The Express.
London, England, 1850-05-29 00:00:00

azusroL, May ft
enez-lizoNAlrea.—Tke market nooks Ara, an=
'Went ealasetlae. In the few Wee soda there wee so e
ham the earttaelee al Iletezday, bet as weary at prism wee ay.
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YORK. May 28.
&root RicaAwaii•—ereat Northers Pre.. 101.8.. 9d. ;
Irak, Itswiratle ind Beririsk ill; DIMS O.N.Z. Puritans% 11.

YORE, NEWCASTLE AND BERWICK.
SPECIAL MEETING ON THE GREAT NORTH OP
ENGLAND PIJRCEASE.
You, TUESDAY.
To-day, at noon, an extraordinary meelfai of the
York, New sad Dervish Cousesay was bold as the D.
Grey Yams, lam Pr tit, }moss of rosessitirdsi, and,
if thought GI. of rovoltiag or garbs' both or Ohs, of the
fine NA Isere reselatioas rood at the list speisl mot-
lag, hell ea the Nit of Masi lost, with ramose to the
Great North of lesisad plasisse shank sad of esasidoring
sad thessisislar spa the pdfristy of peadag say to
Nyland or mbar psial_priviloess sod odometers to
the Milan of sub shorn The oldest tithe needs( woe
she le walbsubs the dhows, it they should tidak fit, so to
sisal whet the bill cow Won parllssatat, la reforonot to
those perlisalsr shwa, as would best carry lobo effect the
arreagramatt sr rsoolatiest that might be adopted by the
prisms Sessaai ; also to authorise the oosvorsios sad e0n-
.... lab slosh of all or soy part et As shares is the
of the werepeay, in teepew wham( the whole money
isablea or sisal .
Umber be /aid op sad whi
_ -

O. LEEKAN, E q. (chairmen of the company), was in the
chair, and said the report, forwarded to the shareholder,
had given them generally more of detail of the reasons
that had influenced the directors in the course they now pur-
said. Assuming that thisreport bad been read, he would pro-
ceed to Enke such further statement as he deemed necessary
preparatory to moving the resolutions he had to submit for
their approval. He felt called upon to state in the outset
that nothing hut circumstances of an urgent and pressing
chancier could have justified the directors in taking the
COMM" which they proposed this day. He felt that having
coins before them so recently as the 24th of March sad taken
their vote on this matter, nothing but the most urgent
reasons could nave justified their asking the shareholders to
assent to the resolution. now to be submitted to them.
(Hear.) The substantial point for the consideration of this
meeting was whether the 4 per cent. conceded till July, 1856,
should not be converted into a 4 p.r cent. in perpetuity.
That was the main and substantial point for diseunion. He
wholly denied the right of the preference holden to require
any further concession, but it was a question of expediency
and policy; and treating it in that light, he proceeded to
show why the directors recommended the course
which was suggested In their report. (Hear, hear.)
He then proceeded to read and comment upon the several
resolutions which he proposed. They were :
" 1. That the first $l. per share paid on the Great N3rth
of England Railway Purchase Shares shall, after the lit of
July next, take the ordinary dividend of the company.
" 2. That the call of 21. per share last made shall be re-
duced to 11. per share, payable on the let July next ; and
that any shareho'der who shall have paid such call of 21 per
share, shall be entitled, on demand within six weeks after
the passing into an act of the bill now before parliament, to
repayment of 11. per share.
" 3 That the sum of 71. 13s. 4,1., which will then remain
to be paid to make up 181.'3a. 4d. per share, shall be called
by the instalments and at the intervals next hereinafter men
tinned-that is to say : 11. per there on the Ist July, 1852;
11. 10s. per share on the lat January, 1853; 11. 10s. per share'
on the Ist January, 18.54 ; and the remaining 31. 13s. 41
per share at such times between the Ist of January, 1854,
and the Ist of May, 1658, as the directors may from time to
time think proper.
"4. That the amount from time to time paid up on the
said shares, beyond the firs: 81. per share, shell have perpe-
tually guarantee/ to it inn-vet at the rats of 41. per cent. per
annum, with an option to the holder of any share, or divided
share, to relinquish such guaranteed interest, and to toles
thenceforward in respect thereof the ordinary dividend of the
company.
" 5. That, after payment by any shareholder (either in
pursuance or in advance of caile) of 51 per shore on any
share then held by him, beyond the fint 81. per share, every
such share shall be divided an/ converted into a share 01 81.
or into stock to that amount, taking the ordinary dividend of
the company, and a guaranteed aLare of 171 ,on which 41.
will then have been paid.
"6. That any holder of any such shin of 171., who shill
at any time pay, in addition to the Si. paid on such share,
and the calls, if any, which may have then been made in
respect of such share, the further nun of 21. per share, by
way of advance, 'hell be entitled to require the company to
divide such 171. share into two shares of the nominal value
of 81. 13s. 41. and 81. 6s. Bd. respectively, upon which nit-
rnentimed share the said sum of 21. per shore shell be
deemed to have been paid, and separate certificates shill
be gives for such two ghettos.

