The Express.
London, England, 1850-01-28 00:00:00

RAILWAY MEETINGS.

MIDLAND COUNTIES.

♦ spatial methiog et the shareholders is this company,
resident to Lievorpeol. wen held on Saturday in the Clarendon
Roses, bhist appointing a committee to watch
Oyer elks company, and more parties.
larly the Hall ineetiree at Derby. lliTllll
BT/41111. laiyiss setae to the chain.
A. W. YLIZ, atter referring to the statement
lodide had been placed in the hands of the shareholder by
the directors, mid it might be saue:actory to those who woe
pleased with a multiplicity of figures, but to phin men of
business he had met with none who were satisfied with it,
either as a business or a Anew:dal document. Certain gen-
tlemen connected with Liverpool had recently sent a memo.
real to the directors of the board, which was as follows :
To the Chairman and Directors of the Midland Railway
Company.—Gentlemen,—The financial statement lately
issued your board has painfully impressed the nueler-
signed with the conviction that the affairs of the comeany
are such as to require the earnest and prompt co-operation
of all the parties interested is seeing the property of the
company from utter ruin, and that this sad result eau only be
averted by 101.10 immediate and decided measures, having
the sanction of the great body of proprietors. But previous
to the adoption of the necessary predminery steps to aware
such emoperation, we beg to iccieire what you yourselves
contemplate towards redistabhahnie that confidence which,
in 0001•50• with many shareholder, we avow we do not
entertain to the board as at preemie constituted ; and also,
if you propose instituting any reed-don or inquiry into those'
seraneemeuts which must before long cause • total suspen-
sion of dividends on the unewerenteed stock; and, in sews,
to satisfy the preortetors se to the honesty sod good Lath of
the past management, and its efficacy for the future."
Inis memorial was signed by 20 respectable ebarsholdere,
sad they received the following reply:
" Midland Railway, Derby, tad Jan., 1850.—1 n reply to
the letter by you to the chairman and tremors of the com-
pany on the subject of the Mamie:al statement lately issued
by the board, and requesting to know what they contemplate
under the present canumstances of the company, and who-
thee they propose to institute any revision of or impairy into
the guaranteed engeenaceos of the company, I am to inform
yon that as tee latter has beta fully inquired into, and well
known to the shareholders the the public, and have best
submitted to the public, and received the sanction of the
general and special general meetings of the proprietors,
ravened for the purism, and have also recited the sanc-
tion of parliament, and could not be altered witheut breath
of faith, the directors do not propose to institute any tension
of or infinity into those engegements. But as to meainms
for the improvement of the unguareuteed stock of the come
piny, the attention of tee directors has been devoted to the
' auNect for some months past, and I am directed to inform
you that amongst other results they have dinithithed the
number of passenger trains, 'emceed the speed cf travelling,
leo her as they were under their control, and have re-
vised the safaris* of the officers, and the wage; of the
servants employed, and halo made such other reduction of
expenditure at appeared to them compatible with the safety
of the pia Wiz and the efficiency of the service ; they are also
endeavo4riop to increase the traffic by frendly arrangement
with otter companies, and by all other means in their power
are *twang to °thin better rates weeneve r it appeal: prat-
ecab.e. lhey believe it is by the aeoptiou of such measures
re tee es tee reduction of expenditure on the one hand, wet
iceres4 of the receipts upon the other, that they can eon
peewits the interests of the sharanolden.—l am, dcc., J. 1.
Bell. secretary, Otc."
The speaker, in continuation, condemned the lease of the
Leeds and Bradford hue at ten per Lent. Not ouly had the,
darect3rs agreed to guarantee the Leeds and Deadest Com-
pany ten per cent., bat they had assumed all their lishiltheS.
After admitting that the Leeds mud Bradford lime Ninth!, he
believed, pay is iteelf, he drew attention to the licereley
and Colas portion of the lime, the longest perilous of the
Leeds and Bradford Company (which was also in:heeled in
the lease), and tepee-reel an opinion that it would never
pay any dividend. After 'Niacin for some time further
in couderenetion of this lease the speaker 'zero par-
ticularly blamed Mr. Waddle/Asia in cons.quence of his con-
nexion wen the treneaction. He was goeeg to more a num-
ber of resolutions, said in doing so he aught say that it war
row the t.ahioa to blame stereheldere for ladiflereuee to
their intimate. Bat men of Moines knew that it was ins-
passiele to leave home on such matters without Jr-curling
both incovenience and expense, and they had aright to trust
to those whom they appointed to catch over the interest of
their property. He then referred t a the I resent poidi se of the
Midlaid stock Resold that the orig:nnl Midland seek, upon
which 6,555,000 e. hat been paid, vas In the market equiva-
lent to 2,949,7501. • the 77,245 501. shares open which ?Al.
had bees paid, add winces amounted to 2,317,130 e, was
worth 5e5,7151.; sad the Birmingham shit DeiLl , upon
which Kiethed. hid been paid, was worth 214,6e0:. ; that
was to say that property on sthloh th.T• was a paid-up ca-
pital of 9,550,3104, was actually at the present time not
worth mere than 3 731,965/. He thought meting I
could more pointedly prove the necessity far investigation.
Without wishing to say that the Leeds and Bieteesei lease
could be voided, he said he wee sure that the time would
COMO when their leases would have to he rev sad, bet ewe he
did think that they could not be tended out. They were tea
onerous. After expressing an opinion that the shareecHeet
soul 1 not have confidence in partici who had been connected
with Mr. Hodson in the carrying out of these leases, he
concluded by moving the following resolutions
Roolved—That the ecetteted and divided portion of
railway shareholders generally, the in severiecce el leaving
their own occupations, aed the attendant expecats, prevent
that general attendance and full expreaskna of opinion et
special and general meetings wt ich is expectel to preserve
the value of railway property and se maintain due response
balities on the put of the managers sad officers.
" That with the view or meeting this evil in parr, so far as
the Midland Railway Company is concerned, a committee of
Midland proprietors he now formed, to represent the share-
holders reticent in Liverpool end its locality, and to secure a
toll and proper representation of their wishes at ell meetings
if the company, and especially at the ensuing half-yearly
meeting.
" That the committee be denominated the Liverpool com-
mittee of tailway proprietors, and that the following pent *-
men be appointed members of such committee.—lyre
Beans, Dams! Mather J. H. Mecrea, A. 11. Wylie, Henry
Newman, and R. Sydney, Rego.
" Tat such committee be Matra-Wed to place itself in cam-
=oak:at:lea with, and to keep a lift of, the names of all the
proprietors of Midland eta*, resident in this locality. and
urge the adoption of a like movement on the part of
shareholders resident in the direness.

