The Sun.
London, England, 1850-08-29 00:00:00

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GREAT NORTHERN RAILWAY.

(THIS DAY.)
The half yearly ordinary general meeting of the
shareholders of the Great ...;4orthern Railway Com-
pany took piano to-day, at the London Tavern, for
the purpose of receiving a report from the directors ;
of confirming the forfeiture of certain shares to be
then declared on which calls are in arrear, the re-
quired notices of the forfeiture of which have been
given to the respective proprietors ; of submitting for
the opinion of the shareholders an agreement with
the York and North Midland Railway Company, for
running over the lines of that company into York, in
lieu of constructing the remainder of the Great
Northern Line from Askerne to York, as sanctioned
by Parliament ; and upon other the general business
of the company.
E. B. Denison, E q., M.P., took the chair, and
the usual formal business of the company having been
gone through,
The. SECRETARY read the follo wing report :
" At th. 4 la it halt-yearly meeting the directors stated
their expectation thst the line between fa.,ndon and Pe-
terborough would be opened for traffic in the month of
August. That expectation h.s been realised by that
portion of th line having been opened on the 7th of this
month, thereby affording a new and continuous route
from the eak tropoliF, by Peterborough to Boston and
Hull; by Lincoln and Rethrd to Sheffield; by D ncaster
to Wakefield, Leed', York, and the Northern Counties
of England, and to Scotland; the distance by this route,
from London to Hull, being now 173} including
the ferry; to York 210 miles; the distance saved between
London and York being 9 miles, between London and
Peterborough, and London and Lincole, nearly 30 miles.
" The directors did not consider it proper, at the
opening of the line from London, t ) run express trains,
or to carry merchandise or minerals upon it; but arrange-
ments have been made to run express trains on the 2d cf
September; and to commence the carriage of merchan-
dise and minerals as soon as the necessary accommoda-
tions are complete, which will be the case in the course
of a few weeks. Under these circumstance', the direc-
tors did not expect that any considerable addition to the
weekly receipts would immediately follow the opening of
the line from L•mdon. The receipts for traffic over the
222-miles now open, for the week ending the 18th inst.,
were 5,701/.. but this does not aiTord sufficient data for
the formation of a correct estimate of the amount of
traffic over the whole line when the arrangements now in
progre-s are curried out, and which must be very mate-
rially increased when the remaining portion of the Towns
line is completed.
" The lease of the Royston and Hitchin Railway to
the Great Northern has been settled, and that line, to
be worked by the Great Northern Company, will be

opened for traffic in a few weeks.
" It will bs the object of the directors to develop the
local traffic of the districts traversed by the Train line
and loop, and to afford the utmost facilities for the in-
terchange and transmission of traffic from and to the
lines of other companies communicating therewith. And
they hare pleasure in stating that arrangements are in
progress to carry out these views, and to avoid all pre-
tence for jurions competition between the Great Ncr-
thern and other companies. The directors regret that
diffe.rei.ces should have ari'en between them and the di-
rectors of the Mane/lever, Sheffield, and Lincolnshire
Company, in regard to the agreernrws entlied into be—
tween the two companies, under date of the 7th
April and 13th May, 1848. The directors
of the Manchester, Sheffield, and Lincolnshire
Company ;having failed to observe the con-
ditions of those agreements, asd haying in various ways
ded the Great Northern try iic in goods and I as-
stengers between Lincoln end lietfurd, and between
Grimsby and tho New Hoiland Ferry for Hell, it be-
came ni cesscry to appeal to the Court of Chancery to
enforc-, on the part of the Manchester, She ffi,ld, and
Lincolnshire Company, the due performance of those
sgreementa; and the Court having recognised their va-
lidity, the directors confidently expect that the interrup-
tions referred to will not be reneatel.
The short hya.ach of the York and North Midland
Bailway from Koottingley to Burton Salmon has been
ore eel for traffic; and the directors of that company
having cffered the use of their line from Kisco tingley to
York, and of their st stilts at York to the Great Northern
Company, on terms which your directors consider to be

fair Ldiquitablr, an agreement ha 3 been entered into

with that uurnpany, which will be fully explained to the
meeting, and which agreement your directors conceive
it will be for the advantage of both companies to
carry out. . . . .

• " -Since the half-yearly meeting in February last, the
worse on the Town's line have been let on more favour-
able terms than were anticipated, and the directors are
still of opinion that any further capital required will
vat exceed the amount mentioned at the meeting in
'ebruary last—about 300,000/.
" By the Leeds Central Staion Act the Great
Northern Co-npany has power to raise the sum of
106,666/. for the purp )tei therein contemplated. As a
cortion of thia sum has been already advanced and paid
by the directors out of ,he Great Nor Viern fund 9, a re-
solution will be submitted to the meeting to empower
the directors to raise thst capital under the Act autho-
rising the same on such term-, in such manner, and at
such time as they sh•dl deem most a tvisable.
" A f-er due nt.tice given, the direct ,rs have d. Glared
the furteituro of the shares on which calls are in
arrf ar, and in re,pect of which proceedings were taken
again,t the proprit,ls, chit fly in Scotland.
•• The directors recommend that this meeting 0/nfirm
the f,1.1.4.i,tirh,; atrl ih it the shares so for'eitel bi con•
rem d zn'o Fire per Ct nt Perpe unl Preference Sharer,

