The Sun.
London, England, 1865-02-18 00:00:00

NORTH-EASTERN.

The half-yearly meeting of this company was held yes-
terday at York; Mr. H. S. Thompson, P.P., presided.
The report was taken as read.

The Cif ArßmArl observed that one of the most striking
features in the report was the very large increase of re-
ceipts, amounting to £172,671. The item under the head
of locomotive power showed that, as compared with the
corresponding half of last year, there was an increase of
£31,794. Of that £18,316 had occurred with regard to coke
and coal alone for the use of locomotives. The increased
price of coke amounted to £9,792 out of the £18,316. The
increase in the expense for the maintenance of way and
works was £25,998, of which £9,548 arose from an altera-
tion in the account keeping. The amount paid in com-
pensation during the half-year was £6,737, which was an
increase of £4,555. He alluded to the satisfactory position
of the fund for the renewal of the permanent way and of
the Great North of England purchase account.
Wtth respect to the latter £29,206 had been received, and
£50,506 of purchase debentures had been paid off, and the
amount of the balance remaining was £333,443. That, he
thought, had quickly worked itself into a manageable posi-
tion. He next noticed the proposed reduction in the pas-
senger fares. During the past half-year, as compared with
the corresponding half of the previous year, the receipts
from first-class passengers showed an increase of £3,054 ;
in the second class an increase of £9,445 ; in the third class
an increase of £2,732 ; and in the fourth class an increase
of more than the other three classes put together. The
number of passengers during the same period of the first
class showed an increase of 9,506, of the second class of
25,437, of the third class of 150,407, and of the fourth class
of 224,627. The reduction which the directors proposed
to be made in the fares was more or less an experiment,
and it involved a considerable sum of money. They there-
fore proposed to spread the reduction over the next three
years. It was an experiment, speaking financially ;
but he
considered it a necessity at the same time. The shipment
of coal had increased in the half year, as compared with the
corresponding half of 1863, to the extent of 76,487 tons,
and £5,774 in money. In the coal for land sale there *as
also an increase of 278,446 tons, and of £29,000 in money..
He thought this was a very encouraging return. There
was also an item of £138,000 received for the conveyance
of ironstone and minerals, the increase amounting to
£23,269, of which a very considerable portion was due to
their friends in the Darlington district. If the proposed
amalgamation with the West Hartlepool Company was car-
ried out the first payment they would have to make would
be this time next year. The rates of guarantee, commenc-
ing at 31 and ending with
per cent., were not high, but
the interest would require a larger sum than the receipts of
the West Hartlepool could realise either now or for some
time to come. They had seen on the part of more than
one company attempts nza,de to reach Hartlepool. The
new branch mentioned in the report would be 43 miles in

length, and the estimate, including the expenditure for
the Leeds station, was £829,000. They were prepared to re-
commend that they should subscribe £50,000 to the Hull
dock, as it was important to connect their line with that
dock. The directors proposed to extend the time of issuing
the preference stock they had lately issued until the 14th of
March, and out of the 411 railway companies in the -United
Kingdom there were only five which could give as good
security to their debenture holders as the North-Eastern
Company was now offering for this stock. _ _

Mr. Alderman LEEMAi seconded the motion for the
adoption of the report, and after some remarks from the
Hon. J. C. Dundas, the Hon. Mr. Duncombe, M.P., Mr.
Stables, and other shareholders, the report was adopted.

The CHAIRMAN then moved the declaration of the divi-
dend recommended in the report.

Mr. H. PEASE, M.P., seconded the motion, and it was
carried.

The agreement for the amalgamation with the West
Hartlepool Company, on the terms mentioned in the report,
was approved; and the retiring directors and auditors were
re-elected.