The Express.
London, England, 1850-02-05 00:00:00

LONDON, TUESDAY EVENING, FEBRUARY 5, 1850.

RAILWAY KERTINOB.

audsuv a UM.
Yesterday a pvelisninery meeting of shareholders in this
company was held at the London Tavern, Bishopsgategareet,
Capt. the Hon, EDWARD PLIINKITf, in the chair.
The CHAIRMAN stated that the meeting had been con-
vened in order that there shall be an understudieg amongst
the shareholders se to the measures neeessary to he adopted
at the Freemasons' Tavern to morrow (this day), when it
would he decided whether the small remnant of their pro-
perty could be rescued from the directors, or entirely de-
stroyed. He (the eltairman) was hen to explain the
mune which had been adopted ty the London cen-
tral committee, and to answer any questions that
might be put to him with reference to their
proceedings. They were aware that a committee of share-
holders had long been carrying on as opposition to the
directors, and he thought that events had fully justified
the views adopted by the promoter of that opposition. Had
those views been carried out some time back the compass?
might new have been in a promising condition. The traffic
was much better than could have hoes expected, the amount
being upon an avenge 1,0001 a day. The result of the de-
liberations of the London Central Committee was that they
had come to en agreement with the directors, but he should
state th.t the committee was not alone responsible for that
agreement. The steps they had tikes had been under the
sanction of a committee of investigation in Edinburgh', the
members of that committee having suggested that
there should be an ultimate resignation of the di-
rectors, and that that resignation should involve
the company in all the expenditure, and throw
the filter, liabilities for coils on the directors. The
deputation from the London central committee who went to
iinbergh for the purp•we of conferring with the committee
of investigation, brought back a recomrseadation that the
directors should resign at once and that a new board should
be sppointed, and that sew measures should be adopted
which would amount to a total sal of the old policy.
The London central committee—tired of a @mint in which
all the trouble and expense fell upon themselves—had tali-
mate'', come to terms which they were very far from being
proud of; but which were the most advantageous term' that
suggested themselves after a long and painful investigation.
They had draws up an agreement—signed by Mr. Hope
Johnstone on the part of the directors, and by himself
(Capt. Plunkett) on the part of the shareholders—to the effect
that the present directors should go out of office, that they
should revive an indemnity for all the mosey which they had
actually expended upon the shares, and that the company
should 'serene their borrowing powers to the extent of
66,6001. As regarded the proceeding" of the directors he
might truly say that there was evidence of mismanagement
on their part altogether unparalleled. This evidence was to
be found distributed throughout 20 pages of a lengthened
report ; but it Co. summed up in an abridged a mount, which
appeared in the papers on the 29th December. In that
account the directors were charged with recklessness, fo:ly,
and infatuation, without a precedent in the history f cons
martial affair.. As an instance of their mismanagement, he
might state, that although the whole of their capital hal
been expended, they had incurred a debt of upwards of
840,0001., and after all the line was not yi t prepared.
The only " tennieue," at Edinburgh, was to be found
in the shape of a drawing posted upon the walls of the
city; and the station .0 Glasgow was nothing
more than a wooden shed. The want of accommodation at
Glasgow for the goads traffic was another proof of the dis-
astrous condition to which they were reduced by the extra.
anent expendhure of their funds. The shareholder could
not comprehend how it was that with the enormous expendi-
ture of something like six millions sterling they should have
so amazingly little to show for their money, the line being,
as he had observed, in a most incomplete state, particularly
as regarded the termini. Having spoken ot the capital, he
would now allude to the revenue. He was sorry to say that
their future revenue was all mortgaged. They had guar-
anteed rents to the amount of 110,0001. a year to railways,
one of which, (viz. the Clydesdale line) it might be the best
policy to close in order to avoid paying the working ex-
penses. Behind the debt of 850,0001. which be had m.o.
Soloed, there was a sum of 670.0001. the cost of the redetop.
firm of the Clydesdale line. But as far as matters stood
at present their property 'could not be alienated from
them. By some honourable arrangement with their cre-
ditors, t• ey might be enabled to look upon their property
as sumewhat in the nature of a deferr eil annuity. (Laughter.)
It was manifest that the directors had cone many things as
hosing of the property of this company which they ought
not to have done. The cis', :sal of shares was not the worst
act they had committed; and ha would make n'• allusion
to their coiiduct is this respect. What he desired to corn-
plain of was the general manner in which they had managed
the affair, of the company. Would it be bsleved that a
gentleman claiming (and with an undoubted right), pay-
ment of 1,7001. for ground-rent, bad adelrened several
lstters upon the sutjeet to the proper officers of the company,
and, hiving teeriv, uro &rawer, wee at length compelled to
institute puce..dings in one of the courts of law for the reco-
very of the money. The direemn allowed judgment to
nese spied them, and the engines and other valua-
bles belonging to the company were seised in pay meat
of the money. (Cries of "Shame.") He mentioned
these things, not for the purpose of fostering any fruitless
opposition to the director,, but with a view to print cut
how nece'stry it wss that what little remained of their pro-
perty should cc placed in the hands of per ons better quali-
fied to preserve it ; mid he thought he could mast cosrcien-
tinusly shareholders to agree to the measures
they were shout to propose. They had better accept the
terms offer. d than emit mue in their present position ; and as
far es the London Central Committee were concerned, their
duties would be at an end whet they hod nominated new
direeton and obtained the retirement of those who consti-
tate-I the previa board. (Cheers.)
Mr, HARRISON, solicitor to the London Central Com•
mittee, then read the agreement in question, and • discus.
non took place, in the course of which several proprietor.
strongly condemned the conduct of the directors. Some ob-
jections were also mode to certain parts of the agreement.
One gentlemen said he could not agree to the proposition ;
that the company should borrow 66,0001. for the purpose of
pay hog fishes incurred by the directors, and another stated
that he would rather forfiit all he possessed than consent to
indemnify the directors for the conseggences of some of the
b west acts that ever were perpetrated. At length • resolu-
tion was propo,ed to the following effect :
" That the shareholders present, while condemning the
reek!, ss and improper conduct of the directors, are still pre-
pared, upon the recommendation of the London central com-
mittee, to consent to, and support, the compromise arranged
between this committee and the present directors."
The motion having been seconded,
Mr. DEAN proposed as an amendment that the agree-
ment should be supported by the shareholders, with the
exception of the reselutiun relating to the appropriation of
the 66,0001.

