The Express.
London, England, 1850-03-27 00:00:00

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LONDON, WEDNESDAY EVENING, MARCH 27, 1850. [THREEPENCE. .
. Ili
.. •
RAILWAYS. Estentee44 Minh 26. sons saddle mans by which the directors and the preference 1
smoz-Bzonairoi....,== _
.............. ~...,..ess doe• holders might emu to saleable tones. Hs saggested that ( II
i PrigaTh'...;;;;l' 17.. e.:". —1114472; 81x Per requiredcasi
foirath not
nb. ilsait
of "thitil Othrtar NaelorthwisofabwEnigglaan i lilt
TRIS DAT, Two *TWO& lo tab toorlot
In the share market to-dav Ms Asap is priers c"l.'6l.B,9&""di""esadte:ll4 leimainiSir 1/I""griunks. at 4.1 iltimbirban B's at shareholders. It appeared to him that there wee no user- .
ham esereeted, Molt Uses being steady at yesterday's sity for the pressut call., and he doubted the expediency of
avow's redo et uta arraapotests ior the settle- MIUBTOL, Mara 26. asking these cells as a Nutter of security. If the I r
to be Of 4 " bullish" Ow medirectors would defer then he thought that pawn slight be
II" "gm e set ill shares was a large amount abates. mond.
eharodar, eel to them the operatics, of the jobbers am Wag In the quarry shires ot the Great
Waiters
are
asausa. caladasiaaa have
mama re contrw. k.,....w, eure ....„hat wawa, Gram wetter. Mr. MAUDIC next spoke. advocate' the interacts of tha li
42,..nir shim egswe m lg. end do.ed at Ist. oast weeirm prolamin holders who had paid up their calls in advance.
9. =lrk 80. Beath Wader= ire Wier, avyt in. earroi lett of at 7 13.16 dia. Diktat and Exeter flat The Dialing was proceeding when our report was
baying last transacted at 63. Mess at 101 dia. Itldlrds, Set despatched.
Fort* thong are rather better to-day.
RAILWAY MEETINGS. 11.
~
1.
I
lam= lanwava. I Crigtomars I.oll=.°'
1 ;
YORK, NEWCASTLE, AND BERWICK.

lag until they can obtain the higher rates they calm- '
late upoo. The door was in a manner abut against
reaction in price taking plass according to the mean-
ies state of the market and the prospects for the
future. Other exports ware coroyaratively dull, and
with the ei#!..;23 of ineagoon yurciuteur of I:::
wed at former rates nothing was doing in them. The
price dos* however, wan firm, and 5,000 chat. bad
been taken as high as iljt. for heavy aorta. The supply
of pita was expected to fall short, and prioes were
likely to improve in coesectesses.
St. Petersburg latter of the 16th mention that the
demand for flax was settee; an alter made to the beet
dealers of 110, 100, and 90 R. had been accepted b
them for 300 tons, and about the sem quantity had
been taken from the minor dealers at 105 R. The price
of hemp was maintaiued, butlittle business wee doing
in this article. The market for linseed was dull;
Lishoff and Speak were in the market at 97 to 261 R.
In tallow scarcely anything had been done; neither
buyers nor sellers appeared aaxions far business,
ill R. with au advance, and 106 R. cask were the
nominal quotations in the absence of transactions.
The exchange on London was 38 to 38 3-16 for three
month..

[By Had& Telegraph.]
An amendment to pay four per cent. on the wholes of the
celled up Great North of Ragland share' till 1866 was nega-
tived, and the directon' recommendation adopted.
The Bill to amend the Great North of England Railway
Purchase Bill, and to complete the purchase. was submitted
to the meeting ; on a division, there were 19 bends against,
and the motion was canted by a majority of 621 ; a poll was
demanded and taken, and numbers declared to be :
For the bill
Against it
Mr. Pullin, was elected a director in the room of Mr.
Lyre; the other directors were realanted.

