The Sun.
London, England, 1864-08-15 00:00:00

GREAT NORTHERN.

The directors of this company state in their re-
port that the capital account stands as follows ;
Received to the 30th of June, £13,144,236, and ex-
pended X 12,897,913, leaving a balance of £246,323.
The total expenditure on capital account during
the half-year was £168,590, of which £31,120 had
been paid for land and £46,145 for works, corn.
prising of the King's-cross goods and eoal stations,
the widening of the line and additional sidings at
and near London, and sundry works necessary to
accommodate the traffic at ♦arious other points.
The subscriptions to other undertakings connected
with the company amounted to £76,200. Twenty
new engines and 500 waggons suitable for the car-
riage of goods and coal had been contracted for to
meet the requirements of the traffic. The new
ordinary stock was allotted to the proprietors, and
£782,990 stock out of a total of £837,040 was
duly taken up, including the premiums and calls
paid in advance£43B,762 had been received thereon.
The gross receipts for the past half-year amounted
to £833,814, the gross expenditure to £441,453,
leaving a balance of £392,361. To this was added
£213, from the preceding half-year and £8,400
due from the Eastern Counties Railway Company,
making £400,974, against £328,679 for the corre-
sponding half of 1863, showing an increase of
£72,295. The fixed charges, including interest on
loans and preference shares, amounted to £266,253,
leaving a net balance available for ordinary divi-
dends of £134,721 against £102,599 for the corre-
sponding half-year of 1863, showing an increase of
£32,122. The balance of £134,721 would enable the
proprietors to declare a dividend on original stack at
the rate of 52 per cent, per annum. In the corre-
sponding half of 1863 the dividend was at the rate
of 4i per cent. per annum, For the half-year the
proprietors would receive £2 15s per cent. on the
original stock, £3 per cent. on the B stock, and £2
10s. per cent. on the A stock, and 17s. 9d. per cent.
would be paid on the first instalment of the new
ordinary stock, being the proportion of dividend
due thereon from the 2d of May last, leaving a
balance of £1,421 for the next account.

LONDON, CHATHAM, AND DOVER.
A special general meeting of this company was held on
Friday at the Grosvenor Ilotol, Victoria Station, Pimlico;
Lord Sondes in the chair,
Mr Johnson, the secretary, read the notice convening the
meeting, which was held for the purpose of raising various
sums of money authorised by Parliament in the session of
186-1.

The CHATIOLIN proposed the first resolution, authorising
the raising for the City lines of £1,000,000, is 50,000 shares
of £2O each, which were to be divided into half preferred
and half deferred shares.
Lord ll.lnnt s seconded the motion.
Mr HEDGCOCIE said he was sorry they had to raise more
capital, and wished to know whether any and what amount
of Lloyd's bonds had been issued.
Mr HOLROYD, a director, said the new capital proposed
to be raised would considerably more than pay off all the
Lloyd's bonds issued, every one of which they would take
up when they got the capital. In reply to further questions,
he stated that at the time a great opposition was raised
against crossing Ludgate-hill the purchasing powers of the
Act of 1860 were nearly expired, and, therefore, in order to
preserve them, they had to pay down £500,000 on behalf of
the company for the purchase of the land and houses re-
quired for the railway. The powers would have lapsed if
they had not raised the necessary funds on Lloyd's bonds.
They would have a large traffic from the Great Northern
and Midland over the line from Earl street to the Metro-
politan Railway, and also from it north and south over the
London, Chatham, and Dover railways.
Mr V. KNIGHT complained of the power of directors to
issue Lloyd's bonds without the assent of the shareholders.
He held £16,000 in the railway, and did not know whether
any of the new stock might not rank before his.
Mr HoutoYD assured him that the capital for the city
lines was-quite distinct from that of the Metropolitan Ex-
tension.
After some observations from Mr P. Carter and Mr
Surgey, the motion was carried by 32 against 8.
The next resolution authorising the directors to borrow
on mortgage £333,300 on the rates and tolls of the city lines
was carried by 34 against 2.

The third resolution was to authorise the company to
create and issue 60,000 shares of £25, making £1,600,000
of ordinary stock to rank with the £700,000 ordinary stock
of the main lino from Bickley to Dover.
A long discussion on this point ensued, in the course of
which Mr ForbeN, the general manager, explained that the
present traffic, if the line could be worked at 50 per cent, of
the receipts, averaged sufficient this year to cover all prefer-
ence charges down to the Dover preference. As the other
lines were opened the traffic would still further increase,
so as in the course of a certain time to cover everything.
They were now receiving above £B,OOO a week on that
line.

Sir C. RONEY said it was considered the best course to
raise money as proposed on ordinary shares, as the present
proportion of ordinary stock was too small as compared
with the amount of preference stocks.

It was explained that the holders of £BOO,OOO third pre-
ference shares entitled to 6 per cent. had agreed to accept
£BOO,OOO in ordinary stock for them, and to surrender the
third preference shares for the benefit of the ordinary shares,
by which a claim of £lB,OOO a year, being 6 per cent. on
£300,000, would be given up in favour of the ordinary stock,
being equal to lf per cent. per annum on the ordinary
stock, and thus increasing its value.
, .

Alter considerable opposition the motion was carried, as
was also one authorising the directors to borrow on deben-
tures £.50Q000, when the new capital was subscribed, and
one-half thereof paid up.

A resolution authorising the surrender and exchange of
£BOO,OOO, third preference shares, for the same amount of
ordinary stock.

The sum of £220,000 was authorised to be raised for the
Metropolitan (Eastern section), in shares of £2O each, to
be divided into preferred half shares and deferred half
shares, and entitled to dividends not exceeding 6 per cent.
Sir M. PBTO said he believed the resolutions, when carried
out, would be very beneficial to the company, They would
have a very large traffic from the Great Northern and Mid-
land over the company's lines. The traffic on their line was
increasing in a wonderful manner, on one mile of line alone
to Blackfriars-bridge they received £ 1,200 a week on the
city lines from Earl.street to the Metropolitan railway they
could charge a two-mile toll, ne considered that the ordi-
nary stock was worth 40 in consequence of the surrender of
the third preferen:.•o shares.

The directors were then authorised to borrow on deben-
tures £73,300 ,for the Metropolitan (Eastern section), and
the proceedings concluded with a vote of thanks to the
chairman and directors.