The Express.
London, England, 1850-03-15 00:00:00

RAILWAY MEETING.

CHESTER AM) 110LTHE40.
steteay, the half yealy tearing of this corn-
rim wee beat it the Huston Stains*. C.pt. C. R. Kowtows,
p •
N. fete chairman:, is the cheer.
The CHAIRMAN add that he wee at a km whether to
ISOOTOWat• er a seadelso with the shairehelde re es theme* ist
Oreeriae. The *mai *reds say has been paned hy the
li/statists Bridge, sod the imaystasst and the faiths 104
hags awn saved thus 111.111111. a row ht she pocket art
vie., sod the mama aisnden botarom Isondlth and Diablo
may have bun effected is four biota 1.0 than
beton the formation of their line, bat the eoespany itself
bed gained ashlar, and worse than nothing. for they had
Unit ever gained the credo of having perforate' a greet sot
ol petits menthes, and all he snail magratulate Item on
vas, that if any el thee Imed a grisemee they had rot tee.
The tonthasy awl been ogspeUwll to tweet a structure at •
set marmatiag is thrs times the ,ea originally estimated
by the iselseer. sad ham obliged to mime to eontti.,wei
200,0001. towards the Harbour of Refuge at Holyheid by
the dust that otherwise it would not be uni:ertaken by the
gesnomeato trite boa. seatkinanthen read the coruspon
dna what! had taken place with the govern-
Meat on the subject, In Waif to show that
On had been drives into that smaniedvid
With uteri to the mail semis—it bad he.. agreed to easy
it as Is, 30,000 L • year, and he ntaintaiaed that 11 they wire
*es frees that engagement, and the question was refs/red to
arbitration, they wield Mee • fair claim te • snob lags
sem, Sr the service bob gene reformed at sight, and re-
quiring relays of seressa, wee • met expensive sae. It was
thought that this wield be muspensateel for if the coolant
obtaintd Om mail pocket novice senses the channel, and
they had made& ender for it at • sum which jut "cured
ohs working okidtree, Marie, out hater's* sad the
detviuratioe, preened trey got the trine a pas-
leant s awl parcels; bet others had got that estract
mid if there was • este which called for relief from parlia-
ment ti is war that ease. There were other topics on which
he should has been glad tim address the Ilattflitlif, but as a
emereepoe4esee we sow roles en with the government an
argot' dines with ether porde* were still pearlier, it would
be premature to sake disclosures which might be perjudi-
Mg to these restedatiore, and It wee, tberetoti, foe their
haterest that be should be tiles,. Is conducting the busi-
ness of the meeting he was aware there might Os matters
Moog htforw std oa which there might be difference of op:nioo,
but ci. the mertines of this eoinpaoy had hitherto been cart ied
Mi. • opilt 01 toeless cm and ealanosa,whieb he hoped would
le exhibited to-day, and that they would sot witness a seam
isinallar to thou ',bleb had occurred 'Lemberg, and which
had bees productive of much daessepo to the coupssies in
which they had taken glue. He should do his du y, and
every um might rely cn obtain's/ • fair heart g.
The SECRETABY then reed the report, of which the
following was the substance:
The tubular bridge over the Kenai Straili having been
completed for a single line, measures had been Shinto, this
comosny to avail themselves of it as soon as poisible.
The directors would not recemmeed the creaticn of sty
shuts in liquidation of the arrears of interest on the original
shares.

fits revenue acemat slimed a net mript of
42,9.01. ISs. 7d. since the opening of the line. The dividend
paid to the preference shareholders was 39,997/. 41.10 d. ; and
the surplus, esclusive of en amount probably due for mil
@orrice, and Chewer and Shrewsbury Roily/ay toll, which
woe now th • eatjeet of arbitration, was 2,9231 Se. 9,1. After
Ten. I. ISSO, all payments on account of interest and divi-
dend out of *vital were to erase, and a separate revenue
accouat opened, and the nemeary preparatins for cluing
the capital want on tha compleiion of the works. A
tender bad been made to the government for the mail service
across Channel to Ireland, it being thought that it would
he for the lamest of the company that the en-
tire eoTesunieltion between Chester and Kingstown

shoal t be managed by them, but the tender had
been iLclood. 'Eno bill now before parliament fur leasiog
their lino to the London and Nrrth Western Company was
to be submitted to the present meeting, the powers of which
were merely permissive, and no steps wero to be tall
without briogiag the matter bekre the shin holden, tor
which purpose a special general natio, would be called as
soon as communicalons, which were going on with the
government, having for their object such assistance as would
enable the company to complete the undertaking at the
earliest period. had been brought to a close. The arrears
of cilia due at the last half-yearly meeting were 44 5951.,
sine* which 3,9281. 10s. had been realised. Liget pr.-
ceedioge had been adopted to recover the remainder,
which bad been only partially successful ; and the share-
holden were asked to modem a declaration of the directors
of the terra nre of 475 suites, the holders of which wore
resolvent, aid also to give authaity to dispose of them.
A sum 411 25,0001., had been received on aoc ant of the .41
Denim, the artitration on which was not yet concluied, but
an award was shortly expected. If the line had been opened
throughout, an sluice of directors would have been neces-
sary ; bu', as it was, the present body would remain in (Moe
until the Lent half-yearly meeting.
The report of Mr. Btephentor., the engineer, in relation
to tte hag of the tubular bridge over the Mari, wu alto
read.

