The Express.
London, England, 1850-07-20 00:00:00

LAW INTELLIGENCE

THIS DAY.

COURT OF ARCHES.
Boman Om IL J. Pm.
CLOSE OF THE GORHAM CASE.
°mum e. Tun Humor or B=urns.
This morning, it Wog known that Sir Herbert 'saner
Lust t ad appointed an extra couyt ray for the ppuarpoes of re-
miviog the return by the Lord Bishop of Baster of the
I•tters of presentation of the Rev. Mr. Graham by her Ma.
jetty to the vicarage of Branspiori-fisks, the court was unu-
sually crowded. The ease, it is well known, was originally
instituted in this court in the smite* of a writ of duplex
querele when Sir Herbert Jenne? Feast decided in favour
of the iishep of Blew, thereby justitying the bishop in his
refusal to institute Mr. Gorham to the vicarage. Oa appeal
=0 aim the Quinn in Pries:Consoll, the Judicial
ttee reversed that decision, end remitted thecae@ back
to this court, upon which a monition wan issued to return
l, tiers of presentation. Pending the return, the Bishop
of Beeler has mused at ;gill:lotion to be made mum @slyly to
the Courts of Queen's Bench, Common Pleas, and Exche-
quer for a writ of prohibition to restrain Sir Herbert Jenner
Putt aid the Archbishop of Canterbury Irma earryinft
effect the judgment of the Judicial Committee. The judges
of each court, however, refused tv grant the writ, and the
only question lilt was what coarse the Bishop of Exeter
would per.se.
The li.pistrar, at the sitting of the court to-day, formally
called on the ease of " Gorham v. the Bishop of Exeter
for a return of letters of preeen'atton, when
Dr. Aidatas stated that the Bishop of Exeter, in sompli-
mos with the monition, had brought in the piesentursuu,
which was in the bands of Mr. Toiler. At the some time.
the Bishop of Banter (Mired hie to my that he hod meta-
panted the presentation with a protest.
Mr. Bawdier—That is a very unusual ODIUM.
Dr. Addame—It L only a:Ossuary.
Mr. Bowdler—lt will be a quotas for the meet es IS
'bother the oration shall be received.
Judge—The presentation cannot be brought before the
court like this. The presentation is brought in for the first
time with a protest, and the court will sot receive It.
Dr. Addanas—Will the e;ur. like to let it stand over till
a st—•
Judge—No. I ought to have had nodes that this protest
wee to have ben brought in. Indeed, the ;cementation
ought to have been brought is absolutely.
Dr. Addams—lt is aaiy the bishop's explanation.
Judge—l hale nothing to do with tho bishop.
Dr. Addame—Will you let it stand ever ?
Judge—No. I shall not; I shall accept the presentation
and reject the proUet.
The letten of presentation wend's@ handed in, and the
protest taken off.
It is understood that Kr. dorhare will be instituted to the
livirg by the Archbishop of Canterbury nut week.
AIIitIVAL, OF BULLION FROM 0 FII A
The Amphitrite, 21 corvette, from South America, with a
large freight of bullion on board, arrived this mortsiog at
Portsmouth, where she will discharge Mr treasure for eon
moms to the Bank et Beglemd.

THIS DAY.
Two o'Czoox.
The market opened this morning at yesterday's
prices, Consols being first called 961 to 1 for money,
and 963 to 97 for account ; they soon, how-
ever, became weak, and the subsequeet pub-
lication of the political news from Denmark sent
back prices, and they fell to their present quotation,
9G to /, both for money and the 14th August. The
Three per Cent. Reduced were done at 971, and last
at 971; the New Thret-and-a-Quuter per Cents.,
at 99, and last at 981.
Exchequer Bills mark 675. and 70s. for all sizes ;
and India Bonds, 91s. and 89s. Bank Stock, 2121,
11, and 12. India Stock, 270.
The market for the foreign securities candies,
unchanged, with only a very small business gang
forward. The rates of actual hotlines'' which are
subjoined, present no change from yesterday. Bra-
zilian Old Bonds have been dealt in at 92. Belgian
Four-and-a-Half per Coats., at 92; exchange, 25fr.
Four per Cent Dutch Certificates, at 881 and 891.
Eqoador, at 4 and 31. Mexican, for the 31st inst.,
at 30 and 291. Peruvian Deferred, at 351 and 35.
Portuguese Five per Cents.' at 861. Russian Four-
and-a-Half per Cents., at 961. Three per Cent.
Spanish, at 371-.
11NOL1311
Helik ROA. 21113
3 par OL Lam. 511 1
TALLOW XAMEET.—THIS DAT. 3 off ocoss.Aams., 961
There is sot *liars alteration to sedge la this market 9011.1111
today, either la as in any other II pat Oa. dadeba Illiskak
There here belie little unlade* is the=tal Hardia en atfo,l_.• s*. emu Se
the spot nue this day west, still parshaese Mu boss no. FA,— 07:Arn. .4...91 3
donne in ell peepers. The voles aline asetTallow Cam- _ featly •se se
die is 30e. 61.1 s We., sad la Werke 3d. se 3d. per owl. less.,ter _ars mf
lbws ensalluster /away is the lest throe inesthe of the Div. 0,6.b.M
es maw isene wily a Sahel hselaszlhae 10dprotalasUrra..atadp ak
MTh. Me le la. Nee
Mbesillissi at Us. MO. 1.4 nue
pir t=Maardk dd

