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

FEBRUARY 24, 1849,

north of York. They could not now shut theireeyes to
the fact that the Great Northern would ;be _exe-
cuted, for the present state of the money mar-
ket would assist them greatly. When that line was
formed, and taking the other sources of revenue into
consideration, he hoped this company would regain its
former position. It had been quoted against him (sod
it only showed that chairmen should talk as little as pos •
Bible, and if he had his time to come over again he would
ay less and try to do more with his hands and his head)
—it had been urged against him that he had said that
the dividends of this company might fall one or two per
cent., but that they would regain their position. He
-admitted that he had said so, and he thought eo still, if
they had not had to contend against such extraordinary
times as they had witnessed lately. lie would ask if
any gentleman ever thought of the amount of money
that had been expended to feed the Irish—had they
ever thought of the continental revolutions, which no
doubt had abstracted largely from the traffic of this
company—and further, had any gentleman ever thought
of the operation of Sir Robert Peel's Currency Bill ?
That might be a right or a wrong Bill—he. would not
give his opinion on that question—but this he
would may, that it had caused a paralyzetiou in
the country, which had been productive of such
distressing circumstances as no one had contemplated.
These were his apologies or reasons for saying that he
certainly did hold out a sanguine view, and still enter-
tained a sanguine view of the final results cf this rail-
way, especially when ho recollected how cheap 'it could
be worked. The directors had carefully gone into every
item of the expenditure, and he believed that a con-
siderably less sum than the estimate of October last
would be .sufficient. Upon that matter they ought to
have some practical knowledge, seeing that' they had
had ten years' ,experience. In. making estimates of
traffic every person was liable to be at sea, but on the
question of management they ought to give precisely
their working expenses; . and he fat'strongly that they
would not come up to the sum named in the October
statement. It was impossible to control passenger traffic.
Some portion of their passenger traffic had been ab-
stracted by the opening of the Lincolnshire lines, but
when the Great Northern ran into their lines at Norman-
ton or Knottingley, then the traffic would return, as that
would be the best route to London from Hull and that
district of the country; parties would then no longer
cross the water. as they did at present. There was
another advantage' this company would derive from the
Great Northern, whether its shareholders did or not—
that was, the Great Northern had got a low *trill', which
would bring the Scotch traffic by that route. As to the
falling off in the goods' traffic he was sure they would
all feel that that was amply accounted for by the dis-
turbed state of the continent, and the consequent small
tertotletion n eoctls rehich h d t= .-t 'T hey h;
;tett the eeds'.lnee 0' Mr. (31tese icho knee' the: ltst3e at:
LIE dithiet eetter then any otter men, end ay eels ea-
ertione end the diligent attcntioa of the directors to the
whole question, he anticipated a large accession to the
merchandise traffic, and if they secured that; an increase
of passenger traffic would soon- folliew. An. improve-.
went in trade generally took place in Londe/eel-it-at. So
now the traffic on the London and Birmingham was in-
creasing,' and they would see that soon ,thar'n iraould be
a considerable increase in the traffic on the Yeirk and
North Midland. We do not feel depreSsion so quickly
as it is felt in the south, nor do we feel prosperity
so early as they do. Ho had been very' anti-
ously looking into every department, 'trying to put'
things right where they might be wrong; and in
going to the question as to the working stock of the
company, he found that it was lower in amount than
that of any other company, the cost being only 1,7791.
per mile; 3,0001. being considered a medium sum. There
were some things which were still required; and when
the stock was completed, which he hoped it would be
soon, then the capital account would be closed. So sick
and tired was he of the thing, and so difficult had ho
found the negotiation with parties about land and every-
thing else, that he would not care if he never had ano-
ther landowner to deal with, nor another railway to
construct. He hoped that the time was now arriving
when they would be able to effect a considerable saving
in the purchase of land. Men must now be prepared not
to exact the prices which they did two years ego; and
there was some evidence of this in the fact, that certain
landowners on the Newcastle and Berwick line had not
positively offered the land for nothing, but given intima-
tion almost tantamount to that. The cost of land on
the York and North Midland was 2,2001. a mile; on
the Midland 6,000/4 and on the London and Bir-
mingham, upwards of 8,000/. The directors had
done all they could, and if people got poor
and could not travel, they could not help
them further than by offering such inilucements as were
within their reach. A legislative measure (the abolition
of the corn-laws) had just come into operation—a mea-
sure of great interest to the farmers. If a teznporory
depression took place in that interest, it would affect this
line. If the farmer could not sell his corn, he oould
travel; but nothing else, as matters stood at present,
could affect the prosperity of this line. The Leeds and
Thirak might injure their property in a slight degree,
but there was no new line to open which could interfere
at all with them. The increase in the number of pas •
sengers had been 8,000. and if they had realised 120,000/.
instead of 100,0001. from merchandias, they might have
declared a dividvnd of eight per cent., and still have had
a surplus; but the directors thought it more courageous
to meet the shareholders with a reduced dividend for a
certain time, relying, as they did, for renewed activity
in trade to increase that dividend. There had been
a decrease in first-class passengers of 15,213 ; in
second-class, a decrease of 61,871; in third class, an
increase of 52,478; and in Government passengers, an
increase of 32,911. Now the Government trains were
exacted from railway companies as a boon to the poor;
and, as a compensation for that boon, railway companies
were to recive some relief in the way of rating. The
fact was they had received no relief, whilst Government
passengers had largely increased, and there were many
persons who travelled at these low rates who could well
afford to travel otherwise, and who thus deprived the
company of that fair remuneration which they ought to
have. Railway companies had submitted to this Govern-
ment measure, which was inteaded for the poor, but with
the understanding that as to their being rated they should
not be left to the mercy of a board of magistrates at quar-
ter sessions, who, having determined what railway com-
panies should pay to the county rate, were also vested
with the power of fixing the assessment upon them for
the poor's-rate. 'These tribunals were very inconve-
nient ones, on account of the numerous and intricate
accounts which had to be gone into. This had
been felt recently at • Rugby, where the magistrates,
seeing the difficulty, begged them to compromise,
es it was quite impossible to go through the awful
list of accounts presented before them. It was not right
that their interests and rights should be placed in such
jeopardy, and, ;therefore, before the meeting closed, he
should ask them to adopt a petition, calling upon Parlia-
ment to piss a measure of relief, so as to place railway
companies in a less equivoc il position and to settle the
disputed questions on some defined principle.' Oa some
of the lines he was connected with they had to pay for
every acre of land 121. per annum in rates. This was
not a general good, it was only a local good, es it
effected only the parish through which the railway ran.
It was only a partial good, and he hoped the share-
holders would unite with the directors, in petitioning
Parliament for an alteration in the law bearing on this
question. He then moved that the report be received
and adopted, and circulated among the proprietors, and
asked for the show of hands immediately.
The resolution was carried immediately, but without
any audible expression of feeling as on former occasions.
The CIIAIRMAN then moved the .dividend resolution,
declaring it payable on the Ist of March next.
Carried.