The amendment wcs lost, and the original resolution hav-
ing been put, was carried with four dissentients.

A vote of thanks wan then passed to the ehairliass, and the
medico separated.

GREAT WESTERN.

The publication of the report of the committee of consul-
tation of the Great Western Compa: y has drawn forth the
following commentary from a writer who signs himself
"An Original Shareholder." He says: "The long looked-
for report of our committee of consultation having been just
issued, I beg your earnest attention to the facts thence
elicited, and to the ruinous aspects of our affairs, wiles' some
far snore Efficient remedy can be suggested. I will proceed
at once to lay before you the grounds of my apprehensions,
which I tear will prove but too well founded. In the me-
morello finencial statement issued by our directors in Nov.,
1848, the total capital to be raised was stated at 14,300,0001.,
but by the estimate of the committee I find it has already
reached the sum of 17,300,0001., only 8,160,0001. of which
is at present prsivided for by share capital, leaving the enor-
mous sum of 9,140,0001. to consist of debentures and prefer-
ence stock of some kind or another. The committee state,
that for this outlay we shall have 317 miles of railway,
2304 miles of ,which are now open for traffic, leaving 864
miles to vine into operation.—The receipts derived during
the post year from the above 2304 miles (after de-
ducting the proportion of the Bristol and Bseter traffic)
for four months. amount te
To which add rents, &c., as per
last account, say per annum

