The Express.
London, England, 1857-08-22 00:00:00

Mr. David Waddington has just addressed to the
shareholders in the Ewan Countito Rodent:3. the following
reidarts, which introduce some observations upon Metro-
item Reilway curumunicetion," from Um pen of /Ir.

110 Till PIIARFAIOLDVIDI 111, Tat 22 222 COl:Matra
UAILWATCteIIrANC.
Gentienten,—Although not now a shareholder in your
company, the interest I hare taken for ao many years in pro-
moting its welfare, induces use to addrees you shortly upon
the half-yearly report which lona thia day been plowed. in my
heads. Obverting that, notwithstanding the important sub-
jects introduced to your notice, no allusion is made to the
vainable summation of your line becomius the IttelllDlD for
general metropolitan communication —aubmitt,sl to me when
about retiring from the chainuanship of the company by your
late engineer, Mr. Bruit, and subsequently placed toter a
connaittee of your directors, who apouar to have taken no
action thereon. Considering the time has arrived when you
eltouki be Dade acquainted with the details of this projec , as
having an importamt Deering upon your present end future
Interests, I venture'', call your anew ion to the accompanying
matement, which Mr. Briar bad prepoted, and leis now
kindly 'need at lay ilispail for your imormation.
In fulfilling what I considered my duty in culling your
attention to the foregoing, permit me to e.4l,ltUltate you
upon al...improving revettoe.,f the company, whi, h le but the
realisation 14 whet I long since foretold; awl I ant no reams
to doubt the veritication of my alinagly.expreari opinion,
that you will realise a considerable prat% out of the 46 per
oeot. working tog eases chargeable upon the traffic preices
of the amociatedcompanies. Neither will you foil to ?einem.
her my comments upon the half-year's accounts ending June
30,1636—that they were exceptional in regard to many Leery
charges, amounting in the aggregate to 20,87 W. 6, 3,1. The
accounts of the present 1.11-par prove the correctness of my
aeration, and th.tt you were only eubjee:ed to the paving
anal—cert.tinly not of adversiiy, hut only of deferred sue-
cee• By now adopting the pulley Iso strongly advocated—
that of peace with your neighbours—and a fair arrangement
with the East Sudo& Company, the whole district eastward
of the Oreat Northern line is brought under your control.
This policy is now fully recognised in the report before me,
and I sincerely roneratultite you thereon.
Your coal traffic appears oleo to be working deans
try, for which previous arrangements paved the way;
ouehe vaunted injustice of coining foreurn cattle from
Lowsotoft to London at 60. tkl. per hoot, inclading harbour
dues. appears now to be amicably arranged by the charge of
Cts. for the same service.
That the policy which I lalroured so assiduously to promote,
but for Taut of co-operation could not fully carry out, is now
your guiding policy,—not alone in the instances 1 have re-
fated to, but geneielly,—ie to me mast gratifying, as you in
torsos with myself, were kel to believe that a totally dif-
ferent coarse would have been pursued. And in the hope
that the new system adopted in reference to your permanent
way and locomotive departments may be conducive to the
lasting interests of the company,-1 remain, gentlemen, your
faithful servant, DAVID M. ADDIADTON.
. . London, 18th August.

NORTH EASTERN RAILWAY.

