The Sun.
London, England, 1865-09-29 00:00:00

METROPOLITAN DISTRICT.

The half-yearly general meeting of this company
was held yesterday at the offices, Westminster-
chambers, Victoria-street ; the Earl of Devon in
the chair.

Mr. R. EARLE, the secretary, having read the
notice convening the meeting, the report of the
directors was submitted. It stated that during the
last half-year the directors had been engaged in
raising the capital of the company, in letting the
contract for the works, and in purchasing the pro-
perty required for the construction of the line, in all
of which they had made satisfactory progress. They
had proceeded in the first instance with the construc-
tion of the line between Kensington and Cannon-
street. A contract had been entered into with
Messrs. Sir Morton Peto, Betts, Kelk, and Waring
Brothers, for the construction of those works for
the sum of £1,710,000, the contractors engaging to
work the sections of the line as they were completed,
until the whole length was opened to the public,
taking the profits of such working and paying in-
terest upon capital during construction. The ac-
quisition of property for the line had been carefully
proceeded with, and the works had been commenced
at several points, and would be pressed forward with
vigour. During the last Session of Parliament the
directors obtained an act authorising an amended
junction with the West London Railway, and for
acquiring further property in Tothill-street, neces-
sary for the convenient formation of their railway
in that locality. As it was of the utmost importance
to complete the connection with the existing Metro-
politan Railway as rapidly as possible, steps had
been taken with a view to enable the directors to
proceed with the remaining portion of the undertak-
ing between Cannon-street and Trinity-square.
The half-year's interest guaranteed by the contrac-
tors was paid by them on the 13th instant. The
report of Mr. J. Fowler, engineer in chief, and Mr.
T. parr Johnson stated that the works were in
active progress in all parts of the line where the
property had been purchased and possession ob-
tained. The station at High-street, Kensington,
was in active progress, and a considerable portion
of the excavation and brickwork had been executed.
A commencement had been made near Victoria-
street, Westminster, and various preliminary works
of drainage, &c., were in progress along the line. The
brickwork required for passing the railway under
the London, Chatham, and Dover Railway viaduct
at Blackfriars was very nearly completed, and the
wrought iron girders were in place. It was originally
contemplated that a very early commencement of
the works might be made between Westminster sta-
tion and Cannon-street ; but the progress made by
the Metropolitan Board of Works with the Thames
Embankment, and the clearance of property for the
new street between Blackfriars and Cannon-street
had not hitherto been such as to permit this to be
done. They were busily engaged with the detailed
drawings and preparations for the works of the rail-
way between Cannon-street and Trinity-square.
The capital account to 30th June last showed that
£755,130 had been received and £172,215 expended,
leaving a balance of £582,915. Since June 30 there
had been received in advance of calls £400,140.
The CHAIRMAN, in moving the adoption of there-
port, said he hoped the statements it contained were
satisfactory to the shareholders. The directors had
called their attention to three points—the raising of
the capital, the letting of the contract for the works
and the progress made. He thought the gentlemen
who had undertaken the works were a sufficient
guarantee that they would be carried out efficiently
and satisfactorily for a sum which, in the opinion of
the company's engineer, was moderate. The pro-
gress in the acquisition of property had been made
on fair and satisfactory terms. With regard to the
portion of the line from Cannon-street to Trinity-
square, that had been postponed inthe first instance;
but steps were now being taken to carry on the
works there also, so that when the Metropolitan
Company completed their eastern extension line
from Finsbury to Trinity square, the Metropolitan
District Company's line would form a junction with
it, and thus complete the " Inner Circle Railway."
It was intended to complete those portions of the
two companies' lines simultaneously at the earliest
possible period. The directors had made arrange-
ments for the issue of the new capital to construct
the portion of line from Cannon-street to Trinity-
square. The contractors had agreed to subscribe
for the whole of the new capital, but the Board had
reserved the right of the existing shareholders to
subscribe for one-third of the new capital at par, in
proportion to their present holding ; but if the one-
third should not all be taken up by the shareholders
the contractors would take the rest. The directors
believed that was the most effectual and likely way
to secure the completion of that section of their line.
He trusted that considerable progress would be made
with the works, and that when the inner circle line
was completed by the two companies that it would
not only be of great public utility, but highly remu-
nerative to the shareholders. (Hear.) The Board
was desirous of acting in the most frank, open, and
unreserved manner towards the shareholders, so that
there might be established unreserved confidence be-
tween the shareholders and directors.

In reply to questions it was stated that the new
capital 'you'd be issued at par, and that no liability
to the contractors would be incurred by the company
if the price of shares in the market should afterwards
fall below par. The payment of £1,100,000 to the
contractors would be in cash. In the item of £47,000
for preliminary expenses was included a sum of
£10,600 which was paid to the promoters of the
Metropolitan Grind Union Railway, to withdraw
their opposition in Parliament, and in consideration
of a portion of their scheme being granted to the
company.

The report and statement of accounts were then
unanimously adopted, and the proceedings con-
cluded with a vote of thanks to the chairman and
directors.

BRISTOL AND SOUTH WALES UNION.
Yesterday thehalf-yearly meeting of this company
was held atthe offices, Bristol ; Mr. C. J. Thomas
in the chair.

The accounts showed that the gross trafficreceipts,
,11328:.
exclusive of the New Passage ferry, were £7,549,
and the net receipts, exclusive of the ferrxy;
showing an increase over the corresponding period,
of 1864 of £1,396 gross receipts, and
The report stated that the insertion of clauses in
the Severn Bridge Bill, in the event of the
scheme being carried out, would prevent the traffic
of the Bristol and South Wales Union line being
diverted, and afford means of carrying minerals and
heavy goods, which could not be carried across the
ferry without a large additional outlay.
The CHAIRMAN, in moving the adoption of the
report, said that although the directors advised the
proprietors not to enter into a costly opposition of
the Severn Bridge Bill, some of them did oppose it
at their own expense, and the result of the opposi-
tion was very useful to the company. _

Capt. TYLER, director, seconded the resolutionli
and congratulated the proprietors on their iriiprov-
ilv, prosgecta, u 4 aaj,d that a, utuuber of iii.ll4,twe4