The Express.
London, England, 1853-08-23 00:00:00

YORK, NEWCASTLE, AND BERWICK

RAILWAY.

The report of the directors of this railway, which
is to be presented to the shareholders at the half-yearly
meeting, to be held at the De Grey Ruins, York, on the
30th day of August, states that :
By the resolutions of the special general meetings of the
shareholders of this company, held on the 2nd November,
1852, and 18th February, 18-53, the directors were autho-
rised to take the necessary steps fur effecting an amalgama-
tion with the York and Nulls Midland, and the Leeds
Northern Railway Companies, en terms which were they
approved of, and also, until the final completion of the
amalgamation undi r the authority of an act of parliament,
to unite the management and revenues of the three lines,
and conduct the whole as one concern, as nearly as potable
upon the principles agreed upon as the basis of the amalga-
mation. The directors accordingly brought before parlia-
ment a bill for amalgamating the three companies, and
commenced, on the Ist of April last, the interim arrange-
ment for the joint working and management of the under-
takings. The House of Commons, however, having come to
the resolution nut to allow any amalgamation clauses to
pass this session, the formal completion of the amalgama-
tion is necessarily suspended. The interim arrangement,
nevertheless, continues in force, and although the postpone-
ment of the amalgamation occasions some difficulties and
ussiderable additional ex- ense, yet the directors have no
hesitation in reporting, that on the whole the measure has
been attended with benefits both to the public and to the
shareholders, and that whenever the legislature confers on
the companies the necessary powers to make the present
al mats permanent, these advantages will be still fur-
thveril:e
loped.
During the first quarter of the year, therefore, the lines
were worked separately, and during the second quarter uni
tsdly ; and consequently the revenue account, new pre-
sented, exhibits the separate receipts and expenditure of
the York, Newcastle, and Berwick Railway, up to the 31st
March, tad the joint receipts and expenditure of the united
lines from that day to the 30th June. Owing to this cis-
' cumstaoce, the directors are unable to lay before the shares
holders the usual comparative tabular statements of income
and expenditure.
' It appears, however, that there has been an increase in
the working expenses, especially in the extra works com-
prised in the accounts for the maintenance of way. Several
circumstances have contributed to swell the current ex-
penses
charged to the first quarter. Amongst them may be
mentioned the rise in wages and materials—the unmoor
dented wet weather towards the close of last year whit\
seamed the state of the permanent way, rendering n
unusually extensive repairs, and increasing a va:reer' 13
esatingent expenses—and the heavy snow storm in Febru-
ary, which led to a large outlay in keeping the lice open,
chile it injured the traffic, especially that in coal, which for
a time was almost entirely suspended. Under the head
Csnl charge*, there are several items which are applicable
is half year, although they are necessarily included in
Or assists for the quarter, and it also includes the balance
el MIK 16s. 2d. expended in dosing the account for al-
koreeess, de. previous to 1850, beyond the amount which
bad bees set apart for that purpose.
The increase of the receipts, on the joint account, from
all branches of traffic, is highly satisfactory. It is, how.
ever, necessary to explain that the York, Newcastle, and
Berwick Company, do not as yet enjoy their full share of
this increase. It is well known that on all lines the receipts
of the second half year are larger than those of the first ;
but this is more particularly the case on the York and
North Midland line, whilst it is less than ordinarily so on
the York, Newcastle, and Berwick line. This would not
affect the result, if the united earnings of the two lines were
divided yearly, for then the shareholders of each company
would receive their full rateable proportion of any imeseps,
but being divided half-yearly, a different effect is peeimsd,
and the half-yearly proportions are altered. The Now
quence of this is, that the York, Newcastle, and Bends&
Company will receive for the half-year ending 30th Jess
less, and in the half-year ending 31st December more, than
the half of their yearly proportion. Hence the dividend
for the present half-year is less than might have bean ex-
pected from the increase in the amount of the united
traffic.
Notwithstanding these unfavourable circumstanssa, die
directors are enabled to recommend a dividend at the e•M
of a quarter per cent. per annum in excess of that declared
for the corresponding period of last year.
The precise apportionment of revenue between the Yea,
Newcastle, and Berwick, and the York sad North U'
Companies has not yet been finally decided; but the ammuiet
unsettled is small, and it has been agreed for the stiesma
occasion to divide, in the proportions stated in the reel reel,
the sum remaining after payment to the Leeds Mpettsus
Company of their share. Any inaccuracy in the passisit
division between the two companies will be corrested as
soon as the proper amount belonging to each is seser-1
Mined, and will be adjusted in the next half-year's alms&
The result of the whole is, that there is a balsam Mem
credit of revenue of 87,808/ lls. ld. on the separate so-
count, and of 113,6861. 15e. on the joint account, whisk
with a balance of 12,4801.6 a. 8d brought forward, makes a
total of 213,9761.125. 9d. From this has to be deducted
118,1281. 12a. bd., the amount of the interest, guaranteed
dividends, and rents, and 2,3321. 19s. 4d., the final instal-
ment of the sum ordered to be written off two years
leaving a divisible balance of 96,6151. ls., which will age,
imp
sufficient for a dividend at the rate of 3 per cent. per ser
num, and leave 3,7981. 12s. Id. to be carried forward as
the next half-year's account.
With respect to tho capital account, the directors have to
report that the Fensher branch was opened for merchan-
dise traffic on the 4th of April, the Think and Mahon
branch for the same description of traffic on the 21st of
June, and both branches for passenger traffic on the lit of
June. _ _ _

The revenue account for the quarter ending June 30 gives
the following details:
Dr.-To locomotive power, 49,4641. 14s. 3d. ; carriage
and waggon repairs and working, 18,6641. 12s. 2d. ; main-
tenance of way and works, 21,169/. 31. Bd. ; stationary en-
gine* and self-acting inclines, 4,9271.75. ; shipping expenses,
4,5901. 14s. 7d. ; passenger, goods, and mineral expenses,
30,1411. 14s. Id.; general charges, 7,327/. 12e. sd. ; total
working expenses, 136,2751. 18s. 2d. To wayleaves,
4,5641. 75.; government duty, 4,1441. 111. 6d. ; rates and
taxes, 6,8781. 71.; interest, 1,253/. Bs. 6d.; balance carried
down, 194,3361. 64. 6d. ; making the total on the debtor
side, 347,752/. 18s. Bd.
Cr.-By passenger traffic, 110,6121. Os. sd. ; parcels.
horses, carriages, dogs, excursion trips, and excess fares,
18,7041. 15s. 4d.; conveyance of mails, 4,1881. 101. 3tl. ;
goods and mineral traffic, 211,6341. 4s. 104. ; miscellaneous
receipts, 2,6131. 7s. 104. ; total, 347,7621. 18s. 811. ; by
balance 194,3361. 6s. 6d.

SOUTH DEVON RAILWAY.