The Sun.
London, England, 1849-08-13 00:00:00

GREAT NORTHERN RAILWAY.
The' ordinary half-yearly meeting of- the proprie-
tors of his bp mgaipy Alp held, on Saturday;; Mr. B.
Denison, M.P., m the chair.

The SECRETARY read the following report :
" Since the last half-yearly ordinary meeting of the
Great Northern Railway Company, held on the 23d
February last, the sanction of Parliament has been
`obtained to the Amendment and Deviation Bill sub-
mitted to an extraordinary meeting on that day.
"In accordance with the report of the directors at
the meeting of the 23d February, the line then at
work from Peterborough to Lincoln was, on Easter
'Monday last, further opened for traffic to Gains-
borough ; and in the first week of September, trains
will commence running between Lincolnshire and
Yorkshire by Retford and Doncaster.
" At the same period the Great Northern trains
will be enabled to run on to Wakefield, and also by
Methley to Leeds, under agreements with the com-
panies to whom belong the intervening lines, and
railway communication will be completed between
Petergorotigh, by Lincoln, Gainsborough, Retford,
' and Doncaster, and all parts of Yorkshire; also to
the north of England and Scotland, through Leeds,
by the Leeds and Thirsk Railway, which has been at
work for some weeks past, joining, at Thirsk, the
• York, Newcastle, and Berwick Railway.
" The works on the Junction line of three to four
miles, from Knottingley to Burton Salmon, by the
York and North Midland Company, are in active
progress, and it is expected will be finished early in
spring ; and when this junction is completed, the
Great. Northern trains will run to and from York,
under the agreement with that company.
" Oa the continuous communication opening be-
tween Lincolnshire and Yorkshire, the directors feel
confident that the traffic, hitherto only local, and con-
fined to Lincolnshire, and consequently of small
amount, will steadily and largely increase.
" The revenue statement annexed gives the result
of traffic to 30th June last.
" Tile report of the engineer annexed describes
fully the general state of the works; and, judging
from that report, the directors have no reason to doubt
that the line from London to Peter borough will be
open for traffic in the course of next autumn.
" With respect to the portion of the line from
Peterborough north towards Newark and Retford,
the directors have to state that the survey and work-
ing plans have been completed, and that they are
about to let the works from Corby by Grantham to
lleugham, a distance of fifteen miles, on which the
work, are heavy, an I will require nearly double the
time to complete that will be necessary for the
remainder.
" The measure authorised by the resolutions of the
extraordinary general meeting of the 7th of June
last, of forfeiting the shares on which there was a
large amount of calls in arrear, and issuing in lieu
five per cent. preference scrip shares of 12/. 10s. each
to an equal arnou'it of capital, has been attended with
complete success, and will, without doubt, supply the
deficiency caused by those arrears, confirming the
directors in their opinion that it will not be necessary
to make any further call on the registered shares
during the present year ; and by a clause in the
Great Northern Railway Acts Amendment Act,
1849,' which received the Royal Assent on the 31st
July, Parliament has sanctioned the issue of those
shares.
" The same extraordinary meeting authorised also
the conversion of the 30,000 London and York Ex-
tension scrip shares of 25/. each, into the same kind of
preference shares of 12/. 10s. cash; but it may be
remembered there was some opposition manifested,
on the ground that it was giving an uedae advantage
to the holders of the London and York Extension
scrip shares at the cost of the registered shareholders.
" The result, however, shows that the cption then
given to convert those shares has not been generally
considered an advantage, for about 15,000 London
and York Extension Scrip still remain in the hands
of the public. These are in course of being paid off
at 20s. each, the balance unexpended of the deposit,
including interest, after payment of the Parliamentary
expenses in respect of the Extension Bills and Acts.
" About 4,000 of these London and York Exten-
sion Scrip, under arrangements arising out of the
capitals of the Direct Northern and the London and
York, reverted to and have since been held by the
company, making with the 15,000 held by the public,
19,000 disposable as preference shares, under the
resolutions of the extraordinary general meeting of
7th June last.
" There are also about 6,000 unappropriated
preference shares remaining after the allotment of
those issued in lieu of the shares forfeited 7th June.
These, with the 19,000 above mentioned, form a total
of about 25,000 of the five per cent. perpetual
preference shares of 121. 10s. each, which, under the
7th June last, the directors are empowered to dispose
of at their discretion.
" These preference shares at present bear a pre-
mium of about 255. on the price (101.) at which it was
resolved they should be issued.
" The directors intend, therefore, to give to the re-
gistered proprietors of this date, who have paid all
calls on their shares, the option of taking these 25,000
five per cent. preference shares, of 125. 103. each, upon
the payment of 101 103. per ;hare. The first instal-
ment on account thereof, amounting to 51. 103., to be
paid on or before 10th of September next, and if not
then paid, the allotment to be cancelled, and all right
and title to the shares from that date absolutely to
cease ; a further payment of 21. 10s. per share to be
made on or before 31st October, and a final payment
of 2/. 10s. per share to be made on or before 31st
December. This further allotment will be immediately
made at the rate of one preference share to eight re-
gistered, or -16 A or B shares ; but, to compensate for
the fractions withheld at the original allotment, at
least one preference share will be allotted to each pro-
prietor.
" The first instalment of Si. 10s. being paid, these
preference shares become in all respects entitled to the
same privileges, and subject to the same conditions,
as the original issue, under the resolutions of the 7th
June.
",Upon the subject of the balance-sheet and the ac-
counts appended, and which were sent to the proprie-
tors some days since, the auditors, Mr. Cattley and
Mr. Chapman, have made a special report, to which
the directors beg to call the attention of the pro-
prietors."
The revenue statement, commencing Ist of March,
1848 (the partial opening of the East Lincolnshire lines
ending the 30th of June, 1849, showed—
Dr.
To maintenance of road (Grimsby to
Louth 965 18 6
To locomotive power 13,637 17 10
To Coaching, merchandise expenses, sta-
tion expenses, &c. &c.
To anise-Hz...mous, &c.

