
peimeneat way. I have no doubt that most of the gentle.
eau assonant yea hen* seen the printed report made by the
executive officers of this company to the board on this sule
jest. After e 'mein alteration', that report was adopted by
the board, who are now carrying it out, and, 1 hope, carry-
ing it cut with affect. The principle of the system is *imply
this: we an applyie g to the permanent way—that is, to the
duration of the rails, chairs, and sleepers equally—the same
system which a li'e inanimate office employs in earning on
its badness. We have, by evidence which is open to the
whole world, and welch I believe cannot bo gainstial, ar-
rived a' certain conclusion., which authorise us to say, th t,
in a given number of years, the permanent way will
probably require replacing. We have fouod out, from prac-
tical rt suite, how mach it will take per annum to arrive at a
sum which, at the expiration of that term, will suffice for
the rest. ration of the whole lies. We propose that every
hair-year the neeraary sum to give the annual amount re-
quired shall be taken from revenue, and Stet sum ph col oat
on security, at a rate of interest of 4 per cent.—a separate
and* distinct fund from every other deparment of your
ha iimes. An Iwe know, also, gentlemen, from the celeu-
I diens of experien. ed actuaries, their that system ia honestly
and properly followed out, exaetly in the same wsy as a
lice assurance office fellows out its eon 'pieta to meet the
contingent liabilities on a life police, we shall, at
it given time, he, according to the calcaletions of
our practical officers, in a situation to have saved
fir you the entire sum necessary he ima'.le you to
replace the nermauent way. Of course, tLe accuriee carry-
ing out of this system will depend entirely upon the Loee.ty
of your performance of the duty you have undertaken.
Wren we last had the pleasure of meeting you it
was upon a questi n of paramount japer:ante, not
only to this comeany, bat to all railways. I allude
to the special meeting convened neon the subject of
the Audit Bill, then before parliament. Tie almost uneni.
mous Toee which that meeting arrived et, expressive es it was
of those views, and of the wrong opposition to the proposed
measure of the government, had, I am certain, a very greet
'Sect is what subsequently took place with respect to that
Lill. The de putati ins which represented the railway
interest, at their meeting subsequent to the withdrawal of
the bill, silk-urged their sittings until a later period in the
year—their object in that adjournment was to afford time
her the holding of a public meeting of the different railway
companies, in order that they might, when they met again,
receive from the proprietors suggestions—in wiling, if they
so thought fit. or by some mode or other—rrepeotin r the
measure which it might be the duty of tee railway
directors, or the railway pripretors themselves, to
introduce into parliament in the next "mime I beg to
state, that if any proprietor thinks it worth while—end I
hope they will net neglect the occasion—to enter into the
question, and to offer their suggestions to that meeting
when it is held, that they OM come forward and do so. Be-
cause I can speak confidently amen the port of those who
attended those meetings most di igently, that they had but
one object in view, that object being to defeat the immure of
the government, which would teke (rem you that which, at
tour special meeting here, you said you would not surrender.
I think the proprietors should not be content
with I 'vine their powers exactly as they now steed—
(applause)—because urcumeances may arise moan when
proprietors may pus from their present state of aer ivity into
which they have lately been roused upon thew querionr,
into that careless ar d dreamy stateintowhich men, while tiny
ere gettirg large dividends, are so apt to fall. (Ap-
plause.) It is to guard easiest the resalable recurrence of
supineness on the part of the proprietors that I would ask
yea to consider whether some measure might not be in-
Undaddiuti"donaltopoewffee: otubcahtt ttobjec'n
asbedgial:n uwpohneththre qsomuine-
sutioaknoof..aiundeity.ery(Alzpgleauto.m..)
aWyeeryhalweve
elate ousepesaw.w.:
whopecuarebsipli l mean the official
pt;_inted to their different eaves en %cement of their
n. assignees. Choose en sea
eountant from among that body, if sm. teary. They're per..
SOUS who hold their places on good behaviour. Is it
possible that such men as these should, for the sake of any
tempting offer which might be made to them by any railway
company, risk that which gives them their situation fur liar,
and lend themselves to the purpose of paring any accounts
which may be pot before them ? lan sure it is unnecessary
to detain you by asking questions of this sort.
The SECRETARY (Mr. Stewart) then real the follow-
ing report :
" In submitting to the propri^tors the usual half-yearly
review, the directors have to report a diminution of the
passenger traffic, as compered with the same per cid of 1848,
le the extent of 22,1891. This decrease may be attributed
la various causes. Toe suspension of the relief of troops by
jgetternment has reduced the receipts 4,3001, and the loss of
MA day (1848 being leap year) may be estimated at nearly
diSIOL, in halftomerison further produce of the founde.
sefirsediag peers. A decrease may be in
theleseemed amonneof travelling throughout the country, and
la the reatablishment of new, though detest channels el
esmigengdeation, aerie-tine some of the traffic which has
hillieretraed over the .London and North Western red' way.
The Mae time, which shows a dintinutioa of 1,7721., ro-
oked a tibia, owing to low rime in the London markets;
hee esmatly shows a Wady advances over last year. It is
report, is the merchandise sterent, an
leeress= to
bmialm, ameeating to 47/000i. which ha be,.

