The Express.
London, England, 1850-02-25 00:00:00

YORK_ AND NORTH MIDLAND.

- -
The report of the directors to be submitted to the
half-yearly meeting of proprietors to be held at York, on
Thursday next, Feb. 28tn, affords the following particulars :
CAPITAL ACCOUNT. —This account has been so lately ex-
amined by the oommfttee of investigation, and the amount
of capital already raised, as well as the farther sums is.
quilted to complete the works in progress, so fully stated and
explained in their reports, that it will only be necessary now
to refer to the expenditure under this had during the last
half-year, amounting to 164,9921. 10r. 11d. Of this sum,
38,4501. has been applied to paying off debentures of the
Hull and Selby Company, and rho remainder (with some
small exceptions) to the completiaa of the works on the
Hnottingley and other branches, and the discharge
of outAanding liabilities, chiefly consisting of pay-
ments to contractors, and purchases of land which had been
agreed for but not conveyed. The exemption referred to ars
3011. 88. 41. for additional coal depots at Whitby, and some
neeevery improvements in the Whitby sad Pickering line,
and 441.9.. Bd. for an additional saw mill, and some other
minor improvements at the York station. Tne item
of 9,4111. 18e. Bd. on account of engines and tenders includes
the balance of a contract with Misers. Stephenson and Co.,
(for the supply of ten engines), entered into in 1848, when
the opening of additional branches made it necessary that
some further stock should be provided.
RiTaNITI ACCOUNT.-1. ltseeipts.—The traffic receipts
during the half year have been 204,5111. 7a. 2d., which,
when compared with the corresponding half year of 1848,
shows a diminution of 20,4071. 18s. 3d. The half-year end-
ing on the 30th of June, 1849, also showed • falling off of
11,9931. 12e. 7d. below the corresponding receipts of 1848, so
that the total unfit° receipts of the year 1840 were less than
three of 1848 by no less a stun than 32,4011. 10s. 10.1. The
question whether this decline of Crag. was occasioned by
causes of a temporary or of a permanent kind is of such In-
terest to the shareholders that the direetensubjoin a few facts
corroborative of the opinion they entertain that** falling off
alluded to was chiefly caused by Wuhan' events peculiar
to the tear; the most prominent '1 which were the Danish
blcoWel and the cholera. The former would chiefly affect
the goods, the latter the passenger traffic, and by relative
to comparative statements of receipts in 1848 and 1849 it
will be seen that the diminution of merchandise trate took
place entinl in the first half year of 1849, i. e., during
the Danish b , whereas the felling off in paaaenegen in
the second half year of 1849 (the time of the cholera) was
three-fold what it was in the first. The Leeds and 'Mesh

Haw wee spewed thissehrit is Isly, 18t& sad some wadi
pediesii lie Ms meg be alleihsted is this mesh TIM I
wee set the eilediel, iv ma es lellsesdel imp% k evident
dsespesina et the lied* hen peseistrwe et KA
Lode kr Ile these atesibe wkkh the sham
1848.
wee net pr
t,
mad the
'lrk awe selhas
wee
te se
endow IS
IE the Mai pewee* ak
whoa the daises wee wad. end that
V the doilies wises the wain ashs Leah sad
TWA. Use sesta hew we slat, wee wry =sok Maws
des at Limb. 'AM Its Memos would be mod tilt
floe end esker itzdis isle warned the extalwies des the
hatelited melds et IWO awe prisetpelly, It sot ideally,
Ikon iswe ears% sad tarnishye nasal gross& ter
bid perry ing let the mei* el Mere ah sty, at say nee.
settlOwier these et lea

