The Express.
London, England, 1850-08-24 00:00:00

YORK AND NORTH MIDLAND.

The foUowiog report of the directors will be sub-
mitted to the heir-yearly meting otpreprietort, to be held
at York, es the 2eth of August.

" The ameant received on capital meant to the 30. h of
Jana, 11119, in sel follows :
CheaseidisMill Meek
Preieream &ere eapital
Debenture deb, 1,442,663 10 0
Total capital entitled to dividend or
intense, is addition to rent and
interest of bonds of Hall and Selby
railway £5,041,70110 2
The subjoined accounts show that (exclusive of Hull and
Selby hoed& paid WO 91,7361. 11e. 10d. has been expended
en capital awiesat duriag the half-year, which has been
provided for is great measure by the recovery from Mr.
Madame of 16.3001 overpaid te him far land at Londe:duo',
de., and 39,0501. 17s. 10,1., being the amount (exclusive of
in treat), payable on accountof the Hull and Selby abate
returned to bins, a full explanation of which was given in
the first report of the committee of investigation. These
same, together with 6,4631. sneers of calls paid up, sad the
balance of the reserve fund which remain& in the hands of
the company, have rendered it unneoessary to make any ma-
terial addition to the mortgage debt, and the detailed state.
manta now furnished of the bnided debt of the York and
North Midland, and the Hull and Selby Companies, show
that the debentures for which this company was liable on
the 30th of June fait only exceeded the amount ontatand-
lug on the 31st of December, 1849, by 3,3901. The aditional
capital expended on the lines of this company during the
half-year will be found apportioned to the different branches
on account of which it ha been disbursed, amounting to
62,6911. 19,. 101. on the lines of the York and North Mid-
land Company, and 14,3611. 13s. on those of the Hull and
Selby Company, together amounting to 67,6631. 12e. 10d.
The greater portion of . his expenditure bas been made in
discharge of arrears duo on lines previously cons•
plated, ,la., for the purchase and conveyance of land,
23,8541. 13s. 6d. ; for arrears due for completed works,
16,8291 18s. 41. ; on account of the reference now pending
with Messrs. Crawsbaw, the contractors for tho Scarborough
line, 1,3101.; and materials end sundry miscellaneous pay-
menu, amounting to 3,2.561. 16e. 3d. Toe expenditure on works
in progress haeconsiated or 21,1831.184.7 d. on tbe Knotting.
ley tirancli ; 7461. 19.. 4d. for new sidings and coal depots
at Whitby, Spawn, Fsrriby, de., and 6311. 6s. 10d. for a
new corn warehouse, and other improvements, at the Mush-
lane station, Leeds. The two last item., together amount.
ing to 1.6781. 6s. 2.1., are for new works uadertaken by the
preseat directors, wise, although 'balsas to avoid any outlay
which is not strictly neoessary, found that 'these works were
essential in order to the efficient working of the increasing
trellis at thou, places. The opening of the Moat-
tiogley branch and the Great Noethern line to
Landon, and the transference of the merchandise traffic a.
Leeds to the Manh.lane station, are bringing an increasing
business to this company, for which they have not &dogmata
accommodation; an.t to prevent disoatistaction to the pubac,
and the consequent lose of a portion of this traffi t, it will be
necessary to make add.:ional aiding' at Berton Salmon end
ldnit,rd Junction, ae well as a station at the lac-melitionid
place. At Marsh-lave also a new coal depot and goods
warehouse are indienonsat le. The (1 mate for these works
does not ex..tetel 6,0001. The only ether items in the capital
account requiring notice are those headed "rail," and
" new waggons." The former is the cost of a cargo of rails
loot at sea, and subsequently replaced by the contractor,
but for which he did not receive payment at the time.
Under the head "new waggons" two items are included,
one of which is fully calained in the report to which re-
(greets is mode ; the other is the east of 60 new coal wag-
gons which are regiiired to meet the wants of this rapidly-
inneasiug trade. •lbree waggons will term a permanent ad-
chitin to this brinth of the c..mpany's stack, to be
kept up out of revenue. Y iur din c..0r0 arc anxious to dose
the capital account with ea little &ley as ponicle, and their
couti..u-d exertioos will be directed to this end. Tbe
amount of arrears on ace iunt of land and works paid off
durirg the halt year, many of thins requiring revision, and
some of which have been the subj. et of I.r,:tractool co vitia-
tion, fur nahing evidence that the sehjec; has already received
no smelt amount ol attention.

"Toe teethe receipts dur:rit the liar-year hive been
174 G3SI 13s. 41 ,or 1,1311 8.. 22. more than the receipts
fur the re-rasp:acting uof 1119 Trll4 melt is not
favourable as the directors nutimpsted. T.. 6 le:lowing
return, however, shows that a ra usl iroprov..ment sem-
moaned about the mi.!d'e of the he'l.ytar.
Trine Receipts for Throe Mouths ending
Mardi 31. t. June 30th.
1919 £34,51110 0 .... CSV 993 0 2
18.50
This improvement has rntinutd no to the present time, 10
that the receipts f the first seven weeks of the current hail
yet.r Lye exceed. d those during th' corresponding seven
weeks of 1819 by 3,2721. 13s. ltd. By reference to the re-
turn of miles run by train/ and weight of coke consumed, it
will he seen Oa., as compared with 1819, a con•iderablo re•
duction has been made in the consumption of coke per mile.
The directin hope to accsmplish further reducuons in this
and cober work.og tape -see, the whole subject being one
which demands and w.ll receive their must earnest attention.

