The Sun.
London, England, 1849-09-08 00:00:00

RAIL WAY INTELLIGENCE.
YORK AND NORTH MIDLAND,
The half yearly meeting was held at York on Thurs-
day. The Chairman (Mr. Crawshay, lately elected)
and the directors took their places at twelve o'clock, at
which hour about ninety proprietors ware present.
The CHAIRMAN, on producing the register of the com-
pany for the fixing of the seal, said he should wish to have
it laid on the table, that every shareholder might see the
amount of stock held by their directors.—(llear, hear,
"That right.") For his own part he had not in any
way trafficed in their shares since he assumed an in-
terest in the management. He held stock to the amount
of 241,000/., and 4,887 shares in the Hull and Selby
Railway, and in no instance had his broker interfered
on his account with that interest.—(Hear.) He wished
to exculpate himself from any suggestion of such a nature.
A PROPRIETOR—I wish all our directors had been as
honest as you.
The register was accordingly laid on the table, and
A PROPIETOR (having looked over it) said —Gentle-
men, I wish to let you know that George Hudson's name
stands for 1,0001, stock in your company.—(Expres-
sloes of strong disapprobation.)
In reply to a shareholder, the CHAIRMAN stated that
it was merely through inadvertence the statement of ac-
counts was not signed with any name, and in order to
satisfy the gentlemen of its authenticity, wrote his name
on the copy which had bee* seat to him.
The SECRETARY read the directors' report, which
stated the directors cannot but deeply lament that it is
their painful duty to lay before the proprietors a report
and accounts so entirely at variance with all others
which have been presented at former meetings. It
would have been satisfactory to them if they could have
stated that rapid progress had been made during the
past half-year in carrying out a further measure which
was calculated to insure a considerable addition to the
through traffic of the railway; and it would have been
most pleasing to them to have been warranted in
recommending a continuance of the large dividends
which the shareholders of this railway have hitherto
received. But a sense of duty and honesty of
purpose compel the directors to deny themselves
and yourselves, for the present moment, such
gratification and satisfaction as these assurances and an-
nouncements would have been to them. These accounts
and this report are based upon truth, as far as the direc-
tors have been able to ascertain the truth, and they are
untainted by an intention or desire to deceive in any
way. The directors since the meeting in York on ahe
4th day of May last, have confined their exertions to
getting at the.exact present situation of the company in
respect to liabilities of debt to all parties, whether on
the account of construction or of revenue, and the settle-
ment, as far as possible, of all matters in dispute and
arrear of payment with contractors and tradesmen hav-
ing long standing claims upon the company; to the cur-
rent conduct of the railway, and to the earliest possible
completion of the branch from Burton Salmon to Knot-
tingley, to effect the junction of the York and North
Midland Railway with the Great Northern Railway, and
these particular points, with the various negotiations
with other railway companies for traffic arrange-
ments. The directors have found that very many
unsettled accounts and of long standing, were pressing
against the company for payment, and, consequently,
heavy payments have been made to contractors, which
were chargeable to capital account. Several of these
su'as were long overdue, 'and interest had accrued
upon them, and has been paid; but the directors had
no reason to be dissatisfied with the fairness of any of
the parties in the settlements which have been made. In
regard to the outstanding accounts against the company,
on the score of revenue, a very great proportion have
been got in, and it is a matter of regret that that pro-
portion of the account which did not attach to the last
half-year had not been settled in former half-years.
daring which the articles delivered and charged were
consumed, and the liabilities incurred. A system of
procrastination and delay in making just payments has
for a long time most manifestly existed, and to the pre-
judice of the concern in every way. In the general
conduct of the railway, and its relations with other com-
panies, considerable improvement and advantageous ar-
rangements may yet be made. It appears to the present
directors that due attention could not by possibility have
been given by any one head to so many concerns as were
chiefly managed, or attempted to be managed, by the late
executive in this railway. Some changes in the officers
of, this company have been made, and others are still
manifestly necessary, and are under consideration. The
directors were very much concerned when they took
office to find that not any progress had been made in the
branch from Burton Salmon to Knottingloy. This
junction will be complete for traffic by the Ist day
of March next. It appears a matter of the utmost
importance that the first engagement between this
company and the Great Northern Company should
have been faithfully and punctually carried out by this
company, both as a matter of integrity with a very
powerful ally, and of the first self-importance to this
company. This branch, only 3* miles in extent, but
with an important bridge over the river Aire, will be
constructed, and the land paid for, at a cost not exceed-
ing 75,000/. The present directors found agreements
for parts of the lands at excessive rates. It is confidently
expected that a very considerable portion of the through
traffic from the eastern side of the north of England and
Scotland will be regained through this junction with the
Great Northern Railway, being the more direct line to
the metropolis when opened throughout, and which is
expected by its directors, in the course of the autumn of
1850. The directors have entire confidence that the ar-
rangement now existing between the Great Northern
Company and the York and North Midland Company,
will not only be maintained but strengthened. All in-
