The Sun.
London, England, 1850-08-31 00:00:00

The report wa% then submitted to the meeting, and
carried, only one hand (that of Nr. Muskets) being held
up against it.

The retiring directors were re-elected, the board for
the next half-year hieing composed of the following
members:—Mr. J. C. Cobbold, M.P., chcarmab; Mr. S.
Biguold, deputy-chairman; Mr. F. Pratt Barlow, of lien-
aington; Major Thiresford, M.P., of Loudon; Mr. E. S.
Cayley, np., of Yorkshire; Mr. J. Cobbold, of ipswich ;
Mr. W. Crake, of London; Mr. J. Graystone, of York;
Mr. J. G. Hart, of Stowinarket; Mr. W. W. Hawking.
of Colchester; Mr. R. Williatnson, of Scarborough; and
Mr. J. Wright, of Norwich.
•A voto of thanks to the chairman and directors closed
the proeeedinge.

BRISTOL AND EXETER.
The • twenty-eighth half-yearly meeting of this com-
pany was held on Wednesday et Bristol; Mr. J. W.
Buller in the chair.
The SECRETARY (Mr. Badham) having read the nc-
tic° convening the meeting,
The CHAIRMAN raid the meeting had been convened
for a double purpose, principally for the purpose of 'con-
sidering the business of the company at its timed half-
yearly meeting, but also with the view of considering
the report of the committee of investigation. He would
suggest that the proceedings should commence by read-
ing the report of the directors.—(Hear, hear.) If that
was the opinion of the meeting, ho would desire the sec-
retary at once to read pro
.forma the report cf the direc-
tors to the meeting convened that day.—(Cheers.)
The SECRETARY read the report, which stetted—
" The gross traffic receipts upon the railway from the
Ist of January to the 30th of June, 1850, amount to
97,9401., and the working expenses during the same
period to 45,4521., or about 46.40 per cent., or-5281. per
mile for the half-year on 86 miles of line. The number
of passengers conveyed is 273,851, travelling 7,545,423
miles, and the number of tons of goods is 66,987 tons,
conveyed 2,499,684 miles. The consumption of coke
was fur passenger engines, 33.81 b. per mile, and for rode
engines 83,91 b. per mile— The locomotive potveroon ..
iiaii:6l;2o lattssenger engines, 8 goodie engines, and the
Fairfield engine and carriage nowat work on the Clevedon
*404 and With thd view of more economically working
the branches and piloting on the line, five light engines
have been contracted for. The balance of the revenue
account, including 2,462/., brought over from the former
half-year, i5..56,3861., which, after providing for interest
on debentures, loan notes, &c., will leave a disposable
bafande of 28.365/., and give adividend of 280. per 100/.
share, and 95.: 44. per third share, for the half-year.
This dividend is rather more than equal to 3 per cent.
per annum on the capital called up before the month
of March ' last. The balance carried over is only
365/.; but the smallness of this reserve is the
leas objectionable, as the second • half of the year
is always more productive than the first, and in
the present instance there have been lextraordinary re-
ceipts during the meeting of the I
.ciAyal Agricultural
Society in July, to the extent of betlt,een 3,0001. and
4,000/. The arrangement expected to.- aye been entered
into with the 'Exeter and C iten Reilway
t
Company not having been ca ied into el-
feet, tho'e six miles of line retienin useless to
the public; but there is reason to felieve that ne-
gotiations may be revived, which s;
_y terminate in
an arrangement for working the line o sii.' se broad gauge.
The goods-sheds, engine-house, and ...ther buildings
lately erectsd at Pyle-hill, afford anitielat accommoda-
tion for the traffic of the line; and- pis are in course
of preparation fur extending the loot) , five repairing-
shops at Exeter, and- for bnilding, boo g, and general
32
offices in Bristol. - The directors, ar not aware of
any other material outlay likely to are for the traffic
of the line, unless it should be, ,le ' rmined, on the
completion of the electric telegraph ' tweeu London
and Bristol, to continue it to Exeter: Is chain of tele-
graphic communication would then l ,uninterrupted
from all parts of England, through-Briatel to Plymouth..
The late deputyLehairman, Mr. John RrOwne, . having
resigned, the number of the ' board was reduced.
below the minimum prescribed 1.17 the Acts of
Parliament, and Mr. Francis Fry,a ge (omen long and
well acquainted with railway affairs; a , seen elected in
his stead. The directors believe that 0 period is not
far off when they will be able to issue ft, eferenee stock
at four per cent., to cover the dobent - - 3 and liabili-
ties. The directors would' recommen eConfirming the
loans already accepted, and tip*: - any others
that may hereafter be obtained at 'f4 .! per cent. to-
wards providing for a large aina,
,t ,of deben-
tures and loan notes which will fall due tiext year. The
balance in the bankers' hands on the 311Ith of June was
13,5421., and the total 'balance of .tai; 'general account,
including the South Devon and other stares, &?.., was
380,834/. The arrears on calls at the end of June last
amounted to 45,2271. Since then they lave been re-
duced to less than 35,0001." ,
:,'
The audited statement of accounts -was likewise sub-
mitted to the meeting.
The CHAIRMAN thee said it would now be for any
member to move the receptien of the report of the com-
mittee of investigation, and then they coul4roceed with
that inquiry. -
Mr. SILLIFAXT, the chairman of the coratnittt-je of in-
-vestigttion, 'aid that, siiiiit'aut litiylng -ilnyg,tl:kint was
-trettstr-ordbesgreeytneat-hozarnisr ne.alheivisif ik,sfitais's,ve the
system adopted in past years was not such a oli:a-efilt./ti-
satisfactory to the shareholders, and he believed their
best interests were involved in amending that system.
The committee had had great difficulties thrown in the
way of their inquiry, not the lealt of which Nfas the re-
filial of their secretary to produce document after docu-
ment, and doubting whether they were not exceeding
their duty. There was one point to which he wished
specially to call the attention of the meeting, and that
was that the committee were not responsible for the
statements which had been laid before them. Ho die-
claimed the attempts which had been made to put this
inquiry upon the footing of a personal question. The
charges against Mr. Browne had been disposed of by the
directors themselves, who had come to a resolution that
it was not desirable in future to elect to' the board any
gentleman who was a carrier en the line. They dis-
missed the charges against Mr. Browne with the simple
remark that they thought Mr. Browne had exercised a
wise discretion iu retiring from the board, and they fully,
agreed with the directors that no carrier should be eligi-
ble to serve on the board. The committee, therefore,
had gained
alainisisyueth which
liciht
could
pociennatmbiyttelleir. of Birn°vwens investigation a tiou resignation.alh,ged
that
The
e thel financeportheirofthe
comtn it tee was a sec re t committee. The
directors' answer was p
sided by an appeal to the evidence. The storekeep is
department demanded more supervisioa; it was a point
wsnot
only a be do
committee. That aas u
not touched ou in the answer of the directors, and he
thought the attention of the shareholders should he di-
rected towards it. Another point he would notice was
the residence of directors at 9 distance from the line,
which involved an outlay last half-year fur travelling
expenses of 1331., and this half-year of 681,, which he
thought ought not to have been incurred when 1,200/.
a year was allowed to the directorate. He then ad-
verted to the power given to the secretary to draw
cheques.
'lnc CITAIRMAN explained that the money far which
the secretary drew cheques was placed to his credit at
the bank for a particular purpose, and it could only be
used by him for that purpose.
Mr. SILLIFANT said this was really the point at issue.
Ile:thought the secretary could not deny that he paid
cheques to a Mr. Davey and a Mr. Watson without any
authority from the board.
The SECRETARY said that since he had been connected
with the railway he had never drawn a single cheque
for a single eixpence without the approbation of the
directors. He denied any such allegation in tote. The
fact was there was a certain sum of money placed at his
irnosvteeaadsuoffif ictisenbteisnagrepguutarindtoagaabinoxst,
ad
nisdp ohsiaslbaoto
k the
c.,,
obualuakp,
any misappropriation of the money. Ho must be al-
lowed to say that it would be quite impossible to carry
on such an affair as a railway without some one having
a discretion for drawing cheques for amouuts of &limited
extent.—(Hear, hear.)

