The Express.
London, England, 1860-07-31 00:00:00

LONDON BRIOHIFOR,' AND BOUTS COAST
RAILWAY.

After our report left yesterday, Captain Yet NU 'A
amendment was then pat and neptived by a large
majority, seven hands being held up for it, The report was
next put and carried unanimously. 11114
Captain BAIN moved that the resignation of Mr. Reeves
be accepted, with many thanks for his past services.
Mr. FILCHER hoped that the meeting would not accept
the raripatiou. . Reeves was an experienced accountant,
and in framing the report which had been appended to the
directors' report he had ,acted from a sense of duty. He
had served the company faithfully and efficiently twelve
years.
Several shareholders soatested that at all event tho
resignation ought not to accepted until the next
half year.
Mr. BEEVES would rather resign at once, but if the
shareholders wished it he would hold the office until the
next half-yearly meeting.
The motion accepting Mr. Reeves 's resignation wee put,
and the chairman declared it to be carried.

Mr. MITCHELL'S resolution that a free pass be granted
to each of the auditors was next put and carried =minions] y.
A resolution, declaring the dividend at 24 per cent., was
likewise put and agreed to ; as was another for converting
the remaining 4. per cent. preferential shame of 18.55,
upon which the full amount of 51. per share had been paid,
into a consolidated 4i per cent, preference stock.

Some discussion here ensued is to whether the resolution
for accepting Mr. Reeve's resignation had been carried or
not. The difference was arranged by putting a motion that
Mr. Reeves be reappointed which, on a division, was loot
28 shareholders voting for, and 34 against it.
Mr. 11. DAvixa, formerly an auctioneer in the City, and
an old shareholder in the company, was nominated to the
vacant auditorship, but
Mr. Warm, Mr. Moms, and other shareholders, urged
that the election ought not to take place without notice, in
order that the shareholders might ascertain the relative
qualifications of the candidates, and an amendment post,
posing the election to the next half-yearly meeting was ulti-
mately put and carried.
Mr. Hotta thought the time had come when the increase
in the company's dividends warranted a higher rate of remu-
neration to the directors, and he moved that it be accord-
ingly raised from 1,8001. to 2,5001.
Mr. MrreHELL seconded the proposition.
Mr. D. STUART thought the directors had long been paid
at the rate of six hours' pay for twelve hours' work. He
should be glad if the proposal had been to raise the remune-
ration to 3,000/. a year.
Mr. BILLINGS warned the directors against making the
remuneration so high as to cause the position of a director
to be sought after for its pecuniary advantages instead of
for its honour.

The CHAIRMAN assured the meeting that the paragraph on
the subject m the report had been inserted not u their own
act—for the suggestion had not come from them—but as
carrying out the view expressed by the shareholdenet the
last meeting.
Mr. LUSHINGTON, u one of the directors, concurred with
Mr. Billings, that the position of a seat at the board should
be regarded rather as an honorary one than as one of profit.
He considered the present remuneration sufficient.
After a brief discussion,

fhWeii;iii;A!7,;irti;ierc of himself and his brotlicr
directors, declined to accept any increase of remuneration
and positively refused to put the motion, which accordingly
fell to the ground.
A vote of thanks to the chairman and his colleagues con•
chided the business.

MARKETS.