The Sun.
London, England, 1850-08-17 00:00:00

(K) To interest on loans

To North Union Railway for London and
North-Western proportion of guaran-
teed dividend and working, expenses... 49,205 9 9
Less amount received for traffic— ... 42,239 16 1

£6,965 13 8

-----
To Preston and `Pyre Railway deficiency 4,500 0 0
To expenses of Peterborough joint sta-
tion, and on account of arrears
To chief rents
To Shropshire Union Rail-
way deficiency, Dec. 31,
1849 ••• ... 4,624 8 6
Less dividend received ... 1,972 0 1

... 2,500 0 0
... 3,025 10 7

2,652 8 5
This shows a total expenditure of 621,1711. 9s. 2d.,
which leaves a balance of 527,2171. Is. 5d., less
8,947/. 45. 6d. ; renewal for rails, and 1,0501. 18s. inte-
rest at 4 per cent., on 52,542/. 10s. (set aside on rail
account), from let January to 30th June, 1850, so that
the net balance is 517,218/. IBs. I Id. To this must be
added the balance of 88,2621. 16s. Bd. from the last Dec.
account, making the balance 605,481/ 15s. 7d. Out of
this sum the directors proposed the following divi-
dend :-14,496,877/. consolidated stock, at 5 per cent.
per annum ... _ ... 362,421 18 6

s. d.

64,910 L, and 13. 201.
shares, at 5 per cent. 10 0
Less int, at 5
per cent.
on amount unpaid 4 2

-5 10 per sh. 18,932 1 8
8,587 G. J. 401. shares, at 5 per cent., 1/. 8,587 0 0
70,000 M. and B. 101. C. shares,
at 5 per cent.... £5 0
Less int. at 5 per cent. on amount
unpaid...

... 4 6

0 6 1,750 0 0
168,385 L & N. W. 251. shares, at 4 per
cent., 4s. 9/41.... ...
Capital of Huddersfield, and
Manchester, and Leeds,
and Dewsbury ... ...£1,641,570
Less 3-10ths... ... ... 492,171

. . 40,342 4 9

Z 1,149,099
At 5 per cent, per annum . . ... 28,727 9 6

460,760 14 5
The account will stand thus:—
To disposable balance ... ... 605,481 15 7
Proposed dividend ... 460,760 14 5

