The Sun.
London, England, 1852-08-26 00:00:00

EVENING, AUGUST 26, 1852.

Mr. Box advocated a trial of the compressed air
engine on the Eastern Counties line, as he thought
that invention might prove economical. He was of
opinion that all the officers of the company through
whose hands money passed ought to provide efficient
sureties ; and he repeated the question which had
been previously asked as to whether the traffic on the
Tilbury and Southend line would not interfere with
the traffic on the Colchester line.
The CHAIRMAN, in reply to these several observa-
tions, said he concurred in the propriety of giving
the shareholders the power of appointing to vacancies
in the direction in the interval between the half-
yearly meetings. With respect to the compressed air
engine, a complete experiment of that upon the line
would cost, including the engine and necessary appa-
ratus, about 3,0001.; and he was not aware that the
proprietors were prepared to sanction that expense.
In reference to the observation that sureties should
be required from their officers through whose hands
money passed, he stated that there was a resolution
of the directors to that effect in existence ; and the
security of the guarantee societies, and not that of pri-
vate :persons, was required. The Southend traffic
would not interfere with the traffic on the old line,
for the Southend traffic would be entirely new, as
was evident from the circumstance that all persons now
going to Southend went there by boat.
Mr. MAcLAunEri, considering the amount required
for the rolling stock on the Southend ::.ie
(72,000/.), and the rate of fare to be taken under the
Act of Parliament, was sceptical as to the benefit to
be derived from that concern.
The CHAIRMAN was informed that the company
would be able to work the engines and carriages at an
expenditure of 30,0001. He believed that the pas-
sengers who would go by the line would amount to
millions.
It was then moved and seconded that the report of
the directors, auditors, and officers, and the statement
of accounts be adopted, which motion was carried
unanimously.
It was also unanimously carried that the cordial
thanks of the meeting be given to the chairman and
directors, auditors and officers, for their constant ex-
ertions for the best interests of the shareholders, after
which the meeting broke up.

