The Sun.
London, England, 1852-02-24 00:00:00

" In submitting to the proprietors the aCCOtinlS which
accompany this report fur the half-year ended 31st De-
cember , 1851, the directors have the pleasure of calling at-
tention to the encouraging extent to which the traffic over
the Great Northern Railway has already increased. Jude-
pendent of the extra receipt during the season of the
Great Exhibition down to October last, and with only
about five miles of additional line open, the income from
the ordinary sources of regular traffic has for some time
past exceeded, by above 3,000/, per week, the amount of
the corresponding period of 1851. At the present,
usually the dullest season for railway traffic, the increase
is steadily maintained, the aggregate amount of receipts
daring the first six weeks in the current year being
62,4481. as against 44,4251. in the same time last year.
" The coal traffic is now yielding a gross revenue
exceeding 2,0001. a week, and would have been much
more productive, but that the South Yorkshire coal-
owners have not been able to furnish the sup-
plies necessary to meet the groat and constantly in-
creasing demand. They are, however,
engaged in
strenuous efforts to extend the supply, by which they
hope, within a reasonable time, to be able to furnish
any quantity that may be required. The directors have
been led recently to make arrangements for bringing
coal also from the Durham field, and as far as this expe-
riment has been tried, it appears likely to bo remunera-
tive;
of course, depend upon the price at which the owners
will deliver h
" The accounts consist of a statement of receipts and ex-
penditureo
:_
appended,
' f capital to 31st December, 1851, with abstracts
teeir extenteo coal.
to which thLi can be carried must,
in explanation; and of statements of rei-enue and net
giving details; and
Gross amount of revenue ••• •••X315650 5 3
Working and other expenses chargeable ,
revenue,
they
exhibit with
documents
results
upon revenue ... ••• —• 157,044 9 4
as fo l low

shsetnosstlzend Witham-
Irsir,deducted as
Counties Rail-
way Leaving of net disposable revenue ... £
Ffolll this amount of disposable revenue are 6,605 15 "
per ' net revenue statement' guaranteed rents, prefer-
enceth.s 158,605/. '
paid dividends,and
net a n awardte:eip tto
frtohme Et
Company, and the difference between the eents
of 2,500/'
and the Louth navigations, reducing
rat
e rielset
Redeemable
n call:'1
155. I Id. to 93,571/. 18s. 4d. Out of
reduced
amount the sum of 27,3241. ss. 4d, has this
scehta charged
apart
to
oc a pmi teael )t ,
eafudrtahnedr siun
(being one-half the interest for the half.yerrawhpaicihd
the became due 15th January, 1851, on company's
mortgage debt, the other half of such interest- being-
paid in advance of the 5 per cent,
12/, 10s. Preference shares in scrip,
with
emable
_ calls
thereon yet to be paid, and the result is
t:endditvhicle
a balance available for dividend of 63,747/. 13s.
This -
will afford, and the directors accordingly recom-
mend that there be declared, a dividend on the original
stock of the company after the rate of 2i per cent,
Pe
annum, payable, on and after the 15th March next,
to the proprietors registered on the 27th February'
'
which will leave a surplus of 3,644/. 16s, 9d.
to be carried to the next half-year's (Imount.
On the Redeemable 121 10s. Five per Cent.
Preference Scrip shares, dividend is due only on the
first call at 3/, loe. from September, and upon the second
call of 31. for a few days, to 31st of December last; and
the amount being under ls. per share, the directors pro-
pose to postpone the payment of such dividend, as well
as the interest on calls paid in advance, till after the
next hall-yearly meeting, prior to which the remaining
two calls of 31. each will have been paid, andthe .
scrip
sent in . :
for registration.
's' In their relations with other companies, the direr-.
tor have to report that some progress has been made
towards
more satisfactory arrangements. With the
ofa n Eastern Counties Company they have settled the basis
agreement for is term of fourteen years under
vis
pro'
lone which they trust will prove mutually
satisfactory, It includes tie transfer of the Royston
and Ilitchin and Shepreth Extension Line to the
Eastern Counties, to be worked by that company be-
tween Cambridge and Ilitchin, in connexion with Great
Northern trains, the guaranteed rent to which the
Great Northern Com is liable, and interest, pany
ther 16.800/ a year, being paid by the Eastern Counties
Company,'
The Great Northern are to '
topay over
the Eastern C • 60
Counties per cent, of
any earnings
from traffic passing over the Great
Northern '
