The Sun.
London, England, 1849-08-25 00:00:00

~._______
RAIL WAY INTELLIGENCE.
YORK,- NEWCASTLE, AND BERWICK.
The half-yearly meeting of this company was held
on Thursday at York; Mr. Robert Davis in the chair.
Mr. CLOSE (the secretary) having read the adver-
tisement convening the meeting, the following report
of the directors was taken as read :
" In consequence of the two gentlemen who held the
office of auditors having sent in their resignations im-
mediately after the extraordinary meeting of the cora-
litny on the 4th of May last, the accounts have not
been audited in the manner required by the Act of Par-
liament; but it will be satisfactory to the shareholders
to know that the whole of the accounts for the half-
year have been placed under the supervision of an able and
experienced accountant, and the preceding abstract has
been carefully prepared and is authenticated by him.
The directors are unable to add any statement of receipts
and payments on account of capital, the books of that
department being in the possession of the committee of
investigation. From the balance of 137,6421. shown by
the account to be in favour of the company, must be de-
ducted 64,262/. for half-a-year's rent of the Great
North of England Railway, due on the lit of
July last ; leaving 73,3801. net revenue for the last
half-year, which is more than sufficient to pay a dividend
after the rate of 3i per cent. per _annum (less property-
tax) upon the sums of 4,262,565/., the amount of the
capital of the company now entitled to dividend. Since
the extraordinary general meeting of the company on
the 4th of May last, when the present directors were
requested to retain their offices until the shareholders
should have an opportunity of reconstructing the board,
they have devoted their time and unremitting attention
to the management of the general business of the rail-
way, and they have endeavoured to afford all the assist-
ance in their power to the committee of investigation in
the performance of their arduous duties. The directors
trust, however, that they may be permitted to place be-
fore the shareholders the views they have formed, and
the proceedings they have adopted in a few instances in
which their opinions have unfortunately been at variance
with those entertained by the committee.
" As to the Great North of England Railway pur-
chase, on the 21st of June last the board of directors,
after mature consideration, passed the following resolu-
tion, a copy of which was presented to the committee of
committees of investigation on the same day, viz.:—
"'Resolved—That, with reference to the Great North
of England Purchase Account, this board are unanimously
of opinion that it is highly expedient to address letters
(requiring an answer within 21 days) to tie holders of
shares to the amount of not less than 1,0001. in the
Great North of England Railway, offering to them the
bonds of the company at 4 per cent. interest for the
amount of their shares, payable six years after date, the
shares to be taken at 2501., 1001,, 751., and 37/. las. per
share, if paid up.'
" On the 11th of July last, having in the interval re-
ceived no communication from the committee of inves-
tigation on the subject of their reduction of the 21st of
June, the directors put upon the minutes of their pro-
ceedings a record of their opinion, that it was essen-
tial to the interests of the company to carry the
proposed measure into effect without further
delay. In their present position the directors did not
feel themselves at liberty to take any steps for carrying
into effect a financial operation of so much importance,
without the sanction and concurrence of the committee
of investigation. But they are decidedly of opinion that
the future prosperity of the company materially depends
upon the early adoption of this or some other measure
of a similar character.
" As to the arrangement with the Sunderland Dock
Company, on this subject the directors feel themselves
placed in an embarrassing position. They have incurred
the censure of the committee of investiga-
tion for having taken steps towards making
an. agreement with the directors of the dock company
respecting the shipment of coals, &c., in the docks.
And the sale to the dock company of the staitha and
drops belonging to the railway company in the river
Wear, the particulars of which are set forth in the report
orthe committe. The directors are able to state, in
their own justification, that in entering upon this negotia-
tion with the directors of the duck company, they were
not actuated by any sudden or hasty impulse, for so long
since as the 19th of January last, the engineers of
the two companies were instructed to make a
joint report as to tie best mode ce erecting shipping places
for loading ships with coal in the docks, with a view to
completing the arrangements between the companies,
which had been in contemplation some months pre-
viously. The directors still feel satisfied of the propriety
and expediency of entering into an agreement of this
nature with the dock company. No doubt can possibly
be entertained that the present staiths and drops are
fully occupied, and that the revenue of the railway is
materially suffering from the want of proper shipping
accommodation at Sunderland. During the last eight
years the increase in the shipment of coals from those
parts of the railway which have possessed shipping ac•
commodation has been from 1,306.847 to 2,461,352 tons,
and in income from 89,2321. to 166,3761.; while on the
Durham and Sunderland line, where proper accommoda-
tion cannot be obtained except by means of the docks
now in formation, the quantity of coals shipped, and re•
venue received, has decreased from 378,494 tons in 1841,
to 265,708 tons in 1848, and from 26 789 in 1841, to
20,058 in 1848. The directors would_observe, that while
there are large quantities of coals ready to be brought
on the railway, toe want of accommodation at Sunder-
land for large coppered vessels taking coals foreign,
which can only be laden in docks, completely deprives
this company of the increased traffic tied consequent re-
venue; and it only requires a knowledge of all the circum-
tauces to show that his against there al interests of this com-
pany to retain their present shipping drops, it terms such as
those proposed arc adopted, which would relieve this
company of annual payments amounting to 1,463/. for
way leaves, &0., besides a saving in the cost of shipment,
e; bh-h experience has proved to be equal to one-half.
