The Express.
London, England, 1850-02-14 00:00:00

RAILWAY MEETINGS.

LEEDS AND BRADFORD.
Yesterday the half-yearly ordinary general meeting
of the Leeds and Bradford Railway wee veld at the White
Horse, Boar-lsne, Leeds. The chief point of interest attach-
ing to the proceedings was the leasing the line to the Midland
Company at 10 per cent.-501IN WADDINGNAM, ER., the
chairman of the board of directors, took the chair.
The formal Wilkes. of reading the notice calling the
meeting, and affixing of the seal to the register of proprietors,
having been gone through,
Mr. BEST, solicithr, read the statement of the accounte
for the put hall-Tear, which showed that the disburnments
during teat period bad b, en 42 7941 16s. 3.1 , which
being added to previous expenditure, made a total of
1,419.6071. 7s. 9d. The receipts during the same time were
35,1671. 19e. 6d., which bring added to the previous receipt,
made a total of 1,419,3961.6 x. Id. There was likewise a
balance of 2111. le 84. due to the bankers.
Oa the motion of the chairman the statement of recounts
was approved without discussion.
The CHAIRMAN then moved • resolution for the ap-
pointment of a director io the room of himself, he retiring ny
rotation. If, however, the shareholders were of apinion his
sersthea would be of benefit to the company, he should be
glad to continue there. As soon as everything was wound
up, and they had got into a more clear and settled state he
should he very glad to be relieved from the labours and r^-
spoosibilities of office, but in the mean time, it was for the
shareholders to determine whether it wee desirable or not
that he should continue his services.
Mr. MUROATROYD moved that Mr. Waddingtam be
re-elected as direetor.

Mr. JOHN GOODMAN seconded the resolution, and it
wee adopted rum. con, by the meeting.
The CHAIRMAN announced that Mr. George, one
of the auditors, now retired by rotation, a..d he moved his
re-election, as well as the election of Mr. Miles lilingworth
to the office of auditor, in the room of Mr. Robert Milligan,
who bad refused to serve.

This resolution having been seconded by Mr. George
Goodman, a dividend for the half-year ending the 31st of
December last, at the rate of 21 10s. per share (lees income
tax) was declared, payable on the lot of March next.
The CHAIRMAN then stated that since the last meeting
the directors had appointed Mr. Best, solicitor, to the poet of
secretary, iu the pl.u.e of Mr. Gatlifte, wi.h a view to save
expense. The office was ohs in which there was no little
to do, and Mr. Best had taken charge of the register and the
distribution of dividends for a very small sum. The three-
ton had also elected Mr. John Rhodes a director ia the place
1 of Mr. Hudson. M.P., and Mr. Win. Henry Ripley in place
of Mr. John Wind, who had retied.—After a short pause,
The CHAIRMAN mate some remarks in, reference
to the lease of the line to the Midland company. ef which
he was at the time a director. He said, I expected
tome gentleman would have asked some question respecing
the lease, as I observed the ofit r da) that the Clercs went
down considerably, though they have niece auvacced to the
point at which they originally shawl. There is not a shadow
of doubt as to the validity of the lease. As I said at the hit
meeting, to-day I say again, the lease was prepared with the
utmost care, and has been looked upon as • model for leases
of • similar nature; end perhaps I may be allowed to say
further, in reference to assertions which have been
made elsewhere, diet the lease is not only valid
in Ipoint of law, and valid in point of equity,
and honour, but that no undue influence or mhiepresents-
lion was ever used by one section of the board of directors to
induce the other section to agree to this lease. It was a fri.r
and unblessed act of the whole board at the time. We
undertook the lees* ot the Leeds and Bradord not with a
view to profit, as the line was not at the time open, but with
a view to the protection of the Midland aimpany in this
district, just in the same way as the Laudon and North-
Western Company took the Leeds and Dewsbury line, and as
the Manchester and Leeds would have been glad to take the
Leeds and Bradford. Whether we were wine or not is not the
question. Very exaggerated notions of the profits of nal-
ways existed at that period ; and what I wish to convey is,
that with the knowledge we then pi sussed, this transaction
took place with the boriajide intention of serving the Midland
Company. (Hear, hear,) There was another point that
had hem urged against the lease—not that lI,TLY undue
delusion was practised U2OO shareholatra, ;NOW what
in-
fluence was practosed upon the Motilit' directory, but that,
IWu Ult'answer to that ? Tide question of the lease wet
before the Midland shrreholiers fully three months.
At the meeting in July, 1816, a resolution was
passed, which recapitulated the substance of the
lease, and that resolution was sent by circular to every
Midland shareholder, and the lease itself was not &tally
sealed and confirmed until the 28th of October, when it was
sealed in the presence of • very large special meeting of
shareholders. (Hear, hear.) New, if the Midland share-
holders had all that time to think about it, it seems to me
meat inconsistent, meet unreasonable, to talk now of de lusirn
being practised upou them. I do not In an to say that
the whole railway world was not under delusion at the
time, but I do mean to affirm that the directors
did not practice any delusion upon the shareholders. It
ought to be borne in mind that the leer was entered into
for the protection of the Midland interest, and not with a
view to mske a profit ; though if the notion of railway pro-
perty then existing Lad been correct, that was not then im-
probable ; for it must be remembered that the Midland was
paying 7 per cent, and the Manchester and Leeds 10 per
cent., and it was believed at the time that the Leeds and
Bradford would be •12 per cent. line. (Hear, hear.)
Mr. GEORGE GOODMAN said that in July the direc-
tors bad the power to attach the seal to the lease, but very
wisely they gave the shareholders of the Midland another
opportunity in the ensuing October (three months after-
wards) of considering the lease, and then affixed the seal in
the presence of a meeting of the shareholders. This he
thought important, to show that no undue advantage wry
taken. (Hear, hear.)
Thanks were unanimously awarded to the chairman and
the directors, and the proceedings terminated.