A a. d.

... 14,144 18 0
... 539 10 8

Total working charges (to 31st May only) 29,288 5 0
ltites and texas, and Government duty ~. 1,944 13 7

31,232 18 7

To balance (carried to net revenue
account)

... 30,449 9 7

£61,F82 8 2

Cr.
By trsffie (15 miles open)
Interest, fines, &o. ..

£ s. d.
... 61,604 8 2
... 78 0 0

£61,682 8 2

The statement cf receipts and expenditure on the
capital acoount, from the Ist of January to the 30th
of June, 1849, on the debtor side, showed the receipts
to have been 4,853,0611. 105. 8(1., and on the creditor,
balances, cash, and securities, to be 360,3501. 2s. 6dl
The net revenue account of the period, ending the
30th of June, 1849, is as follows :
Dr.
To guaranteed rent at 6 per cent. on the
Parliamentary capital of 600,000/., being
36,000/. per annum, due to the East
Lincolnshire Railway Company as
follows—
Amount of rent due 31st December,
1848 ..•

L s. d.

... 8,760 0 0
for the half-year
ending 30th June, 1849 ... 19,000 0 0
To balance • • ••• • • ••• 3,699 9 7

£30,449 9 7

Cr.
By traffic account, for balance ...

X 5. d.
... 30,449 9 7

I.:tj balance ... ..£3 63 9 9 7
The report of Mr. Cubitt, the engineer, detailed the
line progress made in the during the past six months,
and explained the
contractste entered into. The au-
ditors' report stated that the capital and traffic ac-
counts were kept separate and that " the simplicity
with which the
abnoyo
kssbt;,eehok_
kept would render them
intelligible to
exercise his privilege of examiningr who would wish to
them."
The CHAIRMAN briefly addressed
having commented on various portions of
the meeting, and
moved its adoption. the report,
Upon this a prolonged discussion ensued.
Mr. GRAHAME HuTcurssoN moved an amendment
to the effect that the works on the town's lineebe
Proceeded with with all possible expedition, and also
that portion of the line between Askerne aad York be
immediately completed.
Mr. WALTER seconded the amendment, and con-
tended that many
.of the stations were far too near
each other, and impressed upon the directors the
great necessity that existed for practising the most
rigid economy, otherwise the line would never be
worth anything.
After a few words from Mr. GROVES, who opposed
the:Askerne branch, as the local traffic was insig-
nificant.
Mr. HUGHES complained that. Mr. Baxter, the so-
licitor, had received thousands more than he should ;
that the taxations of his costs was mere folly,
and suggested the appointment of a law clerk at a
salary.