The Sun.
London, England, 1854-02-16 00:00:00

YORK AND NORTH MIDLAND.

The report of the directors states that the amount
of capital on the 31st December, 1853, and entitled to
dividend and interest, in addition to rent and in-
terest on bonds of the Hull and Selby Railway, is
5,582,2311, 15s. 2d. ; of which, during the half year,
20,338/. was expended. The legal proceedings against
Mr. Hudson have at length been brought to a close, he
having agreed to pay to the company 51,0001., and
the directors having agreed to accept that sum in dis-
charge of the claims preferred against him in the three
suits now pending. The whole amount claimed was
71,4611. 19s. 2., besides costs, which have been esti-
mated (when taxed) at about 2,0001. From this sum
of 51,0001. will have to be deducted 3,120/., which has
been allowed in respect of the Lendal-bridge account,
and 6301. 161 9d. for copyhold fines receivable by him
as the lord of the manor of Weighton, so that the balance
to be paid to the company will be 46,6131. 15s. A mort-
gage on the Newby-park property is at once to be given
for the whole amount, as a guarantee for the due per-
formance of the conditions agreed upon, the principal of
which are, that 21,0001. shall be paid at Lady-day, on
the completion of the sale of his estates at Newby-park ;
and the balance of 25,6131. 155., secured by a first mort-
gage on his Whitby property, to be paid off by three
equal instalments, bearing interest at 4 per cent. To
enable the shareholders to form a just estimate of this
settlement, it is necessary to inform them that in the
year 1849, previous to the commencement of legal pro-
ceedings, the directors went carefully through the vari-
ous claims put forward by them on behalf of the com-
pany, and came to the conclusion that the payment by
Mr. Hudson of 50,0001. would be a fair settlement of the
matters in dispute ; and an offer was according made to
accept that sum from him as a payment in full. The
subsequent decisions in the Rolls Court might undoubt-
edly have justified the directors in increasing their de-
mands ; but looking at the still unexhausted power of
appeal possessed by Mr. Hudson, and the great alteration
in this position, which had taken place since the suits be-
gan, it was not thought advisable to refuse a settlement
on obtaining the original demand of 50,000/., and 1,0001.
towards the legal expenses. The claim made by him
in respect of the proposed Lendal-bridge was considered
valid bythe committee of investigation, and recommended
by them to be credited to Mr. Hudson whenever a set-
tlement of the company's claims against him could be
arrived at. The sums previously recovered from Mr.
Hudson amount to 26,0831. 3s. 7d., which, added to the
46,6131. 15s. now agreed to be paid, makes a total of
72,6961. 18s. 7d.; and the directors are strongly of
opinion that this arrangement will be generally received
by the shareholders as an equitable and satisfactory
settlement of a tedious and difficult question. The lines
having been worked in connection with those of the
York, Newcastle, and Berwick, and Leeds Northern
Companies, during the past half-year, a statement of
the joint revenue account is annexed. The proportion
of that account due to this company is 137,520/. 165.,
to which has be added 5,736/. 15s. 3d. for sundry re-
ceipts, and 2,465/. 3s. ld., brought from last half-year.
After deducting rent of Hull and Selby Railway, 34,6661.
13s. 4d.; interest on debentures, preference shares, &c.,
60,6091. 13s. 5d., a disposable balance remains of 50,446/.
7s. 7d. Out of this the directors recommend that a
dividend should bo declared at the rate of 3 per cent.
per annum, leaving 2,144/. 10s. ld. to be carried for-
ward to the next half-year's account.