RAILWAY BILLS ON STANDING °amts. Tne select
committee of the Douse of Commons at their usual fitting,
declared that tut standing orders ought to be ilirpensso with,
and that tt e parties be permitted to proceed with their re-
spective measures in the following CAS,' :—Watertord, Wex-
ford, Wicklow, and Dublin Railway ; North Staffordshire
and Manebeater, Sheffield and Lincolnshire Railway ; Mid-
land Great Western Railway of Ireland ; and Dublin,
Dandrum, and Rathlarnham Railway.
RAILWAY TRAFFIC.—It appears from a parliamentary
return just issued, that the tr. Hie receipts on all the railways
in the United Kingdom, during the twat year ending June
30, 1849, amounted to 5,435.9371, et which 2,822,6471. was
for Passengers, and 2.033,2631. for goods, cattle, parcels, and
mails. The 'lumber of passengers conveyed was 28,767,887,
of which 3,335,088 were tirst•clasa passengers, 11,200,901
second-clans passengers, 7,194,344 third.class, 6,981,834 par-
liamentary el,ss, and 55,700 mixed. The receipts wire : first
claw, 686,1291.; s coed clam, 1,142,1201. ; third claw, 330,5031;
parliamentary, 462,7141.; and mixed,l,2oB/. Total, 2,822,6741.
The oomparative nutriment of the trallic receipts on all
the railways in the United Kingdom for the tire years
tailing 30th of June, 1845, 1846, 1847, 1848, and 1849, were
6,209.7141., 70:63,5691., 80510,8861., 9,933,5521, and
11,200,9011. teapectively. The receipts for passengers
amounted, for the year ending 30th et June, 1845, to
3,976,3411. ; in 1846, to 4,723,2161. ; in 1847, to 5,148.6021.
in 1848, to 5,720,3821. ; and 30th of June, 1849, to
6.105,9751. The receipts from goods, cattle, parcels, mails,
&c., were, for the year ending 30:11 of June, 1843,
2,238,3731.; ending 30th of June, 1846, 2,840,3341.; end-
ing June, 1847, 3,362,8841. ; ending June, 1848,4,213,1691. ;
and ending June, 1849, 5,094,9621. Toe aumber of pamen-
gen cinveyed during the respeative periods were 33,791,233,
43,700,983, 51,352,163, 67,985,070. end 60,398.159. The
length of railway open in June, 1845, was 2,313 miles ; in
1846,2,763 wiles; in 1847, 3,603 wiles; in 1848, 4,478
miler, and in June, 1849, 6,447 miles.

llELGicit.—Baussma. Fs& 13.—The exchange
of the ratification of the trestle§ of commerce and naviga-
tion, concluded on the 17th of November lut between
France and 13.Igium, took place on the 7th of this month.
The pewee verbal was signed by General de la Hine and M.
Roofer-
rUNKll.ll:4 IN nlti. ORKNETS.—TIIE Sandi meta
annoenes that a hearse has meetly We introduced into the
Orkneys for the lint time.