The following is an abstract of the remtl,ts and disbar...
meets: Total meant. to 3011 t Jane, 1819, 78,7861 3.. 7d.;
to nit December, 1849, 74 5021.144. 51 ; t0t51,153,2881 18e.
Total working chugs. to 30th JOU.. 1849, 51,4751.104. Bd. ;
to 31st December, 1849, 37.3351. 19.. 9d. ; total re-
mipts for steam boats, 10,8321 6.. 7d.; total working
°bargee of steam bate, 32.3891 Ot. 7d. ; foes nn steam
boat+, 21,5561. 144.; set profit ow trail., 41,9201. 13.. 7d.
Statement of cost an" estimated amount for completien of
work.: Eitimat.d amount of cost to completion made in
111 arch, 1h49, 3,064,6301; amount ez pended, 3,000,0011. Os 2d ;
mount of Galant.. for completion, 140,8111 B. 101 ; esti-
mated total cost of works on completion, 3,071.5151. 6..

The CHAIRM4N then moved the adoption of the report.
Mr. HENNAS (a shareholder) said he could not hesitate,
like the etialrmaa, as to whether he was to congratulate or
condole with the shank Ida', for he could most heartily
cord .le with them to the awful state into which their direc-
tors had brought their &ahem. (Hear, hear) He hoped
to be &We to show that although tag directors bad had the
eonfidenca of the shareholders for six peen, that in the
seventh they should be called on to answer for their pro.
ceediegs. He denied the statement of the chairman that they
had had to erect a structure at three time, the coat of the
estimate, for they were promised that it ghoul', on'y cast
200 0001. sad not 26.40001. The money for the Harbour of
Refuge had bees raised, and not applied to that purpose,
sad tee directors sad the government now had • lien ea the
line for it. How had they been inducted to eater en that
Famous speculation the steamboats, on which 110,0001. had
been expeaded, and on whisk there he ti been • lees of
21,0001., besides thee interest and deterioration of capital ?
Why they had hem indeeed to enter on it by the represent
tationa el their directors, sad he hoped to-cay that alihomith
they maid not forget their chuseters mgentlemes, they would
set with the spirit of Englielswees, sad teach the utrusore
that they were not to be trapped, tricked, and deceived eithe r
through memo( pulierattat or any other meant (Hear, hear )
When be (Mr. Beaman) on a former otiession wished to put
a stop to the Mold rolioery—that ma t infamous job
•" hear, hear, oh !" and confusion) —the chairmen had the
audecity—("eh! oh!" cheers, and uproar)—to put him
down, end would net slaw him to address the meetiog, nod
(hen fora he felt obliged to him for stating that be should be
at liberty to speck now. How much longer would they put
up wan the directors Vote—No longer ) —On every
omission where reports had been made at g weal meetings
net one statement of the directors heel been tom et
or borne out by the result. (The boa. proprietor then went
into al-or honed statement to show that the state molts siren
by the directors were Jammer, touching on the several qua-
tier s of the capital required, and that which had teen spent
—the character of the works—the time of 'heir completion
the estimate of the wackier expense., the earuings, the
returns f.r invested capital, the arrangement sa.ds with the
tattier, by whisk WWI was promised to be saved is that
deportment, a ;wombed saving is the Chester 'striae, the ,
con•esets, ant the of the work..) He then re-
seeded to sty that a managine director had been
apptinted as a assure of economy at a twiny
of I,ooof. a year meta a boom to live in, which
was bought at the expense of the company, whereas by his
direction the minuses had been inereame beyond the esti.
mama Tar, had been also told that they were to receive
4 per cent. tannest till the opening of the mi.road, but that
interest bed beat stopped since Christmas, 1048. As to the
Mensi Bridge, it was not the government, but their econo.
mina: directors who had incurred the extra expense. Ac to
the merits of the line as aa Investment, they had had tie
reports urging them to pay their in .nry up, when
the directors knew that it was anything bat a good
investment, and they had not told the truth,
until all the cash were paid. (" Hear " and cheers.) He
was prepared to show that 800,0001. had been improperly
spent by the direirors, and for that they were personally
reoponeiblet—(" hear, hear,t. and cheer)—sad he trusted the
Marelsoideis wool I make them pa it. Trey had been told
that • low interest esthe steamboats would have been re-
munerative ; and se it would, but they a hair got any.
Meek of this expenditure had been caused by j (Beer.)
As to the hlo.d Rsilway—that iufanious and Internal
retsbery—
Mr. Alderman THOMPSON, • director, nee to order,
(after a: stumble confuse.. and noise). He appealed to the
meets, whether they would permit such re I.Mated charges
of robbery and fraud spinet • body of gentlemen without
interposing. This promoting was whthoat pendia. (Cheers,
bisen, and confusion.)
Attic order was restored,
Mir. HENMAN snore seed Es regret that, its the heat of
debut, he had violated the rule he bad himself laid
dews, of proceeding is a gotta manly tepid,. He moved
me an amendment " that a committee of five share-
headers b. appointed to totenre into and rep oa all mat
tali and things relating to the accounts, contract,, and
azenedit ere, in and from the formation of the ernapsay, and
especiaEy is relation to the Mold Rollos', and the legality
of the proceedings of the directors therein, and to Inquire
into end report on the eupraditare of money raised wider
10 & 11 Viet , e. 20, end the bill for leasing the
lee t the London and N .rth Western Modesty Company ;
and that the committee avo power to qest,i-iaty with the
directors of that Company, and also to ex amine the chairman,
directors, engineon, sad other officers of .hie company, and
to call tor and emotes all books, paper., vouchers, and
documents, and to employ en accountant, the cost of the la-
nairy to oe defrayed out of the lands of the company; sad
Oat • special muting be held on Thursday, 18th April, ti
resolve the report of the e,smithst, art that the cowed( no
dem of the report of the dinctus be deb rre'l till that
da (Cue eve.
M,. )
crony (a sherehoMer), seconded the ant' Dolmen/.
After • lengthens d Mammon, ll.a amendment wee put,
she lest by • Julio majority, and the miginel motion was
serried.
_ _