Balance to be carried forward 144,721 1 2
The CHAIRMAN moved that the report as read, with
the half-yearly statement of accounts, be received and
adopted, and printed and circulated among the pro-
prietors.
A SHAREHOLDER asked the Chairman whether ar-
rangements with regard to the Great Western Railway
Company for the purpose of preventing the unneces-
sary waste of capital in the construction of branch rail-
ways, and also with respect to the facilitating the trans-
port of traffic, wero likely soon to be carried out, and
secondly, whether he could state precisely the time
when the capital account would be closed?
The CHAIRMAN replied that the directors had made a
proposition to the Great Western Railway Company
which was still tefore them, having both the purposes
to which the Hon. Proprietor referred; and they were
awaiting the answer of the Great Western Company.
With retard to the second question, he 'could not enter
into any particulars but such as would be vague and
unsatisfactory to the Hon. Proprietor.
M r. SANDYS asked whether the 90,0001., the increased
demand upon the revenue which was to take place, was
to come out of the whole year, or the next half-year?
The CHAIRMAN said, provided they opened out all the
lines now in the course of construction, the amount that
would be set against the halt-year would be 80,000/. It
was not a matter of certainty that all those lines
would be opened, but ho was anxious that the proprie-
tors should have before them the probable amount of
liabilities.
Mr. SANDYti asked what was the number of miles
still to be opened, and when the lines would be opened ?
The CHAIRMAN said, with regard to the date of open-
ing, he was not in a situation to give an exact answer to
the question. Ho thought that the number of miles that
had to be opened would he about 75.
In reply to another Proprietor,
The CHAIRMAN said the works at the Birmingham
station were suspended. Bat the directors world be able
to afford full accommodation to the town of Birming-
ham, without going to the full expense that was at one
time contemplated.—(Applause.)
In answer to a question by Mr. ROZERT MooN, who
reviewed the expenditure on account of the Bucking-
hamshire Railway, and with respect to the Birmingham,
Wolverhampton, and Stour Valley Railway Company,
The CHAIRMAN said, although there were certain
heavy charges on those accounts, yet there was credit
to be taken for the receipts of the company on those
lines, whatever they might be, and on some of the lines
the amount would be very considerable.
A PROPRIETOR asked when the Stour Valley line
would be opened.
The CHAIRMAN'S impression was that it would be
opened somewhere about the end of the year. There
were certain arrangements, connected more particularly
with the town of Birmingham, which prevented him
giving a more direct answer than that.
Another PROPRIETOR asked if the London and North-
Western Company had guaranteed the Caledonian
Company, which was in great difficulties, in fact in a
state of bankruptcy? An impression had gone forth
some time since that this company had guaranteed that
company.
The CHAIRMAN said the best answer to the Hon. Pro-
prietor's question would bo that if this company had
guaranteed the Caledonian Company they would not have
been
bankruptcy—!Hear, hear, and laugh-
ter.) of telling the Hon. Pro-
prietorin a
a t state
thishad othf
companyeb an k r u
satisfaction a
no engagement with the
Caledonian Railway Company. They were anxious to
see them out of their difficulties, but further than that the
i he
London and NortheWestern had no concern with them.
A SHAREHOLDER called the attention of the meeting
to the loss arising to the company from the re-
ceipt of light gold. On the last occasion the loss
amounted to 1,4001.; but, owing to his suggestion
that scales to weigh the gold should be pro-
vided at each station, it had diminished to 400/.
He complained of the largo amount of commission
(1,5001.) paid for the collection of the debts of the com-
pany, arising on the merchant traffic, and suggested
that it might be considerably reduced by a different ar-
rangement. To the item of 1,6001., which had been paid to
the Guarantee Society, he requested the chairman to give
some explanation to the meeting. He then alluded to
the propriety of establishing a central place on the line
where patterns and models might be seen of the articles
and materials in respect of which the company had ad-
vertised for contracts, observing that contractors were
placed under great difficulties from not knowing
the exact nature of what they agreed to supply. He had
himself sent in a number of contracts, but for some rea-
son or other he had never had the good fortune to suc-
ceed.—(Hear:)
Mr. WILLIAMS proposed that no banker should be
allowed to have accounts with the company unless
they received the gold just as it was received
by the company.—(Laughter.) He thought all would
agree with him, when he said that the Bank of England,
after it had reevi.ved light gold and made deductions for
it, was in the constant habit of paying it back again.
The CHA TARDIAN said the amount ofloss on light gold had
been coneaderably reduced, for after the last meeting scales
wero ordered, and they had been used as frequently as
poss;:ole_, but he could not disguise the fact that this
ewers° has given very great offence to the public • , for it
Often happened that passengers wero detained getting
their tickets. However, the directors would endeavour
to do their best; but ho thought it would be unrea-
sonable to ask their bankers to take light coin as if they
received it in full.—(Hear.) As regarded the recom-
mendation for the exhibition of models and patterns for
the guidance of contractors, he thought the subject was
well worthy consideration, hut if the Honourable Pro-
prietor had been unsuccessful, he thought his con-
tracts must ah vo been not so good nor quite
so low as others, for the directors had
worked most
industriously to obtain the best contracts,
and had shown no partiality to any individual.—(Bear,)
He did not think 1 ,500'for agents' commission on the
collection of debts was a very large sum to pay, con-
sidering the magnitude of the accounts they
had to deal with, particularly as regarded
the good • traffic. %Vith regard to the Guarantee
Society, he said the amount set down in the accounts
would not occur again, but the directors thought it only
right when they called upon their clerks to obtain the
security of the Guarantee Society, in the place of the
private securities which they had previously furnished,
that the expense of the new bonds should be paid
by the company.—(Hear, hear.) The security
of the Guarantee Society was undoubted, and it, besides
accomplished a moral good, because previous to be-
coming security for any clerk an investigation was in-
stituted into his moral character.—(Hear.)
After some further discussion,