The Express.
London, England, 1851-02-24 00:00:00

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Now ready,
BRITISH OFFIChH: his Pesitioe,
►ato:ula. Me, and Moth gen Being a arm and emnpilatims
of the rules, reputations, marmots, and nommosada tetating to Me
dope .. promothm, pay, and ..1.... met of Me cairn In Mr Maim-
ty'. rrytar, aso t that of tM 11 amiable ►act laths Company. by
J. 11. r.rotrrn JUL UM vol. Mo. price 13a. cloth nu&
Lomas : lhtu►, Edrr.aval Ovalull.

Jaw paidietted, peke Ib Abererw.
SPECIMENS of TRANSLATION and VERSI-
FICATIoN. By lowest Ilmestatew.
Lately puht et. hat, nee. eta* 9e,
NORM. VltiteL end 1.1104- Illy the Cuss-Lew Ruvuma. Oen.
lamina atonal:4lmm ea Lllietee Works, written by the I ite
rt beablery Yr Oa Quarterly QWWW, Wooed by the Editor,
arta the mem beisirmt.l a Illirs=mrpres.
Clusbo FY.. a. •

EASTERN COUNTIES RAILWAY.

NO DIVIDEND.

From the report of the directors, to he presented
at the meeting to be held on the 27th inst., we make the
following extracts
•"the 1.. w prim, of produce in the agricultural dietricts
traversed by the Eastern Counties Railway, hose not only
discouraged persons from travel ling,but have induced the pas-
senger. to travel at the cheeped farce, although at the tame
time the mimulacturing districts have been prospering, and
the traffic on their railways inenaeine, as well as that on other
metropolitan hoes. The strike of the engine-drivers and tire-
own. which took plats just before the close:of last half year,
had a serious effect in decreasing the trafficand increas-
ing the charges seeming revenue, from the great pnrautions
thereby rendered necessary. and from other heavy espeases
eau.. .1 by the employment of new hands. The offers
h.reb.f made to the Newmarket Company were
appended to the last half-year's report, and the good
feeling of your bonnl towards that company has been
evinced let their again undertaking to work the New-
market railway on terms which barely cover the cost. The
directors are given to understand that a working agreement
dotri aaaa ut.d to the inter at of this company, and, as your
ditto..,. believe, to the Emit Anglian also, has been en-
tered into with the Great Northern railway, and will he
submitted to the East Anglian proprietors on the 27th inst.
for confirmation. No opportunity has ever yet been af-
ford..l the Eastern Counties Company to make or
to reverse any offer fur any part of the East An-
glian lines in terms of that notice, although the
advantages of such an arrangement were obvious.
The node. on your Slielforel and Shepreth Branch will
be completed. and the line opened for traffic early in June.
It will be th duty of your directors to endeavour to make
such arrancements with the Great Northern Company as
aliall Protect your interests and prevent, as far as may be
praeticable, the 10a which both companies must sustain
from undue competition. Negotiations are now pending
for these objects, and also for the amicable interchange of
traffic at other points where the two railways come in eon-
contact. The account. for the half-year hare been
made out by Messrs. Quitter and Co., and they have been
subjected to the continuous audit of Messrs. Reeves and
Mayhew, to whom you have delegated that highly
responsible duty. The receipts for the half-year are
400,552/. 3s. 11.1., of which 60,632/. Os. gal. has been derived
from the Norfolk Railway. The working expenses,
guaranteed interest, and other charges against revenue, in-
eluding 14.000 e set apart for the renewal of the permanent
way and work., amount to 3714,822!. 14s. lid., and of this
sons the accountants charge the Norfolk Railway with
171,h27/. 1.. ltd. for guaranteed interest, 41,1361. 13s. ltd.
for working and other expenses, and 4.56 N. for interest on
the rolling stock, parchand of the Norfolk company,
making together 7.40201. 16a, 10d. The surplus left over
Web:at-year was 2,9071. Is. 7d. and the total balance to the
credit ~f revenue is therefore 24,6361. 12s. 2d. Taking into
consideration the smallness of this sum, and the report of
the accountants on the capital account, the directors do not
recommend a diridend on the Eastern Counties consolidated
st,,k. for this half-year. The investigation of the capital
account has been carried on as yon directed by Messrs.
Quilter and Co., and much beneficial information had been
derived from their researches ; their report is sent herewith,
and it is due to them to say that, by their seal and diligence,
they have enable.' the present board to amcrtain and prose
et:payment in error or circa of considerable sums, and to
recover a large amount. They have also ascertained that
varioui sums of money, beyond those alluded to in the last
report, were received. by 'Mr. Duncan, and applied to his
•eet„ purposes; as this matter is in the Rends of Messrs.
trowder unl M4lll/Td, under whose advice the directors
are acting, they Must refrain from making further observa-
tions respecting it ; but they refer the proprietors to the
facto brought out by the accountants, which indicate the
• state of their affairs when they were committed to the bands
of the present Wool. The sum of 8,2501. 9s. 3d. expended
M making two-and-a-half miles of railway at Colchester, to
"'lnsect the Eastern Counties line with that of the Eastern
(*Rion, over and above the sum awarded by Mr. Brunel, in-
cluding interest thereon, as payable to the Eastern Counties
Company, has long been outstanding, not being reco-
verable. and being clearly nn expense incurred on capital
amount, the directors have to recommend that it be charged
to capital. Fractions of shares accruing from the Northern
and Eastern holm, are stated at to,lord. 17s. Bd.. but are
at
-present worth only 2,730/. The difference, namely,
7,1,61. 17s. 8.1., must he charged to capital, or the whole
amount cancelled. In bringing the capital account to a
conclusion it becomes necessary for the directors to deal
with a number of the shams, on which only a part of the
calls base been paid, and they submit to you that the fol-
lowing shares be declared forfeited for non-payment of
falls, namely-4,219 shares York Extension weir, amount-
ing to 422190/., on which 9,610/. have been paid ; the calls
are °endue since 1847 ; also 150 Converted York Extension
EL, j, shares, amounting to 730!., on which 3001. have ban
• the calls on which are also due since 1847. The num-
r. will be declared at the meeting. Having thus men-
tioned the discouraging circumstances in which your pro-
perty tias been placed, and for which they do not consider
themselves responsible, the directors have to state that
daring the past half-year they have made arrangements
With the East and 'West India Dock Company, for a
tommunieation :with the import basin of the East In-
Akio Darks. During the last 64,/iOll of parliament
powers wen obtained, by the consent and assistance

