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4 to divide into preferred and deferred half-shares), and to borrow 25,000l. Extension of time for completion of railways authorised by act of 1893 for 3 years, from 28th March, 1898; period for completion of works authorised by this act, 5 years additional lands; and other purposes.

By act of 1st August, 1899, further powers were conferred on the company to raise additional capital not exceeding 60,000l. in new ordinary 10l. shares, and to borrow 20,000l; to raise half the capital authorised by acts of 1893 and 1896 in preference shares at interest not exceeding 4½ per cent. per annum; to construct new works to be completed within 5 years; additional lands; abandonment of portion of lines authorised by act of 1893; extension of time for completion of lines authorised under acts of 1893 and 1896; and for other purposes.

By act of 6th August, 1900, extension railways were authorised to Paddington on the north and the Elephant and Castle on the south. Length, 2 miles 1 furlong 5 chains; and powers to raise additional capital of 1,000,000l. in ordinary shares, and to borrow 333,000l.; period for completion, 5 years.

By act of 1902 powers for the compulsory purchase of land under the act of 1896 were extended to the 1st August, 1904, and the time for the completion of the works authorised by the acts of 1893, 1896, and 1899 extended to the 1st August, 1905.

By act of 11th August, 1903, the time for the completion of the works authorised by the act of 1900 was extended to the 6th August, 1907, and for compulsory purchase of lands to the 6th August, 1905. Power was given to acquire land for a station in the Westminster Bridge Road and to enter into agreements with the Underground Electric Railways Company of London Limited for the supply of electrical power, the haulage of trains and the equipment and electrical working of the traffic of the Baker Street and Waterloo Company.

By act of 22nd July, 1904, powers were given to acquire additional land and construct stations at Westminster Bridge and Regent's Park.

On 14th November, 1900, the whole of the 2,385,000l. share capital was offered for subscription at par, in 66,000 4 per cent. preference shares, and 172,500 ordinary shares of 10l. each. Total shares issued to 30th June, 1904, ordinary, 98,185, preference, 66,000. Total received on share account to 30th June, 1904, 1,641,850l. Interest during construction will be paid half-yearly at the rate of 3 per cent. per annum, subject to the provisions of the company's acts, on ordinary shares Nos. 1 to 250, 271 to 27,171, and 34,172 to 34,601, and preference shares Nos. 1 to 10,750 and 65,894 to 66,000. All interest up to the 30th June, 1904, has been paid. Subscribers were permitted to pay up In full on allotment. Borrowing powers, 890,000l.

No. of Directors.—Maximum, 10; minimum, 4; quorum, 3, if number of directors do not exceed 7, and if the number exceed 7, the quorum to be 5. Qualification, 50 shares.

OFFICERS.Sec., George Boxall; Auditors, G. J. Whitelaw and Jas. Attfield; Bankers, London Joint Stock Bank, Craven Road, W.

Offices―Paddington Terminus, W.

Incorporated by act of 28th July, 1873, to construct a line commencing by a junction with the Corwen and Bala at Llangower, and terminating at Festiniog. Length, 22¼ miles. Capital, 190,000l., and 68,300l. on loan. The Great Western may subscribe 256,000l. under this and subsequent acts. Power to enter into working and other arrangements with Great Western, Festiniog, and other companies.

By act of 16th April, 1878, the time for the completion of this railway was extended to 28th July, 1881.

The share capital was increased by 48,000l., and debenture by 16,000l., under authority of Bala and Festiniog Railway Additional Capital Certificate, 1882.