The Sun.
London, England, 1848-08-14 00:00:00

S AUGUST 14, 1848.

RAILWAY INTELLIGENCE.
GREAT NORTHERN.

The usual halt-yearly general meeting of the pro-
prietors of this railway was held on Saturday, at the
London Tavern; Mr. Beckett Denison in the chair.
The report represented that the works were being
steadily carried forward, and from April last advantage
had been taken of the fine season to press them on as
fast as the means would permit. In accordance with thr
intention announced at the last meeting, the line from
Peterborough to Lincoln would be opened for traffic in
September next; and at that period the East Lincoln-
shire Railway—of which 14 miles from Grimsby to
Louth had been opened and worked, with satisfactory
results, since the Ist March last—would be completed
and opened throughout to Boston, and would then
become the property of the Great Northern Railway
Company. An arrangement had been concluded with
he Manchester, Sheffield, and Lincolnshire Railwa)
Company for running the Great Northern trains by
Grimsby to and from the Humber Ferries (opposite to
Hull), which would open a new and much shorter route
south from Hull, and places north of that town ; and with
'he view to open with the least possible delay a con-
sinuous line between Lincolnshire and Yorkshire, and to
avoid an unnecessary outlay of the company's capital,
sn arrangement had also been made with the Manchester,
Sheffield; and Lincolnshire Company for running over that
company's lines between IGainsborough, Saxelby (near
Lincoln), and Retford; and with the same object the di-
rectors had recently contracted with Messrs.. Petu and
Betts for the works from Retford to Doncaster which are to
be opened early in the summer of 1849, thus establishing
railway communication fromPeterborough into Yorkshire.
Between London and Peterborough upwards of
1,000,0001. has been expended on lands and works. The
tatter are progressing rapidly, and those on the first mile
north from King's cross, which are heavy, have been
Ately let at very low prices. Connected with this south-
,rn portion of the line, the works of the Royston and
Elitchidßallway, forming a part of the Great Northern
system' have been let, and will be commenced early next
year. An extension of that line to join the Eastern
Countiei, Bedford arid Cambridge branch at Shepreth,
vithin six miles of Cambridge, has been sanctioned by
an Act passed this session. The Bill for the Isle of
Axholme Extension line and that for the Leeds Central
station .have passed, the former only awaiting the Royal
assent. The Bill for the Doncaster and other devia-
tions, .&e., fur which application to Parliament was
anetioned by the special meeting in February last,, was
inexpectedly thrown out on the second reading in
:he Commons. A clause therein was subsequently in-
serted in the Isle of Axholme Act, authorising the
iivision of the present 251. shares in two shares of
121. 10s. each, in the mode and for the purpose ex-
iylained in the February special meeting. This divi-
sion of the shares was suggested with the object of re-
lieving those shareholders to whom it may have become
inconvenient to pay up the remainder of their calls ;
and, in the opinion of the directors, it will have the
effect, and whilst it cannot injure, it may operate bene-
ficially to the interests of the company generally, by
tending to increase the number of the shareholders, and
to obtain payment of the arrears of calls. The directors,
therefore, under the clause in the Act, have resolved to
give any shareholder who has paid up 171. per share, the
option of dividing his shares, and arrangements will be
made for carrying out the division, which will be com-
municated to the shareholders by the Ist of October, to
come into operation on the Ist of November next. The
plan is as follows :—That each shareholder shall have
the option of dividing his 251 share into two 121. 10s.
shares, distinguished as A, or deferred, and B, or
guaranteed shares, the B (unpaid up) to be guaranteed
by the holder of the A (paid up) six per cent. per annum;
and the A to take the chance of all further dividend or
privilege. The B, or guaranteed 121.10 s share, shall be
entitled to six percent. per annum on the amount paid up,
out of the interest allowed during the construction of the
line, and'a preference dividend afterwards, up to 6 per
cent. per annum, before the A shares shall receive any
dividend, and shall have the option of paying up the
calls in full, and receiving 6 per cent. from the first of
the month after payment. Another obvious and impor-
tant advantage that will result from this division of the
shares is, that the A, or paid-up portion, can be converted
into stock, which course the directors recommend, and
the notice required for this purpose will be given prior
to the next general meeting in February, that it may
be then carried out. Adverting to the arrears of calls,
the directors think it right to state that since the 30th of
June those arrears have been reduced by the amount of
55,58 E/. The very small sum, 2,1001., received on loan
upon mortgage, requires notice, as at the date of the ac-
count, 30th of June, the company was hardly in a posi-
tion to exercise its borrowing powers; since the 30th of
June the loans on mortgage have reached the sum of
43,750/. The report concludes by recommending the
forfeitUre of 865 shares, in order that they may be dis-
posed of, and registered in the names of the original
holders."

