The Express.
London, England, 1850-04-06 00:00:00

RAILWAY MEETINGS.

LANCASTER AND PRESTON.

A agsMal general meeting of the shareholders in
tbb iris held at Laster, ea Thusday, for the
d a • dividend; and, aho, in compliance with a
siqulellat steed by 22 proprieton, re tins Ave how
and MK aims, for the perpose of pting measures to
Moss the annuity now payable to the Canal Company, in
=l4 lion fey their surrender of an onezpired lease of
.Mr. Bt lIIIILL was welled to the chair. The other
bream pressot were Mr. Hodgson,Carlisle, Mr.
J. C. Illetterthwaits, Mr. Moore, Mr. lemonades, and Mr.
asturthwal to.

The report presented by the dineton stated the revenue
for the last half-year, exelune of the reserve fund, to be
16,6471.61. Bd., leaving a sambas of 12,9601., lees the half
year's annuity payable to the Cunt Company, whilst the
realer jlllOlll2ll from the same soarsWM Wa66ot The
dividend received on the Carlisle shares held o,d by the com-
pany amounted to 2,2921., exclusive of the above income,
and available for dividend. The directors, while regretting
that the late depreciation ia railway property had tempora•
rily suspended the proposed redemption of the annuity paid
to the Canal Company, did not think it desirable, at present,
to move in she matter, thftgh they placed themselves
entirely in the hands d the tharebolden. Is conclusion,
they recommended a dividend of 11.6 e. 7d. on whole shares,
17e. 7d. on three quarter Awes and 7e. on quarter shares,
fag at the rate of upwards of i per sent.
The movank exhibited a coesiderable haleness to the com-
pany's credit, accruing from 'wills. sources, but principaliy
runt the dividend and proportion of profits paid by the
Instanter and Carlisle Company.
The CHAIRMAN, in moving the adoption and approval
of the report, attributed the large number of shareholden
present to the requisition calling on the directors to redeem
the annuity pay.ble to the Canal Company by the creation
of new shares, or suck other means as might be thought
desirable. They had come to the conclusion, however, that
..5,
a proceeding of thie kind ought not to originate with them.
Considering the question an urgent one, the requisitionnta
earnestly recommended a special meeting for the purpose of
taking it into consideration, as, by a previous agreement
with the Canal Company, the debt might be redeemed at
the rate of 4 per co- t, before the 14th of Hey next, or 5 per
cent. after that period. The annuity now paid to the Canal
Company, as all the thareholders knew, was 4,8751., for
thirteen years of the unexpired lease, and the amount re-
quired to redeem it would be about 47,0001. The directors,
on receiving the requisition, decided on immediately con-
vening such a meeting, and it remained for those present to
Si the day.
Friday the 12th instant was suggested by a Shareholder,
and unanimously agreed to.
Mr. DUNN seconded the motion.
Dr. COWAN congratulated the chairman and the share-
holders on the very favourable nature of the report, which
seamed to them, en the present occasion, a dividend of
something more than 54 per cent. In these times be con-
sidered it a large dividend. Neither could there be any
doubt, he thought, of its being an honest one, and that it did
not interfere with capital. (Applause.) Though op-
Cius a general te principle, the creation of new shares,
fldally concurred ti the suggestion for authorising the di-
nners to take immediate steps for redeeming the annuity to
the Canal Company before the let of May next. He also
thought the directors should be authorised to express
their strong opposition to Lord Granville's Railway Audit
Bill. For his part he was decidedly opposed to a government
audit.

The CHAIRMAN said Lord GrineWe's bill would cer-
tainly have attracted the attention of the directors, had they
not felt that there was already an end of it.
Mr. KAY 'greed with Dr. Cowan and the requisitionista,
that the question of amalgantation was a most important
one, though he did not think this the proper time to enter-
tain it. It would be suSciest to do so in year, to come.
The next subject he came to was a rather delicate one. They
all tam his opinion as to the participation of this company
in the guarantee to the Scottish Central. He wished to oak
the chairman whether the receipts from that railway were
included in the receipts presented with the Cullal. accounts.
The CHAIRMAN said he could give • very satisfactory
answer to Mr. Key, but as prudential reasons were involved,
he should feel in-ebted to him not to prim the question.
Mr. KAY, under thou circumstances, had not the least
objection to withdraw it. There was another point, how-
ever, he wished to pram on the attention of their representa-
tives at the Carnee board. There were two interests be-
sides their own at this board—the London and North Wes-
tern and the Carlisle proper. The object of the London and
North Western would naturally be to make their terminal
charges as heavy u possible, end he hoped the gentlemen
who repriasuted the Lancaster and Preston shareholders at
the Carlisle board, would keep an ye to this, and protect
their interests. (Hear, hear.) The circumstances under
which they had met that day were exceedingly encouraging.
The tragic on their line was improving from year to year,
and he thought they might fairly anticipate increased divi-
dends in proportion. (Applause.)

The CHAIRMAN said, that in accordance with the act
of parliament, sanctioning the agreement between the two
companieg, an inspector had been appointed in the person
of Mr. W. Jackson, their vieschairman, to attend the meet-
ingot the Lancaster and Carlisle Company, for the proper
examination and verification 'Albs amounts.

Mr. SOUL advocated the redemption ;;•7 the annuity to
the Carlisle Company, before the 14th of May, as the moot
advantageous step that could be taken. It might be
effected for 47,0001. The 4,7851. now paid yearly would
, fell into their bands. Supposing the 47,0001. to be raised by
the creation of new shares, he thought they could afford to
divide 6 per cent. on these :shares, and carry a half per cent.
to the old shares. (114dr.)
Dr. COWAN was in favour of immediate redemption.
Mr. HODGSON, M.l'., while equally favourable to the
proposed redemption, could not altogether agree with Dr.
Cowan, who seemed to think the money might be borrowed.
New, the act of parliament datioctly pointed out that it
could only be raised by the creation of new shares, or by
borrowing to the extent of one-third.
Mr. OILLON, of Liverpool, wished to ask one question in
reference to their position with the Lancaster and Carlisle
Company. In the event of any new works being constructed,
would the impinge of such works have to be defrayed from
the joint capital of both companies before the payment of a
dividend ?
The CHAIRMAN replied in the affirmative, supposing
the work. to be for the benefit of both companies.
Mr. OILLON was decidedly opposed to the creation of
a second eepital, except for the construction of a new line.
Mr. SOUL said the Carlisle Company might expend their
own capital as mush as they chose without in the least
affecting this company, so far as joint liability woe °Pa-
wned.

CO WAN inquired if tbis company was implicated In
any rhape in the dispute between the Lancaster and Carlisle
and the Ma port and Carlisle Companies.
The CHAIRMAN replied in the negative.
Dr. COWAN was glad to hear it.
Iha motion was here submitted to the meeting and
adopted unanimously.
The CHAIRMAN neat proposed a dividend in the ratio
specified in the report.
Dr. COWAN seconded the nt:tion, which paved in like
sienna..

The meeting, which wu very numerously attended, then
broke up, alter a vote of thanks to the clubman.