The Express.
London, England, 1866-05-24 00:00:00

METROPOLITAN RAILWAY.

A special general meeting of the shareholders in
this company was held yesterday at the London Tavern,
to consider the following bill now pending in parliament :
A bill to confer additional powers on the Metropolitan
Railway Company ; to enable such company to alter or im-
prove portions of their authorised works, and to acquire
additional funds; to confirm and authorise agreements with
other parties; to extend the time for completing certain
works ; to amend the acts relating to the oompanyt and for
other purposes." Mr. J. PARSON in the chair.
Mr. BuEcHKLL, the solicitor, having read the heads of
the bill,
The CHAIRMAN said the bill provided for alterations and
additions to the exising line and works, in connexion with
the extension line. It proposed to raise 1,000,0001., and to
borrow 300,3001. It provided for the better ventilation of
the stations on the existing line, by open ventilation
works on the Western extension. The only thing it had re-
ference to was the arrangement with the Marquis of Har-
rington. The marquis was a minor, and the compan warn
required to give six months' notice to his guardian of their
intention to take his lands. The notice was given to the
solicitor of the guardian of the marquis, his mother. The
marquis'aguarthan contended that the notice should have
been given to her, and not to her solicitol., and
filed a bill of Chancery against the company.
They could not have the line stopped, having
taken extensive lands, and this would remove the
difficulty. The stations at Baker-street, Portland-road and
Gower-street, on the existing line were inadequate to
meet the increasing traffic. The traffic had increased
from 200,000 to 400,000 per week, and that increase might
go on to 500,000, and even 1,000,000 persons per week.
The Portland-road station could only take five carriages.
They proposed to make it take seven carriages, ha
was one of the objects in view. They took a great deal of
property, especially in the Euston-road, and such im-
provements at the station would be one way of making
the line do 40 per cent. more work. According
to the present system of working the line two
trains could not be on the same line between
two stations at once. The trains were signalled
by telegraph. They might, in travelling between Farring-
don-street and King's-cross, have observed a temporary
stoppage of the train, there was a telegraph station in the
I middle there, which did not allow a train to pass until the
line was clear to the next station. If they could put up
I telegraph stations between each of the other stations, they
would double the number of trains. If they had those two
methods of increasing their station accommodation and
telegraph stations, and if they could carry 600,000 persons
per week, what could they do when these adjuncts came
into operation. The doubling of the Metropolitan Railway
would be postponed for years. The bill, besides, contained a
variety of things, all essential for the interests of the company.
This was a time of great panic, and some gentlemen were
compelled to sell their property, and the directors, in order
to meet the wishes of the shareholders, were desirous of
adjourning the calls or to diminish the works. As to the
western extension, they had sufficient funds in hand, and
were therefore determined to finish it at once. The engi-
neer stated that it would be finished in the spring of 1867.
For the use of the station at Finsbury the Great Western
guaranteed them 6 per cent. on the outlay of the station,
and a minimum of 25,000/. toll for running over the line,
but they could not get this money until they made the
station. The directors thought that the agreement
by the Great Western Company and the London,
Chatham, and Dover Company was tolerably well
secured. The plans of the station were under conaidera-
tion, and the cost of the station would be about 400,0001.
The next thing he had to mention was in reference to the
purchase of the City lands on the western side of Farring-
don-street. As he said before, warehouses would be built
there, and leased to a warehouse company. The railway
company would have the benefit of the ground floor, con-
sisting of about three acres in extent, and of four per cent.
on the outlay. He could assure them that none of the
provisions of the bill would be put in force in 1866, unless
with the sanction of the shareholders. There was one
thing in it, and that was, to give them two more years to
complete the works. They had received an intimation
from the Great Northern that there was no necessity for
an early completion of the widening of the line from
King's-cross to Farringdon-street. He concluded by
moving a resolution approving of the bill.
Mr. GILPIN, M.P., seconded the motion.
The resolution was then carried unanimously.
The meeting was then made special, to confirm a con-
tract or arrangement with respect to the working, use,
and maintenance of the Metropolitan and St. John's-
wood Railway.
The CHAIRMAN explained that the company would work
the railway at 50 per cent. of the gross receipts. The line
ran through a populous district, and could be worked
with profit, as the Metropolitan was worked at less than
50 per cent. He would mention that the number of pas-
sengers interchanged between the Metropolitanßailway and
the Hammersmith Railway was in March, 1865, 240,92-3,
and in March this year, 406,200. A great deal of this was
obtained by the connexion with the Metropolitan ; separate
it from the Metropolitan, no one could tell what it would
do. What had been obtained by the Hammersmith could
be obtained by the Metropolitan and St. John's-wood.
The bill was approved, and the meeting separated with
a vote of thanks to the chairman.

