The Express.
London, England, 1850-02-28 00:00:00

THE EXPRESS, THURSDAY EVENING, FEBRUARY 28, 1850.

RAILWAY MEETINGS.

The next abject submitted by the Chairman to the meet-
ing was the question of giving free palms to the share-
holders to attend the meeting. After some irrepler diseste-
sion it was derided that the practice should be abandoned.
Mr. BROWN proposed that the prohibition should be
extended to the directors, but, after some discussion, it was
determined to leave the matter to the discretion of the
directors.

EASTERN COUNTIES.

Yesterday, the half-yearly general meeting of
shareholders in the above company was held at the London
Tavern. The roost was densely crowded, and the proceed-
isgs were so very disorderly as to render the giving any con-
'meted account of them a matter of considerable difficulty.
Tee cit ; was taken at 1 o'clock by Mr. B. L. Barre,
&Muslin of the company. The secretary, Mr. Roney,
1
proceeded to read the report, which stated that
The results of the put six months' er eking of the lines,
in receipts and expenditure, paid or incurred, are fully set
forth In the accounts which bays been published and distri.
buted amongst the proprietots. These exhibit that the ro-
e/int., when compared with the corresponding half-year of
1848, have slightly increased. The expenses have been kept
down as much as hitherto practicable. To comes?e them
with the charges for the like period of 1848 would be
erroneous, as, in the opinion of the Committee of Investiea•
lien, the latter were not stated correctly. 'laid's which,
the accounts of the board for the past half-year ex-
hibit and debit all the expenditure incurred during that
period, whether actually paid or not—a system of accuracy
which was not adopted in the former balance sheets of the
comNpany.
ote of the capital has been treated as unproductive, and
the whole of the Interest upon guaranteed stocks and deben-
ture" is, thirster., for the first time, charged whist
The directors have debited the revenue of the past half
year with every expense to which it can juetly be considered
liable, and it will be observed that the charge upon it for
renewal of locomotive engines, carriages, and waggon
having accrued due, but not actually pall, is taken into
amount The amount charged against the revenue of the
half year for the renewal of engines and carriages worn out
is 11,9601. Tin sum of 16,0001. has been set apart for the
renewal of the permanent way and works, and catried to
the credit of that fund, according to the resolution of the
proprietors.
It is pryer, likewise, to draw attention to the fact, that
the interest payable to the Northern and E istern Company
on their quarter shares has been diotioist.ed to the amount
of 1,2871. annum, from an amount of capital hitherto
temporarily entitled to 6 per cent., beng under the agree-
meat of amalgamation reduced to carrying 6 per cent.

The auditors were re-elected, and their malaria Axed at
1001. per anima each.
A SHAREHOLDER moved that the Norfolk and
Eistern Cannata antounta oe kaki separate when practicable.
Agreed to.
The out-goicg directors were then re-elected, and thanks
having been voted to the Chairman, the nremedinp termi-
nated at 6 o'clock.

.
The entire revenue of the half year has been
424,678/. I6s. ld., of which 69,2941. 4.. 9J. have been earned
upon the Noriola Railway. It was the wish of the proprie-
tors at the last meetieg to have the rec,ipts of each company
kept separate, and this has been done. The charges for
maintenance of way have also been kept separately, but it
is impracticable to preserve any separaUon in the locomotive
expenses and in the great bulk of the carrying and general
charges.
The working tip:noes, disbursement, and charges spinet
the half year amount to 372,6201. 81. Ild., leaving net
51,9581. 6s. 24., to which the surplus of 9761. Os. Id. left
after pas iug the last dividend must be added, makings balance
of 52,9311.6 x. 3d.

