The Sun.
London, England, 1865-06-14 00:00:00

GREAT NORTHERN.

The adjoinned, and probably final, Wharncliffe
meeting in the present Parliament of Great Northern
proprietors was held yesterday at the King's-cross
Station; Col. Packe, M.P., chairman of the board
of directors, presiding. Various bills were assented
to, including the following, viz. :—" A bill to autho-
thorise the Great Northern Railway Company to
construct certain short lines of railway at Newark,
Spalding, Essendine, and Barkstone, and to make a
branch railway near Bradford, in Yorkshire, and for
other purposes ;" the proposed capital is 1312,000,
with borrowing poivers for one-third. "Abill for the
amalgamation of the Leeds, Bradford, and Halifax
J tmcti on Railway Company with the Great Northern
Railway Company." The stock of the amalgamated
company will become equal to the open stock of the
Great Northern—a mere exchange, in fact, of the
two stocks. "A Bill for the amalgamation of the
West Yorkshire Railway Company with the Great
Northern Railway Company." Under this bill there
will be an exchange of £l4O of Great Northern or-
dinary stock for each £lOO of the share capital of
the West Yorkshire Company, amounting to about
£350,000, exclusive of the debenture stock of
£106,000, which is to be adopted by -the Great
Northern Company. The other bills passed are pro-
moted by neighbouring companies, and only inci-
dentally affect Great Northern interests in the form
of working agreements and running powers. The
meeting was adjourned pro forma until the 27th
inst., but the chairman announced that most likely
this adjournment would have to be countermanded
by advertisement, as no other bill would perhapsre-
quire to be approved this session.

Another special meeting was held at a later period
of the day, Col. Packe in the chair, to authorise the
issue of new shares or stock under the authority of
various acts granted to the company, and two of its
tributaries.

The CHAIRMAN said the directors had postponed
the disagreeable application as long as they could ;
but the money was now required to carry out work
in progress, and it could not be raised in any other
way but that which he was about to propose, because
the acts of Parliament provided that the capital for
these news lines should not bear interest until the
lines themselves were completed. Otherwise, as on
a former occasion, the capital might have been issued
at a considerable premium, but the interest not being
payable for some time to come, the directors had no
alternative now but to propose the issue of this
new capital at par. The amount would be
£980,000, payable in five instalments, and it would
be allotted pro rata amongst the different pro-
prietors of the A and B original stock, proprietors
of the new ordinary stock, and, in accordance with
act of Parliament and agreements, the proprietors
of Leeds, Bradford and Halifax and West York-
shire stocks. The amount would give a distribution
of £1 on every £7 of original A and B, and each of
the other stocks, and this new stock would partici-
pate in dividend from and after July 4, 1867. This
was the first time since the commencement of the
company that any new stock had been issued to the
original proprietors at par. The London and North
Western and the Midland had set a different ex-
ample, and the directors felt that this small bonus
should now be offered to the proprietors of the ori-
ginal stock. Not less than £5 would be allotted to
any one proprietor, and the instalment of £2O per
cent. each would be payable on July 14, 1865, Oct.
14, 1865, Jan. 14, 1866, April 14, and Ju1y14,1866.
He moved a resolution authorising the issue of
£980,000 new stock in the proportions, and under
the authority of the following acts, viz. :—The
Great Northern Railway Act (No. 1), 1864,
£200,000 ; the Great Northern Railway (Doncaster
to Gainaboro') Act, 1864, £408,000 ; the Great
Northern Railway (Lincoln to Bourn) Act, 1864,
£310,000 ; the Halifax and Ovenden Junction Rail-
way Act, 1864, £30,000'. the Edgware, Highgate,
and London Railway Act, 1864, £32,000.
The Hon. 0. DUNCOMBE seconded the resolution.
Mr. HORNE asked if interest would be allowed on
calls paid in advance, and whether the debenture-
holders would participate in the new distribution.
The CHAIRMAN replied in the negative to both
questions, adding that the money would not be
required until the period he had named.
Mr. VILLEBOISNET had caught the word " new
ordinary stock"—what did that mean ?

The CHAIRMAN said the stock last issued. The
two other companies referred to as participators in
the distribution were entitled to raise a capital of
some £300,000.
The resolution -was then put and carried unani-
mously, after which two other resolutions were
agreed to, one sanctioning the distribution ex-
plained from the chair, and the other placing the
new stock from and after the Ist of July,
1867, on the same footing with regard to dividend
and in all other respects, as the consolidated original
stock of the company, with which it will ultimately
become incorporated.
The CHAIRMAN proposed a fourth resolution, pro-
viding for the forfeiture of such stock upon which
the first or any subsequent instalment should be in
arrear after a specified term, and giving the directors
power to dispose of it for the benefit of the company.
Mr. WARREN did not see the justice of this. The
stock upon which calls had been paid should be
disposed of in the open market, and the defaulter
should be entitled to any benefit that might arise
from the sale.

The CHAIRMAN said ample latitude was allowed
by the directors in such cases, and in no instance
had they yet had occasion to resort to the exercise
of this not unusual authority. A certain time was
given to pay up arrears, with interest at 6 per cent.,