The Express.
London, England, 1846-09-15 00:00:00

TILE YORK AND NEWCASTLE RAILWAY

COMPANY.
SPECIAL MEETING.

Immediately after the above meeting, a special
meeting of the proprietors of the York and Newcastle line
was held, in the sime room, G. HUDSON, Esq., M.P., the
chairman also of this company, still presiding.
Mr. CLOSE, the secretary, read the advertisement con-
vening the meeting, and
The CHAIRMAN said—The first resolution, gentlemen,
which I have to submit to you has reference to the leasing
and proposed purchase of the Great North of England Rah-
way. You are all aware that that line is now in the posses-
sion of this company, and it is very satisfactory to me to be
enabled to make a communication to von at this meeting
which may not be uninteresting. It is this—that although for
the first year we sustained some lose, still the directors have
been enabled to make up the deficiency by means which I
shall explain to you at the proper time. (Applause.) Since
the Ist of July last, the increase of traffic has been so great
that we are now sitting at a small profit—at all events at no
loss. (Renewed applause.) We opened the Richmond
branch the other day, but our rent will not be increased this
year on that account, nor shall we have more to pay to those
respectable gentlemen who sold the Great North of England
line to us, and brought forth such strong comments from
" Cato," and other Solomon, for having sold an article so
outrageously dear to us. (Laughter and applause.) Though
they have exacted the last "pound of flesh" from us, it is
gratifying to the directors to be in a position to inform you

