The Sun.
London, England, 1851-03-19 00:00:00

CHESTER AND HOLYHEAD
RAILWAY.
The usual half-yearly meeting of the proprietors
of the Chester and Holyhead Railway, was held
yesterday, at the Euston Station of the London and
North-Western Railway, Mr. Peto, ALP., chair-
man of the board of directors, in the chair.
The advertisement convening the meeting having
been read, the minutes of the previous meeting were con-
firmed, and the common seal of the company affixed to
the register of proprietors.
The CHAIRMAN said the report and accounts had been
extensively circulated, and he believed they had long
bee,. n the hands of every proprietor. Perhaps, there-
fore, it would be an unnecessary consumption of time to
read them now, and he would suggest that they should
be taken as read.—(Cries of "Yes, yes.") [The:accounts
and report have already appeared, in The Sun.] This
was the first half-yearly meeting he had presided at,
and he was on that account naturally anxious
to place before the proprietors a full elucidation
of the principles which guide the course of the direc-
tors, as well as the position of the company and its
future prospects. Having explained the circumstances
under which he had been called upon to undertake the
chairmanship of the company, the Hon. Gentlemen pro-
ceeded to the immediate business of the 9eeting. The
principles upon which he had taken the chair, and upon
which his colleagues had given him their united confi-
dence, was the development of their traffic in every pos-
sible manner consistently with the preservation of the
best possible feeling towards all connecting interests in
the various lines which were themselves united to this
company, either as adjuncts or as allies in capital.—
(Hear, hear.) The board had felt it to be their duty
resolutely to work with the London and North-Western
Company most harmonionsly; and it was due to that
company to state that they had met the Chester and
Holyhead section of the board with the greatest
amount of liberality and fair dealing Cries
of " Hear, hear."). There had been no desire
on the part of that company to take advantage of their
own position, or of the difficulties of the Cheater and
Holyhead Company; and it was to their forbearance,
and their kindness, and their assistance, that the pro-
prietors were indebted for the bright prospects which it
was his duty and pleasure to reveal to them to-day.
Acting upon the principle or basis of avoiding all
unnecessary competition, and bringing on the Chester
and Holyhead line the largest amount of traffic that
could be possibly obtained by fair and-legitimate means,
the directors had concluded an arrangement with the
London and North-Western and the Dublin Steam
Packet Companies, which he believed was
fraught with the largest amount of benefit to
themselves, while it would be equally beneficial
to both those companies he had mentioned.—(Hear,
hear.) The London and North-Western Company had
conceded to them a large amount of redaction in the
mileage rate of their working charges, and although
they might have claimed the unexpired time of the ex-
isting contract, and continued for three years more
to work the Chester and Holyhead line upon
the old rate, yet upon this board approaching
them to solicit a new arrangement, they at once con-
ceded a reduction which would save the Chester and
Holyhead Company no less than 8,000/. per annum.—
(Cheers.) The accounts for the half-year just termi-
nated had been made out upon the principle of the old
rate, but had this agreement to which he was referring,
and to which the meeting would be asked to give its
approval to-day, been sealed, there would have been a
saving from the 20th of September last up to the present
time of nearly 2,000 L, which of course would have been
placed in the hands of the proprietors to-day in
addition to the dividend to be declared on that
occasion.—(Cheers.) But that saving he viewed
as the least advantage which would be derived
from the united working of the three companies.—
(Hear, hear.) The agreement with the Dublin Steam
Packet Company and the London and North-Western
would enable this company to look through from every
part of Ireland to every part of England with which the
two railway companies were connected, which was an
advantage that could only be appreciated by those who
had devoted time and trouble to the investigation of the
subject. In the next place the agreement contemplated
that the London and North-Western and the Dublin
Steam Packet Companies should do all that in them lay
to throw upon this line the entirety of the Irish traffic,
and this company, in return, would do all it possibly
could to continue to the London and North-Western
Company, its natural ally, the entirety of the through
traffic, while it left them perfectly free' to make
all such arrangements as could conduce to the entire
development of its local traffic. Tho arrangement
contemplated the sale cf the steam-boats belonging to
the company to the Dublin Steam Packet Company,
upon the arbitration cf individuals selected on both sides,
and in the event of the arbitrators not being able to
agree, they were to choose an umpire.—(Hear.) Until
the money was paid, this company did not release
its hold upon the boats, while the purchase
money was to be paid by annual instalments,
the balances carrying, interest; so that on: the whole
they stood in a position of perfect security, and on a
sound commercial footing.—(Hear, hear.) Such, then,
was the effect of the arrangement which had been come
to between the three companies. Now, with regard to
the position of their own line, many of the proprietors
who had not been upon it were possibly not aware that
at the present moment they had no line to Holyhead at
all, for although they had spent 165,0001. on steam-boats,
which, he maintained, all things, considered, was a most
judicious expenditure, yet at the present moment their
terminus wes a tull mile and a quarter from the end
of the pier a: Holy head.—(liear, hear.) They
lost by that break, owing to the inconvenience which
resulnni from the transfer of the traffic, and parti-
cularly of goods, to the present temporary station, a
large amount of advantage which their line, would
naturally present to individuals going to Ireland.—
(Hear, hear.) The directors had, however, made ar-
rangemeete for getting rid of this obstacle, and he might
state in parenthesis that they were entirely indebted to
the exertions and influence of his colleague Mr.
Stanley, for being able to carry out those
arrangements.—(Hear, hear.) They had agreed for the
construction of a temporary line, without any charge
from her Majesty's Government; and though the ar-
rangement would secure, with the now goods station and
a new passenger station, and the erection of a hotel
and refreshment rooms, and everything necessary
to render the line popular in connexion with
the immediate transit of the steam-hoats, it was calcu-
lated that the expenditure for all this would not exceed
28 000/. ; and when he stated to them that this
amount of expenditure, and its interest would
be repaid in five years by the saving it
would effect in the existing system of removing
goods by carts, and in the conveyance of passengers
by omnibuses, he thought the proprietors would have
reason to c mgratulete thenvelves upon the successful
and advantageous nature of the arrangernent—(Hear.)
They had ialso made arrangements, in pursuauco of
the authority given at the last half-yearly
meeting, with Colonel Pennant by which extensive
slate quarries were put in connexion with the railway,
and a similar arrangement had been concluded with
Mr. Ashton Smith for placing Conway querries also
iu connexion with the line, and the company was now
in Parliament seeking powers, with the view of extending
the line to the port of Conway.—(llear.) Arrange-
ments were aleo fending with various companies in the
midland district, by which from one point alone they
would obtain mineral truffle to the exteut of 100,000
tons, which would have to travel over the whole length of
their line. That was a fact which would convince the
meeting that the mineral traffic of this company was
wholly untouched.—(Hear..) They had also arranged
for a " sidine," at Conway; and the party for whom
this " siding" was to be constructed would pay them
101. per cent. annually on the outlay. This also
was fur the purpose or accommodating the mineral
traffic, and when he remembered that one indi-
vidual alone during the present year had sent upwards
of 20,000 tors of slate flags to London by the line,
he thought the meeting would agree with him
that by these arrangements they were se-
curing an immense source of income, which
at present was perfectly and entirely undeveloped.—
(Hear.) While he was on the subject as to developing
traffic, he would refer to a circumstance which occurred
at the moment to his milted which he thought reflected
great credit on one of the officers of the company.
Although he occupied the humble situation of a station-
ma-ter, be thought it right to mention his name on the
present occasion to s'inaulate others to a similar course
of conduct. and to show the proprietors the advantage
of having zealous and faithful servants. The station
master at Conway observing the large quantity of shell-
fish that abounded on the coast, endeavoured to induce
the fishermen to engage in the trade of selling that
particular commodity, but failing in that attempt he ap-
plied to the company to invest a smell sum with the vieveof
ascertaining 'the practicability of establishing such a
trade; and when he told the nieeting that at the present
moment the company were carrying from that station
alone to Manchester between 150,000 and 200,000 shell-
fish per month, he thought the meeting would agree with
him that the experiment bad been most successful.
The', result had been not older to increase their profit,
but the trade employedfh not merely the fishing population,
but the whole
of the women and children in preparing
and sorting the
fish
for market, and thus, besides
to the
contributing interest and welfare of that parti-
cular part of the population, it added to their coffers,
and those of the
per
antiwar and North-Western, no less
than 2,0001. annum,—(gear.) He now approached
another branch of his
position of the company, When
that was the financial
PIPY. When they last met they
were in the position of a ctehrepyordattaionn crushed with the
amount of its debts, and
_ot_then see their
(Hear, hear.) At
way clearly out of their difficulties.—(Hear,
difficulties what-
the present moment they had eb
anetythnassietance of
ever—(Cheers)—for they had, the
extertions of
the North-Western Company,
individual members of the board in obtaining temporary
loans, been placed in a position of safety agar°
Security,porary
and the meeting of to-day would be enabled
the preferential stuck which was alluded to on create
the
mer occasion, but not et the original interest, but
at such a rate of interest as their improved
prospects would command, and which he had no doubt
the money market would readily respond to.—(lieur,
hear.) It had been said that the beard had created these
shares at too low a rate of interest, but when he stated
to them, that, after having investigated every cir-
cumstance connected with the railway -- taking into
consideration the extension of the line :13 Holyhead
—taking also into account a fact which hr had on the
authority of
the engineer g d at Holyhead, that one
arrh of the new harbour would shortly be extended
7;20 feet, giving twenty-twor r
at the ebb tide, thus enabling 'etdepth
of
water
packets always to ran . the American
also that the d i there--bearing in mind
S
Ares.. for the recepteei the 1,,:21 h 3
Si t' 'ln I c'd•
..tUtc -_41114e0, and that „Tci
ti"^" I incline ft"'s
' to preuent4 their ease, Comfort, 'ug would bv deee
and accommoda-
tiettaeleeleiag at the large amount of mineral traffic I

