The Express.
London, England, 1850-06-22 00:00:00

LANCASHIRE AND yoluismag RAILWAY.

MEETINGS OF EXTENSION AND WEST
• • RIDING UNION PROPRIETORS.
•
At the Into half-yearly meeting of the TAnonehire
and Yorkeldre Railway Company, the direction, in their
report. impressed a desire to make such new szrangements
the three classes of shares called Retention, West
aim, and Fifths, es the altered cirewestasershf the
company might render desirable ; and at the dem of that
meeting emusittees were appointed by such et them claws
Maharishi:Mess to confer with the directoes as to 1/hellhole
, arrangements should be. The result has bees a number of
I cassfereesso betereed awe isseassittess and the board, lead-
ing Mike Mewing prapeeldens to the Extension and Fifths
FElGebilem
"ZITENIION SINAIIICa•
"The direeddre propose that the 321. extension shares
null be divided into two parts—viz one yen of 121. all paid,
which shell be immediately converted into the consolidated
stook of the company, to be treated thenceforward in all
respeete as such.
" And one share (Z) of 201., on which 61. is already paid,
to reselve • preference dividend next after the existing pre-
forms, stock, bat rankle* equally with the preference share
proposed to be created, aia portion of the fifth share, upon
the mid W., from the let of Jnly next, at the rate of 44 per
mat. per annum, until the dividend declared on the consoli-
dated stock of the company reaches or exceeds 44 per cent.,
whim the said 61. shall take dividend thenceforward, pari
peens, with the consolidated stock.
"The uncalled portion of the said E shares to be called up
Daly for extension purposes, sad for expenditure previously
sanctioned by spinal votes of the general body of ptopie-
tors, and when called up to come in for ordinary dividet.d,
from time to time, oa the amount called up.
"THE 717111 SHARES.
" The directors propose that the 201. share, 111 10s. paid,
shall be divided into two distinct shares. One share (A) of
111., all paid, to continue to receive dividend according to
the exiting constitution of the fifth shares—viz., current
dividend on 201., less 5 per cent. on 91., until the dividend
on the 111. thus computed equals or exceeds the dividend
declared upon • like amount of consolidated stock when the
mid A shares shall be merged into the consolidated stock of
the company, and thenceforward to be treated in all respects
as part of toe mate.
" And ens share (B) of 9/, with 10s. per share paid;and
81. 10s. to pay, subject to calls at the discretion of the
directors, such shares to receive, next after the existing
preference stock, a 5 per tent. preference dividend on the
amount from time to time called up, with the further con-
dition that when the full amount per share is called up and
paid, then so soon after as the dividend declared on the con-
solidated stock of the company amounts to 5 per cent. or
upwards, the sail preference shares shall he merged into the
consolidated stock of the company, and thenceforward be
treated in all respects as such.
"The holders of the said B shares to be allowed in the
meantime the option of paying in advance of calls, and re-
ceiving interest, at the rate of 44 net cent. on the balance
of such prepayments, from time to time uncalled ; or' in lieu
of the foregoing proposals, the holders of such fifth share*
to have the option to be declared within one month after the
arrangement shall have been authorised by the proprietors,
of paying up before the end of the present year the whole of
such fifth shares, and thereupon convertiect them into the
consolidated stock of the company."
In consequence of these propositions a meeting of the ex-
tension shareholders was held at the Clarence Hotel, yes-
te:day. The proposition male by the directors was read,
and it was stated that it would be laid before the general ad-
journed meeting, to be held on the 3rd July next. A reso-
lution recimmending that this preposition shou:d be ac-
cepted was agreed to, and a long discussion was then en-
tered into as to the proposed future management There
appeared to be a strong feeling against the proposition
named in the Daily News of Thursday, as coming from a
body of requisitiocists, for entrusting the cffain of the com •
pan, to three managing directors, and some of the pro-
prietors appeared to thick it would be preferable
to have the lice managed by three web-p.id
cfficers, not directors. A resolution was ultimately
payed to the effect that the j lot committees of Extension,
West Riding, and Fifths stecrelielders should request the di-
rectors to vanilla a meeting of the whole body of the share.
hidden of the company, with a view to a general alteration
of the management; but that if the directors declined the
committees themselves should convene such meeting, to be
held on Thursday next.
With reference to the Fifths shares no meeting of the pro-
prietors has been convened, but it is understood the commit-
tee of that body reject the proposition, and have urged the
further consideration of cer-. ia legal opluitems they have ob-
tained as to their position up in the board.
weer RIDING VNIONS.
In refereree to these shuns the dooctors, in their :luster
to the committee, say " The directors have no special pro-
position to make respecting the West Riding Union shares ;
but they would urge upon the holders the necessity of pay-
ing up the arrears of cabs at the earliest possible period, to
enable the ccmpany to exercile the borrowing powers, and
to supernal, the neeneity for further calls towards the ex-
penditure involved in the present works."
A meeting of this class of shareholders was held yesterday,
however, at the Clarence Hotel, at which the chairman,
Mr. Retry Rawson, said the committee had urged upon
the directors their o.je;:tion to the project' in
the last half-yearly report, (Jr taking up the addi-
tional capital of this class of shorts as a loan
to the company at 4 per tent. They had din urged
that as the directors ha I not put into tone the borrowing
;sneers with reference to this class of shares, this should be
done so as to save the necessity of any further calls at all.
The directors had said, in reply to this, that they could ex-
ercise those powers wren half the capitol was paid; that
half the capital had been called up, brat owing to arrears,
there was 50,000/. short of that amount paid. The Chairman
urged the de:liability of pressing on shareholders in arrears
the paying of this money, and ultimately a resolution was
passed urging the directors to put in forte the borrowing
powers, and to enable them to do so, that they be requested
to enforce the payment of pre an.

TRAFFIC RETURNS FOR THE PAST WEEK.

Mike openeL

1850.