The Sun.
London, England, 1847-09-10 00:00:00

RAILWAY INTELLIGENCE.
NORTH BRITISH RAILWAY.
On Wednesday the half-yearly general meeting of
the shareholders of this company was held in Tait's
New Royal Hotel, Edinburgh. In the absence 01
Mr. John Learinonth, the chairman of the company,
from indisposition, the chair was taken by Mr. E.
Henderson, the vice-chairman. - •
After the advertisement calling the meeting had
been read, and the company's seal affixed to the re
gistered list of shareholders
The SECRETARY then readC the report by the direc-
tors, of which the following is an abstract :—Al-
though the revenue has equalled the expectations of
the directors, under the circumstances in which the
line was placed by the untoward accidents of last
year, yet it has not nearly realised what it otherwise
would have done. The occurrence of those accidents.
the general depression of trade, the incomplete state
of the communication between Berwick and New-
castle, and the serious interruption to the traffic on
the Dalkeith branch for several months, while the
alterations on it were being made, were the causes of
retarding the development of the traffic to a consider-
able extent. These, however, were now happily re-
moved. The free revenue of the bygone half-year would
yield a dividend of lls. 3d. per share on the original
stock, and 2s. 3d. per share on the Dalkeith
stock. But, looking to the circumstances which have
been mentioned, and to the certainty of the large in-
crease of traffic for the current half year, the directors
would recommend that a portion of that revenue
should be anticipated, and that a dividend he declared
of 12s. 61 per share on the original stock of 251.,
and 2s. Bd. per share on the Dalkeith stock of 51.,
payable on the 20th day of September current. With
regard to the state and nrogress of the works, the
directors are happy to be able to say, that on the
main line and branches, so far as opened, they are in
a satisfactory condition. The Dalkeith branch has
been fully adapted for locomotives, and four miles of
the Hawick line have been opened in connexion with
it. The works on the Hawick branch are in a very
forward state, and the directors hope to open a great
portion of it in the beginning of next year. The
Dunse, North Berwick, and Kelso branches are pro-
ceeding more slowly ; and the directors have thought
it prudent to delay contracting fur the Jedburgh and
Selkirk branches until the ensuing spring. In con-
formity with the resolutions of the shareholders, the
directors applied to Parliament last session for Acts
lay the Hawick and Haddington branches with
two lines of rails instead of one ; to alter and convert
the Leith branch into a locomotive line ; to acquire
additional station room in Edinburgh; and to extend
the Hawick branch to Carlisle. They obtained the
Act for the first of these objects, but they were
successfully opposed in the others—not (as the di-
rectors have reason to believe) because what they
sought to attain was unimportant, but solely because
Parliament thought it desirable to limit the number
and extent of new railways, until the extraordinary
demand for money should be diminished. The di-
rectors still consider these measures to he of import-
ance to the company. In particular from the increase
in the traffic, and the addition which must be made
to it on the opening of the Hawick line, more station
room at Edinburgh is indispensable. In like manner,
the difficulty of getting goods conveyed along the
Leith branch is so great, that the directors are even
now obliged to have a large quantity of them carted
to Edinburgh and put on the railway there. The
inconvenience and the cost of this is such that the
directors do not hesitate in recommending that the
application to Parliament should be renewed in the
ensuing session in regard to both these matters, and
that they should be empowered at the same time to
give better accommodation to the town of Dalkeith,
the trade with which is very considerable, and is at
present not sufficiently provided for. They make
this recommendation the more readily, as the execu-
tion of the works contemplated will involve only a
small amount of capital, not exceeding 200,000/. The
question as to proceeding with the Carlisle Extension
Act again has been felt by the directors to be one of
very great difficulty, and they have resolved to bring
it again before the shareholders, and to recommend that
a renewed application for an Act be made in the ensuing
session ofParliament. Should they determine toproceed
with the measure next session the shares will be issued to
those holders of the present stock who may desire to
take them; and in that case the directors would re-
commend that the deposit made last year should be
placed, without deduction, to the account of the
deposit which would be required for next session.
But should an opposite course be followed, and the
measure be delayed, then it will be matter for consi-
deration, whether the last deposit should be returned
minus the expenses, or whether new stock in this
company, of limited amount, should not be created
and issued to the present holders of Carlisle Exten-
sion, under such conditions as may be deemed neces •
sary. In consequence of the Committee on the Bill
which was passed last session, for improving the
Hawick and Haddington branches, and other subsi.
diary purposes, having reduced the capital to be raised
under it from 700,000/ to 550,000/ , it becomes
necessary either to restrict the third shares, which
were created under that Bill, to 71. per share, or to
authorise the directors to raise a portion of the money
allowed to be borrowed on mortgage by enlarging
the amount of these shares to 81. 6s. Bd. This appears
to the directors to be the most convenient mode of
proceeding, and they trust it will meet with the
approval of the shareholders. It is gratifying to the
directors to have it in their power to state that, not-
withstanding the pressure upon the money market,
the calls which they have been obliged to make have
been well responded to.
The following is an abstract of the revenue account
of the North British Railway, as at 31st July, 1847:—
Revenue.
Balance at 31st January, 1847, after £ s. d.
ere' dividend

