I suspect 41/50 refers to your current carry weight being 41 (used) out of 50 (total). As for inventory space... well, you only have 6 slots on your person in which to carry things, so unless you purchased - or someone gave you - more bags then you should be just about out of room!
You will have gotten 1 twelve slot bag just for creating the character and you should be able to claim another as a 1 day player's reward. Just type /claim while you are in-game and it will bring up a window containing all the goodies you have coming to you!
Each of your 6 slots will carry a bag or box of any size (number of slots). You also have 12 additional slots available in the bank, each of which can also carry a bag or box. Eight of these are for that character alone and the remaining four are shared among all of your like-aligned characters.
One more thing... your inventory will stay in overflow until you manually remove tyhe item that is in that spot. to get to overflow, open your inventory (I key) and look in the lower left hand corner of the paper doll area of the window. The overflow item should be there and you can drag it and drop it in any open slot.