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

at the same time he could not but say the policy of his
lordship had altogether failed. He also objected to the
dividend,, because not one farthing of the expenses of their
late parliamentary contest had been placed amongst the
accounts for the last half year. He should like to know
about the amount of money expended during the late ses-
sion of Parliament,•whether it was £40,000, £50,000, or
£60,000. (Hear, hear.) The amount whatever it was
ought to have been charged against the revenue. He
thought the proceedings that had taken place with respect
to the East Moucestershireline were much to be condemned.
Then again their absurd attempt to get to Southampton,
why did the directors of the Great Western imagine that
if they went there the South Western would not go to Brio.
tol. (Hear, hear, and cries of Yes.) Of course
should as a they would,
and it would only be right that the
matter of pure defence. Instead of making two useless
lines, he thought the proper course to take was to make
that which they already had yield as much as possible.
The speaker then proceeded to make a comparison between
the present dividend and that declared some years
at the rate of eight per cent., and then referred
to the new Metropolitan line, which he considered would
be highly profitable to the Great Western. He thought
there ought to be some changes in the direction, as he con-
sidered their enormous expenditure was the greatest evil
the meeting had to deal with. (Loud cheers.) He did not
wish to introduce a firebrand into the board, because that
was not exactly the sort of person who would be best cal-
culated to improve the position of their undertaking, but if
three or four practical men—men impressed with the im-
portance of dealing with £15,000,000 of capital—nothing
but good could result. He was of opinion that a committee
be appointed to inquire into the expenditure, and the
manner in which the accounts were kept.
Mr. lIARTRIGGE in the course of his observations made
a charge against Mr. Saunders, the secretary, of having
employed his son as counsel before a parliamentary com-
mittee in a scheme of which he (the secretary) was the
originator.
Mr. SAUNDERS indignantly repelled the accusation ; he
said he never had and never would be guilty of a job.
Mr. HARTRIGGE continued to condemn the policy of the
board of directors, and contended that there ought to be
a committee of shareholders appointed to confer with the
directors upon the management of the undertaking.
Mr. MONSELL condemned all extensions, and he was of
opinion that if the directors determined steadily to develop
their own traffic, to keep to their own territory, to avoid en-
croachment, to cultivate good feeling with their neighbours,
a better and brighter future might confidently be expected.
He was not one of those who looked upon Southampton as
the Redan the Great Western had to take ; on the con-
trary he looked upon it as the ruin of the company. (Hear.)
The CHAIRMAN having replied to the various questions
put by shareholders,
The motion for the adoption of the report was then put
and carried.
Mr, BROWN then moved the resolution given above with
the following addition :—" That steps be immediately taken
to organize an united economical management of the three
companies, and that a bill be prepared for their legal amal-
gamation an abstract of which shall be sent to every pro-
prietor prior to its being submitted to a general meeting to
be held in November; that free passes be allowed to share-
holders to attend, and that no proxies be applied for by the
directors or their officials."
Mr. ADAMS seconded the resolution.
After a long and angry discussion the resolution was put
to the meeting, but the hands held up being so nearly
equal that the shareholders present divided, when there
appeared—
For the resolution .. 65
Against it
Majority against the resolution — 7
A scene of great confusion ensued.
After a vote of thanks to the chairman the meeting sepa-
rated.

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 Rents in the
expenditure are—£3s,7B6 Gs. ld. for works of construction,
including £17,319 ls. 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 Is. 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, £lO,OOO ; the Great Northern (Hertford and Luton
Purchase) Act of 1861, £6,000. 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 ; £1 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.

LONDON, TILBURY, AND SOUTHEND.
The following is the report of the directors, to be pre-
sented at the half-yearly meeting on Tuesday next :—The
total capital received amounts to £800,628 10s., and the
total capital expended to £794,244 ss, 4d. From the state-
ment of the revenue account, which is furnished by the
lessees, it will be seen that the gross receipts for the half-
year have amounted to £21,711 195., and that the expendi-
ture has been £15,689 ss. 5d., leaving a balance of £6,022
13s. 7d. Since the last half-yearly meeting a change has
taken place in the management of the affairs of the com-
pany, and the directors deem it their duty to record the cir-
cumstances under which that change was made. In No-
vember, 1861 (some previous communication on the sub-
ject having taken place between a committee of proprietors
and the joint committee of directors of the railway, a requi-
sition was received, signed by the prescribed number of
shareholders, calling upon the joint committee or direc-
tors to convene an extraordinary meeting of proprietors of
London, Tilbury, and Southend Railway stock, for the pur-
pose of considering and determining upon the propriety of
an application to Parliament in the then ensuing session,
for leave to bring in a bill for the purpose of incorporating
the proprietors, and giving them sonic share in the manage-
ment of the affairs and property of the undertaking. A
meeting of the proprietors was accordingly convened for the
16th December last, when the subject was fully discussed,
and it was resolved that a bill for the purposes suggested
should be brought in, and a committee of proprietors, who
took charge of the conduct of the bill, was appointed for
promoting the application to Parliament. The act, in-
titled, " An Act to incorporate the proprietors of shares in
the undertaking called the London, Tilbury, and Southend
Extension Railway, and to vest such undertaking in the
company so incorporated, and for other purposes," received
the royal assent on the 16th May last, whereupon the pro-
prietors of shares in the undertaking were incorporated by
the name of the London, Tilbury, and Southend Railway
Company. The first ordinary meeting of the new company
was held on the 10th June last, and the present board of
directors was then constituted in accordance with the pro-
visions of the act of Parliament, three of the directors being
appointed by the company, three by the directors of the
Eastern Counties Railway Company, and three by the
directors of the London and Blackwell Railway Company.
The provisions in the act of 1852 relating to auditors hav-
ing been repealed by the act of 1862, it will be requisite for
the proprietors at this meeting to elect two auditors.

ASCENT OF SALISBURY CATHEDRAL SFIRE.—On
Thursday afternoon last James Matthews, a workman in
the employ of Mr. Frederick Richard Fisher, of the Iligh-
street, builder, performed his annual feat of ascending fromt
the small weather door up the iron handles to thcor
oiling
of the spire of Salisbury Cathedral, for the pnrtpees t
than
th e vane.
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nc rpcoeisl slsg-f
bar above the vane, which is at an altitu e
400 feet from terra firma.
snarientpoertpheetuinanll,y producing.o
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