The Sun.
London, England, 1848-08-29 00:00:00

TUESDAY

EVENING)L-A:-TIGITST

TT 11

RAILWAY IN LIGENCE.

THAMES HAVEN DUCK AND RAILWAY.

The half -yearly meetitvz of this company was held
yes!cr6ay, at the Guildtnall CoMe- house; Mr. W. Chad-
wick in the chair.

The report stated, that in consequence of the very de-
pressed state of railway property the directors had ab-
stained from making any calls upon the sharehtiders,
and that operations on the works had bean limited to
the excavation required for constructing the tidal dock
as the only means of economising the expenditure. The
accounts to the 30th of June showed that 12,8031. had
been received, and 5,142/. expended, leaving a balance
of 7,6611.

The CHAIRMAN having- moved the adoption of the
report, it was seconded and carried unanimously.
Thanks were voted to the Chairman, and the meeting
separated.

PARIS AND LYONS RAILWAY.
A meeting of the English shareholders was held yes-
terday, at the Loudon Tavern; the Baron de Goldsmid
in the chair.

The CHAIRMAN stated that he had the advertisement
convening the meeting inserted in the newspapers. It
was notorious to them all that an Act had recently been
passed by the French Legislature to buy up their line.
When they embarked their funds originally in this un-
dertaking it was not for the purpose of getting 5 per
cent. as an investment in the French funds, but for the
purpose of carrying out a railway which they believed
to be one of the best lines in France; arid he would not
have embarked his money in it if it had not been repre-
sented to him as a line equal to the London and Bir-
mingham for traffic. He alluded to the recent transac-
tions i❑ France, which had rendered the French share-
holders unable to pay up their calls, and said that the
English proprietors had the means and inclination to
perform their part of the engagement. It would seem as
it the French directors had lost their senses through the
panic fears prevailing in France, when they agreed to
dispose of the property of the company to the Govern-
ment, for he thought it must be evident that at a time
like the present, when the prices of labour and materials
were so depressed, was the best possible period for
carrying on the works. He had proposed at one time to
send a memorial to Lord Palmerston on the subject,
which he would read. (It stated that the English pro-
prietors had entered into the undertaking on the invita-
tion and relying on the faith and honour of the French
Government ; that they had paid up half the amount of
their shares ; and that upwards of 100 miles of their
line was completed or in progress ; that the directors
had sold the undertaking without the consent of the
shareholders, for an amount of rentes equal to only
9-20ths of the amount paid on the shares.) He con-
tended that those shareholders who were willing to go
on with the line ought to be allowed such terms as would
enable them to carry it out. Ile concluded by moving a
resolution—
" That it is the opinion of this meeting that an oppor-
tunity should be afforded to those shareholders willing
to proceed with their engagement to do so, and for that
purpose that a committee be appointed to negotiate
with the Government of France, and to take such mea-
sures as may be necessary for ascertaining whether suf-
ficient funds can be obtained to complete the under-
taking."

Mr. DEVAUX (one of the English directors) stated
that the effects of the revolution on calls due in March
were such that out of 1,200,000/, called up, only 60,0001.
had been paid. The directors, feeling they were bound
to complete the line at a specified time, became alarmed
when they found they had no funds, and then offered to
sell the line to the French Government. In the course
of his negotiations in France with a view to obtain better
terms, the Minister, M. Goudchaux, said to him that the
Government did not want to buy the line; that if they
did, they must not only consider the position of the
company, but the interest of the state; and as a proof
that they did not want to interfere with any private un-
dertaking, that he had given accommodation to the
Northern Railway Company to the extent of 2,400,000/.
He (M. Devaux) was of opinion that the traffic on the
Paris and Lyons line would yield as much per mile as
the London and Birmingham, and not cost in construc-
tion above one-half its cost per mile. He had a high
opinion of its capabilities when completed; and would
be most happy to lend his assistance in the reconstruc-
tion of the company, to secure the interests of the pro-
prietors.