The engineer's report was next read. It states:-
" That the works now in course of execution extend
over 17 miles. That on Mr. Brassey's contract, which ex-
tends from Islington to Peterborough, the works are pro-
ceeding with full vigour, with the exception of the district
between Hitchin and Huntingdon, the works on which
portion being of a light character, and in a favourable
material, are reserved for next winter's work, when the
London district will be about three-fourths completed.
All the operations aro proceeding under arrangements
which warrant the expectation of their completion by
the spring of 1850. On Messrs. Peto and Betts's con-
tract, the works of the line from the south junction of
the loop, near Peterborough, up to Saxelby, six miles
beyond Lincoln, are rapidly drawing to a close. The
rails are laid for a distance of sixty -two miles out of the
whole distance of sixty-five, and the whole of this por-
tion of the line may be ready for use and in good
working order iu September next, with the sta-
tions in such a state of forwardness as to admit
of the traffic being carried on. The completion
Hof this portion of the line will be followed, in three
months time, by that of the length bstween'Saxelby and
Gainsborou,gh, a further distance of nine and a half
miles, on which the works are proceeding with great
vigour-by far the larger portion being already com-
pleted, and all the remainder in a very forward state.
The works between East Retford and Rossington, near
Doncaster, have not been actually commenced further
than by the preparation of plant and materials; but there
can be no doubt of their completion by next summer.
From Doncaster northward to Arksey, the works are in
such a state of forwardness that there is no doubt of
their being ready for traffic previous to Doncaster Races,
with temporary station accommodation; and from Ark-
sey to the junction of the Askerne branch, the line has
,or several weeks been open to the public, the traffic
being carried on under the management and by the trains
of the Lancashire and Yorkshire Company."
Atached to the report is a statement of accounts to the
30th June last, from which we make the following ab-
stractl-
RECEIPTS.-Deposits on 111,482 shares (being 108,000
London and York, and 3,482 Great Northern), at 605.,
278,7051.; ditto on 112,513 shares (being 168,777 Direct
Northern Reduced), at 755„ 421,942/. 10s.; together
224,000 shares, producing 700,647/. 103. First call of
255. per share paid upon 108,446 shares, 135,557/. 10s.;
Second call of 455. per share, paid upon 204,510 shares,
460,1471. 10s.; third call, of 40s. upon 196,555 shares,
373,1101.; fourth call, first instalment of 255. upon
178,783 shares, 223,4781. 155.; fourth call, second in-
stalment of 255. upon 178,134 shares, 222,6671. 10s.;
fifth call, of 50 upon 168,510 shares, 421,2741.; sixth
call, of 40s. upon 159,779 shares, 319,538/4 making a
total of payments upon shares of 2,856,420/. 15s. Re-
ceived in advance of calls, 110,599/. 10s4 Loadon and
York Extension Shares, 100,000/.; suspense account for
amount received under this account, 6,401/.35. 4d.eDireet
Northern Company balance, 2,981/. los. lOd.; overpaid
calls, 13/.; East Lincolnshire traffic from March 1 to
June 30, 2,5021.195. ; amount received on mortgage, 2,100/.
Total receipts, 3,081,006/. 13s. 2d.
EXPENDITURE.-Expenses preliminary to the passing
of the Act:-London and York Company, 309,941/.
12s, 5d.; Direct Northern Company, 124,972/. 17s. 7d.:
together, 434,914/. 103. Expenses subsequent to the
passing of the Act, Juno 26, 1846:-Advertising,
printing, postages, and parcels, 4,454/. Bs. 4d.; office ex-
penses and miscellaneous charges, 2,920/. 14s. 5d.; tra-
velling expenses, 1,459/. 14s. 7d.; direction and auditors,
4,908/. 6s. Bd.; salaries to secretary, superintendent,
officers, and clerks, 10,485/. 2s. 3d.; law, Parliamentary,
and engineering expenses (session 1817), 96,122/. 18s.
