The Express.
London, England, 1852-08-25 00:00:00

LEEDS (NORTHERN).

The directors have just issued their report and
statement of accounts to be submitted to the shareholders
on Saturday next.
From the statement of receipts and expenditure it ap-
pears that the expenditure on capital account during the
bolt year, ending June 30th, last, was 181,7.501. With
respect to the receipts under the same head of "capital ac-
count," the directors say : The requisito means for defray-
ing the above expenditure have been provided principally
by the exercise of the company's borrowing powers under
the act of 1861, sums amounting to 54,7801. having been
raised by loans on debenture during the last half-year.
Down to a comparatively recent period these loins could not
be obtained en lower terms than at 6 per cent. per annum
interest. But, as no difficulty is now experienced by the com-
pany in °beaming money. on debenture at greatly reduced
rates, an important saving will be effected in the annual
charge for interest, as loans from time to time fall ia, to be
paid off or renewed. Having thus been enabled to raise so
!ergo a sum on such favourable terms, sod to provide the
means of the half-yearly expenditure on capital account, the
directors have postponed making any further calls on the
oompany's preference shame, the capital represented by
which is still available to a large extent. The extension
line to Stockton, joining there the line to Hartlepool, was
opened throughout on the 2nd of Juno lest. The connexion
is therefore completed between Leeds and these ports,
and the company is in possession of 70 miles of railway.
The revenue account chows that during the lest half-year
the gram traffic receipts were 28,2041., and the working ex-
penses 14,4481.; government duty on passengers' 4811.;
leaving 13,2761. as the net profit for the half year. The ba-
lance left idlest half-year wee 4421., making the tail dispo•
sable surplus 13,717 r. Of this available balance the sum of
9,3381. is required to pay the interest on loans ' • and the di-
news recommend that the further sum of 2,7131. be appro-
priated to the payment of the half•year's dividend at the rate
of 6 per cent. on the preference quarter shares, leaving a
balance of 1,6071. to he carried forward to the next half-year.
The gross receipts for the half-year, ending 30th of June.
exhibit an increase of 3,5471. over the corresponding period
of 1851. The report eoacludoe by stating that the
completion of the northern extension of the line is a fact of
much importance. The first effect of the opening of the
extension has, however, been to produce a very severe cow
petition for the traffic of the new district. Oa the opening
of the line to Stockton, the rates to end from nearly all
points at which this railway comes late competition with
other companies were reduced to an aboard extent by those
companies. The effect of the extremely law charges
which Ode company bee been compelled in sclf-defence
to adept, has consequently been to prevent its hitherto
deriving those benefits which were anticipated, and
which are still confidently expected to be realised,
from the formation of the extension line. The
directors continue to entertain the same confident ex-
pectations as heretofore of the value of the undertaking.
The capacious new dock at West Hartlepool was opened
on the Ist of June last, and extensive powers were obtained
in the last session of parliament, for the improvement of
the navigation and dock accommodation of the River Tees,
and ultimately a large traffic cannot fail to be derived from
those sources. Much attention continues to be devoted to
the cultivation of the local traffic, which exhibits a satis-
factory increase ; and the directors entertain the hopes of
being able shortly to effect a connexion with the beds of
ironstone in the Cleveland hills, from which a further source
of profitable revenue is to be anticipated.