The Express.
London, England, 1852-08-27 00:00:00

NORTH BRITISH RAILWAY.

The directors' half-yearly report says :
Before proceeding to make some remarks in connexion
with the accounts now submitted, 'it is proper to remind
the shareholders that at the last half-yearly meeting, held
is the 18th of March, it was agreed that three additional
Members of the then existing hoard should resign their
SOIL at an early date, so as to adarit of the election of three
Wm directors in their place, in addition to the three gentle-
Olen elected at that meeting. Accordingly, Messrs. Lear-
Meath and Cadell, and Sir James Forrest, resigned on 13th
May last, and the board, in their place, elected Messrs.
gent, Cheynr, and Dougiil. In order to ascertain the
beaatiel position of the railway, at the time when the board
thee re-constituted entered on its duties, Mr. Archibald
Deethwick, accountant, Edinburgh, was requested to in-
vestigate the books and accounts cf the company Irom 31st
Jfannaty, 1849. up to which date the committee of investi-
ri, appointed by the shareholders in 1849, had reported.
llorthwick accordingly snide the necessary investiges-
ties, and reported that, in his opinion, sums had been
ememeously charged in the books and balance sheets, be-
ewes 31st January, 1819, and 31st January 1852, to capital
intend of Revenue, to the amount of 33,8721. 9...
miler the heads of interest, discounts, salaries, and
Latrl charges. The board, after • careful treaties-
e:f Mr. llorthwick's report, by a committee of
their number, were satisfied of its accuracy, and con-
curred in his opinion that capital account had been
debited with sums to the above amount, which should have
been debited to revenue. In addition to the above sums
erroneously debited to capital instead of revenue, there has
been a abort debiting of revenue during the above period to
the amount of 2,2151. 175., under the he tile of coke and had
debts, in consequence of results made up prior to 31st
January last, from the books at the works at Si. Margaret's.,
testing the actual consumption of coke up to that time by
the stock then on hand, not having appeared in the balance
sheets, and in consequence of bad debts incurred in the
goods and passenger department not having been written
of. Tho director, have not debited the revenue account of
the present half-year with the above sums thus erroneously
and shortcharged during the three years ending 31st
January last. It is almost unnecessary to add, that they
I have not brought forward in the revenue account for the
half-year annexed, the apparent free surplus of 1,692,1. Old.
appearing as reserved in the last haltyear's account
and report. The directors consider it also proper to state
that the correct allocation of outlay between copra' and re-
venue is a matter which ought to receive the most careful
attention. As regards the past, it has not hitherto been
possible to ascertain with certainty how far such accounts
en land and compensation,' works and stations," CRT-
/Wei, RaggOllP,. 6ie , may not contain items which should
have been charged to revenue, in addition to the sums
=1 out by the accountant under mine heads. The
rs will in future direct their special attention to this
point, and take means for securing that the distinction be-
tween eapital and revenue be correctly carried out in every
account ; and they trust that this will be the wore easily
accomplished in time to come, as, under the advice and in-
spection of Mr. Borthwiek, they have, as from the 31st July,
adopted a new system of keeping accounts, an 1 a
more efficient system of checks en all cash transactions.
According to the revenue account now submitted, the
shareholders will see, that after charging interest far the
half-year on the whole of the debsnture debt, our the debts
due to the hanks, un contract balances paid off, and nn the
company's other outstanding obligations which at interest,
the ree revenue is 11,8981. 7d., from which the directors
have resolved to deduct 1,5d61. 15s. 4d., for renewals of
rails, buildings, and works. That deduction being made,
there remains a free balance of 10,3711. 9s. , which will
yield • dividend of 3i per cent. on the preference stock,
No. 1, so far as paid up in full. The dirceton recommend
that a dividend at the above rate be declared payable on
the 10th day of Octebir, 1852, to those shareholders who
were registered as holders of preference stock, No. I,
not in smear on the 2nd day of September, 18;i2, when
the badswere closed. It should be kept in view by the
shareholders. that the shortcoming on the revenue account
of the prem• half-year, to meet the e--
interest, dun not arise in consequence of
on the traffic,—which, on the contrary, contin.
to increase,—nor from any proportional increase
ing expenses. The gross Dane of this hell-year
above that of the corresponding half-year of lr
working expenses have been diminished us ce
the corresponding half-year, by two per
arias chiefly from the directors not being
being forward the apparent free surplus on
ear's accounts, for the reasons before stated.
kept in view, that the half-year endi%
never so favourable as that ending 81st January.
ference on the gross traffic) between the two hi

1

~~~

the preference
any falling off
"Y 1 ''
atinues steitilil
~/lr ,
maze of .. ..,
_ik . ~
(--ear is ak ," -V14,, s . . f 18.51, n ii., • :"- -'it•-... • •••ka ..e
comp.!. • le, ~,„ 4.0.•,z.es )
r Cent. ,mptc, e..ly •
, _
.., Ir.. , . ,
4,
n titc 1 Wir...., t4l` .
~,,,..4,:k.,..
I. It m I. if-T., WA ,N, ,
ng 'llst J a.
soni„,
'tar). The • va.
•0 Calf-c° •its .

111./l wt. upward. of 1,90 11. The w ,rking expenses of this
belf•yeer are ell! heart. r than the directors would wiab,
but large repairs on eagi,es and earri secs have been needi-
est'', $ll4l some *mond for stores sad suppliea for A pre-
vious period which swat over unpaid it last balanee, are
Locleded in this half yeara's
AIIAiTILACT IS. GNUS ACCOUNT, AS AT 31ST JULY, 1842

-
&TRY Ni. bilf•yesr.
g "137 N 7
fed patua partway. g dam

ifTi

4Ut
Wrou berme and rut laps
Ircissuuds
Dethst fat wimp sad delivery

feats..
Wasoft; ites

ittalyrd os or. ant a taiga 4,
P1.41...a11ta Sur eel) sag

7,ai a i

r^s.s• II 3
001 111 0
4..330 0
2,131 IS
43441 3 0
1,141 II S
3.13 17 0

lei 1 i

1,831 7 G

p 4,9179 It S

itspesa,lll.4 toweled iti% /..;;;17441eportietst . CB 2311 D 10
Do. pao.nter dtpatmeaS .........—.... 4053 5 1
Do. g0u.14 drp krus4ll2 ...—.............. _ 7.40116 4
Do. dn. an 1 pulsar — 4.643 6 2
General mewed ..... ..... 2.171 16 0

14 3
litenb, hoarse r% patkb as.d War podia baring,
Is 7
Tweeter tax .

X 9.715 13 7
3616 Test WO, eeiactimg iate-eas 37,793 11 6

77,011 3 I
Fate r.vnitte . ............. 11.14 4 7

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