which they were likely hereafter to obtain, and which
at the present moment was simply stopped for the want
of the extension, since last week he was obliged to re-
fuse a contract to carry 75,000 tons of ship coal
to the port of Holyhead, because the company
was not in a condition to carry them to the
water's edge,—when he took into account all these various
points, and taking them for what they were worth, he
thought that in the course of next year he would be
placed in the pleasing situation of telling the
old proprietors connected with the company,
who had exhibited so much patience and
forbearance, that the profits had attained that pitch which
would enable them to declare a 3 per cent. dividend—
(Cheers)—he might be thought by some to be too
sanguine in this matter, but ho could only assure
the meeting that if he did not believe that the
exertions which must and should be made in
connexion with their traffic would answer, he would not
on this occasion have made this statement, which he
firmly believed time would prove to be correct.—
(Cheers.) Now, another point to which he wished to
refer was the hotel accommodation in the Straits of
Bangor. The directors were anxiou► to accommodate the
large number of visitors who annually visited the beauti.
ful scenery of that district. During the last season this
plea, are traffic was necessarily impeded by the want of
hotel accommodation, and, therefore, on this occasion
the directors had to make a novel proposal
to the meeting, but one which be under-
stood other companies had not been loath to adopt.
They were unanimously prepared to recommend the pro-
prietors to embark in the necessary expenditure for
erecting an hotel for the aecommodation of those to
whom he had already alluded.—(Hear, hear.) Par-
ties of the highest respectability were prepared to
take the hotel at a rental which would yield a very
large interest on the money so expended; while, on the
other hand, the directors would take care to make such
an arrangement as to ensure to the public the use of the
hotel at reasonable terms, and to obtain accom-
modation for first, second, and third-class passengers,
at prices which they could not hope to meet with in pri-
vate establishments.—(Hear, hear.) Of course this ar-
rangement, besides the interest he had already spoken
of, would secure them a large addition to their traffic,
and he was sure, therefore, the meeting would not be slow
in perceiving the advantages of this proposal. He
felt he had detained the meeting rather longer than he
ought to have done on the present occasion, but
it had been his anxiety to put them in possession of all
the information in his power, and if there was
any point which he had not touched upon, and
information were required respecting it, that
information should be given in the frankest and most
open manner.—(Hear, hear.) They had nothing to con-
ceal from the proprietors, as they were but the represen-
tatives of the proprietors themselves; and while they
continued to enjoy their confidence their best exertions
should be given to the development of the undertaking,
but the moment they perceived that they had not that
confidence they would retire at once, as no amount of
remuneration could compensate them for the attentioa
they bestowed on the affairs of the company.—(Cheers.)
The chairman concluded by moving the adoption of the
report.
Captain MooßsoM seconded the motion.
After a long and very desultory discussion, in the
course of which Mr. HENMAN deprecated the proceed-
ings pursued by the directors, designated them as ille-
gal, and called on the proprietors to mark their sense of
it by not adopting the report, he moved as an amend-
ment to that report that the directors had forfeited the
confidence of the proprietary by issuing more debenture
shares than they bad authority to do.
The CHAIRMAN in putting the amendment denied that
the directors had issued any more debentures than they
were intitled to do. All the debentures that had been
issued had been issued under the best legal advice. None
regretted more than he did the vast expense that had
been incurred by the present company in the great
works they had undertaken, but they had this consola-
tion, that in that vast outlay they had obtained for them-
selves the great high road to Ireland, from which no one
could deprive them.—(Hear.)
A PROPRIETOR thought, that as the original share-
holders could not live out of the property of the line,
they ought to have some benefit from the property en-
joyed by the preference shareholders. He thought the
original shareholders ought to have one-third of the pro-
perty of the line, and moved an amendment to that
effect.
Mr. JACKSON defended the course adopted by the di-
rectors. He had little doubt that next year they would
make Bangor the Brighton of Wales, and
would open a communication with Ireland which
would be highly profitable to the company, aided, as
they doubtless would be, by the London and North-
Western Company. He had no doubt that by pursuing
a proper course the credit of the company, which had
been blown upon in the stock market, would be made
secure, a stock would be raised that would always in-
sure a certain profit, and all the proprietors of the com-
pany might laugh at the stock market.—(Hear.)
Major BUCHANNAN defended the conduct pursued by
the directors, and said a great deal of time had been
wasted in endeavouring to blacken their conduct.
The CHAIRMAN then put the amendment, which was-
negatived by a large majority, and the report was de-
clared to be carried.

