guaranteed dividend of 4 per cent., and a further sum of 335,000l. 4 per cent. preference stock. Out of this stock the East Suffolk indemnify the Great Eastern against the fixed liabilities of 340,0001. debenture stock, 86,4884. simple contract debts, and 177,860%. East Suffolk stock, convertible into preference stock or redeemable at par. The Great Eastern is also bound to issue to the East Suffolk such an amount of ordinary stock, fully paid up, as Captain Galton shall determine to be the amount of that ordinary stock, which, taking into consideration the probable natural future development of the traffic of the East Suffolk undertaking, ought to be so issued.

NEW WORKS, &c.-By 26 and 27 Vic., cap. 190 (21st July, 1863), additional powers were conferred on the Great Eastern, in respect of the East Anglian capital, and to divide that stock into two classes, &c. Also to dissolve the Waveney Valley, and to amalgamate that company with the Great Eastern; to authorise the Great Eastern to guarantee 4 per cent. on the shares of the Lynn and Hunstanton and the Bishop's Stortford. Also to raise new capital to the extent of 5,000l.

By 27 and 28 Vic., cap. 95 (23rd June, 1864), the company was authorised to construct a line from Leyton to Highbeech. Length, 64 miles. Capital, 120,0007. in shares, and 40,0001, on loan.

By 27 and 28 Vic., cap. 282 (25th July, 1864), the company was authorised to construct several short junctions, to shorten certain routes, and to facilitate traffic generally. Length, 34 miles. New capital, 24,000 in shares, and 8,000l. on loan.

By 28 Vic., cap. 62 (2nd June, 1865), the company was authorised to construct a branch from Somersham to Ramsey. Length, 8 miles. New capital, 52,000l. in shares, and 17,3001. on mortgage.

By 28 and 29 Vic., cap. 184 (29th June, 1865), the company obtained power to con solidate certain preference stocks, and to raise new capital to the extent of 1,500,000. in shares, and 500,000!. on mortgage.

METROPOLITAN STATION.-By 27 and 28 Vic., cap., 313 (29th July, 1864), the company was authorised to construct several short lines in and near the metropolis, and to purchase lands for a station in the city of London. Length, 15 miles. Capital, 1,363,0007. in shares, and 454,330. on loan. By 30 Vic., cap. 52 (31st May, 1867), the company was authorised to carry on steamboat traffic between Harwich and Harlingen and Geestemunde.

By 28 Vic., cap. 118 (19th June, 1865), the company was authorised to make several short lines in connection with the metropolis, to purchase lands for stations, &c. Length, 7 miles. Capital, 196,000l. in shares, and 65,3307, on mortgage.

By 29 and 30 Vic., cap. 255 (23rd July, 1866), the company was authorised to purchase lands and buildings for station purposes, to alter the levels of the Ramsey branch, and also of part of the Metropolitan Extension. Also to construct two short brauches in conjunction with the Hertford and Enfield branches. Length, mile. New capital, 76,000'. In shares, and 25,3007. on mortgage. The company also obtained power to raise a portion of their debentures, although one-half of their stock in rela tion thereto had not been paid up.

By 29 and 30 Vic.. cap. 287 (30th July, 1866), the Great Eastern was authorised to construct an extension to connect the system with the Alexandra Park, Length, 34 miles. Capital, 112,000l. in shares, and 37,0007. on loan.

STEAMBOATS-By 26 and 27 Vic., cap. 225 (28th July, 1863), the company was authorised to employ steamboats between Harwich and Flushing, Rotterdam, and Antwerp. New capital, 120,000. By 30 and 31 Vic.. cap. 119 (15th July, 1867), the Great Eastern was authorised to constitute their Metropolitan Extensions into a separate company, having obtained an extension of time for completion of works for three years.

MARCH AND SPALDING.-By 26 and 27 Vic., cap. 191. the Great Eastern obtained working powers over the Great Northern line from March to Spalding, but not to interfere with intermediate traffic.

TOTTENHAM AND HAMPSTEAD JUNCTION.-An agreement for working this line received the approval of the proprietors in June, 1862.

WARE, HADHAM, AND BUNTINGFORD.-The Great Eastern ubscribed 22,000l. to this line, and works the traffic.

BLACKWALL. By 28 Vic., cap. 100 (12th June, 1865), the Blackwall was leased to the Great Eastern from 1st January, 1866, at a fixed guarantee of 4 per cent. on its ordinary stock, the London and North Western, the Great Northern, and the Midland obtaining various running powers.

