The Express.
London, England, 1850-03-25 00:00:00

[THREEPENCE.

RAILWAY MEETINGS.
EASTERN UNION.
The hislfjvarly meeting of this company took
place, a Frlda ,y by adjournment, at Radley's Hotel,
Bridge street, Blaarriars, J C. COBBOLD, E 9., is
the their. The report of the direetcee stated—
" The teethe amounts ke the hallsyeer ending 31st Decem-
ber, 1849, Warm the aenraaese given to the shareholders
is September lest, that the net revenue would appear in •
meth more favourable point of view, when the retrench-
ments that has been determined upon, and which came into
operation after the 30th of lune, wen shown in the amounts
—that assaranee had been realised by an increased net profit
in sin months, from 9,9151. 7e. 4d., 30th of lone last, to
21,4221. 16s. 41d., 31st of December, on working the still
unfinished lies in 1849, a charge of 1,0001. for renewal of
locomotive and carrying stock, end 6601. for your collateral
liability in two navigation haying been previoasly made in
this half-year. Brea before the last connecting sixteen
miles of the main line could be earning any traffic at all, an
increase from en annual rats of net revenue of We then
20,6001. to one at the rate of 43,0001. per annum, matt
afford satisfactory proof to the public that the bond and
preference share creditors are relieved from all risk upon
the securities they held, now that the entire main line
is open ; whereby large yet undeveloped sources of traffic
in the district, which will materially augment the
revenue of the company, are enured to the under-
taking. The opening into Norwich in December,
after so much delay in the ;proems of the works, has
beet a source of gratification to your directors, and will,
they hope, give seedidenee se yon.—An agreement has
been made with the Eastern Counties directors to work in
amity with them, so as to avoid competition over their Cam-
bridge line, and me the interest, of both parties have been
consulted in the terms of the agreement, your board hopes
that no interruption to • friendly working of the lines will
near. The amounts of receipts and expenditure for the
six months, from the Ist July to 31st December, have been
circulated. They are, as in the last half-year, undergoing
final audit by Mr. Hutton, who undertakes this at the special
request, and with the aid of, the ordinary
.auditors of the
company, them gentlemen not desiring to interfere in the
manner of publishing accounts, while a public accountant la
yet employed g I:y in the affairs of the company, and
settling the statements to be produc-d. The only subject
of finance which the board intend to introduce to day is for
the purpose of raising the remaining 126,0001., and
borrowing money under the act 12 and 13 Vie., cap. 92.
Your directors candidly express their regret to you that they
were induced to offer so high a rate of inter, at in October
last as 10 per cent. for the first 125,0001. which were re-
quired to be raised under that act. The whole sum raised
at 10 per cent. will amount to somewhat less than 50,0001.
The remainder has been created into a stock—redeemable
also, but bearing only 6 per cent. interest; and with that,
and the sum now proposed, your board relies upon being
able to raise mcney sufficient to liquidate the outstanding
demands which the company has yet to meet. The line to
Harwich has scarcely progressed at all, and additional time
has been applied for to make it. Meantime a suit in Cha-
t:cry, undertaken by an individual shareholder, has led to an
expression of opinion by the Lord Chadcellor as to the com-
pany's undoubted liability to complete that work. The
various powers you have obtained from parliament, detailed
in the account of assets and liabilities of the company given
by Mr. Hutton, show that you have the means for its com-
pletion."
The CHAIRMAN, in moving the adoption of the report.
veld it was with feelings of great disappointment teat the
directors met the shareholders on this occasion, seeing that
their anticipations had not been realised. In expressing this
disappointment, however, he was only stating a sentiment
which had been entertained by the directors of nearly every
railway company in the country.
Mr. YIELD, one of the auditors, stated that in resigning
that office he could bear testimony to the fact that there woo
no trickery, jobbing, or dishonesty of any kind in the pre-
paration of the amounts, although he must admit that during
a period of great excitement there had been a lavish expen-
diture of money. He did net anticipate much good from a
government audit, but he recommended the proprietor, to
offer an adequate recompense to the per.cn selected to exa-
mine their accounts.

Mr. LECBMERE moved as an amendment that the adop-
tion of the report be postponed until the appointment of a
government audit.
The amendment on being put from the chair was negatived
by a large majority, and the report was adopted.
The ordinary routine business was then gone through, and
a motion was made tt at the salary of the two auditors be
I fixed at 1001. a year each.
Several proprietors expressed their opinions that, consider-
ing they were receiving no dividends, it would be most im-
proper to give so large a 'dairy as 1001. per annum to an
auditor.
An amendment was then proposed that the amount be 50
guineas a year. This amendment was carried, and the
original motion was lost.
Mr. LECHMERE proposed that the directors be in-
structed to call upon the railway commissioners to appoint a
government auditor.
The motion was negatived by a large majority, and the
proocedings of the ordinary meeting terminated.
A special meeting was then held for the purpose of adopt-
ing certain revolutions authorising the directo•e to borrow
money under the powers granted by act of parliament.
The resolutions were agreed to.

