The Express.
London, England, 1850-08-17 00:00:00

liament to arraagements between the Ciledonien share-
holders and their leased and goarasteed lines, on the basis
of timbal and necestary concessions; should these be
=he to a moometal issue (an
be humiliate' to all parties interested), some
return upon your capital invested in that under-
taking may be antinpated ; and is the oreastime; it
will be obelreed, that interest upon the amount npanded
is home by Tessin,. The liars of the BdrAlogliatosMre
railway, and of the Rugby mad Elareford, wen
opened for train on the lit !Iv. The line from Mteisitrijt
to Nuneaton will be comma for traffic on the let September ;
end tho East and West India Dock line, in which the co.-
pay interested, will shortly be opened from Feochure.h.
*Set to Islington.
"The auditors having appended to their report a statement
of the expenditure on capital amount in the form ordered by
the resolution of the proprietors, the directors have only to
repeat their belief that the credit balance will, as stated is
their previous repast, tuffiee to cover all the works contem-
plated in the estimate submitted to the proprietors at their
last meeting. They think it right, however, to name to the
proprietors, that in reference to the construedos of the lines
in Yorkshire, for which this company are now responsible,
thanere some matters the suMeet of arbitration or
legal peewee. The board are advised, both by the local
directors sad by their solicitors, that the claims are alto-
gether outmoded, but for obvious Milani it is intxpedient
to enter into particulars. Referring to the stock of carriages
and waggons reported to the last meeting as necessary on
the opening of lid miles of additional railway, the Board
have received from the General Manager a report and esti-
mate in &still of the stock necessary for the new lines. The
met, including shed room for coveting the carriages, will be
93,0001. This sum will suffice to stock the new lines, and
your directors are prepared to reconownd that any additional
stock that may be required by an increase of traffic shall 13
provided out of revenue, the cost being spread over a limited
number of years; thus practically closing the capital account
ea
respects this moot Important branch of the concern. The
diminished amount paid daring the half-year on capital ac-
count has enabled the directors to reduce considerably the
bond debt, and they have availed theme:lves of the state of
the money market to renew or replace bonds at the rate of
34 and 3 per cent. There has been paid off or renewed sines
the diet Dec. mbcr, 1849, 1,1138,9241., origieally borrowed at
6 per mot., leaving the debt at the present date 388,0221. less
the* en the Ist January last.

res duties to the effect that, pennant an the 9th and 10th
unto= of the sompanyhe set, the whale swot= should be
made applieable to a dividend at the rate 066 per cent.
Mr. flours seconded the motion, being of opinion that
the earnings Memory Wryest ehould be divided among the
prhpneton for the thus being.
Mr. GARNET said he was 'my 011 this =lesion todifler
from the view taken by the directors at the last meeting.
Whoa it was proposed to declare a dividend of 5 i per cent.,
they had only the product of the worst hell yur, and he
thought it questionable whether • dividend of 64 could be
affaMad, and therefore he had supported the 6 percent. Bat
what was their position now? They had made an
extraordinary half-year, and they were a-tually in a position
to pay 64 per cont. The Creston should recollect that the
rye xt would be the best half-year, and that next year they
would have the grand exposition. (Cheera.) He would not
presume to offer an opinion se to wrist benefit might accrue
to the compeer from that event, ten he was sure that it
would be considerable. He earnest'y hoped, under all the
cireuneatasess, that the directors would agree to a dividend
of 8 per cent. He would therefore move that the dividend
should be at the rate of 6 it cent.
Mr. BRIGHT =pressed • wish to withdraw his amend-
ment.
The CHAIRMAN said the motion before the court
was that the report be adopted; to which Mr. Bright had
moved as an amendment that instead of '• 21 10s." " 21.155."
should be inserted. That, therefore, was the question before
the court.
Mr. BRIGHT said be wished to withdraw his amendment
with the view of proppeiog it again in case Mr. Game .t's
proposal should be rejected.
Mr. ROVES said it was obvious that many who would
vote for five and • half per cent., might no; be wining to
vote for six.
Mr. GARNETT wished the meeting toohserve that if six
per cent. were divided there would still be 101,00.:. aimed
over. (Hear, hear.)
