The Sun.
London, England, 1849-02-24 00:00:00

LONDON, SATURDAY EVEN'
4„G

STATES'S ROYAL HOTEL
NEWCASTLE-ON-TYNE. _ . -

CHARLES STATES solicits the patronage and support of Com-
mercial Gentlemen to the above Hotel, which is most centrally si-
tuated. The Commercial-room will be found one of the most com-
modious mid suitable, and " en suite," the Motel, in point of accom-
modation, second to none in the North.

HANWELL COLLEGIATE SCHOOL,
MIDDLESEX.
Principal—The Rey. J. 1. EMERTON, D.D.
Twelve Years Curate of Hanwell.
The Term divides on Monday, the 26th instant.
Prospectuses, with full parti ulars, en application.

SECOND VOL. OF DR. CUMMING'S " APOCALYPTIC

SKETCHES."
On March 1 will be published, price 95., cloth, full gilt, -
ANEW SERIES OF LECTURES ON THE
BOOK OF REVELATION. as delivered in his own Church,
by the Rev. JOHN CUMMING, D.D. ; being in Continuation of the
Series delivered in Exeter Hall.
Arthur Hall and Co., 25, Paternoster•row.

NEW FICTIONS.
Now ready, and may be had at all the Libraries, in i ♦ole. put Bvo.,
lIE EMIGRANT FAMILY;
Being the
STORY OF AN AUSTRALIAN SETTLER.
by the Author of "bottlers and Convicts."
Also, just ready, in 2 vols, post B►o.,
LOFODEN ; or. the Exiles of Norway.
By E. W LANDOR, Esq.
Author of " The Bushman."
London: Smith, Elder, and Co., 65, Cornhill.

On Tuesday will be published, in I Vol. ars., price les. 6d.,
QUESTIONS for LAW STUDENTS on the
the Second Edition of Mr. SEEJEANT STEPHEN'S NEW
COMMENTARIES en the LAWS of ENGLAND. By JAMES
STEPHEN, Esq., of the Middle Temple, Barrister at Law.
Lately published, in 4 Vols. Bvo., price 41. 4e
(Dedicated, by permission, to her Majesty the Queen),
MR. SERJBANT STEPHEN'S NEW COMMENTARIES on the
LAWS •f ENGLAND, partly founded on Blackstone. Second
Edition. . . .

Henry Butterworth, Law Bookseller and Publisher, 7, Fleet-street.

MUSIC HALL, STORE-STREET, BEDFORD-SQUARE.
MR. ARCHIBALD APDONALD (Principal
Dancer of the celebrated party of Highland Pipers and
Dancers who had the honour of performing before her Majesty and
Court) will give a GRAND HIGHLAND and SCOTTISH ENTER-
TAINMENT, consisting of the National Music, Songs, and Dances
of Scotland, in the above Hall, on MONDAY, Yea. 26, 1849.
Prices of admission :—Box for Eight Persons, 11.; ditto for Six
Persons, 15s. ; Reserved Seats, 2s. ; body of Hall, is.
Tickets and Programmes to be had of the principal Music-sellers
in Regent-street, Oxford-street, New Bond-street, and at the Music
Hall.

Doors open at Half-past Seven. To commence At Eight o'clock
precisely.

MECHPS PAPIER MACHE TEA TRAYS
arc decidedly the most unique and elegant ever manufac-
tured. The designs are ♦arious, as well as the prices, and the
economical may be suited as easily as those whose wealth entitles
them to seek for the most recherche articles which art can produce.
The papier-mache work-tables, work-boxes, tea-caddies, writing
eases, inkstands, hand screens, card-boxes, kc., are really superb,
Mechi has a stock of dressing-eases not to be surpassed; also an im-
mense assortment of writing-desks, table cutlery, Sheffield plated
ware, &c. His cushioned bagatelle tables are renowned for their
saperior construction.—Manufactory, 4 Leadenhall-street, London.

RAILWAY INTELLIGENCE.
YORK AND NORTH MIDLAND.
The half-yearly meeting of this company was held at
the D• Grey Rooms, in York, on Tuesday last. The
attendance of shareholders was numerous, and George
Hudson, Esq., M.P,, was in the chair.
The advertisement convening the meeting having been
read by Mr. Gray, the secretary, the Chairman affixed
the seal of the company to the registered list of share-
holders.

