The Sun.
London, England, 1854-02-27 00:00:00

RAIL WAY INTELLIGENCE

GREAT NORTHEIIN.

The half-yearly meeting of this company was held
on Saturday at the London Tavern, Mr. E. Denison,
M.P., in the chair.
Mr. Mowatt, the secretary, read the notice convening
the meeting. The report, an abstract of which bas
appeared in The Sun, was taken as read.
The CHAIRMAN commenced by stating that the expen-
diture on capital account during the past half-year
amounted to 236,9841., making the total expenditure on
capital account up to the 31st of December last
10,195,4621. A large portion of the 236.9841. was for
works in course of construction and completed, and for
working stock. The sum of • 16,0001. was expended at
various stations to accommodate the traffic, 25,0001. at
King's-cross, 15,0001. in sundry works on the line, and
12,0001. in certain alterations at the linottingley and
Wakefield stations, to adapt them for the increased
traffic. This outlay was for the completion of the
works, and from the extraordinary manner in which the
traffic on the line was increasing they would be obliged
to call upon the proprietors to raise a further sum of
money for roiling stock. They could readily nnderstand
the necessity of further outlay on working stock when
he told them that their locomotive superintendent had
applied to the directors for 25 or 30 additional locomo-
tive engines, which would cost .3,000/ each, and when
their traffic manager asked them for 1,000 more waggons,
which would cost between 6.51. and 701. each. The ques-
tion was, whether they would grant the scppliestoaccom-
modate the increased traffic, or whether they would with-
hold the grant and stop the increase of traffic. He believed
they weuld not do anything of the kind, but see at once
the necessity of the additional outlay. In fact, the traf-
fic increased so rapidly that they had considerable diffi-
culty in providing working stock to accommodate it.
The next matter to which he would call their attention
was the receipts and expenditure on revenue account
during the past half-year. The receipts amounted to
g
487,0001. during the past half-year, bei„.4. an avers e of
661. 10s. per mile per week, which was an amount that
hid astonished both shareholders and directors. Tee
working expenses amounted to 214,0341., the interest on
loans and other charges 152,0001,, leaving a balance of
118,1411. for dividend. This was equal to 21. 'N. 2d.
per cent. upon the consolidated stock of the company,
which amounted to 4,808,000/. He thought they must
admit that this was a very satisfactory state of things ;
1853 was the first whole year in which the railway had
been at work. including the "towns' line," and he would
take the result of the whole of that year in preference
to a comparison of the two half-years. The traffic re-
ceipts in that year amounted to 868,9001., which would
average 591. per week. They were of course aware that
the average recipts per mile of the year were less than
the average receipts per mile of the past half-year. The
working expenses amounted to 388,964/., being 44 per
cent. upon the receipts. The interest on loans amounted
to 194.8841. and dividends on preference stock to
127,3071., leaving a balance of 179,312/. for dividend
on the ordinary capital, being at the rate of •31, 14s. 21
upon the whole year. This he would venture to say
was a, most satisfactory result for the first year they had
worked over the whole line. The traffic upon the
line was very satisfactory at present, and he saw no rea-
son why the traffic of the current half-year should not
be equal to the past half-year. The traffic during
the first half of the year was always less in amount
than that of the second half; and, if they could approach
the same dividend in the present half-year that
they were about to declare for the past, that would
be quite as much as they could expect. It was
stated in the report that a balance would remain over of
3,9411., after paying a dividend of 21 per cent. on the
original stock, 34 per cent. on the B stock, and per
cent. on the A stock. There seemed to be some doubt
with regard to the rates of and dates at which the divi-
dends respectively became due upon the A or deferred
stock, and the B stock as guaranteed up to 6 per cent.
per annum by the A stock, under the provisions of the
act creating those stock's. The question was of so much
importance that 'the directors instructed their solicitors
to obtain the opinion of counsel on the subject. Sir R.
Bethell and Mr. G. R. Clarke were of opinion that they
were bound in the first half-year to pay the B stock at
the rate of 6 per cent., or as much of it as the disposable
sum would allow ; and that the holders of A. or deferred
shares would not be entitled to receive any dividend
until the meeting for declaring the dividends for the

