The Sun.
London, England, 1849-09-25 00:00:00

RAIL WAY INTELLIGENCE.
NORTH BRITISH.

The director' report, to b presented to the half-
yearly meeting to morrow, states that the passenger
traffic for the ha.lf•year as compared with the corre-
sponding period of the previous year has becn—

1848.---PassPagers - 531,887 £29 800 13 2
1849.—Pssgeng•Krs 485,605 34,745 15 31
The tonnage carried for the same period Li—

1848.—Goods & minerals,l37,ss7tons £22,491 2 3
1849.—Goods & minerals, 195,185 tons 37,957 17 7
In making this comparison, it must he borne in mind,
that the mileage has been increased from eighty miles
to 110 miles, but that the general trade of the country
has been very much depressed—a state -of matters
which has materially affected the revenue of all rail-
way and other carrying companies. Notwithstanding
this, however, there has been a gradual increase of
the traffic on the line. The receipt from passengers
(although the numbers have fallen off) has increased
about one sixth, and the receipt from goods about
two-thirds, while the increase in mileage is three-
eighths. After making the various deductions for
interest, working expenses, &c , the free revenue
from the main line and Dalkeith branch is •
15,280/. Os. 10.1., and from the Hawick branch
1,984/.83. 6(1. The former sum will yield a dividend
of 7s. 6d. par share on the original and consolidated
Dalkeith shares of 251. each, and of ls. 61 per share
on the unconsolidated Dalkeith shares of 5/. each, and
will leave a balance of 880!. Os. 1011.' which may
be laid aside as a fund to meet the depreciation of
&c. The directors would recommend that the
revenue applicable to the Hawick branch he carried
over to next half year's account. In consequence of
the arrear of the ordinary business of the company,
necessarily caused by the sittings of the inveeigation
committee, and the books being occupied by the ac-
countant, the directors having found it impracticable
to get the accounts and balance-sheet made out and
audited this half-year in time to have the details of
the sub-division put in such shape and published as
they had intended. They have no reason to doubt,
however, that their accuracy will be duly certified
before the meeting takes place, and in the future re•
ports the details can be more fully given. in the
meanwhile they may state, that in charging the in-
terest of loans against the revenue, they have assumed
the outlay for the several lines at the I\lll amount

