The Sun.
London, England, 1867-02-25 00:00:00

RAILWAY INTELLIGENCE.

NORTH LONDON.

The half-yearly meeting of this company was
held on Saturday, at the Euston Station—Mr. J.
Bancroft in the chair.

The report (which has already appeared) was
taken as read.

The CHAIRMAN moved the adoption of the report,
and said that, though the receipts were as satisfac-
tory as could have been anticipated, yet the accounts
generally did not come out as well as could be de-
sired. The expenses had been above what might
have been looked for, and the principal causes of the
increase of the expenses were compensation claims
£2,025, rates and taxes £3,041, and Government
duty £2,790. These three items amounted to £7,894
ou the half year, or about 6 per cent. on the gross
receipts. With respect to the compensation claims,
they were for accidents, which, in 19 cases out of
20, could not be guarded against by all the vigilance
of the directors and their servants, and yet in all
cases the company was made responsible, as if they
had designedly laid traps to maim and kill their
customers. So, indeed, juries seemed to treat these
cases. Persons who were in a train when an acci-
dent happened set up an excuse whereby to obtain
compensation when they had sustained no bodily
injury, that their nerves were affected, or theirspinal
cord injured, and in this the claimants were sus-
tained by medical evidence, they got lawyers to
plead the cases and juries to believe them. With re-
gard to the rates and taxes, no reduction could be
expected, as the company's property was constantly
increasing in value, and parish officers were aware
of the fact. As to the item of Government duty he
thought the company and all other railway compa-
nies had cause for complaint, for the Government
had been the means of the company reducing the
rates, and compelled them to carry those who were
called the " working classes" at low rates. The Go-
vernment then, instead of decreasing the duty as an
allowance for these low fares, had actually increased
the duty. If this course were persevered in the com-
pany would have to raise the rates. The present
dividend would have to be paid on a capital of
£2,287,387, and there was a money value of about
£150,000 in surplus land, which might from time to
time be disposed of, if not made available. The re-
gistration of debentures had been made in due form,
and they had not exceeded the-amount the company
was legally authorised to issue. He regretted to say
the company had received no income from the Lon-
don and North-Western for the Broad-street sta-
tion, as the station was not yet-completed. The ex-
pense of getting down to Broad-street was very great
indeed, and the London and North-Western Com-
pany was pushing on its works with all possible speed.
When that source of income was opened to the com-
pany they had a right to anticipate a very material
increase from that source. There had been a very
satisfactory increase of passengers during the past
six months. In the corresponding half-year the
number of passengers was 5,292,018. During the
last half-year the number carried was 7,789,526,
showing an increase of 2,497,508, which would have
been much larger bat for the unfavourable weather.
In the mineral traffic there had been an increase,
but a slight decrease in the goods traffic.

Mr. It. D. MANGLES seconded the motion for the
adoption of the report.
Mr. CUNNINGTON said he could not regard the
report as satisfactory, There was an increase of 30
per cent. iu the receipts, but no increase of dividend.
Then it appeared to him that the shareholders were
suffering for the benefit of the London and North-
Western Company.

The CHAIRMAN, in reply, said that he had already
explained items which had taken off 6 per cent. of
the gross receipts, and it was also to be borne in
mind that there were other causes of increased ex-
penditure,—namely, the enormous advance in the
price of fuel, and the advance in wages. There was
also additional capital which had been laid out in
the proper development of the undertaking, and the
benefits of this extra work could not be realised until
the additions to the line were in working order.
The resolutions were then carried. Dividends at
the rate of £2 10s. per cent for the half-year on the
preference stock and 15s. per cent. on the ordi-
nary stock and shares of the company were declared
payable on the 28th inst. A resolution was also
passed for the conversion of paid-up shares into
stock.

The retiring director, Mr. Stewart, and the retir-
ing auditor, Mr. Greenaway, were re-elected, and
the proceedings terminated with a vote of thanks to
the chairman.