Mr. GRIT then read the following report:—
In meeting the proprietors on the present occasion,
the directors regret to report that the amount received
for traffic on the lines of the company during the half-
year ending 31st December. 1848, has fallen somewhat
short of the receipts of the corresponding half-year in
1847; for although there is a slight increase in the
amount derived from passengers, the receipts for mer-
chandise are below the amount earned during the last-
mentioned period.
" The statement of accounts in the hands of the share-
holders shows a balance of 133,409/. 15s. 6d. to the cre-
dit of the company. This balance, after payment of the
Hull and Selby rent, would afford a dividend after the
rate of 71. per cent. per annum on the share capital, and
leave a surplus of 6,3091. 7s. 2d. to be carried forward to
the following half-year; but having in view the ine-
quality which has always existed in the aggregate half-
yearly receipts of the company, the directors feel con-
vinced that it will be a more prudent and satisfactory
course, and more conducive to -the general interests of
the shareholders that the dividend now to be declared
should not exceed the rate of Cl. per cent. per annum.
By this means they would he enabled to carry forward a
balance of 19,889/. 15s. 6d., which would secure the
same rate of dividend for the next half-year, even if the
traffic continue without progressive increase.
" The directors have, however, the satisfaction to state
that the merchandise traffic is already increasing, and
they confidently hope that it will steadily improve with
the returning commercial and manufacturing prosperity
of the country. The same causes cannot fail to produce
a material increase of passenger traffic upon those lines
pleasure
intended branch from Burton as
om Burton Salmon to
lineso oftheßy
during
company
the ng th e which
summer
months.pr principally p ally used
Knottingley (the contract for which is already advertised
Northern
non by: the eastern route.
i
to be let) a junction will be effected with the grand
Railway, thus complet-
ing
afford a most important and pro-
ductive accession to the traffic of the lines of the York
trunkniagis the
must
lineust
necessarily
ecommunicationoc the
ess Greatarily to
and North Midland Company, as well as of the lines
north of York.

"It will be seen from the accounts that the working
expenses for the past half-year are below those of the
corresponding half-year in 1847. The directors have
made arrangements which will effect a further reduction
in the expenditure of the current half-year, while they
are enabled to state that the works of the line as well as
the locomotive and carrying stock are in perfect order.
" The directors subjoin the particulars of traffic for the
past half-year together with the statements of the capital
and revenue, and the Hull and Selby purchase account
to the close of the past half-year.

ressENGEIS.

First class 90,574
Second class ... 179,5721
Third clan 372,1911
Government ditto... 193,0051

MERCHANDISE.
Tons.
Goods and grain ... a 02,094
Coal ... ... ... 109,298
Coke ... ... 80,153
Limo ... ... ... 14,757