obtained at a very trifling augmentation of the working ex-
penses. This large additirrei of income, in the face of much
competition, is an irdication of the expanding commerc of
the kingdom, end of the soundness of the system on which
the carrying business of the company is now conducted. The
ord.usry walking expenses of the liue have been reduced,
and the directors are satisfied that a further grades: reduc-
tion of these charges is consistent with the we.
teyance of a lay,' additional traffie. The increase
of the aggregate reeeipts from trainee. as compared
I with the corresponding period of 1848, is 23,0321..
the working expenses being 5,8541. less; leaving a net to-
eretee of profit of 28,8861., with about the same mileage.
The working charges on the present occasion are, exclusive
of rates and taxes, 35.9 per cent., and includiog those items,
40 9 per cent. ; but a per cortege of working charges on
gross receipts affords no sonad test of the economy of rail-
way management. The wevieg stock is in etc, need order,
and the usual renewals have been effected.
The proprietors are aware that the important question of
the deterioration of rails and permanent way, and the 'meet-
sity of providing for their renewal, ism engaged the serious
attenti mof the board. With a view of arriving ate soon
conclusion on this subject, they ordered their officers care-
fully to investigate all the facts of the case. Their report
having been maturely considered by the board, it was unani-
mously adopted, with some modifications. The result
of the inquiry showed that an annual appropriation of
20,7001., with interest at 4j per cent would provide for a
perpetual renovation of the rails, and other perishable mate-
rials connected with the road. The board decided thst the
interest should be computed at 4 per cent, which increases
the amount required to 22,0501. per annum; one-third
being charged in the spring, and two-thirds in the autumn
half year; and the sum of 7,5251. is accordingly deducted
from the revenue of tne present half-year.
"The complex arrangement", and confrcting interests,
arising from the opening' of new lines of railway, either
diteetly or remotely affecting the position of this company,
have engsged, end must for a length of time require the
anxious attention of the directors. They have been desirous
'o recognise the just claims of other companies, at the same
time that they protect your fair interests; and thus to miti-
gate, as far ae possible, the injury that would result to every
interest, by an opposite line of policy. They have generally
been met in the same spirit of mutual concenion • and, en-
couraged by the feeling now pervading railway boarde, they
hope to overcome the difficulties as they arise without any
'serious sacrifice. They have concluded a mutually beneficial
arrangement with the Midland Company, and with the
Counties Railway; and they have extended their
fiendly rehtions with the directors of the Lancashire and
Yorkshire lints. They have sho agreed with the South
Staffird.bire Company for the perpetual use of the London
and North Western line from &beat to Birmingham, on
terms satisfactory to both parties. They have not yet suc-
ceeded in making arrangements with the North Stafford-
shire Company, but negotiations arc going on in a friendly
spirit. Sensible of the advantages to be derived from a tem
perate consideration of every reasonable demand, the
directors will Free no opportunity of extending all'snas
which must conduce to the convenirnce of the public, as
well as to the prosperity of the railway companies.
" The railway from Leeds to Manch star was opened for
passenger traffic on the let of this month. The anth junc
tion connexion at Manchester, and the new tunnel and sta-
tion for goods at the north end of Liverpool, were also
opened on the same day.
the Altrincharn Branch Railway, in which this com-
pany is iaterested, jointly with the Manchester, Sheffield,
and Lincolnshire Company, was opened, a few days pre-
viously.
" Referring to the promise given by the directors, at a
former meeting, that they would not proceed with new works
without previously consulting the proprietors, they have now
to call attention to the line authorised by parliament to be
made by this conarany from Birmingham to L'ehtield, at an
estimated cost of 200.0001. After toll consideration of the
Ratter, the directors have decided that, under existing cir-
ennistances, the proper course for them to pursue is to refer
the whole question of this railway to the coueideration of
the proprietors at the present meeting.
" In regard to the Coventry, Nuneaton, Birmineham, and
Leh- 'ter Railway, agreed to be transferred to the Midland
Company (as explained in the general statement of 28th
October last), the Midland Board have signified their
inability at the present moment to complete that arrange-
ment. The directors trust that the transfer may not be
much longer delayed, as it is obviously not to the interest
of the Midland Company to render necenary the com-
pletion of the line its question by any other perry than them-
selves.
The chairman at the lest general meeting expressed a
hope that good might result from the discuseions then going
on with the directors of the Great Western Company. Com-
munications of a friendly nature have continued without
interruption, and although, as yet, no definite terms have
belie agreed upon, the directors have the satisfaction to state,
that there is no longer any cause to apprehend a recurrence
of these contests which have entailed so much expense upon
this company,
" The board cannot omit this opportunity of bearing testi-
mony to the obligations under which, in their opinion, the
company lie to those individuals, both directors and pro-
prietors, who, at great iocenvenience, and at a time of extra-
ordinary pressure and anxiety, assisted in promoting the
objects oonttmplated by the resolution of the general meet-
log, of February, 1847, will respect to the threatened
. sten/ion of the broad gauge, beyond the limits of the gauge
act, over the Birmingham and Oxford lice.
From the s'atement of the half year's ac-
counts it will be seen that the net proceeds
£517,194 6 10
arc
To which must be added the balance carried
ferwaiti tram the last account

