The Express.
London, England, 1850-08-29 00:00:00

TAW VALE RAILWAY AND DOCK COMPANY.

The half-yearly general meeting of this company
took alsa yesterday, at the London Tama, Histiorgetip-
street ;M!. E!HLIIIAND is the ekeirt _

The'follossing report was repaired and adopted:
"Innif &restos beg to submit the
be half-yesirly statement
of the fineness of the Gossipy, by which it will eels that
about 2,4001, of its liabMtles have bees diesbarged during
the past six months. The call of 30s. per share which your
direeters made on the Bth Kay last, and which is now dais
and la sane of mount, wee required for Its purlit of
sooting demo de, of whisk the payment sun not be long
deferred, and of which it was expected that a considerable
portion would immediately have to be provided. Should
the proprietors, at the &dimmed epic el meths, determine
to proceed no further with the saderteking, this sell will
still he minima te 'sable the dine*. m whit up the alga

and Mealy fetes the liabilities of theeompeny. As their
report to the adloarned 'pedal meeting will fully detail the
position of the mammy, your directors deem it desirable net
unnecessarily to occupy the time of the shareholders at this
meeting, but enable them to ester upon the bulimia of the
adjourned special muting as esely ies possible."
An adjourned special meeting then took place, at whit&
the following additional upset wee protected
" Your directors beg to mama the following report on the
re solutions passed at tne aphid meeting of the 28th Feb.,
1650. on the committee of gbereliolders presenting their on.
port, the further consideration of which wee adjourned at
pisl meeting of 29th Nay last. Your directors amend
the necessary surveys to be nude fn the deviation alluded
to in the report of the committee of shareholders, for the
purpose of receiving conditioned tenders for the construction
of the 26 miles 2 Mains, from the end of Correct No. 2 to
Bodine, (being the residue of the main line), ,
and plans, section, aed drawing', with 'pen&
onions, were duly prepared, and advertisements issued,
inviting public competition for the execution of sulk work&
Your directors also advertised for tenders for working the
line when completed, from the doeks at Peehill to Creditor,
about 36 miles ; the contractor to pay all outgoing,. of every
deteriotion, and to secure to the company a net per tentage
on the estimated cost of 440,0001. Year directors have to
state that tenders have been received from several contractors
within the amount limited by the committee of shareholders
is their report, as the principal ground on which they remora-
mended the shareholders to prosecute the works and finish
the line. Your directors have 'lee the satisfaction to state
that they have received tenders for working the line, whet
completed, from responsible contractors, at a per centavo on
the whole capital of 440,0001., and your directors will
propose a resolution to authorise them to enter into a
provisional treaty for a working contract ; and they strongly
recommend such a course as the beet means of restoring the
confidence of the public in the line itself, and to avoid the
necessity of raising money to a considerable amount for the
purchase of plant. They do not doubt that arrangements
may be made with responsible parties, so as to pay the in- I
terest on any borrowed capital requires, and leave a fair •
interest to the proprietors. Your directors congratulate the
shareholders that the remit of the steps taken enables them
to say with greater confidence than at any former period
that the line can be finished and opened u • single broad
gunge line, with the necessary stations, for the sum to which
the directors propose to reduce the coital—vis., from its
original amount of 648,0001. to 441,4001. Tnis can be
sceompliehed by reducing the 201. shares to 161 shares,
which will realty 426,4001., and which, added to the 16.0001.
paid-up shares issued to th, original proprietors (as the con-
sideration for their outlay in the expenses of two ants of
parliament and 45 acres of land, as stated in the original
i.rospeetus of the extension company), will make up the
amount of 441,4001. of capital. Your directors also report
that the subscriptions fur 60,0001. fa paid-up shares
by landowners and others in the locality will, there
is every reason to believe, be completed before the
tires arrives for ramming the works, as several respectable,
wealthy, and infieential individuals are waiting the result of
the company's application to parliament for an extension of
time, and for the deviations contemplated. Your directors
therefore recommend, and resolutions to the effect will be
submitted to you in substance, as follows:
"To apply to parliament in the ensuing session for an
extension of time, and for the mastery deviations; also to
reduce the capital, by making the 26,650 201. shares into
161. shares, and to enable the holders ( but optional with
themselves) to divide such 161. shares, when calla to the
amount of 111. shall have been paid upon them, into two
hell-shares of 81. each, ,is., one half-share 81 ell paid, deno-
minated ' share A deferred ;•' and one belf-share3l. paid, and
subject to 61. calls, denominated there 13 guaranteed 51 per
cent.' ; and to charge the share A (with 81. all paid) with the
payment of all dividends on both denominations, until the
holder *lobate B receives 51. per cent. per annum on the
amount paid upon the same out of divid• ads; and all excess
of dividend (on both), beyond 61. per cent. on share B, to be
received in perpetuity by the holder of share A. Also to
authorise the company to re-issue the forfeited shares pro
rata, amongst the registered shareholders; end if not Wien
up by them to the extent of four.fifths of the number and
amount, to issue such forfeited shares' on such terms as the
holders of threii.fifths of the registered shares at any special
meeting called for the purpose, may approve and decide
upon,—either with or without a preference dividend or
bonus ; and to be, or not to be, offered in the first instance
to the registered shareholders, pro rata, in proportion to
the number of shares held by each respectively.
"Your dirtetors further submit fur the consideration of
the shareholders, that when the calls ptyable the Ist instant
shall be paid by the existing responsible shareholders—who
are assumed to be the holders of 15,000 shares—and the
50.0001. starer:phone in land and money in the locality
effected, more than bar the capital will be paid up, and the
borrowing powers of the company will come into operation;
when, if the works are then progressing favourably, the
pealie will be induced to take the company's debentures,
and, in that event, calls of 41. more cn the holders of the
15,000 shares would suffice for completing and opening the
line, if contracted to be worked by any other party. Such
would be the ease without the reissue of the forfeited shares;
but if the forfeited shares (supposed to amount eventually to
the total number of 7,000) shoo ld be re. leaned, and liable to calls
of 91. per shore only, producing 63,0001., a result so obtained
would render it unnecessary to make any further call on the
, existing 15 000 shares held by responsible peewee, who
have paid 91. 10e. per share, including the last call of 11. 10s.
The following statement will explain their views more
clearly, vie,

