The Sun.
London, England, 1849-02-24 00:00:00

S Pig FEBRUARY 24, 1849.

north of York. They could not now shut their eyes to
the fact that the Great Northern would be exe-
cuted, for the present state of the money mar-
ket would assist them greatly. When that line was
formed, and taking the other sources of revenue into
consideration, he hoped this company would regain its
former position. It had been quoted against him (and
it only showed that chairmen should talk as little as pos•
sible, and if he had his time to come over again he would
say less and try to do more with his hands and his head)
—it had been urged against him that he had said that
the dividends of this company might fall one or two per
cent., but that they would regain their position. He
admitted that be had said so, and he thought so still, if
they had not had to contend against such extraordinary
times as they had witnessed lately. He would ask if
any gentleman ever thought of the amount of money
that had been expended to feed the Irish—had they
ever thought of the continental revolutions, which no
doubt had abstracted largely from the traffic of this
company—and further, had any gentleman ever thought
of the operation of Sir Robert Peel's Currency Bill P
That might be a right or a wrong Bill—he would not
give his opinion on that question—but this he
would say, that it had caused a paralyzation in
the country, which bad been productive of such
distressing circumstances as no one had contemplated.
These were his apologies or reasons for saying that he
certainly did hold out a sanguine view, and still enter-
tained a sanguine view of the final results of this rail-
way, especially when he recollected how cheap it could
be worked. The directors had carefully gone into every
item of the expenditure, and he believed that a con-
siderably less sum than the estimate of October last
would be sufficient. Upon that matter they ought to
have some practical knowledge, seeing that they had
had ten years' experience. In making estimates of
traffic every person was liable to be at sea, but on the
question of management they ought to give precisely
their working expenses; and he felt strongly that they
would not come up to the sum named in the October
statement. It was impossible to control passenger traffic.
Some portion of their passenger traffic had been ab-
stracted by the opening of the Lincolnshire lines, but
when the Great Northern ran into their lines at Norman-
ton or Knottingley, then the traffic would return, as that
would be the best route to London from Hull and that
district of the country; parties would then no longer
cross the water as they did at present. There was
another advantage this company would derive from the
Great Northern, whether its shareholders did or not—
that was, the Great Northern had got a low tariff, which
would bring the Scotch traffic by that route. As to the
falling off in the goods' traffic be was sure they would
all feel that that was amply accounted for by the dis-
turbed state of the continent, and the consequent small
exportation of goods which had taken place. They had
got the assistance of Mr. Clark, who knew the trade of
the district better than any other man, and by his ex-
ertions and the diligent attention of the directors to the
whole question, he anticipated a large accession to the
merchandise traffic, and if they secured that, an increase
of passenger traffic would soon follow. An improve-
ment in trade generally took place in London first. So
now the traffic on the London and Birmingham was in-
creasing, and they would see that soon there would be
a considerable increase in the traffic on the York and
North Midland. We do not feel depression so quickly
as it is felt in the south, nor do we feel prosperity
so early as they do. He bad been very anxi-
ously looking into every department, trying to put
things right where they might be wrong; and in
going to the question as to the working stock of the
company, he found that it was lower in amount than
that of any other company, the cost being only 1,779/.
per mile; 3,0001. being considered a medium sum. There
were some things which were still required; and when
the stock was completed, which he hoped it would be
soon, then the capital account would be closed. So sick
and tired was he of the thing, and so difficult had he
found the negotiation with parties about land and every-
thing else, that he would not care if he never had ano-
ther
landowner to deal with, nor another railway to
construct. He hoped that the time was now arriving
when they would be able to effect a considerable saving
in the purchase of land. Men must now be prepared not
to exult the prices which they did two years ago; and
there was some evidence of this in the fact, that certain
landowners on the Newcastle and Berwick line had not
positively offered the land for nothing, but given intima-
tion almost tantamount to that. The cost of land on
the York and North Midland was 2,2001. a mile; on
the Midland 6,0001.; and on the London and Bir-
mingham' upwards of 8,0001. The directors had