TM Ma& ofempsediture en mamas
assona4 an hip mid s3ow that the working charges
for the half peer bean CPU. 18. PLOW& ie about
304 Per stmt. spun 204,6111. 7a. 2d., the amount of traffic
during the ammo period. This malt will, it is hoped, be
eadshatory to ho sepsolany whin it is bones in
lAA Shut Ow =purse bow • larger proportion to
thommeipla be a had, in • good year. The working ex-
pounsolinhl hen been little, if at all inoressed, had the
recoirs of 1849 bean as great le those of 1848, in which
eau he working expenses foe the half year would have been
ca* 3I per Lent. of the receipts. The efforts ct the (inseams
wW be loneveringly directed to the further reduction of the
wash*/ drones, but the result just stated, vim., that they
bug got noshed 31 per cent of the traffic receipts in • note
*nap unpalatable year, is ose which will, it is believed,
lese • with the returns from most other railways
is tie dada iom.
THE DISPOILBLE BALANCE AVAILABLE FOE DIVIDEND
Is 36,0461.195. 7d., which would give a dividend of 11.35. 2d.
c esonesst. ea the seswelidated stock of the company. The
mogoashand, however, that a dividend should be
declared ohm the was of IL per sent., which would leave a
balance of 4,8191. 14e. Id. to be canted to the credit of the
current haltyear. It will be observed that the surplus
rename serried over at the last half early meeting, amount-
ing to 19,11M1i. 14e. lid., Is included In the disposable balance
mentloned shove, so that if the recommendation of the
dictators be adopted, the whole amount received by the
shareholders for the year 1849 will be the abovomentioned
dividend of 1 per own. This is by no means a satiafactory
rioffits *oath ace for which the shareholders will be fully
peopared. The future prospects of the company cannot,
however, be seasidered devoid of encouraging features. The
year 1849 has been cos of unusually small reoe.pu, but of
mosiderablo expense. Ma protracted inquiry conducted by
She committee of Investigation was necessarily expensive,
and It le satialarrory to feel that, even in a year of difficulty,
a return to • sound system of keeping accounts has been
rigidly carried out, area that in accordance with the resolu-
tion of the special meeting, in November last, the large
amount of thirty thousand pounds has been set apart as •
depreciation laud for the renewal of permanent way and
rolling stock. The large majority by which the proposal
was carried for the alteration of the terms on which the Hull
and Selby purchase sbans am held, bas already enabler the
directors to raise money on somewhat easier terms than had
been obtained during the two Finding years. They are
still, however, obliged to give a high rate of interest ; and
this, no doubt, will continue until the act is obtained.
Should nothing occur to delay its progress, its good effects
will be observable in the nest half year in the reduction of
interest payable on account of debentures and preference
shares.

8116PENSIAccoustv.—In the final report of the committee
of investigation it was recommended that the suspense ac-
count should be ," placed to capital," and this reoosninenda-
tion was unanimously adopted at the special general meeting,
held on the 21st of December last. Without calling
question the propriety of this decision, the directors recom-
mend that for the present no further steps should be token
in the matter. The company has large claims upon Mr.
Hudson for interest and premiums upon shares improperly
appropriated. The sums so claimed have not been abstracted,
from capital, but would, had they not been unduly withheld,
have been credited to revenue in former half years. The
whole amount recovrred under theee heads will, therefore,
be properly applied in the reduction of the suspense account,
so that it would be premature to propose any method of
dealing with this account until the amount receivable from
Mr. Hudson, clear of all legal expenses, has been correctly
emertained.
Kuorrissoxzx BiANCH.—The works on this branch are
in a forward state, and although some delay was occasioned
by the continued frost during the month of January, it will
be ready for opening about the third week in Marsh. Same
additional traffic will probably be at ogee brought on to the
company's lines, in consequence of this junction with the
Great Northern and Lancashire and Yorkshire Railways, but
no large accession of either goods or passengers can be looked
for until the opening of theGrest Northern Vne throughout,
which is expected to take place on the let cf August next.
Dinncriox.—Two vacancies still remain in the board of
direction. This subject has received much consideration on
the part of the directors, and though they would gladly
have obtained the assistance of two additional members of
the beard, they think it so desirable to have the entire con-
fidence of shareholders, that they have preferred hat lag it
to them to make the appointments at the approaching meet-
ing. Thomas Price, Esq., and Copt. Sandeman, retire by
rotation, but are eligible for re-election.

Aufni.—At theTiPezial general meeting, held on the 21st
of Dee. last, the directors proposed that auditors should be ,
elected for the current half-year, but no appointment haviog
been made, it became the duty of the board to provide for •
proper revision of the accounts. They accordingly srl•eted
Mr. Cottons, of Manchester. The appointment of ■ulitors
for the accounts of the current half-year, will be for the con-
sideration of the shareholders at the meeting.
SPECIAL MaaTitso.—At the 'pedal meeting, to ter held
at the conclusion of the ordinary half-yearly meeting, the
bill authorised by the special general meeting, on the 22nd of
Deo., will be submitted to the shareholden for their approval.
in addi,ion to the provisions required for giving effsct to the
resolution then pawed relating to the Hull and Selby Pre-
ference Shane, a clause has been introduced, extending to
the shareholders of this company the same provieons with
respect to vating se are contained in the Companies' Clauses
Consolidation Act.