£848,000
And estimating the 861 miles
which ars to come into opera-
tion at 3,0001. per mile per
annum (which I think exces-
sive), they would produce in
addition
Total grou revenue £1,107,500
Working expenses, say at 40 per
eent., being the rate on the
main Hoe
Depredation, say at 5 per cent ,
as a minimum ...
-- 4)8,375
£609,125

PRP.7I4IINCII CKAROVI.
Wilts and Somerset, interest on
835,000'., amount 'turd after
deducting the Greet Western
euteteription). at 4 per cent. £33,400
Barks and Hants, interest on
60,0001 amount actually called
up, at 6 per aut.
Interest Os 9,140,0001. , helium
of capital, to consist of de.
bislang and preference stock,
at 6 per ant.

£493,400

Balance he dividend on 8,160,0001.
uaguariatrod &aro capital, or
about 11. 70. 6d. per cent. per
Dui

Ind.pendiat of the above, there are miliaria liabilities,
I= ._

_ .
Oxfcrd, Piero/ter, sad
Wolverhantptoodrair

nutted 4 per owit. £2,000,000
South Wel,e puma-
teed bow seat. 4,000,000
Gloucester sad rarest
of Dean, guaranteed
4 Derma.
"Then guareateee, It is to be hoped, will not mate into
operation fur some thee, as the companies are unable to caw.
'tote their liaes, endue, therstors, not included in this cal-
culation.

"TM Committee, in their report, bring to liOt an item of
so lees than 86,0001. as dne to the lawyers of the Company,
and haw. only impressed an opinion about the frighdul and
norms= &made mare by cementer' end others, amount.
lag, it is believed, to upwards of 1,000,000 of money, which
am sow pending is equity, and must shortly (MAO to kern.
Presuming that the Committee's estimate of ultimate ca-
pital now furnished be adhered to, the 'meant is large
enough to alarm the most apathetic, bat we have not the
leen guarantee against this being recklessly ex.
seeded as Ware. la estimating the trains to be
derived from the 861 miles unopened at 3,0001. per
mile per sianam, I am 'Garland that it is more than
en be realised, at any rate for many years, and it most be
borne in mind that cm the opening of the Birminghem and
Oxford, if not before, we shall be compelled to submit to a
»dilatant& fares, of about 20 per cent. on the whole of the
eampany's Ines, which most prove a serious blow to the
fees fiats of the company. In estimating the balance of
impital to bo raised at 6 per cent. interest, it is the more
nourable point of view is which it can esreseambly pined,
'for within the hoe imentta ft two the debentures of the
Great Waters Company have bees offered Is London to
pay 54 per mot., and oar directors have been more recently
renewing beads for long periods at 6 per cent, and this in
the fore of abundance of mosey almost unprecedented,
proving too clearly the state of the company's finances and
credit. Nn can it be supposed that so Isreu an amount of
yreftren'ial capital as that required can be easily raised by
any railway company even at 5 per cent. Various reports
have been circulated as to the coming dividend, and it is
supposed that it w.ll be bolstered up to the extent of
that paid last half year; but such a dividend can only
be made on the principle of making things pleasant.' by
postponing liabilities which will hereafter come upon us
with dowile weight, or by the old practice of improperly
charging to capital that which belongs to revenue,—such a
mole of proceeding can only be defended by gamblers and
traffickers in shares, but to the honest bolder, trustee, widow
and orphan, it is fraught with the greatest parable injustice
and ruin. I conjure you, brother shareholders, to arouse
rurselves, and instead of ramaining at fled with the pre-
sent direction and their nominees, let us unite for the pur-
pine of obtaining at the sent general meeting, to be held on
the 14th instant, an indeptodent committee of investigation,
and to press for a government audit of the accounts, as the
only safeguard of our interesm and the only way left open
to us to secure any return whatever on our great outlay of
capital."

