The Express.
London, England, 1850-07-05 00:00:00

SOUTH-EASTERN RAILWAY COMPANY.

Yes'erda_y a special stetting of this company was
laid at the Bridge Hoses Hotel, Loadon-bridge, for the pur-
pose of recaiviat the sanction of the proprietors to a resolu-
tion for raids, a further earn of teensy on mortgage, and for
more discasL, coming the objects of the act of parliament
Into emotion.

The chair wits taken by Kr. MACGREGOR, who laid
the muting was called for the purpose of enabling him to
amount% to the shareholder, that after no small difficultisc
they had succeeded in carrying a bill thronsh parliament,
the effect at which would be to pima the eamitay en • more
fl-na and permanent basis, by anaplathqj their wean and
engagements with • view to ellase their capital account.
(Hear, hear.) He did not look at the opposition they
had experienced with asp feeltais of amiliceny, because
after the most patient tag the enmities of the House
1.01-11dieds deeidod-elewb amid wee be mow-
tatted. Be would albedo to 'Maier subject, which ems the
rejection of the bill which we. to determine their mouldings as
to the further payment of interest out of capital on the No.. 3
and 4 shares, the fund fur the same having been exhausted.
The propriety of admitting this capital to dividend could
now be discussed either at tee next general meeting or at •
meeting to be made 'rend foe the purpose, when the di.
rectors would be happy to confirm the decimate of the pro-
priston. The object of the present bill was to raise
1,200,0001, oat of which 1,000.0001. would complete the
capital account, loaf. than 500,0001. going towards the ex-
tinction of the present bond debt of the company. The
chairman concluded his ohservations by moving • resolution
to empower the directors to raise by mortgage under the act
passed in the present session of parliament a sum not exceed-
tag one million surfing.
The DEPV nr CHAIRMAN *seceded the motion.
Mr. H. DAVIS ruse to oppose the motion ; and one rea-
son was, because he saw in the parer. that en action had
been gained against the chairman for 8,8001.; and secondly,
because hr did tot know whether or not the South Esteem
Caspany would be liable for this amount. He would pro-
pose that the mewing at once refuse that 1,200,0191, be
cause it had no confidence in the peewit directors. (Hisses
and loud cheery.) He regretted to see clerks and other 015-
Huh there in the position of shareholders, because they were
persona drswieg funds from the company, and were only
brought to support the directors. (lieu, hear.) He would
ask if the shareholders of the Bank of Liverpool had refused
to continue Mr. Macgregor in their senhee, war it prudent
to continue him any longer as chairman of this company, aid
to place 1,200,0001. under hie control ? lied the
directory stated what debts were owing to
and by this company ? Not a word. Why
were their shares d nen to 131, when their last divi-
dend was at the rate of 7 per cent., whilst the North-Wi stern
shares were at 1091., paying only • dividend of 5 per cent. ?
The Teatm was that the public had no confidence in their
chairman and directors, whilst they had confidence in that
of the La..don and Nurth-Western Company. (Ai p!auso.)
lie concluded by moving as an amendment that the meeting
refuse to sanction the raising of any further sum/ of money
ny this baud of directors for the present. (Chem, and
Meer,. ).

Mr. U. SMITH complained that since he had been a mem-
ber althea company, which was hut a very short time, he had
witn.ssed his shares fall from 201 down to 14!., and he con-
sidered this oas msiely caused by the fact that the pu'eliu
had not confiience in the undertaking. He regretted th
any propr.etur should file ► bill in Chancery to stop the
widows and orphans of shareholders receiving a dividend to
which they were entitled, and be h►d no coo fi lance in the
board which would slow suc: a clause to be inserted, nor in
the lawyer who so advised, and whom he now saw present
at this meeting
The CHAIRMAN said the hon. proprietor was mistaken,
I for the gentleman who sat there was not the lawyer that
advised at the time the act was framed. _

