The Sun.
London, England, 1848-11-16 00:00:00

LONDON,

YORK, NEWCASTLE, AND BER-
WICK RAILWAY.
In accordance with the wish expressed by a con-
siderable number of the shareholders in this railway,
the directors have prepared the following statement,
showing the present position of the company, ;:nil the
estimate which, after careful consideration, they have
formed of its present and future liabilities and pros.
pects.
The total amount expended in the works
undertaken by the company, to the Ist
of November inst., is..

The estimated amount of the gross sum
which will be required for the comple-
tion of the works now in progress, and
of the new works proposed to be exe-
cuted, viz.: the Washington, Kelso,
Alnwick, and Warkworth branches,
the Tyne and Tweed bridges, the
Auckland Valley line, and the Tyne
Docks, and including, also, the comple-
tion of the Pontop and South Shields
purchase, and the Sunderland Dock
subscription, is 1,869,228

Making the gross amount of the capital
to be ultimately raised

Or, in order to have a sufficient margin
for contingencies, say
It will be satisfactory to the shareholders to be in-
formed, that this amount of capital can be realised by
calling up what remains unpaid on the extension
shares No. 1 and No. Q, and by exercising the powers
of borrowing to the extent of 1,550,0001., including the
existing mortgage debt which at present amounts to no
more than 722,0731.
When all the works shall have been completed the
aggregate length of the several lines of railway in the
possession of the company will be 330 miles, and the
directors calculate that the gross income they may
fairly expect to derive from the whole will be not
less than 1,040,0001. per annum, which is after the
rate of 20,0001. per week.
This income will be subject to the following annual
charges, viz. :
For working expenses £300,000
For interest on borrowed capital, taken at
1,550,0001. at 4} per cent
For rent payable to the Great North of
England Railway Company, including
interest on their debentures ...

For rent payable to the Hartlepool Dock
and Railway Company, including in-
terest on their debentures . . 39,880

Total . .. ..

Showing a clear annual profit of 478,9701., which,
after yielding a dividend of 71. per cent. per annum
upon the share capital of 5,750,0001., will leave a
surplus income of 76,4701.
_ .

In estimating the prospective gross income of the
company at 1,040,0001. per annum, the directors rely
upon the following considerations. The revenue now
produced by the traffic upon the 270 miles of line at
present in operation, is after the rate of about
720,0001. per annum, or 13,8461. per week. This, it
must be remembered, is the. produce of a year of
severe commercial depression, during which the de-
crease of passenger traffic upon railways has been un-
precedented. But there can be no doubt that the
revival of commerce will restore that steady progres-
, sive improvement of railway traffic in all depart-
ments which has been previously experienced.
In the article of coal alone, the published re-
turns show that the quantity expbrted from
the ports of Durham and Northumberland
during the last four years has increased
after the rate of 451 per cent. in that short period.
The Auckland Valley line, which the directors pro-
pose to construct immediately, will open out a rich
coal field, and the directors confidently expect will
prove in the highest degree productive. The forma-
tion of the Tyne Docks, and the completion of the
Sunderland Docks, will afford vast facilities to the ex-
portation of coal, and cannot fail to assist most mate-
rially in the development of that traffic which is now
suffering considerably from the want of dock
accommodation. The improvement of the general
traffic of the line by the opening of the bridges
across the Tyne and Tweed has not yet had
time to exhibit itself to any extent, but that it will
produce a very large accession of revenue there
cannot be the slightest doubt. Upon all these
grounds, the directors feel great confidence in antici-
pating that, by the time the additional sixty miles of
line shall have come into operation, the gross annual
income will reach the amount at which they have
estimated it.

It is not the intention of the directors at present
to commence any of the works for which Parliamen•
tart' powers have been obtained, besides those already
referred to.

The proprietors are avare that out of the money
raised by the calls already made upon the guaranteed
stock created for completing the purchase of the
Great North of England Railway, a large sum has
been passed, by way of loan, to the general construe-

-
tion account. This it is the intention of the directors
to replace; but they do not propose to make any
further calls upon the guaranteed stock for some time
to come. They have little doubt that when the
period arrives for completing the purchase the holders
of Great North of England Stock will be content to
accept the debentures of this company, at a moderate
rate of interest. Presuming such debentures to be
taken, the calls already made upon the guaranteed
stock of this company will then come into dividend,
and, calculating that such dividend will be after the
rate of 71. per cent., the amount of extra dividend and
interest, thenceforth to be paid, beyond what is
already charged, will be about 40,0001. per annum,
and this will be amply met by the estimated surplus

income.
al interest in
amount. This company has a collateral
be t osrus
basried
ia happyry
btdoe
rs
tt
aa
kt
ntghsa t
atrhee i
of engage-
ments
trifling
hthe l
dSe
rusn
ad
ue rt
bl aenr s
eDdDock Cdoimr e
ep
obtained for
Par-
liamentary sanction has not yet been o share
at
on rys, toto ws
uhbi es
chr it bh ee.
this subscription, in consequence of the requisite
power having, from accidental circumstances,
omitted to be sought for last session, but in the
ensuing session this will be remedied. Another
undertaking to which the directors propose that the
company shall contribute, is the Aberdeen Railway, and
they have agreed to recommend to the shareholders to
subscribe for 50,0001. of the preferential stock issued by
that company. The directors think it highly expedient
that this company should possess an interest in the
lines on the eastern coast of Scotland, when they find
competing companies using great exertions to secure
the whole of the traffic north of Edinburgh.
Many of the proprietors are aware that the direc-
tors have entered into a provisional agreement for
leasing the Newcastle and Carlisle, and Maryport and
Carlisle Railways, and a considerable number have
intimated their disapprobation of the measure. The
directors trust it is unnecessary for them to state that
they would not embark in any new undertaking
unless they were persuaded that it would prove ad-
vantage ous to the company. They do not, however,
intend to press the
.acceptance of these leases upon
the proprietors in opposition to their wishes, being
quite prepared to take upon themselves the responsi-
bility they have incurred on behalf of the company.
In conclusion, the directors beg to assure the pro-
prietors that nothing can be more satisfactory to the
board than the present position of the company,
whether in reference to its traffic or to the expense
of working it, and they have no hesitation in express-
ing their unshaken confidence in the soundness and
stability of the undertaking with the management of
which they are intrusted. This confidence is founded
upon their experience of the steadily increasing traffic
which every year has brought upon the lines notwith-

standing the check occasioned by the recent extraor-
dinary commercial depression, and upon their convic-
tion that, as a railway undertaking, the property is
wholly unassailable—that no traffic can be abstracted
from it by competing lines—and that an unfailin g
source of continually improving revenue is secured to
it in the inexhaustible mineral wealth of the counties
of Durham and Northumberland.
By Order,
JOHN CLOSE, Secretary.
York, Nov. 14, 1848.

GRAY'S INN, Nov. 15.—William Tyndalll3arnard
Esq., was this day called to the degree of Barr inter-at•
Law by the•sonourable Society of Oray's