tMr. FRIPP, one cf Clic directors, added, that no banker
belonging to the company would pay any cheque unless
it was signed by three of the directors. The secretary
drew thore cheques in his own name, and not in the
name of the company.
Mr. SILLIFANT said, if such were the case, why then
the board and the committee were agreed. Another im-
portant fact was that the corporate seal of the company
had been hitherto allowed to remain in the custody of
tee secretary, and it might be used for purposes involv-
lug the interests of the company.—(No, no.) There was
an important document purporting to be an agreement
between the Bristol and Exeter Railway Company and
the Great Western Canal connected with the siding at
Taunton, which had the seal of the company affixed to
it, and the secretary, on heing asked, said he could find
no order or minute of it in the books.
A great deal of warm and noisy discussion followed
on this subject, which was terminated by the chairman
explaining that the fact was, the agreement alluded to
was made in London with Mr. Taverner, solicitor of the
Great Western Company; it was done at a time when
the directors were engaged in Parliamentary business.
It was thought necer,ary the agreement should be com-
pleted at once; the corporate seal of the company was
sent fer, and attached to the document in his (the chair-
man's) presence.—(Bear, hear.)
Mr. SILLIFANT said, the next point he had to urge on
the meeting was in regard to the duties of the auditor,
Mr. Seccombe. lie enlarged on this topic, his principal
complaint being that he had not the power of disallow-
ing
eny items of which he disapproved. Another gross
thing he had to complain of waft, that in the half-yearly
accounts the amounts stated to be paid for the purchase
of the Taw Vale, the Exeter and Creditors, and the
Glastonbury Canal shares were put down at 28,8871.,
whereas they really cost 31,5151.; and there was another
fact the meeting perhepe was not aware of— that some
of the directors of this company had sold some of their
:iliares to the company. Ile also understood that Mr.
Fletcher, their former auditor, had objected to the in-
vestment account when it reached 70,000/, which stood
in the secretary's name. Ho concluded by proposing
that the report of the committee be received and ap-
proved. •
Mr. ABBOTT proceeded seriatim to combat the state-
mcnig made by the chairman of the committee of inver-
tigation, and characterised the whole proceedings of the
committee, amidst much uproar and confusion, as trivial
toad The real gooticm whother the