11 Ilt
me.

Yesterday a @pedal meeting of this company was
ltalal at York for the consideration sad approval of the several
bale sew before parlientest retinae to be ouspecy's affsin,
sad sloe to sossidu end Menus the position of the Great
North of England perches. shareholders. The Italtrearly
meeting also :stood adjoarsed to retarder for the election of
(Weston sad auditors.

Per 4Pa

'Si
VI ?

1 up
siptiroHall.
2.741,...ad OWleil

Vi
Vet PAI:

D•47::"..guarasis;
ikermAtimokai
De. MO Prelim*
——— • - -

Hr. Love, ems of the retiring directors, circulated an ad-
dress to the skarsholden, fa which he stated that there must
be a material change In the Rode of management of railway
rirr, if it is to be rescued from its present de
„.. to have the advantages which an aren:s
sied irds In earning on a great andertakiag. In his
opinion the duties of the directors, whoever they might be,
should extend to ea inquiry iato what way the enormous
traMe of this sonapeay maid be moat advantageously con-
, dwaterk as he obtain the largest aspen of
Neel& at the lowest expense aostaleteatly with a
due regard to upholding the plant and works. He pointed
eat ether dada, the prioresses of which was requisite to
avoid unneeesary litigation, sad proceeded to point out
that it was impossible such duties could be perforated by a
board of gentlemen who simply came together ono. a week
to auk a few questions, to deliberate upon some particular
course of policy to be adopted, and then return home. He
argued that the affairs of such an undertaking could not be
properly directed " in one day," that the major part of the
duties pointed out were never attended to at all, and that the
board were directed instead of being the directors them-
selves. How was this to be remedied ? It can be done (Mr.
Love says) in two ways, either by appointing a general
manager or by the direeton giving increased attention to the
affairs of the company ; or, ha adds, it may be left undone ;
the last is most frequently the cue. He observed that the
directors now proposed to lave a general manager, the den-
, ger of which plan, he my, is that the directors, as they are
called, are not so in reality, but only nominally. As re-
spects the board, Mr. Love advised the proprietors to select
gentlemen woo would to williag and able to give a larger
portion of time than one day is the week, and to pay them
accordingly. As to ornamental directors, the sooner such
were weeded out the better. He enforced the necessity of
shareholders in various localities, where they are very nu-
merous, being duly represented at the board, and suggested
that perms representing directly the interests of bank.
(which are constantly fluetuatiag), or being the agents of
them, should never be chosen for directors. Indeed, no per-
son should whose engagement is any manner might lead to
a doubt as to the integrity of his motives in offering himself
for • seat.

---:
Rage advice, have been received to the 18th. After
a fsw weeks of mild weather, frost had again set in,
rendering a late opening of the navigation this sea-
boa mon than probable. In ilax very extensive

U 81 EU
II 10 sig.
iss 1
si
is s
• 9
_79 S-

R. for CM., one bonito alone havTngpnr-el-Zinoi
us than 10,000 beck. during that interval; and
tardier transactions by the same party were re-
ported u the post left at ea advanoe of iR. The
supplies continued abundant, and amounted at the
end of February to about 10,000 tons. of which 6,400
tons were already packed. The business in hemp
was limited, but prices ooutioued firm. The favour-
able opinion which prevailed foe linseed had suffered
no diminution by the dull amounts received from
abroad. Oats found buyers at42R. with half cub down.
For rye and barley there was no demand.