.L.1M,687 19 9

Lege, further allowance fur the renewal of
rails of 7,525 0 0

S' owing a dispseable balance of £581,162 19 9
Out of this sum the directors reminmend a divide..d of
31 10s. per cent. for the six months, amounting to
685,681 Bd.; leaving a balance of 15,6011. 191. Id. to be
carried to the neat half year's account. Th 3 directors
have considered it necessary, with a view to greater at-
moil in the payment of the dividends, to make au altera-
tion in the form of warrant hitherto used, and to request
the proprietors either to pus their warrants througo a
bank. r, or to mak, a. plication, in person, fur 0.5 amount.
—Ononors raga GLYN, Chairmen.—Euston Station, 17th
August, 1849.
The CIIAIRMA:4—The first resolution which I have the
133 hour to submit is the adoption of the report. I will,
he4,re putting that resolution, just state that the portion of
the report which refers to the project of the Birmingham
and Lichfield Rsilway, ws wad reserve to a subsequent
period. I have to move that the report now read, wan the
statement of accounts, be received and adopted, and that it
be printed and circulated among the proprietors.
After some discnufor the report was adopters.
A PROPRIETOR then moved, that the question of con-
structing a lies from Birmingham to Lichfield be referred to
the committee in Birmingham for their cnisideration and

repoThrt.
e CHAIRMAN thought that the last course they
could take; and alter some emv..r•stint, during which it
was remarked that such • line would not yield a traffic to
pay one-half per cent., and that an omnibus already ran the
road for , the resolution was adoptei!. A. resolution
agreeing to • dividend of 3i.10•., payable on the 27th, for the
half year, was also agreed to.
Mr. DICKENSON called attention to the querlon of
purchial rates, observing that the Grand Junction Canal,
running beside them, was exempt from this operation by a
special art of parliament.
The CHAIRMAN invited Mr. Dickenson to put bluetit
in communication with the committee of railways generally
upon this question, which was • most important one. It
would do them much good if the Grand Junction Canal
were placed on the same footing as themselves. It would
not only lessen their rates, but gain them an important ally
in opposing them. tA laugh.) A bill had already been
prepared, but all they could at present get yielded to them
was at‘ ilium alteration in the powers of appeal. They met
wi h great Lipp sition from the landed interest, still he 1 eked
(cow ad to an important end successful movement :Telma
the present law, and in favour of its alteration. (IL)
az
Some formal resolutions were then passed, and the
meeting separated.

DUBLIN, A.rover 17.
The weather continues to bo very unseaeouab:o—
cold ere:eers and low temper*ture. Toe secouots
from the rorth, yesterday, were not at all cheermq,
and great apprehensions continue about the proboble
fate of the potato crop.
Mr. Macaulay has arrived in Dublin in search of
information for his history of the Williamite cam-
paign. Those oenversant with Irish history have de-
tected several errors in that portion of his work re-
lating to Ireland in the two volumes already published.
His quoting from "King's State of the Protestants"
has been recently censured by Irisholars, as it
has ceased to be regarded as an authority for facts.