done all they could, and if people got poor
and could not travel, they could not kelp
them further than by offering such inducements as were
within their reach. A legislative measure (the abolition
of the corn-laws) had just come into operation—a mea-
sure of great interest to the farmers. If a temporory
depression took place in that interest, it would affect this
line. If the farmer could not sell his • corn, he could
travel; but nothing else, as matters stood at present,
could affect the prosperity of this line. The Leeds and
Thirsk might injure their property in a slight degree,
but there was no new line to open which could interfere
at all with them. The increase in the number of pas
sengers had been 5,000, and if they had realised 120,0001.
instead of 100,0001. from merchandise, they might have
declared a dividend of eight per cent., and still have had
a surplus; but the directors thought it more courageous
to meet the shareholders with a reduced dividend for a
certain time, relying, as they did, for renewed activity
in trade to increase that dividend. There had been
a decrease in first-class passengers of 15,243 ; in
second-class, a decrease of 61,871; in third class, an
increase of 52,478; and in Government passengers, an
increase of 32,911. Now the Government trains were
exacted from railway companies as a boon to the poor;
and, at a compensation for that boon, railway companies
were to recivo some relief in the way of rating. The
fact was they had received no relief, whilst Government
passengers had largely increased, and there were many
persons who travelled at these low rates who could well
afford to travel otherwise, and who thus deprived the
company of that fair remuneration which they ought to
have. Railway companies had submitted to this Govern-
ment measure, which was intended for the poor, but with
the understanding that as to their being rated they should
not be left to the mercy of a board of magistrates at quar-
ter sessions, who, having determined what railway com-
panies should pay to the county rate, were also vested
with the power of fixing the assessment upon them for
the poor's-rate. These tribunals were very inconve-
nient ones, en account of the numerous and intricate
accounts which had to be gone into. This had
been felt recently at Rugby, where the magistrates,
seeing the difficulty, begged them to compromise,
as it was quite impossible to go through the awful
list of accounts presented before them. It was not right
that their interests and rights should be placed in such
jeopardy, and, therefore, before the meeting closed, he
should ask them to adopt a petition, calling upon Parlia-
ment to pass a measure of relief, so as to place railway
companies in a less equivocal position and to settle the
disputed questions on some defined principle. On some
of the lines he was connected with they had to pay for
every acre of land 12/. per annum in rates. This was
not a general good, it was only a local good, as it
affected only the parish through which the railway ran.
It was only a partial good, and he hoped the share-
holders would unite with the directors, in petitioning
Parliament for an alteration in the law bearing on this
question. He then moved that the report be received
and adopted, and circulated among the proprietors, and
Asked for the show of hands immediately.
The resolution was carried immediately, but without
any audible expression of feeling as on former occasions.
The CZAIRMAN then moved the dividend resolution,
declaring it payable on the Ist of March next.
Carried.
The next motion was for the consolidation of the East
and West-Riding shares, from and after the Ist of May
next, which was also adopted.
The direotora who retired by rotation were Mr. Dods-
worth and Mr. Barstow. Mr. Dodsworth was re-
elected, but Mr. N. Plows, of Darlington, was elected in
the room of Mr. Barstow, who had withdrawn himself
from the direction.
The CHAIRMAN, in answer to questions from several
shareholders, said that the directors would probably
pay off the whole of the Hull and Selby purchase shares,
if they could borrow money when they wanted it at
three per cent.; but he would not pledge himself to any
course at present. The preference shares, he would
observe, would be made 25/. shares, as originally pro-
posed, contingent on the purchase of the Hull and Selby
The seal of the company was then fixed to the petition
above alluded to, and the meeting was made special to
consider the draft of a Bill intended to be applied for in
the present session, to enable the company to deviate
their railways between Market Weighton and Beverley,
and Copmanthorpe and Beverley.
The CHAIRMAN said the route to Hull by the former
deviation would be reduced to 38 miles, and he thought
it desirable to have this deviation, there being a proba-
bility that the consequent connexion with Driffield would
make this a profitable line; and as regarded the other
deviation from Copmanthorpe to Tadoastor, it would
effect a saving of about 20,0001.
The resolution on this subject was agreed to, and the
business of the meeting was closed.

