for the Welwyn and Hertford section 1 per cent. per annum until April, 1866, upon 55,000, and 34 per cent. per annum thereafter. The Great Northern also pays interest on mortgage and preference capital amounting to 152,5007. By 25 Vic., cap. 1 (11th April, 1862), the company obtained power to acquire additional lands near Doncaster, as well as extension of time for ten years for, disposing of superfluous lands. By 26 and 27 Vic., cap. 191 (21st July, 1863), the company was authorised to construct a line from Spalding to March. Length, 19 miles. New capital, 225,000%. in shares, and 75,000. on loan. Running powers to Great Eastern from March to Spalding, but not to interfere with intermediate traffic. By 27 and 28 Vic., cap. 202 (14th July, 1864), the company was authorised to construct an extension to Barnet, and to improve the station at King's Cross. Length, 1 mile. Capital, 200,0001. in shares, and 66,000l. on loan. By the same Act the arrangement with the Metropolitan (26th December, 1860), was confirmed, and arrangement authorised with the Chatham and Dover. By 29 and 30 Vic., cap. 166 (16th July, 1866), the extension to Barnet was authorised to be abandoned. By 27 and 28 Vic., cap. 242 (25th July, 1864), the Great Northern was authorised to extend the line from Lincoln to Sleaford. Length, 17 miles. Capital, 310,000%. in shares, and 103,000l. on loan; also to amalgamate the Boston Sleatord and Midland Counties, and the Bourne and Essendine. Mutual facilities were likewise conceded to the Great Eastern in regard to traffic to and from Peterborough and Spalding. By 27 and 28 Vic.. cap. 243 (25th July, 1864), the Great Northern was authorised to complete the loop line between Doncaster and Gainsborough, and to improve the gradients south of that place. Length, 21 miles. Capital, 408,0007. in shares, and 136,000. on loan. By 28 Vic., eap. 105 (19th June, 1865), the company was authorised to construct a line from Hornsey to Hertford. Length, 16 miles. New capital, 650,000l. in shares, and 216,0002. on mortgage. But by certificate of the Board of Trade, dated 12th March, 1869, the company was authorised to abandon that portion of the line between Enfield and Hertingfordbury, and two short branches at Hertingfordbury and Welwyn Junction. Capital reduced to 300,000/. in shares, and 100,000l. on loan. By 28 and 29 Vic., cap. 182 (29th June, 1865), the company was authorised to construct a line from Sleaford to Bourne. Length, 17 miles. Capital, 190,000l. in shares, and 63,0001. on loan. By 28 and 29 Vic., cap. 216 (5th July, 1865), the company was authorised to construct certain short lines and junctions at Newark, Spalding, Essendine, and Barkstone. Length. 7 miles. Capital, 150,000l. in shares, and 50,000l. on loan. By the same Act the Great Northern obtained power to subscribe one-third of the capital of the Liverpool Central Station, and to guarantee 5 per cent. on all or any part of the capital required for that undertaking. By 29 and 30 Vic., cap. 127 (28th June, 1865), the company obtained powers to double the line in the parish of St. Pancras, to acquire additional lands in several places, and to abandon the crossing of the river Trent in the construction of the Doneaster and Gainsborough. New capital, 810,000. in shares, and 270,000l. on loan. By 29 and 30 Vic., cap. 351 (10th August, 1866), the Great Northern obtained running powers over a portion of the Newton and Compstall branch of the Sheffield; also in conjunction with that company and the Midland, to execute certain works, and to become joint owners of the Godley and Woodley branch. The Chester and West Cheshire was also, by the same Act, vested in the three companies, each of which were to raise 90,000/. in shares, and 30,0001. on loan, instead of the Chester and West Cheshire. By 30 and 31 Vic., cap. 131 (15th July, 1867), the company was authorised to raise additional capital to the extent of 75,000l. in shares, and 25,0007, on loan. By 31 and 32 Vic., cap. 53 (25th June, 1868), the company obtained power to make a new road in the town of Leeds. REVENUE.-The receipts for the half-year ending 31st December, 1869, showed that 1,140,1421. had been received, and 537,3467. expended, leaving a balance of 602,7951.; to this was added sundry credits, 30,8791., making the total net revenue 633,6741. The fixed charges, preference dividends, &c. (384,1547.), left 299,5201. available for dividend at the rate of 71. 