directors were possessed of their confidence, and whether
they would strengthen their hands, or whether they
were not entitled to their confidence in 'managing their
property. He also reprobated the conduct of the com-
mittee in refusing to examine the books when cffered
them, ?Altering that they had closed their report. If
they had Altering
serious and the matter was of such im-
portance as had been represented, they would still hare
gone into them. Mr. Abbott concluded by moving as
an amendment:—
" That this meeting having considered the report
of the committee of investigation and the answer
thereto by the directors, feel it incumbent on the pro-
prietors to thank the committee for the time and trouble
they had devoted to the report, and at the same time
they emphatically express their entire confidence in the
integrity and honour of the directors."—(Cheers.)
Mr. AVERT said be would ask whether the report
was such a document as would compensate for the state
of confusion into which they had been thrown. Ho
hoped the result of the poll would be an entire confidence
is the directors, that their line might be placed in that
position in the market which it deserved.—(Cheers.)
After some discussion and much confusion,
Mr. Barnum, the secretary, proceeded to read the
letters, which consisted of a correspondence between
him (the secretary) and Mr. Robert Fletcher, account-
ant of the company, and which passed in 1843. Mr.
'Fletcher, it appeared, requested some explanation of
the sum for investment standing in Mr. Badham's own
name is the books of the Bristol and Exeter company,
amounting to 76,698/. 7s. 31. On the recommendation
of the finance committee, the secretary instructed Mr.
Fletcher to continue to make up the accounts in the
usual way, leaving the sum of 76,698/. 7s. 3d. to the
debit of the secretary. Mr. Fletcher considered he
could not do this and act consistently, if he did not re-
linquish hig situation as the accountant of the company.
He thought it WI imprOper thing that this sum of
money should be allowed to stand as it did in Mr. Bad-
ham's name.
Mr. ROWLEY proposed that the two resolutions which
had beeneput tefore the natieting should lap isassed;sep*-
rately as two substantive motions. Ile coaldCoilmir
thanking the committee ler their labours, and he could,
also receive and adopt their report, hut ~,hee,must also
concur in the vote of confidence in the directers which
had been proposed by another gentleman.
LOTIBOND criticised the way in which leading
questions had been put to Mr. Haricot, and the tariff
pat forward by that gentleman as superior to the previ-
ous tariff, which existed at the time when Mr. Browne
sat at the board. As ateinstance, in thelast month their
coal traffic had been 536 more tons than in the same
month in 1849, and the revenue for carrying that greater
quantity had been 361. less.
Mr. ERIPP said Mr. Lovibond was wrong in his
figures.—(Cheers.)
Mr. LOVIRDND said at the last meeting a gallant
Major Godfery had observed that figures could not lie,
but it seemed now that they did. However, ho would
rather nabe interfered with. He did not quarrel with
the shareholders for adopting the abstract proposition
that it was undesirable for any director to be a carrier
on the line. Mr. Browne had no desire te return to the
beard, but he did desire to have his character cleared
from the imputation that had been cast upon him, and
ho asked for some vote of the proprietors in their ag-
gregate number, since the committee had neglected
their duty in abstaining from the inquiry for which
they were appointed. The gonourable Proprietor then
went into the charges made. against Mr. Browne at the
last meeting for the purpose:ef minting them in much
the seine terms as Mr. Browne used as his explanation
on that occasion. Ho said Mr. Castell bad made
a charge against that gentleman which" ought never to
have been made.. He had charged that more land had
been purchased of Mr. Brown than was required for the
Burdin works, and that an extravagant price had been
paid for it. . The allegation was' that Mr. Brown, being
possessed of great influence at the board, had led Mr.
Townsend, the company's surveyor, to place that valua-
tion upon it. Now, Mr. Castell ought to have called
upon Mr. Townsend, and he would have given to him
the explanation. Now, this is the answer: that, taking
the whole of -the land from Bridgewater-bridge Rail-
way, Mr. Browh's was the lowest price of all; and it was
evident that the charge did not exist, and never had
existed, except in Mr. Castell's imagination, or of those
who set him on. Then Mr. Brown was charged with
supplying the contractor at Tiverton with bricks, but he
Aid not know why a man, if he was a contractor, should
not send to Mr. Brown's yard for bricks. The hon. pro-
prietor concluded by calling for a verdict on the ques-
tion. He was satisfied that that verdict would be an
honourable acquittal on all the charges alleged against
Mr. Brown.