The CHAIRMAN then moved that 16a. 6d. a share
should be paid on the preference shares, which was
agreed to, after a short but rather stormy discussion.
Mr. JACKSON moved that the directors who went out
by rotation should be re-elected.
Captain FINLAISON bore the highest testimony to the
conduct and character of Mr. Peto, and asserted that
as long as he was in the chair, he had no fear for
the interest of the company.—(Hear.)
Mr. PET() returned thanks, and felt no doubt that it
his life was spared all that he had stated that day
would be realised.
Alderman THOMPSON and the other directors who
went out by rotation also returned thanks for their re-
election. They had hitherto had to do with rocks
and quicksands, but they were now, thank God, in smooth
water.—(Hear, hear.)
Mr. HENMAN then moved the appointment of a com-
mittee of inquiry, which was lost by a large majority.
The meeting was then made special, for the purpose
of rescinding certain resolutions for creating preference
shares, for considering the traffic arrangements with the
London and North-Western Railway Company for the
purpose of authorising the directors to construct and
maintain a temporary railway from the present terminus
to Holyhead, for the purpose also of authorising the di-
rectors to erect an hotel near Bangor, and also consider-
ing the draft of a Bill to give the company power to ex-
tend their railway.
Resolutions for the purpose of carrying out these pur-
poses were carried after a short though personal dis-
cussion.

