The Express.
London, England, 1850-01-23 00:00:00

THE EXPRESS, WEDNESDAY EVENING, JANUARY 23, 1850,

RAILWAY MEETINGS.

NORTH STAFFORDSHIRE.
Yeetenial roostins of the shareholder, is the
Meth Iftelisodehlre Halm was hold at the Loudon Tavern,
kr the ponies ef eoaefiae the expediency of obtaining a
aniline* toineseelgpme hie affairs of the company gene-
rally, of twisting the number of directors, of dimmishing
the workbag and ether wrung, and of co-operating with
the committee of shareholders already bonged in Stafford-
shire tor • similar purpose.
General BRIOOS, en taking the chair, said that be
wished to state the reason whythe ecampied the position of
cheirean at that neriegin. He was a econiderable share-
holder in the North Stalfordehire Rtilw.r but knowing
nothing of the proceedings, which appeared. by the printo
paper is their hands to be so objectionable.
he called on its author for information respecting
it. He cane there divested of all prejudices,
whether of a political or party nature, against any of the par-
ties on either aids. He cane there for the purpose of ob-
tainiag information as to the cause of the disappointment
which they had experienced in not obtaining the dividend
they had bees promised. (Hear, hear.) He considered the
meeting to be necessary because the Lonna shareholders
had been invited to send their proxies for the purpose of
supporting the party who were in opposition to the chrewon
at • meeting to be held on the WA that., at Stoke-upon-
Trent Now, before they did so, It was desirable to know
beforehand the proseeding whit* those parties thought it
neween7 to eampiatn of. It was, therefore, with great
satidacUon that be saw as large a number of shareholders u-
ambled on the present oecuion,and that so many persons were
there from North Staffordshire to give them that information
which they desired to know. Time was a rumour of dis
agreement between the London and North Western Com-
pany sad the North Staffordshire. Those differsnon
existed before the last hall-yearly meeting but at that
:a.int2a4the directors gave then no information whatever
them. (Hear, beer.) They (the shareholders)
were minded to know the nature of the engagements
entered tato with the North-Western Company ; and, also,
what were the causes of thew differences. They had also
heard of legal proceedings having been takes against certain
parties; but the shareholders should have been consulted
before say such course was adopted. They had also a
right to know why new extensions had been undertaken,
vein` that there was no remeneratioa for the money
already expended. If they adopted the proposition of Mr.
Twigg's letter, it would be tantamount to a want of muff-
Amos in the board of directors.

Mr. TWIOG said he had been deputed by the Ncrth
Staffordshire committee of shareholders to give any informa-
tion in his power to any committee that might be formed in
London as to the state of the North Staffordshire Railway. It
must be matter of surprise that those shares which were at
one time at 10 premium should be now dimmed to 10 die-
count, and that the promise held out by Mr. WOWS) from
time to time, founded as accurate calculations, that the line
would realise 10 per cent. (and on a subsequent occasion 61
per cent.) bad not been verified. (Hear, hear.) The com-
mittee of shareholders which he represented thought that
this state of things had arisen from four circumstances—the
gnat expenditure of a fixed nature which had been incurred,
the working expenses, which were unnecessarily large ; the
want of care in developing the local traffic, and the want of
harmony which existed in the relations between this com
pony and the. London acd North Western. With regard to
the fixed txpenditur:, he need only observe that more than
100,0001. had been expended in getting the set of incorpora-
tion, and that 150,0002 had been spent in building a station
and hotel at Stoke. Teen was elso an immense store house
built there, which was never likely to be of much use, the
contract for which was 19,0001. (Hear, hear.) Then there
were three branches running from Harecastle, one of them
being the line to Lanbaeh. The parliamentary estimate for
that branch was 200,0001., in addition to which there was
66,0001. for loans. It was premised that this branch would
be opened six months ago, but it had not been opened
yet, sal probably never would. The line was, in fact, of no
nee, and their money had been thrown away upon it.
(Hear.) Then, turning to the south, there was the Colwith
line which did not pay for the value of the coke burned upon
it. Two trains ran daily upon it, but they carriedecanely any
paseengees; so that they might consider the money spent on
that line also thrown away. Then they had two competing
lines, one running to Burton-on-Trent and the other to
Willingtoe. (Hear.) In consequence of all this they were
obliged to have a double or triple, or even a quadruple,
allowance of engine power, which greatly increased
the expenditure. With regard to toe working ex.
penditure, there was in the ffnt place 2,5001.
a year for fi.teen directors. When the directors of
such a line as the London and North Western had sal,
1001. a year he considered the allowance to the directors in
a line so small as theirs was far too high. (Hear, hear.) It
was, therefor*, in citatempletioa to propose reducing the
directors to nine, and to make the allowance 1002 (Hear,
hear, and " That's too mach.") The working of the line
was given by contract to Mr. Wright, of Birmingham, for
ten years. Now, he contended that such • contract should
never have been entered upon without the consent of the
proprietors, and that a body of directors who were not a
permanent body should net have bound their successors for
so long a period. (Hear.) In the next place there was great
want of care in developing the local traffic. For instance,
the Liverpool and Manchester resale destined toe Burelem
was carried on to Stoke, three miles beyond the Sunless'
Station, and brought back again to Burdens. (" Hear," and
laughter.) The proprietor had also a right to know why
the directors, whilst they had 501. not called up on shares,
should be borrowing money on bond ?
Mr. TAUNTON said that the traffic returns showed the
following to be the position of the Company. The profits
for five months nest were 1,1131.25. Id ; being 2,2261 16s. 51
per month, or 26,7211. 17s. for the year; or lees than one per
cent. on the share capital. The gross receipts for live
months were 104,1821. 17e. 6d., and the working 'spew s@
for the same period were 69,3361. ss. 5d., or above 67 par
cent. _ _