YORK AND NORTH MIDLAND.
The half-yearly meeting of this company was held
at York on
pied the chair, Tuesday. Mr. H. S. Thompson occu-
The report having been taken as read,
The Cumamell proceeded to offer some remarks in
detailed explanation of the matters therein referred to.
He firat
items
of
referred to the capital account, noticing
several m
of these increasing expenditure. One
items referred to an additional
outlay on the Knottingley branch, upon which
the Board of Trade had required an alteration
in the width of a tubular bridge there constructed.
directors In this case the bad arranged with the con-
tractors to divide
the cost between them. The out-
laywas 6,586/., chiefly for an engine-
shed, which had been rendered necessary in conse-
quence of the
company requiring additional room. He
next directed attention to the claim against the com-
pany by Messrs. e rawshaw, the contractors, with
respect to which
knew he congratulated the shareholders
no
that they ew the worst; he also congratulated
them that in
many respects the directors had been
able
to carry out their plans to a successful issue, and
that they had succeeded, during the last half-year, in
obtaining three Acts of Parliament, which were of
considerable importance as regarded the interests of
On
this company.the whole, he considered their
position as not being v
had very discouraging, inasmuch as,
though they were not in a position to pay a large divi-
dend, still theymade some progress, as they had
been able to meet larger payments. He alluded to the
new line which was
asproposed to be made from Hull into
whichHolderness, he considered would be of so much
importance to the company as to make it desirable that
the directors should extend to the promoters of it every
possible facility in
their power. He mentioned the
York fact that the ork
by this Railway hotel, which was being
built jointlyand the York, Newcastle, and
Berwick Company, was in a forward state, and he
bad no doubt that,opened, it would materially
tend to increase the when
traffic of this company.
With
regard to the
tosmallnesshe of the dividend, he remarked
that that wasattributedh to the fact that a less
balance had been b
and
they rouhg4t forwardl from
half-year,the previous
had to pay a large
amount to the est has
laVseost Yorkshire Company,
to which they were nota liable in the corresponding
half-year of 1851. `They
whhad.
which had
been subjected to
considerable competition,
give additionalhad obliged them to
accommodationle to the public, and to
run trains which were not in all cases remunerative.
It would be satisfactory,however, to the shareholders
to know that the receipts the passenger traffic
were very good at present, fromthe increase on the pre-
sent half-year ratherbeingf more than 4,0001., which
was derived principally the passenger traffic. At
the same time the goods trafficrom during the present half-
year they anticipated would b very good. He ob-
served, from the traffic returnse last week, that there
was an increase of 6471. over the corresponding
period of 1851, the total receipts being, in 1851,
11,004
1., and this year 11,6511. As regarded the
competition to which the company was at present
subjected, he thought it was not only possible but
likewise probable that some arrangements might be
made ere long by which it
had would be stopped alto-
gether. The directorsfound that they had been
able to reduce the reserve fund for maintaining the
extent permanent way to the
of 4,0001. a year, and
concluded by moving that the report be received and
adopted.
Mr. T. Paws seconded the motion.
Mr. Ross, of Manchester
made some remarks in
reference to the Hull and Selby purchase shares, con-
tending that money might be borrowed for the pur-
pose of relieving the company at a less rate of interest
than that proposed by rathpea?
the
the example which I airman. He pointed to
and Midland Company had set
with regard to the Leeds
Bradford shares, urging
that the credit'of this company
that of the Midland. The Midland
was quite as good as
had 1,800,0001. in five months,
Company had
and he saw no reason
why this company should not,'
pursue the same policy
with regard to the shares in question.
The Csentsaele, in reply, pointed out that the Mid-
land Company stood in a positionl with regard to the
Leeds and Bradford shares
occupied
together different from
that which this company
in regard to the
Hull and Selby shares.
Mr. BARSTOW, of Nunthor
Pe, inquired in what po-
sition the claim of the companyagainst Mr. George
Hudson was at the present ;tne ,
The Cruentmete replied that
the Chancery suit was
now set down for hearing, and would come on in the
November term.
Mr. RAMESET proceeded to ask
a variety of ques-
tions affecting minor matters in connexion • with the
management, and the report was then adopted.
a dividend The CHAIRMAN moved that after the
rate of 11. per cent. per annum be declared, income..
tax deducted.—Carried.
A committee was appointed to select a gentleman
to fill the office of auditor in the room of the late Mr.
Cottam, of Manchester.
The meeting was then made special, for the pur-
pose of considering the propriety 0 f ra • •
raising such Sums
of money as should be considered necessary, s
the
issue of additional shares or stock of the conpany in
; by
---
exchange for the whole or any part of the
which is now or may be hereafter owing by themoney
com-
pany, at certain rates of interest.
The CHAIRMAN proposed a resolution nth •
orizing
the directors to create a new stock of the co
pan
"'fork and North Midland Oebentuy, to
be called,re
Stock," the dividend to be payable half-yearly, on the
Ist of January and the Ist of July in each
Yteharl from
the respective dates of the issue thereof--
say, any sum not exceeding 250,0001., at the at
is to
rate of
3i per cent. per annum, an—
y sum not e
250,000/., at the rate of 31- per cent. per annum,leeeding
sum not exceeding 250,0001., at the rate uf any
sum not exceeding 25031 per
cent. per annum, any
at the rate of 4 per cent. per annum, but the )000/.,
sum
to
be created in respect of such last-mentioned
IlLiin shall
only be created and issued subject to
time
in, cancel, and redeem the same at any
,ge t to call
not less than six months' notice of the intention giving
do, and that the stock so to be created be issued aso to
disposed of from time to time as the directors and
shall
think proper.
After some discussion the m otion was carried, only
three hands being held up against it. y
A vote of thanks to the chairman and directors'
concluded the proceedings.

MANCHESTER, SHEFFIELD, wa
AND LINCOLa
Nr
:Oil' oi uligEh
The half-yearly meeting of this compar7 d
s held
yesterday at Manchester. The Earl of
presided.
The report of the directors was taken as read.
The CHAIRMAN,
in opening the proceedings, re-
ferred to some errors in the accounts, extending over
a period of four or five years, which had been recently
discovered. As soon as their amount had been ascer-
tained it was thought better to make the shareholders
fully acquainted with the whole at once than to spread.
it over other half years. From the explana.tions given
another
to the directors by the general na. anager it appeared
that these errors had chiefly arisen out of mistakes
made by a clerk, discovered on his removal to
explanations were re-
department. In case farther
quired by the shareholders, he would call upon the
general manager to give them. He was afraid that
some of those who had
indulged in too sanguine ex-
pectations with respect to the effect of the. opening
of the Grimsby Docks on the traffic of this company'
the results
would be disappointed that
had
not . realised their expectations. But if they
who used
considered the length of time that was necessary
to develop those works, to let people
to go to Hull know that there were docks open for
them at Grimsby, they would agree with him that'
the beneficial effects of those works could not be so j