Cambridge
line between London and ilitchin, to and
from and stations east of Ashwell on the
Royston and Ilitchin Railway ; and also twenty per
cent, of the earnings from the Eastern Counties
traffic sent from Peterborough to Newark,
Lincoln,
and Hull, and certain other places north of
these towns. Each company engages to abstain
from interference in the ' district of the other
company, and to interchange traffic in the fullest
manner for mutual benefit. The agreement will be
laid before the
meeting in detail, and the
directors pre
sent it as, in their opinion, adjusting all questions be-
tween the two companies upon, equitable terms. With
regard to the East Anglia
arrangement, discussed at
the last half-yearly meeting, our directors have to
report to the East Anglian Y
oars], declining from the
pressure of circumstances t
test with the Eastern coo continue the legal con-
from the Great Northern Co unties
Company, solicited
terms, which was listened tornPanY ti modification of the
which ensued, the Eastern ; during the negotiations
an offer to the East AnglianCounties Company made
received with favour by the Company, which was
request from the East Anglianshareholders, and led to a
Northern would abandon al board that the Great
the two companies. rr
a o this arrangements between
acceded, and the matter IS request your directors
Great Northern Company was finally closed by the
the East Anglian any balance of to hand over to
themselves all outlay. ntedeee of receipts, after repaying
with the Eastern Counties C the recent arrangement
the Great Northern Conan °7lllPanY, above described,
their trains between Peterborough
have ceased to run
arbitration, undertaken by the and Wisbech. The
E. Gladstone, between this 0 Right Honourable Win.
and North-Western and Al.?idatuPanY and the London
yet concluded. Mr. Gladsto land Companies, is not
milted his opinion of what ought in August last. trans-
of traffic between. London ought to be the division
in the reference—York, Lecaead the towns named
Doncaster, and Lincoln; sub "at Wakefield, Sheffield,
petition was renewed (''quently, however, coin-
North-Western and Midlands the London and
rebooking adopted, which, i, and a system of
directors, would have n the opinion of your
award. The subject was practically destroyed the
Gladstone's attention, and tea brought before Mr.
rented to enlarge his pewees, ° companies having con-
competition and re-booking, S''' as to prevent further
or any other practice
inconsistent with the award ,
kindly consented to continue .e.and Mr. Gladstone has
to be referred to from time to
good offices, so far as
award is bowl fide adhered to, Four time, to sec that the
trust that as to so much of th eur directors therefore
was included in this reference 0 debateable ground as
lished for the next four year'sa Peace has been estab-
sion of traffic under Mr. Gladsto'nupon the basis of divi-
" As to the territory still rein p's award.
be the object of your directortilning in doubt, it will
the just claims of the Great NorthernZ whilst they maintain
cultivate in every practicable ey Compaey, to
ing with others. In Decembers? a good understand-
s notice from the Manchester,
Sheffield
the board received
shire Company, that the Great Northern
and Lincoln-
be stopped at Grimsby, and no rthern trains would
to New Holland, on the way t: allowed to proceed
was deprecated by your directora, Ruin This course
ageeement between the two companies, ii/.18 contravening the
convenient to the public ;
the
lee. and as most in-
convenient
however, persisting in their thrManchester Com-
were compelled to resort to the eoeat. Your directors
and obtained an injunction enforcinr of Chancery,
of the aereement. Your directors re -1. the observance
that the Lancashire and Yorkshilect having to add
in January last gave notice of ti(7eoimpany also
to stop the trains of the Great Northern intention
from working over the Lancashire and Yorkshirea Company
north of Askerne, unless they would consent lines
maximum Parliamentary tolls, upon the —45" to pay
agreement of May, 1847, bad not been orund that an
Great Northern. These lines, as the sha"ved by the
aware, form the approach to York
, Leeds,reholders are
field; the directors were compelled, in this and Wake-
apply to the Court of Chancery for protectie%se also, to
Lancashire and Yorkshire Company, not being and the
to argue the case before the court, were pig Prenared
terms by that court to abstain from interference under
the Great Northern trains, and to adhere to rence with
the
meat between the companies until the case can :agrargued. The agreement, however, being under
thebe fully
of the two companies, and having been acted fulls
the last four years, your directors have every e upon for
in the court enforcing its provisions. lite onfidence
ments with the South Yorkshire Company, a arrane-
• a explained
at previous meetings, are now proceeding, and
the
introduced for carrying them into effect will be 13111
before the proprietors at an extraordinary general laid
ing to be held for the purpose, according to notice Meet-
immediately after the termination of the present meeting,
"By the engineer's report it will be seen that the -.
per-
manent way is in good order, that the towns line works
approaching completion, and that this remaining
portion of the Great Northern system will he g
opened
for public traffic in the course of this spring; and u that
the King's cross Station will be ready for occupation
during the summer.
" Impressed with the importance of the electric tele-
graph for railway purposes, the directors some time
since agreed with the Electric Telegraph Company to
adopt that company's system. The telegraph, now
operation between London and Peterborough, • in
ie is
course of being extended over all other parts of the line
" The grant for the moral and religious instruction i
the large bodies of workmen employed in the °
works of
construction being almost exhausted, and persuaded that
great good has resulted, the directors are induced to
suggest that the further sum of 100/, be voted for this
purpose. With the view to promote good habits, and
for the benefit of the numerous body of men now -em-
p oyed in the company's service, in the shape of
provi-
sion i 4 sickness and in old 0g Tvileu I°4st work, or -I and