The Sun.
London, England, 1858-08-21 00:00:00

NORTH AND SOUTH-WESTERN JUNCTION.

The report of the directors of this company states that
there has been an increase of 5225 in the total receipts as
compared with the corresponding sx months of 1857. Tile
directors have been enabled to arrange with the South-
Wectern Company to convey forward, as fir as Richmond
and Twickenham, the trains passing over this company's
railway from Feuchurch-street and the North London dis-
tricts; this arrangement commenced on the 20th cf May
last, and the South-Western Company have undertaken to
facilitate the means of communication by altering the
junctions at Kew and Barnes, the effect of which will be
is make the route continuous, and the distance shorter.
The improvement in the company's passenger re-
ceipts has taken place since the new traffic with the South
Western line commenced. The route is still comparatively
unknown to the public. The net balance remaining, after
deducting the interest on the debenture debt, amounts to
£873, which will pay a dividend of 2s. per share for the half
ear on the company's entire share capital, leaving a balance
of £76. The capital account shows that £85.218 had been
received, and £82,282 expended, leaving a balance of £2,936.
The Hammersmith branch account shows that £22,648 had
been expended upon the branch, leaving a balance against
the account of £3,507. The revenue account for the half-
year showed that £2,855 lin i been received and £1,434
expended, leaving a balance of £1,421.

DUBLIN AND BELFAST JUNCTION.

The hv lf- yeatly mectine of this company v% a= held on
Wednes,!ay,. at. their cific:s, Talbat-street, Dublin—Mr.
John Barrow in the chair.

The SECRETARY read the report, the chief features oh
which have already tueo published.

- .
In reply to the Right Hon. E. LUCAS,
The CHAIRMAN stated that £5 upon each of the 16,594
£5O shares mehtioced in the statement of aceonnts•-had not
been called up, and consequently represented so , much
available capital. Of '2 077 shares, whieli were stated to
have been " ' partly paid up," there 'was about :eta per
share available in the same way ; and there was likewise a
certain sum invested in the Dundalk and Enni.ki:lin Rail-
way an 4 in the Banbridge Quenpany, which they were en-
titled to consider as capital, subject to certain vicissitudes.
Mr. HARDIN wished to know whether the shareholders
of that company had been called together in order to Banc-
don the advance made to the Banbridge line?

The CHAIRMAN said not, and explaintd that the direc-
tors thought it important that the line should be wade not
only as a direct feeder, to the Belfast Junction Company, but
also as a protective line to them. They did not, under the
circumstances, consider it necessary to first have the assent
of the shareholders before they made the advance,, having
reason to believe that they bad confidence in the board, and
would approve of what had been done. (Hear.)
Mr. HARDIN thought that the shareholders should be
consulted.
Mr. LUCAS inquired as to the nature of the several items
which formed the gross items set downoutstanding debts
gue by the company£sl,334 17s. 41.,' and of the balancing
items at the other side.
The CIAIR3IAN said the amount referred to had for a
length of time been in the funds; it was unfortunately in-
vested at a time when the funds were very high, and it had
been the earnest wish of the board not to withdraw it until
they could do so at least with very trifling loss. They still
hoped to be able to do so, and in the meantime the concern
did not suffer from the money being so employed, as they re-
ceived interest for it at the rate of 3 per cent., which was all
they were at present paying for the use of money. The share-
holders might depend that if the funds advanced, as the
directors looked forward to their doing, the money would
be withdrawn as soon as it could be safely done.
Mr. JACKE sy that the accounts, which
he had caret's re in an exceedingly satisfac-
tory and in' de would suggest, however,
that the dire( on the face of the account the
authorised at also that the position of the
company Isey of a dividend of 5 per cent.
being deelart ilf years.
Mr. Pits
the steadily law( the shareholders upon
ty of the company, and ex-
pressed a he 2e directors would feel them-
selves warn Acting a higher rate of divi-
dend.
The CHA lir generally to the observa-
tions which id he should not trouble the
meeting at the report, which contained
as much into to greater number of the
shareholders were desirous of obtaining. There were,
however, a few matters not generally introduced into
a report which he would comment upon more at large,
and the first of these was wilt reference to their traffic.
The. board did consider that the traffic of the line was de-
vdeoluoybitn gwii
aandteerveedr becomingitstoaste
in-
creased in proportion to the hopes which some of the more
sanguine w d
owingto
t entertain.tile Stilltlemfythhaedlittle
knew was taking removal
mone-
tary pressure,
going
was
forward,l and the increase of traffic which he
produc-
tiveness of these new lineas greater opinion of the_ produc-
be looked for.
others had ; and the which had been spoken of than
Hep place, the the most favourable results might
directors, certainly did expect, and
afpeteedetritetd if the Banbridge line
would he very much di,
enabled
obletlde main railway. By
prevent a great
did not prove a very good
that line also they might be
,byornotot
deal of mischief to their own valuablt:
allowing other companies to compote with them,
se-g2,000 a-year ; but
damage them in any way that they possibly could.r Th
Attires in the Banbridge Company had been subscribed %510
expectation to the eon-
the full consent of the shareholders, who also knew that they
were
taatnldininegatthaerierntof
they
ye
faebuouudt,
nary, that there were difficulties in the way of the comple-
tonoVithtisi
lion of the line, and :hat the Banbridge Company would be
unable to finish it without their aseistance. The board had
'herefore no hesitation in advancing. the SlB,OOO which had
been already mentioned—that was to say! perhaps
one-
e-
bird of that amount had been already pa , id and he r
mainder would be given as the work proceeded. The money