The half-yearly meeting of the North Eastern
Railway Company wait held yeateeday at the De Grey rooms,
York, U. S. Tlthrepson. Esq.,, the chairman, presiding.
The CHAIRMAN, in moving that the report of the directors
he received and adopted, arid that that report was by fee the
most serfthey had ever been able to lay before the
shareholders. The Miriam of dividend we, in some email
neesere, dee to*. payment of 13,4751., the amount demos
ea accoast of the conveyance of mails. Instead of paying at
the rate of five per cent. this half-vear to the Berwick section
el tharehehlers, of four per rent. to the York ahareholdere,
mad of two per cent. to the Leeds shareheldere, which
the directors felt were fair end proper dividends,.
they esald, if they wished to hove given •
sudden Malan to the apparent value of their line
have paid six per cent. to the Berwick, tire per cent. to the
York, and three per cent. to the Leeds sections of chore.
bolder.. They, however, thought it much more prudent to
declare the dividend they had dune. Ile then alluded to the
therein of Vale in the various departmente, to the further
inerem which they expected to anee, and juerilled the mea-
ning which the directive bad from time to time adopted to
develop the traffic in the various districts travereed by their
liner. If. also seppoited the propriety of having • Nadu-
gent fund to the extent of 60,0007. ; and with regard to the
disbursements, the prospects on the ride of reduction wt re
more (evolvable then on the ride of lamas.. In fort, the
whole of the property of the company we In an extremely
waled and satisfactory condition. (Anthem.)
Mr. Alderman LEEMAN, vice-chairman of the company,
seconded the adoption of the report.
In reply to Mr. Chaeopley,
The CHAIIIMAN stated that although a branch line might
not pay very well of itself, still It wait often of importance
as a feeder to the math line. Ile admitted that the Midland
Conipiny had renewed debenturie at 41 per cent • but ebb,
company had mho renewed at 41 and 11 ; the exact rata of
Internet depended very much upon the precise petted at
which the renewals were made.
Mr. Sean oppoved of the contingency fund to some
extant, but urged that a railway company had no bueinthe te
have bad dride.
The eIIAIHNIAN, in reply, miaowed that occasionally the'
company were obliged to take acceptances, and if the wane
riving theae failed, of course the company must nth .r
the lose.
Mr. Si Me. made levee remarks in reference to the recent
serious accidents which had occurrid on the North-Eastern
line, contending that when such accident, moue from the
negligence of any of the company's eervente, they should be
made en example of by instant drecharge.
The CHAIRMEN thought that quite enough was said and
done &limit accidents when they did occur. Ile believed
than were With* perms who thought that railway directive
were • wet of monetere. quite different twos the reel society,
and having gate dthwent feeling.. from other men.
(Laughter) The bet wee, however, that no ens could be
more desirous to prevent these unfortunate accidents than
were the dinette's of this emptily.
Mr. doitheox thought the opening statement made by the
chairman wee exceedingly ratiefactory, but be charged that
gentleman with a breech of rod faith, in neither having
pabliehed the name of the principal officials of the
la the report nor stated the reeves. why that had eelr=
done.
The CHAIRMAN admitted the omission, adding that the
directors went decidedly opposed to the proposed plan.
Mr. imitate entered into a long rioternent with reaped
to the amalgamation of the Melton and Drillield with the
North Badmen Company, and complained that the terms were
neither Just nor reasonable, and that they' Led not boon Lally
carried out.
The CHAIRMEN liihdo ati equally long reply, taking just
the cestrary aide of the argument ; contending that, but for
the North Eastern undertaking the working of the Molten
and Drifield, it would not hate been in so favourable a con-
dition se it we now.
After seen further diecurairm the report was adopted.
The CHAIRSIA 'a then movol the dividend resolution for Si.
per cent. per annum on the Berwick stock, 41. on the York
stock, and V. on the Leeds stock, payable on the 27th Met.
Mr. Alderman LEEMAN, 111 scounding, the motion, con-
gratulated the ehereholders on the very ago able change
which had taken place in the pueition of the company's
affair. within the that few years.
The resolution wee carried.
Mr. JHIIN.ON, not being satisfied with the meson the
chairman had given for nut publaking the names of the
of cial. of the company, wired • formal resolution that in
future that should be done.
The CHAIRMAN strongly objected to this proposition; and
after some discussion it was negatived by a very large
majority.
't he meeting wee then made special, and two resolutions
were carried, one to enable this company to purchase the
Dearnera Valley Railway, and the other to subecribe ft.oool.
towards the eenetruction of the North Yorkshire and Cleve-
land Rafters,.
A Meth GRIMM to the chairman concluded the proceedings.