The Sun.
London, England, 1863-02-12 00:00:00

(x-

METROPOLITAN.

The half yearly meeting of this company was
held yesterday at the London Tavern—Mr. W. A.
Wilkinson in the chair.

Mr. HENCHMAN, the secretary, having read the
notice convening the meeting, the report was taken
as read.

The CHAIRMAN, in moving the adoption of the
report, congratulated the shareholders on the open-
ing of their line, which had been acknowledged as
a great success. He then adverted to the difficulties
which had beset the undertaking from the year
1858, and the great exertions of Mr. C. Pearson and
Mr. Burchell, the solicitor, to obtain the capital for
its construction. The Great Western had subscribed
£175,000, and the Corporation of London, through
the exertions of Mr. C. Pearson, £200,000; and
were it not for those subscriptions he believed the
line would not have been made. The Corporation of
London had already made an exceedingly good
thing of it. They had sold land which had been 15
years on their hands for £225,000, they had realised
£60,000 in premiums on the 20,000 £lO shares held
by them in the undertaking ; and if they had
bestowed some of those gains on the widow of the
Mr. Pearson it would have been well placed. He
complained that the line had not been sufficiently
provided with locomotive stock to fully accommo-
date the very large traffic upon it. The receipts on
theline from local traffic amounted to £631 per mile
per week ; but when they had the traffic from the
Great Western in goods, and passengers from the
Midland, and the Great Northern, and suburban dis-
tricts, he had no doubt the receipts would be £4,000
a week. He had no doubt the original estimate of
1858 would be realised, giving them 15 per cent.
on their capital. He believed the success had been
much greater than any one expected. (Hear.)
Mr. J. PARSON, deputy chairman, seconded the
motion for the adoption of the report.
Mr. HARTRIDQE congratulated the directors on
their good management and the success of the line,
and he thought they might now safely grant an
annuity to the widow of Mr. C. Pearson. He esti-
mated the cost of the extension to Finsbury at
£1,500,000, instead of £600,000, as stated by the
deputy chairman. He thought if they got 42 per
cent. on the whole of their outlay it would be a great
success for such a work. They might get more than
10 per cent. if they kept the capital and revenue of
the Extension line distinct from those of the pre-
sent Metropolitan line. No doubt the Finsbury
Extension was a desirable thing, and might be
provided for out of the surplus over 10 per cent. on
the Metropolitan capital. He concluded by pro-
posing an amendment to the effect that the report
and accounts of the directors be received and
adopted, with the exception of the paragraph refer-
ring to the Metropolitan Extension line; and that
distinct and separate revenue and capital accounts
be kept of the two undertakings.
Mr. BAKER seconded the amendment.

On the amendment being put there appeared six
for it and a large majority against it. The original
motion was then carried.

In reply to an observation it was stated that the
corporation of London had sold at a premium 16,000
shares of the 20,000 held by them.
Mr. DAKIN thought the corporation had done its
duty to the city by realising the amount of the sub-
scription to the undertaking as soon as possible.
Resolutions wore then passed authorising the
creating of new shares to the amount of £500,000
for the Finsbury Extension; re-electing Mr. W. A.
Wilkinson and Mr. W. Lee, M.P., the retiring
directors, and also Mr. Armstrong, the retiring
auditor. The special services of Mr. Parson were
retained for the purchase of land, and £3,000 was
placed at the disposal of the board to insure the
early completion of the Extension line.
An annuity of £250 per annum was voted to the
widow of Mr. C. Pearson, to date from the opening
of the line; and a vote of thanks to the chairman
concluded the proceedings.