The next motion was for the consolidation of the East
and West-Riding shares, from and after the Ist of May
next, which was also adopted.
The directors who retired by rotation were Mr. Dods-
worth and Mr. Barstow. Mr. Dodsworth was re-
elected, but Mr. N. Plows, of Darlington, was elected in
the room of Mr. Barstow, who had withdrawn himself
from the direction.

The CHAIRMAN, in answer to questions from several
shareholders, said that the directors would probably
pay off the whole of the Hull and Selby purchase shares,
if they could borrow money when they wanted it at
three per cent.; but he would not pledge himself to any
course at present. The preference shares, he would
observe, would be made 251. shares, as originally pro-
posed, contingent on the purchase of the Hull and Selby
line.

The seal of the company was then fixed to the petition
above alluded to, and the meeting was made special to
consider the draft of a Bill intended to be applied for in
the present session, to enable the company to deviate
their railways between Market Weighton and Beverley,
and Copmanthorpe and Beverley.
The CHAIRMAN said the route to Hull by the former
deviation would be reduced to 38 miles, and he thought
it desirable to have this deviation, there being a proba-
bility that the consequent connexion with Driffield would
make this a profitable line; and as regarded the other
deviation from Copmanthorpe to Tadcaster, it would
effect a saving of about 20,0001. •
The resolution on this subject was agreed to, and the
business of the meeting wax closed.

