The Express.
London, England, 1859-09-17 00:00:00

03147 WIMILIN AND 333WT101D BAIL WAY.

Yesterday an extraordinary general meeting of
the shareholders La Chia company woe held at their (aces.
No. 37, Great George-atrert, Westminster, for the purpose of
authorising the dMictors to issue 3,908 tutappropriated abates
of Ur mammy as preference altar, bearing intermit at the
rata of 6 per rat. per ammo, and she to enable them to
mite 16,0001. under the ptomains of the Great Western and
Stratford Railway Amendment Act, 1867.
Mr. PCTEK DAVIT occupied the char, and, etre Mr.
Charles Eley, the secretary, bad teed the notice coneeniog
the meeting, ear the olject of their trembling was to oder
3,908 unappropriated shares as preferential shame, end alto
to borrow- 15,0001 under their act of pariisumat, which
could not he dons until they had the whole of
the share allot-ed. It was armed by some that
the leaning of preferential shone was iajurier to the
original ehareholders, bet the directors had come to the
i emelimies that they could issue these referential shares with-
er
iejury to them. Under their arrangement with the Great
Winters Railway Compsey,and allowing for • small increase
is the stone sad coal refit-, after paying interest on deben-
ture' m! preference ahem, they had a good right to (spiel
they would be able to glee the original akarrolders, not
only Ire, bet six or area yer cent. Their calculation. bad
been made in the moat careful manner, sad they
had come to the oosclualon that they could lot by
any poertbility injure the original shareholder. At the
same time them preferential three were so good en invert-
meat as cool possibly be. Their agreement with
the Great Worm gore them foe sleety-nine pars
• minimum revenue of 6,000/. a year betides contingencise.
Out of this 6,0001. a year they would require but 3,0001.
• year to pay the interest even en the whole of the 60,0001.
authorised to be raicd by the set of 1867, but r it wee sow
prop wed they would bare to pay it only on the 39,0001., and
bertor this saying they would has 3.1100/. a year to pay is-
tart and dividends en theirmdiaaryshersa ; so that, sa heard
before, the original shareholders would not only receive flee,
bat ail or seven per ant. With regard to the 16,0001. loan,
it was bettor to rise it in this wey thee to ha going to trotters
borrowing and pftying 'Argo ibtereat,i.ad incurring endless
expenses. But they could not csrry out their view. unless
they had that edditiorl cap-t,l which they prop well t, one
by prefereatiel sharer. Ile th, refire moved the resolutior
authridng the directors to creel the 3,908 unappriimiated
101. Awes sad to convert them tato preference shares hear-
lag totem; et the rate of ire per c mt. per annum for the
term of 99 yen, at the end of which tine they are to merge
into, sad tom pert of, the ordinary share capital of the

mnt; VI; i mkt:, ereeetted the motion, sad It was curled.

The CUATAN ts then stored— 'That the directors
be, end they an hereby authorised on behalf of
the clmpsay to barrow on morqop or bond say
earn or sums of money not ertoerdian is the
whole the sum of 15,0001. oeser the provisions of the
Greet Western and Brantford Railway Aroendenent Act,
1867, each suns of 15,0001. to be incl.?, Meat of, sad in ad-
dittos to, the suns of 30,0001. sothorosiid to he borrowed
under the prori.toos of the Grist Western sad Brantford
Railway Act,
Mr. Dar erconded the resoindwa without comma., and
It was carried nsenlisowaly.
This tersobsittel the barium ad as wastioss.

MIDLAND ORILAY WEITIMILVRELAND) RAILWAY.
—The half-yerwly istating was at OA Breadstese ter-
mines os Thursday boo; Iltr. Jots Ennis, M.P., in the
chair. moving she adoption el the nye, 'Mr. Ennis coo-
graultted the snaraboldsrs cs the poollion of the company,
and a dividend of dre pre cat. was declared.