RAILWAY BILLS ON STANDING OlLDElta.—Yesterday the
bill of the North Kent Railway Con, lunation Company came
on in standing orders, the object being to make a railway
from Strood through Canterbury. Deal, and Dover, with
branches to Maidstone, Sheerness, Fermi:am, and Chilham,
cud z bop lice from Greenwich to Woolwich, so as to facili-
tate communication between the naval and military govern.
ment establishments, works, and harbours in England. A
new feature is the appointment of commissioners, similar to
those in road trusts, instead, as now, of directors. The bill
was opposed by the South RastimiCompany, and allegations
of non compliance were sustained upon the ground of im-
perfections in the necessary notices and incorrect definition
of boundaries. The standing orders were declared to be
complied with in the followutg cues f—Liverpool, Crosby,
and Southport, for lease to the Lancashire and Yorkshire,
and ether objects; the Monmouthshire Railway, for amend-
ment and extensions of time; and Daudet!. and Perth, for
lease to Caledonian Railway and regulation of capital.

REVIEW OF THE BRITISH AND FOREIGN
CORN TRADE DURING THE PAST WEER.

(From the Mark-lane Erpress.)
We have no impr.vement to notice in the general
tone of the grain trade; indeed despondency a;.pears to be
on the increase, and the future is regarded with much appre•
benswo—the period of the year during which the supplies
of foreign core are usually small, viz., the winter months,
when the seasons oppoeo ohracles to shipments from
the aorta of Europe, is rapidl► passing away without
hawing brought any tell, f, the arrivals from abroad having
throughout proved more than the demand has been enabled
ti tat, off, and stocks in granary have rather increased than
diminished.

The fall in the value of wheat, from the beginning to the
close of January, may be fairly estimated at 4s. to fm. per qr.,
and in many parts of the country farmers are not receiving
mote then 355. per qr. for good qualities of red wheat.
That the article waste be grown at anything like that pr to
is now admi-tel by free trader as well as protectionist, still
the gore Foment does not admit the existence of agricultural
distress, and Mr. Vil ism, in moving the address in the Com-
atese tad Thur-day, declared it to be a question which could
not be entertained, whither it would or would not pay to
grow wheat at 40s. per qr. Toere can be very little doubt
riv. the tone which inn:nit:Ai have assumed on this subject
will hove the effect of still further discouraging the farmers,
and they will probably continue to thruh and supply the
meekets freely until the time arrives to commence the pre-
psroticn of the lend for spring sowing.
A considerable quantity of rain has fallen during the week,
and it will re ouire a period of drying winds to bring the soil
in tit condition to admit of much out-door work being done.
The reports os to the app• trance of the young wheat plant
ere steamily of a favourable character, but on this we place
little weight thus early in the year. The wet weather has
caus-cl a tallieg off in the condition of the wheat of hot
year's growth, and in some of the markets in the egrieulturel
districts very low rates have been tempted for soft qualities,
quotations commencing as low as 32e. per qr. for wheat.
supplies brought f rward at the large commies towns
have more than kept pace with the demand, and the down-
ward tendency of prices has continued.
In the Tork'hire markets the amount of business done in
wheat appears to have been unimportant, holders having in
most cases refused to suede to so great a fall as the pur-
chasers expected.
The advice. from Bristol, Birmingham, and other large
markets in that direction are of a similar character, and to
refer to each separately would only be to repeat what we
have already stated.
Several cargoes of wheat have been received from abroad,
in all 8,634 qrs. during the week. This supply is not par-
ticularly large, but it is quite sufficient In the present posi-
tion of affairs to exercise • depressing influence on prices.
In the early part of the week a few small purchases of old
foreign wheat were made at rates fully equal to those
before realised, but on Friday there was very little doing ;
holders seamed more anxious to sell, and had purchasers
bran disposed to come forward, they would probably have
succeeded in buying cheaper than at any former period, but
in the absence of business of oonsequenu quotations under-
went no change.
The inquiry for floating cargoes of Indian corn on Irish
account has is a great measure subsided, and very few bar-
gains have been closed this week.
The continued decline in prices of wheat in the British
markets appears at length to have produced some effect on
the trade abroad, and the advice, from the Baltic are cer-
tainly of a more subdued tone this week than they have been
of late. The disposition to speculate had, it seems, ins great
measure subsided, and it will, we have no doubt, be shortly
seen that we were not far wrong in the opinion that we have
at diff times expressed, namely, that If unsupported by
English orders, prices would not be long supported on the
other side.

