The Sun.
London, England, 1858-08-11 00:00:00

NORTH LONDON.

The half-yearly meeting of thiscompany was held yester-
day afthe °diets Euston-square—Mr. R. U. Mangles, M.P.,
presiding.
The report said—" The receipts for the half-year show an
increase of £2,266, and the expenditure a decrease of
£1,457, as compared with the corresponding period of 1857.
The result of the half-year's transactions is that a net balance
of £23,838 18s. 14. remains against £.29,762 17s. 7d. last
year, which enables the directors to recommend a dividend
at the rate of 5 per cent. per annum, leaving a balance of
£BB3 Bs. 14. to be carried forward. By ca-operation with the
South- Western Company the directors have organised a sys-
tem of through passenger trains to and from Richmond and
Twickenham. This traffic, commenced only in May last, is
fast rising into importance, and the directors hope that
more extended relations with the South-Western Company
may result from this arrangement. For the accommodation
of a large population, which has recently sprung up in the
district between King-land and Islington, the directors have
erected a new passenger station at the Stoke Newington-
road. it will ne opened for tt attic in a few days, and will,
no doubt, assist, in increasing, t'ie company's revenue. Dur-
ing the peat half-year a commencement has been made in
the issue of the company's 4 per cent. debenture stock, to a
limited extent, to replace bonds falling due; and, as opportu-
nities offer, the directors will continue the same operation.
The share capital of the company remaining unissued
anorinis to £56,780, on which loans have been obtained. It
would be desirable, in the opinion of the board, that the
issue of these shares should he no longer delayed, and that
the proceeds should be applied to the extinction of the lia-
Mites above alluded to. It is proposed, with the sanction
of the present meeting, td offer these shares, in the first
iasraoce, pro rata, to the existing shareholders."
The CHAIRMAN said that, having been requested to take
the c'iair in the absence of Mr. Scott, the chairman, it was
a matter of great satisfaction to be able to congratulate them
on the best r: turn they ever had from the railway, especially
as, with one or two exception., the traffic on every line in
the kingdom had fallen elf, and the dividends diminished.
Hoping his position as a representative of the London and
North-Western Company, it was no little satisfaction for
him to be able to state that there was to be a dividen 1 of
5 per cent., an 1 that showed that this line was
different from all otter branches, and it.s•ead of de-
tracting from the London and North-Western, it could
pay greater dividends than that great undertaking could
pay Welt'. There had been no falling off in the prospects of
the company, for the traffic since the Ist of July, as com-
pared with the corresponding eterks of 1857, in passengers
and goods traffie, had increased. There were other elements
which eveulti shortly come into operation, which he hoped
would add to their receipts. For ins.ance, a str.tinn would
shortly open at Stoke Newington, which he bad no daunt
would add to their receipts without increasing the expendi-
ture. In May next the Hampstead J unction wonld be opened,
and that veil,' not fail to add to the profits of the hue.
Though the company Lad three times previously phi
dividends of 5 per cent, yet the capital was considerably
ler., and in no year they had been enabled to catry over so
large a balance. ( Hear, hear.) tie loped this would prove
satisfactory to the propriet, rs—indeed, he had no di übt. it
there had been a bad re pnt the tnecing would have been
more ful:y attet.dtel. In the rattle of biros( II and colleagues
he brg,gcti to say they were greatly indebted to Mt • Chubb,
their secretary, for their proee erity. as it was much due to
the exertions of that g n lenirin. Ile would now more that
the report be received and adopted.
In answer to questions frith Mr. ri ER A P.l Tll,
The Cu AIRMAN said that £66000 11,1). tomes bad fallen
doe in July, and were renewed .at 4 psi' cent. The new
caettel would be issued amongst the proprietors pro rata.
The report wile adopted, the dividend declared, and the
ulial vote of thanks parsed.

