The Express.
London, England, 1867-10-22 00:00:00

SELLING HANDICAP.
_R.M.

Chignon, 13411011:7 iarTaaniWait, ; My Love,
Sat 3lb ; Rupert's dam c, Nat ; Easby, 7st I Ilb ; Water Cure,
7st 111 b ; and Water Lily c, Gat 131 b. All are here.
PAIL FORIEIT.—Life Guardsman.
LATEST BETTING.
CAMBRIDGESHIRE
0 to 1 apt Laneret (t)
0 to 1 Honesty (t)
10 to 1 Knight of the Garter (t)
12 to 1 Blinkhoolie (t)
14 to 1 Harry Braihiford (t)
15 to 1 Jai= (t)
20 to 1 Wolsey (t)
20 to 1 Wroughton (t)
20 to 1 Actva (t)
20 to 1 Lozenge (t)
25 to 1 Attack c (t)
30 to 1 Strafford's dam c (t)
33 to 1 Tormentor (t)
40 to 1 Jeune Premiere (t)
50 to 1 Cetrops (t)
50 to 1 La Dauphine (t)
50 to 1 Ammunition (t)
60 to 1 Armourer (t)
06 to 1 Duke of York (t)
100 to 1 Hippie (off)

ATLANTIC AND GREAT WESTERN RAILWAY
CoMPARY.—(TBIS DAY.)

A meeting of the shareholders of this company
was held at the City Terminus Hotel, Cannon-street,
this day ; Sir W. RUSSELL, Bart., in the chair.
The CHAIRMAN said when they last met he expressed a
hope that the payment of the interest on the divisional bonds
would nolonger be deferred, and that that on the consoli-
dated bonds would also be paid, but that hope had been
disappointed. After the appointment of the committee
of investigation Mr. Oewell came to them from Amster.
dam to represent the interests of the Dutch bondholders.
They gave him, a seat among them, and they had received
great assistance from him. They bad had sent to them •
power of attorney from divisional bondholders in Holland
holding bonds to the amount of 430,000 dollars, and
of consolidated bonds to the amount of 703,000
dollars, approving of the proceedings of the
committee of investigation. And thinking it desirable to
ascertain the exact state of the line, they had appointed Mr.
Trevithick, who had presented a most able and exhaustive
report. He then read extracts from Mr. Trevithiok's re-
port, showing that very little had been done to repair the
permanent way. The first, second, and third divi-
sions he described as being in a very bad condition ;
but the fourth division, which was the longest
section, was in good condition. With regard to the ap-
pointment of receiver, the committee, when they were
appointed, found there were several persons about to take
action. They put themselves in communication with the
divisional bondholders, and the result had been that a
receiver had been appointed who represented the interests
of the first and second divisional bonds, and also
those of the consolidated mortgagees. The terms on
which the receiver was appointed by the court
in America were in exact accordance with the provisions
in the mortgage deeds. Since the line had been in the
Lands of the receiver, the earnings of the line and the
proportion of earnings to expenses had considerably in-
creased. The expenses, including rates and taxes, which
formed • heavy item in America, had been reduced to 651
per cent., though it hadbeenthouglitthat they couldnot be
reducedbelow 70percent. On renewals they had expended
477,373 dollars, and on construction 395,539 dollars. The
Mahoning branch had been very successful, and had
yielded • clear profit of 403,795 dollars. The Buffalo
extension was a very unfortunate business. The money
intended for that line was expended in another
portion of the line, which it was thought would
be more remunerative, and funds were sent over
to Mr. M'Henry, the contractor, to finance and
get the line completed somehow. There were shares to the
amount of 3,084.000 dols., and bonds to the amount of
1,38'2,000 dols. There was an agreement that those bonds
should be exchanged for consolidated bonds on certain terns,
and the committee recommended that that should be done.
The traffic for the year 1865 yielded 896,205/., and the ex-
penses were 567,6822. In 1866 the earnings were 877,3262.,
and the expenses 647,828/. Up to May, 1867, the earn-
ings were 326,110/., and the expenses to 246,3962. In 184;5
the expenses were 63 per cent ; in 1866, 73 ; in 1867 up to
May, 75 per cent., and since May they had been reduced to
67 per cent. In August and September there had been
some decrease in the receipts, hut the last accounts, which
were up to the 7th of October, stated that they were in.
creasing again, and that for the preceding week there was
an increase of more than 4,000 dols. over the correspond-
ing week of last year; and as the harvest had
been a very good one, the traffic must increase.
There had been some slight doubt attempted to be thrown
on the legality of the consolidated bonds, but they had
taken legal opinion, and were satisfied that they were per-
fectly legal. With regard to the alleged over issue of
bonds the committee were not certain that there had been
an overissue, but in anyease it did not exceed 878,000 dole.,
and the committee proposed that they should be recognised.
There was a question with regard to some of the divisional
bonds as to whether they should be paid in currency or
in sterling. There was no doubt that as regarded some of
them them was a stipulation that they should be paid
in sterling. It was an intricate question which he
hoped would not be litigated. The committee
proposed to acknowledge these sterling obligations,
but in return for this they expected the bondholders to I
surrender a certain amount of coupons. With regard to
the debenture holders, who ranked fourth, a compromise
was proposed by which as to a portion of their security
they would rank as first and second mortgagees, and with
regard to the other they would rank with the consolidated
bondholders. The proposed scheme was that the first
mortgagees were asked to defer their interest for two
years from the 31st March last, and as a conside-
ration they proposed that they should be paid ,
pramipal and Interest in sterling. The se-
cond mortgagees they proposed to pay at the end of
three years. Then with regard to consolidated bonds, it
was proposed, to the extent of seven millions, to allow the
debenture holders to come in Pori passer with them instead
of directly behind them. This was the basis of the scheme,
and the committee trusted that the shareholders would go
cordially with them in order to enable them to go to
the American courts for authority to carry out the
scheme. In conclusion, be moved a resolution that the
report of the committee of investigation be adopted, that
the committee be authorised to carry out the plan therein
proposed, that the committee be continued as • committee
of administration that they be empowered to apply to the
American courts for authority to the receiver to pay the
expense of the investigation, and that an office be main.
tained in London at the expense of the undertaking.
Mr. T. C.tre, M.P., wounded.
Mr. limonite handed in a protest from divisional bond-
holders to the amount of :sno,noo dollars.
[The discussion was proceeding when our report left.]

The Post concludes an analysis of the Traffic
Regulation Act Bill with saying :—" A more slovenly
drawn piece of legislation has seldom, perhaps, been pe-
rused. The two features which ,trite one as the most
extraordinary, however, are not so much the enormous
jurisdiction given t, the Police Commissioners, but the
enormous discretion which it gives to everybody concerned
—even the common constables—not to do the things which
the intention of the legislature evidently meant, or ought
to have said, should be imperative and not optional."