immediately experienced as he feared too many had
h
calculated upon. He was, however, glad to be able
to assure them that the traffic from Grimsby was in-
creasing week by week, as well as that by the
steamers from Grimsby to the Continent. Lines of
steamers were now sailing from Grimsby to Antwerp
Rotterdam, and Hamburgh. Some of the directors
had thought it right to start these steamers, feeling
that it would not be right to wait until other persons
came to Grimsby to do so. He had exerted himself,
in connexion with two of his colleagues, in forming a
company, which, he .was glad to say, was likely to
bring a very large trade to Grimsby—the "North of
Europe Steam Navigation Company." The works
on the Warrington and Altrincham line were pro-
gressing rapidly, and on their completion an increase
of traffic might be expected on the Manchester South
Junction and Altrincham line, in which this company
was interested. The opening of the towns line of the
Great Northern Railway had abstracted about 5001.
per week of traffic, which used to go over that
part of this company's line between Retford
and Sykes, but this had not been felt so
much as it might have been, owing to the in-
crease in the receipts since the opening of the Grimsby
Docks. On taking the opinion of counsel, he had
been confirmed in the opinion he had expressed at
the special meeting in May last, with reference to the
61. preference shares, that they had a priority of claim
to dividend over the 10/. preference shares, and their
arrears. He thought the suggestion which had been
made with reference to those arrears—that it would
be well to capitalize them—was well worthy of con-
sideration, but that was a subject which could not be
originated by the directors ; the preference share-
holders might take up the proposal. It had become
necessary to make extensive improvements and alter-
ations at Sheffield, Ard wick, Woodhead, and Guide-
bridge, in order to save them from having to refuse
traffic for want of the required accommodation. The
Barnsley Junction line had been let to contractors,
and the works to enable the company to get an addi-
tional supply of coal for the line were progressing
actively. The gradients on the line between Man-
chester and Sheffield were such that the increase of
traffic had necessitated the employment of more
powerful engines, and this had forced upon them
sooner than had been expected the strengthening of
the permanent way, which was now in a most satis-
factory condition. He believed they were right in
carrying to revenue the repairs of the permanent
way, as they were required. He concluded by
moving—
" That the report of the directors, and the half-yearly
statement of accounts now produced be received and
adopted."
The motion having been seconded,
Mr. J. H. WOOD repeated his opinion, expressed at
a former meeting, that the directors had acted wrong
in reference to the 101, preference shares. The Act
creating the 61. preference shares gave them no retro-
spective preference over the others, and the arrears
due to the 101. preference shareholders at the time
they were created ought to have been paid before the
61. preference shareholders received anything.
The CHAlRMAN—Unfortunately, we are at issue
upon that point, and we have only done what is legal.
In answer to a question from another SHARE-
HOLDER, it was stated that Mr. Lloyd was the counsel
whose opinion had been taken on the subject.
_ _

A SHAREHOLDER reminding the Chairman of the
promised explanation with reference to the error 3 in
the accounts,

Mr. ALLPORT, the general manager, said the errors
were in three distinct items. The first was an over-
estimate of the Great Northern mineral traffic which
passed over this company's line between Retford and
Sykes up to December, 1851. Previous to the open-
ing of the company's line, called the Sykes branch,
the Great Northern traffic was worked between
Retford and Gainsborough, and then passed over
the Great Northern's Lincoln branch, a distance
of 10 miles by this company's line. He believed
the Sykes branch was about 13 miles, but to
be on the safe side, he gave instructions that the
amount paid by the Great Northern Company over
the 10 miles should be taken as the amount due
for the 13 miles. At the opening of the Sykes branch
the Great Northern Company refused to render to this
company a return of traffic, and it was, of course, im-
portant to take the best means of estimating its value.
The charge for the 10 miles was carried week by
week into the company's accounts to the credit of
revenue for 14 or 15 months ; but when the accounts
came to be settled it was found that the Great Nor-
thern Company had carried their mineral traffic at so
low a rate that this company's proportion for the 13
mites was less than it had been for the 10 miles, and
that the value of the traffic had, therefore, been over
estimated. The error thus produced amounted to
between 3,0001. and 4,0001. The second item was
also connected with the Great Northern traffic. The
clerk whose duty it was to copy the accounts against
that company for passenger traffic entered them
weekly to the credit of revenue, until a settlement
was made with the Great Northern Company, and the
clearing-house was advised of it. They, as a matter
of course, divided the traffic from the commencement,
in August, 1850, and sent down to each company
their division of the traffic. By an oversight of the clerk
the gross sum was entered in the company's books to
the credit of revenue, so that the same amounts had been
credited twice over. The amount remained in the
books as outstanding to the debit of the clearing-
house until the error was discovered. This error
extended over a period of about four months. The
third error arose from an oversight of the same clerk.
In the year 1850 he (Mr. Allport) arranged with
some parties in Sheffield to cart goods to and from
the station—being the Liverpool traffic of this com-
pany. They were to charge ls. Bd. per ton, and he
advised the clerk whose duty it was to keep these
accounts to deduct them from the monthly account
previous to carrying to the credit of revenue the
Sheffield traffic. This he unfortunately neglected to
do, and the accounts appeared as outstanding debts.
When he (Mr. Allport) pressed for a settlement the
error was discovered, and the company bad no alter-
native but to at once deduct the amount from revenue.
He might explain that the current accounts had got
in arrear, while an examination of
past clearing house
accounts for a period of nearly five years, which had
been improperly settled, was proceeding. These ac-
counts were now all worked up, and he challenged
any company in the kingdom to show that they had
a better system of keeping accounts than was now
pursued in the offices of this company. The clearing
house accounts alluded to in the auditor's reports
would be settled in the course of the week, the only
balance now remaining being 51. or 61., which was as
likely to be in favour of the company as against it.
In answer to a question from a Shareholder,
The CHAIRMAN stated that the directors had not in
contemplation to ask for any more money.
In reply to a question from Mr. WHITTAKER, of
S taley bridge
It was explained that the directors had the power
of calling up 660,000/. on the 30th of June, and with
the consent of the shareholders they had the power of
creating a new preferential stock, under old Acts of
Parliament, to the extent of about 600,0001. If
the whole were called up there would be about
1,200,0001.
Mr. WYLDE said the accounts showed that there
had been expended on the property of the company
7,550,0001. The working expenses were 68,6961.
The interest on loans and the loss on canal was
67,598/., leaving 108/. for the shareholders, equal
to a dividend of 30,0001. preference stock, leaving
5,455,0001. share capital to which there was not a
penny for a dividend. When so large an amount of
capital was left without a penny for dividend, was it
just that 1,200/. a year should go to one individual to
manage their affairs ? Would it not be as well to
have three managers, at salaries not exceeding 300 g.
a year, on different sections of the line, with addition
of salaries on the increase of dividends ?

