The Sun.
London, England, 1865-08-18 00:00:00

NORTH-LONDON.

The half yearly meeting of this company was held
yesterday at the Euston station ; Mr. Bancroft in
the chair.

The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN said that a clerical error had
made the total authorised capital of the company
£3,365,866 instead of £3,165,866. The capital of
the new undertakings would exceed the original
estimate, and there were two causes to account for
this. The first was the enlargement of the Liver-
pool-street goods station, but it was hoped that the
profit in excess of expenditure would be as great as
that looked for on the original capital. The other
cause was a larger purchase of land than was needed
for the requirements of the company. This super-
fluous land would, however, be sold, and he had been
informed that it would fetch an increased price, so
that there was every probability of a profit accruing
to the'company ; and the lands purchased with the
company's capital were not only for the accommo-
dation of this company and the London and North
Western, but for the accommodation of the other
companies which would have to work over the line.
The company was paying interest on a sum of
£350,000, which was at present entirely unproductive,
and by Christmas next this sum would be increased
by £700,000, but he trusted that both sums would be
soon productive. It was hoped the new passenger
station would be opened by October, and then there
would be some return. The passenger traffic of the
line had increased over the corresponding six months
of last year by 161,596 passengers, and had resulted
in an increased return of only £39. This arose from
the Hammersmith and City Company having
charged lower fares, which had necessitated the
lowering of rates by the North London Company.
There had been an increase in the cost of the staff to
the amount of £4OO, which had arisen from the
company undertaking to work the Hampstead Junc-
tion line. There was an increase in the carriage
department—a department which had not beenlkept
up so well as it ought to have been ; and with respect
to the locomotive department, a report had been re-
ceived from the inspector at the Crewe works, and
the recommendations therein would be submitted to
the proprietors. All the extension lines in the me-
tropolis had far exceeded in the working the antici-
pations of those who projected them, and there was
no reason to doubt the success of the city extension
which the company was constructing. He concluded
by moving the adoption of the report.
Mr. SCOTT seconded the motion, which was
carried.

A resolution was then passed declaring a dividend
of 3 per cent. out of the net profits of the under-
taking on the half-year ending the 30th of June last
upon the company's capital stock of £1,125,000, and
at the same rate in proportion on 10,000 £lO
(widening capital, 1864) shares, and 30,000 £lO
city branch shares, payable on the 25th inst.
A vote of thanks to the chairman concluded the
proceedings.

STOCKPORT,. DISLEY, AND WHALEYBRIDGE,

The half-yearly meeting of this company was held
yesterday at Euston station ; Mr. R. Birley in the
chair.

- The Secretary read the report, which stated that
the directors recommend a dividend at the rate of
4+ per cent. per annum on the preference shares and
of 41 per cent. on the ordinary stock, leaving a
balance of £l6O.

The CHAIRMAN, in moving the adoption of the
report, said it was a question whether the dividend
should be maintained at its present rate • when the
Midland line was opened between Buxton and
Manchester.

The motion was agreed to, and the proceedings
terminated.

SOUTH STAFFORDSHIRE.

The half-yearly meeting of this company was held
yesterday at the Euston station—Mr. R. Moon in
the chair—when a financial statement for the half-
year was submitted, showing that the expenditure
on capital account was £1,672,000.
The CHAIRMAN moved a resolution that a divi-
dend at the rate of 4i per cent. per annum be paid
on the ordinary shares, and of 5 per cent. on the
B shares, which was agreed to, and the proceedings
terminated.