The Express.
London, England, 1867-08-19 00:00:00

NORTH-EASTERN RAILWAY.

The half-yearly meeting of the shareholders of
this company was held on Friday in the De Grey Booms,
Yerk ; H. S. Tnomrson, chairman of the company,
presiding.
-11'he ChLtranan mid that, in the remarks he should
have to make upon the results of the working of the past
half-year, he was happy to assure the shareholders that he
had not to make any startling revelations, that he had not
in store any of those unpleasant surprises which in the case
of some important railway companies within the last few
menthe had come upon the shareholders when they least
expected it. (Hear, hear.) The North-Eastern was a
stoady-geing company, and long he hoped might it remain
so. But even the steadiest company, like all other com-
mercial undertakings, must feel more or less the ups and
downs of trade. When the trade of the district was pros-
perous, the company was prosperous also, and when the
trade was depressed, the company must suffer. And it was
to him a great proof of,the essential soundness of the posi-
tion of the North-Eastern Company, and of the extensive
resources di the district it served, that the company had
not suffered more than it had done during the last six
months, when one of their staple industries, the iron trade,
had been in the very languid state in which they had seen
it. The net result of the half-year's working was that
the gross recei had increased 10,1581., whilst the expenses
were increased by 17,174/., so that the net available income
of the company had been made less by 7,0161. The in-
crease in the working expenses was the point fiat re-
quiring explanition, and to that he would address himself.
The first item in these expenses—the largest in working all
railways—was that of locomotive power. That item
amounted to no less than 306,588/., and showed an increase
on the half-year of 5,6101. Out of the large tam be had
mentioned one third was the cost of supplying fuel—coke
sad coal, in which there was an immense of 15,6301. The
increase in the cost of the quantity used was 2,2461., and
the increase which was due to the rise in price was 13,3841.,
so that if they had bad to pay the same price as formerly
on the fuel used, their net income, instead of showing •
decrease of 7,0001., would have shown an increase of 5,610/.
During the year the increase in the price of coke and coal
had been each that had no increasetaken place there would
have been a saving upon the working of the line of 30,0001.
—• sum that would have enabled the directors to pay one-
third or one-quarter per cent. more upon the Berwick and
Darlington section, and one-half more on the York and
Carlisle. He had great pleasure in stating, however, that
the prior of coke and coal had apparently reached its
highest point, as in the last contracts they had made
there was a slight diminution in the price. In
commenting on the soundness of the company, as
displayed by the position of the passenger, goods,
and mineral traffic), the Chairman referred to the strike.
and abated that out of 1,080 engine drivers and firemen
who left the employment of the company 174 had been re-
instated in their service. After the successful termination
of the strike several gentlemen sent subscriptions for those
men who had stuck to the company in their difficulty, aqd
the directors bad thought it right to add a certain amount, ,
so that a satisfactory bonus might be given to those MCI.
(" Hear, hear," and applause.) He concluded by moving
the adoption of the report.
After some discussion the report was adopted, and the
dividends were declared at the following rates :—On the
Berwick Ordinary Stock, 5 per cent. per annum ; York
do., 44 • Leeds do., 2i ; Carlisle do., Of ; Darlington do.,
7}- Think and Melton Stook, 4 per oeut. annum.
A vote of thanks to the chairman t the proceed-
ings to a close.