12/. 103. eich, with rawer to the directors to divese

of them on such terms and in such manner as they shall
consider most coto!ueive to the interests of the c nnpany.
"fhe qh sti of audit; having been left ervirely in the
Linde f the Vre: g a 1 men nominated for that put.-
po e at the last tn,e.inz of the proprietors, the directors
have only to leer to their r, port which is ar.nexed, and
to recommend the pay rent of the printing expenses in-
curred by them.
" The annexed report of the engineer describes the
state of the works in progress, and the present con ti-
tion of the line, which the directors consider to be highly
satisfactory. They have every reason to believe that all
the triii)ibhed 'mut includ.ng the passenger station at
King':-c se, will b ready kr public traffic by the end
of next year, 'whfn the advantaes expectant on the
compl-tit.n rfth • tre si:himtt v, ill be attainable; and
by means of tl e in n trun!c line, he route fn in London
611: flield anti ‘Va!:• ti t vel v. 'ill be reduced
16 roles; to Id eth, 22 miles; mid to York, 30 miles."

The fAlowing report of Lie auditors was also

re ad :

" The audit delegates, Mrssrs. Orr, Green, and Nash,
appoiated ar, the last meeting prepared a repilt o! their
proceedings up to the introductlOn of an Audit Bill by
Lord St triley, in March lest. Copies of that repr)rt cau
be c btttin• dat the stai n. King's cross. The differerce
bre.ween the mes,ures of the Government and Lord
Stanl-y was, whether the accounts were to be audited
by a power emanating, from the companies exclusively,
or by extraneou, authority.
" rmir de'eo.trs wa-ched the progress of the me :-
auras through,nt the session. One--, since thir former
report, they were called up..)n by the delegation to ex-
press an opinion upon the new Bid promoted by Go-
lf( rnocent, intrcduiing an independent element in the
audits. The Committees of the Lords ir.v,r;ably refuse
to hear shareholders on question 3 i.ffr c:ing them.
" 15;tmmely both measures filed, inasmuch as
neither th- Government nor the delegates would yield
to eAft'l o her'4 measure?.

" The dekgates cAnsidi r that some rieessary amend-
ments of the existing law could be effvctcd, to give the
public an asurance that shareholders have that real
sontrol tAN r, and voice in, the audit of their affairs,
which would dtstroy that excuse for Government inter-
f, revs©.

Your delegates c3m.ifler that their functions might
cPage. Thti have ircurred no expenses beyond a
tiifl,rg sum (Dr printing, which the shareholders will,
perhz.-p, fc‘l juvified in rfp tying. It therefore re-
mains Hi.h the shareholders to pureue what cuurse they
thick proper." . . .

The following is the report of the engineer to the
company, which was also read :

TO THE DIRECTORS OF THE GREAT NORTHERN RAILWAY.
" 6, Great Geurge-streer, Westminster, Aug. 23.
" Geatlemen,—ln:reporting another ball-) ear's pro-
gress to you, I am happy in being able to say that
the expects ions I held oeit to you in February last, re-
lative to the time of opening from London to Peterbo-
roof*, and t) the commence melt or the loop, have been
realised—that portion of the lino haring been opened
to public tratic on the 7th of this month.
" The works are ample in dimensions, substantial and
permanent in construction, snot are throughout in a state
which is perfectly satisfactory to me. At present, pa,-
'anger trains wily are ru, ning, owing to the station at-
raugemcnts not being suffi,iently forward for the &Ivan-
tageous reception of merchandise, coale, cattle, &c.; but
the works connected with these arrangements are in a
state of active progress. Several of these stations will
be ready for this traffic in the middle of September, and
the sh,le of them, I expect, by the middle of October.
" On the Town's line the works on the contracts re-
cently let to Me srs. Pearce and Smith, and Messrs.
Olcihatn, have hub: just estemi,nced, owing solely to the
delay which appears inseparable from the proceedings
necessary for gcttine• possession of the required land.
I am now, however, almost daily I eceivitig la, gr portions
of the properties, and expect ver'l shortly t) have the
works in vigorous operation.
" The portion of this line which is under contract to
Mr. Jack,on, and which is by far the heaviest, is pro-
ceeding at all the pi incipal p.dots in a rapid and very
sati:fa,:tory manner. A large plant and strong lo:ce o'
men are at work upon each of the cuttie g 4, and good
proe-r, sq making with the tunnels et Stoke and PC,:••
pleffe, as cell as with the bridge building throughout the
cot tract. •

" The works on tl.e 1007 line and on the main lire
from Itfthirl to Askerar.,e:Atinue in a sointi and
ry an she line in goal or.l, r.—l have the
honour to be, g,nsemen, your uthetii. nt
" JcsrPli CUBITT."

From the statement of the accounts it appear d that
the total expenditure ou capita.' acc,;tint, up to 29,h June
last,wr.e si own to hale !nen 6,392,9621. I Is. BJ.; balance
232,163/. 14,.; and the an. uut in t e3u. d in shares
in °ilia. lines was 93,280/. 123. 2,1.; making altogether,
6.723,407/. 133. 6 . The tot,irreceipts f;:r the half-year
ending 29th June, were 68,0661. 153.; and the working
expenses, including rat.-s and leases, 43,873/. 16s. 7d.;
leaving a balance f 24,192/. 18,. 10d. The net revenue
account showed a balance of 7,900 L Is. 10d.

The CHAIR MAN, in moving the confirmation of the
report, congratulated the proprietors on the complfrtion
ot thels orks by Mn Brassey, notwithstanding all the