The Sun.
London, England, 1865-02-22 00:00:00

RAILWAY INTELLIGENCE.

WHITEHAVEN AND FURNESS JUNCTION.
The directors of this company intend to recommend a
dividend at the rate of 8 per cent. per annum for the half-
year ending the 31st of December, 1864.

NORTH LONDON.
The 37th half-yearly meeting of this company was held
yesterday, at the offices, Euston Station ; Mr. H. W. Blake,
the chairman, presided.

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They carried a greater weight of coals and minerals, but
the rates charged were less than for the corresponding
period. The most important matter was that, notwith-
standing a certain increase in the traffic receipts, they were
enabled to pay only a dividend at the rate of 6 per cent. per
annum ; while for the corresponding half of 1863 they
paid at the rate of 7 per cent. per annum. The ex-
planation of that was, they had to pay £B,OOO out of re-
venue for interest on debentures issued in respect of the
city branch, besides paying £3,000 dividend on £104,000
raised on the £lO shares called up during the past half-year,
which together made a deduction of £6,000 direct from the
net revenue, without any benefit arising to the traffic from
that expenditure, which made precisely the difference be-
tween the 6 and 7 per cent., and was the cause of having a
dividend at the rate of 6 per cent. instead of at the rate of 7
per cent., for the corresponding period. They were at pre-
sent in a state of transition, and would remain so while they
were making the city branch, having in the meantime none
of the advantages which it would confer on their traffic re-
ceipts when completed and in operation. They had also
expended a considerable sum out of revenue in the repairs
and renewal of the rolling stock, which they had not been
able thoroughly to repair until after they received the ad-
ditional new stock. This enabled them to repair their en-
gines and carriages more efficiently for the purpose of
working the traffic on the city branch when completed. It
was necessary for them to raise a further sum of £300,000
for the city branch ; the necessity of this arose from the
purchase of additional land, partly in consequence of seve-
rances, and partly from having to make a portion of the city
extension with four lines of rails instead of three lines, as
originally estimated. That caused an additional outlay of
between £250,000 and £300,000, but a large portion of this
land would be available for re-sale. The land required for
the railway had cost as nearly as possible the amount put
down in the original estimate.
Mr. R. D. MANGLES seconded the motion for the adoption
of the report, which was unanimously adopted.
Resolutions were also passed declaring a dividend at the
rate of 6 per cent. per annum on the ordinary stock and
shares of the company for the past half-year, payable on the
28th inst. ; re-electing Mr. G. G. Glyn and Mr. Allender, the
retiring auditors ; and also Mr. C. J. Sanderson, the retiring
auditor.

The meeting was then made special, and the directors
were authorized to convert the existing £lO shares of the
company, created under the Act of 1860, amounting in the
whole to £150,000, into ordinary stock of a like amount ;
and to raise additional capital to the amount of £300,000,
being the remainder of £1,000,000 authorized to be raised
for the city extension, on such terms as the directors might
deem expedient.

The proceedings concluded with a vote of thanks to the
chairman and directors.

STRATFORD-ON-AVON.

The report of the directors recommends a dividend at the
rate of 4 per cent. per annum, after the payment of all in-
terest on preference shares, mortgages, &c. In 1861 the
traffic receipts amounted to £5,893 ; in 1862 to £6,429, in
1863 to £9,637, and in 1864 to £9,683. The dividend de-
clared in the first year named Was at the rate of 11 per
cent. per annum.