Mr. BAKER trusted that the meeting would no: listen
to the advice of the gentleman who hod moved the amend-
ment, bat follow the advise of the directory, which had
always been for their good, and would, he believed, continue
to be so. (Cheers.)
A desultory discussion then took piece with regard to the
withdrawal of Mr. Bright's amendment, which the Chair-
maa raid he Mosld not =low without the dement of the
meeting, es that would be opposed to the proper order of the
proceedings. An amendment, the chairman observed, could
not be proposed upon an amendment. Therefore Mr.
Bright's amendment must be put to the ineetime first
Ultimately (Mr. Garnett's amendheut timing beta declared
£613,419 16 1 to be, at that stage of the proceedinas, irregular),
Less, further allowance fur renewalarths OM& 2 6 The CHAIRMAN put the question that the amendment
—,_---- (Mr. Bright's) be withdrawn. After the snow of bands had
Showing a disposable balance of ,"*.„hion le 7 been taken, the hoe. gentleman said the aumbere appeared
"In pursuance of the policy adopted by the proprietors at to be so nearly batman that the secretary said he camel not
the last general meeting, the directors recommend a dividend determine on which side lay the majority.
of 21. 10s. par cent. for the six moaths, amounting to Mr. LOCKE thought It desirable that under such circatn-
-460,7601. 144.5,., leaving a balance of 144,7211. Is. 2d. to be stances there should be some compromise.
earned to the next half year's amount. The CHAIRMAN was of opinion that the mover and
The CHAIRMAN then moved, in the usual form, the the seconder should persist in pressing the amendment.
adoption of the report. Mr. MOTES said if that were done they might lose the
MI. C. LAWRENCE, deputy chairman, seconded the mot= of all those gentlemen who were for h per nat.
anon. (Hear, hear )
Several questions having been asked and satisfactorily an- A PROPRIETOR said that though probably not many
wend, would vote for 6 per cent., there was a very crong feelieg
Mr. SANDYS wished to know whether the 90,0001, the out of doors in favour of a small increase of dividend. He
increased demand upon the ue, would be a charge certainly thought that the curling over of a balance of
upon the whole of the ensuing year, or upon the next belt 100,0004 would be sufficient. One Rfllll7lelll in favour of
year. 54 per cent was, that that amount :nigh: he c.d.:inured,
The CHAIRMAN replied that provided they opined the
wh hey could not feel so sanguine that they would per-
lines which were in course of construction the amount brought eminently obtain six.
against the next half year would be 80,0031. Ile did not Mr. BRIGHT said, that perceis,ng that there wag •
mean to say that all those lints would be open ; but be wits general feeling in favour of 54 per cent., he would press his
anxious that the proprietors should have before them the amendment. ((lastes.)
feet that in due time all the interest chargeable then against Mr. M. PHILLIPS was as anxious as any one could be
capital would be charged against revenue. They would find to obtain the Ingest poesible dividend Ter those whom he
in the accounts • very considerable increase in the debenture represented, but he did not think he should be discharging
interest chargeable whist revenue. There would be • his duty as a trustee if he urged the directors to divide more
further increasse next hash year, and if all the lines hod been then they felt ought to be divided, having reference to the
brought into play the increase would then amount to about general interests of the proprietors. (Ohms.) He could
80,0001. not agree with the proprietor who thought it the duty of •
Mr. MOON thought that with reference to the 80,0001. trustee to obtain every farthing of dividend that he poe.tery
it was desirable that the shareholders should understand the could. (Hear, hear.) It was his duty to urge the &rectors
way In which the: extra amount of charge to make only such &dividend as would be site. (Hear.)
would arise. It appeared to him that there When he looked at the competition wh:ch the eom-
were not meteriale in the accounts for arriving at a correct piny wee about to sustain them the opening of
jadement on the point. There were five items in respect of the Great Northern line—n crapetitsim toe cents.
which the charge modest the revenue of that company quences of which he did not b,leve icy individnal in
would be increased. The first was contained is the that room could estlmath—(hear, hear)—he thought that
seemed division of the published accounts—the division even the directors could have only • vague idea of their
headed " g 1 statement of capital account." In that extent—be must say that the proprietors bad aseembied
general statement, at the latter part of it, were two items, one under peculiar ant unprecedented circumstances, and, as a
1,900,5271. the other 1,221,4h81., the two together making trustee, he felt that he should not be discharging If, duty to
about 3,250,0001. ; the interest on which had to come ulti- those whom he represented if he urged the declaration of a
manly out of revenue, and the charge in respect of which dividend beyond what could be :soli and honerly raid.
