The Sun.
London, England, 1849-09-15 00:00:00

LEEDS AND THIRSK.

Yesterday a special meeting of this company was
held at Leeds, " for the purpose of formally confirm-
ing the preference dividend of 6 per cent. on the
capital paid up, on the extension shares." There was
a very small attendance of shareholders. Mr. H. C.
Marshall, chairman of the board of directors, pre-
sided.

The CHAIRMAN said, the only bujiness which the
directors had to bring before the shareholders was the
formal recognition and confirmation of the preference
dividend to the shares of 1843. He then submitted a
resolution to the effect
" That inasmuch as the preferential dividend of 61.
per cent. per annum on the extension shares had been
confirmed by their Act of Parliament passed in 1849,
the nominal amount of the said shares shall be 201.
each, and a dividend on that sum at the rate of 61. per
cent. per annum shall be paid from the 9th of July,
1849, such dividend to be paid on these shares half-
yearly in preference to all other shares in the company
(except only the preference quarter shares), on such day
as the directors shall from time to time appoint."
Tbat amounted simply to paying six per cent. upon
the paid-up portion of the shares. The necessity for
the present meeting arose from some question at the
last half-yearly meeting of the company as to the
Acts of Parliament and the previous resolutions of
the company being sufficient, and as to the compe-
tency of that meeting to constitute these under the
Act of Parliament preference shares. This resolution,
therefore, was merely carrying cut what was the de-
cision of the company at several previous meetings.
He begged to move the adoption of the resolution.
Mr. SMITHIES, of Knaresborougb, thought that, in
consequence of the great quantity of preference stock,
they ought to adopt some measure in order to protect
the holders of the old :stock. The holders of the
original shares would be seriously injured by grant-
ing those preference dividends. He wished the
holders of the 20/. shares of 1848 to have their money
without any loss, and he thought they would be satis-
fied with receiving 6 per cent., with power to the
company to redeem the shares at par. They were
now liable to pay the calls upon those shares without
any preference at all, and he thought it would be
treating them handsomely to give them six per cent.
and to redeem the shares on the terms he had men-
tioned. He begged to move, as an amendment, " that
the shares be redeemable at a future time at par."
Mr. J. Jacxsori, of Harrowgate, seconded the
amendment.

The CHAIRMAN said at the last half-yearly meet-
ing it was held, and it appeared to him rightly held,
that the shares were preference. The present meeting
was held simply for the purpose of formally confirm-
ing' what the company had already determined upon,
and it would not be right, it seemed to him, to enter'
now upon the consideration of the conditions on
which those shares were held. The holders of these
shares had no notice of a meeting to be held for such
a purpose, and, if the amendment was pressed, he did
not see any course but to adjourn the meeting and
to call another meeting, in order to take into consi-
deration the proposition now made.
Mr. SMITHIES did not wish to do anything which
was unhandsome to any one, but he thought they
ought to pay some respect to the circumstance of the
original shareholders. it appeared to him that the
shares were not preference at all at present, and that
the amendment he had proposed was quite in unison
with the objects of the present meeting.
The CHAIRMAN said, the directors held at the last
meeting, and they held now—at least he did—that
the shares were preference—(llear, hear)—and, if
this meeting were to determine that they were not
preference, he believed that the right to the prefe-
rence could be enforced against the company.—
(Hear, hear.) Clearly, there was no stipulation
hitherto made by the company that the shares should
be redeemable at par.
Mr. SMITHIES did not wish to be in any way fac-
tious, and would withdraw the amendment.

Several shareholders expressed their opinion that
Mr. Smithies had taken the proper course in with-
drawing his proposition, and
Mr. J. GOTT seconded the original resolution, ob-
serving that he entirely agreed with what the chair-
man had said upon it.
The CITAIRMAN then put the resolution, and it was
carried unanimously.
The proceedings here terminated.

SOUTH STAFFORDSHIRE.
The half-yearly meeting of this company was held
at Walaall on Tursday ; Mr. C. S. Forster occupied
the chair.

The report stated, on that part of the line between
Great Bridge and Bescot, the contractors are carrying
on the works with the greatest possible dispatch ; and
they have every reason to expect, should the weather
continue favourable, that the portion of the railway
between Dudley and Bescot, which completes the,
main line, will be open for traffic early in November
next. The directors are desirous to correct an erro-
neous impression that the whole of this company's
line of railway has been open for general traffic, in-
stead of 1 miles of line, which was the only portion
opened, and that for passengers merely (between the
towns of Walsall and Birmingham), until the month
of April last. This small length of line was worked
by the London and North-Western Company, in
conjunction with eight miles of their own line,
under an arrangement by which the last-named
company received (beyond their working ex-
penses) a mileage proportion of the net profit. This
arrangement terminated in the month of May last,
from which date a further section of this company's
line, namely, from Walsall to the Alrewas junction
of the Midland Railway (about 17 miles in length)
was brought into work for passengers and parcels.
The directors have resolved to decline the publication
of any traffic statement until the whole line has been 4