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, i❑ addition to rent and in-
terest on bonds of the Hull and Selby Railway, is
5,582,231/, 15s. 2d. ; of which, during the half year,
20,3381. 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 i❑ 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 2,000/. 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 630/. 16s. 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 46,613/. 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 21,000/. 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 stint from him as a payment in full. The
subsequent decisions in the Rolls Court might undoubt-
edly have justified the directors in increasii.g their de-
mands ; but looking at the still unexhausted power of
appeal possessed by Mr. Hudson, and the great alteration
it) 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 50,0001., and 1,0001.
towards the legal expenses. The claim made by him
in respect of the proposed Lendal-bridge was considered
valid by the 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
46,613/. 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 paet half-year, a statement of
the joint revenue account is annexed. The proportion
of that account due to this company is 137,5201. 165.,
to which has be added 5;736/. 15s. 3d. for sundry re-
ceipts, and 2,4651. 3s. ld., brought from last half-year.
After deducting rent of Hull and Selby Railway, 34,666/.
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 be declared at the rate of 3 per cent.
per annum, leaving 2,144/. 10s. Id, to be carried for-
ward to the next half-year's account.

YORK, NEWCASTLE, AND BERWICK.
The half-yearly report of the directors states, that this
company's share of the joint earnings is 237,980/.; to
this must be added 3,1701., composed of various items
belonging specially to the line, and 3,799/, the balance
from the last account, making the total income for the
half-year 244,9501. After deducting from this the sepa-
rate expenses, 2,600/. and 109,7831., the amount of in-
terest and rents, there remains a disposable balance of
132,6671. The directors recommend that out of this a
dividend at the rate of 4 percent. per annum be declared,
which will leave the balance of 10,3051. to be carried to
the next half•year. The works on the Bishop Auckland
branch are in progress. The directors do not anticipate
the necessity of making any call upon the extension or
purchase shares during the present half-year. The direc-
tors have introduced into Parliament bills to authorise
the proposed traffic arrangements, and amalgamation
between this company, the York and North-Midland
and Leeds Northern Companies ; to obtain additional
powers for constructing the docks at Jarrow, Slake-on-
the-Tyne, and to enfranchise certain wayleavo. The
share capital account shows a total of 7,554,303/,

YORK, NEWCASTLE, & BERWICK, YORK &
NORTH MIDLAND, & LEEDS NORTHERN.

The directors report to the shareholders of these com-
panies that the experience of the last half-year justifies
the opinions they formerly expressed as to the advan-
tages likely to arise, both to the companies and the pub-
lic, from the three railways being united, and the traffic
placed under an undivided management. They state that
they have been enabled to give additional accommoda-
tion to the public, that they have put on an additional
through train in both directions over the whole main
line; they have also given to Leeds acid the manufactur-
ing districts of the West Riding of Yorkshire the advan-
tages of a direct express train to and from the north;
and have arranged the local trains so as to give more
convenient communication between the ♦arious districts
The mileage of the passenger trains has been increased
from 1,356,432 to 1,531,948, and that of the merchan-
dise and mineral trains from 1,891,791 to 2,385,910, be-
ing respectively equal to 121 and 26 per cent., the total
increase being 669,635 miles, or 20 per cent. They think
that the general result must be considered sati4actory,
as on the whole there is an increase in the net revenue
from traffic during the half-year of 26,8001., or 64 per
cent. The directors have for the present set apart the
sum of 300,0001. towards the renewal of the permanent
way. 20 engines have received very extensive repairs,
and eight have been replaced by new ones of consider-
ably increased power. The whole of these expenses is
charged against the revenue of the half-year. They have
also added to the stock during the half-year the follow-
ing articles, the cost of which will be defrayed out of
capital :-10 engines, 269 merchandise and cattle wag-
gons, 433 coal waggons, and 51 carriages and vans, In
the bills before Parliament for the amalgamation of the
companies there are clauses for permissive powers to in-
cluds the Malton and Driffield Railway Company.
RAILWAY TRAFFIC RETURNS.

THE GREAT NORTHERN RAlLWAY.—Traffia return for
the weok ending Feb. 5, 1854 i:19,707 6 4
Corresponding week last year 14,212 15 0
CHESTER AND HOLYHEAD RAlLWAY.—Traffic return for
the week ending Feb. 12, 1854
t'1,829 12 8
Corresponding week last
year ..................... 3,147 15 8

Increase in 1854
£6Bl 17 0
CORK AND BANDON RAlLWAY.—Traffic return for the
week ending Feb- 11, 1854 .......................... .Z 157 9 0
Corresponding weok last year .................... 147 19 9
LONDON AND OILTTFI-EASTERN RAlLWAY.—Traffic re•
turn for the week ending reb. 11, 1851 ....... £12,190 11 6
Corresponding week last year 10,827 19 11

In.zrease in 1854