at four per cent. interest would be ICO,COOI. per annum. Should such • course be pursued, he felt confident there
That was the first of the five items as charged against would be a great fell in the price of their stole. He agreed
. The seeded item was the interest on the additional with Mr. Garnett that their prospects, as regarded the
capital remaining to be expended for new worke, which he amount of their income, were imp ...eh g ; and he t,rped that
mikuisted would amount to 20.000!, nuking in the two next year there woulu be a considerable return arising feout
items a charge anoinst revecne of 150,0001. Tae next item the Exhibition. (Hear, hear.)
was the guaranteeof four per cont. on the share ripital of the Mr. HARDMAN EItLE, one of :i.e directors, Paid that
Backinghameirre railway company, which amounted to he was in favour of a dividend of 5S per cent. (Haar, hear.)
32,0001., raring the chugs against teV.31113 to 182,0001. He admitted thee insuring a dividetcl of 5 percent. then
The fourth item was a charge of 20,0001. on =mot ot the stock would beer a Crafter price ttan i• it daunted. (Hear,
guarantee et twodhirds of their dividend to the orming• hear.) But he thought this so' a hoestioa of justim.
ham, Wolverhampton, and Sour Valley Re leery. At the (Hear, bear.) Ii there was any loss snising from the com-
end of 1852 the metal rained by quarterly shares would coma pee iticn of the Oxford and Birmingham, sed Great Northern
in for the full dividend of live per cent., supposing it to be Railways, to this company, he considered that that loss should
maintained at that figure, which would ogee a further charge be borne by the proprietors of that day. At the end of
against revenue. On the whole, he estimated that the charge 18,52 the quarter shares would also be entitled to full divi-
against revenue on account of these five items woulul amount dead. lin opinion was, that they could maintain a z Mart.'
to 240,0001. lie had entered into these detail., as it wee of 5 per cent. without reserving so large • surplus. (Hen,
desirable that government should understand the grounds hear.) lie haul no fear of either the G: _et Western or the
on which this dividend of five per cent. was recommended Great Northern, and he would hold up his Juni for the larger
nth* face of s o large a surplus, and one which was likely to dividend. (Hear, hear.)
increase. But, in order to diminish the apprehenainn of The CHAIRMAN said that his hon. colleague, with that
gentlemen, respecting this large amount of 210,0031., he
frankness and candour which always characteriseri him, had
Eto observe that there was the increased revenue stated his opinion to the court of proprietors. But with
derivable from the new lines. He understood that the regard to his obaervatinn respecting the 'muter shares, he
increued traffic tor the last week was 1,3001.
might say that the number or the holden of quartosshares,
The CHAIRMAN said that he had better confine himself who were not holders of stock also, we, so small that it cut
to giving an answer to the question put to him by the hon.
