The Sun.
London, England, 1849-02-23 00:00:00

Ebirb Mbttton

SUN OFFICE, Seven o Clock.

GREAT NORTHERN RAILWAY.
(THIS DAY.)
The usual half-yearly meeting of the proprietors of
the Great Northern Railway was held this morning at
the London Tavern; Mr. Beckett Denison, M.P., chair-
man of the board of directorsein the chair.
The meeting was held in the large room of the tavern,
and was most numerously attended.
The CHAIRMAN, before the report was read, entered
into an explanation of the circumstances which had led
to his retirement from the chair. It would be remem-
bered that at the last meeting a pledge was given on
the part of the directors that in future a rigid system of
economy should be practised in the management of the
company's affairs. In accordance with that pledge, he
tamed his attention last autumn to the expediency
of 'reducing 'the expenditure, and having carefully
con'sidered the subject, he made certain proposals for re-
duding the salaries of their officers, which were rejected
by his colleagues, and it that circumstance which
had. induced him to resign the chair. Since that
period, however, such arrangements had been
made which would enable him, without making
an compromise of his principles, to return
to the chair—(Cheers)—and he did with the
more pleasure, because his return had been solicited by
his' brother' directors, whose invitation convinced him
that, althoinsli they might have conscientiously differed
upeon the policy to be pursued by the company, they
had never forfeited their respect for each other, and he
should therefore return to the chair with the fullest con-
viction that while he adopted a straightforward honest
course he should always receive their esteem, and
further the interest of the shareholders.
The report stated that on the 17th of October the
line WAS
,opened to the extent of fifty-eight miles
from Peterborough by Boston to Lincoln. The
East Lincolnshire line, forty-eight miles, was com-
pletely opened a few days previously, and since that
period the, Great Northern trains had been regularly
worked over these 106 miles, affording communication
between Hull andd-London by means of the Eastern
Counties, or the London and North-Western lines.
From the' Ist. of January last (her Majesty's mail, had
beeh conveyed between London and Hull by this
route. The lino from Lincoln to Gainsborough,
sixieen • miles, was on the point of completion,
and: would be opened next .month. In September lest a
small portiouht the line from Doncaster north to Askern
wies.opened,and worked, under agreement, by the Lan-
cashire and Yorkshire Railway Company. To avoid the
immetlia.te outheyhf capital further northwards, an ar-
rangement had - been made with the York and North
Idialand Railway Compaey-fer the use of their line from
Burton Salo:lore into' York. The works from Retford to
Doncaster ware progresSing rapidly, and it was fully ex-
pected would4together with the line of the Manchester,
Sheffield, and Lincolnshire Company to Retford, be ready
to open, and thereby complete the continuous line from
Lincohnihire into Yorkshire in the course of the ensuing
sum.ener.- .Arrangements had been made with Mr.
Brassey; the contractor, by which that important-part of
the Great* ,NOrthein system—the line from London to
PeterboroUgn, would be completed atad ready for traffic
in September, next year;
,atid the'directors, desirous pf
reapiugf at the•earliest peridd, the advantdgeeto be de-
rived tromshaving the Main trunk' line connected con-,
tinuouelythrougheut, were" preparing to let the works
north fronte.Peterborongh, by Granthaiharat Newark to
Retford; -in the hope-of'accomplishing this object early in
1551.-: It will be satisfactory to the shareholders, tole an-
foiqued that the direators, after mature consideration, had
every reason to believe' the authorised capital of the
conipeny.woUld be itifficient to complete, the ,works of
the raftwey necessary; and to provide the plant; but ine
cooling to this conclusion, the large amount of calls in
arreet--,above half a million—must be made available.
The dir'ectorsr have well considered the subject of calls
iii'arrear, and for the protection and promotion of the
interests-of the company, they had with reluctance, and
tura painful duty, resolved to proceed to the forfeiture
of every share on which there were arrears of
calls, excepting only in the cases of those pro-
prietors in default, who had entered into en-
gue-ements for securing the payment of them.
The directors had considered the expediency of pro-
viding fur the law business of the company, by the ap-
pointment of a solicitor or law clerk, at a fixed salary ;
and had come:to the opinion that, for the present, it was
more advantageous to the interests of the company to
continue to have the business carried on by the soli-
citors who had hitherto conducted it—they having as-
sented to certain modifications in the usual professional
charges, and to their bills being examined and revised,
before payment, by a, gentleman of high standing, ac-
customed to the taxation of solicitors' bills of costs. It
was with regret the directors bad to state that, in
November last, Mr. Edmund Denison, M.P., resigned his
office otchairrnan of the board; but be retained his seat as
a director, and continued to give all the support in his
power to the interests of the company. The present was
the occaion on e Lich the annual retirement of a fourth
of the•board of directors took place; the five gentlemen
retiring were Mr. Foster, Mr. Gill, Captain Laws, Mr.
Paull, and Mr. Pickersgill; but the board recommended
the reduction of their number to sixteen, the smallest
the Act allowed; consequently only Captain Laws
offered himself fur re-election. In proposing this re-
duction of their number, the directors recommendiel that
the allowance to thr,m of 2,5004: be reduced to 2,0001.
per annum. The directors had recommended that the
secretary's salary be reduced to 8001. per annum for the
present. •,
The balance-sheet represented the total receipts up to
the present tirue.to amount to 4,033.8021. Os. 3J., and
the expenditure to 3.636 033/ 12e. 7d.; leaving a
balance in, hand of 39,768/. 7s. Bd. The calls in arrear
amounted es upwards et 600,000/. The revenue state-
ment made the receipts for the past half-year 19,513/.
10s., and the expenditure lefG a surplus of 8,558/. 14s. 3J.
The CHAIR M tN, in moving the reception of the report,
cOrament-d upon the statements contained in it, and con-
gratulated tte proprietors upon the improved aspect of
their Affairs. They had made arrangements with Mr.
udson,which would prevent their making a competing
line into Leeds, and if money could be saved by such
means, they were quite ready to make terms with the
York , and North. Midland, the Eastern Counties,
or any other company who might be disposed
to negptiate with; them. With regard to the determina-
tion of the directors to forfeit the shares on which the
cails.were in arrear, what other course could they adopt
to protect the interest of the' iona-fide holder ?—(llear,
hear.). He would not, however, dwell upon that subject
now, because a special meeting would be held in May to
tike' it into,consideration, when the directors would be
prepared with a measure for inducing the registration
of and payment of the calls upon the whole of
the 'forty thousand London and York Extension
scrip shares, and entitle the holders to the interest
which was ,accruing from the Ist of July, 1847, but
which could not be legally paid now.—(Hear, hear.)
After adverting to the, system of railway rating, which
he denounced in strong terms as being unjust and in-
equitable,,he proceeded to justify the reduction in the
number of directors, and concluded by again repeating
his., confident conviction that the undertaking would
eeentuelly prove highly remunerative, and assuring the
proprietors that the severestand most persevering eco-
nomy mould be studied in the management of their
effreirs.—(Cheers.)
Mr. HUGHES asked how it was that the manager's sa-
lary, Captain Laws, had not been reduced.
The 'Cuaenmest replied simply because Captain Laws'
allowance of 2,0001. had stopped altogether.—(Laughter,)
Mr. *HUGHES then moved a vote of confidence in Mr.
Denison, which was seconded and carried by acclamation.
The CHAIRMAN spoke a few words of thanks.
Mr. HUGHES then proposed that in future the expen-
diture should be principally directed to the completion
of the Main truek.line, and that the allowance to the
directors be reduced one-half.—(No, no.)
The CIIIIRMAN saidahn directors bad no objection to
the resolution if the meeting agreed to it.
The meeting, however,,expressed their disapprobation
of it in an unequivocal manner, and the resolution was
not persevered in.
Mr. HUGHES then proposed that a law clerk should be
appointed at a fixed salary of 1,0001. a year, but the
proposal was opposed by the Chairman and negatived
ley the meetipg.
The resolution for the adoption was then put to the
vote, and carried by a large majority.
The shareholders then resolved themselves into a
special
meeting, and passed a resolution approving of a
Bill before Parliament, to 'empower the company to
make certain deviations of the line, and other changes to
facilitate, the promotion of the interests of the company,
but not involving
any additional capital; and also to con-
firm, finally, the agreements entered into with the
Roysten and Hitchin Company for the transfer to the
Great Northern Company, as authorised by Parliament,
of' that taxiway and the Sbepreth Extension.
A resolution a a:, also agreed to, confirming
the forfeiture of 233 shares, on which calls are in era-ear,
the object being to issue new certificates to the
registered proprietors, who have sold the shares
to parties who unjustly refuse to register the
transfers, and yet retain 'the certificates. The
numbers are as follow:112,983 to 113,032-82,125 to
82,164-221,212 t 0221,213-221,229 —221,260 to 221,261
—119,523 to 119.530—'49,862 to 79.871-108,264 to
103 268 214,954 to 214,963-161,548 to 161.567
159,793. to 159,8227-42,953 to 42,962-126,329 to
126,338-172,077 to 172,086-145,714 to 145,718-
108,571 to 108,595. By. this step the company receives
all calls duo on the shares.