Mr. BERNARD, as one of the committee of investiga-
tion, would say that, so far from being afraid of joining
issue with Mr. Brown, they had given a verdict, and that
verdict was that Mr. Brown is guilty. They had taken
the evidence, and had laid it for more than a month
open to the public inspection, and it had proved almost
every charge. The charges were laid before them in
writing, some 28 or 29 in number; but thew, had reduced
them to
,11, the three others, miking Mrelovihenci's 14,
were t gone into; the charge about the weighing of
the .coj.lls was not gone. into because 1114 had not any
ivolgAte.ohisine. ..04‘p_r th*Sele`ieresibirges, eight were
-distins y proved, and alrenebvi4 was-ferny coirtietteel•oP
using the railway for his own purposes. As to putting
the points out of order, it was not as Mr. Lovibond had
said, because the siding was to be left, for that siding
was afterwards closed by resolution; and upon this
matter they took the evidence of Mr. Gregory, their head
engineer, that there was danger of life and limb upon
the passing of every train, and that the moment he heard
of the points being damaged, he had travelled from
London to repair them, and that Mr. Brown had wished
him not to repair them; and what was this for but to
oppose his rival? They had had Mr. Brown before
them, and Mr. Silifant, the chairman of the comesittee,
told him that they sat there as a grand jury, and it was
his painful duty to acquaint them that they considered
eight of the charges prima facie proved, but '.;that they
were ready to hear anything Mr. Brown wished to say
upon the matter. Mr. Brown was examined for nearly
two days, and the result was that it only confirmed the
evidence against him.
Mr. M. CessTeea said it was known to the directors
that he had come to that meeting with the determination
to remain a silent listener to the proceedings which
were going forward, and he should have preserved that
determination and should rot have taken any part in
the discussion but for the unfair manner in which he had
been attacked by Mr. Lovibond. When be became a
director ho had handed over the charges to the committee,
and had never seen them since until to-day. They
asked him what was the cause of his unparalleled hos-
tility to Mr. Brown? He had no hostility to Mr. Brown,
but he brought them forward as chairman of u com-
mittee, being compelled to do so. Mr. Lovibond had
charged bias also with getting himself into the directorate.
fie had not done so; he had never asked for a vote, and
he would retire the moment they wished him to do so.
Mr. MORRIS deprecated the proceedings which had
to the best
hiNniiGn3v
etssesairtgi
iedgns
atahatteiuoorhfneat, hdfarenobcdme
taken place, as calculated to prove highly detrimental
oehmualtihapenipeyolritenpti appointed
rt oneto. b
eHohefi
st he
duty co
thereforemt
o-
mbweiigMtthtgehree.odloidlfelve to state his reason for doing so. With re-
gard to the paragraph regarding Mr. Brown, he cer-
tainly did give his consent to it, but it was with great
pain. In the report it was said that Mr. Brown had
never paid the siding charge of Bd. per ton, but at the
very time the committee had before them the resolution
of the board that the Taunton aiding should be free.
Then, again, the report said
,that Mr. Harriott stated
that Mr. Bedham said that it was the wish of the chair-
man that he should withdraw his report, and that it
would be for his personal interest to do so, in tact a
bribe; but there was no evidence, as ho thought, to
prove this or to warrant that paragraph in the report;
and while upon this he would remark that he saw no
hesitation on the part of Mr. Harriett to give hia evi-
dence, but he seemed delighted to give it, as if be was
crushing his foe. They would have the shareholders be-
lieve that the evidence was extorted. He could not help
thinking that there had been a conspiracy among some of
the officials!to get rid of a very useful member of the board
Then there was a paragraph in the report which com-
plained of the expenditure in the workshops when com-
pared with the South Devon; he had, however, gone
into this, and he found the difference of their wages,
Eke. greatly in favour of the Bristol and Exeter, and the
weekly average expense of each carriage was 3s. 23. on
the South Devon and ls. ld. on the Bristol and Exeter.
These were some of the reasons why he could not sign
the committee's report. Mr. Harriett had sought for an
increase of salary, but this was opposed by Mr. Brown,
and this, he thought, was the cause of Mr. Harriott's
animosity to that gentleman.
The CHAIRMAN said he could assure Mr. King that
what he had stated was not the fact.—(Great uproar.)
The resolution to increase the salaries in the account-
ant's office was carried out by a large majority, but Mr.
Fripp and Mr. Castell were dissentients.
A good deal of angry discussion followed, and upon
a division taking place, the amendment voting confi-
dence in the directors was carried by a majority of five
to one.