that we shall not only be able to pay our way this half year,
hut also to make some profi: out of the line; and when the
Berwick line is completed we shall derive a considerable
income from that source. (Loud applause.) I was down at
Newcastle lately, and I then made great progress in the pur-
chase of property necessary' far the passage of the line through
the town of Newcastle. I hope and believe that the line to
Berwick will be opened, in all probability, in
the first week of February next. I think that
in about a month the line will be opened to Morpeth
and Tynemouth, and we shall then come into the receipt of
something like 1,000/. a week, which will be very satisfactory.
considering that that sum will be derived from only 12
or 14 miles -of the line. (Applause.) When I refer to the
price given for the'Great North of England, I am ready to
admit that it is a considerable sum; yet it is satisfactory to
know, that by that purchase the public at all events have not
suffered, but that, on the contrary, it has been highly bene-
ficial to them ; for so soon as we became liable to pay this
large rent, at the same time we had the courage to reduce
the rates 20 per cent. on every train running betweca York
and Darlington. (Applause.) I think that, Gentlemen, is
some answer to the complaints and observations of indi-
viduals who either do not know how to appreciate the posi-
tion of companies, or who feel it to he ro part of their duty,
although they choose to write in the public prints, to make
themselves acquainted with the real facts of the case with
which they pretend to deal. (Hear.) If such individuals'
had troubled themselves to inquire, they would have
found that the fares of first-class passengers between York
and Darlington had been reduced from 13s. to Ils. ' • second-1
class from 93. to 81. ; and third-class from 6s. 6d. to 3s. (Ap-
plause.) Now, after that large reduction has been made,
althsugh we are bound to pay so large a rent, I think, gen-
tlemen, that there is some merit due to the directors, and
that they are entitled to some gratitude from the public for
having undertaken so great a risk upon so thinly-populated
a line as the Great North of England. I repeat that, after
,eyalueas.estask sa great a vednetiou in the fares, and under
stink cireignitaritts, I think that the observations which have
I eon bandied about frum day to day respecting the leasing
and purchase of the Great North of England and the Hull
and Selby lines might fairly have been dispensed with. (Ap-
plause.) We are entitled by act of parliament to take these
fares, sad we have not gone beyond any powers which that
act vests in us. But again, on the Hull and Sclhy line, we
are carrying first-class passengers for less than 2d. a mile;
second-class passengers for less than lid. a mile; and the
third-class passengers for less than Id. smile; and therefore I
really do think that these observations should not have been
made by parties who do not at all understand the question.
(Applause.) Those observations had been so unfair and so
unjust, that I do bane that the public, through the press,
will be placed in possession of the facts which I have now
stated. (Renewed applause.) I am in the habit of reading
these letters which appear in print from time to time, and I
do so because I think there is some information to be de-
rived from them ; but I wish that the parties who write
them would make themselves acquainted with the whole
facts, and not try to mislead the public as they arc doing,
through the instrumentality of a certain portion of the pub-
lic press. (Applause.) I would here observe, that what
was formerly known as the Great North of England and the
Newcastle and Darlington, will in future he entitled the
York and Newcastle line, and that the receipts of the Great
North of England will be published along with those of the
Newcastle and Darlington, under that name for the future;
and the receipts from the Berwick line will be published,
along with the Newcastle and North Shields, as the Berwick
and Newcastle receipts. (Applause.) Now, with regard to
that line—the Newcastle and Darlington that was—we are
carrying first-class passengers nine miles for nine pence;
second-class passengers nine miles for sixpence; and third-
class passengers nine miles for fourpence. (Applause.) The
attacks, therefore, that have been made upon this subject
appear to me to be most unjust, for the fares must be regu-
lated according to the nature of the districts through which
different lines may paw. I have always been anxious that
the rates should he apportioned fairly as regards the public,
and at the same time in such a manner as to give to the
shareholders a fair recompence for the outlay of their capital.
1 he public have no right to expect more than this from us,
because, although ft is not very likely, still we may be super-
seded by some other invention ; and surely, considering the
risk we have to run, we ought to have something more than
an ordinary rate of interest,—and how few lines had paid
more until very lately. (Applause). The Midlands also
reduced their fares from the let of January last, averaging
from 7 to Id per cent., and therefore I say again, that the
cry attempted to be got up against these undertakings is
most unjust and unfair. (Hear, hear). I don't complain as
an individual, because I know that from my position I have
a right to be attacked, and they may say what they think
proper about me. I often receive communications, from
correspondents, containing matters of complaint, and
the parties writing often say, " If you dont attend to this
immediately, I 'hall address the public through the Times.
(Laughter.) My answer generally is, that I shall attend to
the subject, but that if it would be the least gratification to
the parties to send to the Times, I have not the least peed-
ble objection. I do nothing which I fear coming before the
publ:c; and if dm Times think it worth their while to pub-
lash these soil of communications, I have not the least objee-
tion, for they save me the trouble of answering them. I do
not wish to say much about the Times. but I certainly have
been a good deal amused occasionally with their strong ad-
vocacy of excessive low rates, and for the conveyance of the
public cheaply and safely. I quite assent to the latter pro-
position; but still I contend that such extraordinary accom-
modation has been given to the public by the English
capitalists, who have provided this country with 4,000 miles
of railway, as to fully compensate for any excess of charge
over the French system, which had only, up to a recent
period, provided that country with 300 miles of railway.
There are very few advantages connected with the French
system—a fact which has been fully proved before a com-
mittee of the House of Commons. (Applause.) I do not find
fault with the Times, but I do like to see those who
advocate low fares carry the principle fairly out themselves ;
and if they do not do so, they cannot complain if, by a little
investigation, it turns out that these gentlemen in their own
individual capacity, are fund of high charges themselves.
(Laughter, and cries of "Hear, hear.") Now, an proprietors
of railways, you of course have to pay largely for the inser-
, tion of your advertisements, and I have been rather curious
to see whether The Times are the liberal people to the public
which th profess to be.when dealing with other men's pro-
perty. (Hear, hear.) I have been curious to sec whether
Mr. Walter, who says that his advice in constantly required
fir guiding the affairs of The Times; whether his judgment
goes a'ong with the low charges, and the low rate of interest
which he proposes railway companies should receive. (Ap-
plause.) I have an advertisement before me, which was
published on a certain day, and for the insertion of which,
whilst the Morning Chronicle charged V. 35., The Times
charged 3/ 18s. (Hear, hear, and laughter.) There are
many similar cases, and this is certainly a very rich one in
its way. I do not wish to eneouragethe Morning Chronicle,
to charge 3/e. 18s., but rather to suggest to the Times the
propriety of charging 3/. 3s. (Hear, hear.) If the Times
were content with 10 per cent. for their money, as railway
proprietors were cbliged to he, I should think they would
give an advantage to the public by charging about one-fourth
of what they do at present for advertising. Mr. IValter:is a
gentleman whose position I do not envy—he is a gentleman
whom I admire, and I accord with many of his sentiments.
I have not the pleasure of knowing him but :eora character,
and I entertain towards him feelings of the greatest respect;
and I do say that if he were content with 10 per cent.—if
the Times were to charge a quarter of what they have done,
you, es shareholders, and, as a portion of the pubPc, would
derive considerable advantage. (Applause.) As we have
agreed (but arc not pledged) to take no more than 10 per
cent., if the Times would make a similar pledge, instead of
paying '3d. for that paper, we might obtain it, as they sould
the publication of a contemporniy, for 21d. (Hear, hear.)
I do not say that that is quite right, nor do I find
fault with it. But it may be urged that we
have got an act of parliament, and great powers
along s ith it, and it is quite true'; but it is
must be remembered that we had to pay for those great
powers in the most liberal manner to the public. (Applause.)
Under that act of parliament we have taken land, and what
landowner complains of our having done so ? Not one. And
why ? Because we merely obtained that act of parliament to
make all things fair and reasonable. (Applause.) Then it
is said we have got a monopoly; and that may be so to a cer-
tarn extent; but the old means of conveyance is still open,
and the public cm avail themselves of it if they think pro-
per. They, however, leave the old conveyance, and come to
us, because we can carry them cheaper and better. (Hear,
hear.) But to return to the Times: it may said, "You may
advertise with us or not, as you like—there are other parrs
of which you may avail yourselves." So it is with railways.
We may say to the public, " There are other means of con-
veyance, and if you do not like our charges. you are not
bound to travel with us." Lord Worley travels in a second
class carriage, because he has threepence a mite to pay, which
he used to give to the postboy. I have also seen directors
travel in second class carriages—(laughter)—and I have
no objection to Lord Woraley or any other gentle-
man doing so, but I cannot say that I admire their
taste. The Times says, " Yon need not advertise with us
unless you like," but will any gentleman here tell me, as a
proprietor in railways, that if a meeting were going to be
held, it would not be made a grave charge against us
if we had not advertised in the Times? Possessing the cir-
culation which that journal does, it is imperative upon us to
advertise with them, and to pay them what they choose to
charge; otherwise we should not, as commercial men, go
and pay 31. 18s. for that which we could get for 3/. 3a. else-
where. I submit, therefore, that it is no answer to say,
"You can go where you like," so far as the Times is con-
cerned. (Applause.) They have a power of money to
obtain information from all parts of the world, and all com-
mercial men who wish to know the state of the money mar-
ket, the state of commerce, or anything else, must read the
Times, as well as the Morning Chronicle, and therefore it is
idle to tell us that we need not buy their papers unless we
like. (Applause.) I do not want the Times to reduce the
price of their paper to 21d., but I think that if the argument
holds good as to railways, t is equally strong in its
application to the Times. The public are large
consumers of papers, and they would derive con-
siderable advantage from a reduction in the price of the
Times to 21d., same as the Daily News, and a still greater
advantage if the terms for advertising were reduced one-
fourth. I make these observations in perfect good humour.
I have no wish to provoke the ire of the Times, but when
there seems occasion for it. I Phan never shrink from the
statement of such facts ea I have brought before you this

