The Sun.
London, England, 1851-02-11 00:00:00

RAIL WAY INTELLIGENCE.
MIDLAND.
DERAY, MONDAY EVENING. —An extraordinary 'special
meeting of the shareholders ot the above company wts' held
this afternoon, at the Derby station, for the purposb of con-
sidering, and, if thought lit, of approving of the *Visions
of the undermentioned Bills proposed to be introduced into
Parliament in the ensuing session:—
" A Bill to authorise the acquisition by the Midland Rail-
way Company of the estate and interest of the Leeds and
Bradford Railway Company in the Leeds and Bradford Rail-
way, and to empower the Midland Company to 'rink) Money
for such parpose.
...---
" A Bill to extend the time forlhe purchase of pertain
ands and completion of works authorised 4. tiii . Midland
Railway Ripley Branches Act, .1848,1 and on the Gloucester
and Stonehouse Junction Railway. • ' - -" A Bill to regulate and increase the capital bilhelifidlaud
Railway Company, and to confirm 'and legalise the 'Creation
and issue of certain 501. shares, and the_ applicatiCin a the
proceeds of such shares, and fur other pUrptottes.7
Mr. Ellis, MP. (the chairman of the hoard of directors),
presided. -
The advertisement by which the Mee- ling had been con-
vened having been read by 31r. B, it (the secreterV),
The Cit AtrotAl. s.,id it. migtit. append' b.
-exp-:,:inicinia' -that
th.s-shareholden, slronhl he calrevi together-on-The- ive
of
holding their half yearly- meeting; but the reason was, that
the dirt ctors wete anxious to lay beiine them the question of
the purchase of the-Leeds and Bradford Railwev'prior to the
subject corning under the discussion of ithe.Leeds and Brad-
find shareholders, who would hold a meeting ma the follow-
ing (this) day hi reference to the matter. The hoard were
also desirous to have the question respecting the 501. shares
settled. This subject hati
,already been before. the proprie-
tors, and the directors were unanimous in recomrnding that
:he proposed measure in reference to such ..shares should be
carried out.

The proposed arrangement with the hollers of s"l:,sharei
was then explained.
The number of 501. shares created is
Of which are imissusd

• 77,8L5
•• 610

Issued ...
The amount called up being 35/. per glaze, •
the interest payable in 1851, at .5 per.
cent. would be ... £135,178 is 0
But supposing the proposed arrangement
be agreed to, and the dividend on the
consolidated stock to be at the rate of 3
per cent. per annum, the account vrould
stand thus :
Dividend on 77,245 shares
of 331. 6d. Bd., at 3 per
cent ... ... £77,245 0 0
Ditto on 77,245 shares of •
1/. 13s. 4d., at 4i ditto... 5,793 7

77,`j45

83,038 7

Benefit arising to the holders of consoli-
dated stock

If, however, the dividend on the stock
be -at the rate.of 2i per cent. only, the
benefit would then amount to

Supposing a further sum of 31. 6s. Bd. to
be called up on or before the Ist of
January, 185!, making 5/. per share
guaranteed, and the dividend on the con-
solidated stock be at the rate of 31. per
cent., the account would stand thus :
Guaranteed dividend on 77,245 shares, of 51.
per share, 386,225/., at 4i per cent. ...
If not guaranteed, the dividend would be
on 386,2251., at 3 per cent. ...