paying
Amount of revenue for half-year end-
ing 31st July, 1847

£48,028 2 1

Expenditure.
Connected with Loco-
motive Department,
including coke, coal, £ s. d.
wages, tkcc 10,084 3 11
Ditto passenger ditto 5,402 15 2
Ditto goods ditto
General expenses, di-
rection, &c. .. 1,341 0 8
Line and stations 294 18 9

£'21,592 14 3
Interest on loans .... 4,734 14 11

26,327 9 2

Free revenue £21,700 12 11
The CEIAIRMAN said, that in accordance with com-
mon usage, he now rose to move that the report be
approved. He would then, after hearing the opinion
on the various matters contained in the report, move
a series of resolutions which he trusted would meet
with their approval. The first thing that naturally
called for attention was the anticipation of a divi-
dend. He must say, that in general this was a bad
plan. On this occasion they. only agreed to do it
after the most mature deliberation ; and he conceived,
as it was an exception to the common rule, that it
would never occur again, and for the best of all rea-
sons—that it would not be required.—(Hear.)
might mention, in corroboration of this, that the in-
come of the last fire weeks, as w
ph ut a
against the same
five weeks of the previous year, soed n increase of
3,855/.—(Applause.) lle might mention that they
had carried during the last year, of first-class pas-
sengers, 138,476 ; of second-class passengers, 339,796;
and of third-class passengers, 832,833 ; or in all
1,312,155 passengers ; and this notwithstanding the
interruption of the line, and all without accident.
Ile might mention at the same time that the works on
this line, as well as the machinery, were in a most
efficient state ; in fact, he might say that they were
equal, if not superior, to what they were at the time the
lt„,:tihhnaeees
rbnvca•?iiallslv,p:oawopyfiehnttioceiihdl ; and he could assure them that there
gtoi
eallowingiyhth into
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rs
ot
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a
during the last session • and he a at once to say
olwwParliament
that they really could not take much credit to them-
selves for getting through those very well ; in fact,
he might say they had sustained a total defeat, let
them look at the matter in an way
even
Committee,hat
andthey
.tof
w liked.as
on
They were before a peculiar
with difficulty that they obtained
the sum expended before the Board of Trade. It was
not to be expected, therefore, that they should succeed,s
more especially at a time when there was such a
pressure upon the money market ; and hence they
had lost the Bill for this extensive scheme, the Bill
for converting the Leith branch into a locomotive
line, and the Bill for acquiring additional station
room in Edinburgh• lie had great pleasure in now
asking them that the connexion with Leith should
take place, and that the connexion with Dalkeith
should take place; that the directors should now be
empowered to go to Parliament to get these Bills,
and to raise an amount of capital not exceeding
200,0001. The extension to Carlisle was a more
critical point. The directors have left this
matter entirely in the hands of the share-
holders. It was unquestionably a subject
involved in much difficulty ; but his own opinion
distinctly was, that the best way to proceed
was to give the directors authority, either in the next
or succeeding session of Parliament, to prosecute this
Bill. They might depend upon it that the directors
were as unwilling as any of the shareholders to put
their hands in their pockets ; but their opinion deci-
dedlytthat
at companyp wo
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doubt but that it would be used in such a way as
would promote the interests of the shareholders.
The directors thought on the whole that the third
'as 4101114 be mai444114 V. 66. 61 The*