Mr. R. B. BROWN felt assured that if a thorough loves-
tigatnn took place facts as monstrous as anything which had
ever occurred in railway history would be brought to light.
He stigmatised the expenditure in every department as ex-
cessive and enormous, and said that the directors, for their
own sakes, wen bound to give every information to the
shareholden.

Mr. A. U. OOLDSMID proposed the following resolu-
tion : " That it seems expedient to this meeting that mea-
sures be immediately adopted for the formation of a com-
mittee of sharehol4en at or after the ensuing half early
meeting of the North Staffordshire shareholders at Stoke-
upon-Trent, on the 30th instant, if it should be
then thought necessary, to inquire generally into the
position and engagements of the North Staffordshire Rail-
way Company, and whether any retrenchment or reform
can be made in salaries end expenditure, or in reference to
the *inns:ruction of branch lines, or otherwise ; also, to in-
quire into the relations between the North Staffordshire and
the London and North-Western and other companies, and
that such committee, when appointed, should bare full
power to call in competent accountants or other parties
to their assistance, or to examine the directors and all
official kooks and papers of the company, and should have
all other powers requisite for • full and complete
investigation into all the affairs of the company." He said,
I that if this proposition had been for the immediate appoint-
meat of a committee of investigation, he should not propose
it, because he did not think they were yet in a position to
do so. It was only fair to hear all the accusations against
the director', in order to give them an opportunity of stating
what they could in their defence. That was the fairest
warm towards the directors and themselves. He blamed
the directors for not giving more information than they had
done to the shareholders. If they had done so, he thought
public opinion would have been eo strongly expressed in
regard to the hostile feelings between the two companies as
to effect that for which they were now obliged to have
recourse to a court of law. (Hear, hear.)
Mr. DURHAM seconded the resolution, which, after
some discussion, pawed unanimously, the words " if it should
be thought necesiary," having been first expunged.
Mr. TWIGG stated that the canal shares were taken at
4501. each, and divided into 20L shares paid up, upon which
a dividend of 61 per cent. was ifearanteed till the
completion of the line, after which it was to be
5 per cent., with a pro rata rise till the profits
of the line reach 6) per cent. These shares were
allotted in 58,000 shoes of 201., and distributed to the canal
proprietors, and not one share was given to any director or
other person in respect to ordinary shares. There was now
a dispute whether the line wu completed isesseding to the
terms of the agreement, and the quad= was seemed dm
decision by the Master of the Rolle, whose deaden the par-
ties agreed to consider final, in order to meld further en-
pram. (Hear.)
It was then proposed and agreed to, that a deputation of
London shareholders, composed of General Briggs, Mr.
Taunton, Mr. Renwick, Mr. R. P. Brown, and Mr. Geo.
Smith should be appointed and authorised to collect the
proxies of such persons as might be unable to attend the
meeting at Stake, with • view of supporting any resoled°,
that might be proposed there for the appointment of a com-
mittee of investigation.

