The Express.
London, England, 1850-03-07 00:00:00

YORK. March 6.

STOCI EXCBANoll.—Ba,ters Counties., 71, V. 3e. 9a.;
East Lancashire, ; North Western,td. ; York, Newcastle,
end Berwick, 141; York and North Midland Preference, 61

RAILWAY MEETINGS.

LANCASHIRE AND YORKSHIRE.
Yesterday the half-yearly meeting of this com-
pany was held attire Exchange, Manchester. It was also
a meeting to be made special for the purpose of contidnins
the arrangements entered into with the Bolton, Blackburn,
Clitheroe, and West Yorkshire Company, for working and
taking the rolling stock of thst line. Also to 'lnborn the
draft of a bill before parliament to enlarge the compiny'v
powers; to authorise the company to make new arrange-
ments with the holders of Extension, West R;dinv, and
Fifths Stock. Aod also to convert into consolidated capital,
all pald.up shares in the company. A notice of the report
was (Oven in Tuesday's Express. The auditon in their

report- say : -
"As new lines come into operation a very consideral lv
outlay is ust necessarily take place, for the accommodation of
the traffic at the various stations. We are, however, of opi-
nion that your directors are inclined to go too far in this
respect, especially as regards warehouses, which we would
restrict to what is absolutely requisite, not for the storage,
but for the mere transit, et geode. We think that, leeking at
our continually reduced dividend end increasing capital,some
potting, at least, of this outlay might prudently have been
deferred, if nut altogether avoided. In reference to the
ultimate clang of cur capital recount, when works in pro.
geese are finished, we are of opinion that this can and ought
to be done. The chief obstacle arias* horn what are salted
' improvements,' each as heavier rails, larger engines, etc.
Those, so far as they are presumed to be fin.
provemente, have hitherto been paid for out of
capital ; we would propose, in future, to pay for them as
they arise out rf revenue. We look upon dividend as the
only test of the money value of your property, and w.
object to charging any alterations, even though they shock
be mechanical improvements, to capital. It is evident that
unless this print pole be adopted your capital account can
be now?. In course of time, cireamatances may
change so as to render some addition to the rolling stock or
works of the company absolutely necessary. When this
occurs it may be dealt with by a mite of the shareholders for
a specific sum of money. nr e now beg leave to address a
few words to you, not efficially, but in our capacity of
fellow shareholders, on a subject of the greatest import-
ance—namely, by whom ought our affairs to be ma-
' aimed ? We ore of opinion that your object should be
to secure continuous and individual responsibility in your
management. We think that, however necessary a large
board with an Executive committee may have been to super-
intend the construction of your new lines, neither are now
required; and we 'mold strongly advise you to recure the
services of some individual in lieu of your executive com-
mittee, while at the same time the number of your directors
should lee reduced, and their dutiot confined principally to
Chain of a deliberative character. We have looked into the
salaries mad to all your principal servants, and we think
these ate not so high as to torm any obstacle to carrying out
this view."
Mr. HENRY HOULDSWORTH was called to thechair,
and said, the resignation of Mr. Wickam, from nuns un-
foresceu at the time of his accepting the chairmanship, and
which were of a character to prevent his devoting that atten-
tion to 'he affairs of the company which he deemed nee,-
sery to ft:Hale:et efficiently the eftiee of chairman, had again
placed the company in such a position as to neceseitute their
reliance upon a temporary eWiirraan, but he hoped before
the own half-yearly meeting arrangements would be made
for the uppointmeot of a permanent chairman, and by that
means secure to the company the advantages which, whe-
ther they considered the internal working of the maceine or
its external relation, could oiey he thus acquired. The fine
business was to apply the common seal of the company to the
registry of proprietors.
Mr. PltlCk. bird he had to protest for the sixth or seventh
time against the fixing of the seal to a register which con-
tained a false registry of shares in his name, and which he
had never purchased.
The CHAIRMAN said, as the act of parliament required
that this form he gone through previous teeny other business
being priceeded with, the seal etuld be affixed under the
protest of the hon. t roprietor, and any proposition or obser-
vation he wished to mace to the meeting, c-uld be enter-
tained at a later stage of the proceedings. (II !sr, hear.)
The teal tuning teen affixed,
The CHAIRMAN thea addressed the meeting at some
length. lie commeuced by exculpating the direction hem a
considerab.e portion of the responsibility of the deprec:ation
of their stuck. There were, amouest others, general causes
for that depreciation, against which the directors opposed
themselves wan all their might. It was the consequence
of parliament cutting down their ;Wes and charges for
traffic. They did too much work for the money they re-
ceived; and he felt certain that until railway companies
combined to raise them there would be no remedy.
(lieu, hear.) He was surprieed that another meeting
of penitence: should be in the prospect of pass-