The report was then adopted, and the divid3nd de-
clared, and thanks having been voted to the chairman
and board, the meeting broke up, having occupied eight
hours.

LEEDS AND BRADFORD.
The report of the directors presented to the half-yearly
meeting at Leeds yest( rday states, the directors have no
hesitation iu saying that there is no foundation for the
attempts which have been made to impugn the validity
of the lease, or for the imputations which had been cast
on those gentb:men who were members of both boards.
The directors deny, in the most emphatic manner, that
any deception, misrepresentation, surprise, or conceal-
ment whatever, was practised, either on the Midland
board, or on the Midlenad shareholders; and they aro
compell©d to make this denial in general terms, because
amidst the many vague and Sweeping charges which
have been made there is nothing specific or tangible.
The lease was unanimously recommended by the Mid-
land directors in their half-yearly report in July, 1846;
the terms were most ex:)lieitly stated in resolutions sanc-
tioned by more than nine-tenths of the special meeting of
Midland shareholders, held on the 25th of July, 1846;
those resolutions, embodying all the particulars, were
0 3I pot to each ihditthighlidlad oborehcoldor;
1:; OW

the document was prepared by two eminent counsel, in
accordance with those resolutions; and three months
afterwards, on the 28th of October, 1846, a second
special meeting of Midland shareholders approved of the
lease, and affixed the seal of the company by an unani-
mous vote. As to the fairness of the tr-rms—when the
lease was agreed for the line was unopened and untried;
its value was, therefore, matter of estimate. it could
only be judged of by the eircumsbnce of the Midland
line then paying 7 and the Manchester and Leeds F per
cent., and by its being known to pass through a district
almost unexarnple.2. for population, wealh, and industry.
The Manchester and Leeds Company had offered for it
terms believed at the time to be equal to 11 per cent.
The charge that the same parties were both buyers and
sellers is wholly unfounded; for the contract on vvhich
the le-se was based was the act of the shareholders of the
respective companies at meetings specialty convened for
that purpose. The proprietors have a right to know that
21r. Garbutt, who has been most active in the recent at-
tempts at repudiation, and who has a seat at the Midland
board, was rp_t only an original shareholder ih the Leeds
and 13radford line, but was also a shareholder at the
time of the lease. The directors recommend that the
usual dividend of 21. lOs. per share (less income-tax) be
declared.

LEEDS AND THIIZSK.

The half-yearly meeting of this company was held a
Leeds on Thursday; Mr. 11. C. Marshall presided.
The report stated that the amount expended on capi-
tal account for the half-year ending the 30th of June
last amounts to 88,5721., the principal items tieing on
account of contracts for working stock and works some
time since executed. The gross revenue for the half-
year ending the 30th of Juno amounts to 22,1381., and
the working expenses to 15,973/. Deducting this amount
and the Governmeut duty on passengers (3881.) from
the gross receipts, there remains a net profit of 10,775/,
which, added to the balance of 8,0681. brought forward
from last half-year, leaves 18,843/. available for interest
on loans and dividends for the half-year. The charge
for interest on loans amounts to 8,147/., aqd the divi-
dends on all the preference capital of the company will
j amount to 6,579/., or together to the sum of 14,727/,
leaving a balance to be carried forward to the next half-
year of 4;1161. The increase in the working expenses
is chiefly caused by the increased charge on account
of locomotive power, consequent upon the increased
mineral and cattle traffic and maintenance of way.
Au arrangement has been made by this company,
in conjunction with the London and North-Western
Company, for the joint occupancy of the passenger
station of the Midland Company at Leeds, by wich
and the other arrangements for interchange of traffic
with those two, railways, it is expected the public conve-
nience wit! be promoted, and an additional traffic ob-
tained. Some addition to the traffic may be expected
on the completion of the connexion with the East and
West Yorkshire Railway at linaresborough. With res
spect to the traffic on merchandise and minerals, the
directors do not anticipate any considerable increase
until the extension line has been completed to the Dur-
ham railways and the port of the Tees. The only works
which have been in progress during the last half-year on
the Hartlepool Extension are those upon the Yar:n con-
tract, the heaviest work on which—Lamely, the viaduct
across the Tees at Yarm, is now completed. In order to
verity the estimates of the company's engineer as to the
cost of constructing those portions of the line yet re-
maining to be let, they have obtained actual tenders from
several respectable contractors, and they are now enabled
to state that the whole of the extension works may be
completed within the amount so estimated. Active
measures have been taken to collect the outstanding
'arrears of calls on the 501. shares, and since last hell.-
yearly meeting 5,2251. has been collected. From the
numerous urgent claims upon the company from the
contractor!, landowners, and others, the payment of the
last instalment of interest on the Hartlepool Extension
shares has been poittioned.
The CHAIRMAN, in reeving that the reports be
adopted, said the whole cost of workinge" including the
locomotive power and carriages, and the-whole of the
work on 145,000 miles run, was 2s. Gid. per mile, which
was much lower than many other companies worked
their mileage at, but which they must expect rather to
increase, as their working stock became older and re-
quired more repairs. The directors had also been dis-
appointed in not obtaining an increase in the traffic of
goods and minerals,• which bore an unduly small propor-
tion to the average increase of the passenger traffic, the
cause, it was very well known to the shareholders, con-
sisting in the difficulty of making arrangements for
passing traffic northwards. There were arrangements
made which were likely to result in a considerable inter-
change of traffic with the London and North-Western
and the Midland Companies. The directors had also
made arrangements of a similar nature with the Len-
ceshire and Yorkshire Company, with whom they
had • a .considerable interchange of traffic in pail-
; Eengers and goods. It was a necessary thing tor
the company to complete its uunertakieg extend-
ing to the north and the ports of the Tees. The
amount of additional shares which had been up to the
present time subscribed for was 5,822/., which
included.2,77o/. that the directors hat themselves taken,
being partly their proportion of allotments and partly
shares which some of the directors had thought it right
to take in excess of that. These were all in addition to
the shares preciously issued, which were 3,4491. It
therefore remained for the shareholders, as they could
scarcely look to other parties not being interested in
the capital of this company to take those shares, to say
whether they would advance the further capital which
was requisite in order to prevent the loss of the capital
which they had already invested in the company. It
seemed to him to be the interest of all classes of share-
holders to advance this further capital for the completion
of the undertaking. In most of the items included in
their estimates the engineers had had speciflc data to go ,
upon. The price to be paid for land had been in
great proportion ascertained and agreed upon.
The permanent materials, sleepers, rails, and all
other material for making the line had been actually
purchased. If, then, the shareholders could find the
means of prosecuting those works, they had now the
opportunity of completing them et a comparatively law
lost, and that completion could be effected by about
twelve months from the time of putting the undertaking
in a condition to let the works.
Mr. J. GOTT seconded the motion.
Mr. W. BOYNE said the dividend earned this half-
year would only pay one-third of the interest due on the
guaranteed shares, tend if this was all that could be done
with the lino to Tnirsle only, there was very little pros-
pect of any profit nor any further outlay of capital.—
(Hear.) He recommended that an efficient manager
should be appointed, who should eleven.: his whole time
and attention to the affairs of the company.—(Cheers.)
Mr. Duerrem strongly urged the making of the ex-
tension line to Uartlepool as soon as possible, as the only
means of making the line to Thirsk remunerative to the
original shareholders, and suggested that the directors
should accept as final an instalment of even 2/. on the
last issue of 10/. preference shares from those who could
not pay more. Let them only complete the line, and
then they might calculate upon the old shares going up
in the market.