In reply to Mr. HERAPATH it was stated, that interest
would run upon each instalment, not from the date of
payment, but from the 22d of March last ; that the rente
would be transferable, the dividends would be payable in
Paris; that English proprietors could receive their money
through a French house.
Mr. HERAPATH said there was no doubt the French
directors could not sell the railway without the consent
of the shareholders. lie thought that those persons who
were prepared to pay up their calls ought not to be put
on a par with those who could not, but should be al-
lowed by means of some arrangement to come into the
property hereafter, or should receive some bonus.
After some further remarks the resolution was unani-
mously passed, and a committee, consisting of the Baron
de Goldsmid, Messrs. Devaux, Chapman, Powles, and
Hitchins, were appointed, with power to add to their
number.

A vote of thanks was passed to the Chairman, and the
meeting separated.

EDINBURGH AND GLASGOW RAILWAY
The report of the directors to be presented to the
half-yearly meeting, to be held in Edinburgh to-day
states that the directors regret the continued diminu-
tion in the receipts for the six months ending the 31st of
July, as compared with the corresponding period of
1847, amounting to 2,8071. There is a decrease in the
receipts from passengers of 3,4131., and an increase of
goods of 6051. The receipts for the half-year amount
to 50,855/. for passengers, and 29,4781. for goods, total
80,3331.; and the working expenses to 31,3591., exclu-
sive of parmitial rates, passenger duty, and interest upon
loans, and amount to 37 per cent. on the receipts. The
balance from revenue to July 31 is 43,1541; balance in
hand, January, 1848, 63,7231.; total, 106,877/. Out of
this sum the directors recommend a dividend at the rate
of 6 per cent. per annum, 57,6581., leaving a balance in
hand of 49,218/.

ORLEANS AND BORDEAUX RAILWAY.
The annual meeting of this company was held on
Thursday at Paris; the Duke de Mouchy in the chair.
The report stated that the traffic on the portion of
their line open from Orleans to Tours produced a gross
return of 4,004,398 f. (160,1750 during the year from
the Ist of July, 1847, to June 30th, 1848. The receipts
were for 425,341 passengers 1,878,638 f. 750.; 125,141
tons of goods, 1,728,143 f. 29c.; 147,915 head of cattle,
397,616 f. Of the passengers 18.25 per cent. were first
class, 38.81 per cent. second class, and 42.94 per cent.
were third class. During the first eight months the
number and receipts of passengers increased over that
of the preceding year, 1846-7. But from March Ist to
June 30th, 1848, a diminution is perceptible in the three
classes, which not only brings the returns below those of
the corresponding period to the preceding year, but
causes the whole amount of the passenger traffic to lose
the notable increase of produce which the first eight
months had begun to realise. These causes are directly
connected with political events. In April last, the direc-
tors, with a view of increasing the traffic, lowered
the
fares throughout the line, the largest reduction being in
the third-class passengers, but experience proved the
scheme to be a failure, and they had in consequence re-
solved to charge the fares originally fixed.
The working expenses amounted to 2,567,617 f. 95c.
(102,7040, leaving a balance of 1,563,1461. Sc.
(62,5251), from which must be deducted interest at 4
per cent. 780,000 F. (31,200/0, which leaves to be divided
783,146 f. Bc.; from which is to be taken 5 per cent., and
also three-fourths of the excess for the reserve fund,
leaving 185,997 f. 20c. (7,4501.) to be distributed by way
of dividend, in addition to 2,001 f. from last account,
which gives as dividend If. 44c. per share; which added
to the interest paid at the rate of 6f. per share, gives a
total of 7r. 44c. per share for the year. In 1846.47, they
had to suffer from the inundation of the Loire, from a
famine which alarmed the country, and from a financial
crisis which affected the whole or Europe. In 1848 they
had to undergo the effects of a revolution, which had
deeply shaken national work and industrial credit. The
banking-house with which the company had been con-
nected for two or three years put a construction on the
treaty different from that which had been admitted in
their relations with it, and considered itself justified
in refusing the execution of the engagement entered
into, namely, the advance of 1,000,000 f. (40,0001.) By
employing the reserve in the payment of a part of the
securities, which have increased the assets, the direc-
tors preserved the credit of the company, and main-
tained in successful progress a line which during two
years and a half had been worked without accident.
The CHAIRMAN said the directors deeply sympathised
with the shareholders on the depressed position
of
their affairs, and had come to the determination to give
up for the present, until matters should improve, 90 000 f p
(3,6001.) out of the annual sum allowed themfor,thei.
management. They had expected to open art of thethat
e
line towards Poictiers early in 1849, but thedy t
received intimation from the Government
Minister of Public Works had determined to urge on
railway works with the utmost energy,
The
directors
now conceived that the 'portion of the line mentioned
would be opened to the public about the
end
ofthe
present year, and it would be necessary to make a call
of 25f. in October.
Resolutions were passed adopting the report, appoint-
ing
three auditors for the current year, and approving
of the dividend of lf. 44c. per share.