day. (Applause.) I don't know whether the Daily News
is paying its proprietary. That is a matter 1 know nothing
about, as I have nothing whatever to do with that journal,
with whose principles I so far differ that I should be the last
man in the world to be a supporter of it. (Hear, hear.) I
may just observe that the Times also charges more than the
Standard. It may be said that the Times offers greater ad-
vantages, but so it is. (Hear, hear.) But with regard to
the resolution which lam about to submit for your approval,
I beg leave to observe, in reference to the attack that has
been made upon Parliament fur sanctioning this bill, that
parties had no opportunity of hearing the evidence
given before the committee. We showed that the effect
of this bill was to give unity of management, increases ac-
commodation to the public, and to secure a reduction in the
charges so large that I am quite satisfied the public will be
amply compensated for the powers which were given us.
It is not considered by those who write upon tke aubjeet
that we are effecting a vast economy by doing away with a
number of establishments. The fact, however, is that such
economy takes place that we are enabled to give the parties of
of whom we lease or purchase the line a better price ; and
whilst we can do this without any injury to the public, we
can at the same time secure to our proprietary a greater per
centage than can be done by a separate and distinct company.
Why, then, this uproar about a thing which every man of
common sense will see must be caried out with advantage to
the public, and to you es shareholders. (Applause.) I
have made these few observations in the very best spirit, and
for myself, as an individual. I am quite prepared to stand by
my own position. The resolution which I have to submit to
you, gentlemen, is this
That this Company do agree to accept a lease for such a term of
years us the directors thereof do approve ; and also to purchase the
Great North of England Railway, and its Richmond branch and other
works sod property, more particularly specified in a certain deed of
arrangement, aided the 28th day of August, 1845, on the terms and
conditions therein, and in a certain indenture of lease, dated the 27th
day of the Panic month, both now produced, which same instruments
this meeting approves and confirms."
The resolution was adopted unanimously, and the CHAIR-
man then observed that he had not purchased a single share
in eitner the Great North of England or the Hull and Selby
lines; nor had he made a single sixpence by either of the
purchases. He had no interest in them but as trustee over
the interest of the shareholders over whom he had the honour
to preside, and as a joint proprietor with them. (Applause.)
He was glad to say that the increase of traffic was gradually
reducing their responsibility; and there was one point which
told in their favour, and to which he wished particularly to
allude—namely, that, on the 30th rf November, the lease
which had been grauted by the Great North of England com-
pany to the coal-owners would expire. This, he hoped,
would add eassaiderably to titer revenue. The Richmond
branch, too, was likely to produce a considerable income. It
had only cost about 11,000/, a mile ; it reseed through a very
beautiful country ; and lie was satisfied that it would prove
a lucrative undertaking. They hoped to open the Bore'-
bridge branch by Cluistmas, or a little after; and he had no
doubt that this, too, would asitst materially in relieving the
proprietary of this company from all their engagements, and
in placing a surplus at their disposal.
The CHAIRMAN then moved the following resolutions con-
secutively, and they were severally carried unanimously
That this cornpany do agree to purchase the Durham and Sun-
derland
Railway, with nil the property and effects connected there-
with, and more articularly mentioned in a certain indenture, bearing
date the lfth day of Dceendx,r, 1845, and now produced, on the terms
and conditions therein contained, and which inure is hereby con-
firmed."

