The Express.
London, England, 1866-11-02 00:00:00

ojtEAT INDIAN
(TH PE
ISNINS YULA RAILWAY.
DA.)

,rye half yearly meeting of the shareholders was
bid at noon, at the London Tavern ; Mr. W. J. HAMILTON
ChSin
'Os eri, which has already appeared, having been
tiko ss read,
CalataesN, in moving its adoption, commenced by
_doing to the state of the animas, and congra
;Lod the meeting that on that occasion the
17,dgers were enabled to announce a surplus profit
;Tiggly on the 700 miles open, but on the share and de-
capital, amounting to 14,000,0001. The receipts
half-year were about 800,0001., half of which was
amble. Still he regretted that the surplus profit was
_Am large as when they last met he anticipated it would
the chief cause of this being the check to traffic
ging from the commercial panic and losses in Bombay,
ex&nditure had fallen from 59 per cent. in the pre-
-1`5..; haM-ecar to 46 per cent. ; and this was the more
..*, that the directors had always felt that the
~Vy riiipigpges were too heavy. It was satisfactory to see
go the curt of coal and coke was lower than
is ow previous half-year ; and further that tbe cost of
mowing
had fallen from 12.75 to 9.86. The works were so
„Taming that there was every prospect of their com-
Wioa by the end of 1869. He congratulated the meeting
a& contract with the Nerbudds Coal Company, which
old enable them to obtain a sufficient supply
of the best coal at reasonable prices. This contract would
yoritate the construction of a branch about ten miles
keg ; land the reduction of the price of coal would be
fro 31. to 258. per ton. As regarded the division of ewe-
go profits, there had been a correspondence with the
government u to the period when the division should be
;or, and it tad been determined that the payment
old be deferred until January next.
gr. J. C. Ferrm,deputy-chairman, seconded the motion.
gr. Araron, M.P., said, having been absent at the last
porting, when be was re-elected a director, he took this
oortunity of returning thanks. Hethen went on to remark
lithe dangers arising from the prosperity of companies.
(saw.) He had no doubt whatever of the soundness of the
rodertaking but there were limits to the power of
winga dividend, and they should endeavour to preserve
riot they had acquired by avoiding a desire for
goo mions and increased expenditure. In 1853
a "so found necessary to give the board a sort of un-
bind power in this respect, and he wan bound to say that
it tad to a large extent been well exercised. In 1858
Issoud and carried a resolution the object of which was
rape[ an end to that state of things ; and he believed that
tga resilotion had produced a good effect. The company
1.4 now arrived at a point of consummation as regarded
capital, and he regretted that the report did not contain
presething more definite on that point. He had proposed
the board that the directors should not era's.. k in
Is/fresh expenditure without having obtained the sanc-
ta of the proprietors. (Hear, hear.) He was not one of
fide who would encourage contention between the board
ag the shareholders generally, but_ he hoped that before
tle out half-yearly meeting the former would have come
to WSW satisfactory conclusion on this subject.
Ti power of the board at present was such
ee as wan not possessed by the prime
njoirter, and he shought it should not exist any longer.
([leers) He then complained of the defective constatu-
ace of the board, under which it was impossible for
dareholders holding less than 1,400,000/. to bring for-
m' any special matter. He had, he said, proposed that
& meditation should be altered in that respect, but his
brother directors, instead of agreeing with him, thought it
vas s very nice state of things that the shareholders
[[raid not possess power over the management of their
ern 'Nairn
Mr. FRITH (deruty chairman)—No, no.
Mr. Mime, M.P.—Well, at all events, they thought
the present state of things Co nice that it ought not to be
altered. (Hear, hear.) As to the management in India, he
observed that the train mileage expenditure in India was
soles, than lie. Id. per mile, and this excessive expense
Is attributed in a great degree to the lines being managed
lys majorieneral instead of by some one who had been
Pained in railway management. (Cheers.)
Mr. FRITH, while admitting the hon. member's forensic
&play, denied that his remarks were applicable to the
ear under consideration. It would be unfair to compare
the management of railways in India with that of English
Mews. The board were not such despotic persons as
might bo supposed from what Mr. Ayrton had said.
Boota:rr (solicitor to the company) remarked that
shah capital could be raised without the consent of the
Ferment.
Ararox replied that the government bad an in-
terest in keeping clown surplus profits, because they
red ruse the terms on which the line might ultimately
ht purchased.
Mr. D/RRETT mid the board could only raise capital for
mirk; which hail been sanctioned by the shareholders,
rid if the money were not found when it was required the
company would be liable to forfeiture.
1. Sit tarrotnett exiled attention to the or'ginal agree-
sent with the East India Company, under which he said
they were bound to find any capital which might be called
itchy the Secretary of State for India. He dial not be-
Ire it was the policy of the government to prevent
them from earning surplus profits.
Ur. AYRTI,a explained that what he meant was that it
sight be the policy of the government that the people of
hdia should have the benefit of any surplus profits.
The SHAREHOLDER did not believe that WAS I,kely.
Mr. Armor remarked that they had evidence on the
Piat-
After seine further discussion, the report was adopted,
and the proceedings terminated in the usual manner.