15s. per cent. on the original stock, giving for the half-year 31. 17s. 6d. to the original stock, 31. to the B stock, and 47. 15s. on the A stock. The receipts were less by about 17,3407. than in the corresponding period of 1868, but, in the latter half year, part of the Midland traffic, from which 11,000l. was derived, passed over the Great Northern to London. The receipts for the half-year ending June 30th, amounted to 1,056,6257., against 1,023,7847., showing an increase of 32,841. The working expenses were 540.4621, against 550,5667., showing a decrease of 10,1041. The balance amounted to 516,1637., against 473,2187., showing an increase of 42 9451. The total net revenue amounted to 523,8617., against 489,387, showing an increase of 84,4741. The balance available for dividends on the original A and B stocks amounted to 198,4891, and for the corresponding period in 1869 to 164,9192., showing an increase of 33,5701. The dividend for the half-year on the original stock was 27. 10s., on the B stock 31., and on the A stock 21., leaving a balance of 4,1941. CAPITAL-For the half-year ending 30th June, the expenditure amounted to 18,917,9067., being 159,0887. over receipts. To meet this deficiency, and to provide funds for the expenditure in the current half-year, the directors reco.umended that 410,000, the balance of capital authorised, be raised by the creation of original stock. details of income and expenditure were as follows: Received. Original A and B stocks ........£7,766,469 Expended. On lines and works open for The ..£14,978,729 traffic Wood Green & Enfield exten. Junctions at Newark, &c........ Preference stocks 6,389,608 173,320 6,054 670 15,945 1,182,464 159,087 carrying stock, sheets, sacks, 1,231,137 NEW CAPITAL.-At a special meeting, held on 20th August, 1870, it was resolved"That 410,000, of ordinary stock be create under the authority of the Great Northern (Additional Powers) Act, 1866, and that the said stock be entitled to the same rate of dividend upon the amount paid up, and from the date of payment thereof, as may from time to time be declared upon the consolidated original stock of the company, and rank in all respects therewith. "That the said stock be allotted rateably at par to the proprietors of the original and A and B stocks, and the Great Northern (L. B. & H.) ordinary stock on the register of the company on this date (not less than 57. being allotted to any proprietor), and that the amount represented thereby shall be paid in five equal instalments of 20 per cent. at the following dates, viz., 20 per cent. on 31st October, 1870; 20 per cent. on 10th January, 1871; 20 per cent. on 29th April, 1871; 20 per cent. on 10th July, 1871; 20 per cent. on 15th September, 1871; and that interest at the rate of 4 per cent. per annum be allowed on calls paid in advance. "That if default be made in paying the first instalment upon any of the stock by the time limited, the allotment shall thereupon become cancelled, and if default be made in paying the second or any subsequent instalments upon any of the stock within 14 days after the dates on which they are payable, with interest thereon at the rate of GREAT NORTHERN-GREAT NORTHERN AND WESTERN. 111 67. per cent. per annum, from the time when such instalments became due, all previous payments shall be forfeited to the company, and the stock may be disposed of by the directors at their discretion, for the benefit of the company." The estimate of further expenditure required an outlay for the December half-year of 350,500%, and of 1,185,130. for subsequent periods, making a total of 1,535,6301., the assets to meet which were as under: Share capital authorised or created but not yet received ...............£1,139,108 Loan capital Share capital created but not yet received, viz :— Calls in arrear.............. Uncalled Loan capital created but not yet received Debit balance on capital. Total 772,933 £1,912,041 £189 .... 75,863 = 76,052 1,189 £1,989,283 159,087 £1,830,195 The accounts are made up to 30th June and 31st December in every year; and the statutory meetings held in February and August. Scale of Voting.-C. C. C. Act, sec. 75. Holders of preference shares under Act of 1853 have same votes as if original shares. Holders of debenture stock to have no vote, unless three-fifths of a meeting specially notified shall so resolve. Registration fee, 2s. 6d. each deed transferring stock or bonds. No. of Directors.