Bd.; Admiralty charges, 501/. 193.; land and compensa-
tion (including valuation and conveyancing), 656,172/.
17a. 3d.; works (including engineering and surveying),
1,226,481/. 13s. 9d.; engines and tenders, 44,9131. Is. 11d.;
csrriages and waggons, 12,647/. 6s. Bd.; Forsdyke and
Withan Navigation (balance of rent account), 4,524/. 75.;
interest on capital and payments in advance of calls,
&c. (less interested received), 93,0491. 14s. 7. ; police,
8751. 18s. ; stores (East Lincolnshire Railway),
1,539/. 9s. 7d. ; wages (ditto), 973/. ss. 41 ; making a
total expenditure of 2,596,9351. Bs. ; and leaving a
balance in cash and securities in the hands of the com-
pany of 484,071/. ss. 2d.
ARREARS OF CALLS.-First call of 255. on 3,000
shares, 3,750/. ; second call of 455. on 19,290 shares,
43,402/. 10s. ; third call of 40s. on 37,245 shares,74,9oo/, ;
fourth call (first instalment) of 255. on 45,017 shares,
56,271/. ss. ; fourth call (second instalment) on 45,666
shares, 57,0821. 10s. ; fifth call of 50s. on 55,288 shares,
ten at 10s., and four at 55., 138,226/. ; sixth call of 40s. on
64,031 shares, 128,0621. ; making a total of arrears
amounting to 501,2841. sa.
At the conclusion of the reading of the report,
The CHAIRMAN rose and said,-Gentlemen, your di-
rectors have great pleasure in meeting you for the pur-
pose of laying before you a report of all tho proceedings
of the company which have taken place during the first
six months of the current year ; and of offering to your
consideration all the information in their possession on
every subject connected with this great undertaking.-
(Cheers.) Gentlemen, you are perfectly aware
w the aiave
tl
have no secrets, for when it is considered that
above 4,000 shareholders, any one of whom is at
of
to Cc/MC to the office at any time to examine the books
the directors, it is perfectly clear no circumstance
public, if
nce can be
well kept secret from the shareholders or
the former choose to exercise their right.-(Cheers.) In
accordance with a wish expressed atof the receipts and
the
half-yearly meet-
ing held in February
expenditure was preparedias and
last,
enabstract
circulated among the pro-
prietors two or three days prior to this meeting, and I
hope that it has proved satisfactory. At all events, it

[PRICE 5D..

I shows you in what way your money has been spent, and if
any proprietor wishes for any explanation upon the subject
I w ill do my best to answer him. The engineer's report has
been read to you, and I hope it will prove satisfactory
when I state that within the last ten days I have felt it
my duty to go over the whole of the line, half-mile by
half-mile ; and though my experience in engineering is
sot very great, I think I can with confidence state that
the report of the engineer is extremely accurate and
correct.—(Cheers.) Assuming that to be the case, it is
clear that before the end of October we shall have open,
or be able to open, the line from Peterborough to six
miles beyond Lincoln, a distance of sixty-five miles.—
(Cheers.) In addition to that we have four or five miles
heyond Doncaster, which is now being worked satisfac-
torily- ' • the East Lincolnshire line, which will be shortly
ready for opening, and which then becomes a portion
of the Great Northern scheme, of forty-eight miles ;
and a line from Grimsby to New Holland, opposite
Hull, of seventeen miles, over which we have power to
work by arrangements with the company to which it
belongs, they having power to work on our line. We
,hall, therefore, have, in fact, by arrangements with the
Eastern Counties and London and North-Western Com•
panies, who have shewn every disposition to act in per
feet amity with us, a new line from London through
Boston and Louth to New Holland, opposite Hull.