In concluding their remai ks, the directors would observe
that a speedy decision, oee way or the other, is now ab-
solutely eecesittry, as otherwise the docks will be ready
for the shipment of c 'als before the deeps are erected,
and before this company can avail itself of those facilities
for transacting buAness which the docks are capable of
affording to any extent.
"The directors have to report that the Royal assent has
been given to an 'Act for enabling this Company to make
certain branch ,s in the counties of Northumberland and
Newcastle-upon-Tyne, and for other purp elm' By the
provision of this Act the liability to heavy penalties which
this company might otherwise have incurred has been
removed ; a further period fur constructing some of the
works of tl e c-cnpany and other material advantages
have been obtained • and the number of the directors
has been authorized to be increased from 8 to 13, if
thought necessary by the proprietary. In conclusion,
the directors d: sire to express their concurrence in the
opinion of the committee of investigation, that the time
has arrived when it is necessary, for the interests of the
company, to reconstruct the board of directors."
The statement of accounts showed the total receipts
for the last half year to have been 335,r.83/., and the ex-
penses, including del- enture interest, 197,741/., leaving a
balance in hand of 137,6421.
The CIIAIRNAN moved that the report be received and
entered on the minutes. If any gentleman wished to
make any inquiry he would be happy to give any in-
formation in reply which was in his power.
Mr. PLEWS seconded the motion. In doing so he
wished it to be understood that in consequence of the
resignation of the auditors the accounts could not be
audited in the regular way, and therefore the directors
had employed an accountant (Mr. Ingram) from Lon-
don, totally unconnected with the company, to audit the
accounts. He believed that Mr. Love knew the gentle-
man who had bees so employed, and could speak to his
respectability.
Mr. LOVE believed the gentleman alluded to to be per-
fectly competent to perform the duties which had been
entrusted to him; and he felt convinced that Mr. Ingram
would do so honestly, so far as the books laid before him
would enable him.
Mr. FLEWS wished to explain that the accounts laid
before them that day comprised the period which had
elapsed between the let of January last and the 30th of
June, without taking into the account anything relative
to the business of 1848. The whole of the tradesmen's
accounts and officers' salaries had been brought into the
account, and therefore the statement before them truly
showed the result of their business for the half-year.
With regard to the balance, existing on the 31st of The
cember last, of 59,7771., he might observe that that was
subject to tradesmen's bills and other accounts, which
were let by contract, and did not generally come into
the account except in the course of the following half.
year. In the course of March and April tradesmen's
accounts had been I aid, amounting to 44,9811.; the in-
come-tax, which had been previously entered as paid
upon a profit of 110,0001., had been so by error, and
that amount had to be deducted from previous ac-
counts. In 1849, therefore, 5,8011. had been paid for
that tax, which ought to have been paid in 1848;
there had been paid on account to Mr. Harrison (the
engineer) 4,3911, and to Mr, Alpert (the contractor)
5,249/4 there was also an amount of stores belonging
to 1849 carried to 1848 of 4,063/. In accord-
ance wide the recommendation of the committee of in-
vestigation relative to the doubtful debts, 10,000/. had
been written off, and there bad been other payments
made upon various accounts, which left, after disposing
of the 59,7771., an absolute deficit, up to the 31st of De-
cember last, of 38,7892 How that amount should be
dealt with, the directors considered they ought to leave
to the committee of investigation to decide, and there.
fore it was that they had nut on that occasion recom-
mended the declaration of a dividend from the profits of
the last half-year. He ought also to state that the re-
ceipts and expenditure on the Hartlepool line were not
included in the accounts of 1848. but were so in the ac-
counts for 1849, brought forward that day. In the traffic
of the last halt-year, es compared with the correspond-
ing half of ,
an
1848
; there
1848, there was a less on the passenger traffic
of 4,4861,
traffic of 15,158/ ad l
been an increase on the goods
14,783 L The latter. redanedtienT was
in a
on tghreeactoal
measuretraffic to
of
be attributed to the Danishblockade, but now that had
been taken off, he had nodoubt that traffic would re-
vive.—(Hear.) e ,e
thatbeen
Then there,
,a considerable in-
crease in the expenditure
was 5,2258/a-egeneral result,
than in the
expendi-
he found that their revenue
corresponding period of last year, while' their
tura was 17,186/. more. There had beeern
aanddt
ciency of 32,009 in the number of passengers,
first and second class had become almost merged in the
third and fourth.—(Hear, hear.) The total amount of
capital upon which they had now to declare a dividend
was 4,666,566/, leasing only 470,0001. received upon the
call made for January last on extension stock, which did
4 .e. 4 gear, hear.) The Kelso branch had
btegi I, -the course of June, and therefore the
tuet?
ed in the construction of
ietesogt pori,-tifivca ' al employ
that • 'ff not co p rut of revenue for the cast half-
..
-.yeses, Wit&regard (o the 350,000/. borrowed from the
7 Grea.l• 6iilt;trf-;:.,Etigri ci purchase stock, there were
, c'4ll.€7'w Ki,piesceedus the capital for which had not
(e"
‘-iluett fully called up; otit of which that money would
e: to b.are&ll../Ile had no further ebservatiou to
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