The Express.
London, England, 1850-08-28 00:00:00

RAILWAY MEETINGS.
LONDON AN CKWALL.

The meal half-yearly meeting of thin oompa_in took
pace yesterday at the London 'tavern, JAKIIII DIVOINT
ANHUI., Bag ,in the chair. The mammy wee eaffeet
oa
to read the report, but as it was printed and in the bands of
the several propriatan present, they dilemma wide that
formality.
The report appeared in the Express of August 22.
The CHAIRMAN, in moving teat it be received and
adopted, begged to remind the meet rag that althomro the
directors could have wished to age a mach larger balance,
this was what was termed the winter, or bad half year, tor
which It had not been enetomery to declare a dividend. He
could same them, however, that the dirt ctors had done
everything to foster the meat and he was hippy to be
able to my that with the additional difficulty to contend
spinet in the eempetition of the North Kent line, they
had nevertheless succeeded in somewhat biereseing their elm-
ber of passengers. To accomplish this they were obliged to
meet the arrangements made by other companies having
other muds, of conveyance in that spirit of economy and
cheapness wilt& were the order of the day. fie believed
they had done so successfully. Still, it wee found difficult
to please all the proprietors. They had received many em-
anates:loci from them, showing that some cot sobered that
the present priors were too high, others that rip), were too
low ; some that they ran too quick, others that they ran too
slow. The directors had endeavoured to eatables., what they
emeidered a fair and proper rare of travelling. He hoped
the proprioton, upon the general review of their conduct,
would be of opinion that they had done what was best. He
was utterly opposed to the practice of raising up hopes that
were not likely to he realised ; bat he considered himself
perfectly justified, notwithstanding the difficulties and the
competition they had to contend against, is saying this—
that he believed they had now arrived at the
point when the hopes which had been relied were almost
if not actually realised. As they were aware tie
hell-year was the worst, owing not to the want or tailing cff
of commercial traffic but to the absence of that pleasure
traffic which fed the establishment dazing the summer
months. It must 14 borne in mind too that hey had con-
structed a line which, when opened, would trieg them in
connexion with another company. The Dock Junction line
to Islington was ready to be opened, and was only not
opened because of some differences respecting the traffic re-
gulations. which differences be hoped would seen be termi-
nated. When they did run upon that line the traffic would
be clear profit to them,and that traffic he expected to be con-
siderable. He had also to state that they were in cordial
ecmmunitation with the Eastern Counties, and had
little doubt that the arrangements proposed by them
and entertained by the directors would be come to,
in which etas there was a considerable prospect of their
getting two descriptions of traffic from that company.
(Hear. hear.) The preliminaries of an agreement with the
North Western Company had been come to, by which a
large portion of the goods for Camden-town would be
brought upon their line, and so winked as not to interfere
with their passengers traffic. They were assured to a certain
amount, and the directors felt certain from the nature of
the traffic, that they might calculate from this source, a nett
profit of between 4,0001. and 5,0001. a year. It would be
necessary to have a special meeting to ratify tbe arrange-
ment, but the preliminaries were agreed upon, and it might
be regarded as settled. They had every reason to f :pact en
increase of traffic from the Eastern Counties, but their
Fleetest hope rested on Rode connexion with the North
Western, which he was certain would yield them 4,0001 or
5,0001. a year. With their general traffic they had eviry
reason to be satisfied, while their local traffic had increased.
In spite of the competition, they were carrying as many
passengers from Gravesend and by the river as last year,
when the competition did not prevail. All die was
matter of fact, and not subject of hope, and he therefore
felt confidenco in their position. There was a smell balance
which, if the proprietors wished, should be applied to a divi-
deed. (General cries of t. No.")
Mr. LEVY—What would it pay per share ?
The CHAlRMAN—Sixpence. A laugh.)
A PROPRIETOR inquired why it was that the Steam
Navigation Company had withdrawn their business' from
the Compeny's wharf ?
The CHAIRMAN replied because they had got a steam
wharf of their own. He proceeded to explain, in reply to
questions and complaints from Mr. Pallicer,that the directors
had made the same offer to all the steam-boats in rere-erce
to the wharf and passengers; but the Diamond Company,
having other interests, declined to accept their terms. It
was obvious that the directors of theßlackwall Railway must
not sacrifice the interests of that company to another com-
pany because that other company had interests of the it own
to serve. (Hear, hear.) If they charted more than they
did, passengers would be tended at Wc.olwich and some
other place, and they would thus lose their traffic.
Mr. (1. SMITH expressed his disappointment at not
having a dividend, although it appeared that the re was an
increase of traffic. He was anxious that there should be no
increase of expense as well.
The CHAIRMAN said they had not increased, and would
not. He explained also that the item of 5,9601, observed on
by Mr. Smith as exorbitant for salaries, included wages as
well, which could not be so considered when it was seen
that the cumber of passengers had been 1,313,000. He
again reminded the meeting that this was the winter half-
year, sufficient in itself to explain the absence of a dividend.
Re further observed, in reply to a question as to what wee the
value of the shares forfeited for non-payment of calla, that
if they were brought into the market they would nearly
realise the deficiency. He trusted that that was the last
half-yearly meeting which would take place witlit.ut a divi-
dend being declared.
Mr. LEVY expressed himself satisfied with the several
explanations of the chairman, and ardently hoped that the
proposed arrangement with the North-Western Company
would be carried out.

