The Sun.
London, England, 1866-02-08 00:00:00

METROPOLITAN.

The half-yearly general meeting of this company
was held yesterday at the London Tavern, Mr.
Parson in the chair.

The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said he thought it was extremely satisfactory,
and he trusted that the future reports of the com-
pany would not be less satisfactory. The accounts
were kept so that the proprietors could compare them
with those of preceding half-years. There was an
available balance of £73,857, out of which they pro-
pose to declare a dividend at the rate of 5 per cent.
on the preference shares and of 7 per cent. on the
ordinary shares and stock, leaving a balance of
£1,700. Mr. Fenton, their general manager, had
given statementsin hisreport from which they would
perceive that the gross traffic for the year 1863
amounted to £101,701, for theyear 1864 to £116,489,
and for the year 1865 to £141,513, showing in 1864
an increase of £14,782, or 14i per cent., over that
of 1863, and of £25,024, or 21i per cent., in 1865
over that of 1864. The increase in 1865 over 1863
was 39 per cent. ; that, he thought, was very satis-
factory. It was said in the first or second year of
working that they had obtained their maximum of
traffic, but that was not the case, and they had
every reason to believe that the increase was still
going on. The dividend paid out of revenue inde-
pendent of Mr. Kelk's contribution, was £48,407
in the past half-year, and £44,336 in the preceding
half-year, making together £93,043. In the year
1864 they paid £69,699 out of revenue, showing an
increase in 4.865 of £23,344, but it was not so much,
as there was a balance of £6,000 over from the pre-
ceding account, which reduced the actual excess to
£17,300. When they found an increasing revenue,
not assisted by any auxiliary resources, paying 7
per cent. on a large capital, they had reason to feel
gratified. In 1864 they had paid £1,575 for four
months' interest on £90,000 new capital, but the
new capital in 1865 was increased to £315,1D00, upon
which they paid £11,025, being, in round numbers,
an additional £lO,OOO out of net revenue, and that
on an outlay two-thirds of which was entirely un-
productive. They were at present working on
the two narrow-gauge lines into Finsbury ; the
other two lines on the mixed gauge were to be used
for the traffic of the Great Northern, the Chatham
and Dover, the Great Western, and the Midland.
The Great Northern were working in connexion
with the Chatham from King's-cross to Ludgate-
bill, which was a small matter to them at present.
The Great Western were working their Hammer-
smith traffic into the old station at Farringdon-
road. The receipts on the Metropolitan line from
the Ist of January to the 4th inst. amounted to
£18,653, against £12,308 for the corresponding
period last year, showing an increase of £6,345, or
50 per cent. This increase was not all attributable
to Finsbury traffic, although a large part of it was
to Finsbury. If they wanted to estimate their
traffic for 1866 they must therefore add 50 per cent.
to the £141,500 for 1865, which would give them
£212,000, independent of any other source. But
at an early day they would have traffic to Finsbury
from the Great Western—say £lOO a week, exclu-
sive of the Farringdon-road traffic. The working
expenses were 39 per cent. in 1865, and the direc-
tors thought, with the increased traffic, they might
be reduced by 5 per cent., so that there would be
£140,000 left for dividend in 186 G. Ile thought it
required no magician to discover that the dividend
of 7 per cent. on the Metropolitan was tolerably
secured for the future. (Cheers.) Whatever might
be the ultimate value of the Great Western traffic,
he thought their arrangement with the Great Wes-
tern Company would be productive of great advan-
tages to the Metropolitan Company. The traffic
from the Great Northern was likely to produce
something. Tho Metropolitan Company at present
had not plant enough for the traffic. They were
using on the line every carriage they had, and re-
pairs had to be done at night ; but they hoped soon
to be able to give more accommodation to the
public. The western extension would receive a
very large augmentation of rental, and the revenue
from the western extension would be exceedingly
large. They would have to utilise their property,
provide suitable accommodation for the long
traffic, to enlarge some of their stations, which were
too short for trains of more than five carriages—
viz., at Portland-road and Baker-street. They in-
tended to afford better ventilation, and to place
intermediate telegraphs between some of the sta-
tions, so as to enable the company to run trains
every two minutes instead of every five minutes, as
at present, with the same safety as heretofore.
They were about to purchase a large piece of land
to the west of the Farringdon station, of which they
would use the basement and let all the upper part
to the Metropolitan Warehouse Company, at a
rental equivalent to 4 per cent. on the cost of the
land. He believed that the Metropolitan Railway
was still in its infancy, and that the shareholders
would have no reason to regret their investment.
Mr. GILPIN, M.P., seconded the motion for the
adoption of the report.