The directors have, therefore, to recommend a dividend of
3s. per share upon the consolidated stock of the Esatern
Counties C >topaz, ; and the payment to the Norfolk Com-
' pany, in term, of the agreement b tween the two companies,
ut such a sum as shall be sufficient to pay au equivalent
dividend upon the consolidated stock of the latter company.
The professional acc;untants have not yet completed their
examination of the account of the capital ezpetked, and in
consequence the board have been unable ti fulfil the pro-
mise made in their last report that a full statement of the
Compary's ex:.enditure on capital would be furnished
previous to the present half-yearly meeting. The utmost
farther sum requiring to be now raised is 100,0001., in which
sum is include I 90,0001. for the construction of the Shelford
and Shepreth line. Probably a less sum than 160,0004 will
be inefficient. But the aggregate of capital mentioned in
those acc,unts will be the extreme upon which jab rest and
cividends will he payable. 'That the direct n might better
acquire a full knowledge of the liabilities of
the Company, and arrive at the desirable con
elusion within what sum the capital account could
be closed, they caused advertisements to be inserted in the
public papers, requiring all claims against the Company
to be sent in fur examination. Many were received ; their
amount wrs not greater than had been anticipated ; most of
t►em are in course of settlement and liquidation, and means
will be tans to bring all matters in diepute to • final deter-
mination. It is intended to tare early measures for realising
the surplus leads and other available property.
Considerable sums have, in former years, been improperly
taken from capital, and applied to payments on account of
revenue. Although these were reduced by the proprietors
consenting to forego the payment of a dividend for the lest
half-year of 1949, the amount now ascertained by the
accountant, to be still remaining in suspense is
169,323/.13s 91. This amount must be regarded as a loss to
capital, and be so treated in the company's both', uuless the
proprietors shall otherwise de•ermine.
The unsa•isfactory state of the company's preference stock,
in conwouence of • large amount remaining unregistered,
caused much labour and responsibility to the officers. The
direceon have cal!. d in the whole for registration, and nearly
ell the No. 1 and No. 2 Five per Cent. Stock, and the New
Six per Cent. Preferential Shares have been registered. The
last treated Five per Cent. Stock Converted Turk Exten-
sions still remains in the form of a debt, bearing interest in
perpetuity at five per cent. The whole amount of this stock
es £43,920 only. It cannot be registered under the existing
sets of parliament, and the directors intend to cancel it,
either by paying it off, or by the substitution of terminable
debentures.

Toe financial pcsition of the company is so improved, that
the directors have not hesitated to publish in the accounts the
actual state of the debenture debt of the company in detail.
Its smell amount, compared with the magnitude of the share
capital, and of the property in security, is a matter for great
congratulation. There can be no doubt that the company
will not 'fiance the least dilfizulty in keeping outstanding
this amount of debt, until the proprietors determine up in
distharging it ; azd that the renewals of bonds faliind due
will be off.cted at a reduced rate of interest.

The directors also hope to reduce by &considerable amount
the rates charged upon the railway, by the pinches through
which it parses.
The directors hays been desirous to obtain the opinion of
the proprietors resvectiog the measures that may be brought
before parliament, relative to the audit of railway accounts;
and aliticugh the hill prepared by • committee of delegates
from the boards of the principal railways has been aban-
doned, they thick it right to give the following abstract of
the answers received from their constituents :

Circulars were issued to all the shareholders, of whom
only 2,219 returned answers. Of these, 1.429 approved of
the bill, 115 disapproved of it, 620 were in favour of •
government audit, and 5,228 returned no answer.
It will be rememb:red that the principal provisions of the
bill consisted in the appointment of two auditors, to be
named by the shareholders, ar.d of a public accountant, to
be named by the auditors, and that the audit of the accounts
should be continuuse.