At Dentine, on the 25th of January, the tendency was
certainly downwards, though only on secondary qualities of
new, uld in pessary having up to that period been held with
extreme firmness. The transactions daring the week had
been on quite a mod, rate scale, and for the supplies noticed
by the sledge coeds from the neighbouring growers, the
prices realised bad beta about Is. 6d. to 2s. per qr. lower
than those obtained the week before.

From Konigsberg the report. are of a somewhat similes
character, the want of enouuragemeat from this side was be-
ginning to tell. Speculators had become more cautions in
their operations, bat holders had not been willing to make
any concession of consequence, good high mined wheat
having been held at equal to 3.55. 6d. to 36e. 6d. ; mined at
345. to 34e. 61; and red at 325. 6d. to 335. per qr. free oar
board in spring. There had not been much doing in barley,
though the article had been offered on moderate terms, say
13s. to 13s. 64. for small weighing 601 be., and 14,. 9d. to Ito.
for large of 531 b.. weight per bushel.
The accounts from Stettin reach to the 28th nit. The
waterier in that neighbourhood had been changeable, and
after several days' rain there had been a return of frost. The
purchasesof grata for spring shipment hadnot been important,
sod, though priors had barn quoted nominally as on that day
se'neight, the tendency had been rather downward', owing
to the very dun reports from hence.
At the Lower Baltic porta the disposition to enter into
speculative investments seems to have greatly abated, and
there are strong symptoms of a retrograde 'movement in
prices.
Rostock letters of January 27 state that the inclination to
parlous wheat had *Sat. d, but that sellers had not. us to
that lime, consented to reduce their demands, (mid 62 to
6311 w. quality having been held steadily at 35e. 6d. to 36e. 6d.
per qr. tree on board in spring.
Prom Frazee we have nothing new to Mort: 02 the
whole, prices seem to have rather needed there for wheat
and dour, sad the probability is that we shall connate* to
repairs supplies from that country.
At the Mediterranean ports quotations el wheat appear to
have undergone very little change.
At Marseilles, on Jan. 24, business was dull ; Polish
Odessa wheat was quoted 31s. 62., end Syrian maim
235. pebat r qr., tree on bard—weight 0 the loiter 63,11 be.
per he].

At Leghorn aid Goma hardly anything had, we are In-
formed, been demo far import. la A 1 viral had, however,
bees chartered at time Anwar port to load to Eaglaad, at as.
per qr. for wheat.

LOID DMIMAN.—We (Morning Post) can state,
upon undoubted authority, that the announcement con-
tained in the Tinsa of yesterday's date, to the iff,et that
Lord Denman had at last resiened, and that Lord Campbell
would succeed to the Chief Justicahip, is without the
slightest foundation. No relapse has taken piece in the
health of the noble and learned lord, and he will, if no un-
foreseen event should arise in the mean time, go the circuit
according to appointment. We are hippy to state, at the
seine time, that the health of Lady Deem= is progressing
meet favtas:ably.

Naw MODE 01P CONSTRUCTING SHIPS.—A gentle-
man of this town has introduced a plan for building ships
with iron ribs and all the interior parts strengthen, d with
iron, but with the planking and exterior of wood, as in ordi-
nary mewls of the old fashioned construction. The planks
are to be bolted to the Iron, and it is believed by many
parties conversant with the mastraction of s►ips, who have
examined the various parts of the contrivance, that it will
secure important advantages, amongst others, those of 'heap-
nem and superior strength. A model of a vessel on this
contraction has been exhibited Is the Exchange and Under-
writers' Rains, and has attracted much attention. We are
informed that a ship to be built on this plan hes been recently
laid down in one of our shipyards. She is to be a Braising
vessel, and will not test more than 101. per ton.—Liverpool
Taw.