The report of the directors to be submitted to the
meeting to be held at York, on the 27th inst., gives the fol-
lowing particulars:—" The amount received on capital ac-
count to 31st December, 1850, was—Consolidated Stock,
3,00.3,7911.05. Od. ; Preference Share Capita 1,612,62.5/. Os. Oil.;
Debenture Debt, 1,475,5631. 10s. Od. ; total capital entitled
to dividend or interest in addition to rent and interest
of Bonds of Hull and Selby Railway, 6.091,979/. 10s. Od.
During the half-year 62,,1481. 2s. 641. has been expended
on capital account, of which 3.5,6.11/, ;is. Gel. has been in di,-
charge of obligations preciously incurred, via.:—Calls un
abaft.% in the Mahon and Drittield Company, 11,0001.; on
secount of arrears due to Electric Telegraph Company,
2,000/. ; purchase and conveyance of land. 10,8101. 16v.
arrears due to contractors, 11,8201. Bs. 101. Over the greater
part of the foregoing payments the present directors could
exercise no further control than to satisfy themselves of the
company's liability, and of the correctness of the amounts
claimed. Considerable progress has now been made
in discharging outstanding arrears of every kind, and
it is hoped that the next half-year's accounts
will be the last in which "revenue" will be charge-
able with "arrears of interest on land purclueses.
The following sum* have been expended on the works in
.•—knottingley Branch, 11,030/. 2s. Ild. . • Marsh
rnrc77tation, Leeds, 3,400/. ;Milford Junction, 3,400!. ;
York Station, and new engine shed, 1,93.1/. 7s. 2d. • Brid-
lington Quay Branch, .5761. The improvements 'already
effected at the Leeds station have materially relieved the
hitherto crowded state of its approaches, but the great and
increasing amount of merchandise conveyed by this com-
pany between !lull and Leeds makes it advisable that fur-
, ther accommodation should be provided, the chief want
being some additional room for sidings. The directors are
satisfied that a remunerative return would be received on
the necessary outlay, as in addition to the goods and mine-
ral traffic, some experimental passenger trains have been
run on this branch since the beginning of last November,
which show that the local traffic would be considerable if
the company were is a positi tttt to afford it adequate accom-
modation. The estimate for the whole of the additional
works at this station is 3,100/., independent of the purchase
of land, which has been already agreed for at a moderate
rate. The total receipts on revenue account have exceeded
those daring the corresponding half-year of 1849 by
13,4191. On comparing the respective liteutlllldll it will he
found that in this last-mentioned half-year several BUMS
were received on account of interest, together amounting
to 6,6492 Is. 4d. against 1,0762 Os. 3d., the balance
of interest received in the last half-year, so that the
actual increase in the receipts from ordinary trattic and
rents amounts to 20,0101. 2s. 6d. This increase of re-
venue would have been still more gratifying had it been
unaccompanied by any material increase of disbursements.
The reduced amount payable for interest on the preference
shares, which appears in this half-year's account for the
first time, is a permanent reduction of expenditure. The
interest of the bonded debt only exceeds by 961. the interest
paid a year ago, although in the interval not less than
220,000/. has been paid on capital account in discharge of
outstanding claims of various kinds. The item of " rates
and taxes' also is diminished by 9831., the expenditure
on this bead having undergone a progressive re-
duction since June, 1849. Minor reductions will
be found under the heads of " compensation," " gas," etc.
The disposable balance amounts to 54,2641. 19s. 2d., from
which the directors recommend that 18,8131. M. Id. should
be carried to the credit of the reserved fund for renewal of