This mode of audit had already been adopted by the
Eastern Counties Railway Company, under the present
direction. Mr. James Reeves and Mr. William Mayhew
have audited the accounts, and examined them with the
vatobers laid before them by Messrs. Quilter, Ball, and Co.,
public accost tante, who have had constant access to and
continuously examined and audited all the company's books
and accounts, and who have made out the financial state-
ment for the past haltyear. The board found only one
auditor in office, Mr. Reeve, who had been appointed by the
shareholders, and they considered that as the proprietors had
chosen Mr. Mayhew as one of the committee of investigation
he was the fittest person to be the second auditor. The
proprietors will be enabled at the present meeting to confirm
and coctinue the appointment of Mr. Reeve and Mr.Mayhew,
or to appoint other auditors as they may think fit. It is the
anxious wish of the board that the audit of all the cow
pony's accounts should be coatiouous, crutiniaing, and com-
blete; and they recommend that a committee be appointed
y the px.prietors at this meeting to consist of three or more
shareholders, to confer will the tielegates of other com-
panies, and determine upon the proper measures to be
adopted for additional legislation on this subject.
The directors of the Eastern Counties Railway Company,
not moldering It necessary to proceed to parliameat this
year, in reference to the amalgamation with the Norfolk
Company, and the burl of that company concurring in this
proceeding, the Norfolk line has been worked under the
agreemi nt between the two companies, set forth in the last
half-yearly report.
The accounts between the two companies have also been
SO arranged under the same agreement that the Eastern
Counties Company are not under any advance to the Nor-
folk Company, nor will they be ri quired to advance any
amount on loan to that company, but merely to pay up the
remainder of the purchase money which shall be due by the
Eastern Counties Company for the Norfolk Company's
rolling stock, store', Ile. The amount already paid towards
that purchase money is stated in the capital account. By the
agreement referred to, the Norfolk Company is bound, in
ease of no amalgamation taking place, to re-purchase its
rolling stock at the same amount of valuation as now egad
by the Buten% C unities Company, under the award of Mr.
RAsert Stephenson, and the Norfolk Railway directors have,
at the TI quest of the Eastern Counties hoard, since consented
that the Eastern Counties Company may hold 25 per cent.
of that purchase money in hand, better to secure such re-
ruche., if it should have to take place.
Since the 12th of December last, the Eastern Union Rail-
way has I.,en opened to Norwich and • portion of the traffic
between t city and Lo doa has passed over the Colches-
ter line of 'he Eastern Counties. An amicable gemeat
ram b-on made with the Eattcrn Union Company, which
will enah'e each railway to take and dceelope its own proper
portion cf the traffic, and the public to benefit by the in-
creased facilities of travelling.
Abetracts of the statement of ace aunts of the auditors' and
aecoui.tante reports appeared in the Express of Saturday

The report seemed to cir gectral wh.;sfaction, as several
pimps were greeted with loud cheering from the auditory.
Atter some diecu.sios,
Mr. PRICY. moved an amendment to the report con-
demnatory Norfolk amalgamation.
The amendment was put and negatived, and the report
sad accounts earri,ol unanimously
The CHAIRMAN said that the next question was that
of audit. It was proposed 'hat these gentlemen should be
selected by the shareholders to confer with the delegates
from other companies as to the proper method to be adopted
Is prosaring additional legislation on the subject of audit.
He bi hared there were four or five other companies which
had appointed delegetes.
Mr. fferjeant GAZELER supported the proposition, and
warmly recommended the shareholders to give their lull
confident* to the directors. Ile advised them to avoid per.
sonelitie", sa they might depend upon it, if they did not,
they would not ho able to get gentlemen to till the office,
and their direction would be handed over to adventurers.
The following audit committee was then appointed;
Messrs. Christie, Sherwood, and illartin.

a mile of their line at Birmingham, and with full accommo-
dation at their dello. in that town, which had cost the Lon-
, don amnesty 600.0001. (Rear)
Mr. WYLIE went on to complain of the items under the
storekeeper's account, and further stated that there was
shoat 6,0001. of bad and doubtfal debts charged as meta.
Mr.Wylie,who said that he represented stock tone amount of
450,0001 , concluded a long speech by moving the following
resolution: That the report be now received, and the
adoption postponed foe the present, it appearing that in the
present critical position of the company's affairs it is essential
that the management of its affairs should be entrusted to
than persons who poems the entire and full confidence of
the proprietary, and each not being the case at present, it is
necessary that the board be so reconstructed that the share-

holden nay be induced to give their confidence and support
to the &ninon."