was only paid upon receipt of the contractor's certificate, and
rot a shilling of the property of that concern passed into any
other bands. Then, again, as soon as the line was completed,
it passed into their own hands, and as they held £5 preference
shares meanwhile for the amount which they had advanced,
they would then be enabled to become their own paymasters.
(Hear, hear.) These shares were issued to them immediately
on payment of the certificate and the interest commenced
on that very day. There was also a director of the Belfast
Junction upon the board of the Banbridge Company, and he
had no doubt tbat they would be enabled to work smoothly
and harmoniously together, Another source of the increased
traffic, as he had mentioned at the last half-yearly meeting,
lay in the total removal of the misunderstanding which had
taken place with the Steam Packet Company. (Hear, hear.)
By that arrangement they had certainly increased their
traffic very much. He had reason to know that the Steam
Packet Company were also satisfied with the agreement,
and he had also reason to be aware that the Dublin and
Drogheda Company were content. There was, therefore,
reason to suppose that the errangement would be a per-
manent one, and that it would work well, as it should do,
in all respec's. In addition to this increase in their
traffic there was also a decrease in their working expenses,
which in round numbers would be £I,OOO less than last
year. This decrease was mainly in the item of coals, and
was awing in part to the reduced price, and partly also from
the scientific improvements that had taken place. In fact,
economy was studied in every way that could be done con-
sistently with prudence, but the proprietors must be pre-
pared for a certain amount of increased expenditure with the
increased traffic which they looked forward to from the branch
lines. During the past half-year there had not been any
accident upon this railway, a circumstance to which he was
always glad to have the opportunity of referring; and the
doubling of their lines for a distance of ten miles had
perhaps been of material service in this respect. The
Dundalk and Enniskillen line was now nearly complete,
having been opened to Lisbellaw, within four miles of
Enniskillen, but until it had actually been brought into
that town, as might shortly now be expected, he did not
think they could expect to have all the return which they
might expect from that channel of communication. The line
which had also been opened from Port adown to Durganoon
would, doubtless, also be important to them in a similar
point of view. With regard to the postal arrangements, be
would state that the arbitration had been lately held and
decided on; they certainly did expect to have received
much larger remuneration than bad been awarded by the
gentleman who acted as umpire. Mr. Hargreave was per-
fectly competent, and he believed willing, so far as his
judgment went, to give what was right and proper, yet the
result of his decision had disappointed them. The arbitra-
tion bad been signed since the accounts were closed, and of
course could not be introduced ; but be believed that under
its terms the company would certainly be loee s upon the
former amount by at least £6OO a-year. With regard to
the questions that had been asked about an increase
of dividend, he could only say that the directors were
most anxious to give the highest dividend which the
property of the shareholders would afford consistent
with prudence and good management, in corroboration
of which he might mention that they had very willingly
reduced their rate from 5 per cent., but they felt that if they
were to carry on the works as they ought to be carried on,
and if they were to put forward the accounts in the manner
in which they should be--(hear, hear)—they could not
afford a larger dividend at present than they were doing.
There was another subject which had not been alluded to
that day, but which he did not wish to pass over in si-
lence, as the proprietors on a former occasion expressed an
opinion that it should be at least considered—the question
of amalgamation. The board had not lost any time in con-
sidering the question ; they had met a deputation from the
Dublin and Drogheda Company, and they had also received
a committee of shareholders. The board themselves
thought the que,tion very well worth consideration
indeed, and were prepared to enter into the entire
matter with the other companies. They bad reason
to believe that the committee with whom they bad
conferred would afterwards proceed to call upon
the Ulster Board, and indeed he had himself sug-
gested that they should do so; they had no means of know-
ing what place, but after waiting for some time they entered
lute communication themselves with the Ulster Board, and
