The Sun.
London, England, 1866-11-10 00:00:00

FRANCE.

BOURSE, Nov. 9.—Two o'clock.—The market is
animated, and quotations have again experienced a
considerable advance. Threes are doing at 69f.
10c.—an improvement of 17f. 50c. Italian Fives,
so much offered lately, have ceased their downward
movement, and are pretty firm at 55f. 75c., with an
advance of sc. " Discounts" have been called for
on these two Stocks—for 27,000 of the former and
for 12,500 of the latter. Credit Mobilier Shares
continue to be in great demand : to-day they have
gained 15f.—at 607 f. 50c., and Spanish Mobilier Bf.
73c.—at 316 f. 25c. Credit Fmcier have advanced
10f., to 1,375 f., but Comptoir d'Escompte are ne-
glected at yesterday's prices. All Railways have
improved ; Lyons, Bfr. 75c., attaining 920 fr. A
few realisations are taking place on the General
Ottoman Debt, after the constant rise during the
last few days. English Consols are unvaried, but
are now quoted for the December Account and ex-
dividend.

Three o'clock.—The cl
continued buoyancy, par

lose has been marked by
titularly on Credit Mobi-
is are as follows :
Bank Shares 3620
Italian Loan 55 85
Do. end month 55 80
Mexican Loan —
Do. Bonds —
Spanish Threes
Home Debt

Tiers. The last quotation

44 per Cents 97 20
Do. end month

3 per Cents. 69 15
Do. end month 69 12i
Credit Mobilier 615
Do. end month 613 75
Credit Foncier —

Do. end month 1375

Deferred -

RAILWAYS.

For Account.
Orleans
Northern 1177 50
Lyons and Mediterranean 9lB 75
Southern 582 50
Western 562 50
Eastern
Sardinian
Austrian
Lombard 406 75
North of Spain lO7 50
Saragossa,
Ditto to Barcelona —
Boman —

RAILWAY AND 0 PEER COMPANIES.

NORTH BRITISH.

A meeting of Yorkshire shareholders in this com-
pany was held on Thursday in Leeds to decide upon
the policy to be pursued with respect to the report
of the committee of investigation at the general
meeting to be held in Edinburgh on the 14th inst.
Mr. F. R. Jones, of Huddersfield, was called to the
chair.

The CHAIRMAN said that as he had only a limited
interest in the company, and was not thoroughly
conversant with the subject, he should confine him-
self to calling upon those present to deliver their
sentiments.

Mr. R. lIODGSON, the chairman of the company,
said he ought to explain and apologise to the meet-
ing for his being present. It was his wish to enter
into a few explanations, if the meeting would per-
mit him, in order to guide them in any decision they
might deem it right to come to.
Some discussion ensued, which resulted in a reso-
lution to the effect that Mr. Hodgson should have
an opportunity of making any explanation he wished
before the meeting decided upon the steps to be
taken in reference to the committee's report.
Mr. HopcisoN said he disputed several of the state-
ments of the committee. According to their view,
the full revenue available for the payment of the pre-
ferential dividends only amounted to £113,591, show-
ing a deficiency to the extent of about £95,000; and
the conclusion of the committee was that these ad-
ditions to expenditure were deducted from revenue.
There was no allegation to the contrary, for the
traffic receipts were truly and properly stated at
their amounts in the half-yearly accounts; but the
committee differed from the board in regard to the
principle on which those sums he was about to enu-
merate should be allocated either to capital or to
revenue. There was a sum of £17,752 in the re-
' port, expended on account of rolling stock which
they said ought to be charged against revenue.
The reason why that sum was charged to capital
and not to revenue was because it arose from a de-
ficiency in the engines and waggons which the
North British received from the Edinburgh and
Glasgow Company, and the Monklands Company,
and which deficiency existed when they were handed
over. There was £16,300 for Parliamentary ex-
penses. These expenses had been incurred for the
most part in opposing the amalgamation of the
Caledonian Company with the Scottish North-
Eastern Company, and also the Corstorphine branch
of the Caledonian, which, although only a small
line, was intended and calculated to deprive the
North British of its northern traffic now coming over
the Central Railway from Perth. He maintained
that that opposition was essential to the permanent
interests of the company, and was a capital expendi-
ture. There were plenty of precedents for charging
those sums to capital. So again with regard to the
interests on unproductive works. He had now ac-
counted nearly for the whole of the £86,440, the
sum total of those items, with few exceptions. As
to the £15,000 got from the clearing-house in hard
cash, that was not earned in the half-year ending
July. But although the law had locked up their
money for three years iu the coffers of the clearing-
house, and although £15,000 belonged to them, yet
the committee took credit for £5,000. The same
rule applied to the balance of revenue carried over
from the previous half-year, amounting to nearly
£5,000, which the committee ignored. The prefer-
ence dividend, and the dividend declared at the
shareholders' meeting, were just and legitimate
dividends, and he hoped they would be confirmed.
The next thing in the report was a diatribe as to
the mode in which the permanent renewal fund had
been dealt with. He had already stated in a cir-
cular, which appeared in the Mites, and le would

