The Sun.
London, England, 1864-08-22 00:00:00

RAILWAY INTELLIGENCE,

GREAT NORTHERN.

The half-yearly meeting of this company was held on
Saturday at the King's-cross station—Col. Packe, M.P.,
in the chair. _

The Secretary having read the notice convening the
meeting, the report was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said he thought he might follow the example of chairmen
in other similar undertakings by congratulating the proprie-
tors on the increased receipts during the past half year.
The increase on their line had amounted to upwards of
£lOO,OOO, but with the increase in the receipts there had
also been some additional expenses. There were two or three
items more prominent than others—for instance, an in-
crease in the item for maintenance of the permanent way.
Their engineer had relaid 19 miles of permanent way with
entirely new rails and sleepers at a cost of £25,000, but in
the corresponding period of last year only eight miles were
relaid, so that the value of the property had been increased
by the entire renewal of 11 miles of railway. In the loco-
motive department a considerable addition (124,000) had
arisen from running a great number of miles, by which they
had earned the increased receipts. There had also been an
increase of £11,300 in the expense for renewals and repairs
of carriages and waggons, but the cost of all the improve-
ments in Mr Sturrock's department had been placed to reve-
nue account, as they had done on former occasions, so that
the property was decidedly increasing in value instead of
deteriorating. In respect of the merchandise traffic there
had been an increase of £5,000. There was an item for com-
pensation in respect of losses and accidents of £14,366,
which was a large amount, but when explained he thought
it would be satisfactory. The greater portion of the ex-
pense was caused by the Witham river having flooded the
canal, overflowed its banks, arid inundated the country, and
for this purpose £7,000 had been set aside to meet any ex-
penses to which they might possibly be liable; but it was
not certain that they would be liable, and whether they
were or not he believed they had reserved sufficient to cover
, the expense of the dilapidation. The company were the
owners of the navigation, and had been sued for compensa-
tion in consequence of damage from the overflow of the
river. There had also been an increased charge this half-
year for interest on money previously expended. which had
been raised in 1861 as new 6 per cent preference stock, to be
entitled to no interest for three years. There were other
items, but altogether the increased expense was not more
than at the rate of 50 per cent of the increased receipts. He
had no doubt that many of the shareholders had gone
through the accounts and compared the items with those for
the corresponding period of 1863. The directors had endea-
voured to give them a detailed statement of the expenses
and liabilities on capital account. With respect to the par.
liamentary business of the last session, the directors had
been very successful in defeating their principal opponents
who promoted the Great Eastern Northern Junction scheme,
The bill for that line had been rejected unanimously by the
committee of the House of Commons. Mr Bidder, on
the part of the Great Eastern, opposed the Great
Northern Bills for the completion of their loop line
from Gainsborough to Doncaster and for a line from Lin-
coln to Honington, in which he was defeated; but, not
content with that, Mr Bidder opposed their Bills in the
House of Lords, and was also defeated in that opposition by
the unanimous vote of the committee. He (the chairman)
thought, after two such defeats as those, there was not much
chance of the Northern Junction line being sanctioned. In
addressing the Great Eastern proprietors, at a recent
meeting of that company, Mr Bidder contended that
committees should be required to give reasons for re-
jecting a Bill. He (the chairman) could give the
reasons for rejecting the Northern Junction Bill; they
were simply that the Great Northern proved that they had
a better line than the Great Eastern proposed, and that
when the Great Northern lines were completed to Gains-
borough, and between March and Spalding, they would be
prepared to take the whole of the traffic upon fair and equit-
able terms, similar to those they had with other companies.
The committee thought this proposal so fair and equitable
that they inserted clauses in the bill to the effect that, upon
the Groat Eastern giving one month's notice, they might
make use of the Great Northern facilities sanctioned by the
Legislature. They had always been peaceably inclined
towards their neighbours if they would only agree with
them, and they hoped that some arrangement would be
made to prevent the Great Eastern from attacking them
any further in their own district. The directors would use
their utmost endeavours to protect the property of the pro-
prietors. (Hear, hear.) The directors had succeeded in
carrying the Great Northern Bill for the line from Doncas-
ter to Gainsborough ; and this, when completed, would,
with the loop line from Lincoln, Boston, Spalding, and
Peterborough, enable the Great Northern Company to put
as much coal on the Great Eastern line as they wanted to
carry, upon terms to be agreed upon between the two com-
panies; or in case of disagreement they would leave the terms
to be decided by arbitration, as provided for in the act. The
loop line from Doncaster, when completed as they proposed,
would extend to Peterborough, and the worst gradient upon
it would not exceed 1 in 400, and in many places it would be
level up to that point. They proposed, with regard to the
