The Express.
London, England, 1867-08-06 00:00:00

ISLE Ol► WIGHT RAILWAY.

The ordinary half-yearly meeting was held yes-
torday, at the offices of the company, in Great George.
street, Westminster ; Mr. JAMES 8111/.8011 in the chair.
The report states that the number of passengers carried
during the half-year ending 30th of June last bad been
139,300 as against 101,023 in the corresponding rlmod of
1866. The receipts for the last half-year from all amuses
had been 6,952!. 14s. 3d. as against 4,331!. 6s. ld., aliowmg
an increase in the receipts smoe the opening of the lasi
four miles, and the completion of the line to Ventnor, of
more than 62 per cent. over the corresponding half-year of
1866. As the most important part of the summer traffic
if not included in the year to 30th June, it may be
expected that the total receipts of the year willi Mow an
increase of 70 per cent, since the completion of the line as
estimated is the report to the proprietors of February bus.
The working expellees of the past half-year have bees
3,6701. 6s. 241., or 53 per cent. upon the receipts, and, in-
cluding rent cheeps, government duty, and rates and
taxes, 4,1851. 2s. 31, showing a net profit on the half.
year's working of 2,7671. 12s. This amount has been for
the present necessarily appropriated, as in last half-year,
in meeting pressing liabilities on capital account. With
respect to the remaining claims on the company on capita
account, the directors have made proposals to the
several claimants to take payment in preferenee
and debenture stock of the company, and they
are happy to
to state that some of the creditors hevealproest/
consented accept payment in the manner pm
The directors have agreed to set aside out of the weekly
traffic receipts a sum sufficient to meet the payment of in-
terest on all the debentures as it becomes due, and the
directors trust that by this means the credit of the tom.
may 's debentures will be placed on a satisfactory MM.
The new capital which the company will be authorised to
heue pursuant to the eat for additional capital, of the
presort session, will when created and issued be more than
sufficient to defray the existing liabilities of the compeer
on capital account, and, if the arrangements which are
now in progress with the company's creditors be carried
into effect, there will remain sufficient for the completion
of the proposed increased station accommodation, and to
meet any other ordinary contingencies on capital account
which may arise.
On the motion for affixing the seal to the register of
shares, an abjection was Wm by Mr. Webster in regard
to the shares held by the Warrant Finance Company and
the City Bank ; in reply to which Mr. Beattie, director,
stated that those companies were not now on the register,
and could not vote ; but it was explained that the shares
held would appear in the names of the directors of those
eompanies, and being preference shares Mr. Webster held
could not give voting power. Mr. Webster then objected
to the register being signed, and submitted a resolution to
that effect, and for appointing a committee to examine it ;
but which, acting upon the advice of the solicitor of the
company, the chairman declined to put, on the ground
that the register of shareholders was an official document,
and was the evidence of its owi! acaoicy-

. -
A long discussion ensued, Mr. Webster urging the im-
portanoe of the question on the ground that 751. only
having been paid on the shares held by the Warrant
Finance Company, it became a question who was to be
liable for the remaining 25/. To this it was answered
that all the shares stood in the book as fully paid up, and
had been issued as such to the contractor, who had parted
with them to the Warrant Finance Company or the City
Bank at what price he pleased. Certain shares which bad
been objected to as fictitious did not appear on the register
at all. In the end Mr. Wehater's amendment, which in.
eluded the appointment of a committee to examine the
register, was not put, and it was resolved that the seal
should be affixed to the register.
The motion for adopting the report was then proposed
by the CHAIRMAN, and seconded by Mr. lixsTrix.
Mr. BEZSTON contended that it was preposterous for CH,
taro of the directors to demand and accept 2,0001. in pre.
ferenoe shame for liabilities Incurred by them with the
CittUfaink, seeing that the ordinary shareholders received
DO .
Mr. (ATM explained that the directors in question
had paid out of their own pockets 28,280 f. for preference
and ordinary stock at par, en order to redeem certain secs-
titles in the hands of the City Bank, and so keep the con.
parry out of Chancery, and the payment referred to was to
reimburse them is some measure for the responsibility and
loss so incurred.

Mr. DANCE, who went into a complicated statement of
figures to show that instead of the liabilities being
111,8621. 2a. 2d., the total liabilities on capital amounted
to 332,0001., moved an amendment, that the accounts be
referred back to the directors, with instructions to prepare
an account in accordance with the Railway Companies Act.
Mr. BRAVO, a director, stated that the total capital as.
thawed by the original act was 252,0001. The additional
sot gave powers to raise 50.000/. more, with about 14,000/.
borrowing powers, which would be ample to pay all are-
diton, leaving a surplus for other works necessary. The
entire capital was therefore somewhere about 316,0001. or
318,000/.
The amendment, not being seconded, fell to the ground,
and the motion adopting the report was carried.
The meeting was then made special, and resolutions
were taken authorising the director's to raise the addi-
tional capital under the act of 1867, wholly or partly
by ordinary or preference shares, as the shareholders might
determine. _ . .

On a resolution relieving the director, who had
paid the 28,280/. from all further liability, and
awarding them 2,0001. in preference shares, it was
stated by Mr. BENITUS In answer to an objection from
Kr. Beeston, that the director, who had paid the money
would have to take their chance with the preference and
ordinary stock they had taken for it—the 2,0001. being
paid to compensate them for any low—the relief being ae
to further liability on account of notes of hand given to
the bank on behalf of the company, amounting in all to
55000/.
The usual vote of thanks concluded the business.