Mr. T. FOUNTAINE said, the estimated traffic by the
week was 2,648/., whilst the average actual receipts
were iisii.—(Hear, hear.) With these statements be-
fore them, he and others had reason to find fault with
the result, especially if it was to be attributed, as alleged,
to bad management. Ho was told there was a great
want of coal along the line, and that parties were obliged
to cart it to the mills at Horsforth and Poole, at a cost
of 2s. 6d. a ton. He then proceeded to say that the
traffic on the route ought to yield a profit equal to 4i per
cent. on the two millions expended.
The resolution for the adoption of the report was then
carried unanimously.
The CHAIRMAN moved the following resolution re-
specting dividends:—
" That dividends be paid for the half-year ending on
the 30th of June, 1830 ; the Preference Quarter shares
at the rate of seven per cent. per annum on the paid-up
capital: and six per cent. per annum on each sum paid
in advance on those shares; and on the shares called
Nos. 1,2, 3, at the rate of six per cent. per annum ; and
on the Preference Fifth shares at the rate of six per
cent. per annum."
Mr. POWELL begged leave to move :
" That a committee be now appointed to assist the
directors in considering the sufficiency, or otherwise, of
the present arrangements for securing and collecting
traffic, particularly in merchandise and minerals; also on
the sufficiency of the present managing staff of the com-
pany ; and that the following be the members of such
committee:—Mr. Stables, Mr. Powell, Mr. Newsam,
Mr. Durham, and Mr. Sweeting.
After some conversation the motion Was carried by a
very large majority.

_
JACKSON begged to move--
44 That this meeting approves of the completion, at the
earliest possible period, of the Hartlepool and other
northern extensions of the railway."
Mr. W. STEAD seconded the resolution.
Mr. Jackson's motion was then put and carried
nem, con.

The CHAIRMAN then moved the confirmation of the
forfeiture of a large number of Central Station shares,
upon which 5/. per share had been paid, and the holders
of which were unable to pay any further calls.
The resolution of forfeiture being carried,
The CHAIRMAN, in answer to a question, said that it
was quite understood that the Harrogate and Pately
branch would not, for the present at least, be made, and
therefore no calls would be due upon it.
A vo;e of thanks having been passed to the Chairman,
the shareholders separated.

MANCHESTER AND bOU uRT RAILWAY.