AMBERGATE, NOTTINGHAM AND BOSTON,
AND EASTERN JUNCTION RAILWAY.
Yesterday the half-yearly meeting of
the proprie-
tors was held at Nottingham ; Mr. W. F. Norton iu the
chair.
The Secretary, Mr. Gonau, read the report of the
committee, which stated that the policy recommended
by the committee on the 19th of May last had been
adopted, and the board had confined their operations to
the prosecution of the works between Bulwell and Grant-
ham. If the moderate calls recommended by the com-
mittee had been responded to, as the directors confi-
dently anticipated, the works would have been in a much
more forward state ; but the exertions of the board hav-
ing been concentrated at the heaviest points, a few
months will suffice to complete this portion of the line
whenever sufficient funds aro provided. The affairs of
this company with the Grand Union Company are ap-
proaching completion; 1,3081. has been received, and the
board anticipate receiving shortly a further sum in settle-
ment of all demands. Reductions in the staff and office
expenses have been made during the past twelve months
amounting in the aggregate to 3,5501. per annum. The
accounts to the Bth of August showed that 292,142/. had
beon received, and 282,7981. expended, leaving a balance
of 9,3431. in hand.
The engineer's report stated, that on that portion of
the line from Nottingham to Bulwell (which is making
' jointly with the Midlands Nottingham and Mansfield

Railway Company), a distance of four miles, the fencing
earthworks, bridges, and culverts are complete ; the per-
manent way is also laid and ballasted, and the gate
lodges and road-side station houses are building.
The CHAIRMAN said, as the report of the committee
which sat in London in April last had fully stated the
proceedings of the company, he should at once move the
adoption of the rep rrt ; which was carried.
On the motion of the CHAIRMAN, seconded by the
VICE-CHAIRMAN, the forfeiture of the 495 shares was
confirmed.

The thanks of the meeting having been given to the
retiring directors,

Mr.-.BRAITIIWAITE, of Nottingham, formerly a di-
rector, moved the reduction of the number of directors
in the board, and wished no re-election to take place, as
the line was now reduced from 93 to 24 miles.
Dr. J. C. WILLIAMS, of Nottingham, seconded the
proposition. Letters had been sent from Leeds, with
proxies for 200 shares, and from Glasgow, with proxies
for 2,195 shares, in favour of a reduction of the number
of members in the board.

A discussion ensued, and en amendment was made,
that two directors be elected in the room of those re-
tiring, and the board in future be twelve instead of nine
directors.

For the amendment 14 hands were held up, and for
the original motion 15.
Mr. BRIGGS, of Lewes, demanded a ballot.
Mr. John Swann, of Nottingham, was elected an au-
ditor, in the place of Mr. Charles Middleton, at a salary
of 251. per annum.

Scrutineers having been appointed, the poll was taken,
when there appeared to be—for the amendment 7,326
proxies. and for the original motion 3,940, being a ma-
jority of 3,386 in favour of the amendment, or a total of
11,266 shares represented on this occasion.