-Maximum, 36; minimum, 10. Qualification, 50 shares. DIRECTORS: Chairman-COLONEL PACKE, Caythorpe, Grantham: Prestwold, Loughboro', and 41, Charles Street, Berkeley Square, W. Deputy-Chairman-COLONEL THE HON, OCTAVIUS DUNCOMBE, M.P., John Harvey Astell, Esq., Woodbury Hall, Charles Wilson Faber, Esq., Northaw, John Morgan, Esq., Brampton Park, Hun- Christopher B. Denison, Esq., M.P., 16, Robert Tennant, Esq., Scarcroft Lodge, Chas. Turner, Esq., M.P., Dingle Head, George Walker, Esq., Osgathorpe, Sheffield. One-fourth of the directors retire annually. OFFICERS.-Gen. Man., Henry Oakley; Sec., Alexander Forbes; Assistant Sec., Arthur Fitch; Accountant, William Grinling; Supt. of the Line, F. P. Cockshott; Assistant Supt. of the Line, A. G. Pendleton: Goods Man, John Ashley; Assistant Goods Man, Richard H. Twelvetrees; Mineral Man., William Newton; Con. Eng., Joseph Cubitt, C.E., 6, Great George Street, S.W; Eng., Richard Johnson, C E.; Loco. Eng., P. Stirling; Storekeeper, William Nicholls; Auditors, Captain Fitzmaurice and Julian Hill; Parliamentary Agents, Dyson and Co., Parliament Street, S.W.; Solicitors, Johnston, Farquhar, and Leech, 65, Moorgate Street, E.C. Head Offices-King's Cross, N. 134.-GREAT NORTHERN AND WESTERN. Incorporated by 20 and 21 Vic., cap. 84 (27th July, 1857), for making railways from Athlone to Roscommon and Castlerea. Line to Roscommon, 18 miles; that to Castlerea, 16 miles. Agreements under the usual regulations made with the Midland Great Western. Capital, 240,000 in 10 shares; loans, 80,0002. Opened from Athlone to Roscommon, 13th February; to Castlerea, on the 15th November, 1860; to Ballyhaunis, 113 miles, 9th September, 1861; to Claremorris, 11 miles, 19th May, 1862; to Castlebar, 14 miles, 17th December, 1862. In operation, 94 miles. By 21 and 22 Vic., cap. 96 (12th July, 1858), the company was authorised to make certain deviations, and the Midland Great Western permitted to subscribe to the undertaking to the amount of 80,0007. By 22 and 23 Vic., cap. 48 (1st August, 1839), an extension from Castlerea to Castlebar was authorised. New capital, 100,000?. in shares, and 33,000. on loan. The Midland Great Western may hold to the extent of 73,3337, in addition to the abore-stated amount of 80,000%. By 23 Vic., cap. 45 (15th May, 1860), the company was authorised to make certain deviations between Roscommon and Castlerea (54 miles). By 24 Vic., cap. 67 (12th June, 1861), the company was authorised to make an extension from Castlebar to Westport. Length, 12 miles. New capital, 64,0007. in shares, and 21,000. on loan. By 25 and 26 Vic., cap. 201 (29th July, 1862), the company was authorised to construct a line from Manulla to Ballina. Length, 20 miles. Capital, 90.0001, in ordinary shares, and 30,000l. on loan. By certificate of Board of Trade the line between Foxfield and Ballina is to be abandoned. By 27 and 28 Vic., cap. 252 (25th July, 1864), the company was authorised to raise new capital to the extent of 30,0007. in shares, and 10,0007. on loan, and to convert mortgage debt into debenture stock. By 27 and 28 Vic., cap. 299 (29th July, 1864), the company was authorised to use a portion of the Midland Great Western, near Athlone, and to cancel any unissued shares authorised to be created by the Acts of 1861 and 1862, or either of such Acts, to any extent not exceeding 51,000, and in lieu thereof to issue new shares representing in nominal value the value of the shares cancelled, but not exceeding in the whole the sum of 51,000; and the company may attach to such new shares, to the extent aforesaid, privileges of priority in payment of dividend to such extent, not exceeding 5 per cent. per annum, as the company may determine. By 29 and 30 Vic.. cap. 237 (16th July, 1866), the company obtained till 16th July, 1868, to complete the lines to Westport, and till 1869 to Ballina, and also to raise new capital to the extent of 30,000l. at 6 per cent. By 38 and 34 Vic., cap. 101 (4th July, 1870), the undertaking is to be leased to the Midland Great Western for a term of 999 years, at a guaranteed net rental of 28,500!. per annum, to increase annually until the year 1885, by 3501. a year, to a maximum sum of 33,5007. per annum during the remainder of the period; the Midland Great Western being bound to pay all outgoings of every description connected with the maintenance and working of the railway, including all rates and taxes, except income-tax. By 33 and 34 Vic., cap. 89 (4th July, 1870), an extension of time for two years was obtained for construction of the Westport Quay line. REVENUE.