ing over without an attempt to remedy this difficulty.
But, independent of this, how In were the directors of
this company liable for the decline of their dividend? He
would put that question as it related to the portion of share-
holders who were original proprietors of the Manchester
and Leeds line. Now,
had
largest dividend ever earned
by that company, he had repeatedly stated, was not 8 per
cent. per annum (which they once divided), but 61 per
cent. Well, according to the receipts of the past half year,
the reduction cf receipts on that line, owing to the opening
of the Manchester and Huddersfield, was from 60,0001. to
89,0001. for the half year. This deduction of traffic through
parliament granting a competing line had therefore reduced
their dividend from 61 to li per cent. (Hear, hear.) Were
the dienctore to blame for this? They had done all they
could to prevent the act for competitioa being paascd.
(Hear, hear.) The only remaining depreciation to account
tor, so far as this elms of proprietors was concerned, there-
fore, at most was only the difference between 4f per cent.
p-r annum and their present dividend of 3 per cent.
After stating other causes of depreciation, the
Chairman alluded to the question of raising tarn,
which he contended was a great .nuse of depreciation. lie
did not say if they had power they would raise fares in every
case ; it would not be their duty or 'heir interest to do so ;
all they sought was the power to finely a common-sense
commsreial prieciple to the conduct or neeir business.
Mr. H. RAWSON said in the report pa 'wetted in Sep-
tember,lB49, it was stated that the estimated eu-lay to which
the shareholders would be liable, would be limited to
11,253,0001. for the completion of the works ; and :be report
went on to say that the directors: had no reason to expect
that any further call would have to be made without the
expects consent of the shareh:lders. He now perceived
that the amount of capita/ required to complete the line
was estimated at 11,983,0001.—Ae1e something to be paid by
the East Lancashire, which sum to be so paid, however, d d
not reduce the sum to anything like the amount
of the former estimate. He wished now to ask if they could
not have a verified statement of what was likely to be the
cost of the line ? To.day they hail a dividend of 3 per
cent., but they had not earned '3 per cont.—they has, in
fact, earned only a little less than 11; they had yet three or
four millions of capital to come into dividend. lie should
lily to know what their dividend would be when that was
added. Ile feared they should be reduced to something
like the position of the Shetlieffi Company. (Hear, hear,
aced laughter.) Ile could wish some definite conclusion to be
come to between the shareholders and directors as to what the
expenditure should be. During the past hall-year their
working expenses had been increased by competition, but
still they most receive it as the best half year, and lookicg at
their prospects he must say it was highly desirable to close
the capital account. Ile had a resolution Onetime to pro.
pose which he hoped the directors would support: it was
that this meeting at its rising do stand adjourned to the 27th
inst., to receive a balanee.sheet of accounts to December,
1849, and a statement in detail of the expenditure required
to close the capital *mount, which the directors are request d
tO prepare and submit to a committee of consultation, prior
to such adjourned meeting.
After some conversation it was agreed to add the motion
of Mr. Rawson to that of the chairman, for the passing of
the report.
Mr. DERBYSHIRE, in answer to a question from Mr.
Gascoigne, said when the porch me of the Prestm end Wyre
Railway was concluded, the sum of 45,0001. formed an item
of purchase independent of the rats psid up, and was pay-
able by instalments over the first 5 years of mho rent, com•
meeting Jan. 1847.
Mr. OASCOIONE feared that the directors were not
authorised to announce a dividend of 3 per cent. with ro
small a aura as they bad to meet the deprecietim in the
value of their property.
Mr. MO WA'L'T, M.P., wished to have the opinion of the
dirscton on the suggestion of the auditors as to the reduc-
tion of their number.
Tho CHAIRMAN said he and the majority of his col-
leagues were disposed to have declared a dividend of 2%
per cent., had they not been deterred from a fear of doing
injustice to the boffins of ti eh sharer., because the Oh et
would be to deprive them of all dividend. With regard
to the question of management, the directors must leave it
in the hands of the proprietors entire Iv. His own individual
opinion. which had ever been confirmed by experience,
was, that the responsibility (main to be vested in a smaller
number, and it was on this principle that the board had en-
gaged Captain Lewes as a managing director. (Hear.)
Mr. MO WATT said, the gnaws rof the chairman with re-
gard to the dividend was anything but satisfactory for he ap-
peared to support a dividend of 3 per cent. more as a question
of expediency to the holders of the fifth shares, rather th. n
because the company had really earned it. Ile wine Ito
know whether this dividend had been realty earned during
the half year.
The CHAIRMAN said the question almost an erect it-
self. The dividend bad not been earned in the last half
year. The directors had taken part of it out of the reserve
from the peeve:me half-year.