Alreitli p tid £163,000 1135,5001. being
Subectiptions in locality in paid-up
nuts than half
shares
Present call of 30n. on 15,000 shares 22,61..0 of the capita.
7,000 forfeited shares to pay calls
of 9/ 63,000
Harrowing powers, one-third of
Capital

£445,500
or 4,1001. cton than the total estimate o: the line u tefora
stated."

This report having been adopted, the following resolutions
were submitted by the chairman :
" That the report be received, and that the directors be
authorised and requested to take all such steps as they may
deem expedient for obtaining in the next session of parlia-
ment an act to extend the time for purchasitg the land and
executing the works of the Taw Vale Railway, and to autho-
rise such deviations as may, in the judgment of the directors,
be most convenient sad conducive to economy, and also to
authorise the reduction and modification of the capital of
the company alluded to in their report, including the re.
issue of forfeited shares, either with or without a preferen-
tial dividend or bonus, on such terms and in su:h manner as
shall be determined by the holders of not less than three-
fiftt sof the registered shares, at a special meeting to be
called for the purpose ; also to alter the name of the under-
taking to that of the North Devon Railway and Dock
Comp toy, if desirable.
" That the directors be authorised to enter forthwith into
conditional contracts for executing the works on the main
line, in accordance with the specifications which have been
prepared and submitted to competition • and that, so soon
as shares to the extent of 50,0004 are subscribed fur in the
locality, they be authorised to give the contractor whose
tender may be accepted notice to proceed with the works."
" That the directors be authorised to enter into a contract
noon the best terms they can procure for the working of the
main line upon its completion, for a term of years not exceed-
ing ten nor feu than five, for a net per centsge on the entire
capital of the coennany ; the contractor to find all necessary
plant, and pay all outgoings connected with such working."
Mr. TITS seconded the resolutions, and stated that he
thought it highly desirable that they should receive the
assent of the shareholders. He was quite sure that as the
working of the line began to develop itself the proprietors
would have ample reason to congratulate themselves upon
the result of the undertaking. It was mach better for th. mto
sanction such proceedings on the part of the directors as must
eventually secure them a good return (or their capital,
than that steps should be taken which would involve the
shareholders is the leas of property to the amount of
180.0001.
_ . . .

Mr. MAXWELL stated that all the land owners on the
line were favourable to t►e project, and • large number of
them had already consented to receive for their property
shares amounting in the aggregate to thirty or forty thou
sand pounds.
The resolution' having been put to the meeting, wen
unanimously adopted, and the meeting separated with a
vote of thanks to the chairman.