'term for the proposed itgeram They west sealosudy
to week, a meeting of slagehiliers me held at
Biradashami, terms were meakessely agreed upon,
sad the present meeting was ealled in order to obtain the
ragtime of the groat body of sinedleitken to them. The
greet goes*. was, were the term' peeled fair and reason-
able f fie had received during the fad Meek communion.-
time Ames a vast body of large sharddidege, in which they
declared them to be to. Those IMO had been telly laid
before the company, sadtese aseemptently now pre-
pared to discus either the of limatiag • loam, or l
the toms of my hare w be proposed. In allu-
sion to the Birmingham Coast Company, sad to what
,Ileett its chairman, had stated at the lest medisig,
he begged to be allowed to say that he, Me, heed that
the SAM Bedfordshire and COMA 011.11Malle 10.14 Pros-
per together, but he (Mr. Dyed) maid at the sum time
cl deare that he always looked Ent to the prosperity of the
rainy. Mr. Seed bad told them to wait longer, but he
wished • day to be named. The Ilea. proprietor concluded
by moving that an application be made to parliament for en
set to seam a lease of the Ins ea the terms prepoeed to
Mr. Mama mothers.
Mr. T.B. HAINES, of Birmingham, 'moulded the motion.
Mr. PHILIP WILLIAMS, the ireamaster, said thathe
bold 200 shares, sad he considered that if the leas" were
granted on the proposed terms no am would mess them as
• gift. The idea of giving up 700,000 i. worth of property for
• guarantee of 10,0001.—belf-werown per share—was too
ridiculous to be entertained. Here was • line running
through ore of Use most productive trading parts of the
country, sad some persons whom be, as • director, did not
even know, asking to obtain all till; valuable property on
trial, for so paltry a oossideratioa that It was not worth
soda. From beginning to end the propelled lease was
nothing bat a tissue of aosurditiose—everythuig ta favour of
the taker, sad everything against the proprietor.
Mr. JOHN BREARLEY PAYN, was of opinion that
thapepesed engagement was judigious in every respect.
Mr. HORNHY, • director of the Loadn sad North
Western Ogaspany, which holds 16 600 shares, meted that
the board he reprustited had taken the whole gannet of the
lease into full masideration, and the result was a resolve to
oppose the lease. (Applause.)
Mr. RAWLINS, M Busaingbasa, urged that one sub
Melia reason for opposition to the lease was the fact of their
being ignore* of the parties with whose they were treating.
Another objection was, that Mr. 31•Cleas, the party put for-
ward, was their engineer, the very man who ought to be their
adviser in the matter. Moreover, the 10A0i. to be paid
by way of forfeiture was dependent on various eon.
pending the settlement of which the lessees would
elI;
the receipt of the proceeds of the traffic, end the share.
hidden might recover as they could. It was moreover in
the highest degree objecrionable for them to Mee the line
before it was open, and when they were entirely ignorant of
its value. In the lease there was a power to make further
calla ; was i likely the shareholders would submit to such
' terms for • consideration of 4 per coat. ? The hon. proprie-
tor entered into a lengthened review of the provisions of the
lease, which he strongly condemned, and recommended the
proprietors to relict It.
Mr. ROBERT SCOTT, late M.P. for Walsall, said that
the terms of the lease were es objectionable now as when it
was originally proposed. He feared, too, that the directors
had been giving too much attention of late to the getting up
of this lease, rather than following the strict line of their
duty—that of taking *very possible
earliest possible opening of the line ; he reared also that the
same course had bees pursued by their engineer and traffic
manager, and he hoped that this sort of delay wood not be
longer continued. Reverting to the terms of the lease. he
said that for any untoward accident—any disastrous and
costly one—there was no provision whatever ; the
lessees might throw it up, by simply paying
10,000 J., a sum which at least it might take the
proprietors to put their stock sad line in order.
It was quite clear that if it was found to be a bad thing the
lessees might give it up at any moment, and doubtless would
do so; on the other hand, it might be found to the interest
of gossearmat company to despoil the line of its traffic, and
then throw it back on the shareholders in • ruinous condi-
tion; for these reasons be save his most strenuous opposition
to the lees esnose submitted to them. _