[PRICE OD.

this dividend and the half-year's rent of the Great North
of England and Hartlepool Railways, a surplus of
59,777 Z 9s. 6d. will remain to the credit of the company.
" Within the last few days the directors bare had
offers of loans to a very large amount, at 44 per cent.
interest, and there is a prospect that before long money
may be attained at a still lower rate. Should this prove
to be the ease a material saving will be effected in the
item of interest upon borrowed capital, and no further
calls will be made during the present year.
" Since the last half-yearly meeting temporary bridges
over the Tyne and Tweed have been constructed, and a
continuous line of railway opened for traffic; the whole
of the works in connexion with the Tyre liridge are ex-
pected to be completed by the Ist of August next; and
although the bridge at Berwick is not in so forward a
state as could have been desired, yet there are no diffi-
culties to cause any serious delay. As the temporary
bridges were not ready until three months after the
time it was computed they would be when the terms of
amalgamation were agreed upon between the York and
Newcastle and Newcastle and Berwick Companies,
thereby causing an additional expense in working, and
also a loss of traffic during that period, the directors have
thought it right to charge capital with five per cent. of
the dividend for three months on the additional 5/. per
share of the original Newcastle, and Berwick shares,
coming in for dividend last half-year, and revenue
with the remainder on the same amount for the like
period.
" The Alnwick,Barkworth,'and Washington branches
are in the course of construction; as likewise the line
from Berwick to Kelso, a distance of twenty-one and
three-quarter miles, which the directors have no doubt
will be completed on the Ist of May next. The stations
and cottages on this branch have been let. The directors
have let the construction of the docks of Jarrow Slake,
in the river Tyne, to an able and efficient contractor, at
a sum considerably below the engineer's estimate. The
works are to be completed on the Ist of August, 1850.
" The directors have also advertised for tenders for
the execution of the works on the Auckland and Pen-
sher branches, the completion of which will form a
direct communication for the coal from the Auckland
district to the Sunderland and Tyne Docks. The works
will be let to be complete on the Ist of July, 1850. '
" The directors will submit for your approval the
drafts of the three Bills proposed to be applied for in
the present session of Parliament, viz.:—
" A Bill for enabling the Newcastle-upon-Tyne and
Carlisle Railway Company to lease their railway and
works to the York, Newcastle, and Berwick Railway
Company.
"A Bill for enabling the Maryport and Carlisle
.Railway Company to lease their railway and works to the
York, Newcastle, and Berwick Railway Company.
" A Bill for enabling the York, Newcastle, and Ber-
wick Railway Company to make certain branches in the
counties of Northumberland and Newcastle upon 'Tyne,
,and for other purposes. The branches referred to are,
lone at Barmoor, about five miles in length, which will
cost about 6,0001. per mile ; a short branch to Aln-
mouth ; and alteration of the branch to the quay of
Newcastle ; and in this Bill powers will be inserted for
an extension of time for making the Thirak and Melton,
and Blyth branches, &c.
" The directors are glad to find that the York and
North Midland Company are taking steps for the im-
mediate construction of their branch line from Burton
Salmon to Knottingley, which will form a junction there
with the trunk line of the Great Northern (late London
and York) Railway. The directors look forward to the
opening of that line as a certain means of securing the
through traffic between London and Edinburgh to the
East Coast lines, which cannot fail to benefit this com-
pany most materially.
" A resolution will be submitted to authorise the con-
solidation into stock of the original Newcastle and Ber-
wick, and North Shields purchase shares, on which the
full amount per share is paid, and which, from the let of
January last are entitled to full dividend. The only ob-
ject of this is to simplify the share accounts, by bringing
all entitled to the same privileges under the same deno-
mination.