Kr. O. SMITH observed that the directors were bound to
keep faith with the shareholders in the bargain they bad
made in r.speet to peeing a dividend on these N‘). 3 arid 4
therm (Applause) The bon. proprietor also 'zone el Lim-
self dissatidied with the management of the dire cson In re-
spect to the trains, and concluded by seconding the amen -
Meta
Mr. JOSIAH WILSON stated that he objected to the
motive, because the directors had not stated for what pur-
pose the m ,my was to be raised, and he did net thin!, half
• dozen persons in the whole meeting knew aiiythir,gof tbe
probable application of this va.t amount of money. He was
justified in his distrust for he amulet only take No.
stares, where he found t::e money was raised before its time,
and was then appropriated to purpeeen for which it was

never intended.rlCieers and ki:ees7ll;tiadappfieelt-i;
the LCt of parliament whereby they made this call bi fare it
wu due, but he Gould get no information on the subject.
1,200,0001. was, in his opinion, a frightful amount be
entrusted to a cnairman and directors who had not the con-
fidtnce of the shareholder. (Hear and cheers.) The hon.
proprietor urged the meeting not to assent to the motion till
the chairman bad given them a full statement of how this
money wee to he ar.ropriated.
The CHAIRMAN, m nply to Mr. Davis, said is had
served the company to which ne had &Undid 14 rare' and
received from them a salary of 1,6001. a year, and he left
it to come into the service of the South E otter Company,
although t • had been offered 2,6001. (Hear, hear.)
Mr. DAVIS—Way did'nt you take it ? (Laughter.)
The CHAIRMAN declared that he had been sh steered
only by hie came:lon with this company. As to the Noe.
3 ar.d 4 shares, he advised the shareholders to diaouss the
matter freeiy at a special meeting, or at the next general
muting, when the directors would be guided by the o_pini
of the majority of Ins proprieton. (Hear, hear.) In them
e. s: of the D3Tir and Deal Company, he felt that be was
promoting the in. of the South E Company, but
at that time a rival line was promoted by the North Kent
Company. In all he had done in this ma:ter, he had always
a single eye for the benefit of the shareholders, and he
really believed tint the ameunt now claimed could not be
sustained against the South Enters Company.
Mr. J. WILSON Lain alluded to a variety of topic., on
which ho expressed wring feeling dlsapprobeuon at the con-
out punned by the director,.
Mr. ROGEK6 Mr. LONOMORZ, and o'hers expensed
their dissatistacion at the want of information fir this

meeting, at to how the money now required would be
expended.
After some diacuation the amendment of Mr. Davis was
put and loot by a largo majority.
The original zuotit n woe then put, and carried by a large
majority.
Tito CLIAIRMAN signified that the directon would be
prepared to give lull information on all sue jets at the neat
gamma nettled.
One of the AUDITORS raid the accounts Sad been cx-
mined up to the 31.0 of May. and were found correct.
After a sate of thanks to the chairman and directors, the
meeting adjourned.

LANCASHIRE AND YORKSHIRE RAILWAY.

In the Erpreas of yesterday the prcceedinge of
the adjourned halt yearly meeting were brought down to lies
o'clock in the evening, when our express left Manchester.
The propos tit n then under (recursion we, on the motion of
the LIIAIRMAN 1 Mr. lIOUIJIWOTT11), to V. effect " that Via
balance sheet anti statement, and so much of the r port as
relates to the business of this meeting, be received a^d
adcpted." Upon this proporition Mr. MOWATT, M.P.,
had moved, as an amendment, " that the report of the
committee of consultation be received, ea 1 that so much of
it as relates to alterations in th 3 future management be
' adopted and carried into effect."
hlr. MO WATT, after a lenag discomion, withdrew his
uendateet, and
Mr. VANCE then proposed—" That the accounts ba net
received or Lamed, this meeting having no confidence in the
uremia director. end that they be requested to resign;" and
refund to withdraw this amendment unless the on
motion of the chairman we allowed to stand " That the
accounts be recvived." and "adopted." The rettlution
of the directors was, however, carried by a majority et 2 to
1; but Mr. Vance persevered in &mending a poll, until the
compromise he proposed was agreed to.
Tae bueiness of a special general meeting was then com-
menced at half-pest Mit o'clock. This involved the recep-
tion of a report hem the directors, with reference to the rte-
deletion of the board to 20 members; to consider propose
tens with v (ammo to the future management of the corm
teeny ; to authorise the directors to Wee the several sums
e. huh they era authorised to raise under the " LeedeCentral
Railway Act, 1848 ;" and to authorise the company to make
arrangements with the holders of the 321. shares or Third
Es'-naion Stock, and the Manchester and Leeds Fifths; to
authorise the holders of the Fifths to pay up their shares in
fall, in &dosser, awl convert the name into stock.
Mr. HOULDBWORTH erse again appointed totbe chair;
and having commented on the various topics It treated of,
proposed that the report be received, which was accordingly
done.
A long diactuasion then took place upon that portion of the
report relating to the management of the compel). Na
di EMU result we arrived at ; but It we agreed 'hat a com-
mittee should be appointed, and that they and the director*
should same six or moss new members of the board; their
election, with the details girths management, to he left to
the determination of the shushaldan at the nest half-yearly
mating.