Mr. JOHNSON, of Lichfield, supported the hue, but re-
commended that in the event of its rejection the board
should be entirely remodelled, and composed of men whose
interests were entirely bound up with the trade of South
Staffordshire. lie complained of the course the London and
North Weston Company had pursued, and said that the
shareholders might c insider themselves smashed by the unitid
interest of this and two other equally large undertakings:
he referred to the Midland Company, which held 7,000
shares in this concern, and the Birmingham Canal Company.
Mr. BARNABY said that he held a thousand shares, most
of them purchased at par, and he strongly urged the share.
holders to accept the terms offered, securing as they did to
them an immediate dividend. If the proposals for this lease
were negatived, it was quite clear that the shares would be
greatly depressed in the market, a circumstance of which
some of the parties opposing this lease might be able to avail
themselves to the injury of the smaller shareholders.
Mr. SYLVESTER asked the directors to explain their
views on the subject.
The CHAIRMAN said that the directors sea board bad
considered the matter ; his own opinion was in favour
of the lease.

Mr. R. C. CIIAWNER, the deputy-chairman, spoke in
f►vour of tho lease; he said that If they rejected it, the
shareholders cou:d not tell what co.uhinations there might
be to injure the line. He thought the %rattle would large.
Mr. JOHN WILLIAMS observed that this was a good
TOWS tee rejecting the lease, and for the shareholders keep-
ing the line in their own hands, and developing the traMc
themselves. The line was to have been opened in November ;
it was not opened now ; for he be:ieved it had been purposely
delayed. He said that money had been wastefully spent in
calling the present meeting, and issuing proxies at the ex-
pense of the company, at the request of some half dozen indi-
viduals. He was decidedly opposed to the lease, for the
reason that the lease was not certain even for two years.
Capt. DICOTT, of Lichfield, recommended he adoption of
the lease ;he considered that it would be far more to the honour
of the London and North Western Company had they re-
mained neutral on this occasion ; he had all along been op-
posed to giving that company so large an interest in this
concern, and the course events had taken had fully justified
him in the opinion he otiginally entertained. So tar from
the London and North Western Company having made the
line, he thought that this company would have been better
without their assistance.

This terminated the ductusion, and scrutineers haying
been appointed, the examination of the votes was adjourned
until Tuesday morning, when it was ascartainvd that there
was a majority for the lease of more than 2,000 votes. The
proxies, dce., stood thus :—for the lease, 5,000 votes; against
the lease (including the 15,500 shares held by the London
ant Mirth Western Company, 6,000 held by the Midland
Company, and 3,000 by the Birminghom Canal Company)
3,002 votes; and there were 450 votes against the lease
received at the meeting.
The result of the young named much surprise.