fiTCHILUILIN then pot a Isolation to Ike sad that

the declarative of the directors of this ferfelture and die-
ters-el of 476 601. rhare• he eorfliened. which was curried.
Toe CHAIRMAN then Geclared the meeting to be epeeist.
r the purpore of considering the hill for authorising the
Ch. star aod Mayhem! Company to lease their ur.dertakisg
to the London and North Waters Comp toy, or to sa..k•
other arrivigementa. He slid there lied barn much miss
airebessias respecting it, bath as regarded its p‘ovbeione
std the position in whisk the aberoWdas stood is Mathis
to if. Is mkt to comply with the staading orders of the
Howe of Loris, the Grimed of thq shareholders was sa.
'emery, but it did tht bind then, sad U it passed they
might make it a dud littor by withholding their consist
ha bring put in action, is bee, it woe only a species et
madden, for extricating there from 'heir difilculti. a.
Mr. JACKSON mid that adzes/thaw bill was foe lowing
to the Loados and North-Western, they bad applied foe
mesas to bath to any other parties in ease of need. It
might be difficult to carry sag a bill through parliament,
bat if they could honestly nuke out that the London and
Nue.li-Westers wanted to play the dog in the manger they
and not fear for the result; at the time he did not
apprehend that it would be 1410/6141y to use any such
powers. The shareho/dirs would be perfectly safe in
giving their sanction to the bill is. its present stage,
as it was only • permissith memos e, and
the arrangements must upend on their approval. It was
the bill 01 thin company, and not of itho London and North
Western, and he had himself istroduced it.
Mr. OLYN, M.P , could seethe thothesting that the Los.
dos sad North Wester. Company had no hand in drawing up
*Weide claim of the bill, and as a body they ejected to the
whole of it, and it was difficult to get the proprietors to com-
ma to its gulag to
_parliament, nor did thoy now pledge those-
pelves to be bound by it. There was no covert design to gst the
Chester and Holy head line into their hands; end the set
originated in the directors of the Chester and Holyberd

QuA
SHAREHOLDER said if • power was given to e beefs
an advance of bait • million from the London ant North
Western, it would be unjust to the holders of prefereace
shares.

Mr. JACKSON said it was a quetion of necessity. They
had attempted to riles a sum by preference shares, bet they
could not obtain a shilling. There was a debt of 260.0001,
for which the line was Itable to an execution, and the bond
holders MI LOH come in and work the line for themselves.
They would only get u small a sum u they could, so as to
enable them to work the line, and they would repay it as
soon as they could. It was the interest of the
preference shareholders to let this =obey come in as a prior
claim, otherwise their shares would ►e worth nothing, for
the line Gould not be worked without it. _ _

After some further divuoicn, a resolution to the effect
that duo meeting approved of this bill, subject to any altera-
tions that might be mad, in It by parliament was agreed to;
a vote of thanks to the ehairman and dilemma was agreed to,
and the meeting separated.