The CHAIRMAN to.. proposed the adoption of the sr-
T With ravage the-extension shares, as ;Reposed
i
llaCiires teies' revert.
to
Mr. dullu
W. MARSHALL seweaded the motion.
Mr. BENNETT read • written pretest against the arrange-
meat on behalf of the liftlt sliamholdw.
Oa the Emden being put, ft was serried by a large ma-
*Sy.
Mr. FARCE demanded a poll, and although he was ire-
(mend, Mead to withdraw the demand, he refused, and the
poll eoranteneed.
A laws lime having been wasted in prosecuting the scru-
tiny, it __ proposed that it should take place in an adjoining
room, while the other bnainess wet being proceeded with ;
the remit to be announced oar the morrow.
The CHAIRMAN then pr: posed the adoption of the at-
mintiest of the directors with regard to the Fifths.
A tedious &natation stoned, whisk terminated only by the
adjournment of the meeting at midnight.
ADJOIJANZD MISTING.
The adjourned Meeting was held at el•ven **sleek yester-
day. The discussion of the proposal with reference to the
Fifths we and attar various proposals had been sub-
mitted to the board, the directors retired to take than into
oonalderation. On their return,
The CHAIRMAN said the solicitor, Mr. DerbrAire, had
a plan to prepose whisk would determine the legal rights of
the gnesflo., east which would enable the director' sad the
representatives of the Plitt and other classes of shares to
come to ma equitable detainee upon the matter.
Mr. DARHYSHIRE said the difficulty seemed to arise
from the fact of gosh pity basing got en opposing lawyer's
opinion. (Hoer, hear.) Now, tithe question were to be sub-
mitted to the six 'swan jointly, a setisfectory oceelusioo
might be arrived at; or, if no decision were wane to, then
he would/Worm to refer *matter to tbeSollotter-General,
or some other esinntlawyer. Theo, when the legal quell
Ulm is decided, let it be laid before the directors and a com-
mittee of the Fifths, and let them come to a decision based
upon the legal opinion.
Mr. VANCH.—What do you propose to do with the coils
already made?
Mr. MARSHALL—I propose to postpone them.
The CHAIRMAN said there was at molest 120,0001. due
from the Fifths, and the treasurer assured him that the call
c old rot be postponed.
Mr. HARTER subsequently propoind, "That the cases
on both sides, together with any other facts la addition, •
referred to Messrs. Turner, Holt, and Malin on behalf of the
holders of the Fifths, and to Messrs. Bacon, Bethel', and
Palmer on behalf of he company, for their plot opinion ;
and in we of their disagreement, then to submit the ease
to the Solicitor-Oeseuil for his opinion. On such opinion
being obtained, the board or a committee thereof will take
the same into consideration, sod submit a proposition for
the settlement of all matters of difference at the next half.
yearly meeting, or a special meeting to be convened for the
purpose." (Appltuee.)
r. MO WATT seconded the rerdution, which was car-
lied.
The directors agreed to postpone the call made on the
Fifths for six weeks.
The CHAIRMAN then annowneel the scrutiny upon the
question of the Extension Sheets to be as follows: In fa-
sour of the dinte.ors' propoi.l—preeent, 7,497 ; proxies,
20.741: Vtal, 28,241. Against—present, 1,971; proxies,
3,184 ; total, 5.165: niejoritv, 23,080. (Cheers.)
A formal meeting of the Eitel:tint sharebolden was then
held, tur the purpose of confirming the sae of the general
' meeting, which having been done, and other formal business
harb,g been tranitacted, the meeting terminated with a
hearty and unanimous vote of thanks to the chairman.