repeat here that day, the principle on which that
sum had been dealt with. He had the firmest con-
viction that their property, as it at present existed,
was capable of much further development, and that
the traffic revenue would very soon overcome any
deficiency, not only as regarded the payment of
dividend upon preference shares, but also upon the
ordinary stock. What they wanted was rest. He
felt that was necessary to develope what they
had acquired ; and he for one should hesitate
before going to Parliament in the next Session at
all. Let them see how their traffic could be in-
creased in the next 12 months ; and at the end of
that period it would be time enough to go to Par-
liament for an extension of time, or for the aban-
donment of proposed works.
Mr. WHITELEY said it appeared to him that Mr.
Hodgson had been one of a party to the cooking of
these accounts, and lie had no confidence in him.
(Hear, hear.)

Mr. WADE said that it was obvious from the
report that the dividends on preference shares could
not be paid ; and, of course, no original shareholder
could get a shilling. But in order that not only the
preference shareholders might be paid, but also that
an ordinary dividend of 3 per cent. might be de-
clared, Mr. Hodgson directed that certain sums
which the accountants had charged to revenue
should be placed to capital and to the suspense ac-
counts, so as to obtain the sum required to pay the
dividends. (Hear, hear.) Under these circum-
stances, it appeared to him that Mr. Hodgson could
not have from them that support which he claimed.

(Hear.)
Mr. KIRK said he was satisfied that, if they removed
Mr. Hodgson from his present position, they would
send down the value of their property to the extent
of millions of money. (Ilear, hear.) He was not
sure that the report of the committee was not
a one-sided one.

Mr. GARNETT said the great question before
them now was what was to be the future of the
North British Railway ? He believed that Mr.
Hodgson was not only the chairman of the Board
of Directors, buthewas the Board of Directors itself.
(Hear, hear.) He was now more inclined than ever
to blame the directors for not having looked better
after the interests of the company. (Hear, hear.)
He felt that the shareholders must entrust the
management of their affairs to other than the pre-
sent Board, if they wished to enjoy the confidence
of the public. (Hear, hear.)
Mr. HODGSON in reply said that after the meeting
of shareholders on the 14th they would never find
him forcing himself upon the shareholders and direc-
tors as chairman of the company.

Mr. CRAVEN said he wished to state distinctly
that he stood by Mr. Hodgson this time because a
dead set had been made against him by a party. He
believed Mr. Hodgson thoroughly up to his work.
Mr. TOLSON moved, " That this meeting pledges
itself to give its proxies to Mr. John Beaumont, Mr.
John Orr Ewing, and Mr. John Balfour, the gentle-
men appointed by the Manchester meeting of share-
holders."

Mr. FORSTER seconded the motion.
Mr. GARNETT moved as an amendment, " That
the shareholders present, having no confidence in
the Board of Directors, decline to entrust their votes
to them." _ _

Mr. Alderman TITLEY seconded the amendment.
On taking a show of hands the amendment was
negatived, and the original motion carried.
On the motion of Mr. WHITELEY, seconded by
Mr. G. LANCASHIRE, a vote of thanks to the chair-
man brought the proceedings to a close.
A committee of shareholders in Cheltenham have
issued a circular in which they state, " that it is of
the first importance that the chairman, Mr. Hodgson,
should be assured by the shareholders at large that
they earnestly desire and request that he will con-
tinue to renderhisvaluable services to the company."