The Express.
London, England, 1862-08-16 00:00:00

GREAT NORTHERN.

The report of the directors to the half-yearly
meeting, on the 23rd inst., has been issued. The capital
account shows that there has been received up to 30th
June, 12,579,6604 3a. 6d., and expended 12,236,5704 Os. YaL,
leaving a balance of 343,0901. 3a. 4d. The expenditure on
capital account includes 290,0001. for the purchase of the
Hertford and Luton line, which is now incorporated in the
Great Northern system ; 55,7304 Bs. 6d. for further pa
meats on account of the company's subscription to the
Garstoe and Liverpool Railway ; and 4,7711. sa. for
Witham mortgage deeds paid off. The chief items
in the expenditure 7861. 6s. Id. for works of
construction, including 17,319/. Is. Bd. for the
Western, or Hotel Curve„ Junction with the Me-
tropolitan Railway ; and 33,5444 6s. 9d. for ad-
ditional rolling stook. The company have reced
during the half-year, 121,623/.15x. on account of the izt
and third calls oe the Irredeemable Five per Gent. Prefe-
rence capital of 1861, and 30,0004 in respect of the Four-
sod-a-Half per Cent. Perpetual Preference Stock, which
the directors were authorised, at the last meeting, so dispooe
of, by tender, to the proprietors. The issue of the com-
parry's Four per Cent. Debenture Stock progresses satisfac-
torily ; 266,9701. 3s. 6d. has been received oe that account
during the half-year, and a corresponding amount of mort-
gage deeds extinguished. The total amount of this stock
is 2,069,2421. Be. 6d., and the average rate of interest on the
whole debt of the company is 41. Is. 10d. per cent.
Resolutions will be submitted to the meeting to empower
the directors to exercise the borrowing powers conferred by
the Guidon and Liverpool Railway Act of 1861, 75,000/. ;
the Great Northern and Metropolitan Junction Act of 1860,
10,0001.. the Great Northern (Hertford and Luton Pur-
chase) Act of 1861, 6,0001. The revenue account shows the
gross receipts, ieclading, in 1862, receipts ou Nottingham
god Grantham line to have been 672,4581.4 x. 7d. ; the gross
expenditure, 345,6971. 75., leaving a balance of receipts over
expenditure of 328,760!. 17e. 741. Add to this a balance
from previous ball-)ear of 4231. Bs. 2d., and a sum due from
Eastern Counties Company of 8,4001., there is a balance of
revenue of 85,5841.55. 9d. Deduct fixed charges, including
mortgage and debenture stock interest, and preference
dividends, and, in 1862, the rent payable to the Nuttiegborn
and Grantham Company, ?.26.1941.9a., and there remains
a net balance available for dividend on the original and
A and B stocks, 109,3891. 16s. 9d. The net increase
in 1862 over 1861 was 19,2961. 10a. The above
balance of 109,3894 16s. tkl. will enable the
general meeting to declare a dividend at the
rate of 41 per seat per annum oo the
original stock, giving for the half-year 24 sa. per cent, to
the original stock • 31. per cent. to the B stock ; 11. 102. per
cent. to the A stock ; and the directors recommend that
such dividends be declared, to be payable on Ist September
next. The balance remaining in hand will be 1,4631.
4s. Ild. The general revenue and expenditure account
show. that the receipts from passenger and merchandise
traffic have increased very satisfactorily. The coal traffic has,
however, been much lea remunerative, owing to a reduction
in the rates, and to a smaller quantity having been carried
in the winter and spring of 1862, as compared with 1861,
when the weather was peculiarly severe. The quantity of
cool imported into Loudon by sea, railway, and canal, in
the first six mouths of 1862, was lees by 241,027 tons than
in the same period in 1861. The expenditure of the half-
year is lees by 18,0784 than is the first six months of 1861,
the chief diminutioo being in the repair of carriages
and wagons, in consequence of the decrease in the oval
trade, and of a reduced expenditure for tyres, which were
' largely renewed in 1861. The relaying of the permament
way with heavier rails baa been steadily continued, and the
revenueaccount is cherged this half-year withls,ooo4 oe that
account, as against s,WOlin 1861. A resolution will be sub-
mitted for authority to subscribe 73,0001. toward' the
capital of the Edgware Company, and for the creation of
stock for that purpose. A similar agreement will be sub-
mitted to the meeting for working the Hatfield and St.
Albatia Railway, as also a resolution to authorise a sub-
scription of 20,0004 towards the capital of that company.