A vote of thanks was then passed to the chairman
anti dir,Tters, and, the Chairman having acknowledged
the couiplimEnt, the meeting terminated.

EASTERN UNION RAILWAY

COMPANY.—(THIS DAY.)
The usual halt-yearly general . meeting of the above
company was held this afternoon, at Radley's Hotel,
13rid.te-.treet:•--Mr.l J. C: Cobbold, M.P., chairman of
the hoard of directors, iu the, chair.
The report stated that the directors meet the share-
holders with the cheerieg prospect of completing, at
an early period, the Eastern Union line to Norwich,
of opening a cousk4eruNe
and Portion of it in the
c,tirse of "the ensuing spring.. It was now necessary
with all possible activity to proceed with the works and
stations and. terminal arrangements of the entire .line,
and the directors, therefore, would shortly bring before
the proprietors' a
propositionfor" carrying into exe-
cution tfie rowers which the company possess, under
: 1847, for raising an additional
an Act obtained al.
which no shares had yet
-"" ';'-' ;:ltatitir" of • 200,0004, for
reement for a lease of
i :.-.4ll4slitilifi'ilited
,a,,1t,„. .:. ------‘4. • line hi,
The atig]e Eastern Counties Coni-
d and would beforthwith
;le 1$11,,!)
....... "7 submitted
t:-..V.': P f'Fare- ' any. The directors of both
ltnit,i4,,__
___-'',114,e,S of that comp
d Weir deteimiustion
t.....,, ii." ous to expedite the:,:or.ks on the Harwich
Hie. . Metirlrid tinatillce .'l
17,i%-4
•,7,,,* • ~.. b. v.k, .;•—•: --' , . .
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