GREAT NORTHERN RAILWAY.
The half-yearly report of the directors of this
company was Issued on Saturday. It save:—"Tito accounts
of the company for the hail-year to 30th June, 1887, are
submitted herewith to the proprietors. It will be observed
that the form in which they are now presented differs from
tbjt adopted in previous years. The alterations have been
made on the recommendation of the auditors. The re-
ceipts on capital amount for the half-year are 560,5657.,
derived from cells paid on the permanent preference stook
of '1866, and term the proceeds of the sale, by tender, of a
lane portion of the wtallotted balance of that stock. The
expenditure is chiefs for works of constructioa sad on
account of subscriptions to other lines. The Linoola and
Heoingten line was opened for traffic on the 15th April,
the Doneasternad Geineborongh line on the 15th July,
and the March and Spalding line, for keel goods traffic
poly, on the Ist Aprils The Edgware and Highgate line
has geen unavoidably delayed by circumstances beyord the
control 'of 'the company, but it will probably be
approved by the Board of Trade before the end
of the current month. The construction of the
Cheshire lines .17 the Midland, Great Northers, and
Manchester, Sheffield, and Lincolnshire asenpardes
jointly is progressing, and some of the land for
-the Liverpool eel station has been acquired. Mort-
gages to the amount of 62,3001. have been paid off, and
11,6001. has been re-borrowed at a reduced rate. The
attention of the directors will be given to the act passed
In this session to facilitate the abandonment of authorised
lines, with the view to consider how far that act can be
availed of to reduce further expenditure of capital without
detriment to the interests of the company. The traffic
receipts exceed those of the corresponding period by
31,5861. The expenses having also increased by 17,830/.,
the additional net profit L 13,736/. The commercial de-
premien prevalent during the past six months has affected
the receipts from merehaadise traffic on this, as on most
other railways. The coal traffic has, however, been satis-
factory. The expenditure in the engineer's depart-
' meet is leas by 1,7001. Nearly thirty miles of
single line have been relaid, as compared with
twenty-two miles in 1866. The additional expenditure
of the locomotive department is chiefly attributable to the
advance in thereto of wages, and to the increased cost of
fuel: 307,073 Additional miles have been run, and the
average mileage cost is 12.390 per mile, as compared with
12.925 per mile in 1866 ; 435 goods wagons have been en-
tirely rebuilt, and the carriage and wagon stook has been
thoroughly maintained. In the law and parliamentary
expenses are included the aairid of the unsuccessful appli
cation toperliament, in the recent session, to abandon
the Kaaba and Littooln line ; with the expenses of ap-
pearing *afore the committee on the London, Chatham, ,1
and Despebilis is protection of this company's interests ;
es
well 1111/W the preliminary costs of the Goole end
Haney was not proceeded with last year. The
following is a summary of the aooonute of the half-year
as compared with those of 1866 :--Groas receipts, 1867,
992,373/. ; 1866, 960,7831. ; grew expenditure, 1867,
544,193/. ; 1866, 526,3451. ; excess of gross receipts over
expenditure, 1867, 448,1801. • 1866, 434,4.38 ; granary re-
ceipts, Including balance, 1867, 6,1991. ; 1866, 12,5741. ;
net revenue, 1867, 434,3791. ; 1866, 447,012/. ; fixed and
preference charges, 1867 290.4261.;1868, 271,459 i. •; balance
u ordinary dividend, 1867, 163,9334;1866,175.553/.
This balance will enable the proprietors to declare a did-
dead at the following rates :-41, 10a per cent. per annum
on the original stock, giving for the balf-yess-2/. se. to
the original stock; I/. 10s. to the A stook ; 31. to the
B stook. Bills promoted in the recent session of parlia-
ment for the following objects have received the royal
assent :—For vesting the undertakings of the Edgware,
Highgate, and London, and the Watford and Mtwara
Companies in the Great Northern Company, pursuant to
the agreements sanctioned by the shareholders ; end also
for affording better mom to the town of Barnet, and for
the construction of a bridge over the Regent's Canal,
between the works of the company and those of the Impe-
rial Gas Company. The share capital authorised by the
act is 75,0001., with the usual borrowing powers. To con-
firm agreements for the joint working of the lines between
Bourn and Ring's Lynn by the Great Northern
and Midland Companies, and to authorise arrange-
ments with the Great Eastern Company for the
enlargement of their station at Lynn. The share
capital authorised to be raised Is 24,0001., with the uses'
borrowing powers. For additional powers for completing
the Wakefield (Westgate) station by the Great Northern
and Manchester, Sheffield, and Lincolnshire Companies
jointly, empowering each company to raise 20,000/ of
share capital, with the usual borrowing powers. The
powers sought by this bill to abandon the authorised line
between Keadby and Lincoln were refused. For inoorpo-
mting the Cheshire lines committee, consisting of the
Gloat Northern, Manchester, Sheffield, and Lincolnshire,
and Midland Companies, and for extending the time :or
the purchase of land, and the construction of the Liverpool
Central Station Railway and works, and also for the con-
struction of other authorised works. No additional capital
is authorised by this act. The subjoined notice of motion
has been given by Mr. Seneca Hughes, a proprietor :
" That no preliminary arrangement or negotiation be made
on behalf of this company, for any amalgamation, exten-
sion, or guarantee, without the previous consent of a
meeting of the proprietors dulyoonvened for that purpose -
and that no bill in parliament be permitted on behalf of
this company without such consent."

WESTER/f RAILWAYS SHAREHOLDERS' ASSOCIA-
Tios.—lt is intended by the deputation from this 'associa-
tion to move the following resolution at the half-yearly
general meetings of the South Devon Company, August 22,
Bristol and Exeter Company, August 28, and Great
Western Company, August 30, " That sa schemes pro-
moted for extensions or increase of capital should, under
ordinary circumstances, be communicated to the share-
holders in the half-yearly reports of this company pub-
lished in August, and that if extraordinary circumstances
arias afterwards requiring extensions, a special meeting of
shareholders should be held for the consideration of the
proposed bills before any expenses are incurred." The
above resolution,aftera lengthened discusaion,waa adopted
unanimously at the half-yearly meeting of the London
and South Western Company, on August 15.

Excum Omente.—By the new Inland Revenue
Aet excise officers, accompanied by a constable, are em-
powered, between eleven o'clock at night and five in the
morning, to enter into the premises of any perwm selling
coffee, tea, tobacco, &a., and to examine sloe articles.

HEALTH RERYOBXD BY Do BAsit's Foca) TO MI
8701sseg, nerves, langs, sad liver of old and y arj
dyspepsia (indigestion), constipating. diarrhoea oel
ache, neuralgia hysteria. palpitation, 011100111110111111,
wasting. cowl, asthma, fevers, ocastusptioa. low spirits. WOW
annual carat whish had radated ail medicines. focladfre that ot
huoliness the Pope.-21ns, at la I}d.: lib., fa. Yd, ; lllb rits. :
Ulf 40a—Du Nam and Co., 77, Regent-street, lAmdon • also at
61, Oracecharehatreet ; 4. Massada 03 and 150, Orford-street;
end all posers sad abstabis.—(Adtsrlisaassi. 1