Mr. Tin, in reference to a remark from a proprietor, de-
clared that the arches of the railway had been examined by
the government inspector, and that he had deciartd it sound
in every respect.

_ .
The report was then unanimowly agreed to, and after •
vote of thanks to the directors the meeting separated.

COLCHESTER, STOUR VALLEY, SUDBURY,

AND lIALSTEAD.

Yesterday the ordinary half-yearly meeting of this
company was held at %heathens of the railway, in Church-
street, Colchester ; TllOl4lll L'ESTRILNGE Ewan,
in the chair.

The customary preliminaries hiving been gone through,
the report of the directors was toad :
" Immediately after the period fur the intended half-
yearly meeting in February last, your directors obtained the
opinion of counsel as to the possibility of legally convening
an ordinary general meeting of shareholders in place of the
one which ought to have been held ; but that opinion being
decidedly against the legality of such a meeting it called, it
wee considered more prudent to abstain from assembling the
shareholders under the circumstances, which might have
thrown suspicion upon the validity of their proceedings. No
practical difficulty, however, has beea found to result
from the want of such ordinary general meeting,
because the directors could at any time have celled
a special meeting of the shareholders, and nothing
would have given them greater pleasure than the
exetcise of that power had the circumstances of
the company required such • proceeding; but at present
the directors regret to say such circumstances have not
arisen, for although so long ago as February last they hoped
that a few weelce would enable them to ascertain all the
existing claims on the company, events have proved, not-
withstanding all their perseverance and assiduity to effect it,
that the intervening months have not been sufficient to
furnish that result. The shareholders will already have
become acluainted with this feet from the cirmlar which
has been sent with the accounts, and whatever degree of
disappointment may be felt that in this respect the directors
have not been able to redeem their promise, they can assure
the shareholders that the apparent delay has been anything
but prejudicial to their intenya. The directors are still
endeavouring to bring about a satisfactory settlement with
the contractor, and they feel so strong a belief that that
will soon be effected, that they intend to propose the
adjournment of this meeting to the 3rd of October next,
pledging themselves that in the meantime they will use their
best efforts to present to the shareholders seven days before
that date such an account of the entire expenditure of, and
claims on, the company, as was promised in February last.
The Eastern Union Railway Company at once met the re-
quest of the directors for the payment of a sum on account
of teat due to this company, and you will see by the pub-
lished statement that the rum of 2,0001. was paid by them,
which your directors lmtno time in appropriating to thaw
shareholders who had paid up their calls to the 23rd June,
1849. The directors hope soon to receive • further sum on
amount of rent due. In the prospect of soon meeting you
again, your directors have only to repeat the expression of
their anxiety to close the capital account of the company with
as little delay ea is consistent with a due regard to the in-
tercets of the subscribers." _ _

The balance-sheet we. then read. It commenced with a
statement of the arrearsiof cals, and though 5,5101., of ar-
rears had been paid within the half-year there still remained
due, upon the first all, 6401. 19e. ; on the second,
1,3481. Is. ; on the third, 1,6701. Ils. ; on the fourth,
2,1901. 121. ; on the fifth, 1,6871. 16s. ; on the sixth,
2,5571 10s. ; and on the seventh, 3,2041. 14s.—in all,
13,3001. 3a. 4d. The total amount received durieg the ball
year from all sources amounted to 6,9881. 6s. 9d., which,
with 213,8491. 18s. ild. received prior to that period, made
the gross receipt 220,8381. ss. M., the whole of which had
been expended with the exception of 2,1341 6e. 31. balsam
in cash and bills. The revenue account showed 2,0001.
received from the Eastern Union Company on scoount of
rent. Of this sum 7571. 12s. bad been paid on interest war-
rants, and the remaining 1,2421. Be. formed the present
balance.
After • brief conversation the report was unanimously
agreed to. So also was the resolution of adjournment tin
October next, and the santlag concluded with • 11IIIUSial0a
vote of thanks to the cbeirman.

EXETER, YEOVIL, AND DORCHESTER RAILWAY.—
The half.yearly mottiag of this company was a need to
take place yesterday, at the South Western Railway Station,
in the Waterloo-road, but thus not being a sufficient num-
ber of shareholders present at the hour appointed the Ind-
us' of the day was not proceeded with. A desultory eon-
eareation, however, took plus respeattog the property of the
company, and Mr. Chaplin intimated that he intended to
call a special mooting of the shareholders in that railway, for
the purpose .f adopting some measures with reference to the
conjoiut interests of the two companies. A balanceohut
was presented to the shareholders in attendance, which
showed that the company's receipts had amounted to
176,7911. 14s. lid., and the expenditure to 133,0171, ISs. 4d.,
'leaving a balms in Mad of 43,7734 164. 7d.