the argument from under the feet of the hmourable get de-
de-
proprietor—viz., waether the 80,0301. included the less of man. In addition to which, the holders of quarter :hates
a certain line. He Waged to say it did include i:. lie would not be entitled to full dividend till the e rip:wind of
would only n mark with regard to the observations of the
two years, and he anticipated that at the expiration of two
bon. gentleman, :hat tb:ugh there was a very heavy charge years they would be able to determine what the permanent
on one side, it was very true, as had been stated by the hon. dividend would be. because the caus-s of disturbance wculd
proprietor, that credit was to be taken for the receipts on by that time be ascertained, or would have disappeared. He
these lines; aid hoc. gentlemen shoold not run away with was anxious to say a few words upon the question raised by
the idea that they were of an inconsiderable amount. Mr. Bright, respecting the legality of carrying over thus
Mr. R. MOON said that be had at lost meeting called the balance, because, if it was an illegal act, the course which
attention of the directors to the low which had been caused
the court of directors, or more properly that meeting, should
by the receipt of light soli. He was glad to perceive since take was clear enough ; they could do to otherwise than
then that • saving had been effected in that item to the divide the surplus. The hon. proprietor had made cue of the
same argument on the last occasion ; and although he did
amount of 4031 a year. (Hear, hear.) There was an item
not coincide in the view taken by the hon. proprietor, yet be
of nearly 22,0.01. a year for =eats' commission, =menses of
collection, and guarantee of debts, which be thomtht very ielt that the greatest respect wet due to his opinion, ana tee
question being one in which he would not presume he dispute
large. Ile was aware that the collectors called regularly for
the accounts once a morn!). so that there could Le very little
with him, he had since that period caused the °plaint of
lose on account of bad debts. Then there was • new i•em eminent counsel to be taken, and that opiui-•n was to the
effect that the act of parliament Lett it not to the
of 6011. paid to the Guarantee Society, which he should
court of directors, but to the proprietary,wdetermine with
like to h .va explained. The next point to which ho begged
respect to the amount of dividend proposed—that they had
to call the attention of the directors, was the importance
the legal right to den ramie whether the ehvideed shout.: oat
and convenience of having a room in some one loolity,
5 per cent. or 1 per cent., whether thew would keep any
either in London, Birmiughem, or Liverpool, where one
surplus or otherwise. He begged to caution them that if
article of every description of store used in every we of the
they sanctioned the increased dividend proposed by
company's lines should be kept, so that when the directors
wanted any particular article, those who wished to contract Mr. Bright, the day might come when be,
for it, might not labour under the disadvantage of being if he should continue to have the honour of holding 1111
ignorant of the particular kind 0/ erne!e used by the co= present position, should be obliged to propose a dividend of
patsy, and might know where it wee to be seen. (Hear, 44 per cent , and he coiled upon them on this °condom to
hear.)
relieve him from the odium and pain of being poseibly cam. Mr. WILLIAMS said that the proprietor who had just pelted to take such a course by adopting the peopositi .n of
the directors—a proposition which was men:dent not :cue
at down (unveiled him in bringing the questian of light
gold under the censideration of the meeting—of which he with their ultimate interests, but, as he believed, with their
claimed to be the originator. (" Hear, bear," and laughter.) present interests also. (Cheers )
lie was glad to see that some saving had been effected, but
Mr. BRIGHT said that he was glad the Op:: ion had been
there was still a lesion the last half-year of 7001. on account taken, and it appeared satisfactory.
of light gold He knew some instances in which the Bank The amendment of Mr. Bright for a dividend of 5i ner
of Englond pail back the light gold which they received. cent. was then put, and on a show of hands i: anpenred that
lie should therefore move that no bank be allowed to have there were 68 for and 90 against the amendment. The
en account with the London and North Western Hellen) result was received with loud cheers.
Company, which did not receive the money as the company Mr. GARNETT, then moved ant Mr. ENTWISTLE
received it. (" H. ar, hear," and laughter.) seconded an amendment her a dividend or 0 per cent.
The CHAIRMAN said that a considerable reduction had A show of hands was taken. There were 50 for and 113
already taken place in the amount of light gold taken, and against the amendment.
proper scales and weights had been procured immediately A PROPRIETOR said that before the report was 'dented
after the last meeting, for the purpose of weighing the gold he wished to read a portion of the speech dclieered bit=
se it was received. But be could not disguise from the pro- h
0 strusen. MU 12 months ago, in which he proposed a dive-
prietors present the fact that it had been the cause of offence dend of 3!. 10.. with a surplus of only 13,0001., whereas
to the public, and great and gnomes complaints had reached now he proposed a dividend of only 21. 10s. with • surplus of
the directors in consequence of the delay which had been 144,0001. Such cordluct was d • eful.