BISHOP'S STORTFORD, DUNMOW, AND BRAINTREE.-Incorporated by 24 and 25 Vic., cap. 182 (22nd July, 1861), to construct a line from Bishop's Stortford, on the Great Eastern, through Dunmow to Braintree, on the line of the same company, with a branch to join the Epping at Dunmow. Length, 19 miles 14 chains. Capital, 120,000. in 107. shares; loans, 40,000. By 28 and 29 Vic., cap. 150 (29th June, 1865), this line is to be vested in the Great Eastern on opening of the line for traffic. By 31 and 32 Vic.. cap. 170 (31st July, 1868). it is provided that the Great Eastern may pay in debentures and stock, an ascertained balance due to the contractors, on which the Bishop's Stortford shall become part of the Great Eastern system.

FINANCE ACT, 1867.—By 30 and 31 Vic., cap. 208 (20th August, 1867), special powers were conferred upon the company to raise 3,000,0001. in preference stock, in payment of its debts and other liabilities. The enacting clauses of this measure are given in the APPENDIX to the Volume for 1868.

By 31 and 22 Vic., cap. 164 (31st July, 1868), the company obtained two years for purchase of lands in respect of its Acts of 1865 and 1866; and also three years for completion of works between Edmonton station and the Tottenham and Hampstead Junction. Also a declaration as to the priority of the 4 preference stock of 1861, and validification of agreement between the Great Eastern and the East Anglian, by which the latter might waive its privilege of appointing directors.

By 23 and 24 Vic., cap. 89 (12th July, 1869), the company was authorised to abandon certain works and lines authorised by Acts of 1864. 1865, and 1866, including the Stratford branch, the Ordnance Factory branch, the Winchmore Hill, the Highbeech, and the Alexandra Park branch. By the same Act the company obtained powers to raise the unissued capital of the Metropolitar. Extension, to the extent of 1,500,0007., at a preference not exceeding 6 per cent. Interest on Metropolitan debentures at 5 per cent. to be paid for two years out of capital.

By 33 and 34 Vic., cap. 36 (20th June, 1870), the company was authorised to abandon the Ramsey branch authorised by Act of 1865, and also to arrange with Tendring Hundred for running powers between Hythe and St. Botolph's.

By 33 and 34 Vic., cap. 52 (20th June, 1870), the company was authorised to make certain alterations in the Metropolitan Extension, the period for completion of works being extended till 1873. Interest on debentures to be paid out of capital for two years. Highbeech branch to be abandoned. Agreements with the Metropolitan and the East London.

REVENUE. The receipts for the half-year ending 31st December were 1,129,0987., against a gross revenue of 1,126,6357, in the corresponding half-year of 1868. The working expenses were 563, 1782., or about 491. 178. 6d. per cent. upon the gross revenue. In the corresponding half-year of 1868 the working expenses were 579,8007.. or about 51 per cent. The net revenue amounted to 565,9191., against 546,8847. in December, 1868, showing an increase of 19,0851. The interest upon debentures and other obligations absorbed 299,8127. In accordance with the provisions of the Act of last year, to which the consent of the shareholders was given in due course, the interest upon the debenture stocks raised during the half-year for the purpose of the Metropolitan Extensions has in great part been carried to capital. The revenue from coal had been 92,5377., against a receipt from the same source of 84,6377. in the corresponding half-year of 1868. This increase had been coincident with the opening for traffic of the coal depôt, Whitechapel. After payment of the interest upon the debentures and the dividends of the preference shareholders, a residue of 68,3421., or dividend of 1 per cent. per annum, carrying over a balance of 26,5917.

The receipts for the half-year ending 30th June, 1870, showed a gross revenue from all sources of 1,013,3467., against 994,2997. in the corresponding period of 1869. The working expenses were 527,0847., or about 52 per cent. In the corresponding half-year of 1869 the working expenses were 517,128., or about 52 per cent. The net revenue amounted to 486,2621., against 477,1717. in June, 1869, showing an increase of 9,0917., or 1 per cent. of net profit. The interest on debentures and other obligations absorbed 296,3591, the interest upon the money applied during the half-year for the purpose of the Metropolitan Extensions being carried to capital. From the residue, the dividends on the preference stocks amounting to 206, 2997., were paid; and a balance of 13,5331. carried to credit of next hal-year. The revenue from coal had been 94,9157., against 74,674%. in 1869.

CAPITAL.-This amount to 30th June, 1870, showed that 26,597,7947. had been expended, including 572,3051. on the Metropolitan Extensions during the half-year, leaving a balance against the company of 76,7241. The total estimated further expenditure is 1,362,4231., the powers and assets to meet which were 1,428,851. The details of income and expenditure were as follow:

On lines open for traffic, including working stock........... £20,554,486 Additional land and works.....

765,708

Parliamentary and general expenses.....................................................................

267,436

Interest.....

60,587 £21,648,219

No. of Directors-15, of which 3 are nominated by Northern and Eastern, and 2 elected by East Anglian proprietors; quorum, 5. Qualification, 2,6007.