In the course of the discussion on the resolutions,

A PROPRIETOR complained of the difficulty that was
experienced by passengers in seeing the Conway Bridge
unless they feed the policemen.
The CHAIRMAN said that all had been done by the di-
rectors to afford every facility to the public to see that
great work, and that after the Ist of May special instruc••
tions would be issued on the subject.
A vote of thanks was then carried to the Chairman
and directors, and the meeting adjourned at a late hour

EASTERN COUNTIES RAILWAY.
An adjourned meeting of the shareholders in the
Eastern Counties Railway Company was held yesterday,
in the large room of the London Tavern, in conformity
with the resolution agreed to at the former meeting.
Mr. Glynn occupied the chair.
There was a very numerous attendance of proprietors.
The proceedings were opened by Captain Kelly
presenting the report of the committee of shareholders,
which had been appointed at a special general meeting
on the 13th of February, to consider the propriety of
makin; a working agreement with the Eastern Union
and th Norfolk Railway. (This report has already been
published.)
Captain KELLY then moved the adoption of the re-
port, which was seconded by Mr. PAULDING.
After 301320 discussion the CHAIRMAN proceeged to
state the objection which ho entertained to the report.
He contended that had the committee been placed in a
similar position to the directors they would have
been obliged to make exactly the same ar-
rangement. After going through the report
the Hon. Gentleman proceeded to comment on the state-
ment which the committee bad put forth that they had
opened a negotiation with the other two companies, by
soliciting au interview with deputations from those com-
panies. With reference to this he would refer them to a
letter which he had received from Mr. Cobbold, of the
Norfolk Railway, on the subject of this interview, which
bad been forwarded to Captain Kelly:—

(Copy.)
" 7, Pall-mall East, Maretl 7,1851.
"My dear Sir,—l deem it only due to you, si well as to
my colleagues and myself, to detail to you prior to the meet-
ing of the Eastern Counties shareholders to-morrow, the re-
sult of the meeting which took place at the request of the
shareholders' committee, and in accordance with the wish ex-
pressed by the Board of Directors of the Eastern Counties
Company, between the deputations of the Eastern Union
Company and the Norfolk Company and the shareholders'
committee.

" The desire of the committee that we should meet them
having been communicated to the secretaries of the two
companies, through the secretary of the committee, I lost
no time in obtaining the sanction of the deputation of the
Eastern Counties board, with whom we were appointed to
negotiate, to such meeting; and I proceeded to Norwich my-
self, to urge my friend Mr. Bignold to come up and attend
the meeting, as one of the Eastern Union deputation who
had signed the agreement, knowing that he had an engage-
meLt at Norwich of some importance on the day named for
the meeting, :and being apprehensive that a letter might
have failed in prevailing on turn to forego his other engage-
ments.
" I also went to another member of the deputation of the
Eastern Union Company to come up from Scarborough, and
both these gentlemen, as well as several others, attended at
great personal inconvenience, as we were all anxious to give
the committee appointed by the 'Eastern Counties share-
holders any explanation which they might be entitled to ask
with regard to our respective companies.
"We attended the committee at the Binopsgate Station
accordingly, and after some preliminary polite expressions on
the part of the chairman of the committee of shareholders,
b mildestut on e
We were EiFnply informed by him that the committee had
ahead come to a unanimous resolution to recommend the
shareholders to reject the agreement, and that their report was
in type, and would be before the public the next day
who attended withterm,andwe therefor •, took our leave; all the gentlemen
" How
fill:We. me concur in feeling that, to use the
such treatment towards us was most un-
it
courteous.
oormdedwith their duties to the body of
'es%
exlaplain they were appointed, I must leave it
andto to their report to just fc.
tsoh:trleethniolssldgeeluvrite unnecessary to make any comment on
tt I, a: ret:rt,i, h \ o
.1
,0
th, hot T iniht an. Ib.
at its value by
'(1
i"
travciced at Ot-feuT:itn:at:::olu";:'t.lditn't:t:2ettlen" 1:51;:
groat' reeeipt,,
expenses which the E
prieArlicieign.to:,ol;king
Eastern Counties were
amid still they would
to have deducted from the

have had ample margin, if the statement and comparison of
the chairman of the shareholders' committee at a late meet-
ing, with reference to the working expenses on the Brighton
line, is worth anything, and I might have directed the at-
tention of the committee to the facts that the earnings of the
Eastern Counties Company, stated at 702,4531., includes the
receipts for cartage and deliveries on both the Norfolk line
and their own, and that the earnings of the Eastern Union
Company, stated by their committee at 96,7151., were for the
year ending in June last, for the best six months of which,
as they well knew, the extension line was not opened to Nor-
wich, and that the weekly returns do not include the cartage
and delivery receipts.
"The committee, however, thought fit, instead of seeking
information, to found their opinion on the imperfect data
which they obtained, including the ' joint report of the prin-
cipal officers of the company,' offered as the officers' una-
nimous opinion, in compliance with a request made the
previous day only,' upon a subject of deep importance to
thousands of individuals, having an investment of millions of
capital.