occasioned in giving the tickets. But the directors would
do their best in the matter. (Hear, hear.) He would not, The CHAIRMAN said he ,nras really at a loas to under-
however, promise that, se a blinker, be would take stand upon what grounds or what right the hon. proprietor
the lht gold. (Laughter.) Otherwise he wu sh..‘ig bad to apply such Wirings to him. (Cheers.) In that
ig
he should be obliged to pay it away again. room their meetings had, up to that tune, bon cheracteneed
(Laughter.) With regard to having a room for the ley decorum—(hear, hear)—and if it had been violated on
different articles used on tto line, there wee great force in the present occasion he was sure it did not arm from any-
what the bon. proprietor said. (Hear, hear.) Now, with thing which ho hid said. (Chars.) If the hon. preprie-
tor wished to know why he advised that course at
a
regard to the question of guarantee, ard the item on account
of the commission to agents, and expenses of collection, it the. time he referred to, sod why he changed his
was right that the proprietors should know that a great put °Patios now, he begged to tell hint that tine
0 that was under the head of expenses. 1,500/. of it was was not a question of the maintenance of the permanent
way, but • q ion of liabilitits, which were doming against
buat which did not come wined them at the (m-
-ealy for the guarantee, and he did not think the proprietors
would consider that a very large amount to pay, Gond tering
our time. (Rear, hear.) The both proprietor might smile,
them new,
...
but if he considered the tuts he would find that this was the
the multitude of accounts which they had to deal with in
case. (Hear.) He was not an advocate for a small dividend.
esnnexion with the goods train in L•ndon. He hod nn but
from it. But he would do his duty. (Chien.) He
doubt that if all paid their accounts with the regularity of
might be deserving of the language of the boa. proprietor.
the hon. proprietor it would be • different thing. He eon-
very
Far
for the sake of a temporary popularity, he had advocated
Miffed this 1,5001. exceedingly well applied, bat it would be
a courts which would ha injurious to the proprietors.
wrong if they paid anythiag like 22,000/. a yeas under
that particular heed. (Hear.) With regard to the item of
SOIL to the guarantee society, it was one which would not (Load sheers.)
eecur again, and it arose in this way. They found it diffi. The motion for the adoption of the report was then carried
cult to take securities with regard to tha clothe from private amidst loud cheering.
psnoes, and they found it better te call en all the clerks to The formal resolution for appropriating &dividend of 24
get cps security of the °genets, Society,which wasun. per cent, was then put and canted—the dividend -.o be mate
&mined as • security ; besides that, they had the additional PlTable on the 26. h instant.
moral advantages which the preliminary inquiry into the The usual resolution, for converting the shares into stock
obaracter of the clerks of the 0 tee Society afforded. every half-year, wee then put and carried.
be put to the expense of the bonds. and the 6011. was, in Banbury and Mr. Thomas Deaden auditors of the Coventry
They did not think it right, however, that the clerks should A resolution wee also agreed to appointing Mr. Thomas
point of feet, occasioned by a renewal of the old bonds. Ile and Nuneaton hiregligh
hoped the proprietors were quite satiefird with that plan. The report of the audit committee having been read,
(Cheers.)
Mr. BRIGHT (Bristol) said that the report was mist adoption of a resolution which would he necessary previous
favourable, and it appeared they had plenty of money, in- to the amalgamation of seat year. He begged to cubic it-.
The CHAIRMAN said that he had now to propose the
el • large surplus. If the aceonets had been accurately " That es under the. at sossetuting this company the semi-
=bat surplus la their hands in the shape of • dividend, cheater, and Liverpool will cease Or exist ; a the n
...
Um proprietors, he asked why they should not sal committees of directors in• louden, Birmingham, Mas-
a the rate of 65 per omit. (Hear. hear.) They had declared yearly mating of this company if le expel' 'l4 - . -
a surplus of 144,0001., after every deduction, and having =aeon( shareholders should be now appoi
...,. ..,
Mu allowed for every contingency, they had nothing to do of taking hit, consideration along with the an
bat to divide the surplus. In fat the sot of parliameet had porting to the next meen ng p their oal°, 10 the
r 4
made It imperative on the directors to do so. He did not management of the affeirs of the company, sad ~._ rt
n; ,• , .rh
..
airmen be mod
wish to Waist 011 the strict letter of the law, but if the pro- whether in the event of no • parliaments:l enhiflo ~**F ww
provisions of the Audit Bala aid Wont ' ;V:
and mem them half way by declaring a dividuld of 6 per l'hieh of the P"m by the—nr,„„kti=
Mat (Mum) no ha. paspriewa essaladea by =Mai a llaalast. la wn lust
.• - :.•

Pram the statement of tie, half- s accounts it
will be seen that the net ars C527,217 1 5
To white must Ir. added tee brims carried forward

frism—iiaracconn

- .