The CHAIRMAN said, one of the difficulties with
regard to money was the arrears into which holders
had fallen ; and he was informed that the gentleman
who had just spoken had been four years in arrear,
and was now in arrear.—(Laughter.)
Mr. WEBSTER said he observed in the report a
statement to the effect that arrangements with the
Lancashire and Yorkshire Company, more friendly
than had hitherto been existing, were likely to throw
increased traffic on their line, and that a good under-
, standing between this company and the great railway
interests of this country was approximating. He would
suggest, and if necessary would move an amendment,
"That all agreements in writing with other companies
be circulated among the shareholders."
The CHAIRMAN was surprised at such a proposal
coming from a legal gentleman. He doubted very
much the policy of publishing these agreements, and
should feel it his duty to resist such a motion.
Mr. C. TURNER, M.P., was quite sure, if Mr.
Webster had a retaining fee to advise the company on
the subject, ho would not recommend that these
agreements should be published.
Mr. PETO referred to some complaints made that
the working expenses were heavy as compared with
other lines, and explained that it arose from
heavy gradients—a goods train out of Manchester re-
quiring three engines, which upon the London and
North-Western would be drawn by one locomotive.
He assured the shareholders that the board would exert
themselves to the utmost to develop the value of the
dock at Grimsby, and to increase the receipts upon
the line, but suggested to the holders of the 7i per
cent, shares that it might be wiser to imitate the
conduct of the same class of holders in the Cale-
donian,
who improved their own position and that of
the company generally by reducing the interest
to 4
per cent.
The proposition as to the 7i per cent, preference
led to some angry discussion, but
Mrit had emanated from
himself PETO x
andnoettphleaibneodardtat It
had been suggested,
however however by a large proprietor of that stock not pre-
sent, and he still thought it was one of those timely

concessions wbioh would benefit themselves while it
benefitted the other shareholders. _ _

The report and accounts were ultimately carried by
a large majority.
The CHAIRMAN next submitted motions confirming
the forfeiture, of stock, and enabling the board to
avail themselves of certain powers under the Humber
Conservancy Act on paying 3001. a year ; both of
which were carried.

A motion to hold the meetings alternately at
Sheffield and Manchester was negatived.
A vote of thanks was given to the Chairman and
directors, and the meeting separated.

NE W MARKET.
The half-yearly meeting of this company was
held yesterday at the London Tavern, Mr. C. Fane
in the chair.