" That tke committee be requested to nominate a depute-
ties to attend the ensuing halt yearly meeting at lferby, and
that all shareholders tledrous or seeing efficient and reopen.
sible management be requested to support such deputation,
either personally er by prosy.
" That this meeting considers it more important to the
Manus of the malmsey to establish the princip.c of rotation
en the elation of tiirect.as' rie and ..t with this vie w direc-
ton retiring by a rotation should be ineligible fcr rt•election
for the space of twelve months.
" That the deputation be therefore instructed to take the
proper measures to secure the election of two gentlemen of
known ability and character to succeed Mr. Paget and Ur.
Bode, the directors who retire at the ensuing half-yearly
meeting.
" That a subscription be cow entered into to carry out
thee objects, and that the shareholders be requested to
Ingo, in the name of the meeting, the accompanying pita:ion,
one to the house of Lords, an one to the HUMS of C.,m-
mons, praying for a thorough investigation into all the
awes wkiek have demise: railway property, and that such
petition shell be transmitted for presentation to the Right
Hon. Lord Montag'', and to the Right Hon. H. Labels.
.here, M.P., Preent of the Bard of Trade."
Mr. SYDNEY seconded the motion for adopting the
result:ion ; and, in the mane of his observation', said that
Mr. Radios was indebted to the Liverpool shareholders for
easing hie" of his position as chairman of the board. lie
said %tat the arrangement with the London and North
Western Company was not working well for this company.
And, after expressuog an opinioa that the lease with the
Leeds and Bradford had been obtained by fraud, he con-
cluded by urging that some steps should be taken to
upset it.
Conslderab'e discussion lock plata, in the coma of which
adverse opinions were espreaed, but ultimately the resolu-
tions were carried with one dissentient and the following
memorial having been agreed to, the meeting broke up :
"To TIER tiONOVILAELM TEE COMMONS OF GREAT
BRITAIN AND IRELAND IN PARLIAMENT Assziamen.—
May is please your honourable house —The nadenigked, be-
iog shareholders and proprietors of stock is various railway
companies, represent that railway property now constitutes a
large proportion of the wealth of the United Kingdom, and
tart may individuals have no other resources than the in-
come derived from their investments in such property. That
the total suspension of such Weems in some instances, and its
continual decrease in others, is most seriously felt by many
thousands of her Majesty's subjects, and must in some mea-
sure affect the prosperity of the country. Your petitioners,
therefore, pray that your honourable house will be plated
to appoint a wad committee to inquire auto all such causes
and to adopt such measure' relating thereto as may seem
good to your honourable house.—Liverpool, Jan. 26, 18.50."