WILTS, SOMERSET. AND WEYMOUTH
RAILWAY.
The half-yearly meeting of this company was held
yesterday at Bath; Mr. Walter Long, M.P., in the chair.
The CHAIRMAN said, the works had so far advanced
as to enable the directors to open the line to Westbury
and Bradford on Tuesday next, September 5. The works
had necessarily proceeded slowly on account of the bad
state of the money market.
The report stated that the part of the line between the
Great Western Railway and the town of Westbury
will be opened to the public on Tuesday, the 6th of
September. By the terms of the agreement with the
Great Western Railway Company, each successive por•
tion of the line, so soon as it is completed, is to be trans-
ferred to that company and to be worked by them. The
directors regret that, owing to toe depressed condition
of railway property generally, they have not been able to
avail themselves, to any material extent, of thecompany's
powers of borrowing. They have, therefore, continued
the prosecution of the works and the purchase of the
land with less rapidity than would have been desirable
under other circumstances. But the heavier works are
making a steady progress, so that the company will be
in a position to take full advantage of the first favourable
opportunity that may arise from carrying on the forma-
tion of the railway on a more extended scale.

The report of Sir. Brunel, the engineer, stated that
the portion between Thingley and Westbury has been
completed, and will be ready for opening in a few days.
On the Devises branch the works, although not actually
stopped, have been delayed by the difficulty in obtaining
possession of the land at the Devizes end. The Brad-
tord branch before the end of the year may be opened.
Between Bradford and Bath some of the heaviest
works, particularly the aqueduct at the crossing of the
canal at Avon Cliii, have been completed. From West-
bury to Frome the work is proceeding as fast as posses-
sion of the land permits. Between Westbury and Salis-
bury a considerable amount of work has been executed.
From Frome southwards towards Yeovil nothing has yet
been done. Between Yeovil and Dorchester not mach
progress has been made. In the neighbourhood of Dor-
chester, and thence to Weymouth, where the works are
heavy, they have been progressing steadily.
The accounts to the 30th June showed that 936,910/.
had been received, and 871,583/. expended, leaving a
balance of 65,3261. in hand.

On the motion of the CHAIRMAN, the report was
adopted.
The CHAIRMAN, in answer to a question, stated that
when the Great western Company paid a higher divi-
dend than 8 per cent. they (the Wilts, Somerset, and
Weymouth) would receive a bonus of I or If per cent.
Mr. HEDGES-Then, our rent will still be 4 per cent.
The CHAlRMAN—Certainly.
A SHAREHOLDER complained of the excessive amount
paid for engineering and law expenses, and hoped the
directors would look to that subject.
Sir J. AWDRY, deputy chairman, said, when the line
was commenced there was great difficulty in procuring
competent persons, and therefore they had to pay very
high for their services, but every means had been taken
to reduce the expenditure.
Mr. HEDGES wished to know what length of line would
be opened on the sth of September?
The CHAlRMAN—Thirteen miles.
Mr. HEDGES—This does not show a very encouraging
account—only 13 miles ready for opening, and 401. paid
up, and I presume expended, out of 501. shares.
The Rev. T. SPENCER said, that was of very little con-
sequence, for they had a guarantee from the Great
Western Company to pay 4 per cent. on the cost of con-
structing the line whatever that amount might be. Their
capital was in fact a 4 per cent. stock on 501. shares, but
which, from some cause or the other, could now be bought
for 331.

Sir J. AwDRT—It is a 4 per cent. stock, with the
chance of a bonus.

A vote of thanks to the Chairman closed the pro-
ceedings.