STOCKTON AND DARLINGTON.
The half-yearly report states that it is not in the power
of the directors to point, as on former occasions, to progres-
:tire increase of receipts, the well known state of trade and
ruining industry, for ninny months past, may be legitimately
as-igntli as the cause. The receipt-, including the balance
front last half-year, amount to £176,234 63.1(1.' the current
expenditure to £91,930 15s. 111 d., both of which include
the revenue and expenditure on all the branches. The ills-
uosable balance after payment of all interest, rentals, and
ither outgoings, amounts to £28,000, which is equal to the
payment of a half-yearly dividend at the rate of 81 per
cent. per annum on the enAna.y shares, leaving nearly
£2,000 to be carried to next half-3 eat 's account. The amount
alluded to in the last half-yearly report, as due from the
Dement Iron Company, is £23,242. As, however, the
final repayment is guaranteed with in'erat, it has been
placed to a suspense account. The directors continue to
feel a lively interest in the railway extensions westward; the
formation of the South Durham and Lancashire Line is pro-
ceeding rapidly, the works of the Eden Valley Line, in ex-
tension of the South Durham and Lancashire Union towards
Penrith, ke., are about to be vigorously prosecuted. A new
company, ecti•led the "Cleveland Railway Company,"
have obtained Pat liarnentary posers to construct about ten
miles of railway in tke eastern portion of Cleveland. The
lire in question has its terminus at Guisbro', and should the
anticipations of the promoters be realised, the traffic ob-
tained through their exertions will he placed upon your line.
The attempt made by the Cleveland Railway Company tl
carry their works front Guisbro' to the Tees, and across
that miser, in direct eompstitien with your Guisbro' Line,
was defeated by the efforts of your directors, and by the
unanimous vote of the eummittee of the house of Com-
mons. 'I I: e directors In obtaining the concurrence of
the Legislature to the extension approved by you beyond
Gaiihro', and for the construction of a branch to cross the
Tees below Stockton. The aims of your directors to open
out further the mining districts, to communicate directly
with the Not th-Eastern anti West Hattlepo.l lines, and
and invalualee facilities to the trade cf
ne Improing
If ye "17
,
for the present been hus'itated.:Other plans to secure these
h will have the recommendation of greatly
under the
ciic
di-
minishedetshcoisct, are, hon. .e‘ ert
beard. The company .s other applications to Parlconsideration iameat
have resulted in obtaining
all the powers sought. The di-
rectors feel that several of these are so important asAtwoownattrs-t
war-
rant the employment cf of the capital of te
theta are—Paweis for the CGil'-;,;t1.,a
irxrcr:se
of
capital
for
lensed lines and brenches,_
rolling st-ck end new L77;tl-k.',l,pfonr.tahoen.nrennialegor illitni,t7elr(aonre
consequent incorporation of r
Valley
ittie sod in one Vino.) of the IS ear,, Railway'!)_`;
Plitv, the Mideit-ahro' and Retleae Railway (0117313.11i3nt.t,
Darlington
Allddleshro' and Ctii,hto' Railway roirspanYt the k
with the owe ton
,and Barmaid Castle Ral way CottntanY't.
awl Darlington Railway Cempany, on agreed antlyist bases
—to abandon the making of a branch line in Weardale, no
longer deemed necessary—for the amendment and improve-
ment of your existing lines—to make an extension from
Redcar along the coast, via Marsk, to Salthurn, in the
North Riding, about six miles—to make a branch communi-
cation between your west lines, via St. Helen's Auckland, to
Bishop Auckland and the North-Eastern line, about two
and a-half miles. The adjustment of capital anti share ac-
count, as provided for in the new acts, will be made as early
cssible • and in due course you will be called upon to
as p • shares, and on such terms as
sanction such ibeue of the new.
oetermine to be expedient
the ehercholder3 1123 Y And just.

THE GREAT EASTERN STEAMSHIP.
An extraordinary meeting of the proprietors in this com-
pany was held yesterday at the London Tavern to hear the
report of the directors and committee of co .operation with
respect to the prospects of the undertaking. The chair was
taken by Mr. Hope, who was supported by Mr. Henry
• Berkeley, M.P., Slr Joseph Paxton, 31. p., and other

direetcrs.
Mr. YATES, the secretary, read the report in question,
which stated that the directors bad met the committee of
co-cp-ration on the 20th and 28th of July, and that, having
discussed the various propositions referred to them, it was
unanimously resolved to submit the following recommenda-
tion—that the Great Eastern steam-ship should be pat up

for sale by public auction; but that if any adequate sum

were meantime offered by private contract power should be
given the directors to accept such sum as they might think

The CHAIRMAN said he would simply move the adoption
of the report just read, which was the unanimous conclusion
of the directors and the committee of management. He

would, however, remind the meeting that if it acquiesced in
the proposal now made it would be tantamaunt to acquies-

log in the sale of the ship.
Mr. TAYLOR said it appeared to him that the directors
recommended the company to commit suicide. The
proposition was absurd, a., if the ship were put up to
public auction, the number of bilders must necessarily be so
limited that the property would be sacrificed. He hoped the
meeting would not entertain the proposition, as it would be
far better far the proprietors to subscribe among themselves
to pay current expenses rather than have the property
thrown away. It was possible that the Government might
yet purchase the ship. (Hear, hear.)
The CHAIRMAN said the recommendation of the corn-

mittee was that the ship should be sold by auction, but that
if, in the interval, any reasonable offer was made to purchase
her, the directors sbou:d be authorised to accept it. If
this proposition did not meet with the approval of the
meeting he confessed that he did not know what else was
to be done. There were debts on the ship, open accounts,
and acceptancts, which could not be long delayed, and it
occurred to the board that possibly a better sum could be
obtained for the ship while it was in the possession of the
company than in the hands of strangers. The board and