"The directors beg most strongly to urge upon the
proprietors the necessity of their using all influence with
their Parliamentary representatives, to give their sup-
port to the measure which will be brought before Par-
liament, daring this session, to adopt a just principle on
which railway property should be rated for local taxes.
"The following directors go out by rotation, viz.,
James Richardson, Esq., and Charles Tee, Esq., who
offer themselves for re-election. Thomas Barstow, Esq.,
one of the auditors, retires by rotation, and offers himself
for re-election.

" The directors add the following details of traffic for
the last half-year, viz.;—

PASSENGERS. i TONS.
First. class
Second -class .... . 582,579 Limo
Third-class
Government .... . 88,973 Coal
Horses
Carriages
Dogs
. _

The CiteatimAN said the resolution which he had the
honour first to submit was, that the report be received
and adopted, and circulated among the shareholders ;
and ho had- to announce to them in the outset, that after
the most careful consideration which the directors could
give to one of the questions which they had given notice
of, they felt that at the present time it was not expedient
to submit the question—he alluded to the leasing of
the Newcastle and Carlisle, and the Maryport and
Carlisle Railways.—(Hear, hear.) He assured them
that when they found that even a minority—a con-
siderable minority—were opposed to their views, the
directors were the last men in the world to divide a
great company like this.—(Great applause.) But he
reminded them that when they entered into these negoti-
ations for leasing, there was not that strong aversion to
the course which had now taken possession of the minds
of the people. He did not say that that was a wrong
impression, because he thought that all fixed engage-
ments were desirable to be avoided, and that they ought
only to be undertaken from the necessity of the case.
At that time they were not the parties who first entered
into negotiation with the Newcastle and Carlisle Com-
pany; other parties had attempted to negotiate for that
line, and that, too, for a purpose easy to be conceived,
viz., to get into the town of Newcastle, and to interfere
with the traffic of this company.—(l-lear, hear.) Look•
ing into the question most fully, and carefully going over
the expenses of the Carlisle line, and knowing its capa-
bilities and its productiveness, ho did enter into an ar-
rangement with the directors f that line to take a lease
of it; but he would be the last man to ask the York,
Newcastle, and Berwick shareholders to relieve him from
an obligation which he should not have entered into
unless he had been convinced it was a perfectly safe
engagement. Therefore he did not complain at all that
that arrangement fell through. The shareholders would
thus have a longer time to consider whether they
would enter into that arrangement or not, and he
thought it possible by negotiation with the parties
to bring forward hereafter a scheme which would
perhaps be less objectionable to the shareholders
of this company, and perhaps equally satisfactory to
the directors of the Newcastle and Carlisle Company.
From the communication which the directors had held
with the shareholders on this subject, they had derived a
large amount of information, most of which (with a little
exception) had been couched in kind and courteous lan-
guage; and the directors were always ready, and indeed
anxious, to listen with the same courtesy and attention
which had actuated the generality of the proprietors, in
the suggestions they had thrown out to them. And after
the strong expression of opinion they had received, the
directors felt that they would .not be worthy the good
opinion the shareholders had always entertained towards
them, if they attempted to press this matter further at
present.—(Hear, hear.) With regard to the traffic on
the York, Newcastle, and Berwick line, he had little
to add to the remarks which he bad made at the
York and North Midland meeting, which in
some measure were applicable to this under-
taking. He might, however, observe, that the
district of country through which this line
passed had perhaps been more distressed than any
other district of country in the kingdom. The failure of
the banks had impoverished the people, and prevented
them from travelling; and therefore the traffic of this
line had been materially injured. He hoped, however,
to see the returning prosperity of Lancashire and York-
shire flow into the district to which ho referred, and
then they would not have again to lament a loss of
26,0001. in their passenger traffic. Many imagine that
this loss was on the through traffic. True there was
some 7,0001. or 8,0001. deficiency on the through traffic,
but the remainder of the decrease arose out of the local
traffic from station to station. He believed they had all
felt the pressure of the times, and that consequently there
were not those means of giving those enjoyments to
their families which they used to have in travelling xt..-
cursions. The fact was that men got regularly
pedgthe
ened after the squeeze in October,
depression had now passed away,
they were on that
would
never again be driven into a corner,
be expected
occasion. Before they
that the Kelso branch
considerable accession
a syn.:llld I"be opened, and
this would give them
of traffic. Also during the nett 11111°Ibeuttthabte they
year those great un-
dertakings—the bridges over the Tyne and Tweed—will
be completed, when they
will have a free traffic and run
with perfect safety over the town of Newcastle. The
want of this up to the present time was one of the dis-
advantages under
which they bad had to labour; the
mere cost of carting
coke from station to statical had,
during the six months, cost them 1131. a month, and that
expenditure would now be dune away with. The ques-
tion of expenditure was one that was within their can-
trol. They might occasionally be able to devise a plan
to reduce expenditure; but they could not always com-
mand traffic. With regard to their expenditure, one
material item was greatly in their favour, viz., that of
coke, which cost them from Gs. to 9e. per ton, whilst
London and Birmingham had to pay 235. or 245. per
ton. Therefore lines could always be worked here
cheaper than in the south. Ho had examined
the affairs of the company in every way, and
he was satisfied that they had got an efficient
line for the capital which bad be,n provided.
He hoped they would give the directors some
credit for an anxious wish to afford them a fair state-
ment of their position in the document submitted to the
shareholders in October. But they could not deal posi-
tively with traffic. It was a fluctuating item; and he
A believed that Oil this 40 it IT9tild PXOO§l to Oil extent