METROPOLITAN AND ST. JOHN'S-WOOD

RAILWAY.

Yesterday a special general meeting of this com-
pany was held at the offices, No. 17, Duke-street, West-
minster, for the purpose of considering agreements which
had been entered into with the Metropolitan Railway Com-
pany with respect to the working, using, and maintenance
of the St. John's-wood line by the latter company, and
also to ask for authorisation to raise additional capital
under the Metropolitan and St. John's-wood Railway
(Extension to Hampstead) Act, 1865 ; Mr. WM. AUSTIN
occupied the chair.
The CHAIRMAN said they would remember that in the
original prospectus the company was started upon its own
inerita, and the subscriptions of the public were depended
upon to carry it out. The public had not, however, re-
sponded to the appeal, and the result was that certain ar-
rangements had been made with the Metropolitan Railway
Company. The wholeof theworks onthe line had progressed
satisiactorily and had been so vigorously forwarded that he
had no doubt the line to the Swiss Cottage would be com-
pleted and opened by the end of the year. They had com-
municated with the Metropolitan Company, and it had
called forth an answer stating that all 'natters should be
legally settled before they went to the expense of pro-
viding the rolling stock, &c. The result, however, had
been that better terms for the shareholders had been
obtained. The Metropolitan Company were to work the
Metropolitan and St. John's-wood line for 50 per cent. on
the gross earnings. The Metropolitan Company were to
allow the St. John's-wood Company • rebate of 121 per
cent. on the gross through traffic over the whole of their
, system, until their company (the St. John's-wood) should
pay a dividend equal to six per cent ; and before the
St. John's-wood Company pay a larger dividend than 6
per cent., they were to repay the Metropolitan Company
any sum paid by way of rebate with interest at the rate of
5 per cent., and the agreement also provided that the
Metropolitan was to have the option of taking the St.
John's-wood line at any time within five years from the
opening at 6 per cent. in perpetuity.
The SOLICITOR of the company read the heads of the
two agreements, explaining the details.
The CHAIRMAN proposed the adoption of the agreements,
which, having been seconded by Mr. W. Lee, M.P., was
unanimously agreed to.
. . . .

The CHAIR;AN said the next business was to ask the
shareholders to give the directors authority to exercise
their borrowing powers under the Metropolitan and St.
John's wood Railway (Extension to Hampstead) Act, 1865;
he asked them to give the board the requisite autho-
rity, leaving it to their discretion u to the time at
which the shares should be placed upon the market ;
and he moved a formal resolution, authorising the raising
of new share capital to an amount not exceeding 200,000/.,
by the issue of 20,000 shares of 101.
Mr. Lee, M.P., seconded the resolution.

In answer to a'Shareholder,
The CHAIRMAN said it was a mistake to imagine that the
bill for the extension of the line to Hampstead-heath
bad been rejected. That bill had already been passed,
and the one thrown out was for a line scram Alexandra-
park.
The resolution was then carried :unanimously, and the
meeting separated.

BARKED'S BANKING COMPANY (LIMITED). —A
meeting of the creditors of Barned's Banking Company,
convened by Messrs. Lace, Banner, Littledale, Gill, and
Bardswell, solicitors, at the request of a largely interested
insurance company, was held on Tuesday at the Law Asso-
ciation Rooms, Cook-street. There was a numerous at-
tendance, but reporters for the press were not admit ed.
Mr. Ambrose Lace, who presided, stated that the com-
pany he represented thought it desirable that the
affairs of the bank should be wound up voluntarily
under inspection, in the same manner as those
of the Borough Bank. A motion to this effect
having been proposed and seconded, a long and
disorderly discussion took place. Mr. W. L. Brown
proposed, and Mr. Jamieson seconded, the following
amendment :—" Resolved, that in the opinion of
this meeting, Barned's Banking Company (Limited)
should be compulsor wound up in accordance with the
late decision of the Muter of the Rolls, in order to an
investigation into the causes which led to the failure, and
some of which his lordship did not hesitate to characterise
as fraudulent ; and to the exposure, and, if possible, the
punishment of the offenders, be they who they may."
Upon a division the original motion was declared to be
carried by a small majority. Mr. Cope then proposed that
a committee of five should be appointed to watch over the
interests of the creditors, and to summon them together
when they considered it necessary. The motion was car-
ried ; and amongst the gentlemen appointed were Messrs.
Henderson, W. L. Brown, and Cope.— Litrrpoot Mercury.

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