-net CHAIRMAN then put the motion, the dote of the
future meeting to be that of a special meeting to be to Id in
April, and the colisultation committee to mutat of Mr. W.
Region, Mr. W. Evans, and Mr. John Brogden.
The motion was carried unanimously.
The CHAIRMAN then moved a reeclation for dividend,
to the effect recommended in the report, of 3 per cent.
A long discussion followed as to the dividend, baying mare
reference, however, to the position of Fifth shares than to
the general question.
Mr. KYNASTON moved, at an amendment, that the
dividend on the stock generally be 21 per cent., and t net the
fame Interest be paid on the F Mks capital as if the dividend
were 3 per cent.
Mr. BENNETT moved that the question of dividend be
adjourned to a fature meeting.
The CHAIRMAN said that Mr. Kynastod'e amendment
could not be received.
Mr. EDWARD WATKIN moved as another amend-
ment, tI-at the dividend be 21 per cent.
Mr. JOHN HARRIS seconded the motion.
The CHAIRMAN thought it right to :tate, that he had
ascertained, whilst the discussion was going on, that they
had earned during the last half year 2 G.loths per cent per
annum; and they bad done this undo'. the great disadvan-
tage of the Huddersfield line being opened, and a water-
carriage opposition of a serious nature.
Tlie amendment was negatived, and the 3 per cent. divi-
dend earr:ed by a large majority.
The proceedings were not over at 5 o'clock, when our
-st was despatched.

BRISTOL AND EXETER.
The following ere the proceedings whioLtook place
at this meeting subsequently to the despatch of our report on
Tuesday :
Mr. BROWNE then proceeded at considerable length to
reply to the different charges against him in the speech of
Mr. Castle. He contended that the statements before made
and published by him in reference to toe coal tariff and the
resale on goods was the correct one ; that the construction
of the whetter.* at Dunhill bad not been made by him till
the duty hid been declined by both the Bristol end Exeter
and she Great Ntrostern beards; and that they bad been
pro luctite (hiving been erec id at an expense of 10,0001. or
12.0n04.) of great advantage to the first named company. He
said the \Vestleigh siding had been rimed in consequence of
an ansogereent with the Canal Company ; and the
letter referred to refusing the trucks to a party arose
out of the fact that the individual in question hsul net paid
nil accounts for the use of the sidings. The land sold by
him to the company had been to oblige the bard, and to
chalet the necessity of their having to purchaie at an mar-
mous rate of the Bridgwater coaxal, ation, awl 'the sum paid
tor it by the compail 'a surveyor without his interference.
As to the allegatom tat he hid injured the company by
purchasing oil of a cont.... Mon or his, he read figures to show
that that connexion bad only sold two parcels, several other
tradesmen also supplying, and produced an invoice t.o show
that on one large lot only ad. was cleared. lie boldly
asserted that tr • had always acted for *sheet interests of the
company, and warned the proprietors to beware of Great
Western influence, which he sail had fomented the present
movement.
A goad deal of noisy discussion followed, and at length
upon Mr Bernard's resolution for a committee of inquiry
being put, it was carried by s mej 'iffy of at Last 15 to 1.
The following gentlemen were then named upon it:
Messrs. C. E. Berndl,H. Britten, Msj ir Gulf:ay, Lumem,
of Exeter, Karr, of Bridgawwer, and J. &Wean.
The report was then adepted, when, it beit.g half.paat
seven o'clock, awl considerable barium remaibing to be
done,
Mr. BERNARD moved that the meeting should adjourn.
Thus pave rite to another desultory conversation ; and,
after giwng three cheers for the chairman, the mettle; ad-
journed till iles.:a o'clock this day (Wednesday).

WEDNEgDAY.