. _
the committee were of opinion that the best time to put the
ship up for sale would be about the end of October, which
would afford time for the shareholders or other parties to
come forward. It was an unfortunate thing that the
shares were held by large holders, who appeared in-
disposed to risk any further capital in the speculation,
Appeals had been made to them, and they would not, or
could not, respond. There were debts pressing upon the
board, and all he could say was, that if any shareholder
could strike cut a course to release them from their present
dilemma, better than that of the united wisdom of the com-
mittee of co-operation, they would be very gra!eful to
him.

Mr. TAYLOR inquired whether the prepeeitien of Mr,
Magnus (referred to at the lest meeting) had received the
consideration of the directors ?
The CHAIRMAN—It was submitted to the board, and we
looked upon it as too absurd to be entertained. It amounted
to a proposition to sell the ship for £90,000.
A SHAREHOLDER—For £290,000.
The CHAIRMAN replied that the proposition in point of
fact only involved a sum of £90,000, as the £200,000 would
be required to fit up the ship. The £90,000 would only pay
their debts.
Mr. TAYLOR then read the proposition of Mr. Magnus,
and said that, in his opinion, the vessel would not-fetch
£50,000 by public auction, whereas, -if money could be
raised to send the vessel to sea, she might yet earn large
profits. He had been informed that four ships trading
between Panama and Fraser River (calling at San
Francisco), had earned a net profit of a million sterling.
Here was a profitable trade in which the ship could be
employed if she were once ready to go to sea. (Hear, hear.)
A SHAREHOLDER suggested that, if the directors and
shareholders were to meet together on the common ground
of partners in a great undertaking, they might be able to de-
vise means of extricating the company from its present diffi-
culties. The proposition of Mr. Magnin', and that of Mr.
Guedalla had both some good features, and it was possible
that if all parties could come together, the funds might be
got to finish and equip the ship. (Hear, hear.)
Mr. BAKER (a director) observed that the impression on
his mind was that the board had already done all in their
power. They had failed, and it would be unfair of them to
hold back from honest creditors the money that was due to
them. If they could not pay their debts they were bound
as honest men to sell the ship. (Herr, hear.) He had also
the conviction that if the vessel were offered for bona fide
sale, there was too much spirit and national feeling in the
country to allow it to be sold for a song, and that amongst the
30,000,000 of people in the United Kingdom 250,000 could
be got to subscribe It each to purchase the ship. The sum
of £230,000 was alt that was now required to purchase a
tonnage of 25,000.
Mr. TAY LOR inquired whether It might not be well to
appoint a committee to consider the terms proposed by Mr.
M agnus ? (Hear, hear.)
The CHAIRMAN said Mr. Magnus had offered no terms
whatever ; alt he had asked was, that a month might be
given him to do that which the shareholders could do them-
selves.
Sir JOSEPH PAXTON put it to the meeting whether it
was likely that they would ever see a single farthing of their
money if the proposition of Mr. Magnus were carried out.
The proposition of Mr. Magnus was in point of fact to give
It) per cent. to any new company, and to divide with toe
old sheieholders any surplus that might remain after paying
8 per cent. insurance, sad setting aside a certain sum for
wear and tear. He looked upon such a prop )sition as per-
fectly absurd.
A PnoenrETon said the company was precisely in the
position of a man who bad commenced building a house
which he had not the means to finish. The only alternative
was then to sell, unless indeed they could get some one to
lease the ship.
The ltev. Mr. NICHOLSON said that the company were
not precisely in the position of the man who commenced
building a house which he had not the money to finish, as
he could mortgage the house and thus obtain the means to
finish it. (Hear, hear.) It appeared to lem that the
directors had not used all the powers which the ect of Par-
liament gave them to extricate the company from its diffi-
culties. (Hear, bear.) Indeed a friend of his bad been
informed the other day by one et' the officials on board the
ship 'hat Mr. Hop (the chairman) was " nibbling at it."
lie wle, he believed, one of the largest shareholders in the
undertaking, and he would certainly apply to the Court of
Chancery for an injunction to restrain the directors from
selling the ship by public auction. (Herr, hear.)
The CHA 11, .)I AN —With regard to V-c accusation of my
".nibbling at tne slt'p,". I can only say it is a perfect
delusion, al, I assure you, I am quite willing to sacrifice
every shilling I hate in the concern, provided I may never
hear her name again, for she has he's a perfect torme et to
me for the last three or four years. I have sacrificed time,
mohey, peace of mind, in Iv, everyitirg that a man can
sacrifice for this concern, and the only thing I hate to
bletne myself fq r is that I have not made the rev. gentleman
pay up the calls on his shares., which he has not done up to
this moment. (Hear, hear.)
The Rev. Mr. Nictroesos said that be had not paid the
two or three hundred pounds in dispute between him and
the directors simply incluse the company owed him more
titan he owed tiers.
Are r a good deal of discussion, in the course of which
several suggestions wr re thrown out for raising the money,
Mr GUEDALLA asked whether a sulli lent sum might
not be raised on moo gage to satisfy the more pressing
creditors.
The CHAIRMAN—We cannot borrow more than we have
already borrowed. If L 40,000 could be got in the course of
a week or so we might be able to hold matters over.
Mr. BEATTIE (one of the members of the committee of
co-operation) said that one of the schemes submitted to them
was to transfer the ship to a new company, on payment of
the debts now due upon her, and then to raise the ad li-
tional sums, upon the most economical estimate, to fit the
ship for sea.
A PROPRIETOR suggested whether it might sot be better
to pass a resolution, empowering the directors to sell the
ship in the month October next, in the event of their not
being able to get any parties to lease her.
The CHAIRMAN said that with the exception of the
leasing powers the proposition of the hon. proprietor was
dissentients.
p r
Theecl se
report
y si u; i
wasl a r t
toll
et hnarte madedh
wy i tt Iht et
wb ooa
dr di ;
On the question that it be adopted, another animated de-
bate ensiled, when
The CHAIRMAN sa'd that )Ir. Freehfield, the solicitor
to the company, had drawn up a resolution which might
meet with the general concurrence of the meeting. It was
to this effect—" That the directors be and are hereby
authorised to receive proposals for the private purchase or
otiarter of the ship, and that in the event of failure, they he
authorised to advertise her for sale by public auction, and
that mean time funds be raised by mortgage or preference
shares on such terms as the directors should think fit, and
that no sale be concluded without the consent of the share-
holders."
hir. TAYLOR strongly protested aga'nst the words, " sale
by public auction," and instanced the ease of the Screw
Steam-ship Company, which advertised its vessels fur sale
at a reserved price of £lB per ton, and could not get a single
oflhr. (Ilene, hear.) lie moved, as an amendment, that
the words " sale by public auction" be struck out of the re-
solult.e
ion.
Tamendment having been Fecondel was put from the
d(c.;;ATaeoichrpiste,euotrorg,
co-operation
intsini
ne,nigeno,eallnitriairevuly,3;a:d,
nt,highbtrltyegino;
ni'be:gewettr
tehnaees7olt.reilietda: ' '
dont
resolution,
carried.attirio;
na !
inittbceo
weenPrre ta committee
pwpiot ihn the,eodf
accordingly, and, after a vote of thanks to the chairman, the
proceedings terminated.