835,343

506,302

Horses ... ... 3,338 Cattle ••• ... 15,515
Carriages ... ... 882 Sheep 49,827
Dogs ... 3,049 Pigs ••• 8,"
The following is an abstract of the accounts:-Capital
account, a general statement of receipts and payments,
from the 11th December, 1835, to the 31st of December,
1848. Payments-Amount expended to the 30th of June,
1848, 4,179,3091. 9s. Bd.; further charges during the
half-year ending 31st December, IS4B, 239,0681. 75. 3d.;
total, 4,418,3771. 16s. 11d. Receipts-Amountreceieed on
account of shares and debentures to 30th June, 1848,
3,873,6241.25. 9d.; amount received during the half-year
ending 31st December, 1848, on account of shares and
debentures, less debentures paid off, 87,7161. 18s. ; by
amount on loan from six per cent. guaranteed stock,
440,000/. ; balance, 17,036/. 165. 2d. ; total, 4,415.3771.
his. I Id. Revenue account, from the Ist July, to the
31st December, 1848. Expenditure-Maintenance of
way and repairs of property, 6,3201. 6s. 3d.; locomotive
expenses, 21,385/. 13s. 5d.; duty to Government,
4,2721. 13a. sd. ; direction, 750/. ; compensation, 782/.
Bs. Bd. ; miscellaneous expenses, gas, insurances, &c.,
1,0501. 14s. ; rates and taxes, 7,591/. 14s. ; printing, ad-
vertising, and stationery, 523/. 12s. 10d. ; salaries of
resident engineer, secretary, and clerks in the coaching
department, including clearing house expenses, 4,3961.
es. 7d. ; wages of clerks and porters in the merchandise
department, and for oil, tallow, waste, covers, &c.,
9,0811. Bs. 3d. ; wages of policemen, porters, and guards,
and Normanton Station expenses, 8,6291. 25. 6d. ; re-
pairing carriages, waggons, &c., 3,4044 3s. 9d. ; law
charges, 1701. Is. ; interest oa debentures, 27,8271.
10s. 6d. ; income tax, 1,585 Z 85. ; balance. 133,4051.
15s. 6d. ; total, 231,1311. Is. 10d. Income-Bslance as
per last statement, less dividend, and Hull and Selby
rent, 1634 Is. 7d. ; passengers, parcels, and mails,
129,360/. 103. 2d.; merchandise, 100,590/.188.5d.; rents
and staith dues, 1,016/. 3s. Bd. ; total, 231,131/. Is. 10d.
The CIIAIRDIAN, in rising to move the adoption of the
report, said he had not the same satisfaction in doing so
which it had hitherto been his good fortune iu presiding
over the meetings of this company; but the only matter
which they had to inquire into was, whether this fact was
attributable to the management of the company or whether
the cause was to be found in an unfortunate change of
circumstances which had taken place. He was sure that
every gentleman would be aware how much circumstances
had tended to injure that progressive increase of traffic
which it had been their lot to witness, and which he '
hoped hereafter would be their good fortune to show.
There was this peculiar circumstance, that whilst the
number of passengers had decreased during the past half-
year on the Midland, and the York and Newcastle lines,
there was a small increase on the passenger traffic on the
York and North Midland Railway. He trusted they
might regard the fact as an indication whereon to found
a hope that they might look forward to a consider-
able increase of traffic on the whole of their lines.
This company, moreover, had had to contend with a high
rate of interest. At one time money was scarcely to be
obtained, even at 5 per cent. interest, but he was happy to
inform them that now they could get money in all direc-
tions at 4 per cent. The high rate of interest they had
had to pay had no doubt, added to other causes, tended
to reduce their available capital. This cause, however,
was now removed, and if half of what was said upon the
subject were true, he dared say they would see money
down at a price which no gentleman would recollect to
have witnessed before. It was clear that the money now
in the market could not find employment; and as be did
not know there would be any call upon the shareholders
for fresh capital, there was every reason to believe that
money would become more and more abundant fur de-
benture interest, and in course of time the directors would
be able to effect a material reduction. The traffic from
Hull had been seriously affected by the disturbed state
of the continent, but ho was happy to say
that traffic was returning, for the continent
was more settled, and goods were beginning
again to flow more readily down to that port, and shortly
they would find a large increase of traffic there. As to
the dividend, it would be the wisest course to declare it
at present at 6 per cent. They had made, in fact, 71
per cent.; but looking at the circumstances of this half
year, and considering that although there was a con-
siderable improvement in the times, it was not very
probable that the effects would be felt until May or
June, except in a very slight degree. the directors re-
commended the shareholders to consent to this reduc-
tion. They had on many occasions received 10 per
cent., once 8, and if they now adopted the recommenda-
tion of the directors, ho felt most strongly that they
would be able to improve their position very much in
future. The times of excitement have passed away, and
he hoped that railway property was now placed in such
a position as that they might judge fairly of its merits
or demerits. They might have made imprudent bar-
gains, and done things which at present appeared un-
wise; but he wished gentlemen to recollect the cir-
cumstances in :which they were placed at the time
such bargains were entered into. If they took a
review of their position, they would remember that they
were not the parties who entered into the field first, but
that they were obliged to follow others who wished to
take possession of the ground, and thus to injure the
already existing property of this company. Take for
instance the Hull and Selby. He was not the first to
negotiate for that line, and did not do so until he found
that another company had actually entered into terms
which if carried out would almost have annihilated the
York and North Midland. Such being the case, they
were compelled either to take the Hull and Selby at an
exorbitant price, or else to suffer an absorption of nearly
all their income, for at that time Parliament was ready
to give all sorts of foolish things that people asked for.
The more foolish the scheme was, and the more sure
was it of support in Parliament. Anything like com-
petition was favoured by them; therefore, the York and
North Midland could not help themselves from incur-
ring a certain risk in taking the Hull and Selby line.
He thought that, under the circumstances, they
had adopted the wisest course, and he did not
despair of the line being a very productive one, and
raying its rent in time s of fair prosperity. Then
they executed the lines in the East Riding,
and what was their position there? They were not the
parties to bring the projects forward, but were forced
into them by another company being got up to form a
new line to Leeds, from the East Riding, for the purpose
of shortening the present route. It then became a ques-
tion what they should do, and there seemed to be no
other choice than to go to Parliament for another line,
which line, however, had not been made, and he hoped
it never would be! These steps had not been taken on
account of any wish on the part of the directors, but
from absolute necessity, in order to protect the already
existing property of this company. With reference to
the Great Northern, an arrangement had been made
which would give to this company the same amount of
mileage whether the Great Northern joined the York
and North Midland at Normanton or Knottingley; and
it was an important feature in their case that they would
have the whole of Lincolnshire opened out to them, and
a 'shorter route to London for their line, and the lizei