£17,380 2' 6

11,586 15 0

£5,793 7' 7

•
Should the dividend on the unguaranteed
stock be at the rate of 21 per cent, only,
the loss would be £7,724 10 0
It was urged that it would thus appear that the gain to
the non-guaranteed stock in 1851 would cancel the loss for
at least eight subsequent years, or until 18.59 ; and should
the dividend be then equal to 4-} per cent., no disedvantve
would arise to the holders of consolidated stock from the
proposed arrangement.
The CHAIRMAN said he thought it would be a grearad-
vantage to a company like the Midland to have a call to fall
back upon, should adverse circumstances arise. He believed
the Bill in reference to the proposed arrangement a good
measure, and that it was calculated to put an end to that
state of disturbance in-'the company's proceedingkwhich had
been of so much injury to the concern.
The Secretary (Mr. BELL) then read the bill ".to regulate
and increase the capital of the Midland Railway Company,
and to confirm and legalise the creation and issue of certain
50/. shares, and the application of the proceeds of such
shares, and for other purposes.
• .
After a long discussion a resolution for the.adoption of the
Bill was moved and seconded. Upon a show of hands the
motion was carried by a large majority.
A poll was demanded. While the votes were being taken
the Leeds and Bradford Bill was laid before the meeting.,
The object of the Bill is to enable the Midland' Raili!ay
Company, at any time within three years after the paElaiug
of the Act, on giving three months' previous notice of their
intention so to do to the Leeds and Bradford Company, te
commute the yearly rent 0f90,0001., by the payment of a
fixed sum of 1,800,0001. with a provision that it they fail to
give the notice, or, having given the notice, fail to pay the
money, the power hereby given to them shall c.ealle.
A resolution for the adoption, of the Bill having been
moved and seconded,
An amendment was proposed, to the effect that 'the share •
holders refuse to consider or approve of the Bill for the pur-
chase of the Leeds and Bradford ,Railway, until a full and
searching inquiry has been instituted by a special committee
into all engagements existing between the Midland Com-
pany and the Leeds and Bradford Company, and into the
mode in which such engagements were contracted, and the
result reported to the shareholders.
It was stated by Mr. Gannurr, one of the directors, that
while the proposed purchase of the line would set at rest
any doubts which might exist as to the validity of the Leeds
and Bradford lease, it would at the same time sate the Mid-
land Company 18,0001. per annum in the event of their being
able to raise the purchase money at 4 per cent.
A discussion of great length took place on the subject of
the lease, the chief feature of such debate being the OfteD•
mooted question of the personal interest which some of the
old directors are alleged to.have iu this matter. It was, akit
has been frequently urged on this point, that the discussion
of it could not in any way affect the validity of the lease,
and that the whole matter had been fully inquired into by
their investigation committee.
At a quarter past six o'clock (the chairman having ex-
plained that according to the standing orders of Parliament
a simple affirmative or negative must be given to the Bill)
the amendment was put as a negative to the original resolu•
tion. Upon a show of hands the amendment was lost by
about 10 to 1.

A scrutiny was then demanded, and the following resitlt
was declared at 10 o'clock

For the first resolution
Against it „•

Stock. Veto.
£3,686,808 ... 17,594
... 319,375 ... 1,677

Majority

... £3,367,433 ... 15,917

For the second resolution
Against it ...

Stock. Votes.
... £3,620,737 ... 17,426
... 278,947 1,444

Majority X 3,341,790 ... 15,982
The proceedings concluded with a vote of thanks to-the
Chairman.

