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Rh .— The following clause was inserted in the act by which the Scottish North Eastern is leased to the Caledonian: — Nothing in this act contained shall in any way alter, diminish, prejudice, or affect any right, interest, power, preference, or privilege belonging to or vested in the Arbroath and Forfar, under or by virtue of the Arbroath and Forfar Act, 1846, and the Arbroath and Forfar Act, 1848, or the rent agreed and payable to the Arbroath and Forfar by the Aberdeen, under or in virtue of the same acts, or shall in any way alter, diminish, prejudice, or affect the nature of the rent-charge, real burden, and priority created by such acts in respect of the said rent or the right to levy and recover any such rent under and in terms of such acts; It being hereby expressly provided and declared that all such rights, interest, powers, priority, privileges, rents, rent-charge, and real burden are to remain the same in all respects as if this act had not been passed, with this excep- tion, that where any obligations were conferred or imposed with reference thereto upon the Aberdeen, the same shall, after the passing of this act, be performed by, and may be enforced against, the company, in the same way and manner, and to the same extent and effect as the same, but for the passing of this act ought to be per- formed by, or might have been enforced against, the Scottish North Eastern under the Scottish North Eastern Act, 1856, and the Scottish North Eastern Act, 1863.

— Received: Original 26l. shares, 70,000l.; 12l. 10s. shares, 50,000l.; 6l. 5s. shares, 40,000l.; 5l. shares, 29,959l.; guaranteed 12l. 10s. shares, 40,000l.; total shares, 229,950l. No loan capital. Expended on lines and works, 204,249l.; working stock, 26,101l.; balance to debit of this account, 400l.

. — Year ended 7th March, 1904. Receipts: Guaranteed rent from Caledonian, 12,842l.; other items, 65l.; from last year's accounts, 183l.; total, 13,090l. After payment of 94l. for general charges, a dividend at 5 per cent, was paid on the company's share capital, leaving 286l. to be carried forward.

Last annual meeting, 38th March, 1904.

Qualification of Directors, 4 shares of 25l. each.

Secretaries and Treasurers, William Pollock and William J. Pollock, Solicitors, Ayr.

This undertaking is vested in the Glasgow and South Western under the Glasgow and South Western Act of 1871, but remains incorporated for receiving, and if necessary enforcing, payment of the yearly sum payable under act, and for other purposes. The sum payable yearly is 2,450l., in two equal half-yearly portions, and is equal to a dividend of 7 per cent, on the stock, besides several fixed payments. Meetings in February or March and in August or September.

BAKER STREET AND WATERLOO. DIRECTORS:

Chairman— THEODORE JULIUS HARE, Esq., Lyne Grove, Virginia Water.

Major-General C. S. Hutchinson, C.B., Late R.E., 14, Kidbrook Park Road, Blacktaeath.

The Right Hon. Sir Algernon West, G.C.B., 1, Mount Street, W.

Alfred Willis, Esq., Woodcut, Hollingbourn, Kent.

OFFICERS. —Sec, E. B. Read; Engs., Sir Benjamin Baker, K.C.B., W. R. Gaibraith. C.E., and R. F. Church, C.E. ; Auditors, Herbert Guedalla and W. B. Peat: Solicitors, Bircham A, Co.; Bankers, Robarts, Lubbock, & Co., Lombard Street, E.C.

Offices — 39, Hamilton House, Victoria Embankment, E.C.

Incorporated by act of 28th March, 1893, for the construction of underground railways from Baker Street to Waterloo Station, in the county of London. Length. about 3 miles. Period for completion, 5 years. Capital authorised, 1,250,000l. in 10l. shares, with power to divide into preferred and deferred UK-shares; borrowing powers, 416,000l.

By act of 7th August, 1896, further powers were conferred on the company to raise additional capital not exceeding 75,000l. in ordinary 10l. shares (with power