The Express.
London, England, 1867-08-22 00:00:00

RAILWAY INTELLIGENCE.

NORTH LONDON.

The ordinary half-yearly general meeting was
held yesterday at the company's offices, Euston Station ;
Yr. Jaime Bascaorr in the chair.
The report, an abstract of which has already appeared,
was taken as read. The general result of the half-year's
working was an available balance to the credit of revenue
of 60,9381., out of which the directors recommended • divi-
dend at the rate of 64 per cent. per annum on the ordinary
stook and share capital, aed at the rate of 4i percent.
per annum on the preference stock, leaving • credit
balance of 1,1881. to be carried forward.
The CLUBMAN said the proceedings of the past hail-
year had not been marked by anything of • special cha-
racter, and on the whole he thought they might be re-
garded ea satisfactory. The dividend was not so large-
perhaps, as the proprietors might have desired ; but look,
mg at the state of the country during the period, and re-
membering that the company was in a transition state,
and would continue to be so for another year, if not two
years, he thought they had reason to be satisfied. The
=te amount of traffic was very large, and he was
say that the working expenses only bore the same
proportion to the gross receipts that they did in forme•
years, when wages were not so high and materials and
stores were cheaper. The number of pwengers carried
over the line in the half year ending Übe 30, 1866, was
6,993,860, while the number carried during the last half-
year amounted to no less a number than 8,120,598; and if
an equal number were carried during the current six
months the company would have carried in the year •
number equal to the whole population of England. They
had been laying down steel rub at • large expense. Last
year they took for the purpose of renewals 2,0001. in
the first half, and 3,5001. in the second, and this half-year
they had set aside (for the purpose 2,5001., which it was
thought would be amply sufficient. At the beginning of
the half-year • balance of 5501. was carried over from the
revenue account, whereas now, after paying the dividend
entirely out of the earnings of the half-year, they proposed
to carry over • balance of 1,1881. At the same time there
was an unproductive capital to the extent of 133,0001.
upon which interest was being paid out of revenue, and
beyond this there was a large amount of surplus land,
the extent of which could not yet be accurately ascer-
tained, because it was not known exactly what the com-
pany would require, but taking it at 100,0(101., which was a
reasonable calculation, that would malice sum of 230,0001.
or 240,0001. of capital now unproductive and upon which
the company was paying interest. During the half-year
they had had some parliamentary business, and after some
negotiation with neighbouring companies they had suc-
ceeded in obtaining powers to make • little curve
at Bromley to connect their system with the Lon-
don, Tilbury, and Southend Railway, which would carry
them into a moat important, interesting, and, to • great
extent, undeveloped district. This was not done in any
hostility to the Great Eastern Company, with whom he
regretted they had been unable to make arrangements, but
it was evident from the negotiations, and from the diffi-
culty of introducing new traffic at a point of the Great
Eastern Railway where • number of lines converged, that
they could not succeed to the satisfaction of either of the
wan. Having obtsined power to make the curve, and
ha img entered into en agreement securing running powers
over the Tilbury and Southend line, the directors inspected
the district, and felt confident that it would prove a fruit-
ful source of profit not only to themselves but to the Til-
bury Company also, and it would not bring them into con-
flict in any important way with the Great Eastern. He
concluded by moving the adoption of the report and ac-
counts.

ALLINDER seconded the motion, which was adopted.
The following dividends were declared payable on Wed-
nesday, the 28th instant, namely :—On 700,0001. Preference
stock, 21. Ss. per cent, for the half year; on 1,525,000/.
ordinary stock, 21. 15e. per cent. for the half year; and
the same rate in proportion en the amount paid up in
respect of the 101. shares created under the authority of
the Companies Act of 1866.
The proceedings terminated with the usual oompliment
to the chairman and director&