The statement of revenue account, to 31st D:ceraber, 1849,
give the following amongst other items :

LIMON&
aflame of tbe rtmenue amount fog the baN-year ending
80th June, 1849
Total ordinary teal& . . . --- .. 1114.111 7 2
Dividend on sharm in !lull and Selby lidgCway 1,033 U 0
Interest on Mal•an and Drifleld glares
Tntereat an calla In meter 1,661
.1 10

interest allowed by braces '6l2 1$ 10
Interest on Nr. Ihrimen% premisrory note 1,963 15 6
latarest allowed byerropmerit with York Cnionßank 1,360 0 0

£4 784 15 3
21:0: s 16 6
..—. 12,891 14 4
12,338 1 11
General charges 4,730 0 10
Taxation, viz. rates and taus
' Government duty
11,293 13 2
Internet on mortgage bonds £33,914 18 11
Interest on Hull and Selby bonds
arr.ounting to £182,192 10e 4,578 4 II
38,493 2 11
Rent ot Hall and Selby Railway ... 33,180 0 0
Hull and Selby Prderence 6th dividend. 17,839 16 0
Intelsat on Hull and Selby calls In advance.— ......... 814 4 6
Interest on land purchase 1,856 10 11
Ripener doonuntttee of investigation
Arousal of rail sod rolling stock renewal fund

Maintenance of way
Loootnotice power
Coaching ?apnoea

AMBEROATE, NOTTLNOTIAM, AND BOSTON
AND EASTERN JUNCTION.
The following report is to be submitted to the
proprietors at the eighth half-yearly general meeting, to be
held at Nottingham, on Thursday next, the 28th instant :
0 The directors regret that the program of the works has
been retarded by the floods in November and by the subse-
quent long frosts, which will delay the opening of the line a
few weeks longer then had ben anticipated. Since the last
half-yearly meeting our directors opened a negotiation
with the Great Northern Company, with a view to
joint station accommodation at Grantham ; at the same
time offering to that company the use of about two miles
of yoar line, which, if accepted, would have saved
the making so much of their line at Grantham.
It is for the present proposed to erect only such temporary
buildings as may be absolutely necessary, until the Great
Northern plans are sufficiently matured to enable your
diteciors to form an opinion as to carrying out the act of
ornament for a joint station with that company. In the
erection of other stations and lodges the directors are pro-
ceeding on the strictest principles of economy. In referring
to the statement of accounts, the report states that the
directors have not shrank from the unpleasant, and in many
PM painful, duty of compelling payment where they thought
it necessary. In fulfillingthis duty, they hare commenced
actions against 230 proprietors, and obtained judgment in
120 cues. From these pro:fettling' the sum of about 9,0031.
bu been recovered ; and other sums, though not of a large
amount, are in course of payment. Your directors still
hope that the opinion expressed in their last report, of all
calls being paid up on 60,000 shares, will be realised.
At the request of your directors, proposals have been made
by a neighbouring company for working the line; and
though the terms proposed are the same in principle as those
which have been adopted by other companies, your directors
have deemed it for the interest of the proprietors to offer the
working of the line to public competition. In conclusion,
your directors beg to intimate that they have determined to
open the line to the public by the 4th of June next
The receipts on calls amounted to 483,2091 lls. 2d ; and
the disbursements bare been 470,1464 10s. 6d.; leaving a
balance in hand of 13,0634 13d."

EASTIRN COUNTIES AND 80VTNIIND RAILWAY.-011
Saturday the Muter io Chancery, Sir W. Horne, appointed
Mr. Ewen, barrister-at law, as official 'tanager to wind-up
the affairs of this defunct scheme, in mom" of which
several thousand shares wets allotted, liabili les incurred,
and deposits paid, but accounts connected with which have
never been settled by the directors.
NORFOLK R/ILWAT.—The accounts of this company for
the half-year ending December 31, were issued on Saturday.
They show an expenditure, under the head of Denham and
Fakenhain Line construction account,of 5,8571., and GI 4;2681.
for parliamentery and law charges "severally " inclusive
of session 1849. The miscellaneous items amount to 4451.,
and the total expenses to 12,6611. The receipts on the fir t
and second Now 201. shame have been 2,8251., and 9911. on
the Extension Stock ; the receipts from the Eastern Coun-
ties, 8,1011., from Lowestoft Railway 7321. ; the total re•
esipte being 13,2471., leavings balance in band of 5861.
Appended to the accounts is a notification from Major Cour',
one of the auditors, to the effect that he the examined the
account simply with a view to audit. He disallows altogether
the charge of 161. for peruse as inadmissible, end with re-
spect to other items he states his intention of delivering his
audit thereof In a special reput to the proprietors at the
half-yearly meeting.