The Sun.
London, England, 1864-08-17 00:00:00

NORTH LONDON.

The half-yearly meeting of this company was held yester-
day at the Euston Station, Mr H. W. Blake in the chair.
The report was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said he had only a very few observations to make. There
had been an increase in the passenger, goods, and mineral
traffic. The opening of the Metropolitan Railway had not
affected the general receipts for passengers,but some decrease
had taken place from the opening of the Hammersmith and
City line ; still, that was being made up from other
sources. As regarded the expenditure, a considerable outlay
had taken place on capital account for the new lines to the
city, and they had paid £5,000 for additional land at Bow.
The company had three bills before Parliament last session,
and their Parliamentary expenses were heavy. The fact of
so many bills for metropolitan railways being promoted
made the session quite exceptional. They had received 31
notices of bills as affecting their company, and they had to
watch the progress of 11 different bills in addition to their
own. Their Tottenham Exteru3ion Bill was lost, and that
of the Great Eastern was gianted. The Groat Eastern Ex-
tension to Liverpool-street would run close to their city
line, and the stations would adjoin, which might be of some
advantage to them and the public. The company's addi-
tional powers bill would enable them to vary and alter cer-
tain roads, and thus enable them to save expense. The new
dock at Poplar was sanctioned, and an advantageous ar-
rangement had been made with the East and West India
Docks Company, and for a new barge entrance should it be
necessary. Improvements were being made at the several
stations on the line, and also in the plant and working stock
of the company.

Mr R. D. MANGLES seconded the motion for the adop-

tion of the report.
Mr ONYON contended that the dividend at the rate of 6
per cent. per annum proposed by the directors should be in-
creased to 61 per cent. ; and that instead of adding the
£4OOO out of the revenue to the special works and contingen-
cies fund, £2;600 of it should be appropriated to the pay-
ment of the extra half per cent, dividend, leaving the re-
maining £1,600 to be added to that fund. They had an
increase of £B,OOO in the receipts during the past half-year,
and he thought the sharehDlders were entitled to some part
of it.

The CHATRMAN defended the course adopted by the di-
rectors. The additional powers Act would enable them to
save large sums, and to provide for the accommodation of
the Great Northern and Midland traffic at the proposed new
docks. The whole of the 4,000 would be required for the
improvement of the stations to accommodate the increasing
traffic on the line as soon as possible. It would be more
prudent to pay at the rate of 6 per cent. now, and at the
rate of 7 per cent. for the next half year.
Mr MANGLES said that many of the improvements they
had introduced had turned out most profitable investments
for the company, particularly in respect of the adoption of
steel tires and other lasting improvements.
The report was unanimously adopted. An amendment by
Mr Onyon, seconded by Mr Westley, that the dividend be
3} per cent. for the half year was negatived ; and the pro-
position of the directors that the dividend be 3 per cent. for
the past half year on the ordinary stock and shares of the
company was carried.
In reply to a question, it was stated that the directors had
no reason to believe that the estimate for the works of the
City Extension would be exceeded, and the proceedings ter-
minated.