the correspondence was at present lying upon the table. The
purport of it was that the Junction Company asked for a
meeting with themselves and the Drogheda Company; the
Ulster directors did not assent to that, but expressed their
willingness to entertain any proposition which might be for-
warded to t hem. (Hear.) There had been difficulties attendant
upon the consideration of the question of anaalgamation, for
he believed there was no previous instance of any line in
Iretand by which it had been entertained ; therefore they bad
made inquiries in London, and now knew something of the
manner in which the question, ought to be approached. The
subject was, however, a very difficult one, and required a
great deal of consideration and good management ; and again
it was of no small consequence to that company to decide upon
the hands into which they would place the permanent settle-
ment of the question, and they should take right gord care
that the persons so chosen were not only competent, but
were men of sound and ripe judgment who understood the
matter and were prepared to give their time to its con-
sideration. (Hear.) He merely wished to say that they
were quite ready to consider the subject, and to see whether
or net it would be for the interest of the three northern
companies that an amalgamation should take place. It
might be considered by the shareholders of greater value
than it really was; but still the question should not be put
by, nor herd they any intention of putting it by. When they
met the directors of the Dublin and Drogheda Company
their time and thoughts were very much occupied other-
wise; but, nevertheless, they met them, and were quite
willing to consider the subject ; and hereafter they might,
be thought, give more time and attention to it. He would
also say for himself, without knowing what the board
thought of it, that perhaps the easier way for them would
be to amalgamate with the Dublin and Drogheda Company
in the first instance, and then see what could be done with
the lister Company.
At the request of Mr. Hardin, the Secretary read the
correspondence.
Mr. HARDIN said, in the absence of Mr. Gartland, wbo
took a prominent part in the question of amalgamation, and
of Mr. Armstrong, it lay on him, as one of the deputation
to the two companies, to enter into some explanation. They
first waited on the Dublin and Drogheda Company, and the
directors were ready to meet the Ulster Board at any time.
They bad some consultation then, and having seen several
gentlemen largely interested in the Ulster Company, he
came to the conclusion that the Ulster Company was fa-
vourable to an amalgamation, their interests being different
from those of the other companies; but it was his belief
that if the Drogheda and Belfast Junction Companies would
unite, they could, by becoming a large and powerful body,
make better terms with the Ulster Company.
The CHAIRMAN said the directors of the Belfast Junction
Company could not be expected to do more than they had
done. They had, in compliance with the wish expressed
then, 'hewn themselves ready to consider the question, and
the directors of the Dublin and Drogheda Railway had thrown
no difficulty in their way. (Hear, hear.) He should add
that with the exception of what took place in that room in
February last, so fsr as they knew, the shareholders gene-
rally had not expressed any anxiety on the subject of amal-
gamation. The directors had never shown the slightest
wish to get rid of the question, which they all thought was
surrounded by great difficulties.
Mr. PILXINUTON considered that there must be a great
deal of doubt on the minds of the shareholders of that com-
pany ag to the propriety of amalgamating with the Drog-
heda line unless the other company joined.
Mr. LUCAS was deeply sensible of the difficulties which
surrounded the subject of amalgamation, having given it a
great deal of consideration. The interests of the Ulster
Company were very different from the interests of their
d id n companyot
fianndd
ftahoel
tDwui bt h
nt
hand Df
or
to gehn edda
.eivaasevsaot
ttptt preliminary Company,
er)igßiinte a
oilnrapasrrto: dnsatonelie
promote
them by all fair and honest means. The Ulster Company
toe trjaoffiincwfirtohmthtehme
twt.iesrtne.fdoretotod:roa;evointph
was in vain. If the amalgamation with the three compa- ,
nies could he carried out iti fair and equitable terms, from
that moment would commence the real prosperity of the
three companies. ( Hear.)
The CHAIRAIAII Wing stated that ro blame rested with

that hoard in the matter., conducted by proposing tint a
dividend be declared on the paid-up capi'al at the rate of 4
per cent. ptr annum, less income tax.
• The motion was pasted.
Mr. Lucas was then called to the chair, when a vote of
thithlcs was unanimously passed to Mr. Barlow.

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