The Sun.
London, England, 1866-08-23 00:00:00

NORTH LONDON.

The half-yearly general meeting of this company
was held yesterday at the .offices, Euston Station ;
Mr. J. Bancroft, the chairman, presided.
Mr. MANSELL, the secretary, having read the
notice convening the meeting, the report, an abstract
of which appeared in The Sun, was taken as read.

The CHAIRMAN, in moving the adoption of the
report, said they had expended £2,788,032 on capi-
tal account to the 30th of June last, and during the
past half-year the directors had taken £20,145 from
revenue as a loan and used it for capital purposes,
thus beneficially employing the means at their dis-
posal for the interests of the company. The directors
had refrained from making a call on the shareholders
during the pressure in the money-market. He had
to inform them, however, that further capital would
be required in the current half-year. During the
past half-year the interest on additional capital had
come into play—viz., £700,000 of preference capi-
tal, £24,800 of debentures, and £127,690 of new
ordinary stock ; the interest on which was paid out
of the past half-year's revenue. It had been antici-
pated last year that with so large anamount of addi-
tional capital, however successful the line might be,
the traffic would not be sufficient to enable the
company to pay a dividend of more than 5 per cent.
on the increased capital ; but owing to the wonder-
ful success of the undertaking the directors were
enabled to pay a dividend at the rate of 6 per cent.
per annum for the past half-year, carrying over
a surplus of £4,156 to the next account. The
balance brought into the account from the preceding
half year was £4,585, so that by taking the difference
between those two sums only,
£429, and adding it
to the net earnings,
the company had been enabled
to pay the whole of the interest and dividend on the
increased capital. He thought the proprietors ought
to be well satisfied with that result. (llear, hear.)
They had not as yet had any of the London and
North-Western goods traffic over their line to the
new goods station of that company in Broad-street,
nor any portion of that company's passenger traffic
over the City Extension. He supposed that early
next year the goods traffic to and from Broad-street,
city, would be in operation over their line. In the
meantime he hoped the traffic would progress on the
company's line proper, and that at the end of the
current half-year they would not be in a worse posi-
tion titan they were at present. The locomotive
department, which was at present scattered over the
line, would he concentrated at a suitable place,
where the most approved machinery would be erected
for repairs and construction of rolling stock. The
saving. of expense that would be thus effected would
more than compensate them for the necessary out-
lay. With regard to doubling the line to accom-
modate the London and North-Western Railway to
and from the City Branch Station, the latter com-
pany had agreed to pay a certain amount, which
would about cover the extra outlay. Looking at
all the probabilities of increased traffic, the directors
trusted that the present dividend would be main-
tained. During the past half-year nearly 7,000,000
passengers had travelled on their line, which was
a very urge increase over corresponding periods.

In the half-year ending June, 1864, the num-
ber of passengers carried on the line was
3,896,000 ; ending in June, 1865, 3,989,000 ;
and for the half-year ending June last, 6,960,000.
The merchandise traffic had been 294,000 tons,
318,000 tons, and 330,000 tons respectively; and
the mineral traffic 288,000 tons, 329,000 tons, and
386,000 tons in the past half-year. The live stock
carried during the three years had not increased so
much in proportion. The figures were for the half-
year ending June, 1864, 270,000 ; ending June,
1865, 274,000 ; and ending June last, 294,000. So
that under every head the traffic had increased, and
would probably go on in a greater ratio.

Mr. ALLEN thought the fares between Hackney
and Broad-street should be modified and the train
service improved.

A shareholder said there had been an outlay for
the London and North-Western Company of
£140,000, and he did not see that anything had
been done for it. They should not rely too much
on the prosperity of the line, and he thought that
more facilities should he afforded for traffic. Ile
hoped to see it pay 10 per cent. when the works
were completed.
The CHAIRMAN said the great increase of traffic
showed that the public were tolerably well satisfied
with the fares and trains. They had purchased
land and made preparations for doubling the line,
which accounted for the outlay of capital referred
to. When the line was widened and other works
were completed the accommodation would be in-
creased and the train service improved. If they
were to reduce the present fares, which were mode-
rate, they could not expect to have a better divi-
dend. Under the circumstances he thought the
management of the line was very creditable to Mr.
Mansel, and if there was any complaint or sugges-
tion for improvement shareholders should write to
him.

After some further observations the report was
-unanimously adopted ; dividends on the preference
shares, at the rate of 4} per cent. per annum, and
at the rate of 6 per cent. per annum on the ordi-
nary stock and shares of the- company, were de-
clared payable on the 30th instant.

The directors were authorised to consolidate
35,000 preference shares of £2O each into £700,000
preference stock.

Mr. F. E. Greenaway was elected an auditor in
the room of Mr. Saunderson deceased ; the proceed-
ings concluded with a vote of thanks to the chair-
man and directors.