The Sun.
London, England, 1863-08-07 00:00:00

LONDON AND NORTH-WESTERN.

The directors of this company have issued the
following circular in reference to the ordinary and
special general meetings of proprietors convened for
Wednesday, the 12th inst.:—
" In order to enable the warrants to be prepared
ready for issue, as usual, immediately after the de-
claration of the dividend, the transfer books had:to
be closed on the 29th of July, and the meeting
called within a fortnight of that date. As, how-
ever, the accounts cannot be issued so as to be in the
hands of the proprietors seven days prior to the day
of meeting, the ordinary business will be adjourned
to Friday, the 21st inst., at noon. The business of
which special notice has been given will be consi-
dered on Wednesday, the 12th inst., and to assist
the proprietors in forming a judgment as to the
course MoB` expedient to pursue in raising the ad-
ditional capital, the directors state the following
material facts—viz., 1. That for the year ending
the 30th of June, 1850, the dividend was at the rate
of 5 per cent. per annum. At that time this com-
pany had the advantage of being the only carriers
by railway between London, Manchester, Liver-
pool, and many other important places. Other routes
have since been established, leading to competition,
and to a division of the largest and most valuable
traffics which the company possessed. The violence of
that competition, combined with the loss of traffic,
reduced the dividend for the year 1858 to the rate
of 4 per cent. per annum. The dividends paid on
the ordinary stock for the 26 half-years, from Ist
July, 1849, to the 30th June, 1862, have, however,
averaged £4 18s. 10d. per cent. per annum. 2.
The distress and depression of trade in Lancashire,
consequent upon the continuance of the civil war in
America, still affect most seriously the traffic of the
company, yet, although the traffic of the year 1862
was exceptionally and considerably augmented by
the International Exhibition, the receipts for the 30
weeks in the present year (after making due allow-
ance for the additional mileage opened) exceed those
for the corresponding weeks of the past year by
more than £lOO,OOO. 3. Speaking generally, the
market value of railway property has not increased
during the last twelve months; on the Ist of July,
1862, the price of Consols was 911 ; and on the Ist
of July, 1863, it was 92. Between the same dates
the market price of the London and North-Western
ordinary stock increased 10 per cent. A considera-
tion of these facts will enable the proprietors to
judge whether, having regard to the past and pre-
sent circumstances of the company, and to the pro-
bable future, it will be most advantageous that the
capital shall be raised by the issue of stock bearing
a fixed dividend, or by a stock entitled to the ordi-
nary dividend. The capital for the purposes of the
Birkenhead Railway will be raised jointly and
equally by the Great Western and London and
North-Western Companies. About half the amount
proposed to be created will suffice for the completion
of the Hooton and Helsby and Parkgate lines, and
other engagements of the Birkenhead company.
The balance will be available for future require-
ments in connexion with that undertaking. The
lines of the several companies enumerated, and with
which agreements have been entered into, are now
in possession of or worked by this company ; but it
is deemed expedient that agreements should be
completed under the specific powers contained in
the Acts of last session. Debenture bonds to the
amount of nearly £2,000,000 having been converted
into 4 per Cent. perpetual debenture stock, it be-
comes necessary to take a resolution of the proprie-
tors authorising the conversion of a further amount
in the same manner and on the same terms."