7""That the 51.61.8 d. per share, which will remain to
be called after payment of the sum of 161 13s. 4d. per share
' of 251., shall not sexcept as her...lusher mentioned) be c fled
up, it the amount can be borrowed or raised by mortgage,
which the company shall use their utmost exertions to effect;
but if such amount shall net have been so borrowed on the
Ist day of January, 18,58, such sum of 81. 8.. Bd. shall be
called up at such times and by such inst-iments as the
directors shell determine, with a view to the payment of the
balance of the money due to the shareholders in the Great
North of England Railway.
8. " That the directors be empowered, if they shall think
fit, to alter or omit all or an of the clauses in the bill now
before parliament, promoted by the company, relating to the
said Great North of Eoglaod Railway purchase shares, and
to insert therein any other chute or clauses for the better
carrying into effect all or any of the resolutions of this
meeting in reference thereto.
9. " That any holder, either of extension or of Great North
of England Railway purchase shares, who has now paid, or
may hereafter pay up, any of his shares in full, shell be at
liberty to have the same convert-d or consolidated into stock,
the holder of sub purchase shares still retaining his guar-
antee es above-provided."
The third resolution was a great advantage to the pre-
ference holders, in having the time of calls accurately de-
fined, whilst other climes had no such assurance. The
seventh resolution was also very materiel—making a pro-
vision to borrow a portion of the capital, if borrowing powers
can be obtained for them, and that money can be
obtained at a fair rate of interest. No money will be
borrowed until the sum paid per share be 131. ; then
81. 6s. Bd. may be borrowed, if it can be obtained at any rate
not exceeding 51 per cent. ; that would make 211. 6.. Bd.
per share, leaving 31. 13s. 41., to be further called before
1856 tram the preference holder.. Clause 5 was proposed to
facilitate the shareholder in making his calls, by enabling
him to rever his shares, into a share of 81. taking ordinary
dividend, and a 171. share on which a 4 per cent. guaranteed
dividend will be paid. The next clause was
for a like purptse, by enabling the holder of
the 171. guaranteed share to divide it into two parts.
Having made some farther remarks on the above re•olu-
, d' uns he observed that there was another resolution referred
to in the report. That document stated that they may yet
find it necessary, in accordance with the acts of parliament
and the resolutions founded upon them, to make a formal
coil upon the purchase shareholder of the 151. still uncoiled
on their shares prior to the Ist of July next. The
directors had taken the best legal opinion, and that opinion
was that they had no alternative but to make inch a call,
which would probably be done in a few days. Such a call
will of course only be acted upon in the event of the bill
being. by any means defeated to parliament. One of the
principal objects of that bill being to relieve the shareholden
from the inconvenience which the enforcement of such a
all would create. They, therefore, proposed to submit a
further resolution to the meeting to the following effect, viz ,
" That In case any further call be made on the Great
North of England Railway purchase shares before
the pealing of the bill in parliament, the director, be authr •
rised to insert therein a clause revoking such call." He
hoped that such a call would only produce a temporary
character, and that finally the arrangement will benefit all
parties. He expressed sanguine hopes as to the future
ordinary dividends of the company, and observed that he
had consulted the highest legal and commercial talent in
London, by whom the proposal of the directors had been
approved. The directors held proxies for above 100,000
shares, in approve' of their recommendation, against a
very diminutive number against them. He trusted the same
feeling would pervade the meeting, and that peace would be
restored to this company by the decision of to day. He thou
moved the adoption of the report, which was seconded by
Mr. Pyramus.
that
st
stobeeoremeaeuetfisamPeParadshevingotaluilsd,geb,:litsdralkitsumbpi orefriforeth
a:h.eporretc.ohmamd recommended
toter r
—consideringLßLOVE,
aEi rejtßo this
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they 80e surprised
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turely•
&any." He wished the word " expediency" was expunged
from the English language. He wished the directors would
free themselves from the false position into which they had
permitted themselves to be plated, by a set of men who had
gambled beyond their means, and now, on the plea that they
cannot sleet their calls, ask for terms which are unjust to
their fellow shareholder.. He would move • resolution, as
amendment, altering to the arrangement made on the 28th
of Much last.

a;:Alai, of Osbeldwich, seconded the amendment.
Mr. SHIELD, of Neweectle.upon-Tyne, objected to
the proposed enessere, which interfered with the Holds of
individnale to such an extent that he believed that the
smallest number of dissentients would lead to its bring in-
dignantly rejected by the House of Lords. After the hitt-
nation as to the number of proxies,' he was ewers that he
was defeated in this opposition; bat he asked the pollster
whether, on their bUI going into the House of Lords con-
taining this invasion of private rights, it would not be re-
jected on any opposition being offered to it.
Mr. GIITCH -said every shareholder could petition spinet
the bill sad be heard is the Howe of Leeds, whether them