The Sun.
London, England, 1865-08-21 00:00:00

COMPANIES.

,AIL WAY

GREAT EASTERN.

Tho report of the directors states that the total
receipts for the past half-year amounted to £804,816,
against £778,280 for the corresponding half of 1864,
showing an increase of £26,536. The expenses
amounted to £413,080, against £392,970, showing
an increase of £20,110. The total receipts from
traffic and other sources amounted to £804,816,
and the total working expenses to £413,080, leaving
a balance of £391,736. The payments made to the
Northern and Eastern and other companies, interest
on guaranteed, preference stocks, and mortgages,
&c., amounted to £348,813, leaving a balance of
£42,923. The net balance available for dividend
was £43,409, which would provide a dividend for
the past half-year at the rate of 1 per cent per
annum on the ordinary stock of the com-
pany, leaving a balance of £1,731 for the next ac-
count. The available balance was less by £9,248
than that for the corresponding period of last year,
which was mainly occasioned by an increase in the
expenditure for goods' traffic of £11,351. When
Mr. Moseley, the traffic manager, was in a position
to give his undivided attention to the traffic ar-
rangements of the company the expenditure in his
department would be greatly reduced. The direc-
tors regretted that the amount charged as compen-
sation for injuries to passengers exceeded by £3,500
the charge under that head for the corresponding
half of 1864. But for these exceptional charges,
and notwithstanding the increase in the charge for
interest, the directors would have been enabled to
declare a dividend equal to that of the correspond-
ing period of 1864. The directors had, as on pre-
vious occasions, charged to the capital account the
interest upon the stock created for the purpose of
meeting the payments in respect of lines and works
in course of construction, but not yet available for
traffic to the amount of £18,338. The directors
believed that this course was generally adopted by
other railway companies, although it was in some
cases provided for by an arrangement with the con-
tractor, who in that case, of course, added it to the
contract price, and thus it became a charge upon
capital. If the shareholders were of opinion that
the whole amount should be charged to revenue,
the divisible fund would of course be diminished to
that extent. The new lines from Sudbury to Clare,
Shelford, and Bury St. Edmunds, had been opened
for traffic. With regard to a communication with
the North, and the rejection of the Northern Junc-
tion Bill last session, the report states that there is
no doubt that Parliament would grant to this com-
pany the means of an independent communication
with the Northern districts, and particularly as re-
garded the carriage of coal into the eastern parts
of the metropolis ; and it was probably owing to
this conviction being so generally felt that
overtures were received from the Great
Northern Company with a view to utilise
the loop line belonging to that company, and which,
when their line from March to Spalding was com-
pleted, would form an outlet from the lines of this
company as far as Doncaster ; and, after a prolonged
discussion between the two Boards, and a mature
consideration of the details by the officers of the re

spective companies, arrangements had at length
been agreed to between this company, the Great
Northern Company, and the Manchester, Sheffield,
and Lincolnshire Company, which, if carried out,
would enable this company to have the indepen-
dent use of the line in question, and thus secure to
them a route from the company's station at March,

by way of Doncaster to Wakefield, and all the great
manufacturing towns of the North of England.
This company were to bear one-half the cost of the
construction of the line now in progress from March
to Spalding ; that, if found necessary, the line be-
tween Spalding and Lincoln should be shortened at
the joint expense of the two companies ; that this
ompany should also bear one-half the expense of
the line now in course of construcdon by the Great
Northern Company from Gainsborough to Doncas-
ter ; and that they were also to become joint pro-
prietors of the existing loop line from Spalding to
Lincoln ; the price to be paid for the same to be the
subject of arbitration, and not, as in the case of the
lines now being constructed, one-half the actual

cost. 13y the agreement with the Manchester and
Sheffield Company this company had secured the

means of conveying their traffic from Doncaster to
Wakefield and the other northern districts, and
with regard to coal, this company had the uncon-
trolled power to fix the rates, and as to all other
traffic, the rates charged by the two companies
were to be the same ; and in the event of any dis-
agreement they were to be submitted to arbitration.
Under the present agreement the company would
be in a position to open this traffic in the spring
of next year. The directors were using their
best endeavours to hasten as much as possible the
formation of the metropolitan station. As to the
steamboat accommodation, the directors believed
they had placed this service on a proper footing by
the appointment of a competent continental traffic
manager. In conclusion, the directors state that the
solid advantages which must eventually flow to the
company from the extension of their system to the
North, the profitable future working of the conti-
nental traffic, the increase of suburban traffic to be

anticipated on the completion of the new metropo-
litan terminus, and the fact that the company was

on amicable terms with all its neighbours,.. justified

them in congratulating the shareholders upon the

future prospects of the undertaking. All that was

required was an united Board to give their undi-
vided attention to the development of the resources

of the company, enforcing the strictest economy

with due efficiency, and that a prosperous future
might be fairly anticipated. The expenditure on
capital account to 30th of Junelast was £22,992,152,
including £622,971, expended during the past half
year, leaving a balance of £427,878.

GREAT NORTHERN.
The half yearly general meeting of this company
was held on Saturday at the King's-cross station—.
Col. Macke, M.P., in the chair.
Mr. Oakley, the secretary, having read the no-
tice convening the meeting, the seal was affixed to
the register of proprietors, and it was stated that
the number of shareholders was now 7,213, being
40 more than at the last meeting.
The report, an abstract of which has already
appeared in our columns, was taken as read.

The CHAIRMAN, in moving the adoption of the
report, said it had been in their hands some days,
and he trusted they had found it satisfactory. They
had been obliged during the past half year to in-
crease their capital to the extent of £487,231, but
the accounts showed how that sum had been ex-
pended. On new works and in subscriptions to
other undertakings they had expended £375,000. In
the locomotive department they had expended
1112,0
onsoo m providing new engines, carriages, and
wagg. This had become absolutely necessary in
consequence of the increased traffic of the railway.
lie had no doubt that they would now be able to
carry on the traffic with more satisfaction to them-
selves and the public than when he had last the
honour to address them respecting the avant of a
sufficient supply of locomotive power to convey the
traffic which was crowding on their line. lie then
adverted to the revenue account, and said that it
was a matter of satisfaction to himself and colleagues
that they had during the past half-year received an
increase in the gross traffic receipts of £76,520, but
out of that increase must be deducted the receipts on
the West Yorkshire and those of the Sleaford and
Boston lines, which were not included in the corre-
sponding half of last-year, and, deducting those, the
increase would amount to £44,352. The increase in
the fixed charges and dividend amounted to 0E27,515,
leaving a balance of £16,837, which was absorbed
by the new ordinary stock. With the increased
amount of traffic and mileage there was of course an
increased expenditure, which he was sorry to say
amounted in the half-year to about £33,000, but that
outlay would not be so large in future. With re-
gard to the payments out of revenue,—first, there
was the engineer of the line ; his expenses on re-
pairs had decreased £7,630, but the renewal of way
had increased by £9,174. There was an increase
on the whole of £1,544 under the head of renewal
of permanent way, but he was glad to say they had
paid off the suspense account of £44,000, and,
having the means, they thought it wise and
prudent to wipe out the whole of that debt.