The Sun.
London, England, 1866-05-01 00:00:00

RAILWAY BILLS.

Yesterday in the House of Commons, in group 1,
the Great Northern (Potter's-bar, Barnet, and
Hendon) was proceeded with and adjourned; and
also the Edgware, Highgate, and London, and the
Barnet, Hendon, and Midland Junction. In group
la, the preamble of the London and South Western
(additional powers) Bill was proved and the clauses
were settled. In group 7 the clauses of the Nor-
thampton and Banbury Junction Bill were settled ;
and the Teme Valley was proceeded with and ad-
journed. In group 10 the preamble of the Fleet-
wood, Preston, and West Riding Junction was
proved ; the Shrewsbury and Potteries Junction,
being unopposed, was referred to general committee.
In group 15, the Great Yarmouth Fish Wharves
and Tramways was proceeded with, and adjourned.
The following bills were referred to the Chairman of
Committe":—Manchester, Sheffield, and Lincoln-
shire (additional powers and new lines), Thetford
and Watton, East Norfolk, North Walsham and
Dilham Canal, Thorpe and Great Clacton Railway
and Pier. In group 16 the Great Western was
proceeded with and adjourned.

INTERNATIONAL CONTRACT (LIMITED).
The second ordinary general meeting of this c'orn,
pany was held yesterday at the offices, Cannon_
street West ; Major Kitson in the chair.
Mr. Hopley, the secretary, read the report, which
stated that there was a net profit of £64,851 for
the year ending March 31 last (after payment of
the interim dividend to September, 1865), which
the directors recommended to be dealt with in
the following manner :—BY the payment of a
dividend at the rate of 10 per cent. per annum,
absorbing e '-19 822, and by placing to the reserve
fund i 30,0 '
'3O, and carrying the balance, £15,029,
to the next account. The directors hoped that the
successful results of
year would give e their operations during the last
:blued satisfaction to the share-
hanolddevrisgil, tahnecme°or:the:4g it had required great caution
in business which to avoid becoming en-
gagedto disastrous' consequeneesaa led in many instances
The directors
repeat their former explanation had to
for limiting the
dividends to 10 per cent., nvailt•l°ll4t. the same time
of inziesb6a6laatfil
they had the satisfaction of
fileb -.-
e:1:21" in a position'
to increase the reserve fund.
balance-sheet
showed a total on both sides
profit and loss account showed a gross "Z. The
year of £110,553, to which was addedPat°o for the
£3,278, making £113,831. From this alwartaceilof
ducted for current expenses £13,940, for income_
-e-
-tax £2,078, for expenditure on undertakinga
yet carried out £13,140, for interim dividend at the
rate of 10 per cent. per annum to 30th of Septem-
ber last £19,821, leaving the balance of profit
104,851, as above.
The CHAIRMAN, in moving the adoption of the
report, apologised for not being able to issue it
earlier. It recommended the same course as on the
last occasion—a dividend of 10 per cent. The pecu-
liarity of their contract business was that accounts
remained open till 'completed, and profits were not
realised till the accounts were closed. The profit of
£llO,OOO for the year was earned on contracts that
were not concluded, and the amount had been re-
ceived on current account. One of the items in the
balance-sheet was £727 914 for investments, of
was on which £486,560 ,-
deposit account, and they

had ample security for those investments. Some of
the securities applied to contracts in course of exe-
cution, and as the works proceeded thcy became
greatly enhanced in value. The directors would have
been glad to have declared a higher dividend, but
they thought it more prudent not to exceed 10 per
cent. (Hear.) The directors had had considerable
anxiety as to the class of business that offered, but
thought it better, on the whole, to keep to the
contracts they had in hand. They had kept perfectly
clear of dangerous or inconvenient business, and in
no instance had they anything to do with business
in which there had been failure. He assured the
shareholders that the board had to exercise the
greatest caution and vigilance in their operations.
They might have contracted for a hundred times
the business they had on hand, if they had enter-
tained only half the schemes presented to them.
They thought it better to adhere to one or two large
contracts which showed that a very considerable
ultimate profit would result to the company.
Mr. S. G. Gj'rrY, M.P., seconded the motion for
the adoption of the report.
A. discussion ensued, in the course of which it
was contended that the report should have been
issued earlier, and that the shareholders should be
made acquainted with the nature of the business the
company was engaged in. It was suggested that
instead of carrying a large portion of the profits to
swell the reserve fund, they should be applied to
payments on the shares, in lieu of calls, so as to re-
duce the liability on the shares, which were £5O
each, and upon which £lO only had been paid ; that
they should go on that way till half the capital was
paid up.

Mr.MoWATT thought they might easily give more
information to the shareholders as to the business
they were engaged in, without giving particulars
that might be inconvenient.
Mr. Spooner and Mr. Cooper, the auditors, hav-
ing replied to various questions as to the correctness
of the accounts and the value of the securities held
by the company,
The report was adopted, and the ex-dividend at
the rate of 10 per cent. per annum was declared
payable on the 7th May. The retiring auditors were
re-elected, and a vote of thanks to the chairman
concluded the proceedings.