of which Goma gentlemen are not at all aw 211•0—(Ap•
plause.) If their docks were ready for the thipment of
coal they would be enabled to realise a vast iaorease in
this department alone. A handle had been m ads rather
--unfairly to himself, as te the North British Company,
and if they would give him a few moments of their at*
tention, he thought he could explain that matter in a
way that would exempt him from anything like an at.
tempt to involve them in an imprudent bargain. He
had been urged, re-urged, and pressed in all directions
to make arrangements with the North British. The
London and North-Western, it was said, were not COD•
tent with their position, and were anxious to increase
their safety by getting hold of this line. There•
upon he had an interview with Mr. Glyn, and be stir.
gested to that gentleman that this was neutral ground,
and that neither of them should take this link
That gentleman assented, and then he (Mr. Hudson)
felt himself safe. But other parties thought differently.
and he felt obliged to psy attention to the representa-
tions that were made to him. Be never bad an inter-
view with the directors of the North British himself, but
in all his negotiations he had made this proviso—that he
should not be bound for a longer period than three years.
They told him their traffic was so and so; and his reply
was that he did not believe it. Nevertheless he would
try it for three years, and if it then turned out to be Un-
profitable he would give it up. Was there anything very
improvident in that proposition, considering the period
at which it was made?—(Hear, hear.) And again, to
show that he bad no great opinion of the North British at
that time, he might mention that the York and New- ,
castle Company were considerable subscribers, and he
sold out and divided 30,0004 surplus profit among the
shareholders in the shape of dividend.—(Hear.) ge also
at that time proposed that they should not construct
any branches without the sanction of this board, and in-
deed he altogether guarded, as clear as he could. con-
sidering the excitement which then prevailed. Peopie
were wild at that time, and it was not to be wondered at
if directors did catch a little of the disorder from the
proprietors. (Laughter.) Shareholders would not
allow their directors to stand still; and, therefore, hs
did consider it hard and unfair to quote a matter of
this sort against a public man, as an instance of impro-
vidence and want of caution.—(Hear, hear.) The North
British Company were at that time projecting a has to
Carlisle, and for that and other reasons it was of soma
consequence that the York and Newcastle should have
that line, but the inducement was, nevertheless, not
sufficient to warrant the directors in involving this
company in so serious a risk, and they, therefore.
abandoned the idea. Not long ago he- had had a fur-
titer communication with the directors of the North
British Company. He then had the only interview
which had taken place between them, and having
heard their statement ho told them he would make
' them no offer. for having gone through the ordeal of ,
October, 1847, he certainly did not feel anxious for
more responsibility than that which then devolved upon
him.—(Hear, hear.) And to show the sound position
this companyiwas in at that precarious period, he might
mention to its honour, that it then paid back to the
Bank of England the sum of 170,000/. which it had bor-
rowed on its debentures. But there was another charge
against him respecting the Great North of England -pur-
chase. Why he told them at theftime that that was a bed
bargain—a dear bargain—but they began with it, and
be did not aee4hen how they could get out, nor did he
see the way now. There were the Leeds and Think
and the Great Northern threatening them on the one
hand, and the Stockton and Darlington clashing with
them on the other, and under all the circumstances he