OXFORD, WORCESTER, AND WOLVER-

HAMPTON.

The adjourned meeting of this company was held at
the London Tavern on Friday for the purpose of nomi-
nating two auditors and four directors, and also for receiv-
ing the report of the committee of selection, as to the direc-
tors who should retire, Mr, Rerroun, Wl', took the
The SECRETARY haying read the minutes of the last
mutieg, the CHAIRMAN called upon the committee to
produce their report.
This was done. It stated that the committee had selected
as those directors who ought to retire, Mr. Matthews, Mr.
Beaman, Mr. Badger, and Mr. Ferster, and had named
Mr. Walker, Mr. Jeseel, Mr. Tucker, and Mr. Oliviers, u
suitable men for the vacancies for directors, and that they
had given due notice to the secretary to that effect.
The reasons of the Committee of Selection for the removal
of Mr. Matthews from the board of direction have been
handed to u, and are as follows "As it may occasion sur-
prise to some of the shareholders that your committee hays
requested W. Matthews, Esq to place his seat at your dis-
poni, they consider it desirable to submit to you considera-
tions influencing their decision. He participated to
the extent of three hundred shares in the allot-
ment made upon Jan. 21, 1845, the day after the passing
of your bill by the House of Common*, the shares being at a
large premium occasioned by that decision. He supported
and became director in the rival schemes of the Birming-
ham and Oxford and Birmingham and Dudley Railways,and
took shares therein to the enormous amount of 740, the pre-
miums upon which sharer reached the high price of 101. per
share. But in April, 1846, the directors entered into a con-
tract for 17,500 tons of iron rails with the firm of Moan.
Mall= and Rawlineon, of which firm Mr. Matthews was the
recognised representative, or partner, or manager. Part of
this contract was fulfilled, and during the early part of last
year 6,0001. was paid to cancel it. A contract at the same
time for the mate quantity of 17,600 was given to Mr. Barker
also a director of this company. Mr. Baker vacated his seat
at the board upon his tender being accepted, and has ad-
dressed to your committee • letter, of which the following is
a copy, in answer to a circular issued by your committee,
addressed to some shareholders qualified for directors.—J.
WaLana. Req."
" Chillingham Iron Works, Wolverhampton, Feb. 27,
1850.—1 have your letter of 22nd Jan. I was one of the
original directors on the Oxford, Worcester, and Wolver-
hampton Railway, but retired from the board when I took a
contract for the supply of 17,600 tons of rails That con-
tract is still unfinished. I have to deliver 13.628 tone. I
have written to the secretary to bring the matter before the
board, u it not considerable importance, involving a sum of
not less than 160,0001. This is inclusive of • balance of
about 1,0001. Under these circumstances, lam disqualified
from sanding to your polite invidation.—l am, sir, yours
faithfully, (slued) Jolts B ." This letter shows that
Mr. Matthews 's position with reference to his own contract,
if he remained at the board, disqualified him from exercising
an unharmed judgment upon this claim.
A long diernmeion took pleat, in which Mr. Alderman
Thompson, Mr. Cohen, Mr. Sergeant Omelet, and others
took part.
Mr. MATHEWS defended himself against the charges
brought mailed him by the committee of investigation.
The CHAIRMAN said that the committee of investiga-
tion had already fully entered into all the charges that the
worthy alderman now again brought forward. He was
afraid he had read those charges without having read the
reply that the directors had made to them ; if so he had no
doubt he would have come to • different opinion. In regard
to the iron contracts, it was the one adopted by the Great
Western Railway Company, under the advice of Mr. Brunel,
being made conditioael oaths cost price of iron, extending over
• term of 10 years and a half, and the committee to whom
it was referred selected it as the boat tender. As to the
allotment of shares to the directors, he booed to say that
the premium alluded to did not exist on those shares till
loqg after the allotment was made to the directors.
Meson. Tamplin and Thorpe were then elated as auditors.
were then
iWrectenalkeete:iedelMectedthr.ejf:l9ff:ametireentewUraile°l".. Tualmr‘bi.jaaanthilmSed Pialir;:ai°oHorifTithe.retY.
and took their seats at the board. _

Hr. Aldesman THOMPSON offend a vote of thanks to
the altairsema ler his urbanity is tits chair. He dare say
that all angry dismiss that day would easily les enema
when they asarldored that parties who had paid 601. few
%Mr shame, raw And thus rely worth 71. or W. He had
no doubt the board would readily admit that they had made
a great may mistakes, and that If they had to begin again
they would Mks are to amid sash mistakes.
Mr. WALKER semaded t►e motion, which was prod
seminal:may.
Thu CHAIRMAN said he hoped they would ham no
mw to regret the prossedimp of that day. The insesinm
then adjoursed.

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