2. "That this company do agree to purchase the Weartnoath
Dock, and the property and elfeeta belonging thereto, ut the sum of
83,000 f.
3. "That the directors he authorised and empowered to treat and
enter into an agreement fur the purcluuw of the Pontop and Smith
Shields Railway, and the works and property belonging thereto."
Speaking of the Wearmouth Dock purchase, the CHAIR-
MAN observed that the flocks had cost the original pro-
prietors 140,000/. ; and he thought this company would
he able to make a profitable undertaking of it. The
purchase of the Peotop and South Shields Railway was
a matter which had been entrusted chiefly to Mr.
Robert Stephenson, and he had not had an opportunity of
meeting him lattly, as he had been from home.
lie was therefore not prepared to enter into any details, but
inasmuch as they already ran a considerable distance upon
that line, he thought it was important that it should be in
their hands. /The company only wanted a fair price for it ;
and he thought the directors would be able to pay the share-
holders of this company a good dividend upon the amount
required for its purchase. Ile had now got through his bill
of fare, and he was very much obliged to the gentlemen
present for their attendance.
On the motion of Mr. Alderman GRAY, a vote of thanks
was given to the chairman, and he having brittly acknow-
ledged the compliment, the meeting separated.

COMMERCIAL 4 MARKETS.

MONEY MARKET & CITY INTELLIGENCE.

Quarter to Three o'Cloeli.—We remain in the funds
as before. Console, 951 to 6 for present transfer, and for time,
9G to 1. Exchequer Bills, 10s. to 14s. premium.
The settlement of the accounts was the chief busineis in the
foreign house. It has so far passed off without novelty,
rlthough there must have been some heavy differences to
adjust from thegreat fall in Portuguese, and the fluctuations
in Spanish and Mexican Bonds. Portuguese are quoted 43 to
4as before. Mexican, 2.51 to;. In Spanish we have an ad-
vance of prim, the Fives standing now at 271 to 1; the
Threes; '3. 81 to deferred 17 to 18 ; Passive, 6
to 1. 'The rise is not attributable to any poli-
tical intelligence or event, but solely, it is under-
stood, to the state of the account, the bears having
oversold themselves, and, therefore, being obliged to
pap for delivery, or for otherwise making up, the
prices were raised upon them. In other foreign securities
there has been little doing, and the quotations remain as at
foot.

ENGLISH FLIND&—CLOSING PRICES.—Tanya o'Ctocs.
Rank Stork, Ditto for Acct., 961
3 per Ct. Red. 5I per Cents,
9 per Cent. Consols, 95 Exchequer Bills, 10s. to 14e.
FOREIGN FUNDS.
5 per Ct. Attalxian Ma., • 1 per Cent. Grenada Eds., 214
44 per Ct. Belgian Ms., 97 9 Grenada Deferred Lida., 34 4
24 per Cent. ditto, 55 7 5 per Ct. Meliain, 251 4
5 per Ct. Brazilian Ma., 88 90 8 per Cent. lieruan Ms, 37 9
S per Cent. New Wax. tide., 8' 9 Portuguene Cons. Eds., 43 4
G per Ct. Buena. A)rcii MR., 42 4 5 per Ct. Russian Ada., 110 12
6 per Ct. (ltilian 8da.,101 3 5 per Ct. Spanish Bits, 274
6 per Cent Cnlumb. der. Eds., 3 per Cent. spani..ll 1 3/I
Columbian Equathir Rda., 34 4 Spanish Deferred Nita., 17 lit
3 per Ct. DithAl lids, 88 98 tipaniah Pamirs lids, 64
21 per Ct. Ilnteh Bela., 54 60 2 per Ct. Venezuela hide., 42 4
4 per Colt. Dutch Certa., 941 S Venezuela Deferred lids., 121 131