The half-yearly meeting of this company was held
yesterday at Manchester; Mr. Broadbent iu the chair.
From the report it appeared that the expenditure of
the company during the half-year bad been 1,7811. Tie
directors had not taken any steps since the last meeting
with regard to the construction of any further portion
of the line. The called-up capital of 81.3 x. per share
would take a dividend for the past half-year at the rate
of 1 per cent. per annum less than the current rate of
dividend paid on the stock of the Lancashire and York-
shire Railway. The dividend to be payable on the 25th
of SeptPmber next. The half-yearly statement of ac-
counts showed that 264,4191. bad been received, and
237,7434 expended, leaving a balance to the credit of
the QUlSiny of 26,6156 Who ohly 1){1§1.2001 40, WWI

The report stated that an arrangement had been con-
cluded with the proprietors of the 4,000 shares considered
as having been fully paid upon, representing the interest
of the late Heyle Railway Company, under which they
will be entitled to the same amount of dividend only as
the other shareholders in the West Cornwall Railway
Comeany, until the last-named parties shall have re-
ceived by way of dividend an amount equal to 5 per
cent. per annum upon the whole sums for the time being
paid by them upon their respective shares. The com-
pany are authorised to open the line on the narrow
gauge. The lift at Hayle will be obviated by a branch
or incline to the wharfs there. The directors consider
that the sum of 50,0007 will he sufficient for the con-
struction of the extension from Hayle to Penzance.
The land required for the extension has been obtained
(with two exceptions) upon equitable terms. Upwards
of 1,000 shares have been disposed of upon tee terms
referred to iu previous reports, principally to par-
ties of influence resident in Cornwall. The directors
think there is reason to believe that a formal preposition
will daring the vacation be made to them by Mr. Mowatt,
with a view to the compromise ci the matter in question,
in which case the directors will deem it tbeir duty to
cenvene a special meeting of the shareholders for their
decision cn the terms. The revenue, account for the half-
year exhibits, as compared with the corresponding
period of 1849, an increase of 677/. The expenses have
been 6,546/., against 6,099/. for the corresponding half-
year, being an increase of 746/. This sum includes 400/.
for new rails, and 1741., the cost of a new rope required
for the inclined plane, leaving an increase only of 1721.
for the additional traffic. The directors have concluded
their negotiations with the holders of the 30,0001. loan
notes issued by the llayle Railway Company, under
which Fayment is deterred until June, 1852, with the ex-
ceptiorrof sums amounting to 2,0001., which have been
paid off by the West Cornwall Company, leaving
28,000/. due on these securities. The lee chairman of
the company, Captain W. S. Moorsom, has resigned,
and his seat at the board has been supplied by the ap-
pointment of Mr. F. P. Barlow. The vacant chair bas
been accepted by Mr. 11. 0. Wills. of Bristol. The
capital account thawed that 213,1151. had been received
and 211,975/. expended, leaving a balance of 1,1391. The
revenue account for the helf-year ending the 30th of
June Stated, that 7,4251. had been le ceived, and 5,9471.
expended, leaving a balance of 1,4781.
On the motion of the CHAIRNA.N the report was zee
ceived and adopted. bn
A long discussion ensued on the. subject of the ar,./Dib:.
meat alleged to have been entered into between the late
chairman and Mr. Mowatt, .having for its object to
postpone certain legal proceedings.
Captain Moonsom read a statement relating to Mr.
Mow•att's suir, and exculpatory of himself with reference
to objections made to his conduct at the last meeting of
shareholders.
Mr. HARRISON, after Some preliminary observations,
stated that the main charge against Captain Moorsom
appeared to be, that he had stated that no agreement
had been entered into by him with Mr. Mreeatt with
regard to an action at law pending between the latter
gentleman and the company, but it appeared that a
nrgutiltion on the subject had been carried on between
those gentlemen.

After a long conversation, it was ultimately agreed to
let the matter drop.
Resolutions were passed confirming the forfeiture of
385 share's, increasing- the number of directors to twelve,
electing Messrs. J. P. Harrison, L. Vigurs, and G. M.
Harrison directors, under the provisions of the recent
West Cornwall Act, to represent the Hayle
proprietors at the board, and electing Mr. Davey a
director in the room cf. Mr. Barker, who retired.
The proceedings concluded with a vote of thanks to
the cbairman, ral direct )1.3.

NEWPORT, ABERGAVENNY, AND HEREFORD.
Yesterday the half-yeaely meeting of the proprietors
was convened at the London Tavern, the Hon. W. E.
Fitzinaurice in the chair, but as a sufficient number of
shareholders did not attend to constitute a legal meeting
no business was transacted .beyond the presentation of a
printed report, which state.' that the debts outstanding
against the company at the period of the last general
meeting had been discharged, except the lean from the
hankere, amounting to 2,5001., which is still due. To
meet this liability, and any current claims, a large
amount of arrears of call remains to be recovered; but
the utmost resi.tance is opposed to the recovery of these
sums by some parties who seek to relieve themselves of
their liabilities. Actions are proceeding against these
parties, and the directors aro sanguine that the unsatis-
fied claims will be met from the moneys in course of re-
covery. It was. with regret the directors observed that to
the north of Hereford the Shrewsbury and Hereford
Railway Company have not yet raised the required capital
whilst to the south of Pontypool the line in courm of
construction by the Monmouthshire Canal Company, to
Newport, is still unfinished. Under these circntiastanees,
the directors applied to the Llanvihangel, Qroiraont, and
Hereford Tramroad Companies for an extension of their
existing agreements to August, 1855, the period at which
this nmnpany's power for constructing their line will ex-
pire. The directors; expect that the revenue of the tram-
reads will defray the costs of thair repairs and manage.
merit, and pay the accruing interest on the unpaid por-
tiuu of the purchase-money. The general cash state-
ment to the 31st of July last showed a total receipt of
99,1191., and a total peyinent'o 98,9501., including during
the kst half year an expenditure of 1,0961. The tram-
roads revenno account from the Ist of January to the
30'h of Jun ,i showed an income of 2,1511.; expenditure,
4011.; cash transferred to Newport and Abergavenny
Company, 7181.; cash in, hand, 462/. ; outstanding ac-
counts in process of collection, 57t)/.
In reply to inquiries from Mr. Robinson and other
proprietors,

