The Sun.
London, England, 1850-03-04 00:00:00

N°. 17,922.] LONDON

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with t171(love surplus, the interest duo on calls apll.
cable a the revenue of the former half year p
, and dial.
dends due to Mr. Hudson, which by the agreement made
with him have become the property of the company.
el kh
ag
rgai ne s t this latter sum has bier, set off the expenses incurred by the Committee of Inrestigation, and
by the preliminary committee, as forming a proper
against the sum recovered. A sum of 5,800/. is
;et apart to meet income-tax claimed for f,rmer years,
and still unsettled, and 1.4744 for law expenses, appli-
cable to the revenue of former years. It will be seen
meetfro m the
tahcecsoeu no
ltd claims r 4 fcarirme
s it
d wt utitaattf
therei
ate r wla to
,5i fundsth
thteo
ableyotmhdepeaspinray rt h fan:
the_ halfpr
e p-y 4,
retairosa.
weahlrintchfinsgthhsiegefhclof debt on
is paying interest at 5 per cent.
should be reduced as early as practicable, and your di-
n ctor, will seek to effect this as the existing debertures
fall due. The value of this compeny'a d. bentures is
undoubtedly equal to that of any other railway in the
kingdom, inasmuch as by the arrangement w,th the
Great North of England Cowl any, the debt of this
company, up to 1,300,000/. (of which only about
1,000,000/. has been raised) is to take priority over the
security to be issued to the Great North ot England
proprietors. For this reason, your directors feel justi-
fied in looking to a gradual diminution under the head of
interest upon debenture debt.
The board are anxious that the capi•al accour.t should
be closed with the least possible de'ly I and they hope
this may be accomplished for all practical purposes on
the 30th of June next.
The direct )rs are not sufficiently convinced of the
nece.;sity for the Tyne Docks to recommend their for-
relation at present, believing that the pressure. of ship-
ment at South Shields may be relieved to a considerable
extent by the erection of additional staiths at that hay-
' hour; and as the contract for these &eke was entered
into at a time when materials and Rages were very high,
they deemed it advisable to determine that arrangement
by an amicable compromise with the contractor.-
The directors think it right to mention, that in a few
weeks the connexion between the Great Northern and
York and North Midland Railways will be so far com-
pleted as to give a new route from London and the
eastern districts to the north of England and Scotland;
and in the course of the summer this route will be still
further improved. This must have the effect of causing
an-accession of new traffic over .the line of this company.
a.The completion of the high level bridge and station et
Newcastle, and the permanent bridge at Berwick, will
also facilitate traffic by the eastern line. The Sunder-
land dock is expected to be open in about two months,
and the increased quantity of coals for export, which
will, in consequence, be brought over this company's
lines, will be highly beneficial. A settlement of all
questions in dispute, between this company and the di-
rectors of the Sunderland Dock Company, has been
effected on terms which are expected to prove mutually
advantageous.
The directors have given much consideration to the
position of those shareholders who have paid up in full
their Great North of England purchase shares; and
they have come to the conclusion, that although those
parties have no strictly legal claim to any preferable
dividend, yet, taking all the circumstances into account.
it would be fair to them, and not unjust to the other
shareholders, to allow them interest at the same rate as
will be payable to the Great North of England Com.
parry, viz., 4 ter cent: per annum on so much of the
shares as shall continue to be paid in advance; and the
ordinary rate of dividend on the amount called up from
time to time, until the whole amount of the calls be paid

[PRICE. SD.

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