permanent way, and that a dividend of If. per cent. lie de-
clared on the comailidated stock of the company, after
which a balance of .3,101 f. tis. 2d. will remain to be carried
to the credit of the current half-year. Allusion has already
been Malie to the increased expense of maintaining the per-
manent way. This has arisen chiefly from an increase in
the number of sleepers failing and requiring renewal, and
as it is a charge which is sure to continue, and not unlikely
to increase, until certain portions of the line have been re-
laid, it forms one amongst several considerations which
make it desirable that those portions of the line which were
intended to he relaid in Hilt should be at once commenced.
Fourteen miles of double line between York and Norman-
ton are still laid with the original light rails, :hilbs. to the
yard ; end the old Leeds and Selby branch is laid with
rails of 421t0. to the yard, between Leeds and the old Junc-
tion (14 miles), and being chiefly on stone blocks, consider-
able expense is incurred in renewing broken rails.
The directors strongly recommend that both the
above portions of line should be retard during the
summer of 16.11—the forincr with rails of 82 lbs.
to the yard, and the latter with rails similar to
those laid down on all the recently constructed brunched.
They also recommend that the York and Market Weighton
Branch, the traffic upon which can be easily worked on a
single line of rails, be reduced to one line, and the rails,
chairs, and sleepers taken from thence will assist .in re-
laying the Leeds and Selby line. The general ba-
lance remaining to credit of the reserved fund for
rolling stuck and renewal of permanent way, will, if
' the recommendation of the directors be adopted, amount:to
444811. 17s. Id. A lengthened correspondence has taken
place with the Hull and Selby and Lancashire and Yorkshire
Companies, with reference to the lease of the Hull and
Selby Railway. Every cure has been taken to avoid preci-
pitate measures against the Lancashire and Yorkshire Com-
pany, both from the conviction that its interests arc closely
connected with those of this company, and from an unwil-
lingness to abandon the hope that legal measures might not
be necessary. Within the last few slays a letter has been
received from that company, which shows that any further
delay would be useless, and it therefore becomes necessary
to apply to the Court of Chancery for power to en-
force the execution of a joint lease. An agreement
has at length been concluded with the Dock
Company, which p ovides for an equitable adjustment
of their claims against this company, and they agree to bear
half the charge fur extending the hue of mN which now
runs along the western side of the Humber Dock to the
eastern side of this and the other old docks. The advan-
tage of an amicable arrangement with the dock company is
obvious, and at a time when such keen competition exists
to obtain consignments of goods for conveyance by a rival
company, rug 'New Holland, it is exceedingly desirable to
eitend the facilities, which no other company can offer, to
the hull merchants, for loading and unloading goods direct
into the railway trucks, thus avoiding cartage and all
further handling or transhipment. —York, Feb. 20.

YORK, NEWCASTLE, AM) BERWICK
RAILWAY.
The following is from the report of the York,
Newcastle, and Berwick Railway, to be prevented at the
half-yearly meeting to be held at York on the '2Bth inst.:
"The directors have to congratulate the proprietors on
the improvement in their revenue shown in the accompany-
ing accounts, the increase in the traffic, which commenced
in March, 18:10, having continued without interruption.
On comparing the income of the last half year with that
of the corresponding period of 1849, the following result
presents itself.

Ilalt year Half year
ending Sift Nabs" 314 bearer&
Lse., 1319. Ike., 1850.
PINCTIVT Trak. indeed. l e. d. l e. d. d.
tag Pam* made, ke 137,347 2 3 147,331 0 9 9,604 16 4
Otte, epetW manias'
tripe
Ilerchan4llre Walk 61,063 3 9 70,386 11 5 9,203 11 $
Cattle trAle
Oka mar 142,363 9 $ 151,1451 1 6 11,520 11 10

$44,03! IS 9

Micenascent receipts, 1549 . t?,•43 3 3
1830— 40411 3 •
--•
Decrease L Deduct
0 3
Deduct dm

11,397 o s

Teal inseam es the hat/ year, equal to £1,247 pee
week
Ms revenue account shows that after paying the dividend
ea the guaranteed shares, and interest upon the Greet
North of England and miler debentures, the n-t
balance, Including 2.2891. 12s. 10d. brought forward from
the him hehr_yeer, amounts to 117,0361. 61. 7d., out of which
the directors recommend that a dividend be declared at the
rate of 31. 101. per cent. per annum, which will amount to
105,5261. 19s. 7d., and will leave a balance of 11,5091. 6s.
to be carried to the credit of the ensuing half-year.
The settlement with the proprietors of the OreatNorth of
England Railway is now virtually completed. Nutwith-