The Express.
London, England, 1850-02-23 00:00:00

already exceeded their authority, had net goes fanner,
sod beeline lawyers themselves. The province of the
..isms. Wee to examine the haleoes sheetashatitied to them,
ad KIM" hand any items of which they disapproved to
*Mew them, bat there was net a single weed la the am of
=tte that 'omitted et their etiolating to the
Is advisee the shareholders to place sena-
dame la Male amollese to seek what wee practical in the
way dim sad thus to set se example to all the
railways of tai (" Gentian.") If they doubted
the incept y of their airman, let them come forward
with a vote ter their removal; bar, if not, let these directors
have the necessary amount of the sonlidenos of their eon-
stituoney.
Mr. DU BOULAY, unlike the proposer of the amend-
ment, had. as a proprietar, attended every meeting
for seventeen years, and the great balk of those who
attended with him had, together with himself, lng-
mostly approved of all that had been dose. (Laughter.)
He was neither prepared to take blame to himself, nor to
blame the directors for the pest, for he recollected that the
public bad formerly been very ready to promote aad
parlia-
ment equally reedy to sancti at new lines. He hoped they
waled evince their determination to tontine, their cooadence
la the direction by rejecting the amendment.
Mr. BRIGHT was quits sensible that it was not the duty
',the auditors to consider whether or not the director,' were
in any particular expenditure. A bill should be
been ht into parliament to regulate and deans the rights of
proprietors The immediate question raised by the amend-
ment was whether or not the espial account should be
clo'ed. • more fourteen question weld not be brought
beforethe meeting— beer, heat)—their oiled' ought to be
specially directed to • question when, where, and how the
doting of the capital secant was to be effected. He was opposed
to being ea parliament for powers to alter speculations which
bad already been entered lots ; it was better to abandon
• d eaperiments than to throw good mosey after bad. Ho
called on all the proprietors who valued their money to put
an end to espenditure ander the head of capital seeoune
The CHAIRMAN said gentlemen, it was not my lute*.
tine to intrude myself aria upon year notice in retinae.
to the anneetmeet proposed by the learned gentleman • but
I think it necessary to retail you attention to the cesietion
which is ideally before the newt. (Hear, hear.) My bus.
consume sad myself have proposed, in the ordinary harm,
that the report stall be printed with the amounts, and be
distributed among the proprietors. The learned
Fitatleataa has proposed as addition to it. Now,
in order to plan this question properly before yes. I will
refer you to the words of the report on the very point;
and I cannot help feeling that when I have read them the
Ilifferesee between the amendment and Misreport hoedt will be
found to be unsalotential. The words ot the report are
- .

Neu " With a view to the final cluing of the capital ace
Mud (except in to far as it may be reopened for specific pur.
=by special vote of a general meeting), the directors
upon the heads of the several departments to submit
enufal estimates et the usenet requisite to complete all works
in progress or actually ordered; also estimates of such farther
outlay as they Guilder immediately necessary." (Cheers )
Now gentlemen, you are by this report pat in possession of
the filet that the directors will all egos you la the event
alluded to, to express your approval or disapproval of the
project of buying a warehouse Ia the city. You are not
eked to pledge yourself to carry ea the works, heel wouln
ask aver the learned gentleman to tell me whether if the
works were completed, we ought net to acquire some brae&
from the receipts, whether smaller great, arising fro such
an application of capital. Toe only question Xi, whether
you choose to add words, in an igansual manner, to the
report. Although the gentleman who Weed the oppodtion
in the first instance, has withdrawn his amendment, I do not
think it would become me, as representiag the executive
body, to allow such obeervatioos to pass without making some
remark in reply. I will not enter into env justification of
the erection of this building, although lam happy to per
alive that this rum does not appear one foot too large for
the gentlemen who are assembled in it. (Hear, hear.) I
will not tell him that everything has been done in a way
which will, ten or fifteen years hence, have caused the
works to be termed paltry and mere lath and platter; I will
not tell him that there is not one office in this building
which is not occupied ; I will not tell him that by means of
this building we have effected a very considerable saving in
the coat of erecting the station, a saving much more consi-
derable than any that I had hoped for; and that we are re-
ceiving rents for portions which we let to other parties—all
this tie, in my opinion, a sufficient justification of what has
been complained of. But, in point of tact, the busineu of
the company could not have been carried on without
this additional accommodation. (Hear, hear.) The hon
proprietor has come forward—tempenveiy, I admit, and in
that respect I am anxious to do him justice—and alter con-
fessing that he has not attended any of the previous meetings,
he has condemned that which you from time to time agreed
in approving—six different designs which were brought
before you. (A voice, " No.") The hon. proprietor who
says " no," could not have been a proprietor at the time.
(Hear, hear.) I appeal to all those who have attended our
meetings, whether. on any out occasion, thers was a division
of this court as to whether we should prosecute any of our
schemes. (Hear, hear.) On the contrary, es were told in
many quarters Diet we were supine—that we were not doing
enough to defend our ten itory, and were allowing the
broad gauge interest to circumvent us. (Hear, hear.)
I appeal to hon. proprietors before me—Mr. Alston espe-
cially—whether it be not the fact that we sought not the ex.
tensions? (Hear, hear.) If the policy of Lord Dalhousie
had been carried out, we should not have been under the
necessity of prating upon you those schemes which became
creamery to protect as against the Great Western Company;
nor should we have had to call upon you near so rapidly as
we have done for advancesof capital. I am anxious to say a few
words in reference to the increase of capital. I did not
deny that there had been an excess over the estimates which
were sent fret in 1843. The principal bureau is on account
of the Biimingham extension; the next on account of the
Huddersfield and Dewsbury line; the last is 172.0001. fr
the Buckinghamshire line. With respect to the latter in-

