The Sun.
London, England, 1852-08-21 00:00:00

LONDON,

RAILWAY INTELLIGENCE.

NEWCASTLE, AND BERWICK.
la
The belf yearly general meeting of tae a iraholders
of 'his eamparl waS held in the De Grey Rooms, et
York, ye:3lerdav, at twelve o'cloek; Mr. James Pulle!ne,
the chairman of the hoard of directors, in the chair.
There was a large attendance of shareholders, and the
meta:leg was subsequently adjourned to the Festival Con-
cert Rooms.
The rep )rt was taken as read.
Toe CIIAIIIMAN, in moving its adoption, said the
shareholders would observe, from the comparative table
of traffic appended to the document, that there had been
a total increase on the half-year of 8,8501. odd. It was
true that increase was not so large as it had been on
former occasions, but still the improvement was consi-
derable, and especially in the two heads of cattle and
coal traffic.' In the coal traffic alote, in the last half-
year, there had been an increase of 6,400/. upon that of
the preceding one. The directors had endeavoured to
extend their trade, and they had succeeded in doing so
in a manner which had given satisfaction to the share-
'holders. Tne passenger traffic, however, was not in
so satisfactory a state as the directors could have
wished to have seen it; but it was to be borne
in mind that that branch of their business had
received rt temporary stimulus in the half-year ending
July, 1851, during the time of the Great Exhibition,
which had since subsided. To that circumstance was to
be attributed the diminution which bad arisen in the
passenger traffic during the recent period. He ought at
the same time to state that they certainly stood in a
ddifferentilausnt'htiils'iesfpreocint, that during other
companiesduringtheExib itkingdom ioina this
company was receiving full fares for a very large pro-
portion of their Exhibition passengers, whereas in the
neighbourhood of the metropolis the passengers visiting
the Exhibition were carried in consi3erable numbers at
a reduction of fares. That observation held good up to
the end of June, 1852. It was quite true, however, that
during the last seven weeks, although there had been a
falling off in the passenger traffic, as compared with
1851, that traffic was as nearly as possible the same as
it was in 1850. So he found that although the coal
traffic had diminished in 1852, as compared with 1850, it
was now within 1,3001. of the amount at which it was es-
timated in 1851. With respect to the goods traffic, there
had bean no very great difference in the three years of
1850-51 and 52, and there had been a small decrease in
the period of 1851. At the present moment this com-
pany was open to competition by land from the Leeds
and Northern Railway Company, but to a very limited
extent. The directors, however, had been desirous of
enterieg into some permanent arrangement with that
company by which it was hoped that the two lines bhould
be worked for the mutual good of the shareholders of
both. As yet they had not been able to effect such ar-
rangement, but they would do what in them lay to come
to an understanding by which the present system of com-
petition should be got rid of as soon as possible.—
(Cheers.) In the working expenses during the half
year there had been an increase amounting to somewhere
about 7,500/. ; but the capital account of the company
had closed to a considerable extent, and therefore there
were expenses under the head of extraordinary works,
which, unlike the practice in other companies, had fallen
on the revenue. The total increase of expenditure for
works and charges, as he had stated, was about 7,5001;
and the largest part of that was under the head of the
locomotive power. With reference to the debenture
debt, the directors had been enabled to borrow money
in a way more satisfactory than any other company in
a similar position. They had succeeded in borrowing
50,0001. at 24 per cent., and a considerable sum in addi-
tion to that at 3i per cent. He was happy to say tho
Great North of England purchase share account was
working in a very satisfactory manner. In next year
the first instalment on debentures was to be paid. The
total amount of those debentures was originally upwards
of 700,000/, but it was now reduced to 400,0001.; and
the directors were in a position to state that they should
not have the slightest difficulty in paying off the whole
of those debentures in July, 1853, when they would be-
come due.—(Hear, hear.) With these observations he
had to move that the report of the directors bo received
and adopted.
Mr. GEORGE LEEMAN seconded the motion.;
Mr. BAnsrow, of Nunthorpe, suggested that it would
be worthy the consideration of the directors of this com-
pany and those of the Leeds Northern, whether they
could net enter into an arrangement which would put an
end to the great and unnecessary expenditure incident to
the making of new lines north of York, each of which
called another into existence, merely as a defensive po-

licy.—(Hear.)
Mr. HOLDSWORTA observed that the increase of traffic
during the halt-year was about 8,000/., but the increase
of expenditure was rather more than that. It struck
him if the directors expended as much to obtain traffic
as that traffic gave them, that the increase of traffic was
a questionable advantage.—(Hear, hear.)
Mr. HARRISON, the engineer and manager, explained
that the increase of expenditure in the maintenance of
the rolling stock of the company was not the result so
much of au increase of traffic, as of the natural and un-
avoidable decay of the rolling stock.
The CHAIRMAN said, in answer to a shareholder, there
was somewhere about 190,000/. of unproductive capital,
the whole of the interest of which was charged to re-
venue, and that accounted very much for the smallness
of the dividend.
Mr. RAnisAY said the directors talked of a prospect
of the expenses of tho company being reduced; but he
was convinced, if it were not for the present influx of
money into this curitry, the whole of the debenture in-
terest would exhaust the fund from which the share-
holders now received their dividends. Ho wished
particularly to ask whether there had been any reduction
in the servants of the company since Mr. Hudson left
the directory. He beli-ved they were now paying the
manager a salary of 2,0001. a year, and the secretary
one of 600/. He thought in these times economy should
be prac ised, for otherwise it was in vain for them to ex-
pect a fir return for their capital.—(Hear, hear.)
,Mr. LERMAN thought it was known to every proprie-
tor in the company that the salary of the manager was
not 2,000/. a year, but 1,200/. It was true that of Cap-
tain O'llrien, the secretary, was 6001. Captain O'Brien.
however, did not receive that sum when he entered upon
his office, but the services of that gentleman had been
such that his salary was increased to 6001. at a meeting
of the shareholders.
After some further conversation the report was
adopted, and a dividend at the rate of 21. 15s. per cont.
per annum (less income-tax) on the amount paid upon
the ordinary stock anal share capital of the company was
declared for the half-year ending 30th June, 1852, and
to be payable on the 3d of September next.