SOUTH EASTERN.

Yesterday the half-yearly Meeting of this company
was held at the Bridge-house Hotel, foe receiving the report
of the dirsd,rs, and ea other business.
Mr. MACGREGOR took the chair, when the seal was dined
to the registry of the proprietors.
Mr. JOSIAH WILSON asked if any registry, stating
the names, addrenes and qualifications of the shareholders,
could be inepectrd by the shin holden.
The CHAIRMAN said, yes; bet not the amount of shares
held by such penons.
After some al lICW non on the point, a revolution (moved by
Mr. Wilasox, and secoaded by Mr. Surfs), that the
registry be printed for the use of the proprieten in future,
was passed by a large majority.
The report was then taken agreed, as well as the accounts.
A summary of these appeared in the Eapress on Tuesday
last, March 12. Tae revenue account may, however, be
given here;
Ds. t v. d.
.

To losonsotive expenses, pet alannat 40:971 10 3
To moist/name of way, as pr abstract 11,091 17 6
to misoellaneous working expenossols par &Mint
Total working expires
To rate., tura, and tolls , 11,929 4 4
To government duty 10,192 12 6
Total
To reserve fun 1 for renewals _

Engine e.s2 is 4
Carriage and waggon ditto --.....—..--. 4146 3 0
Permanent way and weeks ditto ............. 3,368 10 0
Hones. waggons, Ite.

Total ...,

1,1010 f I

Ti Warn torrid aprofit Ltd loos mount 11-4,563 5 7

Tad e
.. _ — e1f41373 II 6
Wileca.
Ca. s. 6.
By e
By ms
ta*, Barikti, Gaoo6.od, and Behyate, hem 4th 211,631 4 0
July, 1045 7,444 IS 4

Total 259,197 14 4
By TeLkartase sod lilltstable Bartow sad Csaid
does
By eiretrle teksrapb ...." 414 6 1
By rest, wharfage, and issdries 4,489 0 1
t y treaskr fear — 110 II 0

Taa.....»...

'2151,373 H 6

T. profit and law account for the laaltgoar gives the
following figures:
To rent of branch lines, tr.:
Green. icti Railway
4lnterbury and Whitstable 1,500 0 0
Deptford (Web 1771404 6ll 10 0
To interest on lams.
On bonds and mongsges le Mt Jen., 113111..--.. 27,431 4 I
To balance carried down ...... ISOM 13 0

7aW ....

- .-....8141.177 14 4

By balasce, ht Aspect, ISA a pa

5111.3111 13 •
D•doet cllvidrod declared Mk 3193m-
ber, 1349
/314 I IP
balms brxight bon remise aseent ...... 1G1.343 1 7

idol

.-.........„.81‘3,177 14 4

By balms Iraq* dem ....-....r-- au* 13 2

After some discussion, the report was adopted.
The CHAIRMAN submitted that • dividend at the rate
of three per cent. per annum be declared upon the stock of
301., which was a slight excess upon the 7,000,0001. pro-
duction revenue. They had 95,0001. to divide, which by the
proreition would only take such • sum as would leave
them a reserve fund of 73,0001., which would enable theist
to renew their mortgage hoods at 3i per cent. (Applause.)
Mr. RENSHAW seconded the motion, which was passed
ansaimmuly.
. . . .

The dirt c.:on ntirieg were then In elected.
The eubPct of auditors led to meet. dtwussion, the result
of which wee to adjourn the question for a month.
A reso:utioo was also pinged for smelgamating the two
clones of guaranteed stock, and another for coesolidatiog the
stock of the compaay.
The resolution was pained for raiairg a further capital
of 1,200,00(11. by mortgage or by shares, the main object of
which was to complete the works of the company.
The CHAIRMAN said the only stock to be issued w-told
In a 'norm:deed stook of 4l per cent. The preference shares
created at the last meeting, now consolidated into one
stock, would have precedence over any mortgage now before
parliament. (Hear, bear.) The inter. stun No. 3 capit.• I
would terminate on the completion of the Hastings ■ad
Ashford branch. A meeting would be called at which they
condi determine the exact period at which the interest on
the No. 3 and No. 4 shares should ter:: Wats, whea they
would come in for dividend.

Alter some conversation u to the Reading, Guildford, and
Reigate Compri, ye agreement, the guarantee of 5i per mt.
on the part of the South Suture was agreed to.

A vote of thaoke wu then rind to uthe chairman, when
the meeting separated.