questioned whether they could have done better; but be
that 113 it might, he had never concealed the whole trans•

action from the shareholders, and he must say he thought
it not very creditable on the part of those who had ex-
torted the terms. He was not prepared to say that the
great North of England would not pay its rent. He
believed he could show a very large sum received on
that line. When they took the line the coal traffic

was 80,000 tons, but now it was 500,000, and
would, he had no doubt, go on increasing, for they
would supply the whole of the south, and also Scotland
and Ireland with coke, as no other part of the country
could furnish that article with such perfect means as
they could. But it was no nse reaping up old sorest
and, therefore, without going further into the subject, he
would conclude by assuring the shareholders thatnothing
should be wanting on the part of the directors to secure

the best interests of this company.
Mr. PRANCE, of Loadon, wished to call the attention
of the meeting to a subject which was of vital import•
ance to the interests of this company. The directors
had very properly put into the hands of the shareholders
some days ago a statement of accounts. In those ac-
counts thero was a charge of 747,785 L invested in the
shares of the Great North of England Company. The
1001. shares were stated to lave been purchased at an
average of 2341. 14s. Okd. per share ; the 401. shares, at
941. 6s. 6id.; the 301. shares, at an average of 701. Bs. 3d.;
and the 151. shares, at an average of 341. 19s. 91d., or
211. premiam.—(Hear, hear.)
The CHAIRMAN said there was an error in the last
item—there was an omission of 2,8001. which had been
paid on those shares.
Mr. PRANCE said he held in his hand an extract from
the official list of the London Stock Exchange, which
contained every transaction from October, 1846, to De-
cember, 1848; from which it appeared that the 151.
shares were being sold at an average of 161.155. Now, the
directors might say, and very properly, who could have
foreseen the difficulties they had gone through. It was
true they might not have selected the best mode of pro-
viding for these shares, or the financial position of the
company did not enable them to pay for them when the
opportunity occurred. In the exercise of that " eharity
which beareth all things, and hopeth all things," he
should have been inclined to say that was satisfactory;
but there was about those 151. shares something so
extraordinary as to induce him to ask for further

-
explanation.—(Loud applause.) What was -the
condition of these 151. shares ? They were crested
with a small deposit of 30s. Unlike the larger shares.
they wore not to receive 10 per cent. dividend, but only
son the instalments, which were to be completed to
June, 1849, when they were to receive 10 per cent., and
when they were paid off, the company bad a claim to be
paid off at the rate of 221. 10s. premium. In October or
November, 1846, these shares must have been bought
by this company. Then if 211. per share premium was
given for them, they must add 3i years' interest at 6 per
cent., because they were giving that for money, which
was equal to 255. per share per annum. The years
would represent 41. 13a. 9d. to be added to the cost price,
and that would make 251. 13s. 9d. in July, for which