At New Holland there is an excellent ferry, with
a fine jetty extending four hundred or five
hundred feet into the sea, from which steamers cross to
Hull in ten minutes. By that routo we shall open a
communication between London and Hull, and that part
of Yorkshire, infinitely shorter than any other; and sal
now see before me many gentlemen from the neighbour-
ho of Bridlington and Sunderland, I hope that in fu-
ture they will select that route to London; for, in addi-
tion to having the satisfaction of travelling over a part of
theii own line, they will have a journey forty miles
shorter than the present.—(Cheers.) The opening of so
much of the line which I confidently rely on taking place
in tho month of October, is owing mainly to the support
of the shareholders in paying up their calls, which I must
say is a matter of extreme gratification, and so far
answers a notion that is abroad of our calls being much
in arrear.—(Hear, hear.) In respect to the arrears of
calls, let me direct your attention to the fact, that, when
the line was first broached, both in this company and
the Direct Northern, there was a great rush for shares,
and the difficulty was not so much the getting of share-
holders as the keeping improper parties out of the
company.—(Hear, hear.) I need not, I am sure, al-
lude to the circumstances which have since oc-
curred in the share market, or the change in the
character of shares within the last two or three
years; but what I wish to call your attention to is this,
chat' out of 4,000 or 5,000 shareholders it must be
oute
nun
Ital tybt
frl
raekol
mnit yno
pay
nhaxyept
heaccepoti ermdt
rpheate
anhi
lrye
pr.
eeoasllirttsi
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oowubahla
would have
al
ehrigfa ehyl. pewebherevaeedcnre
en
rstt
ihahggut
ai
is
choir
ry
engagements
mme nai's have
eth been
this companyprevented
fromfrnm
losses
tained in other speculations, and many of those who, in
1845, were good and competent shareholders, may, by
their speculations, be in a very different situation now.
If the proprietors look calmly at the circumstances to
which I have alluded, I think they will be of opinion
with me, that the arrears are not ao formidable as fairly
to create any dismay. There is another question rela-
tive to this subject which is of groat importance—viz.,
Will those arrears increase ? I think that they will
not--(flear, hear)—because I believe, and I trust those
I am addressing believe so also, that those who have
paid up 151. per share will not lose their shares; but if
hey are unable to meet their calls, they will hand them
over to other parties, who, buying them at a discount,
will be prepared to pay up the calls. So large an amount
having been called up, after making every deduction,
I consider that we shall be enabled to reduce the ar
rears, and I take the liberty of again expressing my
opinion that they are not so largo as to be looked at
with dismay. Indeed, I have no doubt the arrears will
eventually bo considerably reduced; and I may remind
you that you have heard by the report that they have
been reduced 55,000?.
_since_ June. The next point to
which I wish to call the attention of the meeting is the
communication between Yorkshire and Lincolnsbire,
which has been delayed, owing to the fact of the York-
shire Deviation Bill being thrown out on the second
reading of the House of Commons. I lament the fact—
still it is a fact—and the result is, the communication
cannot take place so soon as it otherwise would. If the
Bill had not been thrown out, the communication would
have taken place in the course of the present year, but
as it is, it cannot take place before the spring or summer
of next year. I am happy to say that wo have entered
into amicable arrangements with the Sheffield and Lin
eolnshire Company, by which we shall be enabled to make
a considerable saving in the outlay of your capital—
they having given us power to run over nine miles of
their line, and we, in return, giving them power to run over
on ours. I think it due to the company over which Lord
Yarborough presides, to state that they have always
shown the utmost feelings of consideration and amity
towards us, and I believe the arrangement by which we-
have power to run over their lines from Grimsby to
New Holland and from Retford to Saxelby, while
we give them power to run over our line, will be ad-
vantageous to the shareholders, and satisfactory to the
proprietors. I will now again refer to the engineer's re •
port and call your attention to the works south of Peter-
borough. In that report it is fairly stated that great
progress has been made with the works, which, being
heavy throughout, it is the duty of the contractors to go
on with cautiously and steadily, but that there can be no
doubt they will be ready for opening in 1850. These
works being heavy, could not be well completed sooner,
as it would not do to hurry them; and I look with confi-
dence that we shall have ample capital to complete them.
We shall then give to the public a direct line from
London to the north, with the exception of what is called
the " towns line" from Peterborough by Grantham to
Newark, and which may be fairly left till there is such
an alteration in circumstances that we shall not be
obliged to give so much interest for money as we now
are. I confidently look, however, to that line being
ultimately made, when your railway will become, I will
not say one of, but the great highway from London
to the north of England.—(Cheers.) 'With respect to
the future prospects of the company, my opinion has
undergone no change, and I believe that when it is
fully opened it .will be a most valuable undertaking,
though perhaps it may take some time beforo the traffic
is fully developed. On this subjeet my attention has
been recently called to a pamphlet, published by Mr.