" The disposable balance available for dividend is
8.9161 oe. Id., from which the directors recommend that a
dividend of 6.. per cent. the declared en the consolidated
stock ot the camneoy. If this recommendation be adoptel,
a balance of 1 3.591. 3s. 10J., Mid remain to he carried for-
ward to the credit of the currert half-year, after placing
4,3361. 104. 4 1. to the reserve fund for the renewal of rolling
atock. The available balance beii.g c r inc ouiderable, it may
appear doubtful to the propriet.rs wnether it ie expedient to
declare any dividend until the net: half-yearly meeting.
The board, however, have thou rtit it advisable to make the
foregoing recimna,n!ation, feeling that where any sum
available fur dividend has been fairly earned, • 'ry strong
reasons should he given far wittalinleling it from the pro.
prieturs, to many of whom dividend though of small
amount, halt-yearly, is preferable to a lamer one once •
year ; and as the prospects of the coming half year are
decidedly more favourable then they were last year at
this time, the current receiots since July having, as hat been
already mentioned, considerably incr. esel, there appears no
adequate reason for curable- forward a balance in sid of this,
the most productive half-year. With three remarks, the
direct( re leave it to the declaim of the propri. tors. A com-
parison of the accounts wit. those ior the corresponding
period of 1819. shows that, wi-h rorly.r larder receipts., the
disposable balance is less now than it was then. This is
chiefly in consequence of the increased charge for "interest."
Ihe interest of the bonded debt is 33,4201. 13.. 21.. against
31,5621. Is. 31., f r th, half )e it ending J ace 31, 1849; and
an item will to observed of 3,143/. lase Gel. for " interest
on land patchouli." Tnis amount c*nai3te of the a-cumu-
lated interest on the unpaid balances for purchaec of land,
which, though not strictly chargeable to this half-year,
cannot b.) properly charged to " construction."
The directors arc happy to be able to report, that the act of
parliament to alter the terms on which the Hull and
Selby purchase thorn aro held, and by which the 151.
per share y uncalled, is mule sealable for
.he redemption of the dtbenruree of the company,
received .he royal assent on the 15:13 of J ily. The reducti.n
of the guaranned interest on these *hares, trim 6 to 41 per
cent., will effect a reduction of 8,9191. 18s. per annum; and
the additional security afforded to the holeere of deben-
tures, has already enabled your air, ctora, who were obliged
at the cimmencement of the year to take up toms at M. per
cent., t 3 obtain during the progress of the bill, large sums at
41 per out. ; and since the paseing of the act a considerable
amount hss been obtained at 41. p.r cent. Should the money
market remain in is present state, your directors feel conli-
,lent of being abl to obtain money on such terms as wai con-
siderably reduce the present heavy charge for interest.
Your director* have been much ocaupied daring the half-
year in the s ndeavour to obtain favoureble working agree-
ments with the neighbouring railway and canal cnooanies.
They are happy to be able to state tbat in the cue of the two
companies whose relations with this csmpany reqaired im-
mediate attention, via, the Great Northern Railway
Co.apany, and the Aire and Calder Canal Cempany—
their *that, have resulted in agreements which can-
not fail to be beneficial to this company. In
negotiating thin agreements, the main object hu
hien to base tt ens on the mutual later( a's of Coe contracting
partici., thus Audio" the heat pre spr et of their being neer
manently and smicehly maintained. Toe agreem-nt with
the Great Northern Company involves the abandonment
of that portion of their line between .takers and York ; and
that with the Aire and Calder Canal Company puts an end
to the injurious competition with this company, which
has long been highly detrimental to the interests of bath.

The legal procerdin re against Mr. ItUtiFoo, for the r oovery
of the premium. on shares improperly appropriated by him,
are being pressed forward as fast as the forms of the C 'lnt of
Chancery will allow. Toe answer" to these bill. have
bean very recently put in. and no further steps con be taken
until tiler the long vacation. The other directors, against
whom proceedings were c)mmer.ced, have accepted the terms
offered by the director". The bye-laws of the company
having been found defective, a rinsed code his been pre-
pared, and will ha submitted to the shareholder" for their
approval.
The auditor in his report states :—" The examination of
the accounts thus in detail has enabled me to become ac-
quainted wilt the system purest d both in the passenger and
goods train° deprtutent., and to make to the directors
various suggestions eslculattd to produce a better system of
realising the rev: nut and or controlling the expanditure.
The bitable's of the eineenger audit taloa is very correctly
and systematic conducted ; and my examination of the
goods audit office accounts further convinces me of the im-
portance of bringing under one roof and under one head ell
the accounts of the company. It is my opinion, by coerce-
tratiag the business of the audit offices at York, the directors
would have greeter facilities of promptly considering
every matter in detail affecting the busmen of the company,
and by the union of the two offices, the accounts of the goods
office may be so engaged as to impose no increased expendi-
ture on the tie smelt.