The Sun.
London, England, 1847-12-27 00:00:00

NORTH-WESTERN RAILWAY
COMPANY.
SPECIAL REPORT OF THE DIRFCTORS OF THE NORTH-
WESTERN RAILWAY COMPANY ,TO THE SHARE-
HOLDERS.
Four months having elapsed since the last fienerat Meeting of this
Company, and events having in the meantime occurred which have
caused great confusion in the commercial world, and occasioned the
abandonment of many important undertakings and the unavoidable
suspension of others; the Directors, anxious at all times to keep the
Shareholders well informed upon all matters which affect their in-
terests, consider that they are called upon at the present juncture
to report to them oftlalally the present position and prospects of the
Company.
They are happy in the first place in being able to state that, owing
to the manner to which the last and all previous calls have been re-
sponded to, not only have they been enabled to carry on the Com-
pany's works without suspension up to the present time, but they
are In a position to continue to carry on the principal works on the
main line between Skipton and Clapham without any a►atement e
vigour, and without further demands on the ;Shareholders until the
month of March next.
In regard to the future conduct of the works, the Directors, with
view to render the future calls as little onerous as possible, pro-
pose to devote the whole o the available resources of the Company

is the construction of the works on the main line from Skipton up-

wards, In such a meaner as to bring successive portions of the main
line, in extension of the Leeds and Bradford Railway, into profit-
able operation at the garnet possible period ; a course which a pro-
poiod arrangement with the Midland Company, supe,seding the
necs:sity of a large outlay for working plant, renders still more de-
sirable : —and they are of opinion that, without inconveniently
pressing on the Shareholders, portions of the main line may be thus
successively opened as far as Ingleton before the summer of 1t49,
and as far as Kirby Lonsdale before the following autumn ;—thus
bringing the North-Western Line within rine miles of the Lancaster
and Carlisle Railway at Miluthorp ; and placing the West Riding of
Torkshire, and the Eastern and Midland Counties, with the excep-
tion of that interval, in direct railway communication with the lake
district, Carlisle, and Glasgow.
The Directors, having personally visited the whole of the works
in progress, have satisfied themselves of the forward state of large
portions of the line and of the excellent and inexpensive character
of the works :—there are no engineering difilculties of any kind ;
and, with the exception of the Ingleton and Mincer Viaducts, no
works that are not of the most ordinary character.
From the contracts which have been already entered Into, the
Directors are in a position to state positively that the whole line
will be constructed considerably within the Parliamentary esti-
mates;—the average cost of the works at present under contract
and executed amounting to 9,000/. per mile, exclusive of land, rails,
Parliamentary and current expenses ; and to 16,000/. per mile, in-
cluding every possible contiageut expense.
The Directors have already, more than once, stated their opinion,
founded on particular local inquiry, that the registered shares are in
the bands of a most respectable, wealthy, and influential body of
Shareholders; they are fully confirmed in this conclusion : and they
think it ri.ht to add, to their former expressions of opinion In respect
to the Register, the important fact, that the average hold of each
Shareholder fu the Company does not exceed 30 shares.
The Directors consider it at present premature to fix the number
of Calls to be made during the ensuing year, or their amount, but
will be prepared to enter into this matter at the Half-yearly Meeting
La February.
The Directors propose to continue to allow Interest after the rate
of 41. per cent. per amnion en paid-up Calls. The account of any
Shareholder who may happen to be in arrear will be debited with ii-
terest at the rate ofd per cent. per annum, from the date at which
the payment shall have become due, and credited with 4.per cent.
from the time only when the payment shall be made.

(Signed) PUDSEY 1)-4.WSON, Chairmen.
Lanenster, Deeeuber 16, 1847.

NATIONAL LOAN FUND LIFE
ASSURANCE SOCIETY.
26. CORNI/ILL. LONDON.
Capital .£300,000. Empowered by Act of Parliament.
This Institution embraces important and substantial advantages
with respect to life assurances and deferred annuities. The assured
Its, en all occasions, the power to borrow, without expense or for-
feiture of the policy, two•thirds of the premiums paid (see Table);
also the option of selecting benefits, and the conversion of his in-
terests to meet other ceavenieneies or necessity.
♦ssursncee for terms of years on the lowest possible rates.
DIVISION OF PROFITS.
The increasing prosperity of the ioelety has enabled the Directors
at the annual meeting held on the 12th May, 1847, to declare a fifth
bonus, ♦arying from 3.5 to 85 per cent. en the premiums pall ei each
policy effected en the profit scale.

XX.A.MPLIS.