• _
- The CimumAN said that since the balance-sheet bad
been made up, some 4001. had been received which did
not appear in the account!. There was a general under-
standing with the tram-road c,Anpauirs that they would
carry on the undertaking in conjunction with this com-
pany, but there was nothing to bind them to do so be-
yond next July. The company would have to 'pay the
tram-roads 25,000/. if the concern went on to complete
the purchase of those roads, or one-half the amount al-
ready paid. The reduction of the directors to five had
been effectr_cl, and they were not aware of any lia-
bilities beyond the 2.5001. There was a conditional
contract with a contractor, who was ready t ► advance
100,000/. if the concern were carried out. The most ra-
tional thing to bo done was to take the sense of the dis-
tricts tnrocgh which the line was proposed to run, but
this would, perhaps, be premature until the Shrenzhury
and Hereford Railway was completed to the latter place.
Mr. J. Bailey, the extensive ironmaster, was prepared to
aid in its formation, and there was nu intention of mak-
ing a calf.
The meeting then adjourned.

NE WRY, WARRENPOINT, AND ROSTREVOR,
The half-yearly meeting of the shareholders in this
undertaking was held in Liverpool yesterday. Mr. F.
Shand occupied the chair.
The report stated that the most important transaction
since the last meeting has been the completion, under
certain modifications, of the contract signed by Mr. Dar-
gnu in November last, for working the traffic. The di-
rectors succ,Tcled in effecting an agreement by which
Mr. Dugan is to work the traffic for five years, and pay
the company the net sum of 2,6001. per annum, in weekly
sums of 50/., and equally divide with the company what-
ever the gross receipts exceed 80/. per week. A very
important feature in the arrangement was the purchase
by Mr. Dargan of the engines, tenders, and carriages at
the cost price of the company, which amounted to
12,0001, to be paid for by Mr. Dargan surrendering
mortgages for 10,0001., and the balance being settled in
account. Under this arrangement the company's mort-
gage debt is reduced by the principal sum of 10,0001.,
and NU per annum interest thereon.
The capital account to the 30th June showed that
116,652/. had been received, and 116,2441 expended,
leaving a balance of 480/. The revenu' account showed
that 1,3471. had been received, and 4991. expended,
leaving a balance of 8471.
The CHAIRMAN, in moving the adoption of the re-
port, pointed out that the receipts of the line bad
greatly increased since it had been worked by Mr. Dar-
gan, and held out hopes as.to the future prospects of the
undertaking.
Mr. RILEY expressed a conviction that the line would
eventually be leased by the Belfast Junction or the
Newry and Enniskillen Company.
The report was unanimously adopted, and a vote of
thanks to the chairman brought the meeting to a close.

BRISTOL AND SOUTH WALES JUNCTION.—This com-
pany was to hare held its half-yearly meeting at Br4.stol
yesterday, but a sufficient number of proprietors did not
attend. The receipts have been 38,3411. Os. 10d., and
the expenditure 29,400/. ss. 4d., leaving a balance to the
credit of the company of 8,9401. 15s. 6d. Of this sum
6,6001, is out on loan, bearing interest.
THASIES lIAVEN.—The half.) early meeting was to
have been held yesterday, but as, after the expiration of
an hour, a legal meeting could not be formed, it was ad-
journed for a fortnight, when the question of applying
to Parliament for an extension of time will be brought
under consideration.

POP.TBURY PIER AND RAILWAY COMPANY•—The ae-
counts of this company show a balance in the banker's
hands of 3,3251. 16s. Bd. The only item of expense for
the half-year ending 31st of July is that of "Parliamen-
tary charges and expenses, 151. 13s. 6d." The half-
yearly meeting of the company, which will probably be
dissolved, was to have Seen held at Bristol yesterday,
but as a quorum of proprietors were not present, the pro-
ceedings were adjourned.

LANCASDIRE AND YORKSHIRE.—The statement of
accounts to be submitted to the shareholders on Wed-
nesday next has just been issued, from which it appears
that the receipts during the half-year on capital account
have been 526,6171., and the expenditure during the
same period 304,1531., leaving a balance of 126,2541. On
revenue account the receipts are 330,9171., and the dis-
bursements 153,687/. The balance applicable to divi-
dends is 93,6061. A dividend of 2 per cent. will be pro-
psed upon the general shares; 3,075/. have been placed
to the depreciation account.

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