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

RAILWAY INTELLIGENCE.

NEWCASTLE AND CARLISLE.

The annual meeting. of 'this company was held on
Thursday at Newcastle ; Mr. W. Wood presided. The
report, an abstract of which has appearad_in The Sun, was
rend by the chairman, who commented-upon the kerns
therein. He said that, notwithstanding the great in-
crease in the value of money, the directors had had ne
difficulty in renewing the debentures at the rate of 4i
per cent. The directors had reported that on takin the,
detailed valuation of the stores on the- Ste- r`
they find that a considerable discrepancy has arisen. He
(the chairman) said, no doult that clause had caused
considerable remark, and he thought the directors were
entitled to take credit for introducing itinto the report.
There was no railway company in the kingdom that
could keep their stare accounts ; and no railway cam- i
pany had introduced into their reports any clause of this
kind till it had been done by the Newcastle and Carlisle.
They might have covered the discrepancy by adding a
little to this item and a little to the other ; but the object
of the directors and auditors of this company bad been
to put the plain fact before the meetine, not only that
the shareholders might be informed of it, but also that
their employe., 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
stretch 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 censidered the two offices were
incompatible. He thought Mr. Smiles's time might be
fully occupied indoors, attending to the accounts, and
the cernrany would do well to appoint a manager to take
charge of the whole line, even It they gave 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 CRAInuAw defended the course which the direc-
tors bad pursued hitherto, and after Borne discussion, it
was unanimously re-olved, on the motten 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-
plaened that Mr. Smiles's salary as manager was 4001.
a-ysar. The salary of the late secretary was 3001. and
the fees and by uniting the two offices there would be
a saving to the c rnpany.
The re port was unanimously adopted, and a dividend
declared at the rate of 5 per ceet, per annum.
Mr. Isaac Crawhail and Mr. J. F. Elliott were re-
elected directors, and Mr. Howatd, of Corby Castle, was
elected a director in place of Mr. George Dixon, who
retires in consequence of his connexion with the Silloth
Day 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
unaeimoesly.
The meeting terminated with a vote of thanks to the
Chairman.