The Sun.
London, England, 1864-05-06 00:00:00

NORTHERN OF FRANCE,

The general meeting of this company was held
on the 26th ult. in Paris—Baron James de R)ths- '
child, the president, in the chair.
M. DELEBECQUE, the vice-president, read the re-
port, which refers to the terms of a convention ell.
tered into with the Minister of Public Works for
abrogating certain arrangements made with the
State in 1859 and 1863, relative to a guarantee of
interest to be given to the shares of the
new Enes in case the net returns should
be insufficient. As the new lines had not
exceeded the original estimates, and were
not likely to diminish the company's receipts, no
necessity existed for any aid from the State, and
consequently there was no advantage in having the
lines divided. The board, therefore, had no doubt
that the shareholders would ratify the new and
amended arrangements. The two new branches
wonld cost about 12,500,000 f. (.f.:500,000), which
would give an ample return from the nature of the
country through which the lines were to run. The
new terminus at Paris was finished in its most essen-
tial parts, and the greatest portion of the various
offices were now occupied. The expense had be('
4,315,513 f. (L 178,820). Out of Paris the expenses
for the lines completed and at work had been less
than during the preceding year, consisting princi-
pally of improvements in the stations, sheds, and gas
lighting. On the new lines the works were going
on with regularity. On the lines from Boulogne
to Calais, the tunnel near the former town had been
commenced at five places, the whole length being
1,400 metres. The principal tunnel on the line, from
Amiens to Rouen, that of Sommery, 1,500 metres in
length, presented no difficulties, and had been set-
tled on satisfactory terms. The works on the lines
from Amiens to Sergnier, and from Soissons to
Leon, were going on steadily. The Government
authorities had not yet given in their approbation
to the plans submitted to them for the lino from
Lisle to Tournay, but the board hoped to be able to
commence the works during the present summer.
The whole outlay on the old lines in 1863 had been

5,895,300 f. (2213,812), which when added to the
preceding expenditure, gave a total of 439,375,800
(X 17,574,232). The outlay on the new linee for

the year was 11,168,181 f. (X 446,727), which when
added to the expense previously made, brought
the entire amount to 68,910,681 f. (L 2,756,427).
It was in order to encourage the expedition of
coals from the more distant localities that since
the Ist of September last, the company had lowered
the charge to 7f. 80c. per 1,000 tons, no matter
where from, in place of Bf. to 10f., the charge pre-
viously. In particular the Belgian coals had dimi-
nished from 463,000 tons in 1860 to 405,000 in
1861, and 379,000 in 1862. French coals had, on
the other hand, presented an increase for short dis-
tances, but the company was more anxious about
the longer distances, as infinitely more remunera-
tive. The company was now trying the experi-
ment of endeavouring to make up the loss by lower
tariffs by obtaining a larger quantity sent. Look-
ing at results of the working for the past year there
was an increase of 1,779,060 f. (L 71,160) in the re-
ceipts ; a diminution in the expenses of 816,000 f.
(L 32,640), which with a balance left over from
1862 of 10,0001. (L 400), gave an augmentation of
2,605,000f.(L104,200) from which must be deducted
for increased interest on the new shares and other
charges a totalof 1,665,000 f. (L 66,000), leaving anet
profit of 940,0001. (L 37,000). That sum would be
sufficient to pay the full dividend due in 1863 on
the last series of the new shares. The complete
assimilation of the old and new shares was thus
realised without any difference taking place in the
revenue of the whole of the company's shares. Since
the shares had been increased from 400,000 to
526,000, the board had to arrange so as to meet each
year the increased sum required for the dividend.
The total receipts on revenue account, after certain
deductions, amounted for the year 1863 to
67,468,6771. (L 2,698,747), and the expenses to
25,247,271 f. (L 1,009,919), leaving a surplus of
42,220,706 f. (L 1,688,828), which sum, after paying
the sinking sunk, interest, and other charges, gave
a dividend of 621. per share, payable on and after
the Ist of July next.

The report was unanimously adopted, the divi-
dend declared, and the convention with the Mini-
ster of Public Works was bgreed to. A credit of
12,500,000 f. was accorded for the new branch lines.
The outgoing directors, Barons James, Lionel,
and Anthony de Rothschild, M. Henri Barbet, and
M. Felix Vernes, were reelected, and the proceed-
ings terminated.