In reply to questions, it was stated that they were
to pay the Corporation £2,000 a year for the site of
the goods stations, under the intended Smithfield
market, of which the Great Western were to pay
one-half. Great delay to the railway works had
occurred in consequence of not being able to obtain
the plans of the intended market from the Corpora-
tion, but he hoped both companies would now be
able to proceed rapidly with the works in Smithfield.
Mr. Kelk had opened two lines into Finsbury, for
.which a deduction would me made from his former
Contribution, and when he opened the two other
lines to Finsbury he would have nothing further to
contribute to their revenue on that account.
Resolutions were passed unanimously adopting the
report, declaring a dividend at the rate of 5 per
cent. per annum on the preference shares and of 7
per cent, per annum on the ordinary stock and
shares, payable on the 14th inst. ; authorising the
directors to borrow on mortgage or debentures
£400,000 for the Notting-bill and Bromplon Ex-
tension line, and of £233,000 for the Eastern Ex-
tension from Finsbury the Tower, and to raise
the money on such terms:as they might deem expe-
dient.

The retiring directors, Mr• T.Dakin
and Mr. J. Nasmyth, were re-e 1 Mr. W. Lee,
re-elected,
Copestake, the retiring auditor. ' and also Mr.
On the motion of Mr. Gilpin, seconded by Mr.
Burchell, £l,OOO per annum was unanimously voted
to Mr. J. Parsons to superintend the purchase pur
of
land until the extensions were completed.
A :vote of thanks to the chairman concluded the
proceedings.

METROPOLITAN AND _—
ST. JOHN'S-WOOD.
The half-yearly general meeting of this company
wa held yesterday at the office, Duke-street, West-
minister ; Mr. W. Austin in the chair.
The report (an abstract of which has appeared in
The Sun) was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said the railway had made good progress.
The contractors were working well and with rapidity.
The line would probably be opened in the course of
the present year. They were anxious to have it
opened for traffic as early as possible, and under the
agreement with the Metropolitan Company the line
would be worked, for per cent. of the receipts,
which would prove the .yalue of the traffic on the

line, in addition to which they would have a rebate
allowed them in respect of traffic to and from their
district over the whole length of the Metropolitan
line, which would give them at least 6 p2r cent. The
agreement would be submitted to them at a special
meeting for approval very shortly. As to the exten-
sion of the line northwards, nothing would be done
that could endanger in any way the holders of stock
in the present company. They had,gone to a limited
expense to defend their district from a scheme which
proposed to cut off traffic and run across the end of
their line, and also had assisted in the promotion of
a line to extend the company's line to Alexandra-
park.
The Metropolitan Company would have the
option of leasing the St. John's-wood line in perpe-
tuity at 5} per cent. per annum, which would be a
first rate security.
Some objections having been made to any further
extension of the line,
The CHAIRMAN explained that if an extension
line should be granted it would be carried out by a
distinct capital, and, passing through a populous
and beautiful district from Hampstead to Highgate,
Muswell-hill, and the Alexandria-park, must in-
crease their traffic very considerably. When it was
considered that the double line would cost only
£54,000 a mile the extension line could not fail to
be remunerative.

The report was unanimously adopted ; the direc-
tors were authorised to exercise the borrowing powers
to the extent of £lOO,OOO ; the retiring directors,
Mr. W. Lee, M.P., and Mr. R. M'Kim, were re-
elected, and also Mr. E. Bellamy, the retiring
auditors.