The Royal paddle yacht Osborne, Commander Geo. K.
Bower, arrived in Portsmouth harbour yesterday at 10 a,m.
from Plymouth and Portland, with the Lords of the Admi-
ralty on board, on their annual tour of inspection. The
party consisted of the Duke of Somerset, Vice-Admiral Sir
F. Grey, Rear-Admiral the Hon. J. R. Drummond, and Mr
Childers, M.P., accompanied by the First Secretary, Lord
C. Paget, M.P., Capt. Hall, Private Secretary to the Duke
of Somerset; Rear-Admiral Robinson, Controller of the
Navy; Major Clarke, Director of Works, and Sir Richard
Mayne, Chief Commissioner of the Metropolitan Police.
Their Lordships landed at the King's stairs in the dockyard
soon after their arrival, and were received by the Admiral
in command, and the Captain of the Steam Reserve, with
the other naval officers in command of her Majesty's ships
at the port and the heads of the different departments of the
yard. They first proceeded to the office of the Admiral-
Superintendent, Rear-Admiral George Elliot, where they
remained until nearly 1 p.m., when they commenced the
usual inspection of the dockyard, commencing with No. 2
dock, in which the Erebus iron floating battery is lying.
Her bottom plates are is very good condition, with the ex-
ception of one tier, but her timber shelf-piece, on which
rests her armour-plates, is eaten away, and will have to be
replaced with new work. Her tier of plating next below
the shelf-piece is also very faulty in parts, alai will require
extensive repairs. She is said to be intended for temporary
duty on the Sturbridge shoal. Their lordships next crossed
the caissons of the ship, basin, docks, giving a short notice
to each of the latter, in which are lying the Thunderer line-
of-battle ship, ebaut to be cut down and fitted as a floating
platform for target butts; the Octavia screw frigate, and
Sparrowbawk despatch gun vessel, the latter almost entirely
reconstructed. Leaving the ship basin docks their lord-
ships next passed by the Victoria three decked screw, of
I,foo horse-power, fitting as the flagship of the future
Admiral commanding in the Mediterranean, but very likely
to be superseded in such duty when made ready for it by
some iron frigate. The new railway jetty was next reached,
where their lordships had an opportunity of observing one
of the earliest and still handsomest of the now almost use-
less three-deckers on their Navy List, the Duke of Welling-
ton, which was lying moored alongside the jetty. The dock
in which the Royal Sovereign is lying was reached next,
and a cursory notice was given to the band of teak sheath-
ing which she is receiving at the water-line, but their
lordships did not go on board. This teak band is now
being affixed to the Royal Sovereign's sides as rapidly
as possible, relays of workmen being engaged upon it day
and night. A few minutes were next spent looking into the
empty No. 7 dock, and then a short walk past the mill-
wrights' shop and timber sheds brought their Lordships to
the residence of the Admiral Superintendent, where they and
the naval officers accompanying them partook of luncheon.
,After a half-hour's interval the walk round the yard was
resumed, the party being still under the guidance of Rear-
Admiral Elliot, and accompanied by Vice-Admiral Sir
Michael Seymour. After visiting the iron foundry, their
Lordships passed through the smithery, where every fur-
nace appeared to be in full blast, and to the ground north of
the smithery, where two dining-rooms are being erected for
the use of the smiths, Their Lordships next, passing be-
tween stacks of 41 inch armour-plates for the Royal Alfred,'
went on board that ship in the shipway, where she lies
waiting her orders for launching, and remained on board
some 20 minutes. No. 11 Dock, constructing at the north
angle of the steam basin by George Smith and Co., was next
visited, after which their Lordships proceeded to view the
ground about to be taken into the dockyard boundary. Mr
Woods, civil engineer, pointed out and explained, by the aid
of plane, the bearings of the mud lands which it is intended
to convert into basins and docks, and their Lordships left
the dockyard by the N.B. gate for the proposed site for the
naval barracks and the new timber ground, where the main
timber stores are now being formed. Befsre leaving the
yard the large number of tested armour plates stored near
the convict prisonattracted some attention, and among them
some specimens of wrought !roil torgings in that shape from
the rolling mills of John Brown and Co., of Sheffield. The
first point of importance reached by their Lordships outside
the dockyard was the intended site for the Naval Barracks,
in ono part of which a number of convicts are employed in
levelling the old fortifications, and in another a patent brick
,raking machine is at work turning out bricks at the
rate of 24 per minute. From the site for the Seamen's
Barracks the Board next visited the new timber ground,
and wade a circuit of the ground there which inter-
venes between the dockyard and Landport, and which is
about to be incorporated with the dockyard. They completed
their circuit by returning to the dockyard by the shore line
of the new ground. Their lordships afterwards embarked
on board the Osborne, moored off the dockyard, where they
dined and slept.
Tho Admiralty yacht Enchantress, Staff Commander
Petley, arrived at Portsmouth yesterday afternoon from
Portland and the Needle fortifications, with Earl de Grey
and Ripon on board. His lordship joined the Board of
Admiralty on the Osborne on their return from their day's
inspection ashore.
The Urgent screw troopship, Capt S. Henderson, sailed
from Portsmouth last evening for Canada (Quebec), with
the following detachments on board :—Royal Artiltery—
Col Pipon, Lieuts Brown and Saunders, and eight men ;
30th Regiment—Capt Clarkson and Lient Brain and 117
men ; 4th battalion 60th Rifles—Lient-Col Ward, Ensign
Turner, and 17 men ; Rifle Brigade—Commandant Pnllan
and 83 men ; Royal Canadian Rifles—Lieut-Col Walker
and eight men; 110th Regiment—Six men; Ist battalion
15th Regiment—Capt Causse, Assist Surg O'Loughlin,
NORTH DEVON. Deputy Purveyor Medici', six officers' wives, 16 children
The directors' report states that the available balance on awl four female servants, 12 soldiers' wives and 28 childreant.
revenue account of £2,776 enabled them to recommend the The War Department steatnveesel Balaklava, Ur 11 t
payment of a dividend at the rate of £1 16s per cent per commander, sailed last night from Woolwich Arsenal,Fleaden
annum on the ordinary stock, at the rate of 18s per cent per with guns, shot, carriages, powder, and ot
-cum on the A stock, and at the rate of £3 125 per cent Davenport and Cork. Among the stores is
d to a 46 pounder, for
etrhwe first or fe tfho er
1"- enum on the B stock (tree of income tax), being the 70 pounder Armstrong guns, reduce
per at,. 4,hat declared for the preview half-year. The experiments on board the gunnery chip Van:bridge, C apt L.
same as nof this company with the Lend= and South Heath, C. 8., at Devonport.
awalgaraa"°- er Company in pursuance of the provisions Tho following troopships,
now under fitment in the East
Western Railwa,
would take effect on Jan. 1 next, when and West India Docks, have be
en chartered by the Lords
contained in the act '`'e entitled to receive the ordinathe proprietors would b.ry of the Admiralty to embark a regiment of the lino from
change for tho'several denorai- Dublin for the Cape of Good Hope :—The Copenhagen, the
stook of that company in ea, T)evon Railway Comptmy in Roselyn Castle, and the Mary Shepherd. The regiment
nations of stock of the North -0,19 12s South Western consists of 39 officers, 912 non-commissioned officers and
the following proportions—viz., ". 4 stock ; £9B South rank and file, and 152 women and children. After landing
stook for every £lOO North Devon 13. en B stock; and the troops at the Cape the regiment stationed there will
Western stock for every £lOO North Deco.
'edit Devon embark in the saws ships and proceed to Calcutta. The
£l9 South Western stook for every £lOO Is.„_
of th 3 embarkation from Dublin is expected to take place early
ordinary stock. The redeemable preference stem. .nth next month.
company would become preferential stock of the Su. Mr Brain, acting assistant master shipwright at Wool-
Western Company, but was to be redeemable by them on
ti has been appointed assistant master shipwright at
the terms on which it was redeemable by the North Devon