The Secretary read the report, which stated that
the opening of the branch line to Cambridge had the
effect of improving the revenue considerably, for
while the ordinary revenue for the six months ending
4th July, 1851, was only 3,6331., that for the corres-
ponding period of the present year was 4,6181. The
accounts showed a balance to the credit of the re-
venue of 3,7551., out of which the directors recom-
mended that a dividend at the rate of 21. per cent. per
annum be declared, amounting to 3,5001., which
would leave a balance in hand of 2551. The Bill
promoted by the Eastern Counties Company for ob-
taining the sanction of Parliament to the agreement
between them and this company received the Royal
assent on the 28th of May last. Notwithstanding
considerable opposition from rival interests, the Bill
authorising the company to make a railway from
Newmarket to Bury St. Edmunds received the sanc-
tion of Parliament as a measure urgently called
for by the wants of the district. The direc-
tors state that the value of the line must
be appreciated when it is considered that
it will make a continuous line of railway from
Ipswich and the eastern parts of Suffolk to Cam-
bridge and the north and west of England, and will
bring the important town of Bury St. Edmunds, and
its population of 13,000 inhabitants, many miles
nearer to London, besides giving them an easy commu-
nication with Cambridge, and will facilitate the trans-
fer of lime and coals to districts greatly needing them.
The increase of revenue which will arise to the New-
market shareholders from the making of this line will
insure a dividend to them of 8 per cent. per annum
at an early period after its completion. The Parlia-
mentary estimate for making the line was 121,500/.
It was framed under special directions to err, if at
all, on the side of excess. Subsequent events having
satisfied the board that a much smaller sum would
suffice to make the line, the shares were reduced from
121. 10i. a share to 61. ss. by the Act lately passed,
and thus the liabilities of the extension shareholders
are greatly reduced. The board hope to complete
the line in little more than a year. Mr. Jackson has
made a tender for the works, and as it is considered
moderate the contract will probably be finally settled
in a few days, and the whole work will then be pro-
secuted with vigour. The directors congratulate the
proprietors on the improvement in the state of their
affairs since the present board assumed office in
August, 1850. The original line is now completed ;
the extension line to Bury is in progress ; there is a
balance to the credit of revenue sufficient to justify a
dividend at the rate of 2 per cent. per annum, and
there is a balance to the credit of capital of nearly
13,0001. They trust that the success which has at-
tended their past efforts will induce all persons to re-
pose confidence in them as to the future and give
them their utmost support in carrying out the exten-
sion to Bury, which they are fully convinced will
amply remunerate the parties who assist in making
the line. The capital account to the 30th of June
showed that 457,2921. had been received, and 441,6751.
expended, leaving a balance of 15,6161.
The revenue account for the half-year ending the
4th of July showed that 8,2381., including 9421. from
last account and 2,5001. contribution from the Eastern
Counties Company, bad been received and 2,4381.
expended, leaving a balance of .5,7991., out of which
is deducted 2,0431. for interest on loans, leaving
3,7551.

