The Sun.
London, England, 1856-03-29 00:00:00

The annual meeting of -this company was held on
Thursday M Newcastle ; Mr. W. Wood presided. The
rep -4-t, an-abstract-of-which has appeared in The Sun, was
read by the chairman, who. commented upon the items
therein. He Said that, notwithstanding the great in-
crease in the value of money, the directors had had
difficulty in renewing the debentures at the rate of 41
per cent. Tire directors had reported that on taking the
va'uation of the stores on the 31st of December
-they find that a Cohsideiable discreintncy has arisen. He

(the chairman) said, no doubt that clause had caused
considerable remark, and he thought the directors were
entitled t 3 take credit for introducing it into the report..
There was no railway company in the kingdim that
could keep their ,tore accounts ; and no railwAy com-
pany bad intredUced into their reports any clause of this
kind till it had been done by the Newcastle and Carlisle.
They might have cevered the diicrepancy by adding a
little to this item and a little to the other ; but the object
of the directors and auditors of this company had been
to put the plain fact before the meeting, not only that
the shareholders might be informed of it, but also that
their employes might understand that nothing would be
covered and nothing blinked that would not bear the
closest investigation. He (the chairman) had been ridi-
culed for introducing this clause. He had been told by
railway authorities that it was a most unparalleled
stretel of candour ; but notwithstanding it was a fact.
After the reading of the report a discussion arose as to
the propriety of confirming the appointment of Mr.
Smiles, the manager, to the additional office of secretary,
vacant by the decease of Mr. John Adamson.
Mr. •WILSON said he considered the two offices were
incompatible. He thought Mr. Smiles's time might be
fully occupied indoors, attending to the accounts, and
the company would do well to appoint a manager to take
charge of the whole line, even it they pave -him 1,0001.
a-year. It appeared from the accounts that there was
a defalcation in the storekeeper's department of 1,4911.
He could not see how that could have arisen if the man-
agement had been as efficient as it ought to be.
The efreinneeT defended the course which the direc-
tors had pursued hitherto, and after some discussion, it
was unanimously rtrolved, on the motion of Mr. ELLISON,
seconded by Mr. CHALLONER, that Mr. Smiles be ap-
pointed secretary. His continuance in the office of
manager rested with the directors. The Chairman ex-
plained that Mr. Smiles's salary as manager was 4001.
a-year. The salary of the late secretary was 3001. and
the fees ; and by uniting the two offices there would be
a Paving to the company.
The report was unanimously adopted, and a dividend
declared at the rate of 5 per cent. per annum.
Mr. Isaac Orawhall and Mr. J. F. Elliott were re-
elected directors, and Mr. Howard, of Corby Castle, was
elected a director in place of Ms. George Dixon, who
retires in consequence of his connexion with the Silloth
Bay Company. Mr. Miller was re elected auditor.
Mr. ELLISON moved that the amount of remuneration
to the directors for their services be increased from 7501.
to 1,000/. a-Year.
Mr. M. BELL seconded the motion, which was carried
unanimously.
The meeting terminated with a vote of thanks to the
Chairman.