The Sun.
London, England, 1860-07-31 00:00:00

METROPOLITAN RAILWAY.

The report of the directors to be submitted to the
half-yearly meeting to-morrow states that the cor-
poration of London have become shareholders to
the extent of £200,000, as previously arranged, and
have nominated to the direction three members of
their body. The bill promoted by the company for
improving their station arrangements has been
passed. The other, introduced by the company for
effecting a better communication between their
railway and the system of the Great Northern
Railway was adopted and promoted by the Great
Northern Railway Company, and has received
the royal assent, and the works of the new
junction will be undertaken by and at the cost of
that company. The corporation of London have
obtained the sanction of Parliament to establish
extensive markets in Smithfield for the sale of meat
and provisions, and to afford railway companies
facilities there, not only for traffic for the purposes
of the market, but also for receiving and delivering
goods for the general trade of the City and the
central districts of the metropolis. The bill pro-
moted at the instance of the company for a short
line to connect their railway with the new markets,
and with the large and convenient railway station
which will there be formed, has also received the
sanction of the legislature. Arrangements have
been made by this company, and the Great Western
Railway Company, with the corporation for the use
of the ground under the market for the purposes of
a goods station. The rent to be paid by the two
companies for this iarge space is fixed at £2,000 per
annum ; the companies bearing the cost of excavat-
ing the substructure and its retaining walls, and
also a portion of the cost of the roof, the Corpora-
tion defraying the larger portion of the latter, and
all charges incidental to the erection of the market.
The London, Chatham, and Dover Railway Com-
pany have obtained powers to extend their line to
join the railway of the company at its present ter-
minus in Victoria-street ; the system of the Metro-
politan Railway will be thus placed in direct rail-
way communication not only with Dover and
the continent, but also with the souther/
portions and suburbs of the metropolis.
Considering the enormous traffic which the Metro-
politan Railway will undoubtedly be required
to accommodate, and more especially the need of
space near the proposed goods depot at Smithfield,
the directors have thought it expedient to purchase
the whole of the vacant land belonging to the cor-
poration of London on the eastern side of Victoria-
street and north of West-street. For this land,
in quantity 5 acres 19 perches, the purchase money
has been agreed at £179,157, of which £60,000
will be paid in money during the next twelve
months, and the remainder by a rent-charge at the
rate, of 41 per cent, per annum redeemable in 40
years. The works both at King's-cross and at
Paddington are in full progress ; a very consider-
able portion of the land for the line acid stations
has been purchased, and the buildings thereon are
being rapidly cleared. Although the stations at
Victoria-street and Smithfield will no doubt be suf-
ficient for the previously contemplated traffic of the
railway, it is impossible to deny that a station
nearer to the Bank is a public requirement; and
the .directors think it advisable that application
Should be made to Parliament in the ensuing
session for an extension from Smithfield to Fins-
bury-circus. The length of this extension will
scarcely exceed half a mile, and the directors are
advised that the property through which it
would pass is not of a costly description. The
directors are of opinion that no preference stock
should be created for this purpose, but that the ne-
cessary cost will be readily provided for by means
of a separate capital of the Metropolitan Company,
as the traffic over this portion of the line, compris-
ing the combined traffic of both the Metropolitan
and London, Chatham, and Dover Railways, will
obviously secure a satisfactory dividend on the
capital to be expended upon its eonstruction. The
active operations of the company have thrown
considerable work upon the secretary, and the
directors, subject to the approval of the share-
holders, have fixed his salary at £4OO per annum.