they were only bound to pay 221. 10s. That was a sub-
ject which required explanation; for who in his senses
would raise money at 6 per cent. to invest it at l per
cent.? This seemed to him irreconcileable. He dis-
claimed all animosity or hostility towards the directors
in bringing this matter forward, which he bad done from
no other motive than a sense of duty.
The CHAIRMAN said he had not the books there, and
could not therefore inform Mr. Prance who was the
seller, as the company had bought a great many lots of
different parties; but if there was any mistake the books
of the company were all open to the shareholders, and
they could examine them as minutely and as fully u
they thought proper. He would tell them candidly at
once that he had 2,600 of those 151. shares; that was all
he had of them; and if ho had disposed of them to the
company at a larger price than he ought to have done,
he should be disposed to do whatever the shareholders
thought would be juit and fair. He had got the esti-
mates of the prices from Mr. Plows, he believed, and
that was all he could say upon the subject.
A SUAREIIOLDER, from Liverpool, thought Mr. Prance
ought to be content with the assurance of the Chairman,
that whatever the average might turn oat to be, he was
agreeable to abide by it. He congratulated the meeting
on the candid manner in which the proposed leases had
been abandoned, at all events for the present, and com-
mended the course adopted by the directors in giving
notice on the subject.—(Partial applause, and general
disapprobation.)
Mr. PRANCE moved the appointment of a committee
of five shareholders to examine into the matters, and to
report to an adjourned meeting.—(Applause.)
Mr. H. N. LOVE seconded the motion.

The CHAIRMAN said he might have got wrong in the
early stage of these share transactions, but if he had
made an error in this instance he had been right in
many others. He had never directed his attention to
this particular transaction; and if he had made an error
he was ready to refund the money. He would take all
the shares back if they liked, and pay all the interest
on them.—(Hear.)
Mr. LOVE said there was no doubt about she price
being excessive.
The CHAIRMAN—Then let it be put right.
A SHAREHOLDER did not esteem the Stock E
life a
onicet
list as anything, for he never bought a share in hise
the price in that list. He wished ho had. for n would
have been beeter off than he was.
Mr . R. Dams"
Mr. Hudson, all thee,
were seven other directors besides
upon the transaction, had they
of Waplington, observed that as there
could have put their veto.
eencigof censure, until the
twhraotnguoinreist.olution
might be
thoAugslilLtilitexrueowrznanbyevtgohit
put in the shape of
Hudson something de-
and ...is" answer
serving of such a vote. Mr. was said to have
holders really understood that there was s-are-
ifshitairreesrea b coed ttie
tmh an rt
he te p
hr iacde ;done
so, he was
willing to refund the money, and after that pledge he
was,sof tthheaste
for one was satisfied.
The CHAIRMAN said if the shareholders wished It, he
hadA not
committee the l eas objectiontwas
then
appointed,to 1%
Prance, Mr. Love, Mr. Denison,llnit:3a:rs(tilliegard Mr.
Shield. Mr. Clayton. and Mr.
Mr. MARTINEAU then directed the attention of the
meeting to another question. It had reference to the
last call on the No. 1 and 2 Extension Shares, which he
contended, according to a statement made by the chair-
man at a previous meeting, ought to receive dividend,
whereas it now appeared it was only to receive interest.
He therefore moved a resolution to this effect—that this
stock should receive dividend in proportion to the capital
paid up.
The motion was seconded, and a confused discussion
ensued, several shareholders speaking whose names we
could not learn.
• . ;
The motion was ultimately withdrawn,
The CHAIRMAN promising that his best attention
should be given to the matter. As far as he was indi-
vidually concerned, the proposed dividend would benefit
him gretely, for he held a larger amount in that stock
than any other. But as chairman of the company, that
consideration should never actuate him.

The report was then received and adopted.
The CHAIRMAN then moved that a dividend be now
declared at the rate of 6 per cent. per annum on the con-
solidated stook of the company; on 201. per share of the
original Newcastle and Berwick shares; on 204 per
share of the North Shields purchase shares; on 151. per
share of the Extension shares, No. 1; and 101. per share
of the Extension No. 2 shares, from the let of July
last and on an additianal 51. of the same au aree, from
, the 25th August last, and at 5 per cent. on the main.
ill 54 per blare of the No=te 41210 Illitei, EMI dit.