The Sun.
London, England, 1864-09-09 00:00:00

RAILWAY PASSENGERS' ASSURANCE.

The half-yearly meeting of thie company was held on
Wednesday, at the offices, Cornhill ; Mr Farquhar in the
chair.

The report stated that the total sum received for pre-
miums on general and railway accident policies for the half-
year ending the 30th of June amounted to £37,979, against
£31,656 for the corresponding half of 1863. After payment
of the whole amount charged against revenue account dur-
ing the half-year, a balance was carried forward of £26,222,
out of which interest at the rate of 4 per cent, per annum
would be paid to the proprietors cm their paid-up capital,
reserving the remainder to meet current risks. The com-
pensation paid during the half-year was, for 12 fatal cases,
£5,900; and for 1,122 cases of personal injury,..£Bs,sls—
together £21,485. The number of non-tatal acci-
dents had increased, and many of them consisted of injuries
of a very serious nature. By the company's new act a
railway accident was defined to be an injury caused by
accident to the train by which the assured might be tra-
velling. The proportionate compensation for injury was
regulated in accor .ance with the allowance under the ge-
neral accident policies,

In reply to a question, it was stated that if Mr Briggs had
been a holder of a general policy his case would have been
covered, and his representatives would have been entitle,' to
receive compensation ; but if he had been a holder of a rail-
way accident policy the ticket would not have covered his
case.

The report was adopted, and the usual interest of 4 per
cant, per annum was agreed to.

THE GREAT ENGLISH RAILWAYS.

THE NORTH-EASTERN.

In referring a few days since to the flourishing enterprise
known as the Midland, we said that we had left behind us
the giants of the British railway world ; but if the system
which we are now about to analyse is not exactly a giant of
the first magnituda it may very nearly be classed in that
category. Like the London and North-Western and the
Great Western, the North-Eastern is a vast congeries of
lines which yearly absorbs some of its more or less flourish-
ing neighbours. Thus in 1862 the North-Eastern effected
an amalgamation with the Hull and Holdemess and the
Newcastle and Carlisle, and in 1863 with the Stockton and
Darlington, while in the same year this latter concern had
absorbed the South Durham and Lancashire Union, the
Eden Vale, and the Froaterly and Stanhope. Not only
must all these lines be included in the general idea intended
to be conveyed by the expression North-Eastern Railway,
but the system also comprises the Great North of England,
the Great North of England, Clarence, and Hartlepool
Junction, and some other lines, the very names of which
have been forgotten in the incessant changes to which rail••
way property is subject. The great features, however,
which mark the progress of the North-Eastern in the three
years which we propose to bring under review are the
acquisition of the Newcastle and Carlisle in 1862, and the
Stockton and Darlington in 1863. The length of way
worked—assuming for the purposes of the comparison that
the Newcastle and Carlisle, and Stockton and Darlington,
were fused in the general system in 1861 and 1862, was as
follows :—Dec. 31, 1861, 1,029 miles (690 double and 339
single)—Dec. 31, 1862, 1,080 miles (693 double and 387
single)—Dec, 31, 1863, 1,095 miles (688 double and 407
single). The extent of the North Eastern system is thus
within 104 miles that of the Great Western. Upon this very
considerable extent of railway the traffic acquired, the
working expenses incurred, and the profits realized were as
follows in 1861, 1862, and 1863 (the system having been
gradually increased to the extent of 66 miles) :

Revenue. Expenses. Profits.
1861 £2,631,507 £1,214,790 £1,416,717
1862 2,611,211 1,223,262 1,388,948
1863 2,792,795 1,330,198 1,462,597
Some depression appeared, it will be observed, in the re-
venue for 1862, in consequence of the commercial stagnation
which prevailed in that year, but it will be seen that the
ground lost was more than recovered in 1863. On comparing
1863 with 1861 we find an increase of £151,288 in receipts,
but the working expenses were augmented in the same pe-
riod to the extent of £115,408, the progress of the net re-
venue being thus reduced to £15,880. Tho ratio of current
expenditure to receipt was thus 47.62 per cent in 1363,
against 46.16 per cent in 1861, showing an increase of 1.46
per cent in 1863. The increase is not very material, and the
working charges are still extremely moderate ; still it is to
be hoped 1864 (which has been a year of increased prospe-
rity for the company) will exhibit progress in the contrary
direction.

The financial arrangements of the North Eastern appear
to be satisfactory, although some of the erdinary capital is
still receiving only a moderate return. A creditable fea-
ture in the capital account is the very large amount of ordi-
nary stock which has been created—£ls,oll,976 out of a
total of £22,579,796. The balance of £7,567,820 of share
capital is accounted for as follows :—Preference stock,
£7,348,143; debenture stock, 219,677. The total amount of
loans outstanding December 31, 1863, was £7,438,004, so
that thelaggregate capital raised by shares and loans was
altogether £30,017,800, the entire amount authorised by a
great number of acts of Parliament relating to the under.
taking being £35,013,306, so that the company is still, both
with respect to shares and loans, largely within its capital
powers. The dividends paid upon the ordinary stock for
1863 wero as follows: 7.1 per cent upon £1,508,967 (this
was the old Darlington capital)-61 per cent on £1,305,000
(of this, the old Newcastle and Carlisle stock, £150,000 is
4 per cent preferential stock, participating in any excess of
dividend paid on the ordinary stock)-41 per cent on
£7,374,765 (this is what is known as the Berwick stock)--
41 per cent on £50,000-4 per cent on £3,219,020 (York
stock)—£2 8s 91 per cent on £1,394,422 (Leeds stock)—.