Mr. BOOT wounded the motion. He and the suffering
shareholden wanted redress (he said); they could not live on
the ehainnan's honour.

Mr. BARROW said that not one of the charees made
to-day could have been considered when the committee
eat ; and it was inconsistent with British justice that men
should be tried over and over again ; if the shareholders had
any regard for their pro2erty they would put a stop to this
perpetual anarchy.
The CHAIRMAN said, even though Mr. Wylie's amend-
ment were carried, the directors would not resign, but
would call a special meeting to consider the question: if
however the amendment were 'd it would deprive the
proprietors of a dividend.
A divisien then took place on Mr. Wylie's amendment,
and about a *core of hands only were held up in favour of
it: all the rest of the shareholders present held up their
hands against it—The Chairman declared the amendment
to be lost.

Mr. WYLIE —I demand a poll.
Immense groaning and cries of " shame," the muting
presenting a very excited and even angry appearance ; Mr.
Wylie was strongly urged not to persist in his purpose to
demand a poll, he however declined to accede, and the p
ing immediately commenced.
Mr. CARBUTT said that the direetors had refused to
accept proxies, this wu mani.estly an attempt to take the
meeting by surprise, and wha'erer the result the directors
would not resign.
T►e CHAIRMAN announced th►t no further call on the
601. shares would be made until July.
During the progress of the scrutiny, a long discussion took
place upon the audit question, and a deputsti In of three was
appointed to confer with other companies upon the matter.
A variety of other subjects were also discussed.
The result at the scrutiny was u follows :
For Mr. Wylie's motion—votes present, 678 ; for the mo-
tion—proxies, 1,827; against the motion—votes present,
4,242; proxies, nil.
Resolutions were passed, declaring tree dividend, with
other resolutions of a formal character, and the meeting
separated after six hours' proceedings.

MANCHESTER, SHEFFIELD, AND LLNCOLN-

'HIRE.

The half-yearly meeting WllB held yesterday in
the Corn Exchange, Manchester. The report and accounts
having been printed aid given to the shareholders, some
days since, were se' epted as real. They wire published in
the Express of last Friday.
The CHAIRMAN (the Earl of Yarborough) moved
"that the reports of the directors and engineer, and the
statement of accounts now produced, be received and
adopted."
Mr. BLAIR—I move as an amendment—
Mr. WEBSTER—I have an amendment. (Great up.
r9r..)