LONDON, TILBURY, AND SOUTHEND.
The half-yearly meeting of this company was held yeater-
terday at the London Tavern, Mr Anderson in the chair.
The report was taken as read,
The CHAIRMAN, in moving the adoption of the report,
expressed his hope and desire that those feelings of dissatis-
faction that had existed among the proprietors had now
passed away, and that they might expect for the future that
harmony and goodwill would be established among them.
Nothing of importance had occurred since the last meeting.
He thought the proprietors had a right to be satisfied with
the increase of traffic from yoar to year, and he trusted it
would become still larger.
Mr GOSSET complained of the non-publication of the
traffic receipts. He wished to know from Mr Eley, ono of
the directors, who he (Mr Goeset) considered was the re-
presentative of the shareholders on the Board, whether the
directors had exerted themselves to obtain those returns
from the lessees of the line, and whether the lessees had re-
fused to publish the traffic receipts. He wished to know
who was to blame for this matter. As the shareholders
were entitled to half the profits above 6 per cent., they had
a right to know whether the receipts were not in excess of
that amount. He wanted to know the amount of the in..
creased receipts to Gravesend and other matters.
Mr ELLY said a resolution of the Board was passed una-
nimously expressing an opinion that the wishes of the share-
holders with respect to the publication of the traffic returns
should be complied with. A copy of this resolution was sent
to the lessees and an answer had been received to the effect
that the lessees did not thing it essential to their interest to
publish the traffic receipts. (Shame.) The directors re-
quested the secretary to write again, and the answer was a
refusal. He had reason to believe that the judicious increase
in the fares to Gravesend had produced a corresponding in-
crease in the receipts. The ferry belonged exclusively to
the lessees, and the increase in the tolls of the ferry had
produced an increase in the gross receipts of £l,OOO, He was
not at all satisfied with the way in which the traffic on the
line was conducted.
Mr COPE, a director, said he considered he aiso repre-
sented the interests of the shareholders at the Board. He
regretted that some arrangement had not been come to with
thelessees respecting a permanent lease to the Great Eastern
and Blackwell Companies. He was not so sanguine of their
future prospects as some appeared to be, and thought, if a
desire had been shown on the part cf the shareholders to
come to terms with Mr Brassoy when he made the offer of
41 per cent,, that the lessees would have given them some-
thing more.
After some observations from Mr MoxoN, Mr PARSONS,
Mr ADAMS, Mr Coneme, and other proprietors as to the
equitable right of the shareholders to know the actual
amount of receipts and expenditure, and to have the traffic
returns published weekly as formerly,
Mr TYREMAN, the solicitor, said there was no doubt they
had every right to have the weekly returns and every other
information they required with regard to the traffic.
The report was adopted, and a resolution, proposed by
Mr GOSSET, was passed unanimously to the effect that in
the opinion of the shareholders the lessees were not justifiel
ill withholding the weekly traffio returas.
The proceedings then terminated.

NEW QUAY AND CORNWALL JUNCTION.

The first ordinary meeting of this company was held on
Friday at St. Austell—Mr E. Willyams occupied the chair.
The CHAIRMAN said it was calculated that something
over £10,500 had been already subscribed. and at the next
meeting of the directors he should propose that a portion of
the road be staked out and a contract invited. With respect
to the prospects of the undertaking he said that between
60,000 and 70,000 tons of china, china clay, and other ma-
terials were annually carried in carts over the course the
neW line would take. It now cost from 2s Gd to 3s a ton to
convey these matters to A.urngullow, the point of junction
with the Cornwall line. When the now line was made they
would be enabled to carry for about is per ton. He argued
therefore that if they could carry7o,olo tons yearly at is per
ton the proceeds would be £3,500, and allowing 50 per cent
for working expenses £1,750 would remain for dividend. To
that would have to be added the receipts from passenger
traffic, and also from coal, lime, and timber. The landowners
and merchants were now called upon to complete the capi-
tal without delay.
The report was adopted, and the proceedings concluded
with a vote of thanks to the chairman.