The Express.
London, England, 1867-02-12 00:00:00

GREAT EASTERN RAILWAY.-(THIS DAY.)

This day the half-yearly general meeting of
shareholders was held at the London Tavern ; Mr. TL &VIM
in the chair.

The report having been taken as read,
The CHAIRMAN, IR proposing its adoption, expressed his
pleasure at seeing so large a meeting. The accounts, he be.
lieved, were now weeded of all those expedients which in
former times, had plunged them in so many difficulties.
He congratulated the shareholders on the results of the
half-year's working which had been obtained in
spite of the cattle plague. They inved some-
thing like 50,00 W. out of wilful and extravagant re-
expenditure—(hear, hear)—and be would not have them
to go away with the idea that this was the extent of the
saving that would be accomplished. (Hear, hear.) Were
it not for the high price they had to pay for temporary
loans and other adverse circumstances there would have
been 50,0001. more to divide amongst the shareholders,
after the payment of the interest on the preference shares,
He expected an increase of 2,0001. a week when the White-
chapel coal depot was reedy. They also expected an in-
crease in the cattle traffic from the Continent. In con-
sequence of the cattle-plague at home there had been a
diminution in the cattle traffic to the extent of 11,500/.
He expected a considerable increase in the general traffic
from the extension of the line into the City of London.
They had been in the habit of keeping about 2.50,000/.
locked up in stores. He believed that from 100,0001. to
150,0001. would besufficienttohave invested in stores. There
would alsobe a considerable saving by makinga reduction in
the contract system, which theyffound veryiwastefuL There
were negotiations going on which were likely to terminate
in bringing the Great Eastern Railway into York-
shire. (Hear, hear.) The chairman then explained
the circumstances under which Mr. Laing was called
in to manage the financial department of the company, and
expressed his belief that the proposal made in the report
with regard to Mr. Laing would be for the benefit of the
shareholders. _ _

The report having been seconded,
Mr. gave LEGGE expressed his satisfaction that
50,0001. had been saved, out of an expenditure of
500,000/., and that there was • prospect of a still further
saving. Mr. Legge continued at some length to comment
on various items on the accounts, and asked for an ex-
planation of them. Although a candidate for the vacant
seat on the board, he bad no wish to compete with Mr.
Laing, if the shareholders were of opinion that the finan-
cial interests of the company would be best promoted by
the election of that gentleman.
[The meeting was still going on when we went to press.]

CO.VPANY OF AFRICAN MERCHANTS
( LIMITED).-(THIS DAY.)

The annual meeting of the shareholders was held
at noon, at the London Tavern ; Mr. W. Dom in the
chair. . . .

The report and accounts which bad been previously
issued, having been taken as read,
The CHAIRMAN congratulated the meeting on the conti-
nued prosperity of the company, as shown by the report.
The favourable resulta realised were attributable in a
great degree to three directors, Messrs. Tobin, Gruning,
and Cutellain, of Liverpool, who were well acquainted
with African affairs, and with whom as a sub-com-
mittee the managing director frequently consulted. The
business of the last year, although successful almost
beyond expectation, would have been still more so but for
an interruption of trade on two of the principal rivers
from which they received supplies of oil. The board were
enabled to recommend a dividend at the rate of 15 per
cent. for the last half-year, to raise the reserve fund to
20,0001., and to carry forward 13,000/. Everything
was going on in the most satisfactory manner,
and there was no reason to expect anything to the con-
trary. A very large trade in other products besides palm-
oil bad already sprung up, and the company hail shipped
10,000 tons of those products. lie concluded by moving
the adoption of the report and the declaration of a divi.
dead of 4s. fid. per share, making, with the interim divi-
dend of 2s. fid. paid previously, 7s. per share.
Lord ALFRED CHURCHILL, after expreeeing his gratifies.
tion at the position of the company, said he hoped some-
thing would be done with the view of reducing the liability
of shareholders.

The motion was then agreed to, and the retirin directors
having been re-elected the proceedings terunnsted in
the usual manner.

AUSTRALIAN AGRICULTURAL COMPANY.
(THIS DAY.)

The half-yearly meeting of the proprietors was
held this afternoon at the offices, 10G, Gresham-house,
Old Bard-street; Mr. K. Harivrom, ).LP., in the chair.
The report which was presented stated that the cash at
the bankers in Loudon on the 3lst of December last (in-
cluding bills since matured) amounted to 9,934 f. ls.
out of which the directors were prepared to recommend
the appropriation of 7,500 f. to the payment of
a dividend of 7s. td, per share, free of income tat. The
balance of 2,4341. is. 2d. was retained to pay for rails
ordered, insurance of the clip, and wool bales, which were
altogether estimated to cost 1,9201., and to keep the
bankers' account in credit. _

The CHAIRMAN, Tn;;;;Ig the adoption of the report,said
although the progress of the company was not very rapid,
it kept moving. During the year ending in February,
1866, they were only able to earn a dividend of 5e- a
share ; whereas for last year the dividend wan
175., and 3a. more would have made up 5 per
cent. This was a good omen for the future.
They had done particularly well in the stock department
and in the opal trade. Advicee had been received
that day extending up to December, and these entered
fully into the question connected with the develop-
ment of the coal trade. He then cited an agree-
ment recently entered into by Mr. Merryweather,
the company's agent in Australia on its behalf, for the set-
tlement of the differences between the rival companies on
this subject, and said he considered that agree-
ment a good beginning with a view to a sa-
tisfactory working of the coal mines. As regarded
the export of coal to India, the great dif-
ficulty was the extreme variation of freight, which
to Calcutta had been as low as 5a per ton and
as high as %a. The amount of profit realised on. 65,000
tons of coal was Bi per ton, and though that result was
unsatisfactory, it was comparatively enco
MERRTWEATH BR thought the ni=gfor sheep
was likely to improve. An abundant season was
not that which suited this company best, as they
were then enabled to make extraordinary sales. The
cattle, he said, were improving fat, and there was not
much diseasein the herd.

The report WAS adopted, and a dividend of 7a. 6d. per
share having been declared, the proceeding, terminated
in the usual manner.