second half of each year, except in the event of the
amount to be divided in the first half of the year
being sufficient to pay more than the. 6 per cent. in
respect of the B shares, and that the whole amount
available for dividend in each half-year must be so
applied, without any reserve so far as it was capa-
ble of being divided. The directors had no alter-
native but to substitute, in lieu of the dividend re-
commended in the report, the following recommenda-
tions of the rates of dividend for the last half-year,
ended the 31st of December, 1853—namely, at the rate
of 41. 18s. 3d. per cent. per annum on the original undi-
vided stock, which would give for the half-year or the
original stock-21. 9s. lid. per cent., being 12s. 31d. per
undivided 25L share; on B stock 31/. per cent., being
Bs. 9d. per 121/. B or half share ; and on A stock 11.8 s. 3d.-
per cent., being 3s. op. per 12A1. Aor half share, The
dividends on the A and R stocks making together 12s.
33d., being the same as the dividend 'en the 251. share,
leaving to be carried to the next account the small sum
of 341. ' Notwithstanding that the B stock had the ad-
vantage of the A. stock at present, lie would not be sur-
prised if the A stock should eventually become better
than the other. In the 12th p tragrapti or the report
there was a word or two respecting. the South York-
shire. They had thought it right to inform the share-
holders that decisions in two law courts were given
against the Great Northern Company, but they were
told by counsel that the agreement was illeg and
could not be maintained in a court of equity. Counsel
were of opinion that these decisions of the law judges
were so entirely at variance with those given by the
courts of equity in similar cases that the directors had
resolved to appeal to the House of Lords. He (the
Chairman) beeeved, after those decisions, that the
directors would he justified in adopting the ageeement
as a good one ' • but, if they were to act upon twit agree-
ment, it would be competent for a shareholder in the
company to take the case into a court of equity, and
thus upset it. They had a great respect fur parties
connected with the South Yorkshire Railway Company,
and all the directors wanted to do in the matter was
that which was right, and their duty to the Great
Northern Company. He hoped they did not suppose
that the matter was contested on litigious grounds, or for
any other purposes than that of being assured that they
had power to enter into it ; but so long as Sir R. Betitell
and other equity lawyers say that they have no doubt
of those decisions being reversed, the directors would
not be justified in acting iu accordance with those de-
cisions until the matter was set at rest by a higher tri-
bunal. He could venture to say that, so far as the di-
rectors were concerned, they would he happy to make
a satisfactory settlement with the South Yorkshire Com-
pany if they could without any further litigation. They
had no personal feeling in the matter, but to do their
duty to the proprietors. .(Applause.) The directors
bad entered into a conditional agreement with the Leeds,
Bradford, and Halifax Junction Railway for working
the traffic on the line, which would be opened in May
or June next. With regard to the paragraphs in the
report relating to his views respecting the proposal to
build a place of divine worship for the population re-
cently assembled at Doncaster, in the itnmeliate service
of the Great Northern Company, he was sorry to find
that it would be opposed. Before he went ieto the
question, he proceeded to show that he had no personal
interest whatever, either in having the business of the
locomotive department carried on at Doncaster, or in
the construction of the church which it was proposed to
build on the company's property. Although he reel., led
at Doncaster in a very bad house, for which he pail a
very high rent, he did not hold even a 40s. freehold in
Doncaster. In making the proposition, lie had done
nothing more than he believed to be his duty to the
company and to society. With regard to the proposal
for building a church, it would be necessary to obtain
an act of Parliament to sanction it. They could riot
endow a church without an act of Parliament, and
they would have the- opportunity of again consi-
dering the question, as they could not obtain the
bill without the sanction of the shareholders. They
could withhold their assent when the bill was sub-
mitted. The population in connexion with their works
at Doncaster was about 4,000. There were 1,000 men
earning weekly wages at their works, and with their
wives and children made the population 4,000 persons
who resided near their railway, without a place of wor-
ship or a school to go to. He did not suppose that the
proprietors would wish such a state of things to continue.
He had received several letters from Dissenters on the
Subject, for whom he had great respect, as he thought
they had every right to express their opinions. It was
not intended to educate the children according to any
l'ectarian doctrine, but to give them religious and moral
instruction. He proposed, in the first instance, to ask
the2eo.
to
to vote 2001. a year, including 501. for a
house to the clergyman, and 1501. a year for a school-
master and schoolmistress, and 801. for books and junior
asmistailts• The cost of the church should not exceed
6,000/., and that of the school 2,0001., together 8,0001.,
which, ae4437:
erit., would represent 3201. per annum,
and
would involve fele3P/ the clergyman, schoolmaster, &e.,
build the chug h5Ol.
per annum. It was not intended to
il 1855. When he brought the sub-
ject before his
gtuhes, not one of them diesented.
Ile hoped, thereforea
peeetprtooprietors would sanction the
proposition. With res
hospitals arid other similar
charities, the directorre,ecoonynthe suggestion of Mr. Waters,
t the last meetine,
_emarended that they be autho-
raised to subscribe 100/. a-
is not enough. "1 He was Mr. HUGHES-'That
pitiorn that they ought to
establish an aonuity fund for servants, when dis-
abled from accidental or other eau„
the attempt among their servants to s'
establish ' eys
such araftaiudde
but the men declined t() do it. The
for themselves,
dineeelninl,ieadd agreed
general manager had told him that the
to subscribe to a sick fund, but the
scribe to an annuity fund. He concluded by to sub-.1
adoption of the report and statement of movingaccounts.
the
Mr. PA-CIZE seconded the motion.

Mr. IfuGun said, with respect to the matter
pute with the South Yorkshire Company, that it
was
not a question of equity, but it was a quoition for a
court of common law. He had no personal interest in
the matter whatever, but he thought it wa,: not neces-
sary to refer the matter to the House of L'o di at great
expense, when it ha I been decided by, a cold of law.
With regard to the proposition of the chairman for a
church and school, he would extend the principle to
Boston and other places on the Great Northern line ;
and as to subscriptions to hospitals; he would extend
theLa to 5001. or 8001. a year, if requisite. He thought
it was very objectionable to go on year after year re-
electing thelx auditors, as he thought the accounts now
req.r.
aired a per system of audit.
voliabase
vr fits wished to know whether the directors
any abjection to diride the original glom