-The receipts for the revenue account for the half-year ending 81st December showed that 21,6007. had been received and 8,7697. expended, leaving a balance of 12,7917., showing an excess of all previous half-years, amounting to 12,7917. After payment of interest on debentures, temporary loans, and unpaid land purchases, 8,8231. would be available for dividends. The directors, therefore, proposed appro priating 1,730 as dividends on preference stocks; 2,1207. as dividend, at 374 per cent., on 113,350, the stock held by the Midland Great Western; and 4,9717. as dividend, at 31. 12s. 6d. per cent. per annum, on 274,2501., ordinary stock, to be paid as and when the directors might determine. The receipts for the June half-year from the Midland Great Western, less the charge for working the line, was 14,8907. After deducting interest on debentures, temporary loans, &c., 9,7577. remained for dividends, at the rate of 5 and 6 per cent. on the preference stocks, at the rate of 41. 38. 7d. per cent. on the ordinary stock held by the Midland, and at the rate of 41. 1s. 8d. on the company's ordinary stock. The balances of the net earnings, which for several years had not been paid to the shareholders, amounted to 43,187., of which 24,9561, represented the dividends which had from time to time been declared, but not paid, and 18,2311. not hitherto appropriated. The directors were of opinion that it would be most to the interest of the company to issue forthwith dividend warrants, payable on 1st August, 1872, for the 24,9561., Jess income-tax, and to transfer the 18,2317. to credit of capital. GREAT SOUTHERN AND WESTERN. 113 CAPITAL-The statement of stock and share capital, showing the proportion received to 30th June, 1870, furnished the subjoined particulars: • Which can be converted into 5 per cent. preference under Act of 1861. † Including 66,1707. lodged as security for temporary loans, and in hands of the company. The receipts and expenditure on this account to the same date were detailed as follow: No. of Directors.-Maximum, 12: minimum, 3; quorum, 3 and 2. Qualification, 1,000. Qualification of auditor, 1007. DIRECTORS: Chairman-Lieut.-General the Right Hon. the EARL OF LUCAN, K.C.B., The Right Hon. the Lord Bingham, M.P., Capt. Thomas William Goff, 2, Knapton John Parson, Esq., Bitton House, Teign- George Clive, Esq., 31, Great Cumberland Ernest Thomas Hankey, Esq., Cannon Sir F. A. Knox Gore, Bart., Belleck *The Right Hon. the Earl of Clancarty, *Director of the Midland Great Western Railway of Ireland. The Midland company have not named fresh directors. OFFICERS.-Sec., Benjamin Room; Eng., Frederick Barry, 34, Great George Street, Westminster, S. W.; Auditors, James Gildea and George Leeming. Offices-15, Park Street, Westminster, S.W. 135.-GREAT SOUTHERN AND WESTERN. Incorporated by Act 7 and 8 Vic., cap. 100 (6th August, 1844), and 8 and 9 Vic., cap. 24 (21st July, 1845), for a line from Dublin to Cork, passing by or near Portarlington, Thurles, Tipperary, and Mallow, with a branch to Carlow. Powers were subsequently obtained for making an extension to the river Lee, a branch from Portarlington to Tullamore, and incorporating the Clonmel and Thurles; also authorising subscriptions to other companies to the following extent, viz.:-Killarney Junction, 100,000.; Mallow and Fermoy, 190,000.; Irish South Eastern, 90,000. Total in operation, 330 miles. The company obtained an Act, 15 Vic., cap. 80 (24th July, 1851), which removed any previous doubt as to the validity of the creation of the 641. preference shares, owing to that capital having been raised under Acts for subscriptions to other lines, &c., and not strictly applied to those purposes; as the capital raised thereby is now legally applicable to all or any of the purposes for which the company is legally authorised to apply the same. The company is also, by the same Act, enabled to construct a dock and warehouses at the river Lee, Cork, and to create 250,000l. additional capital for that and other purposes, on which, as well as on the preference shares already created, and any shares which may be hereafter raised for the capitalisation of the company's bonded debt, a preferential dividend, not exceeding 6 per cent. per annum, can be.. conferred by three-fifths of any special general meeting, the first created preference |