DIRECTORS:

Chairman-The MARQUIS OF SALISBURY, Hatfield House, Hatfield, Herts, and 40, Dover Street, Piccadilly, W. Deputy-Chairman-LIGHTLY SIMPSON, Esq., 50, Gower Street, Bedford Square,

W.C.

James Chadwick, Esq., Miller Street,

Manchester.

George Wodehouse Currie, Esq., 10, Hyde
Park Street, W.

The Hon. Richard Denman, Drove,
Chichester.

John Fildes, Esq., 11, Cross Street, Man-
chester.

Lieut.-Col. William Thomas Makins, 34,
Holland Park, Bayswater, W.

William Fuller Maitland, Esq., Stanstead,
Essex.

Charles Henry Parkes, Esq., Netherfield,
Weybridge, Surrey.

Sir Edward William Watkin, Rose Hill,
Northenden, near Manchester, and 18,
Westbourne Terrace, Bayswater, W.
Richard Young, Esq., Osborne House,
Wisbeach, and 151, Buckingham Palace
Road, S.W.

OFFICERS. Gen. Man., S. Swarbrick; Sec., J. B. Owen; Supt., J. Robertson; Goods Man., W. Birt; Loco. Supt., S. W. Johnson; Eng., H. W. Davis; Storekeeper, R. Scott; Land Agent, C. Dobbin; Law Clerk, W. H. Shaw; Solicitors, Baxter, Rose, Norton, and Co.; Cashier, W. Ellis; Auditors, Charles Morgan, Old Jewry, and William Hope, Parsloes, Barking.

Head Offices- Bishopsgate Terminus, E.C.

132--GREAT NORTH OF SCOTLAND.

Incorporated by 9 and 10 Vic., cap. 103, for a line from Aberdeen to Inverness, with branches to Banff, Portsoy, Garmouth, and Burghead. Length, 1384 miles. This and the Aberdeen were to have formed one undertaking, when half of the capital of each had been paid up; but an Act of 1850 (14 Vic., cap. 78) repealed the Amalgamation Act, 11 Vic., cap. 195.

The new lines and extensions authorised by Act of 1854 were-Leithball deviation, 3 miles 1 furlong 75 chains; canal branch, 1 mile 6 furlongs 223 chains; total, 5 miles. Estimate, 43,0007.

By 18 Vic., cap. 28 (May 25th, 1855), the company was empowered to extend from Huntly to Keith, 12 miles, at an estimated cost of 83,0007.

By 22 and 23 Vic., cap. 8 (31st July, 1859), the Acts of the company were consolidated and the tolls and charges revised. The Act also fixed the capital at 1,050.000; original shares, 276,8601.; preference, 291,090.; new preference, 482,050. at 41 per cent.; loans, 350,0007. Mortgage debt to be converted into stock at 4 per cent.

By 24 and 25 Vic., cap. 153 (11th July, 1861), the company was authorised to enlarge their stations at Kittybrewster and Aberdeen, and to alter the line and levels of the canal branch. No new capital.

By 25 and 26 Vic., cap. 62 (30th June, 1862), the company obtained power to guarantee, for ten years, the mortgage debt of the Alford Valley, the Keith and Dufftown, and the Aberdeen and Turriff; to subscribe additional capital, 48,000l. to the Alford Valley, and 100,000, to the Formartine and Buchan, and to raise additional capital to the extent of 360 0007., at 44 per cent., in shares, and 70,6667, on loan for these purposes. In addition to the above sums, the company are authorised to raise the following new share capital:-Stock and shares, authorised by "Strathspey Railway Act, 1861," 100,0001; by "Great North of Scotland Railway Act, 1863," as amended by "Denburu Valley Railway Act, 1864," 125,0002; by Banffshire Railway Act, 1863, 70,000l.; by "Banff Macduff and Turriff Extension Railway Act, 1863,' 45,000; by "Great North of Scotland Railway Act, 1864," 75,0007.; "Strathspey Railway Act, 1865," 40,000l. Debenture and debenture stock:-By "The Great North of Scotland Railway Act, 1863," as amended by "Denburn Valley Railway Act, 1864," 41,6007. The total capital authorised up to 31st July, 1865, 2,327,2661.

MORAYSHIRE.-By agreement, the Great North of Scotland works the Morayshire at 45 per cent., and contributes 20,0007. to the new line through the glen of Rothes, with a view to a junction at Dufftown.

DENBURN VALLEY.-By 27 and 28 Vic., cap. 111 (23rd June, 1864), the Scottish North Eastern was authorised to construct a line through the city of Aberdeen to connect with the Great North of Scotland. Length, 14 miles. The capital of 190,000l. in shares is provided by subscription from the Great North of Scotland of 125,000, and 70,0007. by the Scottish North Eastern, the obligation incurred by the former company in 1863, to construct the "Aberdeen Junction," being repealed. Through booking and inutual facilities. Borrowing powers, 41,6007.

