The Express.
London, England, 1861-08-16 00:00:00

SOLT!! WESTERN NEW NTEAJI NAVIGATION

COMPANY'.
The Lalf-yearly meeting of the proprietors of this
companv wax held yesterday afternoon in the bambrouni of
tl e south Western Railway Station, Waterloo-bridge. Mr.
Tt:r. presided.
Tue notice convening the meeting having been read, the
report was submitted to the proprietors. It stated that the
neuotiativos for converting the slums of the company into
terrace stock of tho South Western Railway Conip.iny
b.ul not led to any definite arrangement. A dividend at the
rate of per cent. per annum was declared.
The Camillus, is moving the adoption of the report,
said the lows which the South Western Company held
would expire ea the Int of August, 'SQ. According to the
present arrangement, the South Western, at the close of the
lowa% was to have given them value for their *harm in
taaawr. They knew, however, that at the last meeting
almond resolved to propose that the South Waters
should pay them in the preference stock of that company.
The resolution had been conveyed to the South Western
hoard. but the question of amalgamation was still under
coosideratinu. The money market had been unfavourable
to any arrangement. The difficulties from that quarter,
however, were now diminishing, and at the next meeting it
was probable that the terms of some definite arrangement
would be Lod before tne shareholder 4.

The adoption of the report was duly seconded, and unani-
mously carried.
A resolution. authorising the payment of the dividend,
was then agreed to, and the meeting terminated with the
ordinary vote or thanks to the chairman.

;us? MIDLAND RAILWAY.

The half-yearly meeting of thin company was held
at Worcester yesterday ; Mr. W. Frireme in the chair.
The following is from the report of the directors :—" The
director,' beg to present to the shareholders the accounts of
the company for the ball-year endiog June :10, 1861.
The total receipts of the undertaking from all sources
amount to 175,4481.3 x. 9d., and the working expenses are
1;1,7041.4.. 9d., being at the rate of 46.57 per cent., leaving
• balance of net revenue of 181,7411. 19s. From this balance
2.7334 Se. 44. has to be deducted for net earnings of the
Worcester and Hereford line from Worcester to M4vern,
leaving 91,0101. 13s. tkl. to be divided between the Oxford
and Newport shareholders in the proportion of 78 per cent.
to the former, namely, 70,9881. 6e. Si,nd 22 per cent to
the latter, namely, Le 1,0221. Is. These amounts enlace for
the pas went of interest on debentures, temporary loans
Lc., aid of dividend ou all the West Midland guaranteed
stock issued to the public. The receipts of the company in
passenger. goods, and mineral traffic have suffered seriously
Gem the lung-continued stagnation of trade, more especially
lathe iron district, of Suth Wales, South Staffordshire,
sad Lot Worcestershire, coiniemtent upon the altered tariff
adopted by the Americou government, and the great dimi-
' Dotson in the home demand. The deficient harvest of 1860
has also operated prejudicially in the agricultural portions
of the line. On the other hood, the expenditure has been
largely incrmutel, mainly in cothemmoce of the intensely
severe weather which affected in an extraordinary manner
the permanent way as vase the rolling stock. The net
traitic of the company's (sash bee also suffered from the
same causes, showing, as will be seen from the account;
• reduction of 1,528/. Is. 6d., or upwards of 20 per cent os
that of the correspooding half-rear in 1860."
The CHAIRMAN addressed the meeting at some length,
and reviewed the principal festuree in the report, and
concluded by moving its adoption.
Mr. MATHSa seconded the resolution, which WAS carried
ansairsonaly.
Resolutions declaring the following dividends were then
paned, viz. :—A dividend at the rate of 6 per cent each on
the first and second guaranteed stock of the Oxford oection
5 per cent. on the redeemable preference shameeectios,
of the
Newport section, and 6 per coat on the two proforma,
share stocks of the Newport section. It was stated that
only one-half of the, second guessethergateek of the Oxford
section was issued to the public, and on this only dividend
would be paid.
Thanks to the chairman closed the proceedthp.