The CHAIRMAN, in moving the adoption of the re-
port, congratulated the shareholders on the improved
position of the undertaking. The balance in hand
would enable the directors to declare a dividend at the
rate of 2 per cent, per annum for the half-year. A
great improvement had taken place in the traffic since
the opening of the line from Newmarket to Cam-
bridge, and there could be no doubt that a further
improvement would take place in the traffic when the
extension line from Newmarket to Bury St. Ed-
munds was completed. The policy of the present
board was exactly the opposite of that pursued by
the former board. He hoped the proprietors would
take the result of the past policy of the present
board as an indication of what the future result would
be from a continuation of that policy. One of the
effects of opening the line from Newmarket to Cam-
bridge was shown by the increase in the number of
passengers over those conveyed on the Newmarket
and Chesterford tor the half-year ending July, 1851.
The number then conveyed was 11,000, while during
the corresponding period of the present year
19,000 passengers were conveyed. The effect of the
policy of the late board was that of leading the com-
pany on the road to ruin, while the effect of the policy of
the present board was that of leading the company to
prosperity, as shown by the result of their past manage-
ment; and there was still greater prosperity in store
for them. He had not the least doubt on his mind
that when the extension line was open between New-
market and Bury the present lines of the company
would pay a dividend out of the net traffic on them
of 3 per cent. There were a great number of per-
sons interested in the construction of the line to Bury,
which would not only accommodate a very populous
district, but enable the directors to pay a dividend of
3 per cent, on the Newmarket shares, and raise the
price of them from 121. to 151. each. The Bill for
the Bury extension line, after considerable opposition
in Parliament, received the Royal assent on the 17th
of June, and before that period the directors felt so
certain of the public utility of the line that they
commenced the works at Barrow Bottom. They had
been enabled to do this by the liberal conduct of Mr.
Jackson, the contractor, who bad commenced the
works without any contract, leaving the matter en-
tirely in the hands of the board. The works had
been in progress ever since, and Mr. Jackson had
made a very moderate tender for the construction of
the works, and there was every reason to suppose
that his tender would be accepted by the board.
The Parliamentary estimate for the line
was 121,5001., and the instructions to Mr.
Samuels, the engineer, were that it should be over-
stated rather than understated, so that no one should
hereafter feel disappointed and have more to pay than
was calculated. Now, Mr. Jackson proposed to con-
tract for the works for 63,7001.; and, after estimat-
ing every other expenses carefully, he (the chairman)
believed that the line from Newmarket to Bury would
be made for less than 100,0001., including land, works,
rails, and everything. This line would fill up a gap
of fourteen miles between Cambridge and Ipswich.
He looked upon this as a most important line of rail-
way communication, and hoped that every one in-
terested in its construction would do everything in
their power to assist in making the line.—(Hear.)
As to the revenue to be expected on the line he esti-
mated it at 201. per mile per week, which was some-
thing less than half the average weekly receipts per
mile of the railways in the United Kingdom. This
would give them 14,5661. per annum, and making
every allowance for the working expenses they could
not exceed 4,560/., and that would leave them 10,000/.
to pay dividend on the 100,0001. There could be no
doubt they would be able to pay a better dividend on
this extension line than had ever before been heard of
in the Eastern Counties district. He concluded by
moving the adoption of the report.
In reply to a question, it was stated that the
Eastern Counties Company would provide the work-
ing stock on reasonable terms, and the Eastern
Counties Company were acting towards them in the
most cordial and kind manner.
Mr. BALL, a director, seconded the adoption of
the report, and in doing so said that the prosperity
which the chairman had ascribed to the exertions of
the new board was entirely owing to the indefati-
gable exertions of the chairman himself, and it was
but right that the credit of the policy pursued should
be awarded to him. When the chairman joined the
board it was a broken down concern ; he set to work
in every way to relieve the company from its former
disastrous position, and had succeeded in laying the
foundation of its present and future prosperity.
Mr. BALER urged on his brother shareholders the
necessity of assisting the directors in completing the
Bury extension line as soon as possible.
Resolutions were passed adopting the report, and
declaring a dividend of ss. per 25/. share, being
year.e..in
at
the rate of 2 per cent. per annum for the half
On the motion of Mr. BAKER, seconded
PACKER, a cordial vote of thanks was passed
b toy INt.
he
chairman for his able and successfulmanagement of
the undertaking, and to the board osf directors for
ably seconding his exertions.

- _.------
BRISTOL AND EXETER.
The report of the directors to be submitted
this to the
forthcoming meeting of the propriet? of com-
pany, states that the gross traffic receipts for the half-
year ended on the 30th of June, 1852 (including the
sum of 1,9691. received on the Exeter and Crediton
Railway), amount to 111,2561:, being 3,8461. received
on the Bristol and Exeter Railway proper_
_more than
in the corresponding
_half of the year
1851. The
working expenses during the same period amount to
49,1141, or 44.14 per cent. upon the receipts, or 5331.
per mile on 92 miles of railway, includingi. the Exeter
and Crediton line. The number passengers is
298,614, conveyed 9,082,670 mites;°
tons,
of goods and coals 100,379 t
miles—making 16,479 more , conveyed 3,220,689
.passengers, and 25,274
tons more goods and coals than in the corresponding

