The Sun.
London, England, 1850-02-12 00:00:00

LAND-TAX.

NORTHERN COUNTIES UNION
_ RAILWAY COMPANY.

The half-yearly ordinary meeting of the proprietors
of this company was held yesterday at the London
Tavern ; Major Beresford in the chair.
The SECRETARY read the following report:—
" The directors have to report that since the last half-
yearly meeting, and in accordance with the unanimous
desire of that .meeting, they have greatly reduced the
liabilities of the company on satisfactory terms. The
directors continue of opinion that it is inexpedient,
under existing circumstances, to proceed with works on
the line. Since the last half-yearly meeting the sum of
3,123/. 15s. 4d. has been received o❑ account of arrears
of call. The directors regret that they have been driven
to adopt legal proceedings against some of the default-
ers, and in justice to the other proprietors, it is their in-
tention to follow out this course except in cases
only where there are strong grounds for believ-
ing that such steps would be entirely useless. The
directors have recently sold out the Three-and-a-
Quarter per Cent. Stock belonging to the Com-
pany at a profit of 241/. 4s. Bd. The proceeds, viz.,
13,6401. 10s. 2d., have been lent on Government securi-
ties at call. The strictest economy comensurate with the
prOper attention due to the company's affairs has been
and will continue to be exercised. The directors recom-
mend the confirmation by this meeting of the forfeiture
of seventy shares on which the call is in arrear, and of
which due notice has been given. The meeting will have
to elect four directors in the room of William Beresford,
Esq., M.P., John Castel Hopkins, Esq., Thomas Sal-
keld, Esq., and Joseph Underwood, Esq., who retire by
rotation, and who, being duly qualified, offer themselves
for re-election. George Broom, Esq., one of the audi-
tors, also retires by rotation, and is eligible for re-elec-
tion."

The balance-sheet appended to the report, showed a
balance of 30,2251. 19s. 7d. in favour of the company up
to the 26th of January last.
The CHAIRMAN said he had only to make a few ob-
servations i❑ moving the adoptio❑ of the report. It
had been the object of the directors, since the last
meeting, to economise the expenses, and to put the af-
fairs of the company on a satisfactory basis ; and he had
the pleasure of stating that they had entered into an
agreement which would entirely absolve the proprietors
from their liabilities in respect of the Toeby branch.
Their negotiations for getting the Wath branch off their
hands had not been satisfactory. With regard to the pro-
gress of the works he said it had been his own individual
opinion, as well as that of the other directors, that it
would be madness to proceed with the undertaking. They
endeavoured to get rid of the works, but having failed to
do so, they considered any further outlay of money as
unprofitable, and therefore injudicious. Consequently
they came to a resolution not to make any further
calls. Everything had been done to collect the
arrears of calls which were due, and since last meeting
there had been received on this account 3,0001:, which
showed that they had not been inactive. Those who
chose to hold back after the great lenity and kindness
which had been shown to them must take the conse-
quences of the law, for the directors had thought it right
to commence actions against them. It had been thought
expedient to sell out the Three-and-a-Quarter per
Cent, stock. On former occasions, when they were
obliged to dispose of their stock, they did so at a great
dis idvantage; but there had been a trifling profit on this
last transaction, fir it was a curious incident that the
stock at the time of the sale was within a trifle of
the highest sum it had ever reached. The
balance belonging, to the company was now in-
vested in Exchequer-bill securities. By the removal
of the offices a saving. of 160/. bad been effected in the
annual expenses, and the directors had endeavoured i❑
every other way to lessen the expenditure. Four
directors offered themselves for re-election, but they
bad no remunerative or lucrative appointment in view,
and they were simply desirous of continuing on the
board until their affairs were brought to a termination.
He would only say for himself, that if they would re-
lieve him from the onus of his office they would confer
upon him a strong personal favour. But being one of
the original persons who, to a certain degree, was guilty
of becoming a shareholder and a director—for they
were all under delusions at the time—he could not think
of first bringing the proprietors into a scrape, and then
leaving them to do their best, and, therefore, he was
ready to give his best services so long as the company
required them.—(Cheers.)
Mr. BATLEY seconded the motion.
In reply to several questions,
The CHAIRMAN stated that the sum of 2,6401. 4s. sd.
in the accounts for law and Parliamentary expenses,
was for work done two years and a half ago, and
that not a shilling of that sum had been expended since
then; 10,0001. had been invested at 6 per cent. upon de-
bentures in the Eastern Union Railway, which he con-
sidered perfectly safe. They could get back the money
whenever they liked. Mr. Lloyd, a barrister, had ad•
'lied the directors that the investment at 6 per
cent. was perfectly legal, and that they could seize
the property of the railway in satisfaction of their claim.
The interest upon the debentures had been paid up to
the last moment.
The report was then received and adopted.
The retiring directors were then proposed for re
election.

