The Express.
London, England, 1850-02-23 00:00:00

Mr. Serjeent GAERLBE wished to know if the chairman
meld sot give them first the list of defaulters ea calls.
The CHAIRMAN said he was not in a position to give
, the names of the defaulters.
Mr. Serjeaut HAZELS'S *dated to know for what rea-
-1 on. (Har, bear.)
The SECRETARY being about to 'fez the seal,
Mr. &demo GAZZLER protested against this set as
Villepl. (Hear, hoar.) It the chairman refused to give the
iet et defaulters, be would move, se as amendment, " that
the seal of the company be not Glazed to the toiletry."
(Applause.)
The SECRETARY, still postale( in petting the seal,
Mr. Serpent GAZELEE protested against this act on the
part dike eseretuy, seeing the unanimous wishes of the
meeting were against it.
The seal having beta dazed %Wens MIMI,
The CHAIRMAN said the list required was in the pm-
session of the board, and he bad no hesitation alma reading
it, bat it was al °gather newts]; yet that was not any reason
why he ennuld koep It beck from the shareholders.
The SECRETARY then read a list of defaulter*, some of
whom were in array for the seven last instalments. The
lies comprised 111 defaulters. and 2,884 share*, and the
amount wee 88.3671.10 e. _ _

itriTciiiiibtkir:7; reply, said, that no interest bad
ham claimed, but rapsatad applications had been made to
ttakes.he parties, sad in some instances proceedings had been

Mr. COHEN amid it wee from the gross Injustice that bad
been practised towards the shareholders t►at he and hie bro-
ther had not paid thelaat instalment. They bad paid up 90
per cont. on the guarantee of 4 per Gent., and they had ►ad
meeting after meeting, but not one word did they hear of
the matter till October, 1848. After that they had beard of
some agreement entered into between Mr. Rufford and the
Great Western discern. To talk about forfeiting shares
now was abased. Why did not the directors forfeit the
shares in sneer when they were worth from 101. to 181. pre-
mium. (Rear, hear )
Mr. BLACHIB moved that the let of defaulters now
road be printed and published, with the number 6f shares,
and the sells in sneer.

Mr. Serjunt GARBLER seconded the motion. They
must bear in mind that although the shires had been for-
feited, the parties were not relieved from the calla : thumbs
wait dulled lately, and must be known to their •elicitor.
A SHAREHOLDER said he eon'd bear witness to that,
for be kad paid that day 1504 for shares forfeited a year sad
$ half ems. (Hear, hear.)
The CHAIRMAN then entered into some explanations.
He apprehended the object of the shareholders war to see the
line, if possible, completed Ld originally intended, namely,
as a second line to London from the North, and the Midland
' and Staffordshire districts. Their difficulties might at race
be traced to the formation of the Birmingham and Oxford
railway. Although the Great Western could not at present
mist them, the time would come when some arrangement
meet be made • and it was with some plea.
sure that he tat:iced the interference of the railway
commissioners, as it mut ultimately compel the Great
Western to come to some such an arrangement as they re-
quired. (Hear, beer.) He might ay that the dispuition
of the directors bad always been to mike the northern por-
tion of the line ; and, as soon as circumstances would allow,
to finish the southern portion of the line. (Hear, hear.)
As to the bills mentioned in the report, the proceediegs of
the railway commissioners would materially interfere with
their objects ; but he could mare the shareholders that they
would not be put to any expense of going into committee on
these bills, exeeptsome practicable object was contemplated.
As to the Stratford and Avon Canal, they were obliged to
prosecute the bill this 1181111011. (Hear.)
The motion for the publication of the list of defaulters
was passed almost unanimously.
Mr. WALKER said, as one of the deputation from Leeds,
he begged to say that it was recommended at this day's
meeting that only four of the directors should go eut at once,
as some inconvenieece would attend all the board going out
together. (Hear, hear, "No, no.") He was happy to say
that the directors had at once agreed to that proposal.
(Applause.)
A SHAREHOLDER thought it was high time to effect
some change ; for the directors bad expended one million
and a half of money, and not a yard of railway was opened.
(Hear.)
Mr. Serjeant (MERLES would ask what danger would
arise from this meeting, if they were strong enough, request-
ing the whole board to place their seats at their disposal?
Had they not this power, when the directors had betrayed
their trust? Why, had they not taken charts to themselves
at a premium, and not registered those shares, after putting
the money in their pockets P He did not advise them to go
to law ; but it the fraudulent cases in the management of
t►is company were brought to light, the Lord Chancellor
would compel the directors to refund ell the money they bad
abetrasted from the shareholders. (Hear, hear.)
The report and accounts, were then considered as received
by the meeting. We make the following extracts from there
documents :
" Since the last general meeting some of the directors
thought it was still possible to make an arrangement with
toe Great Western Company, but no advance whatever
could be made towards the attainment of that object, and
the negotiations had for some time entirely ceased. The
Commissioners of Railways had, under the powers vested in
them by a clause in this company's act of incorporation, for-
mally required the Great Western Company to proceed with
the works and to complete the line. A requisition from
some of the shareholders, promoted by a committee formed
at Leeds, has lately been submitted to the board, calling
upon them to summon a special general meeting for the par-
, pose of considering and discussing a motion of want
of confidence in the present directors ; but the requi-
sition not being authorised by proprietors representing the
number of shares in the company required by the provisions