"Believe me yours faithfully,
(Signed) " JOHN CIIETALLIEB COBBOLD.
"Joseph Glynn, Esq."
Mr. ELLIS considered that the committee had not
performed the duty which had been confided to them by
the shareholders. They had had entrusted to them by
the shareholders the consideration of the terms of an
agreement between the three railways, but all they
had done was to condemn the agreement without
offering any suggestion of their own. The committee
bad depreciated the guarantees, they had diminished
the receipts of the Norfolk Railway from 111,0001. to
96,000/. ; and they had entirely omitted all mention of
the diminution of a e working expenses which
would take place to the amount of 21.0001.,
all which items would decrease the loss to
the Eastern Counties Railway to 8,3001. instead of
70,8781., which small loss was one-fourth of what they
were now losing by the competition of these two rail-
ways at the present moment. If they did not take this
opportunity of making this coalition, they would have
to repent afterwards, and no doubt some other railway
would step in and make an agreement which would be
much more detrimental to the interests of the Eastern
Counties Railway.
Mr. BROADBENT dissented entirely from these calcula-
tions. He could not see how the company could fail of
losing at least 50,0001. per annum if this agreement were
carried. He eulogised the report of the committee as an
able statement, considering the deficient information
which had been furnished to them.

Captain KELLY vindicated the committee from the
allegations which had been thrown out 'against them.
The directors had certainly not shOwn any great anxiety
to furnish the committee with information, but they had
certainly come to the conclusion that, though they did
not wish to doubt the integrity of the directors, yet they
had very considerable doubts as to their judgment.
Mr. NATHAN complained of the conduct of the direc-
tors in wishing to hang their millstones round the
necks of the shareholders. He thought the sooner they
got rid of the present board the better, they could not
have a worse set.—(Cheese.)
Mr. Cox entirely approved of the report; it had cer-
tainly changed his opinion of the board of directors.
Mr. WADDINGTON, who was received with mingled
cheers and groans, denied that the committee had not
carried out the instructions of the shareholders; they
had performed their duty, and a nice exposure they had
made of the conduct of the directors. When the di-
rectors called a meeting together to seal the agreement,
the information which they afforded to the meeting
was anything but correct. The statement in the
report was essentially correct, and it was impossible,
by any species of argument, to contradict them.
As to the Chairman's statement that it was he who had
furnished all the information to the committee, that was
not quite the fact, because in truth the committee had
first called the Chairman's attention to the circumstances.
As to the depreciation of receipts from 111,009/. to
96;0001, the reason of that was that at the time of
making this statement the committee had thought it best
to make a contemporary return of the three
companies, and this sum was the last return
which they had in their possession of the Eastern Union
Railway Company. The committee had taken the
greatest pains in performing their duty; they had set
before the shareholders everything which they thought
they ought to know, and had suppressed nothing. Re
was convinced that at some future period the share-
holders would thank the committee for their exertions.

Mr. MAXWELL considered that the company had been
injured by the rivalry of individuals, and he should re-
commend that the railway should be placed under the
management of one paid individual. He was in favour of
an amalgamation, and with this view he should move as
an amendment, that the agreement of the lath of Fe-
bruary be adopted.—(Cheers and hisses.)
Mr. GEAcH had gone into the committee with every
desire to carry out the agreement of amalgamation; but
he had been obliged to alter his opinion by the
evidence which had been produced. He was, however,
of opinion that the amalgamation in some shape or other
would be for the advantage of the company, and, with a
view to that, he should recommend that the directors
should acquiesce in the report, and allow the matter to
drop, in order that it might be taken up at some future
time, when it could be discussed with less wax mtb.

After a most interrupted and noisy discussion,
The CHAIRMAN set the anxieties of the meeting at
rest by assuring them that the proxies would not he
used at the special meeting.
Mr. MARGREAVES (a director), in a speech of great
length, which excited the enthusiastic cheers of the
meeting, denounced the agreement. If passed, the
6,000,000/ of the Eastern Counties Company would have
been ruined, and remarked with great severity upon the
interest which the Norfolk Company took in fastening
their guarantees upon the Eastern Counties Company.
At the conclusion of his speech the cheers of the meeting
were deafening.
Mr. DANIEL WHITTLE HARVEY, in a speech of great
humour, supported the commiree, and earnestly called
upon the shareholders to exercise a careful discretion at
the present crisis of their fortunes.
Mr. Sergeant GASELEE took occasion to attach great
blame to the Northern and Eastern directors.
Mr. KENNARD defended the course those directors
had pursued.
The resolution for the adoption of the report of the
committee was then put and carried unanimously.
A supplemental report of the committee was then
read for continuing the services of that body; and the
following resolution will best explain the intentions of
the proprietary.
Adopting the supplementary report, the resolution
proceeded in these terms :—" And that they (the com
mittee) be requested to continue their services, with a
view of bringing their negotiations with the Newmarket
Railway to a close, and that the committee have power
to enter into negotiations with any other company or
companies for the purpose of effecting traffic arrange-
ments between them and the company; and that such
committee do report the result of such negotiations for
the approval or otherwise of the shareholders at a special
meeting to be convened for the purpose."
The resolution having been carried unanimously, the
business of the special meeting was declared to be at
an end.
The adjourned half-yearly meeting was then held.
The business was to discuss the remaining paragraphs in
the report, the adoption of tho report, and the forfeiture
of certain shares; and the election of two directors was
to be disposed of, in the place of Mr. Margreaves and Mr.
Smyth. The proceedings were of the most tumultuous
—or, perhaps, we should rather say excited character.
The result, however, was, that upon the nomination of
Mr. Margreaves, Mr. Archibald Boyd was nominated in
opposition by Mr. Whalley. Upon being put to a show
of hands Mr. Margreaves was declared to be elected by a
considerable majority.
Mr. WHALLEY demanded a poll, amid a perfect storm
of yells.
Upon Mr. Smyth being put in nomination, Mr.
Whalley was placed in nomination in opposition, and
upon a show of hands Mr. Smyth was declared duly
elected.
A poll was demanded for Mr. Whalley.
The CHAIRMAN then, in a very handsome manner,
stated that the seat at the board vacant by the resigna-
tion of Mr. Betts should be placed at the disposal of the
shareholders. As a matter of form, that seat could only
be filled by the directors; but in the present state of af-
fairs, the directors would be happy to follow out the re-
commendations of the meeting.
Mr. WADDINGTON would take that opportunity of ex-
onerating himself from the charges that had been made
against him in connexion with that company. He had
accepted, it was true, 1,0001. of the company's money,
but he did so in the belief that the directors had ordered
its payment to him for the services which he had ren-
dered to the company, by bringing up its traffic from
6,0001. a week to 13,0001. a week, and for attending to
the Parliamentary affairs of the company. When, how-
ever, the new directors had called upon him and pointed
out the objection that had been made to this sum being
handed to him, he repaid it.—(Hear, hear.) The Hon.
Gentleman made other statements to show that he had
refused to accept shares in this railway and in other
companies, and had declined to accept offers of other
kinds, because he believed that to act in a contrary man-
ner would have been to have adopted a course that would
be inconsistent with right.—(Hear, hear.)
Mr. JACKSON said, that in 1847, when the London
and Westminster Bank refused to cash the company's
cheques, he (Mr. Jackson) had made effective ar-
rangements to carry on the financial concerns of the
sompany.