I;
Orios 'D.._ ELT_
oLoLies.)llp.CL rraL
Opeatise
10 Deals. Pot O p.0L...
6011 166.d0. 121.. Nollo. 1
1
60 130. N. 01 I. 0 pet a..
60 De. de. I par Oast

II If
f If
If f pa.
it:

64 4$
4 f pa

FLUS;aI
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IS D•. sirs D. awl C. .tiNt..
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13 lasi „
13 Do. Now
es Do. shy
13 Zest Unsolasidre
10 Dueturgli sod Gleriew.
N &mew. isev4 h Danl.
11s. DMus ind .
114 Glossfter Deis Torte
11 rat MIN=
14 De.rss.L.Da.rnd
Do. West .
IS., Do, XS 0125ard....
10 Ot. Onsi.ssi Wa4
1! Dwlo.loB . .
00 Drool mini se
is Ds. Now. /140
10 Do. Saw, IS
18 Ds. Sow, „
00 Orsit yesluss

DUBLIN STOCEIL—Maas U.
3 prr Oral. Oressis
Sipa Oist. Mask ha wen
DIM kr apathy M
Bask lel POI
liar per Ct. Ballastollia Dab. (Om isaarity, YU Oa Id ) Ut
loyal leak (IN. paid) llpadv
itatkesi Ark ta los. pia/ Ali
Willa aril Livaprial lit. Ship Build*: 0re.... (30). paid] 41
Ma* Omeasay at bald (7l. paid) 3
Dublin sad Dogsleds Rail.
Great esetliers aM Wawa
MAW Gt. Wawa aid El. Canal Company

THIS DAY.

Two (Mums.
The English stock market is very quiet to-day, but
the tone is firm, and priors are generally better than
yesterday. Consols opened at the improved price of
951 for moneT, and 95f to 1, for account, and no
variation has since occurred beyond an improvement
to the present quotation, which is 95f to 1f for cash,
and 1 higher for time. The Three per Cent. Annuities,
1726, have been dealt in at 95g.
Exchequer Bills maintain their recent advance in
value ; they have been transacted in all sizes at 655.
and 62.. premium. Bank stock has improved to 210
for account. South Sea New Annuities mark 951.
The foreign stock market is firmer in tons., espe-
cially for Mexican and Portuguese securities. Money
has been rather in demand for the settlement
of the account to-day, which turns out, in most
descriptions, to be " bullish." The business transacted,
however, is of a limited charsc'er, the arrangements
for the settling, which so far has progressed malefic-
torily, principally occupying the attention of the
dealers. Danish New Scrip marks 3 prem. Mex-
ican, 291. The dealings include : Brazilian,
at 891; Equador, at 3Z; Danish New Scrip,
at 3 prem. Dutch Four per Cent. Certificates, at
861. Mexican, at 29: and 1. Peruvian Four per
Cents., at 721. Portuguese Converted, at 31f, 32,
and 311. Russian Scrip, at 11 prem. Spanish Five
per Cents. Active, at 161.

De. ions
De. -
Do.ll/sw, elf
airl Selby...
Da 2fl.i
Leassalar mad QOM ..
Lamaskin ad Yerkiblre
Do. Iwo

Boon after twelve o'clock yesterday, the time appointed
for the meeting, the chairman of the company (G Leeman,
Seq.) entered the room, and stated to the shareholders that
at that moment a meeting was being held between the di-
rectors and several gentlemen from various towns, and that
they were endeavouring to effect a negotiation of some of
the matters which were to form the subject of discussion
that day. He therefore suggested that the meeting of the
proprietors be postponed until one o'clock; and, on the
question of postponement being put, it was carried.

b";:iik7 7.

Ww7gaire tat I
Do.Hadderelleklkahelti

MI Doo, Rostßiding U.
N pods sod BM ford— ..
N Loeb Nd TWA
84 Do. Prot. Vost ifo.l
10 Do. N 0.2
• Do. Do. N 0.9
9 D 049.9999 ISO
111 Leedom and SlNtwall
1..9, Loa. Mem" &
.I.oosio

At one o clean, Mr. Lomax again took the chair, and
commenced the business of the day by calling npm the
secretary to read the notice of meeting. This having been
done, and Mr. O'Brien, the ne♦ secretary, having been in-
troduced to the shareholders,

100 Nave sae: p.et:
9 De .199
c.
MWIIO..
10 De.P071.17;
10 1:16.04•19=99
llt Larks mg
9:1 Pinhems
IforlibMistern
19 Da. de. Nov lot t.
12 D►p9Vo
Dealor,trimil.(ei
10 Lemke UR..tr.

