The Express.
London, England, 1850-03-02 00:00:00

EAST LANCASHIRE.

Yesterday the adjourned half-yearly meeting of
this company took place at Bury, when the consultation
committee appointed at the meeting of the 30th January
presented a report, in which they say :
The committee have, in company with the engineers,
examined minutely the line and visited every station, and
after baying consulted with the directors Days passed the
following reeolutions
That the amount asked by the directors as per their report
en 30th January, is chiefly required for payment of land
already occupied for works in progress, and for works that
moat be made before the line le eemplesest sad ia peeper
working order, and that ender these circumstances the
committee have found it impossible to mate any material
reduction of the amount to be laid out. Nevertheless, they
recommend that works on the Rossentiale and the Aecring-
ton line to the amount of 2,8001. be suspended for the pre-
sent.

That the Crawshaw Booth branch, to cost 20,0001., be
abandoned, and that the dock branch at Liverpool be poet-
paned for the present, and that if at a future time the
shareholders shall think fit to abandon it, the directors may
enter into arrangements with the Lancashire and Yorkshire
Company for that purpose, it being a joint branch with that
company.
That on the Ormrkirk line between Lostock and Walton,
, instead of ependieg 16,5001. on the various stations, not more
than 11,500/. be spent for the present.
That instead of spending 81,9121. on new rolling stock, a
sum of 50,000/. will be sufficient for the present traffic.
We approve of the mode proposed by the directors in their
report of the 30th January, of raising 300,0001. by creating
new preference shares, under the provision of the Act of
1849, and borrowing the sum of 101,0001. on mortgage—the
loan authorised by the act. However much we may regret
the neeresity of issuing fresh preference stock, under the
circumstances of the company, we see no other mode of
raising the money.
The company will require to apply to parliament for au-
thority to revive the borrowing powers of 288,37.51. caps-
tallied by the issue of an equal amount of preference
shares in July, 1846, such sum having been expended for
the general purposes of the company ; and unless thou
powers be renewed, en amount of the mortgage debt equal
to 288,3751. must he paid off as it falls due, out of the funds
now available, and absolutely required for the general pur-
poses of the company. It is also proposed that the 2,186
original 251. sharer, and 3,603 quarter shares, 61. ss. each,
of the nominal value of 77,16Y1. 155., still in the hands of
the company unissued, shall be cancelled, as they could not
now be issued except at an immense discount; and that new
powers be obtained to raise this sum in the meat convenient
form, either by preference shares or otherwise, which, with
the 96,1251. the borrowing powers on the amount of
288,3751., already created by the issue of preference shirts—
will be sufficient for completing the whole undertaking.
Notwithstanding that only a portion of these sums may be
required, we recommend that, as a bill has to be brought
into parliament for power to revive the borrowing powers
for the 288,3751. capitalised, the whole amount it is pos-
sible may be required be included, so as to have no more
expense in obtaining bills in parliament. At the same time,
in order that the shareholders may feel doubly sure that
their money will not be expended without due consideration,
we recommend that a committee of consultation of share-
holders should be appsinted, with whom the directors shall
consult before they shall enter upon any of the work a suspended
by this committee, or into any undertakings not already pro-
posed to the shareholders.
In order to make the proceedings perfectly intelligible,
we add the subjoined table, which is based on the auditors'

AMOUNT TO ER PROVIDED TOR AS PER AUDITORS'
REPORT.
_

Summary No 5 (as per auditors's report) .. E 412,781 7 5
Shares in the hands of the company proposed
to be cancelled
Loss on Lancuter and Preston Shares

77,10 15 0
8,2113 4

£495,221 15 9

Deduct reserve fund

accumulated on re-
venue account £46,656 5 101
Premium on prefer
sum Mazes not yet
Maned