NORTH STAFFORDSHIRE RAILWAY.
VA following is the report of the directors to be submitted
to the half-yearly meeting at Stoke-ukun-Trent, on Wednes-
day next.
" The directoes submit to the!, proprietors the report of
the engineer, which states that—Of the works under contrast
there only ramain to be oompleted the Newcastle and Sand-
bath branches. The completion of the first named ken been
retarded foe reasons that I need ir,t refer to. The latter is
in such a state of forwardness as to enable you to open it
with a short notice. The other portions of the lints opened,
amounting to 1124 miles, as stated to you in my last report,
are in excellent working condition, some of the clay cut-
tings end embankments only having shown symptoms of
slips. The line has been subjected to annual ileo/s, with-
out emtaining any injury worth mentioning. Since my
last report, much has Leen done towards the completion of
the different stations and sitlings along the line. The new
warehouses at Stoke are in use, and the old one is be'
anteertad into a workshop for Mr. Wright. The
joint station is aiso very nearly sanpises. wed halm winked
fur wane time. N amerous swinge lave been etestrested kir the
accommodation of the mineral Walk and some farther works

of this deeeriptios are yet required. Tne branch line its
Lord Oranville'a weeks is in hand, and will be open for
nettle Ina very short time. At present the works are at a
stand, on account of the company not his( able to obtain
possession of some of the lasi. Since my lam report the ac-
counts for contracts Na. 4 and 6 have been adjusted
have now only to refer to the work ng of Mr. Wright'.
eentract, and to inform you that it is in even way meet stir !
factory to me, both as regards economy ' the meletenances of
the rolling cook, end the conduct of the Moffitt. 1 may
here observe that, as it was mainly on my reeommendation
that the directors contracted for the maintenance and work-
ing et their redline stock, it has been witi mush satisfaction
that the result of my extensive inquiries into the stet eddying
this work upon eons, of the best and most economically
managed railways has been to corvice me that the cost upon
the North Bthefordshin Railway is as little, if not less, than
the amount paid for similar work on any railway is the
Caked Kingdom."
In compliance with a wisk expressed at the last half-
yearly meeting the director have appended to the balance-
aheet details of the expenditure, with such explanation as
the limits of a report will allow. It will be nen that, after
payment of all exposes, there remains an aeailable balance
of 8,3691. 9s. IA, exclusive of the reserve of 5,7131. do. Id.
for depreciation of rolling stock and permanent way, the
first calculated at per mile run, as set forth in Me. Wright's
contemn.* and the other at the rate of 7,0001. a year, as
estimated in the last repave The direetors have, in the
monthly return', rreseeted to the sharebeliers as accurate a
statement of the receipts and expenditure as the einem-
stances would permit. These chows profit of 11,1311. Is. ld.
for the five months ending Nov. 30, to which, calculated on
toe nine principle, may be added about I,ooo'. for
the month of December, making an estimated balance of
about 12,0001. This, however, has been reduced by a re-
serve for bad debts of 0001., by withholding • portion
(1,4221. 172. 114.) of interest received on calls accruing pre-
vious to the current half year, and by charging a larger
amount of hack interest on debentures than was contempla-
ted when the roturna were made out, leaving the balance
8,3601.95. Id. as before stated, excised's of the heavy claim
for arrears for through teethe, *inn the opening of the line
from C.dwieh to Macclesfield, which the directors have
reason to genet they will be enabled to establish ageint the
London and Nortb Western Railway Company. With slight
exception, this actual ernent result Lu been obtained en-
tirely from the simple. on the canal, and the local traffic en
the nil. 0182,776 tons ofgoods carried, 73,186 have ben local;
ant of 443,862 persons travelling on the line, 11,609 only
have been through passengers. And it is to be remerked,
that while a local trite, entirely in its infancy, has realia-d a
certain profit beyond the expenses incurred, the expenditure
for the stall and appointments, is calculated to carry on the
whole the. ugh traffic of the line. The directors have not
concealed their opinion that the local traffic would regain
time fur its development. Notwithstanding that every eb
cede has been throws in its wa7 by other companies, the
experience of the first six menthe of the complete openine of
the line, has given no cause fur dieccuragement„ The
through traffic which belongs to the line, as well
from its natural position, as from fleeing engage-
ments, has been hitherto witband. The directors,
during the protracted negotiations and correepondence on
this sulen, exercised the utmost forbsannce, and eshattred
every effort to bring a'rout the set:lenient of their just '
by an amiable ret. roan el every point in discussion. It '
was only on the failure of these treat they found there was
no alternatiee but to institute legal proceedings for the en.
tenement of the right, us toe company ; and having rein-
! bandy adopted this course, they led it incumbent upon
them to Le guided enirs ly by the adr.ee of their sonnet),
in alluding to the matters in litigetian.
"It had been the wish and ietention of the direc'cre to lay
before the shareholders the whole COnespondenee which has
taken place, and teey are prepared to do this so soon as the
proper moment shall arrive ; but anxious as they are to afford
u full explanation of the pilicy thoy tree adopted in tht:r
relations with the L-nelcn and North Western Company,
they are advised that it would not be discreet OT prefer to
enter into details of pr..reediega which have been coup
minced, aid which, males there be an immediate armee-
most, must become matter of judiciel suvestigatien, sad
fur which they are led to expect a favourable result.
STATEMENT or Aucov ITO
... . •

