The Sun.
London, England, 1860-08-29 00:00:00

BdILWAY INTELLIGENCE.

NOTTINGHAM AND GRANTIIAM.
The half-yearly meeting of this company was
held yesterday at the London 'Tavern—Mr. J.
Wyles in the chair.
The report, an abstract of which appeared in The
Sun, was taken as read. _ _

The CHAIRMAN, in moving the adoption of the
report, said it showed their position at the present
time, and the accounts explained their operations
during the past half-year. The Act of Parliament
had altered the name of the company from the Am-
bergate to the Nottingham and Grantham. The
provisions in the Act would enable them to dis-
charge the existing debts of the company, to reduce
their £l2 10s. shares to £l2 each, reduce the num-
ber of the Board, and to make other minor arrange-
ments. Although called the Nottingham and
Grantham, it formed part of the through line from
the important town of Nottingham to London. The
directors had looked with great interest to the pro-
gress of their railway, which now appeared to be
going on very satisfactorily. He thought the Great
Northern were very sincere in their efforts to de-
velope the traffic on the line. The mineral traffic
showed a considerable increase, and should it go on
at the same rate he felt sanguine that their expec-
tations under the agreement would be fully realised.
He could see enough to convince him that the anti-
cipated traffic would be attained if their line con-
tinued to be fairly and systematically worked, He
had no doubt that in the course of three or four
years the line would yield more than the 41 per
cent., at which the Great Northern had the option

of taking the line. He should feel very much dis-
appointed if the line did not fully realise that
amount ; but they had no fear of the result if pro-
perly worked. With a view to improve the divi-
dend on the share capital, the directors had it in
contemplation to pay off the debenture debt as
it became due, by calling up portions of the re-
maining two pounds on each share. There was
a sum of £BO,OOO which would become due in
October next, and it was proposed to make a
call of £1 per share to pay off the debentures
to that amount. The interest upon which aver-
aged 41 per cent., while their present dividend was
only 31 per cent.; the difference would increase
the dividend on the shares, and tend to improve
their value. When they paid off their debentures
they would have £5,000 or £6,000 a year available
to increase their dividend on the ordinary shares,
which would then be fully paid and converted into
stock. The capital would consist of ordinary stock
only, having neither loans nor preference shares.
He considered the position of the company now
much better than it had ever been, and he hoped
and trusted that the traffic would continue to pro-
gress and give them more satisfactory dividends
than at present.
Mr. BEASLEY seconded the motion for the adop-
tion of the report.
Mr. HUGGINS did not see the object of paying
off the loans to reduce the capital, because the pre-
sent share capital would be increased by the
amount of the loans, and the company would still
retain the power of borrowing the money again
and thus increasing the capital.
The CHAIRMAN said it was the intention of the
directors to have no borrowed capital, and in that
respect they would be in a better position than any
other company. They could not avoid having the
power to borrow to the extent of £265,000, but
they did not intend to exercise it ; at the same
time it might be a great advantage to the company
to be able to borrow at some future period any sum
they might require to improve their property.
They proposed soon to call up £1 per share, but
any proprietor might pay up the £2 share in full,
upon £1 of which in advance of the call he would
be allowed interest at 4 per cent. per annum. In
about six or eight months more another call would
be made, and the whole of the borrowed money-
would be paid off within 12 months from the pre-
sent time.
Resolutions were passed 'adopting the report,
and declaring a dividend of 3s. 6d. per share, being
at the rate of 31 per cent. per annum, payable on
the 4th of September.
On the motion of the CHAIRMAN, seconded by
Mr. WILKINSON, a formal resolution was passed
authorizing the consolidation of the whole or any
number of the shares into a general ctipital stock of
the company when fully paid up.
The retiring directors, Mr. J. Wyles, Mr. J. F.
Burbridge, and Mr. T. Calvert, were unanimously
re-elected, and also Mr. Austen, the retiring auditor.
On the motion of the CHAIRMAN, thanks were
voted to Mr. Thornton on his retirement from the
board, for past services, and it was agreed that the
vacancy should not be filled up.
The proceedings concluded with votes of thanks
to the chairman and directors, and to Mr. Gough,
the secretary, for their able service and attention to
the interests of the company.