The Sun.
London, England, 1853-09-17 00:00:00

NORTH BRITISH.

The half-yearly meeting of this company took place at
Edinburgh on Wednesday ; Mr. Balfour presided.
The CHAIRMAN congratulated the proprietors that there
had been an increase on all the items of traffic during the
past half-year as compared with the first half-year of 1852.
That increase amounted to nearly 7,0001.; above 5,0001. of
the increase being on the goods department. He might also
congratulate them on the prospects of the present half-year
so far as it had gone ; they were most promising, and, if
they continued as they were now going on, he hoped, when
they brought the extra accommodation they were about to
provide to bear on the traffic, that even greater results
might be attained. But he regretted that, while the
traffic held out these satisfactory prospects, the expendi-
ture during the half-year had not shown that decrease
they could have wished. Several causes had arisen for
this increase of expenditure. The two principal causes
to which he would refer were the maintenance of the
line and extraordinary expenses. They had had to renew
a great nmnberof the sleepers last year, and theirengineer
informed them that that renewal must continue for sonic
time to come, and that a large portion of the line would have
to be relaid. Under the head " extraordinary expense"
were placed the repairs to those serious damages that
occurred during the wet season of last half year, and also
from other incidental causes, as also for the repairs of old
works, and the addition to their works found necessary
for the proper carrying on of the traffic of the company.
But, while lie had been obliged to refer to an increase in
the expenditure on these heads, it was satisfactory to be
able to notice a decrease of 2,2001. in the locomotive de-
partment, notwithstanding the increase that had taken
place in the traffic. The directors had anxiously
looked forward to the new act enabling them to pay
off the liabilities due by the company, and to put a stop
to the litigation which had taken place between different
classes of the shareholders. They hoped the share-
holders would agree with them in what they proposed,
and would permit them to insure the new stock at sper
cent., and thus enable them to obtain a sufficient
premium to pay off the arrears on the preference
stock upon the first half-year of 1852 ; and he hoped,
also, they would be still further able, by the premium
that would accrue, to lay by something for the
future wants of the company. If the shareholders ap-
proved of the report and scheme proposed, he felt confi-
dent that in a short time they would be able to pay off
all the liabilities of the company ; and, free from pecu-
niary difficulties, they would then be able to turn their
attention more to the development and the resources of
the line, so as, he hoped, not only to pay off all the
dividends accruing on the preference stock, but also
something to the original shareholders. He
oved the
adoption of the report, which has already appeared.
After some discussion the CHAIRMAN submitted a
motion in terms of the report, that the arrears due on
shares which had not been transferred since the register
was closed on the 2d of September, 1852, should be
forthwith paid, and that the arrears on those which had
changed hands should be lodged in bank till the ques-
tion between the former and the present holders was
decided.

Mr. EDDOES moved, as an amendment, that the
whole of the arrears should be immediately paid to the
present registered preference shareholders.
Mr. R. CLARKE seconded the amendment.
The CHAIRMAN ultimately consented to the amend-
ment, which was carried.
Motions concerning the payment of 6 per cent. divi-
dend on the guaranteed stock, and the forfeiture of cer-
tain shares, were then passed.
Mr. AuLD moved that the expenses (9831.) incurred
by the committee of preference shareholders in London
and Edinburgh in furtherance of the bill which had just
passed the legislature, should be paid by the company,
subject to taxation, which was carried.
Notice of motion was given in by Mr. Blackadder for
next meeting, for certain returns connected with the
Sunday traffic.