The Sun.
London, England, 1853-08-25 00:00:00

BIDEFORD EXTENSION.

The first ordinary meeting of this company was held
yesterday at the London Tavern, Mr. G. Braginton in
the chair.

The Secretary read the report, in which the directors con
gratulated the shareholders on their success in obtaining
the act incorporating the company, which receivedthe royal
assent on the 4th inst. The only alterations in the bill
were caused by the requirements of Parliament. The
capital to be raised had been increased from 50,0001. to
55,0001., and the borrowing powers reduced from
16,6661. to 10,0001. The directors have conditionally
contracted for the construction of the line and stations
with Mr. Brassey, and also for leasing the line, as far as
the nature of railway law will admit, for the same period
that Mr. Brassey works the North Devon line ; he (Mr.
Brassey) finding everythingand maintaining the line and
plant during the lease, the company providing the land
only. The directors propose obtaining possession of the
requisite land as early as possible, and to commence the
work immediately. They have the satisfaction to add
that Mr. Brassey has engaged to complete the line in
nine months from the time the company give him posses-
sion of the land and notice to proceed.
The CHAIRMAN, in moving the adoption of the report,
stated that arrangements had been made for cutting the
first sod on Saturday, and for proceeding with the works
afterwards.
The report was adopted ; and, after a vote of thanks
to the chairman, the meeting separated.

YORK AND NORTH MIDLAND.
The report of the directors states that the sum of
37,7431. had been expended on capital account during
the past half-year upon the lines of the company, and
9811. on those of the Hull and Selby. Of these sums
19,0001. has been paid towards the construction of the
Victoria Dock, 14,2771. engineering works, 3,717/.
stations and buildings 1,1051. land, and 7,7501. in full
discharge of the plaintiff's costs in the action and refer-
ence between Messrs. Crawshaw and the company. The
amount of capital raised by the company to the 30th of
June last was 5,601,0181., of which 3,211,261/. is Con-
solidated Stock, 711,005/. Preference Share Capital, and
1,678,7521. Debenture Debt. It has been found neces-
sary to expend a large sum in addition to the rolling stock.
Not only is the whole of the new stock already provided
continually in use, but further additions are urgently re-
quired. It would almost seem that the only limit to traffic
at the present time is the difficulty of furnishing sufficient
working stock ; and though the outlay is necessarily
large, the return afforded by the increase in the receipts
is very satisfactory. The opening of the Victoria Dock
branch in May has given rise to an increased amount of
goods traffic, which will be still further augmented when
the rails and other conveniences in connection with the
docks are completed. Many hundreds of passengers
travel daily around the town of Hull, on the principle of
low and uniform payments, greatly to the public conve-
nience, and with a remunerative profit to the company.
The final judgment of the Exchequer Chamber respect-
ing the mandamus issued by the Court of Queen's Bench
to compel the formation of a line from Market-Weighton
to Beverley, was delivered on the 29th of April, when
eight judges being present the unanimous decision of the
court was that the inandamns should be discharged. All
liability, therefore, in respect of this line, is now at an
end, and important questions of law settled, in which
railway companies generally are deeply interested. Con-
siderable progress has been made during the half-year in
the Chancery suit against Mr. Hudson. The whole of
them have now been heard, and in the principal one the
account has been taken, and an order made by the Mas-
ter of the Rolls that Mr. Hudson should pay into court
by January 11, 1854, the amount due to the com-
pany in respect of that suit, which in the certifi-
cate of the Rolls Court is fixed at 54,590/. On ap-
peal to the Lords Justices, this order was somewhat
varied, it being decided that 20,0001. should be paid
into court at the time named, and that the order for
the payment of the balance of 34,5901. should stand over
till Michaelmas term (November next), when the Mas-
ter of the Rolls will name a day for its payment. In
the other two suits the accounts have not yet been
taken, and the amounts to be recovered cannot be accu-
rately stated ; but the decrees of the Master of the Rolls
have decided in the company's favour all the claims made
by them in each of the suits with the exception of two
items of 90/. and 70/., and a claim of interest of 1,345/.
The attention of the directors has been strongly drawn
to the advantages of a branch, four or five miles long, to
connect the Leeds and Selby Railway with the lines
south and west of Leeds, and a preliminary survey will
at once be made, with a view to ascertain whether it can
be constructed at a cost which will justify theta
ing the consent of the shareholders to aplytoiPnaarliska:-
ment for the requisite powers. The lines
April thliassctominpany
having been worked since the Ist of A
con-
nexion with those of the York, Newcastle, and Berwick,
it
and Leeds Northern companies, has been requisite to
present separate statements of the revenue for the first
and second quarters of the year. The accounts show
that the net balance received by this company, onjoint
account for the three months is 65,1021. The general
result of the traffic for the half year cannot but be grati-
fying to the proprietors The net revenue, after deduct-
ing working expenses,
leaves a balance of profit of
112,792/., to which must be added the balance of 4,9211.
brought from last half-year's account. After deducting
from this amount the preferential charges of rent of the
Hull and Selby Railway, 33,000/., and interest on de-
bentures and guaranteed shares, &c., 58,0781., the sum
of 26,635/. will remain available for dividend on the
ordinary stock. The directors recommend' that a
dividend should be declared at the rate of 12. 10s. per
cent per annum, which will leave a balance of
2,465/. to be carried to the credit of the current half
year. In allusion to the verdict by a coroner's juiy
of manslaughter against three of the directors, the
report urges that such a charge as the directors
having knowingly neglected any precautions in their
power to secure the public safety would not attach to
them, no accident, either fatal or producing serious in-
jury to any passenger, having occurred since the year
1847, and during the intervening period upwards of
7,500,000 passengers have been safely conveyed over the
lines worked by the York and North-Midland Company.
The revenue accounts for the half-year ending the 30th
of June showed that 16,5481. had been received, and