WINDSOR, STAINES, AND SOUTH-WESTERN.
The half-yearly meeting of the proprietors of this
railway was held on Saturday, at the Nine Elms Station,
Mr. H. C. Lacy in the chair.
The SECRETARY (Mr. G. W. Horn) read the follow-
ing report :
" The directors have the satisfaction of reporting to
the proprietors the completion of the main line between
Richmond and Datehet, which was opened for public
traffic on the 22d day of August instant. To effect the
completion of this portion of the railway within a twelve-
month of the passing of the Act of Incorporation great
exertions were made, and it is a source of much disap-
pointment to your directors that a sinking of the foun-
dations of a portion of the viaduct in Kew Park, and cir-
cumstances connected with the possession of land over
which they had no control, prevented their succeeding in
the object they had in view. The works for the bridge
across the Thames at Barnes for the Loop Line are com-
menced, and great progress has been made in the pur-
chase of land for that portion of the railway, which will
be completed for traffic with all due expedition. The
proceedings in Parliament—though they have resulted in
the rejection of the application made by this company for
powers to extend their line to Slough, and in the affirma-
tion of the competing line of the Great Western—can-
not be regarded as unsatisfactory to the interests of this
company, inasmuch as the directors were induced to
withdraw their opposition to the Great Western Bill in
the House of Lords, upon being assured that, in the
event of that Bill passing, her Majesty would most
graciously concede to this company an extension of their
consideringstl a i
opgnwere
cenief
armloo fme n t
which
tack meeting
Windsor.ierirh terms, as
Tsattutshhsb
embodied
j e ape
de ri
proprietors
to their
t eot
tht
rhosei
ernsiHrhaofaomv
rmee
approbation)et lhms 'uea
omr
rpk memorandum
nri
odnpnutooomstdeht
ehooyaeff
have entered into with the London and South-Western
Company, with a view to the present profitable use of
such portions of the hue as are and may bo available
for traffic previous to the completion of the entire
works. This arrangement does not, however, in any
manner affect that part of the existing agreement which
gives an option to the London andSouth-Western
Company to purchase the shares at 4/. premium per
share. The terms which the directors have made are
as before
5
1. intimated, temporary (for one year), and are
in their judgment very favourable to the proprietors,
being
per cent. per annum, payable half-yearly, on
the amount of the paid-up capital; the first payment
falling due on the 22d of February next. A statement
of receipts and expenditure to the 31st of July, 1848, as
examined and certified by the auditors, is appended."
From the statement of accounts, it appeared that the
receipts in the shape of capital up to the 31st of July,
amounted to 392,3421. 13s. Id., while the expenditure up
to the same period was 373,751/. Bs. Sd.
The Cuaramate moved, in the usual form, the adoption
of the report.
In reply to a question as to the meaning of the words
" calls in advance," in the auditors' report,
The CHAIRMAN stated that the intention was, that
proprietors who paid calls in advance would receive in-
terest. He further observed, that the company enjoyed
a great advantage in the privilege of carrying the line
across the Home Park to Windsor. The line might,
without an Act of Parliament' he carried into Windsor;
but the sanction of Parliament would be necessary to
enable the company to levy tolls for the use of the line
near that town.
Mr. ONSLOW said, that when the proprietors Ite.-t met
in that room they were told that upon 71. 10s. per share
being paid up the shares would be bought up, under an
agreement with the South-Western Company. It now
appeared that the payment of interest was to be delayed
for a year.
The CHAIRMAN admitted that he had hold out hopes
that the arrangement mentioned would be carried
into effect. He had never thought, however, that 71. 10s.
per share would suffice for the completion of the works.
Dr. LONGSTA.FF complained that on the faith of what
had fallen from Mr. Chaplin, the chairman of the South-
Western Company, several gentlemen had been induced
to hold their shares and pay the cost upon them.
Mr. CHAPLIN, M.P., said that what ho:had stated was
merely that the South-Western Company had the op-
tion of purchasing the shares. There was an inclination
to purchase because the shares were depressed in the
market.
A PROPRIETOR having remarked that shares had been
sold by directors to the South-Western Company, at a
premium of 31., several members of the board declared
that they had not from the first parted with a single
share.
Mr. ONsLow had been induced to retain possession of
his shares by the South-Western Company, who would
purchase them at a premium of 41.
The CHAIRMAN observed, that the South-Western
Company had been willing to purchase at the perioodt
referred to; they would, in fact, have done so,had not
the law required that half the capital should be paid up,
and the works in a state of forwardness before any ar-
rangement for purchase was carried out.
ingA9f.ntedr
psroemmeiufunirst.her discussion in reference to purchas-
Mr. LOCKE observed that the best
pro-
prietors to got out of their present
South-Western
41. as soon as practicable.
aforwatshetoeall
upon the directors to force on th
direc-
tors the giving a premium of dil dilemma
The report having been
,That adopted,
The CHAIRMAN moved—`
this meeting requests
the directors to take such steps in reference to, and to