this dividend and the half-year's rent of the Great North
of England and • Hartlepool Railways, a surplus of
'59,7771. 94: 6d. will remain to the credit of the company.
" Within the' last few days the directors have had
offers of loans to a very large amount, at 41 per cent.
interest, and there is a prospect that before long money
may be attained at a still lower rate. Should this prove
to be the case a matt:lint saving will be effected in the
item of interest- upon borrowed capital, and no further
calls will be made during the present year.
" Since the last half-yearly meeting temporary bridges
over the Tyne and Tweed have been constructed, and a
continuous line of railway opened for traffic; the whole
of the works in connexion with the Tyre Bridge are ex-
pected to be completed by the Ist of August next; and
although • the 'bridge at- Berivick is not in do forward a
state as cuuld have been desired, yet there arc no diffi-
culties to cause any serious delay. As the temporary
bridges were not ready until three months after the
time it was competed they would be when the terms of
amalgamation were; agreed upon between the York. and
Newcastle and Newcastle and Berwick Companies,
thereby'causing an additional expense in working, and
also a loss of traffic during that-period, the directors have
thought it right to charge capital with five-per cent. of
the dividend for three months on the additional 54 per
share of the original Newcastle and Berwick shares,
coming in for. dividend last half-year, and revenue
with the remainder -on- the same amount; for the' like
period.
" The Alawick,l3arkworth,ttnd Washington branches
are in the course of construction; as likewise the line
from Berwick to Kelso, a' distance of twenty-one and
three quarter miles, which the directors have no doubt
will be completed on the Ist of May next. The stations
and cottages on this branch have been let. The directors
have let the construction of the docki cif JEirrow Slake,
in the river Tyne, to an able and efficient contractor, at
a sum considerably izeloy.r.,thc,awiueer's. estimate. The
works-are to lie completed on the Ist of 'August, 1850.
"The directors have also advertised 'for tenders for
the execution of the works on the Auckland and Pen-
sher branches, the , completion of which will form a
direct communication for the coal from the Auckland
district to the Sunderland and Tyne Docks. The works
will be let to. be complete on the Ist of July, 1850. .
" The directors will submit for your approval the
drafts of the three Bills proposed to be applied for in
the present session of Parliament, viz.:—
" A Bill for enabling the Newcastle-npon-Tyne and
Carlisle Railway Company to lease their railway and
Works to the York, Newcastle, and Berwick Railway ,
Company. -
•"A Bill 'for enabling the Maryport and Carlisle
Railway Company to leasetheir railway and works to the
York, Newcastle, and Berwick Railway Comn%ny.
":A B'!1 for eee'ohng the York, NowcastlCrund Ber-
wid: Compnfte Disko errtain branches in the
counties of Northumberland tend Newcaztle-upon-Tyne,
Lad for other purposes. The branches referred to are,.
one at Barmoor, about five -miles in length, which will
cost about 6,00 Q/. per mile ; a short branch to Ala-
mouth r and aleeratidia• ti? the branch to the quay of
'Newcastle ; and in this Bill powers will be inserted for
an extension of time for making the Thirsk and Melton,
andißlyth branches, &c.
"iThe directors are glad to find that the York and
North Midland Company -are taking steps for the im-
mediate construction of their branch line from Burton
Salmon to .Knottingley, which will form a junction there
with the trunk line of the Great Northern (late London
and York) Railway. The directors look forward to the
opening of that line as a certain means of securing the
through traffic between London and Edinburgh to the
East Coast lines, which cannot fail to benefit this com-
pany most materially.
"A resolution will be submitted to authorise the con-
solidation into stock of the original Newcastle and Ber-
wick, and North Shields purchase shares, on which the
full amount per share is paid, and which, from the Ist of
January last are entitled to full dividend. The only ob-
ject of this is ,to simplify the share accounts, by bringing
all entitled to the same privileges under the same deno-
mination.

" The directors beg mist 'strongly to urge upon the
proprietors the necessity of their using all influence with
,their Parliamentary representatives, to give their sup-
port to the measure which will be brought before Par-
liament, during this session, to adopt a just principle on
which railway property should be rated for local taxes.
"The following directors go out by rotation, viz.,
James Richardson, Esq., and Charles Tee, Esq., who
offer themselves for re-election. Thomas Barstow, Esq.,
on' of the auditors, retires by rotation, and offers himself
for re-election.

" Vic directors add the following details of traffic for
the last half-year, viz.:—