Dar.

I Ipa MOM ACC NI
tizriertu. so4fo
mns, as. to TOL
N FUND&
,1 pit C7l. Ikets..ll4
Ortawis Dawn/ MA, 4
per OIL Ma. NA,
Par Ok. lambs Ilea IA a
Ns.. 17111

4
6 SS 4
1.13 14

Tao Mx, Two oTtnez.
The than market continue depressed, priees ge-
nerally skewing a declining tendency. Great West-
erns ere particalszly heavy, and the stook km fallen
about U. per amt., having been last dealt in at 36.
Midlands have declined to 32k. South Euterpe mark
13;1 London and North Western% 1081 I Berwick',
131.

P 4.1 Damns 1411,w445.

I q
d

1
Abwd
Pa*. ..
Arto.or'b,rot.;
Noe
W art Joa ...
• Beds II MIA& Mat (ot.
is 14141.14=°L)

'T.Z.E7

Il
I 4 gla.

- The CHAIRMAN, is opesing the meeting, said the
shareholders were aware that • bill had been Keel in Chan-
cery by certain 601. shareholders against the company and
the directors, to restrain them from making calls, ilto. In
onsiquenes of the filing of that bill, a notaber of gentle-
men waited upon the directors u a deputation, it being un-
derstood that the bill in Chaaosry should be suspended until
sash time as the shareholders had had an opportuaity for
osaelderiag the proposal whkh they made to the dirmors
Ildwiammediegly anxious to avoid litigation and to preserve
pow in the company, the direeton theaght it right to call the
ellanoildises together and to take council with them oa the
etr(Hear, hear.) He urged very strongly the deli-
esse, if possible, of arriving at a fair and peaceable
ansageassat. (Hear, hear.) The dine-tars had no isterest
in this milf.=:= from the great body of the shareholders.
Vadoce had waited upon the directors, but be
had is y told them that It war inapsosilsa for the
dimities to eatereala any prepention that was not for the
general advantage of the whale body. shareholders.
(Hear, bear.) They were, however, in this position they
must either Light the bill, or come to some arrange.
meat. The deputa.ion from the 601. shareholders
had hitherto displayed • fair spirit ; and he
might state that they represented holders of old
stock, as well as 601. shareholders. The directors were
anxious that the subject should be calmly discussed; and be
repeated that their great desire was to arrive at a peace-
ful an 4 amicable solution of the difficulty, in order to avoid
litigation. He submitted that the Midland Company were
losing 20,0001. a year in the shape of debenture interest, in
consequence of the divisions amongst the shareholder,.
(Hear, hese ) He was sure that the Midland Company
could give as good security u any other company, and it
behoved the shareholders to consider well their interests and
to look to the general benefit of the whole company.
(Hear, hear.) As it might happen that be would
be called on to put in an sawn to the bill
filed in chancery, it was neces cry that he should be cau-
tious what he stated, and if there ore he was rather more
costive than usual to 4ley, he hoped they would clearly un-
derstand why he was an. (Hear, hear.) He would only
add that the directors, under all the circumtancts, were
disposed to regard favourably the prposition which had
been made to them, and which would be hid before the
meeticg for its decision. Mr. Ellis stated that the call now
made would not cover all the liabilities; besides the 51. now
called a further sum of 31.65. W. would be required to clear
off the loan notes, &c.

