THE RAILWAY ALLIANCE.

Dominion, Volume 2, Issue 492, 27 April 1909, Page 7

THE RAILWAY ALLIANCE.

■ ' —— " ' BILL WITHDRAWN. (Nic TELEGUAX^H—PUESS ASSOCIATION—CO?SMOnT.) . London, April 25. The Great Northern,' Groat Eastern, and Great Central Railways Amalgamation Dill i lias - boon withdrawn, owing >to Parliament granting a locus standi beforo the committee to so many interests. ; x . .. ' _ : PROVISIONS OF THE BILL. The Bill had'been read a sccond. time in the House of Commons by 136 votes to 111—the Lnbour members opposing—and had been referred to a committee. The efFoct of the Bill will be seen from 'the-following-, summary published' recently in tho. "Sydney Horning' Herald Tlie Bill foi\ the working of tlie Great Northern, the Great Central, and tho Great Eastern: railway companies, provides that the three companies shall be worked by a joint committee consisting of 37 members, coin-, posed of 13 - directors of the Groat'. Northern, a»d;'l2 of each of the, other two companies. The first chairman is.to' bo Lord Allerton, th& second Sir Alexander Henderson, and the third Lord Claud Hamilton. The scheme means practically an absolute fusion of tho three compauies as far as.'yworldng -arrangements aro concerned. Tlie joint l committee will collect all revenues—except dividends: and'.interests •from moneys invested by;-.the companies in .other companies .(for. instance, Great Eastern" investments in Midland Stock) and. interest on superannuation, pension, and other funds. Tho reoeipts and expenses wero arrived at on the basis of the accounts for IPOS, which produced a balance of .£0,107,-122. Before this balance, or whatever, the balance may .bo, is divided (and it is .presumed that the amount will: lie inoreased, owing to the. working, expenses being reduced, and other, economies), each' company will receive froih the joint committee 3} per cent.'upon, oapilal expenditure for tho years 1907-8-9; 3i pev cent, upon capital expenditure for. each year after 1903; and 3J per cent, upon capital contributed afior 3909 to tkfl joint lines, otc. The Great Central will receive from the joint committee 3V per cent, upon the Lancashire Derbyshire debentures, tho joint, committee to take .all receipts. . The balance of ,£0,187,422 is to be divided between the three companies in tlie following proportions-.—Great Eastern,.37.39 per cent.; Great Northern Hailway ..Company,- 35.73 per cent.; and Great Central Railway, 26.88 per cent. The. remaining balance; of ,£loo,ooo,is to go to (he Great Central Qompnny. The, ultimate surplus is .to bo. divided between the. three companies in the proportions already, published. AH new capital required is to be raised by each company,