The Proposition that Mr. Waddington be placed on the
direction was carried, and a poll demanded.
Mr. RONEY announced that the poll would take place
at ten o'clock to-morrow (this day), and terminate at
four o'clock.
The meeting then separated.

MARKET INTELLIGENCE.
(From the London New Price Current, March 18.)
SUGAR.—To-day importers of West India Sugar refused to
sell under the rates of Friday; but the home trade demand
was small. The private purchases'are only 152 hhds, &c, and
there was no public sale.
REFINED.—To-day Crushed Sugar was offered at lower
rates; but there were few buyers. The home trade demand
is limited for Refined, still there is no decline in prices.
MAURITIUS. —This afternoon there was more disposition
evinced to operate in Mauritius Sugar; at public sale 5,783
bags went at full rates, fine yellow sold at 40s to 418, low to
good 36s 6d to 39s 6d, refining kinds 355 to 40s, low and
very ord brown 27s to 325, and better sorts 33s to 365 per cwt.
F AST INDIA.—This afternoon there was a good demand
for Bengal Sugar, and 4,095 bags at• auction realised full
rates; the Khaur kinds, however, went rather cheaper. The
prices paid were for low dingy white Benares 39s
to 408, damp and washed 38s to 40s, fine grainy
yellow 42s 6cl to 43s 6d, mid and good 33s 6d to 41s, fair and
mid soft yellow 34s 6d to 375, and brown ditto 27s 6d to 3Cs
6d. Madras realises full terms for superior sorts, but low
went rather cheaper : at auction 1,117 bags sold, soft brown
27s to 295, yellow 30s to 31s, and bright 35e to 37s Ed.
- filero n' public -Al. of Foreign
:-,1;.;;41. -old At,ly'r ',ETAT 1.n.: P," upon S 011:i11 .!,..:41P
rllcl': at rAtti.r lover rate,.
.i.o.t.AssEs.—Prices have further declined fur West India
still a fair business has been concluded, and the sales
are 210LPILIN Darbad9e4 at 16a and 2QO PLW ether