Mr. WADKIN, secretary to the Glasgow Committee,
than came forward to submit the proposition to the meeting,
Dr. O'BRIEN begged to ask whether Mr. Wadkin was
not solicitor to the bill in Chancery ? (Cries of "Ht ar,
hear," and " answer.")
Mr. WADKIN.-1 am solicitor to the committee. (" Oh,
!") He then proceeded very briefly to urge the prudence
of the step proposed, but begged to be excused front going
into the reasons, as he must be cautions what be said, he
being solicitor for the bill. (" Da, oh !") The fifty pound
shareholders resisted the payment of a further call upon their
shares, being convinced that they had already paid sufficient.
He then stated that be had sent proxies front persons holding
consolidated stock to the amount of 40,0001.; he had alto
sent proxies from twenty-four others representing a large
amount of property; so that be cid not stand there as the
yepresentative merely of ths fifty pound shareholders. He
then submitted the following proposition :
" That the 6 per cent. dividend on the 351. already called
on the 601. shares shall nose to be payable after the 31s; of
December, 1850. That 331.6.. 81. (part of such 351.) shall
be cousolidated into and receive dividend rateably with the
g I capital stotk of the company, from the I.t January,
1851, the company guaranteeing thenceforth a dividend of
41 per cent. on any future calls which may be made on the
601. shares (beyond the call now due), and also on 11. 13s. 41.
per share, pan of the 3-51 already called up. That an act of
parliament shall be applied for to motion the foregoing
arrangement "
Mr. BROCKLEBANK, of Liverpool, seconded the pro-
posal.
Mr. O'BRIEN slid the shareholders had been called
together for WAWA, but as yet they bad not Leud any reasons
assigned why they should agree to the proposition.
Mr. WAIMEIN said they ware subjudics ("Oh, oh.")
Mr. BRANCEER, of Liverpool, protested against the
proposal that the meeting should sanction the arrangement
without hsving all the information before them. The chair-
man woo quite right in keeping silence, hot thee' who came
forward fur their sanction to toe proposal ought to let them
know on what grounds they demanded it. (Cheers.) He
then spoke against the prcpoaitioe, on the grounds that it
was unfair and unjust, and ought not to be sanctioned.
Rather than agree to such a proposal let them go before the
House of L'lds, state their cue, aced he was sure they would
disallow so unequiteble a claim. (Hear, hear.) If there
was to be such changing about all confidence would be loot
in the stability of railway property. (Hear, hear.) Instead
of purchasing pest:, the adoption of this proposal would
ensure c.ntinual war, and the property of the company would
be irretrievably injured. (Cheers.) He was for a fair
arrangement, but totely against guarantee. (Hear, hear.)
Thl CHAIRMAN said the two reasons assigned in sup-
port of the hill were, the over issue, and that certain lines
were abandoned.