The revision of voters for the West Riding of

Yorkshire (Northern division) has just been concluded.
The total liberal gain on new claims is 591 votes, bat
spinet this is to be set a loss of 42 upon the old list, thus
leaving a net liberal gain upon the revision of 549 votes.

We (Times) have much pleasure in announcing
tat Statf-Commander Moriarty, who distinguished him-
selhliwing the laying of the Atlantic Cable, has been
neirnmended for the honour of a commandership of the
Huh.

It is stated in the 3ldeithester Gitardian that Mr.
W. G. Harcourt, to 'shorn the able letters under the
apatare of " Historicus" upon disputed questions of
ittemational law are ascribed, has been invited by Lord
Stanley to act as one of the commissioners on the part of
oar government to confer with those who may be named
behalf of the United States to consider the discrepancies
te maritime CO4ICA of the two countries, as well as the
upnliency of bringing the laws of foreign enlistment in
lath into unison. •It is felt by all who have considered
the matter carefully," writes a correspondent of our con-
temporary, " that the accord of France is most desirable,
int indispensable, and I have reason to know that pro-
Pah bare been made for the attainment of this most
Pliseworthy object."

The report of the committee of investigation of
the North British Railway has been issued. The commit-
tee say that the system which the accountants trace in the
company's books is nut 'lonely one of general deception of
the shareholders and misrepresentation of the company's
shin—not merely deliberate falsification of accounts from
year to year, so as to show the shareholders and divide
among them a revenue not in existence and known
Mt to bare been earned, but it was a careful and
lee ingenious fabrication of imaginary accounts,
hennaed carried on Irons thno to time, for the purpose
cliaPPerting falsified half-yearly statements of revenue
sad general misrepresentation of affairs. The present and
Postponed liabilities of the company are 1,875,6751. The
revenue account, up to the ;Ist July last, shows only a
et balance of 113,0001. to meet preferential dividends
amounting to ons,isio,., exclusive of any dividend on the
company's ordinary stock. A special meeting of the cons.
PAY is called for the Itch November in Edinburgh.
THE IlEritELt. S.:ANDAL--Some curious par-
ticulan have transpired respecting Mr. Welch. the Leeds
iscicmptcy registrar, whose name, it will be remembered,
occurred freely in connexion with the Bethel! scandal. The
Yorivain. it See mi that during the last six weeks,
br.,Ofiereabout,, Mr. Welch has been absent from his court,
tutdbae;!La Jlrieso:..eor C
actually itatldqoter teabit,,anaLil that
°s
he own court upon his ewn adjudicated
yet this gentle-
tea yesterday again sat as registrar of the court in which
4is a bankrupt, and made one or more adjudications of
bankruptcy against other persons.—Times.
e'inoN MILL DEsTIWY ED BY Ft RE. —LOStOCk
ow the property of Messrs. Ilashall and Co., situated a
!DI miles from Preston, has been destroyed by fire. The
othermorning, about 5 o'clock, while a man Wall lighting
gin the mill a piece of cotton was accidentally ignited ;
come other cotton was afterwards set on fire, and in a shoot
bee the whole of the room was in a complete blaze. An
tarn was given in the neighbourhood, and four fire
Ilene, from adjoining mills were quickly on the spot.
.4 plentiful supply of water was obtained from the
i°Mt? lodge, hut for some time the flame, raged
ts terrific fury. tme room after another was
Opined, then the roof gave way, and at length the whole
of the four upper stories presented one mass of fire,
cad everything consumable in them was destroyed. The
tuefilnery was piled up in vast heaps below. Several
coots elapsed before the conflagration was subdued. It
ha fortunate that the fire broke out before the operatives
let to work ; if they bail been in the rooms when the fire
!toted many lives might have been sacrificed. The damage
!estimated at about 10.0001., and is partially covered by
gialtipee.
FURTHER REDUCTION IN THE PRICE OF TIN.—
lly unexpected by the mining world and the public,
Place of tin was this day (11 edneedsy) reduced V. a
.71. We believe this step was only resolved on by the
I°!oeh smelters after long and anxious deliberation, and
:4y were not quite unanimous in this retrograde step.
.Toeprites now are:—Coinuion, 735.; superior common,
'cki fine, 755.; superior tine, 'No.—Cornish Telegraph.