,
half of 1851. The consumption of coke is as followviz
with
passenger engines,
b.
27.321 b. per mile; goo/.
.to, 53.541 b.; pilot ditto, 87.711 • and the cost
20s. 21,1. ,
per ton. The disposable balance of tl
revenue
acoaunt, inclnding the sum of 17,08.
brought over from the former half-year,
54,00 i/. The directors recommend the sun •
dividend as for the previous six months, at tlt
rate of 4i per cent. per annum, or 2{ per cell •
for the half-year on the 2,000,0001. of consolidat,
stock. This will require the sum of 45,0001., 81•'''
leave a surplus of 9,0051., which may be deemed s,
tisfactory. The amount received for
perpetual pr.
ference 4 per cent. shares and stock to the prese
time is 562,442/. A very large reduction had, up
the 30th of June, been made in the amount of debei
tt
tures bearing interest at 5 and 4k per cent. At
time the reduction amounts to upwards of 300,000
which has been effected by the issue either of prefer
ence stock or of new debentures at a lower rate
interest ; and the directors are ready to pay Off hlinv
diately in cash, or to exchange for preference stock,
a premium to be agreed upon, any
5 or 'l'
per cent. debentures of this company, all°sviri
the holders the difference of interest
the remainder of the term. The works (
the North Devon Railway are rapidly progressio
and are likely to be completed from Creditors to Er ,
00(
mington Pill, in the course of next year. 6,
1'
have been advanced to the Exeter and Creditors
way Company on account of their 5 per cent. pttr.
ference stock. The Act for the Somerset Ceer,
Railway was passed without opposition, 50t,:
agreement for the transfer of property in the
tonbury Canal will shortly he ready to receive E,
seals of the two companies. The interest held in
ti
undertaking by this company now amount'
10,0001., with the right of appointing one direct,
upon the board of management. The gun
5,0001. has been subscribed for 5 per 0,.°1.
preference shares in the Plymouth Great Alr,b,tet,
Docks ; the works are in satisfactory progress. -1.0
is now a confident expectation of the completion.
the Cornwall Railway, the financial affairs of ti°e.
company having been so arranged as to justify
resumption of the works. The %Vest Cornwall Pi'
way from Truro to Penzance is opened throug.
for public traffic. The new Act for the construct
of the Yeovil branch received the Royal assent OD t
28th of May, and the contract for the works has
let to parties of experience and acknowledged re3r.
sibility. The electric telegraph is in 0
tween Bristol and Exeter, so that telegraphic T.,,
munication is now established from Bristol to L'l
mouth, London, the north of England, Scotland, 8
the continent oft Europe. f t
Thee ngineer's report states that the works 0
Yeovil branch, which commenced in June last,.si
peration
Co!1
in progress at various points, and, as soon as posse °0
of the necessary lands can be obtained, the works
be pushed forward, so that the line to Yeovil 130084
opened in Auguv, 1853. The way and works of
main line and branches are generally in stitisf4c
condition.
From the statement of accounts it appears
Atftl
there is a disposable balance of 54,004/.;
total receipts on account of capital to the 30th of 0'1:
1852, amounted to 3,431,7941.; and
the total
merits to 3,026,3611., leaving a balance of 405,4°
The revenue account for the half-year gives 5
in favour of the company of 63,528/.

THE CO (IN TB. 11 IVIAKKET-
LIVERPOOL, AUG. 25.—There was a good attodair..
to-day of country millers and dealers, who suPlia
themselves spariogly with old wheat at 2d Per 70 1
gy/
under the rates of last Tuesday. Flour was
sale, at a reduction of is per barrel. Brans lanci Pe
nearly quite as low. Oats and oatmeal rather low.
Btoarll:ypa(nrd malt unchanged in value. Indian crga'
coastwise—Barley, 40;
4eoh;eapdeirt.to
mAarirti,vaihr6;lreland 0
ditto di
,167; ditto Beans, 113; ditto oatmeal, 2082; i
flour, 734 sacks.
160; ditto :,,,, fiat •
Foreign wheat, 5,245; dittoi b°
oats, 2,285; ditto beans, 653; 011-
1,365 sacks and ,213 .
LEEDS. AUG.18
24. There barrels
was a fair arrival of cl'l.;
this week, with tolerable weather for harvest. ~`-'s
millers exhibited the same indiff,3rence to purchase as
late. The holders, however, were equallyob 9•1 firl3.,)
business done was without variation in price. ,'..t
same as before. Oats and shellings as prey-1,43'a
quoted. Beans were rather dearer and scarcer. c-'
articles as before. A 0
NEWCASTLE CORN MARKET, AUG. 24..---..0.1th 0
On accOU
the trade ruled somewhat slow to-day, still'
that there was not much wheat offered, Saturcla)
prices were fully maintained. Barley met only 5 limit')
demand at former rates. Flour was fully as dear.
other articles no alteration. The beg
NEWCASTLE CATTLE IVIARKET, AUG. 24,--.Lue ,
trade was firm at former rates, and all were 1.!°!,
There was a decided improvement in the demand I
sheep, and all sold. The sale of lambs was not so
mated as last week, 'and prices were a shoe loot
Beast, 460; sheep and lambs, 6,400. Beef, 55 sd (
6s 3d per stone of 14 lbs; mutton, 4id to 6di laalb'
6fltthoe
mealper
EDINBURGH
nilab r.
Ett.LdayiA4RicsaleTk,sAus.
oatmeal,--- .
Ii
There were
market I.each weigh°.
9.80. lbs. imperial, wbich sold thus:-3 at 1/ 85, and lat
sac
bet ; average price of the whole 117 s 10d 6-12ths. 4
pot-barley, which sold at 23s 6d.AUG
20D'
Oat HAT AND STRAW MARKET, A.-• .
Oat straw, from 8s Od to lOs 6d per kernple of 16 stones trl
wheatH ditto, Os Od to Ps 6d; barley ditto, 75 Od te So
Hay, from 9d to lld per stone ; new ditto, 7d to Bd. i
DALKEITH MEAL MARKET, Anti. 23.—There iv-- 1 ~,
the market to-day 56 bags of oatmeal, and lof potbar,,t
(new). Sales ready. Oatmeal the same as last
6d Per
week on on
top, second quality 6d per bag down; pot-barley
Barleymeal,mperial p;;
dearer ; there was no barleymeal in market. oird
Oatmeal, per sack, of 280 lbs. First Second - 60
ditto 265 6d 25s Od 24 Od
••• •••
i... —s Od —s Od ...-.5
Od
FPleoasureme.al..__a Od -1 od
Potbarley ... _.. ::. 233 6d .....8 Od •"'''''
::: ::.• .... —s—a
Odod .---s pd -4 0,1