15a to 165 6d per cwt. East India and Mauritius are dull of
sale at 12s to 13s, but at present few parcels are on offer.
Porto Rico and Cuba are held for 14s to 16.. but few buyers
are to be met with. Honey is wanted and the rates paid for
West India are from 35s to 608 for low to fine.
COFFEE.—This afternoon there was no further advance for
Plantation Ceylon Coffee, but a good demand existed ; at sue-
tian 1,100 bags, 114 casks nearly all sold at full rates, middl ng
colory went at 57s,fine ord to low middling 52s to 5656 d, fine
fine ord, ,greyish: 52s 6d to 545, low and good ord 46s to
48s 6d, common Triage 38s, damaged 44a to 525, and sound pea-
berry 59s to 61s. Native is not offered under 46s for good,
but there are few buyers. "Other kinds are held with firm-
ness, but shippers or home dealers were not much dis-
posed, to operate this afternoon. At auction 299 bags
Java were taken in at 47s to 48s 6d for good and fine ord, 102
casks Bombay wynard Plantation, sold at 575 6d for low
middling colory, and at 60s for peaberry ; 15 brls Jamaica
were all taken in at 483 to 50s for good ord, 16 bags Bahia
455, 189 bags Costa Rica at 4916 d to 50s, but damaged sold
at 453 to 48s 6d, and 65 bags Rio ditto 38s per cwt.
COCOA.—To-day at public sale 27 bags Bahia Cocoa sold
at 30s for bright red.
'fEA.—To-day rather lower rates being accepted for com-
mon Congo' occasioned large parcels to be sold at 111,0 to
Is per lb for new import.
Lim—To-day there was more business concluded pri-
vately in East India Rice, but holders were compelled to ac•
cept prevlois low rates.
SrtcEs.--To-day at public sale 175 bags Pimento sold at
rather lower rates—middling /id to d, good ord 4id, and
one lot very; ommon 3tll per lb.
SezErrs.--Only small purchases have been made in East
India Rum, but there are not sellers under Is 63 proof.
Leeward Island is dull of sale, and the nearest price is
la 8d proof Operations in Demerara have been
to a limitey extent only at 2a 5d to ?s 8d for 30 to
40 overproof. Fine Jamaica from 34 to 38 per cent. over is
wanted at 3s IA to 4s Ed; but for other sorts the market
has a dull aspect, and a desire is evinced to sell 30 to 35
over proof, of bw and good quality, at 25 8d to 3s 6d. In
Brandy there continues to be little doing for any purpose;
there are free sellers Gf Cognac brands of the vintage
of 1850 at 4s 4dto 4s 6d, 1849 ditto 457 d to 4s 9d, 1848 ditto
4s 10d to ss, 181 ditto 5s 2d to 5s 4d, and inferior sorts 3s
to 4s. In Genwra sales are upon a more extended scale,
common at is 74 to is Bd, and fine Is 9d to 2s; the value
is still 9s 8d to if 9d for British made Spirit; and for Gin
81 3d for 22 per cent. under proof.
SALTreTEE.--The market to day for Calcutta presented
a dull aspect, aid' of 3,062 bags at auction a small part
only sold at 26s fir refraction 9} to 8} per cent, being rather
cheaper; the reminder was taken in at 263 to 26s 6d for
refraction 8 to 14 per cent, of common quality.
INDIGO. —There are not generally sellers under last quar-
terly sales' rates, but there is a reluctance on the part of
shippers and homedealers to do business. Spanish is held
for late dates; the market is in a quiet position, and there
is a fair quantity ea offer.
COCHINEAL.—Tie best sorts are wanted at full rates, but
for inferior there is dull demand, and having a large supply
prices have further declined. At .auction 300 bags were
nearly all sold ; Hoticluras silvers went at 3s 4d to 3s 10d,
Mexican silvers 3s id, black 3s 4d to 3s Bd, and Teneriffe at
3s 5d to 3s 6d per lb. For suction iOO bags declared.
FlLUlT.—Currants have been in good demand at from 35s
to 395, and good to fine 40s to 465. Turkey pulled Figs are
operated in with =re freedom at 42s to 60s. In Raisins
there is yet little bt,,siness doing; but sales are not pressed;
Valencia 38s to 405., _ _ .

TALLOW.—The demand continues a ctive for Russian on
the spot, and there iaa been a further advance, fine new
Y. C. selling at 415,and old at 39s to 39s 6d per cwt. For
delivery in last three'months of the year several transactions
nave taken place, and 41s 3d to 4is Od paid for new. Home
melted is not offered tnder 37s 6d nett cash. AR advance was
obtained for other sQls, and at auction 850 casks Australian
were nearly all sold It from 34s to 38s for low to fine; 750
pkgs South Americat 35s to 40s, and 20 cks Belgian 36s 9d
to 37s 9d per cwt. Zor auction 1,000 casks of Tallow are
declared. _ _ _ .

OrLa.—There has been a good business done in Cod pri-
vately. A public salt, of 39 tons went at 371 15s to 381 per
tun. For Southern RN rates are not to be obtained. Of 80
tuns at auction a stlall part only sold at 30l 103 to 311
lOs for first and pecond sort. Seal pale is selling
at 321 lOs to 33/, ,and other sorts at 301 to 311. For
Sperm holders evince more firmness. At auction, 12 tuns
were sold at 841 lOs tt 8.1 for first sort, and some holders ask
851110 s to 861. Cdcoa Nut is offered at a reduction,
Of 130 pkgs at auctica a part only sold; Sydney at 27s 9d
to 28s 6d, and Ceylont 293 to 293 6d per cwt. For Linseed
Oil more desire is evinced to sell at 33s 6d on the spot and for
delivery, at 35s 9d to Ns. Rape Seed Oil pale is offered at
34s to 355, brown 33s te33s 6d ; East India ditto 3 s to 32s 6d,
and Foreign refined 3(.:t3d to 35s 6d. For Olive few buyers
are to be met with. 11ipoli is to be obtained at 411 103 to
42/, and other sorts at 'to/ to 411 per tun. For Palm there
are several buyers, andt9s to 298 6d paid for fine. Head-
matter continues scene and wanted at 90/ to 941 per tun.
For auction 500 casks t,ocoa Nut are declared for Friday.

