The Sun.
London, England, 1850-08-30 00:00:00

GREAT NORTHERN RAILWAY.
The half-yearly ordinary general meeting of the
shareholders of the Great Northern Railway Com-
pany took place yesterday, 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 Aslierne to York, as sanctioned
by Parliament ; and upon other the general business
of the company.
E. B. Denison. D,q., M.P., took the chair, and
the usual formal business of the company having been
gone through,
The SECRETARY read the folio wing report
" At the last half-yearly meeting the directors stated
their expectation that the lino between London and Pe-
terborough would he opened for traffic: in the month of
August. That expectation his been realised by that
portion of the line having been opened on the 7th of this
month, thereby affording a new and cononuous route
from the metropolis, by Peterborough to Boston and
Hull; by Lincoln and Retford to Sheffield; by a,ncaster
to Wakefield, Leedn York, and the Northern Counties
of England, and to Scotland; the distatice by this route,
from London to Hull, being now 1735- miles, including
the ferry; to York 210 miles; the cbetence saved between
London and York being 9 miles, between London nod
Peterborough, and London and Lincoln, nearly 20 miles.
" The directors did not consider it proper, at the
opening of the line from London, t run exerese trains,
or to carry merchandise or minerals upon it; but arrange-
ments have been made to run express trains on the 2d of
September; and to commence the carriage of merchan-
dise and minerals as soon as the necessary accommoda-
tious are complete, which will be the case in the course
of a few weeks. Under these circumstance, the oirec-
tors did not expect that any considerable addition to the
weekly receipts would immediately follow the opening of
the line from London. The receipts for traffic over the
222 miles now open, for the week eliding the 18th iron,
were 5,7011., but this does not afford sufficient data for
the formation of a correct estimate of the amount of'
traffic over the whole line when the arrangements now in
progress are carried out, and which must be very ma'e-
rially increased when tne remaining portion of the Down's
line is completed.
" The lease of the Royston and Flitchin 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 be the object of the directors to develope the
local traffic of the districts traversed by the main line
and loop, and to afford the utmost facilities for the in-
terchange and transmission of traffic frerra and to the
lines cf other cornpanie-; communicating therewith. And
they have pleasure iu stating that arrangements are in
progress to carry out these views, and to avoid all pre-
tence for irjurious competition bete.een the Great Nor-
thern aad other corupanier. The directors regret that
differences should have aciren between them anti the di-
rectors of
,the Manchester, Sheffield, anti Liecolushire
Company, in regard to the agreements entered into -
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-
ditione of those agreerneuts, and having in various ways
impeded the Great Northern traffic in goods and can-
sengei s between Lincoln anal Retford, and between
Grimsby and the New 1' ;:fiend Ferry for Hull, it be-
came necessary to appeal to :au Court of Chancery to
colorer, on the part of the Manchester, Sheffield, and
Lincolnshire Company, the due performance of those
agreemtnte; and ihe Court having recognised their va-
ltdity, the directors confineutly expect that the interrup-
tions refearce to will not be rep-anal.
" The short branch of the York and North Midland
Railway from Knuttingley to Bartell Salmon has been
opened fir trailer; and the directors of that company
having offered the use of their line frem Knoftineley to
York, aad of teeir station at York to the Great Northern
Company, on terms which your directors consider to be
fair and equitable, an agreement has been entered into
with that couspeey, which will be fully explemed 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 - latt, the
works un the Town's hue have been let on more favour-
able t ems than were anticipated, and the directors are
still of opinion that, any tut Cher capi al required
exci'ed the amount mentioned at the meeting in
'ebruary last—about 300,0001.
" By the Leeds Central Swim Act the Great
Northern Company has power to nine the sum of
106,6661. for the purposes therein contemplated. As a
porno Ll of this saw has been already advanced and paid
by the directors cut of ihe Great Not thorn funds, a re•
solution will be submitted to the mat-ting to empower
the directors to raise that capital under the Act autho-
rising the same on such terms, in such manner, and at
such time as they shall deem most advisable.
n After due notice given, the directors have declared
the forfeiture of these shares on which calls are in
arrear, and in respect of which proceedings were taken
against the proprieters, chiefly in Scotland.
n The directors recommend that this mei tine confirm
the forfeiture; and that the shares so forteite.l ba con-
verted into Five per C. nt. Perpteual Preference Shares,
of 121. 10s. each, with power to the directors to dispose
of them on such terms and in such manner as they shall
consider most conducive to the interests of the cempany.
" The question of audit having been left entirely in the
• hands of the three gentlemen nominated for that pur-
pose at the last meeting of the proprietors, the directors
have only to refer to their report which is annexed, and
to recommend the payment of the printing expenses in-
curred by them.
" The annexed report of the engineer describes the
state of tee works in progress, and the present condi-
tion of the line, which the directors consider to be highly
satisfactory. They have every reason to believe that all
the unfinished works, including the passenger station at
King's-cross, will be ready for public traffic by the end
of next year, when the advantages expectant on the
completion of tire entire scheme will be attainable; and
by means of the main trunk line, the route from London
to Sheffield and Wakefield respectively, will be reduced
16 miles; to Leeds, 22 miles; and to York, 30 miles."
The following report of the auditors was also
read :
" The audit delegates, Messrs. Orr, Green, and Nash,
appointed at the last meeting, prepared a report of their
proceedings up to the in:roduction of an Audit Bill by
Lord Stanley, in March last. Copies of that report can
be obtained at the statien, King's. cross. The difference
between the measures of the Government and Lord
Stanley was, whether the accounts were to be audited
by a power emanating from the companies exclusively,
or by extraneous authority.
" Your delegates watched the progress of the mea-
sures throughout the session. Occ• , since their former
report, they were called upon by the delegation to ex-
press an opinion upon the new Bill promoted by Go-
vernment, introducing an independent element in the
audits: The Committees of the Lords inviiriably refuse
to hear shareholders on questions affecting them.
" Ultimately both measures failed, inasmuch as
neither the Government nor the delegates would yield
to talon other'a measures.
" The delegates consider that some necessary amend-
ments of the existing law could be effected, to give the
pubic an assurance that shareholders have that real
eontrol owl., and voice in, the audit of their affairs,
which would destroy that excuse fur Government inter-
ference.
Your delegates consider t'-their functions might
cease. They have incurred no expenses beyond a
ttifiting sum for printing, which the shareholders will,
perhaps, feel justified in re p It therefore re-
mains with the ehsreholders to pursue whist course they
think proper,"
The following is the report of, the engineer to the
company, which was ulso read :
"TO THE MARC MRS OF THE GREAT NORTHERN RAILWAY.
"6, Great George-streer, Westminster, Aug. en.
"Geatlernen,—ln reporting another half-year's pro-
gress to you, I am happy in being able to say tnat
the expectaioes I held out to you in Februitry last, re-
lative to the time of opening from Lendon to Peterbo-
rough, and t, tee commencement of the loop, have been
realised—that portion of the line having been opened
to public tr.ffic on the 7th of this.moeth.

