The Express.
London, England, 1867-05-02 00:00:00

GREAT WPM RAILWAY COMPANY.

After our report left yesterday,
1111. LAINU, M.P., in sounding the 'solution whii.h had
been moved by the chairman, approving of the bill, made
some remarks as to the difficulties the company had ex-
perienced in issuing debentures and raising capital, re-
peating the iita•ementa he made at the former meeting.
He also explained the steps Ono taken in soliciting the
cooperation of the shareholders, but excused himself from
explaning mole particularly the plans relied upon (or re-
lieving the company from its pecuniary difficulties, and the
financial state of the company, en the ground that the
subject would be brought directly ander the notice of
the shareholders, when they were, as they would be
ere long, asked to assent to a bill embodying the financial
scheme which the directors had, in conjunction with the
shareholders they bad invited to co-operate with them,
agreed upon. He had not succeeded in raising the large
amount of capital wanted, and under the circumstances no
man could have done so, but he had succeeded in raising
the money necessary to enable the company to go on, and
he was quite willing to leave it to the shareholders to say
whether he had done his duty by the company. They had
a round property earning 2,000,0001., which ought to love
a nett revenue of 1,000,0001. or that which was worth
20000,0001., while all their liabilities did not amount to
half of that sum. The only way, however, out of the dif-
ficulty they were in was for them to look that. difficulty in
the face. and to put their shoulders to the wheel to get rid
of it. If it was the feeling of any large section of the
shareholders that his services were not worth the 50001.
he was quite prepared to cancel the arrangement, take up
his hat. and say good bye. (No, no.)
Mr. C. Lecoa, who spoke amid loud cries of order,
said, in proposing Mr. Laing and retiring himself from the
candidature for the direction, he distinctly understood that
the 0,0001. was only to be paid in the event of Mr. Laing
being successful in raising the required capital. (" No,
no," and "Her, bear.")
The resolution was then put and carried with but five
diseentienta. _ . .

The second bill, the CHAIRMAN explained, had for its
object to enable them to run the boats to other ports when
the !ports of Flushing, Rotterdam, and Amsterdam were
closed against them for their cattle trade by reason of the
cattle plague or any other cause. It did not involve any
additional outlay of capital.
After some remarks in opposition from Mr. Briartown
and one or two others, the resolution affirming the bill
was put and carried by a very large majority against about
a dozen dissentients.

The third bill, in which it was explained the company
had no other interest than to tee that certain works about
to be carried out by the corporation of Norwich did not
prejudice the railway, was also carried.
An extraordinary meeting was then held to sanction
working agreements with the Meth' and Eye and Tendring
Hundred Railways, and to authorise the raising of
130,0001. in preference stocks, for the purpose of paying
off that amount of Eastern Union guaranteed stock.
In regard to the first agreement the Casnufax, in an-
swer to questions, said the terms on which the two sub-
sidiary railways were to be worked were fio per cent. The
agreement was entered into two years ago by the tenser
directors.
Mr. LanG opposed the agreement as ►ikely to entail loss

on the company.
Mr. C. LEGGE understood there was no option, the
agreement having been formally and legally entered into
by the former directors. In that case they were bound to
it and might be enforced.
The CHAIRILLV added that they were also under •
moral and honourable engagement to carry out the agree-
ment.

Mr. SHAW believed, as • matter of strict law, the meet-
ing might reject the agreement, but the lines it was pro-
posed to work had been made on the faith of the agree-
went.
Mr. Lean moved an amendment negativing the motion,
which was seconded by Dr. RILES.
After a long and somewhat noisy discusidon,
The CHAIRMAN suggested that the question should be
postponed, is order that the parties might be negotiated
with for a modification of the terms.
This suggestion was accepted, and the motion was with-
drawn.

The consideration of the Tendring Hundred Railway
agreement was also postponed.
The third object of the meeting, which the CHAIRV
said was merely a change of stocks, not involving any ad-
ditional capital, was affirmed.
Mr. Lllll4l moved a resolution deprecating the publication
of garbled and unfounded statements by any eelfuonsti-
toted committee of shareholders.
Dr. RILET seconded this ' • but the CHAIRMAN objected
to put it, but was willing to accept the manner in which
the proposal had been received as an expression of con-
fidence in the directors. . . .

Mr. WRIGLEY, a member of the committee, disclaimed all
connexion with the pamphlets published by that body.
It was ultimately resolved that a report of the proceed.
logs of the meeting should be printed, and sent round to
the shareholders. _

Mr. LAIN() requested that it might be put to the meet-
ing whether they desired to cancel the arrangement with
him by which he was to receive the 5,0001. absolutely for
joining the direction, whether he succeeded in carrying out
Lis financial plans or not.
One or two shareholdersobjected to this, and Mr. C. Legge
urged that it was a motion thatcould not be put at a special
meeting called for a particular and a different purpose,
and it woo after some discussies withdrawn.
A vote of thanks to the chairman and directors was then
accorded, in acknowledging which the chairman said he
had every confidence of being in a position to declare a
dividend on the ordinary stock before the end of the year.
Toe proceedings, which bad extended over four hours,
then terminated.