- • .
PASSENGERS. TONS.
First.class
Second 'class .....-,582,579 Lime
Third-class 922,491 Stone
Government . 88,973 Coal
Horses
Carriages
Dogs
- The CIWANA.N said the resolution which be had the
honour firet•to'subtnit was, that the report be received
and adopted, .ismi circulated among the shareholders ;
and he had to announce to them in the outset, that after'
the most careful consideration which the directors could
give to one of the questions which they bad given notice
they felt that at the present time it was not expedient
to submit the question—ho alluded to the leas:ng of
the Newcastle and Carlisle, and the, Maryport' and
Carlisle Railways.—(Bear, hear.) He assured them
that when they found that even a minority—a con-
siderable minority—were opposed to their views, the
directors were the last men 'in the world to divide a
great company like this.—(Great applause.) But he
reminded them that when they entered into these negoti-
atiOnafor leasing, there was not that strong aversion to
the course which bad now taken possession of the minds
of the people. He did not say that that was a wrong
impression, because he thought that all fixed engage-
ments *ere desirable' to be avoided, and that they ought
only to be undertaken from the necessity of the case.
At that time they. were not the parties who first entered
into negotiation with the Newcastle and Carlisle Com-
pany; other parties had attempted to negotiate for that
line, and that, too, for a purpose easy to be conceived,
viz.,- to get into the town of Newcastle, and to interfere
with the traffic of this company.—(Hear, hear.) Look-
ing into the question most fully, and carefully going over
the expenses of the Carlisle line, and knowing its capa-
bilities and its productiveness, he did enter into an ar-
rangement with the directors of that line to take a lease
of( it; but he would be the last man to ask the York,
Neweastleeand 'Berwick shareholders to relieve him from
an obligation which he should not have entered into
unless he had been convinced it was a perfectly safe
engagement. Therefore he did not complain at all that
that arrangement fell through. The shareholders would
thus. have a longer time to consider whether they
would, enter into. thatl arrangement or not, and he
thought it possible by negotiation with .the parties
to bring forward hereafter a scheme' which would
perhaps. be less objectionable to the shareholders
of this company, and perhaps equally satisfactory to
the directors of the Newcastle and Carlisle Company:
Froze the communication whieh the directors had held
with the shareholders on !hie subject, they had deriied a
largo amount of information, most of which (with a little
exception) had been couched in kind and-courteous lan-
guage; and the directors were always ready, and indeed
anxious, to listen with the same courtesy and attention
which had actuated the generality of the proprietors, in
the suggestions they had thrown out to them: And after
the strong expression of opinion they had received, the
directors felt that they would not be worthy the good
opinion-the shareholders had always entertained towards
them, if they attempted to press this matter further at
present.—(l-lear„hear.) With regard to the traffic on
the York, Newcastle, and Berwick line, he had little
to add to the remarks which he - had made at the
York and North Midland meeting, which in
some measure were applicable to this under-
taking. He might, however, observe, that the
district of country through which this line
passed had perhaps been more distressed than any
other district of country in the kingdom. The failure of
the banks had impoverished the people, and prevented
them from' travelling; and therefore the traffic of this
line had been materially injured. He hoped, however,
to see the returning prosperity of Lancashire and York-
shire flow into the district to which ho referred, and
then they would not have again to lament a loss of
26,0001. in their -passenger traffic. 'Many imagine that
this loss was .on the through traffic. True there was
some 7,0001. or 8,0001. deficiency on- the'through traffic,
but the remainder of the.decrease areas:, out of the local
traffic from station to station. He believed they had ilk
felt the pressure of the times, and that consequently there
were not those means of giving those enjoyments to
their families which they used to have in travelling' ex
cursions. The fact was that men got regularly fright-
ened after the squeeze in October, but be hoped
pewdouthide
depression had now passed away, and
never again be driven into a corner, as
occasion. Before they met
thtehy la that
twe they
were
expected on that
le opened, and
that the Kelso' branch
this . would give :them
a a°
nsidersble accession
of traffic. Also during the next year those great un-
dertakings—theT and Tweed—will
ave)ne a
fie© traffic and run
bridges over
the
be complted, when they will -
with perfect safety over the
town of Newcastle. The
want of this up to the
present time was one of the dis-
advantages under which they had had to labour; the
mere cost of carting coke from station to station had,
during the six months,cost them 1131. a month, and that
expenditure would now be done away with. The ques-
tion of expenditure was one that was within their con•
trol. They might occasionally be able to devise a plan
to reduce expenditure; but they could not always com-
mand traffic. With regard to their expenditure, one
material item was greatly in their favour, viz., that of
coke, which cost them from 6s. to os,
per ton, whilst
'Loudon and Birmingham had to pay 235. or 24a. per
ton. Therefore lines could always be worked here
cheaper than in the south. He had examined
tho affairs of the Company in every way, and
he was satisfied that they had got an efficient
line for the capital which had been provided.
He hoped they would give the directors some
credit for am anltioll3 wish to afford them a fair state-
ment of their
.position in the document submitted to the
shareholders in October. But they could not deal posi-
tively with traffic. It was a fluctuating item; and he
„believed that 'Ott ttiii line it would proem to au extent