The Sun.
London, England, 1865-08-05 00:00:00

METROPOLITAN AND ST. JOHN'S-WOOD.

The half-yearly meeting of this company was
held yesterday, at the office, Duke-street, West-
minster ; Mr. W. Austin in the chair.
The report stated that the whole of the original
capital had been subscribed, and the deposit duly
paid thereon. Very considerable progress had been
made in effecting settlements for the land required
for the works. The works had been let to Messrs.
Lucas Brothers and Messrs. Aird and Sons, and
considerable progress had been made in the con-
struction of the works. The act for extending the
line to Hampstead was obtained last session with
but little opposition, and this important source of
traffic had been secured to the company. The direc-
tors had made an arrangement with the Metropo-
litan company to allow the St. John's-wood com-
pany a rebate of 12i per cent. on the gross amount
received for through looking over the whole Metro-
politan system, until the St. John's-wood dividend
reached 6 per cent., reserving to themselves the
power to lease the line in perpetuity of 51 per cent.,
at any time within five years from the opening of
the railway for traffic. The particulars of this agree-
ment would be submitted to the proprietors for their
formal consideration and sanction on a future oc-
casion.

The report of Messrs. J. Fowler and T. M. John-
son, the engineers, stated that Messrs. Lucas and
Aird were proceeding vigorously with the works,
which were in progress at several places in the
Finchley and Wellington roads, and that the
sewer works for passing underneath the Regent's
Canal were nearly completed. Possession of the
property required for the works was being rapidly
obtained. The important extension of the line to
the centre of Hampstead would be constructed at a
moderate cost, and be productive of a very large
traffic. The capital account showed that £69,816
had been received, and £46,106 expended, leaving
a balance of £20,800. _ _ _

The CHAIRMAN, in moving the adoption of the
report, said the works were proceeding to the entire
satisfaction of the engineers. The passing of the
sewer under the Paddington Canal at the Regent's-
park had been successfully accomplished. They
were making satisfactory progress with the pur-
chase of land, and there was a very good pro-
spect of obtaining it in time for the contractor, and
within the price originally estimated. (Hear, hear.)
The time specified for the completion of the line
was 18 mouths from the commencement of the
works, and the directors saw no reason why that
should not be done, or, at least, very shortly after-
-wards.

Mr. JONES seconded the motion, and it was
unanimously adopted.
The allowance to Mr. Bellamy, the auditor, was
fixed at 20 guineas per annum.
A SHAREIIOLDER thought that 5} per cent. was
not sufficient inducement to lease the line, as it was
believed the Metropolitan Railway would pay the
shareholders 10 or 12 per cent.
The CHAIRMAN said the directors could not bind
the shareholders to that agreement without their
formal consent, which would be asked at a future
meeting convened for the purpose.
The proceedings terminated with a vote of thanks
to the chairman and directors.