1848.

make such arrangements for the execution by this com-
pany, or the London and South Western Company, of
the proposed extension from the Black Potts to the town
of Windsor as to the directors shall seem expedient."
The resolution was agreed to.
The CHAIRMAN said the meeting would now become
special, for the purpose of considering the terms embo-
died in a memorandum of agreement, which, subject to
the approbation of the company, they had entered into
with the London and South-Western Company, with a
view to the present profitable use of such portions of the
line as were or might be available for traffic previously to
the completion of the entire works.

Mr. IJRAHE read the agreement under its provisions.
The South-Western Company was to work the line now
finished, and pay a rent of 51. per cent. on the money
paid by the shareholders, the rent to commence from
the 22d inst., and to be paid half-yearly. The South-
Western Company was also to work the line until
it was completed, and then the shareholders were to
begin on their original leases.
Mr. ONsLow did not wish them to work it. If the
line were shut up they would give the 44 premium.
The CHAIRMAN said that would not do. The line
must be worked; the Act of Parliament was imperative
on that point.
Mr. ONSLOW said, they might run one carriage, and
evade the Act. He would not consent to the agreement
unless they had a definite promise from the South-
Western Company of 41. premium. If the shareholders
did not protest strongly against the conduct of the
directors of the railway, they would never purchase at
that price.
Dr. LONGSTAFF thought the speculation would ulti-
mately realize 8 per cent., and the South-Western Com-
pany would have a capital bargain by purchasing at 41.
premium.
The CHAIRMAN was of the same opinion. He was
afraid to say anything about allowing a given period for
the purchase at that price. It would be much better for
the shareholders to obtain the 5 per cent. stipulated.
Mr. ONSLOW moved, as an amendment, " That the
agreement be not entered into until they had obtained
from the South-Western Company a promise that some
definite time should be fixed for the purchase of the
shares at 41. premium."
The amendment having no seconder, fell to the ground.
Two resolutions to the following effect were then
agreed to:—" That the agreement which had been made
with the London and South-Western Railway Com-
pany for working the completed portions of the line
between Richmond and Datchet be approved of, and
that the directors be empowered to carry the same
into effect;" and " That the directors be authorised to
borrow, at such time and upon such terms and condi-
tions as to them seem expedient, all or any part of the
sums which that company was authorised by its Act
of incorporation to borrow."

Dr. LONGSTAFF asked if the directors gave up all con-
trol to the South-Western Railway as to the time, &c.,
the trains were to run ?

The CHAIRMAN—Entirely.
Dr. LONGSTAF7 suggested several improvements in the
hours of running the trains, for the convenience of per-
sons requiring to be in London early. He also recom-
mended the issuing of season tickets.
Mr. CHAPLIN said Mr. Stovin, their manager of traffic,
was present, and would no doubt pay every attention to
the recommendations of the learned doctor.
Thanks were then voted to the chairman, and briefly
acknowledged.

BIRKENHEAD, LANCASHIRE, AND CHESHIRE

JUNCTION.'
The half-yearly meeting of the proprietors in this
line of railway, was held at the Town Hall, Birkenhead,
on Saturday last, James Bancroft, Esq. (chairman of the
board of directors), in the chair. The following report
of the directors was read :