Mr. RICLIARDSON, of Leeds, moved as an amend-
ment that Mr. Baker, of Thirak, be substi-
atuted in the place of Mr. Underwood. He
said he represented a large number of shareholders
in the north, who wished for a further return of money,
and who thought their affairs might be put in a much
better position. Mr. Baker was the gentleman through
whose influence the works were mainly stopped, and
being a person of great respectability, who
was intimately acquainted with the interests and
feeling of the people of the district through which the
line passed, as well as the shareholders who
resided there, he thought that no better person could be
*elected as a director.
Mr. JACKSON seconded the amendment.
Mr. SANDS thought Mr. Richardson had shown that
1$ would be to the interest of the shareholders generally
as well as the company to elect Mr. Baker.
Mr. BATLEY said, if they passed the amendment, they
would not be paving Mr. Underwood a proper compli-
ment, after all his exertions on behalf of the company,
especially when it was known that his services
were given gratuitously. It is clear that a direc-
tor residinz at Thirsk could not pay as much
attention to the business of the company as
a London director, and besides, Mr. Underwood held
340 shares, while Mr. Baker was only the proprietor ,
of 40.

Mr. J. THOMPSON said there were only three London
members of the board who gave their attendance when-
ever required; but if Mr. Underwood was taken away,
they would be unable to form a qnoruna to transact the
most ordinary buisineas without bringing a director
from the country at great expense.
After a short discussion the amendment was nega_
tired by a large majority, and the retiring directors were
re-elected. - - -

The meeting then resolved itself into an extraordinary
meeting, in compliance with the fallowing requisition:—
" We, the undersigned shareholders in the Northern
Counties Union Railway Company, holding in the
aggregate 20,0001. and upwards of the capital
of the said company, and not being less than
fifteen in number, do hereby require you, the said
directors, to call an extraordinary meeting of the
said company, in order to consider and determine upon
the propriety of a proposition to be submitted to the said
extraordinary meeting, in pursuance of the resolution
passed at the last extraordinary general meeting of the
shareholders of the said company, to the effect that you,
the said directors, be required forthwith to reduce the
last call made upon the shareholders of the said company
by such amount as may be then and there agreed upon,
and to return the amount per share so agreed to be re-
duced
to, the respective shareholders in the said
company.'
The CHAIRMAN then called upon the gentlemen who
represented these shareholders to state what course they
wished to pursue.
Mr. RICHARDSON said after the discussion which had
taken place he did not intend to press any resolution
upon the meeting.
In reply to Mr. SPACLMAN,
The CHAIRMAN said the directors had an idea of
making an application to Parliament for a Bill to dis-
solve the company, but their intentions had been altered
by what had lately transpired in Parliament. It ap-
peared that three Bills had been introduced into
the House, and Mr. Labouchere, the other night,
gave notice of his intention to move that
they should not be read a second time
until after Easter. From this and other matters which
bad come to his knowledge, be drew the conclusion

A meeting of the Commissioners of Land-tax acting
for the Holborn division of the county of Middlesex
was held yesterday at the Tax-office, Red Lion-square,
when a numerous board assembled.
An application from Mr. Moseley, solicitor to Mr.
Mayes in his appeal against his land-tax assessment, in
St. Andrew's, Holborn, for a re-hearing by the Commis-
sioners, was read.
A long discussion took place as to the powers of the
Commissioners to grant a re-hearing, but at length a
resolution was moved by Mr. Coppock, and carried
unanimously, that the application could not be granted.
Mr. COPPOCIL then brought forward a motion for call-
ing a general meeting of the Commissioners of Land-
tax with a view of considering the assessment for the
county as at present existing, and of modifying or cor-
recting the same. After showing the powers which the
Act of Parliament vested in the Commissioners, their
power of remedying the evils which were alleged to
exist, and urging upon the Commissioners not to allow
their refusal to act to be construed into a denial of justice,
or to compel an application to the Court of Exchequer
to put them in motion, Mr. Coppock referred to the
proceedings of the deputation which went on Wednesday
last to the Chancellor of the Exchequer on the subject.
He showed, by reference to the Acts, and to the re-
ported cases, that the Court of Exchequer could com-
pel a due assessment of the tax, and that if the Court
had the power to do this by the commissioners, it would
be far more gracious for the commissioners to do it
themselves. The inequality of the rate was admitted—
why not apply the remedy given by the Act ? Mr.
Coppock then moved the following resolution, which
was carried with only one dissentient:—
"That this Board recommends that a general meet-
ing of the Commissioners of Land-tax, acting in and
for the County of Middlesex, be held on or before the
thirtieth day of April next for the purpose of ascer-
taining and setting down in writing the several pro-
portions which ought to be charged upon every hundred
lathe, wapentake, rape, ward, or other division within
the said county, for and towards the raising and making
np the whole amount of land-tax charged upon the
said County of Middlesex, by the Act of the 38th
George 111. c. 5."
A committee of five was then appointed to carry out
the object in view.