GREAT WESTERN.
It appears from the statement of the accounts of this com-
pany tot he 31st of December last, that 13,815,204/, had been
received on capital account, including 8,347,685/. on shares
and 5,467,5191. on debentures, loans, &c The total expen-
diture to the same date amounted to 13,818,138/., leaving a
balance against the company of 2,9341. The expenditure on
railways completed, abandoned, or not in progress, amounted
to 10,541,6721., including 133,899/. paid during 1850 on ac-
count of the estimated amount of liabilities on the 31st of
December, 1849, of 350,000/. It is stated that the expen-
diture for new works and additions to works in 185 ) is
charged in the general revenue account. The expenditure
on railways partially opened--viz„ Oxford and Rugby,
opened to Banbury, 995,4891., and Wilts, Somerset, and Wey
mouth, opened to Frome, 20,0424, together 1,015,5314 The
subscriptions and disbursements for the South Wales, the gig-
cester, and Dean Forest, the Birmingham and •Oxford, :and
the Birmingham, Wolverhampton, and Dudley Railways,
amounted to 1,200,011/. The subscriptions and disburse-
ments for the Wilts, Somerset, and Weymouth, the South
Devon, the Oxford, Worcester, and Wolverhampton, the
Cheltenham and Oxford, and• the Cornwall Railways, and
the Plymouth Great Western Dock, &mounted to
1,051,882/, but the interest on this amount is bouts by
revenue. For new. locomotive stock, under.voteCfprepriA..
tors at the last meeting, 9,0114 making the- toes! expendi-
ture on capital account 13,818,138/. The revediai among
for the half-year ending 31st December last; shows that
455,8551. had been received, and'154,238/., expended, includ-
ing 12,5234 for Government duty, and 1ff,700/, raise and
taxes, leaving a balance of 801,617/. The expe,nditure on
revenue account for the past half-year amounted- eci33,835
per cent. of the gross receipts, while at the corresponding
period of-1849 it amounted to 391088 per cent:l-The-7101We
brought forward from the half-year endin the.34MS
1850, amounted to 24,3541. This sum,• a4ded to.thaibeve
balance of 301,6174, gives an available sum of 3P,V711,
from which is deducted 2,033/. 'paid ,foi. rie*•werka and
additions to works on lines opened, 15,276 V .gintrenteed
4 per cent. to shareholders of the -wilts, Somerset,,,. and
trsistas or rtaaangtos
Weymouth Railway ; 1,1541. rent ohalfe.,•Pe;a ?? -the
Bishop of London and
aid on wens an
estate ; and 91,975/. interest P .the
divTienug a .disposable
Berks and Hants Extension
agle 'rate of 2 pers.ce It
18
Pre.
balance of 215,5324 for p en
watilich will amount to' 161114:2" the
per cent. stock 442 ' .1" ana
of 49,f,60/.
half
-year
making to-
a
ad leavingbalance over
ther 165,8724 a
gineterest on the

r • •
UNIVERSITY INTELLIGENCE.
- MORAL SCIENCES—TIIIPOS.
(Issued this day.
CAMBRIDGE, FEB. 18.--EXaßlitlenh•—W.
D.D., Professor of Moral Philosophy; H. s., Moine,
D.C.L., Professor of Civil Law. A. Amos; M.A.,.Pro.
fessor of the Laws of England; G. Pryme. M.A., 'Pro-
fessor of Political Eoonomy; F. W. Gibbs, M.A., Deputy
Professor of Modern History; A. Holden, M.A.
(Trinity College), additional examiner.' , .
FIRST cLiss.
Ds. Mackenzie, Trinity. Ds. Braes, HUD. T., Jetill..
I
—*Wilson, A., Trinity. — *Hort, Trinity. Ds. Pooley, Christ's College, having been taken ill
during the examination, is not classed.

Conrus Coma GE.
The Spencer Scholarship has been appropriated by tha
master to Richard Pearson Greaves.
Moial Philosophy (Whewellib) prizemem

MIDDLESEX SESSIONS.—At the Middlesex See•
sions yesterday, the appeal " St. Clair v. Bingham" was
tried before Mr. Sergeant Adams. It was an appeal against
3 conviction by Mr. Bingham, one of the Magistrates of the
was
te
Marlborough-streetsennceato w
tPo
months'
Police-court, ce- co
ut, under which the appellant
imprisonment
for
an
offence
against the Act relating to combinatiewl of workmen, 6th
the building was Leing " botched"
lieorge IV., c. 129. The appellant was a glazier, who some
time since struck work at the Crystal Palace, and he t a
letter to Mr. Fox, in which he stated that unless some alter-
ation were made, he would put an advertisement in the
morning
system
ni
contracting, and that it would therefore
be worthless and unsafe. The conviction was confirmed, and
the appellant committed to prison.
ng
papers of outstating - that
NEWMARKET RAILWAT.—A.t the special meeting
of this company on Saturday, power was given to the direr•
tors to deal with the shareholders in default in such manner
as might be deemed by them most d. expe lent for the benefit
of the general body of shareholders.