Mr. TURNER (a director) seconded the adoption of the
reports and accounts.
Mr. WEBSTER said be had to move as an amendment
that a portion of the report, which he should specify, be re-
ceived, and another portion be referred to a committee of
investigation. (Great uproar.)
Mr. WEBSTER said he had come to the conclusion that
a sweeping investigation was necessary, but let them not go
and pull their own property iu pieces—(cheers)—by taking
violent measures, on the strength of reports whico might
turn out to be mere gosAp. (Cheery.) The shareholders
felt that • mod important change in the management was
necessary, and he was ready to take issue with the noble
chairman on that point, and at the last half yearly meeting
the shareholders understood' that a most substantial change
would be made in the destitution of the hoar 1. The direc.
tors had not fulfilled :heir pledge, and he had no confidence
in the board as at present constituted. He concluded
by moving as an amendment, "That the report now read
be received, so much as related to the retiring directors, be
adopted, end that T. R. Barker, Esq., C. F. Young, Esq.,
G.M. Vernon, E.g.. W. Hulton, Esq , G. Gamble, E'q.,
and W. H. Brooke, Eeq., be appointed to the vaunt seats
at the board ; and that J. L. Jack, Esq , G. Hounsfield,
Esq., S. R. Heeley, E q , W. C. Fosbury, Esq., J. High-
field, Req., the lion. A. Neville, end the two auditors, he
appointed a committee of investigation, with full power to
ex soothe into and report upon the affairs of the company."
Mr. MORTON, after considerable interruption, raid, the
question was, what sort of investigation they would have ?
(Hear, beer.) There was a large staff of legal gentlemen
' present, who bad been participants, and perhaps ,expected
to be so again, of the funds of ibis company. When he
looked to the nature of the amendment, he could
not help thinking it was a mere sham to put off •
thoreuch investigation. It looked tco much like a thing
cooked in the board-room. (Cries of " hear, hear," and
cheers.) lie felt that it was so; and that being the case,
it lessene I still more bar confidence in the directors.
He moved that the consideration and adoption
of the directors' and engineers' report be adjourned,
and that this meeting do now proceed to consider and deter-
mine upon the propriety of appointing a committee of share-
holders to investigate the affairs of the Manchester, Sheffield.
and Lincolnshire Railway Company, as well as those of any
other company connected with or that might have merged
into it or become incorporated with it. That the innings
Lion embrace all such transactions and matters in the past
and present matter and policy of the company as the commit.
tee shall think fit to inquire into, and that the committee have
power to examine all proceedings, papers, and documents la the
custody of the company, and to employ such accountants
and clerks as may be necessary, and be instructed to cower
from time to time with members of the board, in con-
nexion with any works, as they may think desirable, and
have access to all papers that they may wish; and that the
committee report thereon to tho shareholders ; the expense
of such committee to be defrayed out of the funds of the
company. (Loud applause.)
Mr. GILL, of Leeds, seconded the amendment
The CHAIRMAN thought that they should go to the
vote firm up" the first amendm:nt. (No.)
Mr. COMER wished for • fair and full investigation, and
wished to know if the chairman was aware a member of the
directory and lawyers connected with the company had
pocketed 12,00 W. in connexion with the Humber Ferry pur.
chase ? (Cries of " Hear," and " Name.") He believed it was
a fact that • solicitor, who moved the amendment to defeat
the investigation beyond a certain point—(the first amend-
ment), had received 5001. of that money. He went on to
state that the directers were spending 130,00 W on the double
tunnel at Woxlhead, which would not bring a penny extra
tratlie to the company, and the contract was let to the bro.
therein-law of the vita-chairman. He thoneht he had said
enough to justify the motion for inquiry. (Applause.)
Mr. BRADSHAW, amidst cries of time," rose to read
a list of charges against the directors, but the statement was
unintelligible, owing to interruptions and impatience from
the meetiert. _

Mr. WHITTAKER mid it had been stated to him that
the Humber Ferry was bought for 10,0001., and he so
stated to parties who waited upon him on Saturday. He
did say that the conduct of Mr. Ellison appeared to be very
wrong to Aim, but he hoped a committee of investigation
would e'er it up, and show he we, not blamable. (Hear,
hear.) He might have ban wrong in making the comma.
nica•lon. (Cries of" No.") He had himself been charged
with receiving a bonus of 5001. apes a lean of money. He
denied it most flatly, and he hoped if a commi:tee of raven•
tigstion was appointed it would not take his word, but
thoroughly inveattga'e the matter. (Cheers.)
The CHAIRMAN then proceeded to put the first amend-
ment, amidst loud cries of dissent, end demands that the
last amendment be put first.

The CIIAUtMAN said the first amendment would be put
and id carried it became the crigin•t motion, and the aecm•d
amendment would be put, and so on with the others—his
object being to put, as his duty was, every amendment.
After a stormy meeting of four hours the first amacdment
was put, at five o'clock, and carried by a large majority.
The second amendment, by Mi. Maxwell, was then put and
lost. Then came the ami ndment of Mr. Morton fn •
thorough investigation, which was clinicd by a large ma.
jority.