The Sun.
London, England, 1851-02-28 00:00:00

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odium for years past. If it had not been
for the odium they had cast upon himself and others, he
really did not know to -c Tlet
tiatf uprm odliii6 i..•!” cro.deau ;lad
got beautifully less, and at last the divideA had come to
nothing. Ho would tell the shareholders why the di-
rectors were in their present position—it was because
they did not understand their business. To develop
traffic a man must know what he was about—
A PROPRIETOR—And he must understand " cooking"
accounts.
Mr. WADDINGTON would explain all about that charge
after the meeting had dealt with the directors' report.
They shou!d have chapter and verse. With regard to
the management of the line, the first thing which the
directors should look to was to get the c ufidence of the
public ; but on the Eastern Counties line nobody could
be certain for haw long a paried the 5,:.-ne trains w,,uld
run. The consequence was they had lost tile confidence
of the public.
The CHAIRMAN was about to put 'au amendment for
the adoptiv,n of the report, with the exception of that
part of it which recommended the nun-declaration of a
dividend, when

Mr. NORRIS objected to snch a motion being put, as
many persons might be in favour of a dividena and yet
object to various portions of the report.—(Hear.)
An amendment for the payment of ls. dividend was
then put and lost.
Mr. NORRIS then moved, as an amendment to the
original motion for the adoption of the report, ;that the
meeting adjourn till the 18th of March next.
Mr. Sergeant GAMER advised the shareholders to
bundle the directors out neck and crop if they could be
found.

After considerable discusaiou on the question of ad-
journment,
The CHAIRMAN said the motion for adjournment was
a very important one; and he considered it so much
effected the position of the executise raid the financial
puaitiou of the company, that be must state—and be did
so without Any intention of giving offence, without any
feeling of pique, without intending it in the remotest de-
gree as a threat--that be should, if- it were carried,
_re-
-sign -his -felit:=—Mtifte inteiril;;HAkiv'

- Mr. IPLAIIREN thought that the chairman, if he were
really and deeply interested in the welfare of the com-
pany, would not make such a threat. He (Mr.
M'Lauren) was prepared to nominate a gentleman to fill
the situation of chairman.—(Cheers).
Mr. ELLIS (a director)
.should withdraw on the fol-
lowing morning from the responsibility of being one of
the executiie if the motion for adjournment were carried.
A PROPRIETOR—The sooner the better.
Mr. IlAnnzErr —After what Mr. Ellis has said the
sooner he resigns the better.
Mr. WADDINGTON suggested that the mover of the
adjournment should embody in his amendment an inti-
mation to the effect, that the committee of shareholders
be requested_to consider the policy of entering on any
working agreement that might be made with the New-
market and Chesterford and East Anglian lines of rail-
way, and, if so considered advisable, to report thereon
to the meeting to be held on the 18th March.
Mr. NORRIS had no objection to embody in his amend-
ment the suggestion made by Mr. Waddington. _

The quesiion of adjournm-ent with the suggestion of
Mr. Waddington embodied in the motion was then put,
and

The CHAIRMAN declared it had been lost on a show
of hands.—(Much confusion.)
A poll was demanded.
Mr. MARGRAYE (one of the directors)—l say adjourn
the meeting, gentlemen. Adjourn it if you intend to
save your property.—(lmmense et:infusion.)
Mr. BROADBENT (a director). said that with the board,
as at present constituted, nothing' could be carried out.
Some of the members were like the dog in the manger.
It was all talk, talk, and hours and hours were spent
upon the most trifling matters. Adjourn the meeting
(said the speaker), if you would save your property.
Mr. SMYTHE (a director) held a large stake in the
company, and would say, it- would be most prudent and
desirable to adjourn:
It was announced that the poll would take place at a
quarter-past five o'clock.
Mr. MARGRAVE (the director) I wish you to under-
stand that they have`proxies to the extent of' 5,000.
The Proprietor who had demanded a poll withdrew
his demand.
Sergeant GASELEE moved the adjournment of the
meeting till the 18th of March.
The motion was carried.
Mr. GEscrt demanded a poll.
The meeting was then adjourned till four o'clock this
day, when the result of the poll will be declared.

- YORK AND NORTH •MIDLAND.
.The half.yearly meeting of the proprietors of this
.Fop3pany was held yesterday, at • the De Grey Rooms,
the city of York. H. S. Thomson, Esq., in the chair.
The usual preliminaries having been gone through,
and the seal affixed to the registered list of shareholders,
The two retiring directors, Mr. Williamion and Mr.
Joweft,"w•ere unanimously re-elected, on the motion of
Mr. 'Bull.

