The Sun.
London, England, 1851-08-30 00:00:00

and this company. The Chairman then discussed the
question whether the 19,0371. 10s. should be deducted
from the present half year's income, or whether, as
suggested in the report, a portion only should be so
taken and the residue spread over the neat two years.
This latter course the board strongly recommended,
but they had no objection to any plan Egreed upon by
the meeting. The Chairman next called attention to
the maintenance of way, and the proposal which had
been made by a most responsible party to rent the
maintenance of way at a sum which would effect a
saving of 16,0001. per annum.
The motion having been seconded and adopted una-
nimously,

The report of the directors was then unanimously
adopted.
The CHAIRMAN next moved that a dividend at the
rate of 3 per cent. per annum be declared, payable
on the 13th of September next. The resolution was
carried unanimously.
The CHAIRMAN next moved that the directors be
authorised to enter into a contract for the maintenance
of the permanent way for such a length of time, and
on such terms, as they may think expedient.
Mr. GLYN recommended that the question be de•
ferred to another half-year, in order that the proprie-
tors might obtain further information.
The CHAIRMAN said that it might be desirable to
hear their engineer on this matter.
Mr. HARRIsoN entered at some length into an ex-
planation. The proposal of the parties who had made
the offer was one to find rails and materials of every
description for a lengthened period on terms which
secured a distinct saving of 16,0001. per annum.
They would at once make a large outlay, something
like 116,0001., which would of itself be a very ample
security.

In answer to Mr. ROWNTREE,
The CHAIRMAN said the offer to lease the mainte-
nance of way was for 21 years. The directors were
not wedded to either 21 years or any other term, nor
were they under any stipulations to one party or ano-
ther. They merely wished to know the opinion of
the shareholders on the expediency of entertaining the
offer which had been made to them, and they would,
with their consent, consider that offer, and report
upon it. He concluded by altering his resolution, to
the effect that the directors be requested to obtain
further information as to the expediency of letting
the maintenance of way, and to submit the same to
a special meeting of the directors, or to the next
half-yearly meeting, at the discretion of the directors.
This resolution, as amended, was carried unani-
mously.
The CHAIRMAN next moved a resolution, consent-
ing en behalf of this company, to the Great North
of England and Hartlepool Junction Company exer-
cising the powers in their Act for guaranteeing four
and a half per cent. to certain preference shares which
they purpose to raise for the payment of certain debts
owing by them. This resolution, it was explained,
would not in any way affect the York, Newcastle,
and Berwick Company, but they being the lessees of
the Hartlepool Railway, the Act of Parliament made
their consent necessary. The rent paid for the line
would continue the same as heretofore.

Mr. RICHARDSON, solicitor of the company, ex-
plained the circumstances under which this resolution
was proposed ; and after some remarks from Mr.
Glyn, the resolution was agreed to.
The thanks of the meeting having been voted to
the Chairman, the proceedings terminated.