The capital amount to the 31st Decembee last, shows re-
ceipts to th. awnat of 1,289,078/ 6.. 34., and diabursemeats
=multiuse to 3,203,6761.198.8 d., leaving a balance of capital
of 80,4.11.5.. 74. The r.ilwey revenue amount for the half
Jun shows ree.lots to tne amount of 52,2261.6 a. 74., and
itishumemsats 40,2271. Os. working cup,. mes
and mem bred for depreciation. le.s i, g e balance of pr; fit
amounting to 11,3011. 6s. 24. The natal revenue accJunt
"for the tosif.year exhibits reetints from all sours-II as
63,384'. 9s Bd., and ezpenses of working and manage-
ment 2.1,7891. 16a., leaving a Wants of 36,6/41. 16a Th.
g. card revenue aoccua: sh two en avirlabh, balencs quount.
Eng to 8,3691. 91. 14., on the half year. ruder the head of
payments it sppears that on capital account, 1.370,2531. 2.1.,
kis been paid -tor the construction of 1121 miles of railway
opened, and 11.1 unopened, Mending also Um gas works at
Stoke Station, the in achintry for the workshop,, mad the
sidiors, rails, chairs, Soo., have cyst 322,4721. 9s. 11d. The
several stations, with their earth work, s,disags, furniture,
thg, have coat 223,3141. 10s. bil. The locomotive stork her
nog 117,3371.4 d., the carriage and wahron stock, 125.0661.5 m.
Amon g the expenses of managemsot we tied, secretary*.
valet, 1,4151. per :.ntum ; mansger's seise, 1.2721. ; au4it
office, 671/. 14- ; sod efigin.er's (nice, S-realts'
&slates and wars kr the railway per annum are 1:1,7:,12. Is.;
and wages anti salaries ter thee-Inal. 'l-clotting the manager,
surveyor, accountant, &e., 5,9541. llt. 41.

Boris NVALEA.—L numerous meeting of thaftholders,
landowners, and others, in Pembrektshire, intense, d in the
completion of this line,was held at Hi.verfordwest on Wedues-
day, Earl Cawdor in the' chair, when resolutions were passed
expresaive of surprise that negotiations were in progress be-
tween the Great Western sad South Wales to abandon the
line west of Swansea, and that they be called upon to fulfil
the pledge oristina!ly given, that the line should be extended
frora the junction wilt the Great West. rn to the cult of
Pembrokeshire, and that to discontinue the line at Ssrunea
would be a violation of their act of 'ardente nt. A c:mmittee
was appobitei to watch the proceedings of the directors.
Tut DUALIX AND BELFAST JUNCTION.—On Tuesday a
deputation, consistiog of representativ.s of this railway,
supported by repreveutatives of the Dublin and Drogheda
itailway, Belfast and Ballymena ll.ilway, the Belfast If a-
bour. Commissioners, the Town Council of Belfast, and the
Chamber of Commerce, had an interview with the Lord
Lieutenant, for the }Autos, of urging on him the propriety
of recommending ado to wards the completion of the junvion
railway, so as to make a continuous line of railway between
Dublin and Belfast. The deputation, we tinders; and, were
very graciously received.—Northern lf'hig.

• Tlues.half.pence pet mile run, for eath !wanton's engine; ten
abl.llnp per day when tied and DU mile..ge kvt ; one-buth of a
pane per mile ran, Pe each timt ea." or /monadic carriage; one-
eighth of a penny per mile run, for each fecund clam carriage ; one.
teath of a penny per mile run, for each tiara claw, earrtAge ; one.
twelfth of a penny per mile ran, for each hone ben, luggage va,),
macs, ar abet vehicle.

MUSIC.

Le CAlD.—Tbia very antusicg opera bonffon, by
Arabroisa Thomas, 'hounds in sparkling and delicious
melody, and obtained great SUCCUS last year at the Opera
Comique, Paris. It wall be produced this evening, 3ldlle.
Chinon sustaining the part of " Virginia." Pan's popular
opera of Ls Maitre de Cmgelle will also be perfurtusi on
this occasion, M. Chollet playing the tale of " Bareabe."