"In laying the half yearly accounts before the pro-
prietors, the directors have to report an increase of
traffic amounting to 8 per cent. on the receipts for pas-
sengers, and 20 per cent. for goods, as compared with
the corresponding period of last year; and, relying on
the development of traffic on the Holyhead, the Shrews-
bury and Chester, and the Shrewsbury and Birmingham
lines, which will be opened throughout in a few weeks,
together with the improved arrangements now being
made for thelmore efficient working of our own line, the
directors confidently expect a further and very con-
siderable increase in the income of the company. A
saving has been effected in the working expenses
to the extent of five per cent. as compared with the
corresponding period of 1847, and of the sum of
8001. as compared with last half-year, although the
amount of traffic in both departments has been much
larger. The charges on merchandise are still heavy.
However, the directors anticipate that the arrangements
which are now completed will enable them to make
a most satisfactory report on this subject at the next
half-yearly meeting of the company. In accordance with
the intimation of the last half-yearly meeting, the direc-
tors have taken steps and revised the staff of officers,
the result of which is a saving in the engineers' de-
partment of 2031. per annum, and in the general of-
fice of 1901. ; making a total saving of 393/. per an-
num. These reductions may be carried further, but at
this season of the year it was not considered expedient
to make more extensive changes. The proprietors may,
however, rely upon the expenditure being reduced as
far as possible without impairing the efficiency of the
staff. The proposals of the bondholders to obtain powers
to levy rates upon goods at the docks in Birkenhead,
at variance with the understanding upon which this
company has expended a large sum of money, was, in
fact, an attempt to levy rates upon the railway com-
pany; consequently the directors, although anxious to
avoid measures which might be regarded as hostile to
that interest, considered it their duty to offer the most
strenuous opposition to the Bill, and it will be satisfac-
tory to the proprietors to learn that their opposition was
successful. The board has been completed by the elec-
tion of Isaac Taylor, Esq., Baron Goldsmid, and Robert
Garnett, Esq. The following three members of the board
go out of the direction, in accordance with the provisions
of the act, and are eligible for re-election, namely,
William Balleny, Esq., John Williams, Esq., and Cephas
'Toward, Esq.; and James Tyrer, Esq., as auditor, who is
eligible for re-election. The directors recommend the
payment of the half-year's interest due on the Ist July
last to the holders of the 271. 10s. and 221. shares, and
which shall be payable on the 25th September next; and
that interest, at the rate of four per cent. per annum, be
paid to the shareholders, who shall have paid 101. per
share on the 311. shares on or before the 17th September
next, which last-mentioned interest is to be payable on
the 25th September next."
The capital account of the company showed that the
entire receipts amounted to 1,146,214/. 15s. 10d., and the
expenditure to 1,026,871/. 4s. 9d., leaving a balance in
favour of the company, including the balance due from
the Birkenhead Dock Company, and other outstanding
accounts, of 119,3431. lls. ld. The revenue account
for the half year showed the receipts to be 20,2511.45. 7d.,
and the disbursements to be 11,627/. 10s. 2d., leaving a
balance applicable to dividends of 8,623/. 14s. sd.
The CHAIRMAN, in moving the adoption of the report,
alluded, at considerable length, to the negotiations which
had been going on with other companies, in order to
complete the unfinished portions of the line.
Mr. MALLALY objected to that part of the report
which spoke of the payment of interest to the Chester
and Birkenhead proper holders of stock, as a matter of
discretion. It was imperative on the directors, according
to the terms of amalgamation, to pay them five per cut.
up to the year 1849, and six per cent. afterwards. He
also objected to the proposition to pay four per cent.
upon the Cheshire Junction Shares.
The Cuainsia.st admitted that the Chester and Birken-
head holders were entitled to five per cent. independently
of any vote of that meeting. The payment of the four
per cent. to the Cheshire Junction was with a view of
getting the calls paid up.
Mr. WEBSTER proposed that the report should be re-
ceived, but that the consideration of it, except as to the
payment of interest, be adjourned to a future meeting.
Considerable discussion then took place, in which
Mr. W. Jackson, M.P., Mr. Mallaly, Mr. Brown, Mr.
Webster, and other shareholders, took part.
The CHAIRMAN having alluded to the necessity of
completing the Chester and Warrington Extension, and
again referred to expected negotiations with other com-
panies for assisting them to do so, the motion of Mr.
Webster was carried.
It was then agreed to adjourn the meeting to the 29th
of September.
The CHAIRMAN intimating that in the mean time some
propositions with other companies might be made, and
be submitted to the adjourned meeting.