The Sun.
London, England, 1851-04-30 00:00:00

GREAT NORTHERN OF FRANCE

RAILWAY.
The annual general meeting of the shareholders of
this company took place on the 28th inst. in one of the
great rooms belonging to the Paris terminus, Baron
James de Rothschild, the president, in the chair. Near
him were seated the following directors :—The Duke de
Galliera, the Marquis Dalon, Baron N. de Rothschild,
M. Delebecque, M. E. Pereire, M. Caillard, M.
Hottingeur, M. Pepin-Lehalleur, M. Lebobe, M. Dassier,
M. do I'Aigle, M. de St. Didier, M. Jolly de Bammeville,
and M. J. Mallet. M. Baude read the report of the
Committee appointed to examine the accounts of 1849,
which, that document declared, were in every way cor-
rect, and M. E. Pereire read the report of the Board of
Directors:—

" This document commences by stating that the share-
holders assemble on this occasion for the first time since
the entire termination of the works of the railway. The
last section of the line—that of St. Quentin—was opened
to the public on May 23, 1850; all the stations are
terminated; two lines of way are laid down in every
part of the undertaking; and as all these works have
been executed with the capital hitherto paid up, the
capital will not exceed 400 f. per share. The general
account of the expenses will remain at 203 millions, of
which 160 millions proceed from the money paid up by
the shareholders; 40 millions represent the sums to be
reimbursed to the State by annual payments; and the re-
maining three millions will be supplied from the reserve
prescribed by the statutes. The debt to the State, which,
when the revolution of February broke out, amounted to
54,711,667 f , was on 31st last December only 31,312,229 f.
All the payments to the Treasury were effected by
anticipation; the ten millions reimbursable in the
course of 1850, and the last date for which was Nov. 15,
were paid on an average on March 24; the four millions
due in 1851, up to the present time, were also paid be-
forehand, one half from May 10 to July 1 of last
year, and the other half from February 4 to March 5
of the present year. The debt owing to the State is con-
sequently reduced to 29,312,229 f., interest included. The
Board has paid since 1848,29,000,0001., and has in addition
in hand 6,877,916 f. in Treasury bonds, taken in Decem-
ber last at 4 per cent. interest. As the whole sum re-
maining to be expended on Dec. 31, 1849, for the prin-
cipal line and the branches to Calais, Dunkirk, and St.
Quentin amounted to 11,819,026 f.; and as a sum of
4,535,468 f was paid in 1850, there remains still to be paid
on Dec, 31, 1850, a sum of 7,283,557 f. The money ex-
pended in 1850 related principally to the completion of
the St. Quentin line; the definitive construction of the
stations of Calais, St. Omer, and Douai; the enlarge-
ment, as foreseen, of a number of stations and goods'
yards; and, finally, the construction of stock. The commu-
nication of the line with the docks at Dunkirk has been
carried considerably further down the quay, and now per-
mits goods to be transferred at once from the waggons of
the railway to the vessels ready to receive them. This
produces a considerable saving, and facilitates the deve-
lopment of the relations with England, particularly in
tho exportation of flour, which is every day increasing.
The whole sum expended during the year 1850 amounted
to 16,535,466 f. 83c. The report then proceed's to give
an account of the working for the past year, and states
that the results have been most favourable, as appears
from the following table:—

1848. 1849. 1850.
Passengers 7,771,425f. 9,462,402 f. 12,944,485!
Goods by quick
trains
Goods by slow
trains

15,474,2141'. 19,326,478 f. 23,694,893 f.
In looking at the receipts of the stations it is found
that those on the frontiers have increased by far the
most—those of Quievrain aro 40 per cent. higher; Dun-
kirk, 38 per cent.; Calais, 28 per cent.; and Mouseron,
71 per cent., and if a more intelligent system of
customs were established, this increase would
doubtless be even still more considerable. The ex-
penses have by no means augmented in proportion
to the increase in the receipts, as from being
7,386,534 f., they are only 8,837,865 f. in 1850. The aug-
mentation in the items of the central administration, di-
vision of working, and division of repairs, is only 14i
per cent.; and in the division of stock and workshops, the
charges of which are in more direct connexion with the
traffic, 24 per cent. And even this latter charge has
during the past year been unusually high in consequence
of the extraordinary repairs rendered necessary in the
carriages, the state of which had suffered more than or-
dinarily from the perturbation caused in the workshops
in consequence of the revolution of February. This
item during the present and ensuing years will return to
its general level, the stock now being in the most per-
fect state of repair. The receipts of the working, de-
duction made of taxes on passengers, indemnities,
money paid back, &c., amount t 0... 22,670,411 f. 46c.
And the expenses to 8,858,124 21

Leaving a balance of ... 13,816,217 f. 210.
This balance has been expended as follows:
Sinking fund 2,451,698 f. 56c.
Interest on the money due to the

2,062,343 85

State ... ••• •••
Interest at 4 per cent. on the
sums paid by the share- I
holders ... 6,400,000 g. Oc. i 6,086,503 48
Deduct interest on money in-
vested and on delays in I
paying calls 313,496 f. 52c, j
Dividend for 1850 ... 3,200,000 0
Sum remaining over for 1850 ••• 15,741 32

There was pa 13,816,287 f. 21c.
id to the shareholders on July 1, 185,
and Jan. 1, 1851, as interest at 4 per cent. for the year,
1850.
16f. per share.
The dividend will amount to 8 )1

Giving for each share for 1850 24fr.
The dividend of Bf. will be paid at the same time as the
interest of the first half year of 1851, which will raise
the sum to be received on the Ist of July
next to 16f. per share. The report then briefly
touches on the law-suit at present pending between
the Northern Company and that of Boulogne, and
declares that the suit is not yet terminated, but that