terest accounts are calculated to the day, and it is be-
lieved that this account as to the last half-year is as
faithful a statement of its results as can be made. It will
be seen that the weekly receipts have averaged 6,670 L,
and the working expenses 43 per cent. As far as the lat-
ter calculation is a guide, some little diminution may be
effected in the expenses, and it is hoped, and confidently
expected, that these receipts of 6,6701. per week have
been lower than they will again be in future correspond-
ing half-years. The weekly receipts since the 30th of
June up to the present day amount, on the average of the
eight weeks ending on the 26th August, to 8,920/. The
directors cannot avoid expressing their deep regret that
a general diminution of the passenger traffic of the rail-
way has been observable during the lest half-year, as
compared with the published returns of the correspond•
ing half-year of the year 1843, and which amounted to
198,534/. It cannot he denied that there are causes fur
part of this diminution which are of a more permanent
nature; Out it is at the same time to be obsetved, that
the general depression of the agricultural and manufac-
turing interests in Yorkshire and the north of England
- generally has caused a diminution in the travelling of
the population, and also that the unsettled state of the
centieent, and of that part which is more immediately
connected with the port of Hull, has had a very power-
ful effect in suspending the commerce and communica-
tion through that important shipping place. Both in re-
gard to the transport of goods and the conveyance of
passengers, the York and North Midland Railway,
through its Leeds and Selby and Selby and Hull lines,
has suffered to a considerable extent, and it is confidently
hoped that this cause of diminution of traffic being now
removed, the receipts on this part of the line will resume
their former extent. There arc, however, rival commu-
nications between the manufacturing districts of Man- '
chester, Sheffield, Leeds, and Hull, which contend with
the York and North Midland Railway Company for the
traffic between these places, and until some general under-
standing between the several companies, so earnestly
contending against each other, for the same object can be
arranged, it must be expected that the public will derive
an unfair advantage from the competition. Had the high
and unwarranted dividends of ten per cent. upon the
capital laid out in railways never been declared, bat the
just and honest earnings only of the first lines been
paid to the proprietors, no such ruinous
competition of parallel lines from and to the same place,
and for the same objects of traffic, would have brought
the ruin which has been inflicted upon the thousands of
the new, as well as the original adventurers in railways.
—(Cheers.) To this fraud upon all parties has the pre-
sent proprietary of the York and North Midland Rail-
way to date its present adverse circumstances, and the
depreciated value of its stock.—(Hear, hear.) It is with
pain and disgust that your directors are compelled to
attach to the usual accounts of the half-year another ac-
count under the title of "Suspense account." 'lt will
be seen that it consists of " sums which were chargeable
to revenue account prior to December 31, 1848, and
which do not attach to the working of the railway ac-
count of this half-year." The total amount of this ac-
count now stands, debtor 95.4511. 9s. 31, and it is evi-
dent that a considerable addition must yet be made to it,
The one charge of property-tax already paid in this
half-year is not the whole for which the company are
liable to the payment of. There will be somewhere
about 20,0001. yet to pay, but of which it is expected a
consiaerab!e part will be recovered, and there may possibly
be other accounts yet which, it is feared, may increase
this very discreditable and disastrous account. It must
be le f.; to the shareholders to deal with this account ac-
cording to their own discretion, and the directors will not
now take upon themselves the offer of an opinion upon the
subject. They only state the account as not applicable
in any one amount to the last half-year; and they deeply
lament even to be the organs through which such an ac-
count its submitted to the shareholders of this railway.
The directors can only farther assure the shareholders
of their earnest desire to co-operate with the committee
in every measure which may bo determined and recom-
mended for the advantage of this company; that they
have nothing at heart in the matters of this railway but
its true and fullest interests, the consideration of which
they are now ready to enter into with the shareholders,
and to afford every possible information upon them
which lies in their power."
The capital account to the 30th June last showed,
that 4,907,7691. bad been received,
including 1,284,0191.
on mortgage ; and 4,789 5601. expended, including
87,021 L, cost of Hull and Selby' shares, less 827 shares
returned to Mr. Hudson, 38,8431. (48,1i,,5i) anadh254,3151.
expended daring the past half-year; leaving
118,2091. The revenue account for the half-yearalesnntcatel
that 182,053/. had been received, and 164,178 Lexpadee
including 83,079/. interest on bonds and dividends on
preference shares, leaving a balance of 17,8751. The
balance-sheet showed a total of 335,9291., including at
the debtor side 40,5931., promissory-note from Mr.
Hudson; 95,451/. suspense account; 80,0001. sundry
accounts due to the company; and 101,062/. York Union
Banking Company. 2,102/. stores in hand, and 15,7731.
arrears of calls. On the credit side, 118,210/. balance of
capital; 17,875/. balance cf revenue; 61,3441. dividends
and interests unpaid; 103,9444 sundry accounts duo
from the company; 32,037/. rent due to Hull and Selby;
Led 2,519/. income-tax reserved.
The CHAIRMAN said he would not move the adoption
of the report till every shareholder had expressed 1)43
opinions, had asked every question he liked, and re-
ceived such answers as the directors could give them.
The directors had nothing to conceal, and were anxious
for the strictest scrutiny. He would stake his character
on the substantial correctness of the report.