mentioned in the investigation committee's repert, as
at 31st of January, 1849, the dete of the last balance.
From that amount they have deducted the amount of
share capital ; and, on the balance, which forms the
loan capital, they have charged interest—first, at the
rate of six per cent. on so much of the calls on the
preference stock •as were due and paid prior to the
31st of July ; and, s( condly, on the remainder at
the rate of four•and-a-half per cent., which is
the average rate presently payable on the money bor-
rowed on debenture. Although this no doubt bears
heavily upon the receipts, and consequeniy on the
dividend of the past half-year, particularly as regards
the half and three shares (which, however, are not
likely again to be similarly afftcted), yet the directors
conceive it to be the proper principle of charge, and
they have therefore adopted it. In regard to the state
of the company's affairs and its future prospects, it
seems unnecessary for the directors to do more than
refer to the report of the committee of investigation
laid before the shareholders on the 9:h ult. There
were, however, various suggestions made in that
report, regarding the future management of the
company's affairs, to which the shareholders at their
last meeting called upon the directors to give their
favourable consideration, and to such of them as seem
to require especial notice they will now briefly advert.
The first suggestion to which they will call attention
relates to an improvement in the form of keeping
the hooks, and upon this point they may at once
state that althOugh in general they think it some-
what hazardous to make any change upon a
system which has been found to work so accurately
as not to have produced, as stated by Mr. Cope,
any "error effecting the result of the accounts
as between the directors and shareholders, or the pub-
lic." in a serifs of transactions embracing nearly four
millions of money, yet, as they desire to meet the
wishes of the shareholders in regard to this, they have
ordered the suggestions of the committee to be act( d
on as far as possible. For 'the reasons before given,
it has been impossible to adopt them so fully in the
present report and states of accounts as the directors
could have wished. The " next suggestions relate to
the adoption of greater economy in managing and
working the line, and in the construction of such
works as are yet unfinished. The committee ha%e
done the directors the justice to state that the sub-
ject of economy in management was very fully con-
sidered and reported upon by them long before any
investigation was thought of. It may, therefore, be
enough at present to say that the views which the
directors entertained coincided in a great measure
with those of the committee, and that both before
and since the date of the committee's report they have
been acted upon to a very considerable extent. They
will continue to ha so whenever an opportunity occurs.
As regards economy in construction of works, the
directors may mention that, by curtailing plans,
&c., they have very materially reduced the ex-
pense of such stations as have been re-
cently contracted for. They will follow the
same course in regard to the remaining stations.
The third suggestion to be adverted to relates to
the running of additional trains to Portobello dur-
ing the summer months. Upon this point the di-
rectors venture to differ from the committee. There
are already 19 trains daily to Portobello, and 21
from it. These app,,ar to them to be ample as to
number for the accommodation of the traffic. Whe-
ther a new arrangement may not be advisable is
matter for fair inquiry, and due attention will be
given to it. The fourth suggestion to which the
attention of the directors was called refers to the
introduction of new members into the direction, and
the appointment of two auditors in place of one, as
at present. These points will be fully considered at
next half-yearly meeting, when according to the
company's Act of Parliament, any changes which
may be determined upon fall to be made. In the
meantime the directors may say that while they
doubt the expediency of appointing gentlemen
from a distance to attend to the current business
of the company, they will not object to any
change by which the efficiency of the directi(m
may be increased, and the true interests of the
company promoted. The question of a depre-
ciation fund is referred to in the report of the
committee, and is one of considerable difficulty.
The directors do not think that any such fund is
required in regard to the rolling stock, inasmuch as,
from the great advantages afforded by the company's
works at St. Margaret's, that stock has hitherto been,
and may continue to be, kept up in an efficient state
by the ordinary annual replacements and repairs
made upon it. But they concur in opinion with the
committee that a moderate sum ought to be set apart
yearly for replacing the rails, chairs, sleepers, and
other fixed stock, which cannot be kept up in the
same way as the rolling stock. The only other
suggestion in the committee's report to which tt.e
directors will advert is the recommendation that the
resolution to continue the payment of interest on the
quarter shares, passed at the meeting on the Bth of
March last, should be rescinded. The directors
would be well pleased if this recommendation could
be carried out with justice to all parties, because the
continuing to pay that interest is throwing an
additional burden upon the capital account.
They doubt, however, if it would be either
expedient or fair altogether to rescind tl e
resolution which was so recently come to, and they
are rather disposed to recommend that the inte-
rest be paid down to the 31st January, 1850, beirg
the date when the next half-yearly balance will
be struck, and about which time, or very soon after-
wards, the Kelso branch will be completed. The
quarters will then take dividend along with the other
stocks. This arrangement would carry out the spirit
of the resolution of the Bth of March, and would, it is
thought, do substantial justice to all parties. It is,
however, for the shareholders' to decide, and the di
rectors have given special notice to enable them to do
so at this meeting. In February and September,
1847, the directors were empowered, in order to meet
ceatain over- issues of shares, to capitalise part of the
money authorised to be harrowed under the Acts for
the quarter and third shares, and to issue shares to
that amount. A considerable portion of this has not
been issued, and the directors would recommend the
shareholders to authorise them to borrow the amount
of this unissued stock, or of so much of it as shall not
be issued, on debenture. A resolution to that effect
will be submitted to the meeting.
The capital account showed that 4,026,8061. had
been received, and 3,753,524/. expended.
The revenue account for the half-year showed the
total receipts to have been 75,9601. 4s. 7,1., and ton
working expenditure 39,386/. 15s. 3d.; inte.res
loans 18,8671. 14s. 7d. ; making the total disburse
ments 58,254/. 9s. 101., and leaving
17,705/. 14s. 9d. a profit of
The engineer's report stated s
sthta.tßotslwieellll,:w4iocki.
branch had been opened as far ,
as St.
between St.
miles from Edinburgh.
Boswell's and Ilawick (arli.;oeut 112' miles) will be
opened the beginning
of next month. The Kelso
branch is expected to be really for opening about the
same time. The Dense branch (8f miles) was
opened in August last. The North Berwick branch
is expected to be ready for opening in January next.,
and the Tranent branch will be completed next month.

THE THREATENED STRIKE OF ENGINE DRIVERS
ON THE YORK, NEWCASTLE, AND BERWICK RAlL-
wAy.—The threatened strike of the engine-drivers
and firemen on this company's line, which was pro-
posed to take place yesterday, has terminated in an
amicable understanding, and the men have withdrawn
their notices to quit. The directors, with the Lord
Mayor of York, had an interview with a large body of
them, and stated, that desirous as they were for the
continuance of a good understanding, they could not,