The Sun.
London, England, 1864-09-29 00:00:00

NORTH BRITISH.

The half-yearly meeting was held at Edinburgh on Tues-
day. Mr. Hodgson in the chair,
The report was held as read.
The CHAIRMAN congratulated the shareholders on the
first paragraph in the report, which stated that the receipts
from traffic on the North British system had gradually and
steadily increased during the last four half years. They
would remember that a number of years ago they had to
submit to a diminished dividend in consequence of the pres-
sure upon their revenue created by the construction of new
works. They were now beginning to retrieve that loss. Two
years ago they diviued only at the rate of ti quarters per
cent., the nest half year that was increased ,to one and a
quarter, and in the following half year it amounted to one
three-quarters, while this half year the directors were in a
position to declare 2 per cent, on the ordinary stock of the
North British Railway. Re saw no reason to apprehend
that that increase of traffic would not go on, or that a cor-
responding increase of dividend would not be obtained,
They had a number of lines now nearly completed or in
course of construction, which were a burden on the com-
pany at the present moment, but soon most of them would
become remunerative to the shareholders. By the end of

1865 all the lines in course of construction would be com-
pleted, and although there were other works which had been
undertaken the directors had postponed them until the
volue of money was less than at present. With regard to
the Queensferry line and the proposed .bridge across the
Forth, he said that if a bridge were practicable, and :could
be constructed at anything like the expense to which they
would be put in constructing piers and working ferries, in
contradistinction to the expense of working a railway, it
would be unwise if they did not retrace their steps and
substitute that which would give much better accom-
modation and be of much more benefit. They had
,not
gone headlong into the idea of constructing a bridge ;
thoy had made their calculations and investigations, which
were still in progress—and if they were satisfied that the
bridge could be made a cost not much exceeding the
other works, they would come before the shareholders
with a bill enabling the company to substitute a bridge
and approaches to a l‘ridge, instead of a ferry and approaches
to a ferry. He calculated that the actual saving of ex-
pense in the construction of works, &0., if a bridge were
erected, would be about £56 ).000. This matter was
simplified by the E linburgh and Glasgow company being
in a position to act in conjunction with them for the con-
struction of this bridge. With regard to the agreement be-
tween the North British and Edinburgh and Glasgow Com-
panies he said it seemed to work remarkably well, and that
there had been complete harmony between the joint com-
mittees. The continued increase in the receipts of the two
companies, which amounted to £2,000 a week, was the beet
proof that the system had not worked ill up to the present
moment. Ho believed it would be for the benefit of the
shareholders of the two companies that there should be a
still closer union between them. The causes of the failure
of the tripartite agreement between the Scottish Central,
the Edinburgh and Glasgow, and Caledonian Railways
could be easily accounted for. It was unequal among the
companies themselves; it was unjust and improper towards
the public ; and it was an agreement that could not be de-
fended in equity either before Parliament or elsewhere. He

stated that the directors had come to the resolution again
to adopt the system of issuing return tickets at reduced
Tates, which had been discounted for a considerable time.
TO report was adopted.
On the motion of Sir J. D. WAUCHOPE, seconded by Sir
W. JOHNSTON, the thanks of the company were given to
Mr Hodgson for the able manner in which he had presided
at the Board, and in acknowledgment of these services
voted him as chairman of the company £l,OOO per annum,
commencing with the current half-year.
The.meeting then separated.