The CIIAIRMAN said the company, although not pros-
perous, was i❑ an improved condition. The sharehol-
ders might have expected an increased dividend but for
circumstances which the revirt developed, and which he
would explain. Ho recalled their attention to the state
of their affairs when they undertook the management of
the company, and the Improved position which it now
occupied. One object they had in view was the main-
tenance of the credit of the company, which they had
placed in a very good position, enabling them to borrow
money on fair and reasonable terms. The next point
was to keep their traffie, which they found threatened
in every direction—by the Leeds and 1 hirsk, the
Great Northern, the Manchester and Sheffield, and
other rival lines, and the Aire and Calder Navi-
gation. Some arrangements had been efftcted, and
be hoped before long that amicable agreements relat-
ing to traffic would be made with all of them.
Another object they had in view was to work their
traffic efficiently. By transferring their Leeds traffic
to the Marsh-lane station they were saving 2,0001.
a year, besides securing other advantages arising from
the management of their own affairs. The proposed out-
lay on this station he defended as being prudent and ad-
visable. With respect to the Milford junction station, he
believed that itt erection would be fully paid for by the
rent of refreshment rooms which are attached, whilst
the traffic would be more easily worked. The Chairman
next proceeded to enter upon the details of the accounts,
which showed au increase of receipts of 13,4401., and of
payments the increase was 6,4091. A great portion of the
outlay was in increased mileage, consequent on competi-
tion, but he hoped that eventually their work would be
done with a less mileage, whereby a decrease of expense
would be effected. He concluded by moving the adop-
tion of the report.
Mr. SEYMOUR, Vice-Chairman, seconded the motion.

On the motion of Mr. KINNEDY, an amendment was
moved to the effect, " That no reserve or depreciation
fund should be permitted in that company."
The motion was seconded by Mr. nalpsoN, of Leeds,
and after a long discussion, in the course of which no new
light was thrown on the subject of depreciation funds, the
amendment was lost by an overwhelming majority, two
hands being held up for it.
Mr. RAMSEY inquired if anything had been received
from Mr. Hudson?

The CHAIRMAN said—Yes. A sum of 10,700/. had
been rtceived from that gentleman, being a balance of a
much larger account. This item had arisen froth some de-
bentures taken up by Mr. Hudson on behalf of the com-
pany. The money had been paid to his private account,
and repaid from it for the purposes of the railway as re-
quired. He was no friend or defender of Mr. Hudson,
but he honestly believed that this matter was purely one
of mistake, and on its detection Mr. Hudson paid the
sum-9;0001, with 5 per cent. interest, amounting alto-
gether to 10,700/.
It reply to other inquiries, it was said the Chancery
suits against Mr. Hudson were progressing at Chancery
pace, and that the arbitration between the company and
Mr. Crawshay, the c.,ntractor, was still pending.
The resolution declaring the dividend was then passed.
After a good deal of discussion, in reference to the
negotiations with the Lancashire and Yorkshire Railway,
A resolution was proposed, authorising the directors
to take immediate proceedings against the Lancashire
and Yorkshire Company, to force that company to take
a joint lease of the Hull and Selby Railway, according
to the original agreement.
After some discussion on the subject,
in which a great
reluctance to resort to hostile proceedings was evinced so
long as the least hope of an amicable arrangement re-
mained, it was finally agreed to authorise the directors
to take legal proceedings.
A vote of thanks to the Chairman and directors ter-
minated the meeting.

BRISTOL
meeting of this company was
The usual half-yearly
White
Hart Hotel, Bristol; 11r.
held yesterday, at the r
Buller, M. in the char
B.
(Mr. adham) having read the ad-
The SECRETARY
AND EXETER.
convening the meeting, the following report
was
report states that " the gross traffic receipts upon
vertisue
• tol and Exeter Railway from the Ist of July to
the 1311,
bmZitt&el to the proprietors:—
he 31st of December, 1850, amount to 117,7911. 6s. Sd.,
and the working expenses during the same period to
49,2171. 14s. 5d., being about 41.78 per cent., or 571/. per
mile for the half-year on 86 miles of line. The receipts
are, therofore, 11,5911. 18s. more than during the cor-
responding half of the yet..r 1849, and this increase of
traffic is distributed as follows;—_8,9081. 3s. sd. on pas-
sengers; 2 416/. 17s. Bd. on goods and coals; and 266/.
16s. 111 on parcels. The number of passengers con-
veyed is 339,358, travelling 9,717,578 miles, and the
number of tons of goods, including coals, is 74,283 tons,
1 cwt., 3 qrs., 9ths., conveyed 2,646,210 miles. The dis-
posable balance ~f the revenue account, including 365,1-
13i. lid., brotraht over from the previous half-year,enls,
43,8471. 78.7 d. This would enable you to declare a dividend
of of 4 par cent per annum on your 2,000,000/. of k
leave a surplus of 3,8.17/. 7s. 7d.; but
forward
decideely of opinion that it is desirable to
edarthryey would
a larger amount to the next half-year,
a divid.-nd of
therefore recommend to you net to
or
li per cent. for
more, than 3} per cent. per annumn;
lanceof 8,8471.75. 7d.
the half -year. This would leavee a your directors are
that the negotiations for
your last hdf-yearly
t , be carrkd over.
mud Crediton line on the broad
working the Exeter
da
and might lead to t favourable
gaul,e might he renved,
A prosisiu I
De, agreement has
The,vetlnpgc, tation expressed to you, at
issue, has been realise d•
been entered into for a lease to.
-IL of either this company for seven
yfars, determiabl
party, when
line shall be open for traffic; two-thirds of
the Taw Vale
ne, at the opt
the gross receipts to be retained by this company tor
working expenses, and one-third to be paid to the Exeter
and Creditors Railway Company for rent. A special
general meeting will be convened for the purpose of
This arrangement with the Exeter and Credit= sub-
mitting Co-
mpany the
ee
morelease f or your approval and confirmation.
important, as, whilst it secures an in -
creaso of traffic on your railway, it presents a pros pest