The Express.
London, England, 1857-08-25 00:00:00

GREAT NORTHERN RAILWAY.

IMPORTANT DECISION IN FAVOUR OF TIE PA.—
SHARI/101.1AM.
The preference shareholders of the Great Northern
Railway Company, aggrieved at the recent act of parliament,
which deprived them of their dividend for the law halt-yaw,
the sum aplicable to which having been applied in liquida-
tion of the losers nixing from the ltodpath frauds, doter-
mined to have the question as to their priority over the ordi-
nary ehereholders decided by the Court of Chancery. A bill
in Chancery was accordingly tiled on the I.sth inst. ARer
noting the various acts of parliament in reference to the un-
dertaking, the Redpath frauds, the recent act of parliament
in reference thereto, and that the amount of the Int half-
yeser's dividend would, It we. expected, together with the
mete recoverable from Redpath's estate, be sufficient to
make good such loans, the bill went on to state that the
direct°te of the company had alleged that the preference
shareholders were not entitled to be paid the
full amount of interest or dividend in respect of their neck I
from the 30th June, 1866, but ware only entitled fn. the
30th December, 1866; and that they (the diracto.) had
convened the half-yeerly ordinary meeting of the company
to be held on the 29th inst., and intended at tech meeting to
declare a dividend out of the net profits of the company made
since the lest dividend was declared, and threatened and in-
tended to pity such dividend to the holders of A stock end
II mock without regard to the right of the holders of the se-
veral chines of preference stock to be paid the full amount
of the interest or dividend payable upon or in respect of
ouch stock from the 30th of June, 1856, before any dividend
shall be made upon the original ordinary stock, unless
they should be entrained from so doing by the
Court of Chancery. The prayer of the bill was as follows
" That it may be declared that the plaintiff* respectively and
the other holden of preference Work in the and Great Northern
Railway Compaay, on whom behalf they respectively sue,
are entitled to be paid interest or dividends on the amount art
preference stock held by them respectively since the 30th of
J one, 1866, according to the amount of interest or dividends
which the said several chweee of peels eerier etock reepec•
t.vely carry before may payment in respect of dividends or
Mini-win is made to any of the holders of original ordinary
stock, A stock and II stock, in the said company, or of any
such mocks. That the defendants may be restrained, by the
order and iojenedon of this honourable court, from declaring
any dividend on the original ordinary stock, A stuck and II
'mirk, in the mid company, or of any such steels, or any
part thereof, without marl to the rights of the plitiudffs and
the other helden of the preference stock on whooe behalf
they sue to be paid in prionty the full amount of the interest
or dividends payable upon or in respect of the preference
stock held by them, to be computed from the 30th June,
MM. according to the amount of interest or dividend*
which such preference Nock respectively awry; and
from making, or causing to be made, any payment
for dividend or otherwise to any of the said holders of
original ordinary stock without fleet paying or providing for
the payment to the plakitiffs, and the eeveral other holders of
preference stock, on whine behalf they sue of the full amount
of the interest or dividends, payable upon or in respect of the
preference stock held by them respectively, to be computed
Rem the 30th June, 18.56, according to the amount of in-
terest or dividends which such preference stock respectively

rue question came on for argument before his 110110121.
Vies-Chancellor Wood, at his private house in Great George-
onset, Westminster, on Friday last. The plaintiffs (the
preference holden) were represented by Mr. Daniell, Q.C.,
and Mr. Turner: and the company by the Attorney-General,
Mr. Denison, Q.C., and Mr. Rochfort Clarke. The whole
of Friday was token up by the arguments, which were not
thin conchidat. They were, however, brought to a class
ywnerday (Monday) afternoon.
MB Honour the Vine-Chancellor then delivered a most
elaborate judgment, in which, after going most carefully
into the facts of the ceme, end copious references to the vari-
ous acta of parliament bearing upon the question, he decided
that the plaint din were entitled to the prayer of the bill, end
made a deck ration accordingly. His Honour directed that
the eons of the suit should be paid out of the funds of the
company.

MAREB2B.

THE CORN TRADE DURING THE PAST WERE;

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