The CHAIRMAN said, in introducing the special mat-
ters for discussion, he must claim from them their candid and
uninterrupted attention whilst betook a review of the general
position of the company, and the relative position of its several
chases of shareholders. He then observed upon the extent
of its railways, and the obligation tinier which the com-
pany was placed, in having to complete the purchase of the
Great North of England Railway at a pries of three and a
half millions. He narrated the circumstances under which
the Great North of England shares were crested in 1846,
and the occurrences which had since transpired. After
1847, in oonsequesoe of the glans which prevai:ed in the
money market, no call was mad* beyond the 81. purchase,
which vapid prior te that date, on the Great North of
England shares, and he had yet to learn that any share-
holder had found fault with the directors for not:making fur-
ther calls. The shareholders in August last agreed to the
arrangement which now existed, for postponing till 1856 the
completion of the Great North of England purchase ; and
not a word of objection was made by any Great North of
England shareholder to this arrangement. Yet now they
had those who sloght for a bounty for their concurrence in
that alteration of the original terms, which were for their
advantage. He showed that Mr. Douglas, who first moved
in this matter, bought Great North of England shares
for the first time in February last, to the extent of 200
shares, and from that time had been sowing the
seeds of dissension. This Mr. Douglas had been
on the Stock Exchange and he had a perfect right to buy
these shares at their depressed price ; but, with these facts
before the shareholders, what would they thine of the
patriotism of Mr. Douglas, and of thole who were acting in
oo•opeation with him ? Another gerr-lemen who had taken
an active part in this movement was Mr. Holton, who bad
becomes a bolder since November, and had at different times
bought 696 Great North of England shares since that
month. The chairman contended that in strict fairness the
Great North of England shareholders bad no right to have
guaranteed 41. per share on the 171 yet to be called ; still the
directors, in their desire to meet them liberally, had recom.
mended the old stockholder to make that concession, and
further the directors were not prepared to go. They had
had a conference with certain Great North of England
shareholders that day, at which the directors had proposed
with reference to alb that on payment of the 11. call in July
next they would forego the all in January next, the future
calls to be in July, 1852, 11. 51. ; and on the Ist of January,
1853, 11. 6s. This liberal proposal had been rejected
by these gentlemen, and terms proposed which he
should not think fit to mention. The chairman spoke
with great ability and energy, occupying the meeting
upwards of an hour. He concluded by moving a resolu-
tion to the effect that the Great North of England shares be
paid dividend, en the 'l7l. yet unpaid, 4 per cent., on such
proportions as should be called until 1856; the 81. now
paid up to receive dividend, pro rata, with the general
stock of the company.
Mr. KIPLING seconded the resolution.

, D. -7.77
MOM., tie
Let:7.eireePernurt
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De. Cm,
Ds. awry XL
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DIN SW Fri ...
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6'4OLISH YUND6.—Tao DAT.
Rank Stock Shia 3pR 01. OCON. Me... 90 1
3 pa Ct. NAIL Aam. diet PIN Cia INS
3 per OLOas. Y 1..9ry I

- -- --. . . --- --
IPOZZION FUND&
6 per OL
14 per Ot. DArarressitillst VO 1 Orairis Dot .146 17
`mesa Ddamid DM, 3f 1
n pet Cent., LIAM 1
4 pee CL Braun= NIL. 8131 4 we OL Pemba Wt. T 3 i
Dino New.= II Ds. Dilemma 8e...
6 per CL Boasasire 61 reneipme 3O I
Mao Milo 1 3 per 01. am& it 11.4 7
Male Celemb. Ilde.. Ditto Spoil Pas.. 16
Odbanlin tlesolor OIL. 31 1 3 Per CL /I”eldi 114... 31 I
3 Pet Ct. Ankh BOLAN CO Inuo Prigs ilia ..34 i
II gos. Ct Dula 145.. 46 i 3 pee Ct. TIMIONsig Ma. 30 3
4 per OL Doke Cont. OS T VIIIIISINIS Dderrollas..l2 I