By 27 Vic., cap. 26 (13th May, 1864), the Great North of Scotland was authorised to contribute additional sums to the following companies, as undermentioned, víz. :— Keith and Dufftown, 10,000; Strathspey, 50,000; and Morayshire, 15,0001.

By the following Acts the company obtained powers to contribute sums to the companies undermentioned, viz. :-Aberdeen and Turriff (Act 1859), 33 9812; Keith and Dufftown (Acts 1857 and 1860), 26,0001; Banff Extension (Acts 1857 and 1863), 50,0001; Formartine and Buchan (Act 1863), 25,000l.; Strathspey (Acts 1861 and 1865), 140.0001; Banffshire (Act 1863), 80,0007.

AMALGAMATION.--The whole system, however, was consolidated by 29 and 30 Vic., cap. 288 (30th July, 1866), which took effect on 1st August, 1866. The Act provided as regards the Alford Valley, Aberdeen and Turriff, Banff Macduff and Turriff Extension, Keith and Dufftown, and Strathspey, that the original share capital of these branches be cancelled, and a like amount of new ordinary shares in the amalgamated company created in lieu thereof, to be given off to the original shareholders

GREAT NORTH OF SCOTLAND.

103

in the branch lines, for like nominal amounts of their branch shares so cancelled; the shares created in lieu of those subscribed by the Great North to be divided rateably among the original shareholders of that company. The contributions by the Great North and the public to the above lines amount as follow, viz.:

As regards the FORMARTINE AND BUCHAN, it is proposed to guarantee the original shares held by the public on 60 per cent. of the gross receipts of the Formartine and Buchan line proper, after the payment of the dividend on the 5 per cent. Formartine and Buchan preference shares, as follow, viz. :—

And in perpetuity thereafter, with the right of participating with the original shares of the company in any dividend beyond 3 per cent.

OLDMELDRUM JUNCTION. This line, formerly leased to the Great North, is amalgamated with it, the rent (650) secured as a fixed charge against the Great North, and converted into a dividend of like amount on a preterential stock of 13,810.—to be called "Great North of Scotland (Oldineldrum) Preference Stock."

BANFFSHIRE.-Incorporated by 20 and 21 Vic., cap. 53 (27th July, 1857), to construct a line from the Grange station of the Great North of Scotland to the harbour of Banff, with a branch to the harbour of Portsoy. Capital, 90,0007. in 107. shares; loans, 30.0007. Main line, 164 miles; length of brauch to Portsoy, 34 miles. Opened August, 1859. Arrangements, under usual restrictions, with the Great North of Scotland. By 26 and 27 Vic., cap. 170 (21st July, 1863), the company was authorised to construct an extension to Port Gordon. Length, 144 miles. New capital, 160,000l. in shares of 5 per cent. and 33,0007, on loan; but by 30 and 31 Vic., cap. 190 (12th August, 1867), the extension was authorised to be abandoned, and the capital cancelled. By the same Act the Banffshire line is amalgamated with the Great North.

FURTHER POWERS, 1867.-By 30 and 31 Vic., cap. 190 (12th August, 1867), the Great North of Scotland was authorised to exercise its borrowing powers in respect to the Denburn Valley, although the requisite amount of share capital had not been paid thereon. By the same Act the entire capital of the Great North of Scotland, including the Banffshire, was declared to consist of 2,554,4137. in stock, and 864,9197. on loan.

REVENUE. The receipts for the half-year ending 31st January amounted to 89,391, the expenditure to 46,7121., leaving a balance of 42,6821. To this was added 1547. balance from previous half-year, and balance of general interest, making 42,8367. From this again was deducted 28,1427. for interest on debentures and debenture stock and rent of Deeside, 1,7627. for interest on temporary loans, and 12,5137. for dividends on guaranteed and preference stocks, leaving a balance of 4201. The accounts showed a balance, after providing for the dividends on the guaranteed stocks, sufficient for a dividend at the rate of 17. 11s. per cent. per annum on the 5 per cent. preference stock, and of 11. Ss. per cent. per annum cn the 44 per cent. (A) preference stock, leaving 4201. The guaranteed dividend on the Formartine and Buchan stock was 3 per cent., instead of 24 per cent., as formerly. This was the maximum preferential rate. The amount received from the Postmaster-General for the purchase of the telegraphs was 25,000, and was applied to the reduction of capital.

The receipts for the half-year ending 31st July amounted to 95,2147, and the expenditure to 47,9521, leaving the net revenue 47,2621. To this was added 420l., balance from the preceding half-year, and 2597. on general interest account; total. 47,941. From this was deducted 20,4187. for interest on debentures and debenture stock, 7,6081. for rent of Deeside, 6117. for interest on temporary loans, 5271. for compensation and expenses for damage to plantations by fire, 1,9431. for stamps and