COAL MARK

r.T.—YasmicßPAl• ket
the close of the Ma
.. 9
Whitwell ............... 43
Cassop ............. .135 t
Denison ................ 143
South Hartlepool ••••• 143
South Kelloe ............ 1.0 3
Thornley ................ 135 0
Whitworth . ......... 14$
Tennant's Hartlepool.. 155 3,
Adelaide Tees 130
'Backhouse ............... 143 oc
South Durham ........... 130 3f,
ISt. Helen's Tees ...151:
Tees ...... ....... "*. 138 n
Woodhouse Close. ... ... 1.0 3
Derwentwa ter liaroni
Nicxarond'isffhi.e.r.
............
............ ro: 0
Hetton single scr. s 11

Prices of Coal per ton a
Bate's West Hartley 14s I
Ilolywell
North Percy Hartley l3s 9d
New Tanfield
New Pelton Main l2s Od
Tanfield Moor Butes l2s 6d
West Wylam Trader l2s ad
Wylam
Wall's End, &c.

Gosforth .
Lawson l3s 0,

Tyne Main (screened) 12s Od
Wellington Hartley—. 13s Od
Eden Main
Lambton Primrose
Hetton
Haswell
15s 6(1
Russell's Hetton
15s Od.
Stewart's •
15s 6111
Ships at market

99 ...... Sold, 55.

-----------7
RAILWAY SHA—RE— MAIti(TS.
BRISTOL, AUG. 25•
to-day, but there was not much business doing.r,
_1 i:
STOCK EXCHANGE.—The share market has been firtiol_
only transactions reported were—Bristol and Exete U 4
ex div.—Taff Vale, 166 ex div.
LIVERPOL, •to so
ui cod..
STOCK ExcHANGE.---TheO share market not q
rket was
active to-day as yesterday, and quotations; are not sgtern.
The sales were—Aberdeen, 131h—Caledonian, 2034-- Fifths,
Counties, 11—Lancashire and Yorkshire,
3 15-16 dis.—London and North-Western, 122--Mla
76 —South-E tas ern and Dover, 211 h •
MANCHESTER, AUG. 25. no:l3st/,
STOCK EXCHANGE.—The business done to-day Was ' , were
but prices had an upward tendency. The transactiolll7.
6 is—
asfollow :—Caledonian, 90 ,c —Ditto, preference, ,1 ~,L_,
London and North-Western, 122 81....-Dittn und,,
Eastern Counties, 107A3—Lancashu'a and Yorkshire:vegields
and Lincolnshire, 29—Ditto, New 61. Preferenc 7lu r
Midland, 76—South-Eastern and Dover, 21 5-16-
BIRMINGHAM, AUG; 25%o_day is
sgairt
STOCK EXCIIANGE.—Our share raaraet i doing.
f business
depressed, and only a limited amount
lA—Blanchester,
~,
f,.......
Arid nd Stock, 7,51,1.
The only transaction reported was-----is

D w Yesterday after-
ship
OF TUE Age T.-- al. steam hi
forlll New York
noon, at at half-past three, the Vinited States L
Arctic, Luce commander left the Mersey
__d
aeneral cargo* ''''l
rect, with the semi-weeklY mails, a full 6- eft Liyerpo°
124 passengers. This was the only ship
for any foreign port during the day.
mire an
[ADVERTISEMENT.]-110110 way's Pills a - r‘ing
excellent Remedy for Female Cornplaints.—The invigo a.1.,111
that 1
and purifying properties of these invaluable pills render_ tn_,..'eo
safe and infallible, and may be taken by females of all !ill,
who are sufferings from any disorganization of the OW+,
thereby preventing those distressing diseases which freqllo.l,,f,
occur (from inattention) at the turn of life. It has been i'L,
contestably proved by experience that these pills are the lei!.
best remedies ever known for the cure of those disorders.;d;
which females are liable, and when taken at certain PeriAi
there need be no apprehension of dropsy. As a family 11',e"';
6" they rank preeminent.—Sold by all Druggists, ao° a
Professor H!122::Y:51t.........•b1i5h1ne,12t:44, StranCi°l3.
____--------------.