,
of the Companies Clauses Act, the directors were net justi-
fied in convening the special sneetiog. The directors had
met a deputation from the L'teds committee, and bad fully
discussed with them certain proposals to complete and span
that portion of the line situated Aeteeen Wolverhampton
and the junction with the Birmingham and Bristol Railway
at Abbot's Wood, but the committee bad failed to point out

the means of accomplishing those objects. The direrctors had
endeavoured to procure the requisite assistance from t►e

Shrewsbury and Uheater, the Sh;ewaliury and Birminehare,
and the South S,affordshire Railway Companies ; and they
have introduced a bill into parliament to confer the nice..

sari powers, but no dehniteserangement had yet been con
eluded with those companies. A bill had been introduced
to authorise the transfer to the Birmingham and Oxford
Junction Rif:way Company of the purchase of the Strat-
ford Canal and Works, according to agreement, under the
terms of which it was necessary to prosecute the bill in the
present session.
The following was the balance sheet on the 31st Decem-
ber, 1849 : —Receipts ; Capital, 30,000 shares at 501. each,
1.500,0001. Less arrears of calls : on shares forfeited,
26,4521.10 v; on ditto not forfeited, 85,:)571. 106.-111 810/. ;
amount received on shares, 1,388,1901. Loans on deben-
tures, 154,6601.: Birmingham, Wolverhaninten, and Dudley
Rtilway Pet tit on sale of shares. 22,8931. ; interest,
11,8111. 14s. 104.; transfer feel, 4381 164.; Stourbridge
liztansinn Canal: Profits received, 4,8011.25. Ild.—

1,682,7941. 13s. 9d. ; income tax retained till called
for, 1941. 34. 4d. ; law charges recovered, 61. 68.-
1,582,9951. as. 14.—Expenditure: To 30:h June, 1849,
1,632,0224 12s. sd. ; ditto, from 30th June to 31st De-
cember, 1849, 19,5061. 13s. 4d. ; total, 1,551,5291. ss. 94. ;
balances in the hands of bankers, 31,4651. 17s. 4d.-
1,682,9951 34. Id.
A resolution on the part of Mr. METCALFE, the main
object of which was to support the Railway Commissioners
and to take the discretion from the directors, caused some
discussion.

Mr. Serjeant GAZELEE persisted in his motion for the
removal of the whole board, end the formation of a com-
mittee of selection for the appointment of their suceersors,
and that the meeting should adjourn to the 26th March.
Mr. BAKER read a letter iron. Mr. Cep', in whi.ll
he advised the shareholders not to get rid 01 the whole
board at once, as it would increase their difficulties. Ibe
recommendation of Mr. Walker would be a more prudent

course for them to follow than that recommended by the
learned terjeant. It had been said by one gentleman—
give the line over to the Great Western, and get their
guarantee of 4 per cent. on 2,500,0001.; but did any con•
tract east as to this guarantee?—that was the question.

li.ar, bear. )
Mr. DICKINSON said that it was quite out of the
power 01 the Greet Western Company to make the line at
present, for it had no authority from its shareholders.
Mr. GORE 'poke in favour of the proposal of Mr.
Walk( r.

The CHAIRMAN put Mr. Walker's motion for the
appointment of a committee to arrange the retirement of
four of the directors, to appoint others, and to report to en
adjourned meeting.
Idr. TUORNEYCROFT and Mr. BARLOW defended
themselves against the charges made as to the taking of
thins at a premium. The South Staffordshire Company
(said Mr. Barlow) merely offered to the directors of this
company three shares which it was usual for one board to
give to another.
Mr. Ono lee's amendment was then put, and negatived
by a small insjority, which led to the adoption of the

report. _
The CHAIRMAN then put the motion of Mr. Walker,
which was as follows:—" That four of the directors, to
he named by the committee of selection, shall retire from the
board. and their places be supplied by such persons, duly
qualified, so shall be nominated by the same committee of
selection ; and that two auditors are to be nominated by the
said committee, in place of these now retiring.
Mr. Serjeant GAZELEE moved as an amendment that
the auditors be at once nominated, but on a chow of hands
it was negatived.
The resolution of Mr. Welker we, then carried by a large
majority, and a committee was selected in ac,ordagee with
it, whose names wets Messrs. Walker, Tomlin, Jones,
Tucker, Thorpe, Smith, and Jesse,.
A motion was made for the reduction of the secretary's
salary from 6001. to 3001., which was carried in the affirms-
..

tits."
Mr. BARLOW (one of the directors), said he demanded
• poll.
Mr. Serjeant OAZELEE.-11 that the case ? Are we to
have the Great Western interest used against us in matters
of finance ? (Laughter.)
After same discussion as to the expenses of the oonintittes
and other matters, the meeting adjourned.