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

NORTH LONDON.

The half-yearly meeting of this company was held yester-
day atithesdlices Euston-square—Mr. R. D. 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. ld. remains against £20,762 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 81. ld. to be carried forward. By ce-operation with the
South-Westeru 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 Kingsland and Islington, the directors have
erected a new passenger station at the Stoke Newington-
road. It will be opened for traffic in -a few days, and will,
no doubt, assist in increasing to company's revenue. Dur-
ing the past 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 oiler, the directors will continue the same operation.
The share capital of the company remaining unissued I
amounts to £56,780, on which loans have been obtained. It
would be desirable, in the opinion of, the board, that the I
issue of these shares should be no longer delayed, and that
the proceeds should be applied to the extinction of the lia-
bilities above alluded to. It is proposed, with the sanction
of the present meeting, to offer these shares, in the first
instance, pro rata, to the existing shareholders."
The CHAIRMAN said that, having been requested to take
the chair in the absence of Mr. Scott, the chairman, it was
a matter of great satisfaction to be able to congratulate them
on the best return they ever bad from the railway, especially
as, with one or two exceptions, the traffic on every line in
the kingdom had fallen off, and the dividends diminished.
Holding his position as a representative of the London and
North-Western Company, it was no little satisfaction for
hint to be able to state that there was to be a dividen I of
per cent., and that showed that this line was
different from all other branches, and instead of de-
tracting from the London and North-Western, it could
pay greater dividends than that great undertaking could
pay itself. There had been no falling off in the prospects of
the company, fur the traffic since the Ist of July, as com-
pared with the corresponding weeks of 1857, in passengers
and goods traffic, had increased. There were ether elements
which would shortly come into operation, which ho hoped
would add to their receipts. For instance, a station would
shortly open at Stoke Newington, which he bad no doubt
would add to their receipts without increasing the expendi-
ture. In May next the Hampstead Junction would be opened,
and that could not fail to add to the profits of the line.
Though the company had three times
. previously paid
dividends of 5 per cent, yet the capital was considerably
less, and in no year they had been enabled to carry over so
large a balance. (Hear, hear.) He hoped this would prove
satisfactory to the proprietors—indeed, he had no doubt
if
there had been a bad report the meeting would have been
mote fully attended. In the name of himself and colleague
he begged to say they were greatly indebted to Mr Chubb,
their secretary, for their prosperity, as it was mach due to
the gxertions of that gentleman. He would now move that
the report be received and adopted.
In answer to questions from Mr. HERAPATII,
The CHAIRMAN said that £86,000 debentures bad fallen
due in July, and were renewed ;at 4 per cent. The new
capital would be issued amongst the proprietors Fro rata.
The report was adopted, the dividend decLred, and the
usual vote of thanks passed.