Mr. T. OISBORNE said it was quite clear that the
directors were in a scrape, and the shareholder too; end
the grave question for them to consider war, how were they
to gel out of it? (Hear, hear.) The issues of 501. shares
made by Mr. Hudson in 1643 were intended for two pur-
poses—to enable the directors to complete certain lines ; and
the tardier intention was to get rid of pert of jute debenture
debts. Mr. Hudson obtained a vote of the meeting of pro-
prietors to issue 83,000 501. shares, whereas he, by a stroke
of his pea, illegally issued 77,500. This tact be (Mr. Gis.
borne) relieved was accidentally discovered by the committee
et
investigation.
The CHAIRMAN—The fact is, Mr. Hudson said. "Issue
77,500 shares, and we'll rectify it another time." (" Oh, oh,"
and laughter )
Mr. GISBORNE—That he never did recti'Y it, and I sup-
pose never told anybo4 of it when the discovery was
made.
The CHAIRMAN—It wee told to Hudson, but the board
never were aware of it. (Hear, hear.)
Mr. GISBORNS then proceeded to show that the new
call of 6001. or 7001. had been made necessary owing to the
legal act to which he had referred, and the question was,
how were they to get out of the scups they were in ? As
tar as he could judge, though not a 501. shareholder
himself, he thought the 501. holders had just cause to
resist the new call; but as for as the validity
of the proposal hetire the meeting was concerned, he (Mr.
(noisome) did not offer an opinion. He was, however, de-
cidedly opposed to Proceeding in Chancery, which would be
ruinous to the best interests of the company. For himself,
he would sell out at all risks, if it were determined to fight
the question in Chancery. (Hear, tear.) He suggested
that one director and two shareholders should be selected to
act as a committee to make a fair and equitable arrangement.
(Cheers.) Mr. Osborne suggested that the 601. shares
should be cut down to 401, and the holders of these should
pay the call now made.
Mr. WYLIE, of Liverpool, was in favour of a fair and
equitable arrangement, but he denounced the proposal
before the meeting as most unjust. The hon. proprietor
proceeded at great length to expose the objects of the
Glasgow committee, upon some of whom he made some
severe remarks, and was loudly cheered throughout. Mr.
Wylie intimated that if this proposal were accepted, legal
proceedings would be taken by holders of consolidated stock,
so that it would not purchase peace. He concluded by sup-
porting Mr. Gisborne's proposal.
Mr. MAXWELL and Mr. BROWN retorted upon Mr.
Wylie, and there was a scene of great uproar and confusion
for some time.
Mr. T. ATKINSON evoke strongly in opposition to the
proposal, and denounced the proceeding in Chancery as a
mere 6ruhitss /Wines, Three courses were open to the 501.
holders. First, they might bring en action at common law
against the directors who sued those shares; second, they
might proceed in Chancery; and thirdly, they might take
the broad course by applying to parliament. He gave It as
his opinion, as a lawyer, that the proceedings in Chancery
would fail ; and he read a recent decision of Lord Cotten-
ham. lie then read the following statement:-2 per cent.
dividend would leave a perpetual annuity of 32,188/. ; shown
thus-77,246 new sixth shares of 161. 13s. 44.-1.287,4101. ;
perpetual guarantee thereon of 41 per Gent., 67.9341. ; de-
dectieg ordinary demand (2 per cent.), 25,7481 ; making
32,186; teaching a perpetual annuity which, valued at twenty
years' Ourshase. 643,7201; less the sum" of 3 per cent. on
2,574,832-77,2451.; leaving 568,4751., or a premium to
mews the payment of 1,287,4101. from the 601. shares,
Mr. Bowen, of L.eds, and Mr. Writhed, of Liverpool,
educated a eompreenise.
The CHAIRMAN here wished to say a word or two. He
would give no opinion in support of either propcsi-
Mon ; but would lay a statement, drawn up with
egTeingffNia. great ca.,
Mr." 4" 'Ethbellsieforpftteheiwelniulitelm"arthdrareagge;olrarkeileitugwaniissgdtateittmsheewntorrte—kal-
Number of 601. shares created, 77,866; of which are un-
issued, 610; issued, 77,245. The amount called up behq
331. share, the interest payable in 1861, at 5 per cent, will
mould on 2,703,6761 to 135,1781. 16s. But supposing/ tits
proposed arrangement be agreed to, and the divided on the
eoseelideted stock to be at the rate of 3 per moat., the axonal
will stand thus for 1861 Dividend on 77,243 dm".
331. 61. Bd. per share, 3 per me., 77,2461; dividend on
77,246 sharer, 11. 13e. 44. per sham, 4i per cent.. 6,7231.
total, 83,0381 ; benefit arising to the holden of sowipwasie.

Dr. O'BRIEN moved that a committee of five gentlemen
be appointed to inquire into the matter, and report to the
next haltyearly meeting.
Mr. OARBUTT, of Leeds (a director), strongly urged
the meeting to adopt the propoeal before the meeting.
Mr. GIBBORNE said, if he thought that by cu*.ting down
the Mi. shares to forty pound., that would stop the Coancery
nit, he would gladly propose such a resolution ; but he did
not feel confident that such would be the case, ("Try it!")
His objection to a guarantee bad been removed by the pro-
posal that a clause shall be inser'ed in the act of parliament
to relieve them from thst ; he therefore withdrew his pro-
position for the •ppppstntmeit of two gentlemen.
Mr. IRONSIDEB then moved as an amendment to the
original proposition, that the UW. shares be cut down to 401 ,
with no guarantee, and that parliament be asked to sanction
this arrangement.
After a few words from Captain SALMON, the Chairman
proceeded to teke the Inn of the meeting. The
amendment was negatived. He then put the origaisi pro-
position, to which the following clause use added " And
that an act be applied far to sanctiln this arrangement,
power being retained to pay off at par the guaranteed portion
of the calla above mentioned." The orieinal proposition,
with this addition, was carried by a large majority on a show
of har.ds being Win.

Mr. BRANCKER demanded a poll; and Dr. O'BRIEN
banded to the chairman a protest aghast the votes of ea the
501. holders who have not paid up the last call.

. .
The result of the poll wu a majority for the propmitiou of
6,789.

Mr. BRANCKER entered protest against carry'.ng out
the proposi'ian.
The meeting, which was an exciting one, lasted fire hours•