The Sun.
London, England, 1862-08-16 00:00:00

GREAT NORTHERN.

The report of the directors to the half-yearly meeting,
on the 23d inst., has been issued. The capital account
shows that there has been received up to 30th June,
£12,579,660 3s. 6d., and expended £12,236,570 Os. 2d.,
leaving a balence of £343,090 3s. 4d. The expenditure on
capital account includes £280,000 for the purchase of the
Hertford and Luton line, which is now incorporated in the
Great Northern system ; £55,730 Bs. 6d. for further pay-
ments on account of the company's subscription to the
Garston and Liverpool Railway ; and £4,771 ss. for
Witham mortgage deeds paid off. The chief items in the
expenditure are—£3s,7B6 6s. ld. for works of construction,
including £17,319 Is. Bd. for the Western, or Hotel Curve,
Junction with the Metropolitan Railway; and £33,544
6s, 9d. for additional rolling stock. The company have re-
ceived, during the half-year, £121,623 15s. on account of
the second and third calls on the Irredeemable Five per
Cent. Preference capital of 1861, and £30,000 in respect of
the Four-and-a-Half per Cent. Perpetual Preference Stock,
which the directors were authorised, at the last meeting to
dispose of, by tender, to the proprietors. The issue of the
company's Four per Cent. Debenture Stock progresses satis-
factorily ; £266,970 3s. 6d. has been received on that account
during the half .year, and a corresponding amount of mort-
gage deeds extinguished. The total amount of this stock
is £2,089,242 Bs. 6d., and the average rate of interest on
the whole debt of the company is £4 ls. 10d. per cent,
Resolutions will be submitted to the meeting to empower
the directors:to exercise the borrowing powers conferred by
the Garston and Liverpool Railway Act of 1861, £75,000 ;
the Great Northern and Metropolitan Junction Act of
1860, £10,000; the Great Northern (Hertford and Luton
Purchase) Act of 1861, £6,003. The revenue account
shows the gross receipts, including, in 1862, receipts on
Nottingham and Grantham line to have been £672,458
4s. 7d; the gross expenditure, £345,697 75., leaving a
balance of receipts over expenditure of £326,760 17s. 7d.
Add to this a balance from previous half-year of £423 Bs.
2d., and a sum due from Eastern Counties Company of
£8,400, there is a balance of revenue of £335,584 ss. 9d.
Deduct fixed charges, including mortgage and debenture
stock interest, and preference dividends, and, in 1862, the
rent payable to the Nottingham and Grantham Company,
£226,194 95., and there remains a net balance available for
dividend on the original and A and B stocks, £109,389 16s.
9d. The nett increase in 1862 over 1861 was £19,296 10s.
The above balance of £109,389 16s. 9d. will enable the gene-
ral meeting to declare a dividend at the rate of 41 per cent.
per annum on the original stock, giving for the half-year
£2 ss. per cent. to the original stock ; £3 per cent. to the
B stock; 10s. per cent, to the A stock; and the direc.
tors recommend that such dividends be declared, to be pay-
able on Ist September next. The balance remaining in hand
will be £1,463 45.11 d. A resolution will be submitted to the
meeting for authority to subscribe £73,000 towards the
capital of the Edgware Company, and for the creation of
stock for that purpose. A similar agreement will be sub-
mitted to the meeting for working the Hatfield and St.
Albans Railway, as also a resolution to authorise a sub-
scription of £20,000 towards the capital of that company.