The Sun.
London, England, 1865-08-03 00:00:00

NORTH STAFFORDSHIRE,

The directors of this company recommend to the
proprietors a dividend at the rate of 31 per cent.
per annum for the half year ending 30th June last.

METROPOLITAN.
The half yearly meeting of this company was held
yesterday at the London Tavern, Mr. J. Parson in
the chair.
in
The report, an abstract of which has aPPeared
our columns, was taken as read.
The CHAIRMAN, in moving its adoption, said he
did not propose to detain them very long ; the re-
port was short, and he hoped they deemed it satis-
factory. In the first paragraph of the report they
were told that the net available balance for interest
and dividend was £71,612. Some gentlemen had
complained that the dividend was not more than 7
per c • ent They brought a balance of £7,777 into the
present account, which had been principally derived
from profit on the sale of new shares ; that and
other items had been brought into the account of
the previous half year. The additional sum they
had to pay dividend upon in the half year ending
the 31st December, 1864, was £90,000 for about
three months (£1,575), while during the past half-
year they were enabled to pay dividend on £202,500
more share capital at 7 per cent. per annum, and to
carry forward a balance of £3,400 to the next ac-
count. They ought certainly to consider that satis-
factory. The net traffic receipts on the line from
the commencement had gone on increasing. For
the half-year ending June 30, 1863, the net receipts
amounted to £15,212 ; ending Dec. 31, 1863, to
£26,366 ; ending June, 1864, to £34,500 ; ending
Dec., 1864, to £36,275 ; and ending June 30 last
to £41,158. They had reduced the fares in Feb.
last between intermediate stations, and the result
was that the number of intermediate passengers in
the month of June last was 45,846 against 16,004
in the month of June, 1864, showing an increase of
29,842 passengers. The receipts were £l3B against
£B3, and he thought that a great improvement.
Although he had fixed the fares himself he could
not help thinking that the fares might be reduced
with advantage to the public and the shareholders.
They had during the construction of the works to
maintain their present dividend, and afterwards
would do what they could to increase it. The loco-
motive charges had been heavier, but at the same
time they had increased the train mileage and had
largely increased the receipts. The receipts per
train mile and per passenger had remained nearly
at the same figure, although they had run more
trains over the same length of line. They carried
an average of 162 passengers per train last half-year
against 163 passengers per train in the correspond-
ing half-year, and the receipts per train were 31s. 'ld.
against 30s. 7d. for the corresponding period. The
working expenses, including rates and taxes, and
passenger duty, were 41 per cent. against 40 per
cent. of the receipts in the corresponding period of
last year. From the mode of signalling the trains
on the metropolitan trains there never could be a colli-
sion, but there might be other accidents. They were
now relayingthe permanent way with steel rails of the
best quality. Trains might be rim over their line a
intervals of only two minutes with safety. In the
half-year ending June, 1864, there were 1,297
trains per week ; in the half-year ending December,
1864, 1,646 trains per week, Ad in the half-year
ending the 30th of June last 2,190 trains per week
were run. The general manager (Mr. Fenton) be-
lieved they could safely run four times the present
number of trains, and, therefore, the. Metropolitan
Railway was fully equal to the exigencies of the
traffic. They found that 1,997 trains had conveyed
201,905 passengers over the line, and that those
trains could have carried 440,000 passengers. In
June last 2,190 trains carried 330,904 passengers,
but could have accommodated 741,600 passengers,
so that the present trains could carry double the
existing traffic. The increase in the number of
trains had brought a corresponding increase in the
number of passengers on the line. They had made
a call of £2 10s. per share on the extension capital,
which would produce Y.,115,000 to carry on the
works in the current half-year. In the past half-year
£202,000 additional share capital had come in for
7 per cent. dividend, and in the current half-year
the call of £115,000 would increase that £202,000
to £317,000, upon which in the next half-year they
would have to pay the 7 per cent. dividend. They
had nearly formed the junction with the London,
Chatham, and Dover Railway at West-strect,where
the works had been delayed by law proceedings.
Bat they were not going to open that junction at
present. By November next they would be able to
run trains from Herne-hill to Hammersmith. They
intended to work their line in harmony and good
fellowship with all their neighbours. They had
made agreements with contractors for completing
the eastern and western Metropolitan Ex-
tensions. They would not proceed with the
Eastern Extension beyond Bishopsgate-street until
the Metropolitan District Railway Company
were making their portion of their line
from the Blackfriars to Tower-hill. The works
on the Extension lines would cost about £1,033,000,
and the remainder of the £2,500,000 of capital

would be sufficient to pay for the land and other
matters. The interest included 5 and 6 per cent.
for capital during construction, so that no charge
for the capital expended on the Extensions to
Brompton and the Tower would come upon the
Metropolitan Company for three years. rlll the
financial arrangements had been completed. The
St. John's-wood Railway Company had raised its
capital, and they were told that the Metropolitan
District Company had also made arrangements for
the works and providing their capital. This, with
the Metropolitan Extensions, would complete the
Inner Circle" Railway, and he believed it was in-
tended to carry on the works of all these under-
takings as rapidly as possible. (Hear.)
The LORD MAYOR seconded the motion for the
adoption of the report.

In reply to questions it was stated that the ex-
tension line to Finsbury would probably be opened
for traffic in November next. The company was
now widening the line between Farringdon station
and King's Cross, for the Great Northern and Mid-
land traffic, and they were also making a branch
line to the Midland Company's new station. They
had no doubt of maintaining the present dividend
of the Metropolitan Railway, notwithstanding the
increasing amount of share capital that would come
in for dividend. They would have three additional
stations on opening the line to Finsbury, and if
those stations produced £4OO a week each, which
was the average of the other stations, they would
have £36,000 a-year net, the £25,000 a-yearothey
would receive from the Great Western, toge-
ther
per
cent. e-
ther with rents at 5 and 6 on the costb
of lands and stations ; the Metropolitan would
have ample funds to continue the 7r per cent.divi-
dend on the whole share capital,
and when the
goods and other traffic carne upon the line, the
cent. would be increased. It was estimated that theper
total capital of the main line and extension of the
Metropolitan Railway would be about £5,100,000.
Resolutions were paved adopting the report, de..
daring a dividend of 5 per cent. per annum on the
preference shares, and at the rate of 7 per cent. per
annum on the ordinary stock and new ordinary
shares of the company for the past half-year.
The proceedings concluded, with a vote of thanks
to the chairman and directors.