THE REPRESENTATION 07 COLCHESTER.— Lord
Jobs Kaactat, who has received •requisition to allsw him-
self to he pot In nomination for tidy borough. yesterday ad-
dressed the *lectors at much length, and, wee favourably
received.

MONEY MARKET.

MONDAY EVININO.
Increased importance was given to-day on the
Stock Exchange to the position our political relations
with Greece have recently assumed, whilst out of the
house the subject is not regarded with the same de-
gree of gravity. The circumstance, however, has
been successfully made use of by parttes who specu-
late for a fall in the home funds, which consequently
opened at a decline of I from Saturday's prices.
Consols were first called 94 to / both for money and
account; they then partially rallied and were done at
94 for transfer, and at 96 for time, which were the
highest points of the day, but this improvement was
not maintained, aed the 3 were last marked 93, clos-
ing at 95/ to I for cash,ind 951 for the 14th inst. The
Three per Cent. Reduced marked 95/ and 96. The
transactions in the New Three-and-a-Quarter per
Cents were numerous and varied from 98 to 98/, the
latter showing the last operation.
Exckequer Bills were done at a decline of le., 575.
and 605.; ditto Small, 57e., 605., and 565. India
Bonds at 89e. and 925. pm. Long Annuities marked
Ba. Bank Stock, 205/ ii‘:d 6. India Stock, 266 and
268.

It was settling-day for the scrip of the New Rus-
sian Loan, and all was quietly arranged. The market
opened extremely fiat. The scrip was offered at 3
premium, from which price it went quickly down to
21 (it being feared that Russia was mixed up in
the Greek question) and as rapidly rallied to 21 to
31. The cicsing figures were 21 to 3 premium.

PACHANOKS AND wroogs ABROAD.
Hawneitn, Isv. M.—Hamburg Three-and-a-Half per Cents., 861
bills, 641 money; Lubeck Loan, 1850, 974 bills, 871 money; Hanove-
rian nee per Cents., 106 bill*, 1031 money; Prussian Five per
Cents. 1081 bills, 106 money • Russian Five per Cent. Certif., 100
bills, 991 money; Ituatan English Loan, 106 bills, 1051 money;
Stleglita Four per Cents., M 1 Mils, 841nieney; Danish Eng. Loan,
701 bills; Ditto, in 1001. Shares, 711 bills; Ditto, Fire per Cents.,
951 bills; Norwegian Four per Cent., 100 bills, 991 money; Spanish
Five per Cents., 111 bills, II money ; Ditto, Three p;r Cents., 28f,
bills, 261 money; American Six per Cents., 1031 bills, 105 money.
BOILSINHALLE.— Ham!). Bered.,93 money; Ditt,,Priorny
Shares. 101rnoney ; Berlin !lamb., 791 bills. 79 money ; Ditto Priority,
994 bile; Ditto ugeocd Emission. 971 bills; Magdeburg Wittenberg,
G 3 bills, 621 money : Colotyne Minden, 941 bills, 941 moors; Ditto
Priority, 106 WI s; Ditto Eire per Cent-, 103 money ; Mecklenbarg
Priority, 100 money ; Alton Kiel. 93 bills; Copenhagen, 40 bills.
Angreanse, Jag. 31.—Active Debt, Two.and.a.Half per Cents.,
551 bills, 3;1 money; Ditto. Three per Cents., 651 bills, 65 money;
Ditto, Four per Cents., 66 bills, 631 money; Amort Synd, Three-
ang.s.Hall per Centa.,67l bills, 871 money; Com. Comp., Four-and.
a-Half per Cents., 170. bills, 1691 money; East lutis Loan, Four per
Cents., 85 bills, Ali money; Spanish Five per Cents., 11 bill., 12/
money; Ditto, Three per Cents., 7.0 bills, 291 money ; Austrian lire
per Cents..Metalliques, 62 bills, 811 money.— Exchanges : on London,
12.05; two months, 12; on Hamburg, 33; two months, 34.81; on
Purls, 36.73; two months, 56,37.