Loan BROUGHAM.—The Carlisle Journal thus
describes the wcrkmattlike style in which Lord Brougham
went through his dotif s in cutting the first sod of the Eden
Valley Railway a few days ago :—" I. rd Brougham re-
ceived from the brawny navvy who stood beside him a neat.
spade, with which he cut the first sod, ar.d threw it into a
handsome mahogany harrow, which had beer, previded for
the occa.ion. Ills Inrdsh,tr then, with a vieortr as remark-
able as it. was charactelktic, wheeled the barrow along some
planks that Ind been laid for a distance cf some ten or
a dczeu yards, emptied its contents, anal then, in a truly
navvy-like manner, turned his back, and pulled the barrow
to the point when, ebe stetted. During the operation, the
most tleafetiinz, cheers resouud,d from every part of the
field. His lordship appeared to be much amused with hls
own performance."
[ADVERTISEMENT.] —Holloway's Ointment.—Ex-
tract of a letter from Mr. E. Pollard, druggist, of 59,
Catherine-street, Devonport, dated May 19, 183- :—" To
Professor Holloway.---Sir,—Mr. Blanker, of Charlotte
street, New Passage, near Devonport, suffered severely for
bleugt leg. Hetuv
ui tried
earsl
weeotltilndddeinvilsseis,
treatment. At length more than seven rears from
cal
aid a
would not heal by their he had re-
course f
it
Ointment and Pills, wine ), the course o
remedy that meth
a few weeks, perfectly cured it, and he is now in most ex-
cellentelerY to your Oin
health." Mr. Blanker desires thin statement to be
published in the hope t
thc sann
r;ceill thy sAmo reigf
hat others similarly afiliettd may