The Sun.
London, England, 1849-12-07 00:00:00

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VI

SUN OFFICE', Scven o'clock.

DERBYSHIRE, STAFFORDSHIRE,
AND WORCESTERSHIRE JUNCTION RAIL•
WAY COMPANY.—(THIS DAY.)
The usual half-yearly general meeting of the share-
holders in the above company was hold today at the
Company's Offices, in Guildhall-chambers; Mr. Mee
Mathew, Chairman of the Beard of Directors, in the
chair.

The report of the directors stated that—

" In consequence of the required number of share-
holders by themselves and proxies not attending at the
last half-yearly meeting in June, the report then pre-
pared by the directors became unavailable, and it there-
fore becomes their duty to embody the whole of the
transactione during the current year in their present
report.
"The half-yearly balance-sheet up to 22d May last
was duly forwarded to each shareholder, and the balance-
sheet for the present year, ending 23d November, has
also been sent, from which it will be seen that a dimi-
nution has been effected in the debts and claims on the
company during the present year; in fact, the closest
attention of the board has been devoted to this impor-
tant object ever since their appointment,
" The directors have been indefatigable in their ex-
ertions to obtain payment of the call of 1/. per share,
and have applied the moneys so received in the liquida-
tion of those debts and just claims, the whole of which
were incurred in and about the affairs of the company
previously to the appointment of the present board, but
it will be peen from the printed balance-p.heet that a large
sum is still unpaid in respect of such call.
" The board have been most reluctantly compelled
to commence several actions for the recovery of the call,
and in some instances the parties have gone to trial and
resorted to every delay and expense which the forms of
law allowed, to defeat the claims; but in each case these
attempts have been frustrated, and the judges at nisi
print; and in banco have declared that the call was
properly and legally made, and must be enforced.
However, in some instances, the defendants have
subsequently, and almost instantly after the final
decision, become bankrupt or insolvent, and one of
them, Francis Deflinne, of Manchester, is now incur-
ring the penalty of his vexatious oppositon by the re-
fueal of his certificate for twelve months; and another,
Ilenry Tomlinson, of Ashbourne, has suffered impri-
sonment for a like vexatious defence to the action
against him; and he was only released from incarcera-
tion by the clemency of the board, who accepted a sum of
money by way of compromise.
" Since the last meeting the action brought by Mr.
Jeremiah Smith, solicitor, of Rugeley, against one of the
late directors for his claim of 2,8001., has been tried, and
a verdict given in favour of the defendant ; and the
other action commenced by Mr. Smith against the com-
pany for the same claim has been abandoned with costs,
and Smith has since become bankrupt.
" The bill in Chancery, filed against the company,
by Mr. J. A. J. Macgregor, solicitor, for his bill of
costs for alleged professional services, amounting to
2,1161., has been dismissed with costa, the taxation of
sueh bill has been referred to the Master under the ordi-
nary process, and is now nearly completed; and the
directors have the satisfaction of stating that the anti-
cipated balance, after the sot ono be made of the
moneys paid to Mr. Macgregor, and of the costs in-
curred by the board, which he has been directed to pay,
will be very inconsiderable, if any.
The action brought by Mr. Serrell, for 420/., (the
amount of the cheque taken by Mr. Daniel Turton
Johnson, of Aldermary Churchyard, Cheapside, late
director), has been tried and now stands for final deci-
sion, upon a special case to be argued before the Judges
of the Court of Common Pleas. The directors (under
legal advice) feel the greatest confidence in the result.
" Tho taxation of the various Parliamentary bilis of
Mr. Bainbrigge is still in progress; and such are the
reductions which have been already made from the
amounts charged, that the directors do not anticipate
any addition to the liabilities of the company from this
source. It is conjectured that the taxation of these
bale of costs will be completed very speedily.
" The beard have to the utmost of their power been
anxious b Cdminis'n the expenses of management, and
with this view the offices have been removed from Corn-
hill to this place, and the services of the clerk have been
dispensed with, by which a considerable annual saving
has been eff,cted, the sole expenses of the company now
being—Rent, cleaning., &c., 471. 55.; secretary, 2001.;
boy, 131.—making a reduction of expenditure to the
amount of 148/. 17s. per annum.
" Previously to the last half-yearly meeting in Juno
vacancies occurred in the direction by the retirement of
Humphrey Brown, Esq., and Mr. Weston, and
there are two further vacancies occasioned by the
operation of the Act of Parliament, as Mr. Rowland
Gardiner Alston and Mr. Harris go out by rotation, and
are eligible for re-election. Mr. Hampton and Mr.
Fearon, the auditors, have also resigned their appoint-
ment.

"The board as;ure the shareholders of their =e-
mitted exertions to carry out fully what has been so
satisfactorily begun, and they confidently hope that at
the next half-yearly meeting they may bo in circum-
stances to render the Act of incorporation profitable to
those who may continue to hold shares in this small but
important undertaking."
The CHAIRMAN, in moving the adoption of the re-
port, took the opportunity of eulogising the exertions
of Mr. Harris, one of the directors, in procuring a
reduction of the liabilities of the company.
Mr. ALSTON (a director) seconded the motion for
the adoption of the report, and recommended the
shareholders not to place blind confidence in the
hoard of directors, but to sift and_ examine the affairs
of the company for themselves.

Mr. ILsimtis thanked the board for the good
opinion they had expressed of him, and gave it as
his opinion that the result of the taxation of the
lawyer's bill would be an order upon Mr. Bainbridge
to refund some of the money he had received from
this company.
In answer to questions,
Mr. Haul's stated that the first object the direc-
tors had in view was to clear off the debts of the
company, which he hoped would be accomplished
before the next meeting, and then they would be in a
position to sell their line, if they could do so, either
to the North or the South Staffordshire Company. It
should be remembered that some time ago the North
Staffordshire applied to Parliament for a branch to
connect their line with the Trent Valley. That
application was rejected, but if the North Stafford-
shire Company really wanted that branch they might
take up this project, which, to them, would be worth
20,000/., in so far as it would attain the end of their
own branch, namely, connect them with the Trent
Valley.

Th; motion for the adoption of the report was then
agreed to.

—ln reply to another question,
The CIIATUMAN stated that there were 11,400 shares
in the hands of the public.
The retiring directors were then re-elected.
Thenk3 were then voted to the Chairman, and the
meeting adjourned for three months.