The CHAIRMAN 31: at twelve o'clock,

!Tr: DEIU Y of 1;:3m on himself and other
shareholdtra resident in his Metric', proposed that the kill-
yeariy meeting should be held alternately at Bristol and
Exeter.
T%e CHAIRMAN said the act of parliament required
that thev shouid e;1 he held at Bristol.

Mr. DERRY then moved that free passes be gunned to
all aberehoWers over tho line to les neral and apt dal meet:ngs.
It was argued, en rs ply, that such a course would be un-
fair to shareholders not living on the line, and the motion
was negetiet el
Mr. BERNARD browse' that, before the meeting went
to the election of directors, It would be desirable to pus a
resolution c r firming the resolution which the directors had
recorded in tlscir books, expresaive of their opinion that gen-
/Is men being earners over the line ought not to be sleeted
any seat at the hoard.
Mr. BROWNE said, as the resolution was evidently
aimed at him, he mizht remark cleat, f-r the I..et 15 years,
be bad served them as a director, and bad repeatedly received
tho honour cif reselectitn. The tariff of the company was
open to every one ; whoever chose to run trucks mizht do so.
The pursuit of the business of a carrier was no more a dis-
qualification for the directorship, than it would he in the
cue of a gentlemen whose family was in the habit of travel-
hug over the line : the principle was the same, the difference
only in degree. He hod undertaken the business of a
wharfinger, mainly to promote the interests of the Bristol
and Exeter line. He had brought a considerable revenue
on to the line without which they could not have paid their
dividend of 31 per cent., and bast five or six more of the
directors brought on the same amount of revenue as he had,
I the dividend w.uld have been sor 6• er cent. Ils should
be ready so yncre his:seat anr day if they could find a gen-
th man who would employ as ergs an amount of c-,pital as
he had employed, and devote as much attention to the inter-
ests of the undertaking. Mr. 13-owns went into a long state-
want of figures to show the importance of developing the
goods traffic en the line.
TheCHAlli AN, in reference to the resolution referred
to by Mr. Bernard as standing on the books of the board,
said the directors felt sensihle of the great talent of Mr.
Browne, or his large outlay of ea; ital, his evrtiont' end his
zealous devotion to the interests of the company ; but they
felt that the position' of a carrier and director were incom-
patible. (Ch. as.) At the same time considering the greet
outiiy which Mr. 2.rowne hid made they did not thick that
it would be rinht for him to resign so coon upon the lade-
pend, nt working of the line, and proposed tnat he should
continue uns.l be retired by rt si.rnation rte xt year.
Mr. BERNARD'S resolution having been adapted by a
!erne majority,
The meeting proceeded to the election of director', and a
lengthened discussion, occupying some hours, ensued, prin-
eine ly in reference to negotiations which had taken place
between the board and a committee of shareholders, upon
the general matters in dispute, and more particularly as to
the use of proxies by the directors or committee.

The CIIAIRMAN hankie proposed that the retiring
directors, Memo. W. D. and Morgan, he re-elected,
and Mr. W. Fripp and Mr. M. Caat!o (of the committee of
shareholders) Le .tented,

'll7 BRIt'SARD proposed as an amendment the election
of Mr. Castle, Mr. Fripp, Mr. Lnrom, of Hitter, and Mr.
H. Britten.

Same conversation fAlowed, and ultimately the chairman's
resolution wu adopted.
The formal resolutions declaring the dividend as recent-
m, nate., tbsoiking the (Mestere, *O., having been passed,
The meeting was made special ior the purpose of canslli-
d %MIR the c stock of the *employ, $ resolution to
effect which wee passed.
Thanks were then voted to the chairman, and the an.
usually protracted meeting termin-ted.

141.11 OP AKHOLME, GAlNs.,Bo‘orou, AND GOOLE.—
The settlement of the list of iholden in thin concern
came on before Sir Wm. llorce, net muter in Cnkneery, on
Tuesday. Counsel appeared for Mr. Hudson, who was
chairman of the company, and kr the York and North
Midland Railway Company, wit. were to subeeribe one.
fourth cf the capital, and steed t'ist that company bad not
been sble to prreluoc their books ordered by the master on
that occasion, but would do so rn the next. A sum of
26,2401 was paid in respeat of the 21. 2e. deposit, which was
returned, deducting 10s, Ud. per share, but the petitioning
shareholders state that there is a large amount of outstanding
liabilities.

CITY OF Lo'.oox EceertoN.—The petition corn-
plaining of an undue return lie the City has been discharged
by the general ClalMitit. of electims, th,.. parties haring
informed the house that is was not their intention to proceed