London, Chatham, and Dover, to advance them £300,009
on their City lines undertaking at 31 per cent. interest in
perpetuity, in return for which the Great Northern would
have many advantages. They would have running powers
over the line to Blackfriars, to the Crystal Palace new
station on a level with the main floor of the building, also
from Blackfriars to the Victoria station, Pimlico, and all
the distance from Blackfriars to Dover for their coal and
coke traffic. In reply to a question, he stated that this
agreement with the London, Chatham, and Dover was for
999 years.
Mr AsTELL, M.P., seconded the motion for the adoption
of the report.
Mr HUGHES had no doubt that, as the meeting was to be
made special, the directors had taken the precaution to se-
cure their position by obtaining a large number of proxies,
and therefore it might appear that but little could be done
by any observations shareholders made in reference to the
company's affairs, or in opposition to the policy of the direc-
tors. Still, it was a mistake to suppose that observations at
their meetings from time to time had been fruitless. It was
not so ; on the contrary, they were from time to time accom-
plishing what they desired. For instance, the shareholders
had obtained the taxation of their law expenses, the holding
of their meetings at King's-cross station instead of at the
London Tavern, the appointment of a law clerk, and ether
things which the chairman at first told them when proposed
that they could not be done. Thus it was that the opinion
of the shareholders had worked its effects on the board. He
thought there was another point which the directors were
about yielding to the shareholders. Hitherto, when a ca-
cancy occurred at the board by death or resignation, the
directors immediately filled it up by the nomination of some
friend of their own, whereas the spirit of the Act of Parlia-
ment was directly in favour of the election of directors being
vested in the proprietors. He perceived that on this occasion
they had not nominated a successor to the late Mr Barff,
and, if the directors intended to concede the principle and
leave the election to fill the vacancy in the hands of the pro-
prietors, he would congratulate them on the occasion. He
presumed they would soon have Government auditors, as
by the act of 1844 Government might in 1867 purchase the
lino, and those auditors had the power of examining ail the
accounts during the three years antecedent to the time at
which they might exercise the option of purchase. He com-
plained that the accounts were mystified, and that law
charges were mixed up with compensation for accidents and
other items, so that it was impossible for them to tell what
the whole of the law charges amounted to in any half-year.
Mr MORGAN, one of the auditors, said the accounts were
kept with the greatest clearness. The accounts of capital
and revenue were kept perfectly distinct. With regard to
the law expenses, he had told Mr Hughes on a former oc-
casion that he would not be responsible for them, as the
board were alone responsible. They were incurred in de-
fending the interests of the company, and the bills had to
be paid.
After some observations respecting the accounts,
Mr MARRIOTT called attention to the proposed outlay of
£40,000 on a potato market.
The CHAIRMAN said the money was being expended.
From the first they had a potato market near King's-cross,
which bad absorbed to itself the potato business of the me-
tropolis, and it was necessary they should provide every
convenience for carrying on their business. At one period
last year they had 900 trucks full of potatoes at their goods
depot, and the dealers had no immediate means of getting
at them, nor the company room to empty the waggons, BO
that there were great complaints and loss from the detention
of waggons. He hoped the new market would be ready by
September, as it would handsomely"repay them for theout-
lay. In reply to Mr Hughes, he stated that the vacancy at
the board by the death of Mr Barff remained open in con-
sequence of Mr Denison being unable to attend the board
meetings.
A SHAREHOLDER asked whether it was intended to im-
prove the approaches to the King's-cross station, as they
were very muddy in wet weather, and if it was contemplated
to get rid of the old hoarding which disfigured the front
of the building.
The CHAIRMAN said he was glad the shareholder had
called attention to the subject, as the directors had attended
more to works of utility than those of ornament—(laughter)
—but if they could combined the two at a moderate charge
they would. The subject would no doubt have the consi-
deration of the board.

The report was then unanimously adopted ; the various
preference dividends of 1 per cent., 4 per cent., 4i per cent.,
and 5 per cent, were declared, and also at the rate of £2
158 per cent. for the half-year on the original undivided
stock, of 3 per cent. for the half year on the B stock, of £2
lOs per cent. for the half-year en the A stock, of 17s 9il per
cent. on the first instalment of the new ordinary stock; all
payable on tho Ist September.
The meeting was thou made special, and the directors
were authorised to raiso £300,000 by the creation of new
ordinary stock, under the powers of the London, Chatham,
and Dover Railway (city lines) Act, 1864, to be offered to
the proprietors at the rate of £125 for each £lOO stock, on
condition that the whole amount be paid on or before the
10th Sept. nest ; and to offer at the like rate to the proprie-
tors the balance of ordinary stock, £51,050, created on the
12th April, 1864, upon the seine conditions as to payment
and otherwise as the stock created under the foregoing
resolution.
The CHATIoux then proposed that under the powers of