The Sun.
London, England, 1853-08-22 00:00:00

LEEDS NORTHERN.

The half-yearly meeting of this company was held on
Saturday at Leeds ; Mr. Thomas Constable in the chair.
The CHAIRMAN, in opening the meeting, congratulated
the shareholders upon the improved prospects of the
company during the last half-year, and upon the obtain-
ment within that period of an act for raising further
capital of 300,0001. to complete the undertaking, and to
provide more suitable accommodation at the stations on
the line. Since the Ist of April the amalgamation with
the York, Newcastle, and Berwick and York and North
Midland lines had been in operation, and it was gratify-
ing to know that during that period there had been very
great increase in the traffic receipts, showing the satisfac-
tory results which were to be expected from a friendly
alliance with those companies. Not only would the
revenue derived from the amalgamation be very much
greater than they would have expected it to be, so long
as they worked the line independently, but they would
very materially decrease their working and other ex-
penses, and secure to the shareholders a most satisfactory
augmentation of their net revenue. It was explained by
the report (an abstract of which appeared in The Sun on
Thursday last) that the net receipts left a balance of
nearly 3,0001., which, in consequence of the unfortunate
accidents upon the line last year, would be required for
the accident account. That, however, he was happy to
say, would close their accident account, and he hoped
that at the next half-yearly meeting there would be a
balance for division among the shareholders. (Hear.)
With regard to the act empowering them to raise a capi-
tal of 300,0001., the directors were determined to raise
that amount by loan, as they would obtain the money
more readily in that way than by the creation of fresh
preference shares, which would of course be detrimental
to the interests of the shareholders ; and it was that
feeling which had induced the directors to refrain from
calling up any more of the preference capital. He con-
cluded by moving the adoption of the motion.
Mr. BROWN, a director, seconded the report.
Mr. BRIGHT, of Hull, asked a number of questions in
reference to the sale by the directors of a number of for-
feited original 501. shares.

From the answers of the chairman and secretary it
appeared that the total number of such shares sold during
the last 12 months was 1,425, realising 35,4161., or an
average of 221. 10s. per share, and the secretary further
explained that this 35,416/. was in addition to the amount
of calls paid previously to the forfeiture.
A long and animated discussion took place upon this
subject, in the course of which Mr. Bright, Mr. Far-
side, Mr. Johnson, and Mr. Smith (South Cave) animad-
verted upon the conduct of the directory in reference to
these sales ; but it appearing that they acted under reso-
lutions at two half-yearly meetings the subject dropped.
The report was then carried without opposition.
The meeting was then made special, for the purpose of
considering the Leeds-Northern Railway Act, 1853, and
determining in what manner the 300,0001. authorised by
that act should be raised.

The CHAIRMAN, after congratulating the proprietors
on the concessions made by the preferential shareholders
in permitting this money to be raised by loan or new
shares, and describing the works requisite at various
points to complete the line and the various stations, pro-
posed a resolution to the effect that the company do
borrow on mortgage or bond, for the purposes mentioned
in the act, any sum or sums of money, not exceeding
300,0001. in the whole, which purposes are the liquida-
tion of the company's floating debt, and for providing
stations and the completion of such works as are neces-
sary for the convenience and safety of the public.
Mr. R. JONVETT seconded the motion, which was car-
ried unanimously.
The CHAIRMAN then, in a long speech in explanation
and vindication of the policy of the director, moved a
resolution confirmatory of the amalgamation with the
two York Companies, and pledging the Leeds Northern
proprietors to support the amalgamation bill, and not to
raise before Parliament upon such bill any question hav-
ing reference to division of revenue among the several
classes of the Leeds Northern shareholders ; and to leave
such differences for settlement by a separate bill pro-
moted by the director.
The motion having been seconded,
Mr. JOHNSON moved an amendment, approving the
amalgamation, and pledging the meeting to support an
amalgamation bill, provided such bill contained clauses
for a reference to Mr. Glyn and Mr. Stephenson or any
other gentlemen to be selected by Mr. Glyn and Mr.
Stephenson, and also a clause to determine whether
power should be given to the company to pay oft; upon
specified terms, holders of preference shares.
After a long and somewhat angry discussion, during
which Mr. Johnson, as an original shareholder declared
he would oppose the amalgamation in every possible
way unless the reference was coupled with the amal-
gamation,
and Mr. Crawford, on the part of the prefer-
ence shareholders' committee, protested that they would
never concede the reference, Mr. Watson, of York, sug-
gested a middle course between the two, and after a
conference between the two parties the amendment was
withdrawn and the following substituted :--
"That this meeting approves and confirms the amalga-
mfoarttihonisocfmthpiasnycompany and its undertakings with the
York, Newcastle, and Berwick, and York and North
Mid-
landpledges
itself
Companieself
to
Parliament
heir undeltakings, as the best course
having reference taor urrtsutieleutmlearlganamy
actiirocnumßsiltal,ncaensd, andn
to raise before liaa,ement any question upon such bill, 1
Leeds Northern shareholders
of the revenue accruing ;
under such amalgamation, between the different classes of
to Parliament for a separatede an
legalise
tapplicationher be
fee
rmadeene
reference
to Messrs. Glyn and Stephenson, 4,aurrsuant, to the com-
upnandfersstraensodliuntgiotnhsatofthtehorelsultlht
ooffsuch application,eh'Bsan dwhoneththere
successful or not, shall be final."
The CHAIRMAN, on the part of the directors, expressed

his hearty concurrence in the amendment, and withdrew
the original motion, expressing his pleasure that an
amicable arrangement had been come to, and his convic-
tion that the adoption of this amendment as a substan-
tive resolution would have a most beneficial effect on the
stock of the company.

The motion was then put and carried with only six
dissentients.

A cordial vote of thanks to the chairman terminated
a meeting of five hours' duration.

SHREWSBURY AND BIRMINGHAM.

At a special meeting of the shareholders of this com-
pany, held in Wolverhampton on the 28th of last month
a committee was appointed to inquire into the general
affairs of the company ; and in consequence of the mys-
terious abstraction of leaves from the transfer book, even
after it was sealed up, the company's offices at Wolver-
hampton have been ever since in the care of the police,
and an officer is on duty there day and night, Colonel
Hogg, the chief constable of the borough, locking all up
and sealing the windows from half-past 6 in the even-
ing until nine o'clock the following morning. Assisted
by eminent legal advice and two London actuaries, the
committee continue to prosecute their inquiries, and
discoveries have been already made.
On Wednesday last a bill in Chancery was filed by the
shareholders against certain of the directors, and it
will be heard on Wednesday next before Vice-Chancellor
Wood.

Notice has also been served upon the directors by the
shareholders holding one-twentieth part of the company's
shares, requiring an extraordinary special meeting of the
shareholders to be called forthwith, to confirm the acts
done by the Investigation Committee, appointed by the
resolutions of July 28, and to authorise a general bill in
Chancery to be filed on facts arising out of the investi-
gation of said committee.