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aka
we Do. Oom.B. Os 6p, tr.
SO Do.nrowsiMatioyPre.
414 Midland GrostMost. (In)
14 Do. Now 140

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20 Do. 1.141118011
$ Do. Deana. 14 pm 'Ct.....
1.1 North DM* .. -. ..
iq p.c.- ... ..
D..lora .„ .„ ..
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14 North kallbrdAlre ...
SO , (Ward. were., a Rolm.
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10 I Do. N 0.3

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13 &York. Doo. sod Gook .
BDL aerbikia,O. PO.
Opois.N. rocs. 6 p.
30 WatorlbrdandLlbemy...
bo Wear tram 6 p.CII. goo.
IS Do. do. do. .

Mr. DOUGLAS next addressed the meeting. He Ent
called upon Mr. Close to Mate that be had been • holder
of shares in this tympany long prior to February last. lie
then showed that what he sought to attain was, that the
Great North of England shareholders should pay up
161. 13e. 4d., and that as to the resides the company should
exercise their borrowing powers ,• they still had power to
raise 700,0001. on debenture'. With this sum, and the two-
thirds of the Great North of England shares, they would
raise 3,loo,oool—being within a small amount of the sum
required. He very warmly commented upon the observa-
tions of the chairman, denying that any man could pass,
with Justice, a reflection on his character.
The CHAIRMAN said that the company had no power to
borrow for the pumices suggested by Mr. Douglas.
Mr. DOUGLAS (amidst frequent interruptions)—He
complained that the sills had bee. made when, as he con-
tended, there was no necessity for them, the money not
being required.
Mr. SWANN inquired if they adopted the director's
recommendation, how they would meet the first payment to
the Great North of England Company in 1853?
The CHAIRMAN said that, according to the balance-
sheet, there was on this account 126,0001. in hand ; they
proposed to repay, from the construed in account, the sum of
200,0001. ; the first call, in July alit, would reitie 143,0001. ;
and the second and third all., to which he had referred,
would amount to 837,0001.: this altogether would amount
to 326,6001., being some thousands over the sum required
to make that payment.
Mr. HOLLON next spoke. He vindicated hie character
against any imputation wkiedi the chairman had made, and
he condemned the practice of "showing up " which bad
been resorted to by that (sublime. He complained
of the hardship, under which the Great North of
Ragland shareholders had been placed in not call-
ing up their capital when • 6 per cent. preference
dividend was payable. He also contended that the money
already celled on this stock had been misapplied, and that
the statement of which had been presented, bad, in
his opinion, greatly depreciated the character of their presert
immaculate board. He said that the company would have
the greatest difficulty in obtaining the money for the pur•
chess of the Great North of England Railway, unless fair
and eriu:
citable terms were conceded to the preference holder.
He oh wed to the.proceedinge which the directors had taken,
is at two cells, which had depressed the value of the
shares, and thereby, instead of inducing penis, to hold to
their shares, driving men to abandon their property, and to
rid themselves of the responsibility.
Mr. H. S. THOMPSON, chairman of the York and
North Midland Company, explained, in reference to an ob-
swation from Mr. Hollon, that the preference holder in
that company was very differently situated to the preference
holder in this company. He advised the meeting not to be
deterred by amide, but to do what was right. He looked
tapes the terms reposed by the directors as fair, and would
support them.
Mr. SCOTT, of London, contended that the preference
holders in this company ought to have &guaranteed dividend
of 4 per cent. in perpetuity upon all the capital created by
the preference shares. 110 complained that he s,sd other,
had been refused info:nation as to the I.olditit of the
ditestore, and he did not know that net pretences holders
had any fair representatiodln the Wised.
Mr. WILEY, of Liverpool, rwasamided the adoption of

W, .e... 4
York,e_erwiek

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M Tort red Nee* Waal
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