IMPERIAL PARLIAMENT.
HOUSE OP LORDS, March 18.
The LORD CHANCELLOR took his seat on the Wool-
sack at Five o'clock. "'
COURT OF CHANCERY (IRELAND) REGULA-
TION ACT 'AMENDMENT BILL.
On the motion of t4e LORD CHANCELLOR, this
Bill was read a secondiime.
PETITIONS.
The Earl of moutiTcAsuELL presented several
petitions against Papaliaggression.
The Earl of LANISBOROUGH presented several
petitions against the admission of Jews into Parliament.
Lord REDESDALB presented a petition from some
place in Norfolk against Papal aggression.
The Marquis of BREADALBANE presented a petition
from certain members of the Free Church of Scotland
censuring the measure of the Government for repelling
Papal aggression. He could not concur with the peti-
tioners. It was a most delicate question on which to
legislate, and he though that Government was entitled
to the gratitude of the country for the vigour with which
they had met the aggression.
The Earl of WINCRILSEA presented several peti-
tions against Papal aggression. He considered the Go-
vernment Bill was tukts6rthy of the Government and of
the country.
CEYLON.
Viscount TORRINGTON rose to give notice of a
motion for this day fortnight on the affairs of Ceylon.
He was anxious to take the earliest opportunity of vin-
dicating himself from tie accusations which had been
brought against him in relation to the affairs of Ceylon.
While this matter was the subject of investigation be-
fore a Select Committee of the other House of Parlia-
ment he felt that he WAS condemned to silence. A notice
of motion had been given in that House for March 25th,
imputing to him the commission of the gravest crimes;
that motion had been postponed, and, therefore, he
gave notice that he should, this day fortnight, direct
their Lordships' attention to this subject. He had been
accused of the greatest crimes by the Chairman of the
Committee, who had a perfect knowledge of the facts ;
and yet that charge had been withdrawn, and, however
important might be the financial affairs of the country, he
thought the characters of a Member of their Lordships'
House, of a Minister of the Crown, and of the troops in
Ceylon, ought not to be lightly treated. He bad no-
thing to conceal, he believed he had faithfully dis-
charged his duty to his Sovereign and bis country,
and be should not have brought forward the motion
of which he bad given notice it he had not been
prepared to justify all he had done. Ho had given
this, notice in order to afford ample opportunity to
those who had any charge to bring forward against him;
he should be prepared to justify himself and to appeal to
the kindness, the attention, and the justice of the House,
satisfied that he should be enabled to prove to their
Lordships that the accusations which had been brought
against him were wholly without foundation.—(Elear.)
COUNTY COURTS EXTENSION BILL.
Lord BROUGHAM would, on Friday, move the
second reading of this Bill, and would then state the
additions and alterations he proposed to make in the Bill.
The Bill to which he alluded was the Bill to whioh he
had last drawn the attention of their Lordships, and had
nothing to do with bankruptcy.
Their Lordships then adjourned.

ROUSE OF COriMUNS, March 18.
The SPEAKER took the Chair at Four o'clock.
HASTINGS lIIPROVEMENT BILL.
On the second reading of this Bill being moved by
Mr. PIGOTT,
Mr. HOLLAND said that he must move that this Bill
be read this day six months. Many inconveniences
mast, as Hon. Members were aware, arise. from
the institution of several boards of commisstoners.
The town was at present abundantly supplied
with the conveniences which the Bill was introduced to
cure, and the Bill was therefore neither mare nor less
than an incubus which was already provided for. -
Mr. PIGO a said the Bill was merely of a sanitary.
nature, and therefore to oppose it was only a work of
supererogation. The Bill, if passed, would work a great
improvement in the peculiar position of the town, and
was certain to secure a great benefit for the inhabitants.
Mr. FREWEN said that when he saw the names of
three Members on the back of a Bill, and one of those
refused to give his sanction to it, he believed that a suffi-
cient reason had been supplied for the rejection of the
Bill. He should therefore vote against it.
The House then divided,
For the amendment "'59
when there appeared—

21
-38

Against it
Majority •••
The Bill was consequently lost.
FIRST READINGS.
Several Bills were then read a first time.
PETITIONS.
Mr. VILLIERS presented a petition from Wolver-
hampton praying
for the establishment of county
financial boards.
Lc,rd CHARLES MANNERS and several other Members
presented petitions from Brighton and other places
against the Papal aggression.
Mr. BRA/STONE and Sir E. BUXTON presented several
petitions against the Bill for the removal of Smithfield-
market.
Sir R. INGLIS presented petitions from Clerkenwell
and other places,
sures for repressing the papal aggression.
praying the Rouse to take some mea-
The HON. BARONET also presented petitions from
several places praying that the Jews' Oath Bill may not
pass into a law.
Mr. MITCHELL presented a petition, signed by
many influential mercantile firms in London, praying for
an inquiry into the managemeet of the Board of Cus-
toms.

Mr. SHAFT() ADAIR presented a petition from
Cambridgeshire praying that the present Papal aggres-
sion Bill might not pass into a law.
Colonel GILPIN presented several petitions for and
against the Ecclesiastical Titles Bill, and for and against
the Financial Boards Bill.
Mr. WILLIAMS presented a petition, very nu-
merously signed, praying for the abolition of Sunday
trading: They stated that nothing was obtained for the
Exchequer by Sunday trading, and that in other ways
much. was lost to the nation.
" Sir DE LACY EVANS presented pretitiona from
the parishes of St. John's and St. Margaret's, Weatinin-
ster,;yraying for some alteration in the tariff.
Ur. SPOONER presented a petition from the Bath
ano, .i.Atton for the promotion of Prole :tint
Princt pies, ittutinz that within tke last t,.. years
no less R aura' than 383.0001. had boat granted by
the G
torment for promoting the encouragement of the
plidi religion.
r