The Sun.
London, England, 1867-08-17 00:00:00

METROPOLITAN D ISTR I CT.

The half-yearly general meeting was held yester-
day, at the Westminster Palace Hotcrl—the Earl of
Devon in the chair.
The Ciimmixii; in moving the adoption of the
report, said that there bad been no serious interrup-
tion to the works in consequence of the difficulties
which had attended the placing the debentures and
securities of the company, owing to the depression in
the money market, and the delay in getting posses-
sion of the land. Every confidence was entertained
by the directors in the success of the railway, and
their opinions were based on the very largo and
increasing traffic of the Metropolitan Railway Com-
pany. The paucity of fun ds had caused difficulties
between the directors and the contractars, but they
had received the advice and co-operation of Mr.
Parson, olwiirman of the Metropolitan Railway,

I:‘,4—,4„spA
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it
who had suggested several mod ..ttr,
tract, which involved concession /4
he believed the result was that ait oVoiiikTee., 4
between Brompton and Westmins et-110:,4
be opened for traffic by the commeriernetit of Se
summer of 1868. It was proposed that the new
debenture stock should be offered pro rata to the
shareholders, and no doubt it would be mainly taken
up by the present proprietors. Ile thought that the
abandonment of the Easton and Charing cross line
would prove a great benefit to the Metropolitan
District Company, with which, to some extent, it
would have competed. Every facility would be
offered to the London and North Western or any
other company for the purpose of bringing traffic
from the north to the south of London.
Mr. SHERRIFF, M.P., seconded the motion.
A SitAinmoLmit called attention to the remune-
ration of the directors. Ile thought that the remu-
neration would have been fixed at £2,000 a year.
At present the management charges were higher
than those of the Metropolitan. They 11:01 not
yet completed two miles of the line, and had
spent £1,800,000. The shares upon which the calls
had not been paid should be forfeited ; and he wished
to know what amount of debenture stock it was pro-
posed to issue, and when it was expected the line
would be opened to Cannon-street, and if the line
from Brompton to Cannon-street would be con-
structed for £3,600,000.
Another Shareholder moved an amendment re-
quiring a detailed statement of the capital of the
company, and of the manner in which it had been
expended.
The CHAIRMAN explained that with regard to the
remuneration of the directors, £4OO of the £1,94
which appeared in the accounts belonged to the pre-
vious year. The original estimate might possibly be
exceeded, but it would be by a very small amount.
They had no objection to give more details if required
but the accounts were open te—tbi examination of
shareholders at the office, and the form in which
they were made out was the usual one. There had
been paid up on capital accountduring the half-year
£93,000, and the arrears amounted up to the pre-
sent time to £200,000.
Mr. PARSON said he thought the position of the
company had been much improved during the last
month. As to traffic he was confident that it would
be quite sufficient to pay a very considerable divi-
dend.
The amendment was withdrawn, and the report
of the directors was adopted.
The meeting was adjourned to the 22d inst.
A vote of thanks to the chairman and directors
closed the proceedings.

NORTH LONDON.
The report of the directors of this company states
that the receipts from traffic for the past half year
showed a gross increase of £10,246, being £149,026
against £138,780 for the corresponding half of 1866.
The passenger traffic showed an increase of £13,671,
but there was a decrease in goods and live stock of
£3,425. The working expenses showed an increase
in:maintenance of way,works, and stations of £1,768.
The general charges included £3,010 for compensa-
tion, arising chiefly out of the settlement of claims,
in respect of accidents in the latter part of last year.
There was also an item of £2,000 " claims in sus-
pense," pending the settlement of questions in re-
spect to passenger duty and other charges. The
general result after payment of interest on deben-
tures was an available balance of /60,938, out of
which the directors recommended the payment of a
dividend at the rate 5} per cent. per annum on the
ordinary stock and share capital; and at the rate of
41 per cent. per annum on the preference stockof
,
leaving a balance of £l,lBB. The d
the company which fell due on the 10th July had
been renewed or replaced by new loans on favour-
able terms. A new station had been constructed
and opened for passenger traffic at Old Ford. The
new station at Ilaggerston on the City Extension
line was approaching completion, and would be
opened for traffic on Sept. 1.
The capital account showed that £2,976,458 had
been expended. The revenue account for the half
year ending Juue 30 last showed that £157,753 had
been received, and £83,732 expended, leaving
£2,000 iu suspense and a balance of £71,930.