Trio works aro ampk, in dimensions. eubitantial and
permanent in construvion, an I are throughout in a state
which is pertectly satisfactory to ire. At prt sent, pa,-
senger trains only are ru, ning, owieg to the w ution ar-
rangemenEs not being suffi •iently forward tor aolvan-
tageous reception of merchandise, coal-, cattle, &c.; but
the works connected with ttiee arranvements are in a

state of active progre,4s. Several of these stations will
be ready fur this traffic in the middle of Septi-mber, and
the whole of them, I exrct, by the middle of October.
" On the Town's line the works on the corr,racts re-
cently let to Messrs. Pearce and Smith, and Messrs.
Oldham, have but ju,t cmlnni-nc,d, owing sorely to the
delay which appears ins.-parable froth the proccedinp
necesary for getting possession of the required land.
I am now, however, almost daily receiving la. g.. portions
of the properties, and Expect very shortly t, Lave the
works in vigorous operation.
" The portion of this line which is under contract to
Mr. Jackson, and which is by far the heaviest, is pro-
ceeding at all the principal p.ints in a rapid and very
satisfactory manner. A large plant and strong force or
men are at work upon each of the cuttings, and good
progress making with the tunnels at Stoke and Post-
cliff°, as well as with the bridge building throughout the
contract

" The works on the loop line and on the main line
from Rettnrd to Askerne, continue in a sound and satis-
factory stare, and the lino in good order.—l have the
honour to be, gentlemen, your obedi, n t servant,

Frain the statement of the accounts itoSEPH appeuCUßl r 4 dTT that
the total 4 xpenditure on capital acc,But, up to 29th June
last, was shown to have been 6 392,9621. 116.84.; balance
in:eash, 232,163/. 14z4.; and the ano.unt invested in shares
ending
an
7do2:3nbg,
4e rO2
791 :143J
Julie,
e,:irage:Oe/s6.
tstio,lotn2a6dol6;ll:2cillis:
sie;p:,ms;
4}ita.3.l;r4
5:71.g:33h:4:el
htlwoa:ol;:r.:tk3:iledena.rgr:
expense, including
leaving a balance of 24.1921.18%10d. he net revenue
account showed a balance of 7.9001. Is. 10d.
The CHAIRMAN, in moving the confirmation of the
report, congratulated the proprietors on the completion
of the works by Mr. Brassoy, notwithstanding all the
impedimenta that had been thrown in his way
retween London and Peterborough. The lin?
loom Peterborough to York, he need Ivirdly
ipbyortoousgayb
completed last year. .Notwithstandit:g all
aitshaiti
thbwaeadysbbe
ade n
asraridivedagafirnosmt iLt,onhdeonivtaos
rheatep