grease, let ins explain that if the proprietors think it
desirable that the suggestion made should not be ark d upon,
it will be open to them to say so. We have thought it
better that instead of the Buekinghasubir. Company

issuing guaranteed stock at. 4 per sent:, we should ourselves
raise the additional capital at 3i per cent. (Hear, hear.)
I can assure bon. proprietors that we lament—as the respon
sibility falls upon ourselves we must lament—the excesses
Bet we could not control these matters, we could not foresee
the enormous outlay of capital in the town of Buckingham.
Still we think ourselves extremely fortune?* in the circum-
'tine* that we shell get the Great Western Company to par-
ticipate in the loss; and let me emus hon. proprietors
that their participation is not purchased by any der
in our part to them, but the arrangement is one which will
lead to saving of capital to both companies, whilst we shall
obtain most eligible accommodation. With regard to
an observation which fell from the hon. proprietor,
who spoke last, let me state that we are not appli-
cants to parliament this year for a single bid thosi bills to
which I this afternoon ask your concurrence, are bills pro.
mated by other parties, in which it is necessary that our
name, as a company, should be insert's'. In conclusion,
with respect to the closing of the capital account, let me
say, that the buying of a warehouse in the City has not for
one moment been conceived,except with the view of effecting
a considerable saving in the transaction of our goods busi-
ness. (Hear.l
Mr. LOCK E, M.P., referring to the imperativeness of
doing the capital account, said he was delighted with the
implication of the chairman on that subject, and if the pro-
pnetors had a security that these views would be carried out,
the question of capital might be considered determined.
The resolution, with Mr. Dean's as an amendment addi-
tion, was then put and negatived, and the original motion
ins corned bye very large majority.
Mr. LOCKE, M.P., moved:
"That it be an instruction to the auditors toprepere a state.
for each belt yearly meeting of the disbursements on capital
account, according to the form of the estimate as to un-
finished works presented in the report of the directors to the
proprietors."
The motion was seconded and pasted.
On a motion that a dividend at the rate of 21. 155. per
cent. be declared on the capital stock of the company,
Mr. MOON proposed as an amendment that a dividend of
21. 10s. per cent. be substituted.
Mr. RADCLIFFE contended that the directors were
bound to divide the whole of the profits.
The CHAIRMAN said the act of parliament 'allowed
them to make a reserve to most contingencies.
After some discussion the amendment was carried by 106
against ft 4, end a dividend of 21.105. per cent. was agreed to
instead of the 21. 15s. par cont. recommended in the report.
Resolutions were passed suspendine operations on the Bir-
mingham sad Lichfield lino until the next meeting, re-
electing the retiring auditors, Meson. Morley and Peyton,
and firing their future remuneration at 2501. a-year each.
The meeting was them made speeial,and resolutions poised
authorising the proprietors of canals to act as carriers ; ap-
proving of the bill for the deviation of the Buckinghamshire
line at Oxford; of the East an 4 West India Dock and Bir-
mingham 'auction Bill to 14se line; approving of the
Shropshire Union Bill to reduce capital, abandon p.rtions of
line, and amend terms of lease.
On the motion for the approval of the Chester and Holy-
head Bill, en amendment was moved by Mr. Dean, that it
be not approved. On a show of hands, the amendment was
lost by a majority of 50 to 19: the motion was then carried.
Mr. Dean then demanded a poll, the result of which we give
below.
The heads of the audit bill prepared by the deputations
from meetings of shareholders held in Birmingham, Man-
chester, and Liverpool, having been read amidst cockdereble
noise and imnfusion, a committee was !appointed, consisting
of Messrs. Ewart, James, Ross, Ryley, Bennett,
Hadfield, and Crossfield, to co-operate with the shareholders
in other companies for the introdoetion of a bill into par•
Bement for securing an independent audit, and for the more
effectual protection of the interest, of the shareholder', but
free from all government interference or control. It was
also 'greed that the expenses of the committees of share
holden in Liverpool, Manchester, Bcc., should be defrayed
out of the funds of the company. The proceedings concluded
with a cordial vote Of thanks to the chairman and directors.
The declatation of the poll made this day showed the fol-
lowing to be the result:

Stock.
114,123

Amendment

Vote,.
335

Original natio&

OXFORD, WORCESTER, AND WOLVER-

HAMPTON.

Yesterday the half-yearly meeting of this company
ws. held at the London Tavern, and was very numerously
attended.
he chair WAS taken by Mr. F. MITYPORD, M.P., who
stated that t►e directors had bee. delayed some time beyond
the boar of meeting on account of • conference with the
Ledo deputation in the adjoiaing room.
The CUAlftbiAll inovedphet the seal of the amply b 3
axed to the registry of proprietors.