The Sun.
London, England, 1867-08-23 00:00:00

SOUTII EASTERN.

The directors of this company have resolved to
reccom.nend the proprietors at their next half-
yearly meeting on the 20th inst. to declare a divi-
dend at the rate of £2 per cent. per annum.

METROPOLITAN DISTRICT.

Yesterday an adjourned special meeting of this
company was held at the offices, Victoria-street,
Westminster ; the Earl of Devon presided.
The CHAIRMAN said that under the original act
of 1860, constituting the company, power was given
the directors to borrow a sum not exceeding
£750,000. The Railway Companies' Act, which
had just passed, contained provisions the effect of
which was that for the whole or any part of the de-
bentures which under their original act the direc-
tors had power to issue they were empowered to
issue debenture stock at such rate as the Board of
Directors might deem it expedient to recommend.
Debenture stock was more marketable than deben-
tures were, and by the issue of the former the
directors would be enabled at an earlier period than
otherwise to get possession of the necessary lands,
and rush on the works with rapidity. The direc-
tors believed that there were many persons more
disposed to invest their money in debenture stock
than in debentures. lie concluded by moving a
formal resolution authorising the Board to create
and.issue debenture stock under the powers of their
special acts, the provisions of the Companies
Clauses Act (1863) and of the Railway Companies
Act (1867), not exceeding preferential interests,
rights, and privileges, as the board may from time
to time determine; that this resolution shall not
prevent the directors from issuing debentures in
lieu of debenture stock if the board think it ad-
visable, provided that the whole of the amount
raised either by debentures or debenture stock do
not exceed the amount which the company might
legally borrow.
Mr. WORMS seconded the resolution.
Replying to a shareholder, the CHAIRMAN said
that, although the meeting was a small one, the
Board of Directors held proxies sufficient to con-
stitute a legal meeting and to carry the resolution.
The proxies held by the board represented shares to
the amount of £116,007.
Mr. ALEXANDER deprecated the use of proxies
to carry an important resolution like that sub-
mitted to the meeting.
The resolution was carried with two dissentients.
A vote of thanks to the chairman closed the pro-
ceedings.

LONDON, TILBURY, AND SOUTHEND.
The report of the directors states that the revenue,
as furnished by the lessees, showed that the receipts
for the half-year ending the 30th of June amounted
to £24,532 and the expenses to £18,619, leaving a
balance of £5,913. Compared with the correspond-
ing period of the previous year, there was a decrease
of £855 in the receipts, and an increase of £647
in the expenses, making a total decrease of £1,503
in the balance of the present account. The return
of passenger tolls and proportions of goods receipts
derived by the Great Eastern and North London
Railway Companies during the half-year amounted
to £10,155, which, added to the above receipts,
£24,532, made the gross receipts during the half-
year, for Tilbury traffic, £34,687. A new Order in
Council, prohibiting the movement of cattle im-
ported from abroad in the New Metropolitan Cattle
Market, except by railway, had worked beneficially
for this line, and another Order in Council, dated
the 3d inst., partly withdrawing the prohibition in
regard to the importation of cattle from Holland,
le .1 the directors to hope that at no djstant time the
restriction would be altogether abolished. The bill
promoted by the North London Railway Company
for effecting a junction with the Tilbury line at
Bromley had received the Royal assent ; and au
agreement, under seal, bad been entered into with
the London and North-Western and North London
Companies, granting them running powers over the
Tilbury line, upon the principle of a mileage
division of the receipts from traffic passing to and
from the respective railways. The capital account
showed that £798,677 had been expended.