The Sun.
London, England, 1864-09-21 00:00:00

LONDON GENERAL OMNIBUS.

The half-yearly meeting of this company was held
yesterday at the London Tavern ; Mr Law in the

chair.

The report was taken as read.

The CHAIRMAN, in moving the adoption of the
report and statement of accounts, remarked that the
progress they had made in the past half-year con.
t rested favourably with their position two years ago
when they were struggling with debts and liabili-
ties. Those difficulties had been surmounted, and
they had now plenty of money for everything they
required. They were in their present good position
in spite of the increase of railways in the metro.
polis, which it was said would seriously injure the
company. They would perceive in the ac-
counts.. that they had separated the reserve fund
from the cash balance, and had invested the re-
serve in Consols. (Hear.) It was a very safe place
to put the reserve in, and although the interest was
not high, he thought when they wanted to realise
capital the increase in its market value would corn.
pensate them for any deficiency in the rate of inte-
rest, He thought, on the whole, that their prospects
were very encouraging, for they had not only less
burdens, but they had been paying debts, and mak-
ing improvements in the factory, and also in the
company's stables, which would not have to be done
again. He thought if they continued to go on as they
had for some time past that in a few years they would
not only have increased dividends, but also an in-
creased reserve fund. The mileage duties still re-
mained unaltered ; the company continued to pay 9
per cent. of their total receipts for those duties while
railways only paid 3 per cent., and steamboats
nothing at all. They must submit to that unequal
state of things for the present, but he hoped before
long, from what was said out of doors on the subject,
that something would be done in that matter. He
concluded by moving that the report and statement
of accounts be received and adopted, and that a divi-
dend be declared at the rate of 61, per cent, per an-
num clear of income tax, payable on the 27th inst.,
which was seconded.
Mr DEARLE said he had been a shareholder for
several years, and thought the report very satisfac.
tory. He believed they had an efficient and honest
management, and that the chairman was entitled to
their thanks. He suggested that drags should be
used in the two-horse omnibuses to save the wear
and tear of the horses in pulling up.

The CHAIRMAN said they had tried them on the
,hree-horse omnibuses, and the board had the mat•
er under consideration as to the other omnibuses.

Mr C. NICHOLSON was glad there was a prospect
of having increased dividends, He thought that
when the proportion of shares held in Franco were
smaller than at present there should be fewer French
directors and more London directors.

The CHAIRMAN, in reply to a question, stated
that originally the number of shares held in France
was about 100,000 and 50,000 in England, bat that
recently there were 60,187 shares held in France
and 77,161 in England. Tho time had not arrived
for any alteration in that respect, for at present the
number of shareholders in England was 750, while
in France the number was over 2,000,
In reply to a question, it was stated that 50 peti.
tions had been presented last Session to the Chan.
cellor of the Exchequer for a reduction of the mile-
age duties, and that a much larger number of peti-
tions would be presented next time. If the mileage
duties were only reduced one-half, the company
would save £25,000 a year.
The report was unanimously adopted, and the
dividend therein recommended was declared. The
proceedings concluded with a vote of thanks to the
chairman and directors.