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

RAILWAY INTELLIGENCE.

METROPOLITAN.

The half-yearly meeting of this company was
held yesterday at the London Tavern ; Mr. J. Par-
son 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 and statements of accounts, said he would
make a few explanations with regard to the ac-
counts. On the 23d of December last the narrow
gauge rails of the Metropolitan line were extended
to Moorgate-street ; and on the Ist of March the
broad gauge lines were opened to Aldersgate, and
on the Ist of July to Moorgate-street. They might
so far consider that the Finsbury Extension was
practically completed, although at some future
period they intended to provide a large station for
the accommodation at Moorgate-street of the Great
Western, the Great Northern, the Midland, and
London, Chatham, and Dover Companies. In the
present unfinished state of the line the gross traffic
receipts for the past half-year on the Metropolitan
amounted to £102,947, and the corresponding half
of 1865 to £69,072, showing an increase of £33,875,
or 49 per cent. He had told them on the last occa-
sion that he anticipated they would have an increase
in the gross receipts of 50 per cent., so that he was
not far out in his estimate. (Hear, hear.) The
working expenses were £39,710, or 38k- per cent.,
for the past half-year, against £27,914, or 40.4 per
cent., for the corresponding half of 1865 ; they had
thus reduced the percentage of working expenses.
They had only an additional length of three-fourths
of a mile as compared with the corresponding
period. The mileage run by the trains in
the past half-year was 265,024 miles, and in the
corresponding half of 1865, 166,290 miles, showing
an increase of 98,734 train miles during the past
half year. They were now gradually taking up the
old permanent way and putting down steel rails.
The average mileage run by the trains over every
mile of these rails during the half-year was 50,000,
so that the wear and tear of the rails were very con-
siderable. The repairs were done at night, and it
was necessary to keep the line in first-rate condition.
He wished the shareholders to be as well satisfied
with the future prospects of the undertaking as the
directors were. The directors were confident that
they would not only be able to maintain the present
dividend of 7 per cent. per annum, but to increase
it. (Hear, hear.)
Mr. SHERRIFF, M.P., seconded the motion for the
adoption of the report, which was carried unani-
mously.

Dividends at the rate of 5 per cent. per annum
on the preference stock, and at the rate of 7 per
cent. per annum on the ordinary stock and on the
new ordinary shares for the past half-year, were de-
clared payable on and after the 9th inst.

The meeting was then made special to consider
the terms for leasing the Hammersmith and City
line jointly with the Great Western Company. The
ordinary capital of that undertaking amounted to
£lBO,OOO, upon which they were to guarantee
dividends of 5 per cent., rising in four years
to 5i per cent. in perpetuity ; 5 per cent. on £60,000
preference stock ; interest on £60,000 debentures,
and 5 per cent. on an additional capital of £lOO,OOO,
making together £400,000, the rental being, say 5
per cent. on the whole, or about £20,000 or guineas
a year. The gross traffic on the Hammersmith line
had increased from £22,857 in 1865 to £36,564 in
1866, being an increase of 63k- per cent. The deeds
for the lease and transfer of the line were not yet
fully prepared; and as he had now explained the
terms, he wished their approval of them ; but it
would be necessary to adjourn the meeting to the
29th inst. at the offices of the company for the for-
mal approval of those documents. This was agreed
to ; and the proceedings concluded with a vote of
thanks to the chairman and directors.