PAROCHIAL WATER SUPPLY ASSOCTATTON.—LUt
night a meeting of the members of this anociation was held
in the vestry-room of St. Paul's, Covent -garden to realm
the report of the committee appointed at Si, Martin's on the
7th inst., and for other business. The meeting was attended
by deputies from a number of parishes in the metropolis.
Mr. Moseley, the vestry clerk of St. Paul's, having been
Balled to the chair, briefly explained the object of the
present meeting. The report stated that the liabilities of
the association up to the present time amounted to 671. 31.,
and that the contributions to their fund, which had
been voted by a number of parishes, but not yet received,
amounted to 16W. ; further, that with the view of enabling
the association to enter at once upon energetic measures,
Mr. Wyld, M.P., a member of the committee, had proposed
to place 6001. to the credit of the association, without secu-
rity, taking his chance of repayment when the association
was in a cordition to do so. The report war adopted, and a
resolution was agreed to, accepting the offer of Mr. Wyld, to
whom a vote of thrice was passed. It was stated that 16
parishes had joined the association, eight of which had voted
money to its funds. Mr. Wyld was appinted treasurerpro
fees., and it was resolved that Baron Rothschild and Mr.
Masterman should be requested to act as joint treasurers of
the miniature.
RAGGED ScHooLS.--The third anniversary of the
Ragged Schools for the city of Bristol, and its fashionable
added district, Clifton, was held yesterday_ at the Victoria
Rooms, the chair being taken by Lord Teignmouth, who
was supported by numerous distinguished friends of the
charity. The vertuats gives of the progress of the society,
and the WBllB5OO it had produced upon the children of the
poorest classes, were both interesting and cheering, and the
financial atormst was st.tsd to be flourishing, there being,
notwithstanding the opening of a new school, in the populous
district of St. Michael, a large excess of income over expen-
diture. An industrial school had likewise been opened
(although from swift° contributions for the purpoie), the
accounts of which would be kept distinct [rose those of the
general charity. The meeting was addressed by numerous
personst and it was armed to alter the society's title 44
The Society for Establishing Educational and Industrial
Ragged Schools in Bristol aM its Vicinity."
ST. HELEN'S SAVINGS BANK.—The actuary, Mr.
John Johnson, and sub-actuary, Mr. William Johnson, are
now under arrest for felony and conspiracy. The sub-
actuary was taken on Sunday evening, at the inn which he
usually frequimts. The actuary was arrested on Monday
morning.—Licerpool Memory.
BOLTON, BLACKBURN, CLITIIEROE, AND WEST
YoßKaurun RAlLwAv.—The Committee of Shareholden
110t7TH STAFFORDSEHRIL appointed on the 6th of Dec. last, have issued their report,
On Monday a special meeting of the proprietors in this which is to be presented to the meeting of shareholden to be
undertaking was held at Wahall, in consequent, de ma. held at Bury to-morrow (Thursday). The report states
*Won presented to the directors, the object befog for the that the comatose entered immediately into the considers.
second time to take into consideration proposals to lease the tiolt of the Proposed erraonalleni with the East looesehise
line, submitted by Mr. M'Clesn, the company. engineer, illAZ:AjZCorolmoy it. full extent, and conferred with the
and others. Mr. C. S. FOLTZ& presided. in and Yorkshire Railway Company upon the heats
The terms of the proposed item, as amended, appeared in of .proposition offered by them After reporting the °Wri-
the Express on the 11th hid. The present
offer in. spoedesee that issued, the document continues; " Your
"mu the rental from 4to ai par mt, at a perm three committee did not think it for your interest er edzarana=ito
years earlier than wasoriginally named, and also aa increase renew the Proposal as suggested by the Rest 4°
to 61. per sent dariag the last seven years of the term. The Company, in their It of the 26th of December, and they
rent as now arranged will therefore stead at 2 permit. fee have since made terms of agreement with the Directors of
the fleet peer, 4 par met Sc, the next seven years, 44 for the Lancashire and Yorkshire Railway Company (subject to
the ell years, and 6 for the remainder of the term the aPPro'rel of the sharelmildevemelgTho term are to be
111 of the sammied eanne the lessen also stipulate milted to an watvaordisolY to be hold to the 514th
to main b the Meek end ether of the sampans kg bl°l-0601°120w).",„
meths !fine •• fund. NORD= AT SUTTON IN ASEFIELEir—On Monday
TbeCIIALIEMAN hasim opened the badman last • man soloed Berry, who has bass living separate from
with a deelaratiew to the abet that the meeting did net girl- his wile for some years murdered his daughter • child
gleste with the threaten. threelean aid, by striking her on the bead with • butcher's
Mr. J. V. Mart the mayor of Lichfield, rem, and, cleaver. The cries of the unfortunate chill mew attracted the
rehrries te the malt of the flamer meeting, said that a few neighbours, who famed pa the noon, bat no ethetual assist-
daTi altar that took plows *WM. that there was a strong antheould be rendered. The child expired to a very short
teeing in lathier Of • riaießelimmiell Of the lease, he lame- time. Berry was takes to the Manalisid leek-up, where
Mtlissely pot Massif's essomishliss with various lends* lto amain' till the taws; whisk is Is bs saday
is Ns sabisel. with 1110 lin el obtaining asadvi Crawly).

Mr. CRADDOCK said that he had been Informed that
Mr. Hall, who had been secretary to the Cheroot Valley
Company, had been offered 6001. to become secretary to this
company. He offered to do so if he pot 6001. The directors
refused his offer, but in a few months afterwards they ap-
pointed Mr. &Lauda at 8001. a year. (" Sham, shame.")
A vote of thanks to the chairman, who said thathe would
take charge of as proxies that alight to seat to him, and a
subscription, to defray the necessary expenses, terminated
the promediap.