Humphrey Brown, M.P., a gentleman who has had
great experience in connexion with railways. He says
cEiapt h3anarnassdi
England,
el e
itarLhnt
goeeadeenn,:degGs
.310tropi
Great
yarBdetaoBostv
Western
k;dsneaa9,stnntlrd.eada,
rnffinasdNcnoadouonGrntaoht
North
theßsEggroaoi
goods
Eastern,
adn
n7I
Midland,a, asdnn6Gd Ayr,
L4eEyMaBarxt
:aet
Ndntoweacnorhnas:
was,
Lan-
caster andatafenonordr-i,
w
at the e
goodsre result 1 tin 1 2
o 4
586 ,
2455 wtaesn,a—foraa passengers,
increase 0
vert 8,625,3601.,hee m
estimates
of, for passengers, 5,536,6014, and of goods, 1,306,807
tons ; the increase being, on passengers 160 per cent.,
and on goods 170 per cent. Ido not know whether the
traffic of the Great Northern line has been so estimated
as to admit of such an increase, but it is hardly possible
to form an estimate of the amount of traffic which may
be developed by the line. The other day I happened to
meet a gentleman from Lincolnshire, and I asked him
his opinion of what would be the value of the railway to
that county ; when he replied, that it would be the
greatest possible blessing, and no estimate could be
formed of the traffic that would come over it, That is
a proof of the estimation in which the line is held, and I.
think it better to wait the result than endeavour to enter
into any caleulation upon it. Ido not knew that I have
any
yy
ifmurpthrieertnorbsweirvahantaiotnns toaakmake any
utehs et
osnuab!lectj, shbaullt
be
happy to answer them. In conclusion, I beg to move,
that the report be received, adopted, and printed for cir-
culation among the proprietors.
Mr. rACKE (the deputy chairman) seconded
,the re-
solution.

Mr. litmus had a resolution which he wished to pro-
pose by way of amendment on the motion just made, or
in any other manner which might be more acceptable to
the shareholders. The object of his resolution was to
enforce the carrying on the company with greater eco-
nomy than hitherto, though in doing so ho did not wish
to impute to the directors or officers the want of ability,
tact, judgment, or honour; but by showing that the com-
pany was conducted economically, to give the public
greater confidence in it—as likely to be of advantage to
the country and profitable to the shareholders. He con-
sidered the amounts taken by the directors, superinten-
dent, secretary, and solicitors, as too much, and ought
to be reduced. The amount of remuneration to tho di-
rectors was 2,5001. per annum, to the superintendent
2,0001., and to the secretary 1,200/., which ho thought
every one would consider as too much in the state of the
money market, and with a falling share market. lie
should, therefore, propose that the allowance to the di-
rectors should be reduced to 2,0001., to the superinten-
dent 1,000/.; and to the secretary 1,000/; and that, in
future, no solicitors' bill should be paid until it had
undergone taxation.
Mr. GREIVES said, with regard to the proposed re-
duction of salaries, that it would be better to refer the
matter to the chairman and directors. As to the soli
citor's charges, he bad no doubt they did not exceed the
regular charges, but ho thought the directors would
save 20,0004 a year by the appointment of a salaried
solicitor.
Mr. CHAPMAN would be sorry to see " a penny wise
and pound foolish" principle of economy carried out. He
thought the amount voted to the directors was not at all
too much to induce gentlemen of character and honour
to devote themselves to the service of the company. lie
would be very glad to see a judicious, rigid, and strain,' t
fon% and system of economy adoped in the management
of their affairs. .

The CHAIRMAN said with regard to the allowance to
the directors, he was sure they were all indifferent to it,
and if required would resign it. Thatit had been inti-
mated to Captain Laws and Mr. Mowatt, the secretary,
that under present circumstances some reduction must
take place, to which they had assented ; though he be-
lieved they were fully entitled to all they received. With
regard to taxing the solicitor's bills, he had Lever been
opposed to it, but on a former occasion ho said it would
be attended with some expense.
In reply to a question from Mr. MAIMERT, respecting
the investment of the balance, 484,0711,,
The CHAIIIMA.N stated that, at the time the account