The Express.
London, England, 1850-03-05 00:00:00

LANCASHIRE AND YORKSHIRE.
. .

At the halt yearly general meeting of the propri-
etors of this railway, which is to take place on Wednesday
next at Manchester, a report will be submitted to the
audios, on the subject of the medifdiation of s ,me classes of
shares, from wLica the folio clog peewees are extracted :
" Your directors Imes bad uader consideration the advan-
tage of consolidating and simplifying certain dames of abuse
in the capital of the company, on some plea that, being
equitable to the holders of those different ahLres, would also
meet with the approval of the general body ef proprietors.
The expenditure on the objacta represented by P2lllO of the
ele.ses of Iberia has justdied their being called.up in full ;
bet the expenditure tar works in proems does not admit
at present, as it regards the extersitn share., of any
further ; and in respect of the West riding
shares, will not require a larger amount to
ha called up than about 131. re r share, provided
there be no exert se of the mortgage powers of those lines;
and should the mortgage powers be exorcised, then probably
the amount already calleu-up, viz , 111. ss. per share, will be
sufficient for such works. A question was raised at the Tait
half-yearly meeting, whether the directors were not calling
up a larger amount on the extension shares than was autho-
ris.d tor the objects for which those shares were created, and
since that meeting this view has been urged npos your direc-
tors. Tattii.g thee., maters into consideration, your dine eters
are of opinion that it would tend to the general interest of
the company if an arrangement could lu made whereby the
uncalled portion of the extension and Went Riding shares
sh uld be rendered applicable to the diminution of the mort-
gage debt of the company, at a reduced annual charge upon
its income, an object which your directors think it is most
desirab:e to attain. The average rate of interest on the
m rime debt is at present about 4!. 14,. Gd. per cent.
Your (tweeters prop me, by arrangements with the extension
end West Riding Union shareholders, to create a 4 per cent.
prefer. oce stock, tor the purpose of replacing the mosey
relied on mortgage. The precise mode of carrying this into
effect cannot perhaps be determined at the aeproachiog
special meetings, and your directors do not intend at such
meetings to ask for a decision from the proprietors. They
think the importance of subject will be better met, by
explsiniog their views and eliciting the opinions of the share-
holders, and by then adjourning ouch meetings to a future
day, to give an opportunity for a r'ue consideration of the
propositions It will be open to the proprietors representing
the classes of shares proposed to be modified, should they
think prop: r, to appoint &committee of the:r body to meet
the director., and fully to discus; the proposed arrangements
preparatory to their being submitted tur the determioat ion of
the adjourned meetings. The following division of the ex-
tension and West Radios Union Stouts Las occurred to your
directors, viz. : —The extension shares to tae divided into
two parts,-141. to be consolidated into the ordinary
stock of the company,—and 181, on which 41. would be
atre.dy paid. to b. mute at 4 per cent. preference stock.
The W at R ding Union Shares to be divided into two parts
—Bl. 15s. to be c insolidsted into the ordinary stock of the
company ; and 111. 55., on which 21. 101. would be already
paid, to be made a 4 per :eat. preference rect. The whole
of tie I per cent. prehrenre stock to take rank a'Cr the 6
per cent preference stock already Slued. Various rupee-
Cons have been made to your director* for a eziati:ficattou of
the filth shares ; but from the peculiarity (Atli* constitution
of those shares there is great difficulty in dealing with (him,
and your direc'ora arc not prepared on the present or casion
to bring before the proprietors any definite proposition in
reference thereto. A- tte same time they think that, whi:st
new arrangements with other clews of shareholders are
entertained, the holders of fifth shares are f iirly entitled to
ask their co.proiricurs to consider sey equitable arrange-
MI nt w'iich can be Slldge.ted on their behalf, on the principle
of en sultan:a of equivalents."
Notice of the propositions and intentions of the directors
tec.ecing these shares has been circulated amongst the
holders of them, and the proposed new arrangements
be taken into consideration at a meeting t 3 be told im-
mediately after the terminision of the special general
meeting.
From the statement of the accounts of the company, it
appears that the nett amount of revenue applicable to in-
terest and dividend is 115,8031 12e. 9d. Debit on interest
and guaranteed shares, 57,4121. 4s 1 ld. ; which leaves a nett
amount of 88 3911. 7s. 10d applicable to general dividend.,
and which the directors propose to uply as follows:—Man-
chester and Soi.thport shares, at It. per cent. per annum,
6691 Is. 6d. ; fifth., at If. per cent. per annum, 5.9991. 16..;
-general shares, at 31 r cent. per aonum, 78,7371. 2s. id.—
The surplus left is 2,9951. ss. 9d.

SH/LEWSBUILT AND CREEIIIItt.—The adj.:tarred ball.
yesriy meetiug of the proprietors in this undertaking took
place at the Royal Hotel, Che-t, r, on Fridty afterbooo,
wh, a a scrutiny was entered upon with respect to the amend-
ment moved at the previous meeting, for a cummittro fort
the y.urpose of iaveabgating the accounts, and which hatt
been carried, on a show of hands, by a mall majority. At
two o'clock the result of tha poll was declared as follows :
Personal vows against the amendment, 1,•529 ; proxies, 3.335 ;
total, 4,864. Personal votes in favour, 331. Majority
agaiust the amendment, 4,533. The amendment was there-
fore declared to be loot, and the directors' replrt to be
carried.