The Sun.
London, England, 1851-08-28 00:00:00

which, being deducted, would show a sum of 1,1091.
6s. Id. in favour of the company. The error was on
the right side, and he hoped that this error would be
looked over, especially as by the vigilance of the ac •
countant a sum of 11,0001. had been brought to the
company's exchequer. The capital account showed
that a large amount had been expended in the course
of the past half-year ; but not one-seventh of that sum
was incurred by the present directory. As to the
outlay they had made, they invited the shareholders to
determine whether this outlay had been required, and
whether it had been exercised with economy. There
was not one item in their capital expenditure which had
not appeared before. He alluded to the charge for
rails, which were relaid down of heavier metal. Some
thought that this charge should entirely come out of
the renewal fund, but the board were of a contrary
opinion; because the increased weight of rail added an
increased value, which ought to be paid for out of
capital. The chairman next proceeded to explain the
cause of increased additional expenses. The report of
the directors pointed out some of the causes. There
was among those reasons the fact that they must ex-
pect larger charges for renewal stock when they-.had
not a reserve fund for rolling stock, and he' did not
disguise the fact that some half-years those charges
might be much larger than they had been during the
past half-year. Another cause of increased working
expenses was the increased mileage, which had arisen
partly from the competition to which they had been
subjected, and partly from the wants of different dis-
tricts requiring more trains. Another cause was, that
some accounts had been paid which extended above the
usual periods, and which would amount to some hun •
dreds. At the time the present directors took office
they were threatened with competition in every direc-
tion—east, west, and south. No doubt, when new rail•
ways were formed they must abstract a certain amount
of traffic from the old companies. The directors had
endeavoured to make fair agreements with the Great
Northern, the Leeds and Thirsk, the Aire and Calder
Navigation, and the Hull Dock Company. They had
also taken some preliminary steps, and agreed on the
principle of an agreement with the Lancashire and
Yorkshire Company, which, if ultimately carried out,
would effect, he trusted, great advantage to the share-
holders of this company. He was not inclined to
take a desponding view of the consequences of the
competition to which they had been subject. No
doubt it had taken some thousands a year from them,
but, thanks to the development of traffic in their own
local districts, this loss had been less apparent. Their
own resources had shown an elasticity which had
made up the loss from competition, and, now that the
company had not much further threatened competi-
tion, he hoped to see their traffic further developed
and their receipts improved. Last week the receipts
of this company were 11,004/., as compared with
10,618/. in the corresponding week of last year. With
reference to the suits in Chancery against Mr. H ud-
son, he had been informed by their counsel that the
answer to the third bill had been put in and approved.
Their counsel had given up his September shooting
in order to get ready the interrogatories, an important
part of the suit. Of course nothing further could be
done until after the vacation. In conclusion, he
moved the adoption of the report.
Mr. SEYMOUR seconded the motion.
Mr. BULL inquired when the capital account would
be closed ?

The CHAIRMAN could not give a definite answer
until the arbitration and other matters were com-
pleted.
Mr. J. Swam.' directed the attention of the board
to certain expenses of the company, and especially to
that for stationery, the item for which this half-year
—l,7ool.—he thought was very enormous, compared
with the Newcastle and Berwick Company, in whose
report the item for stationery was 1,2001.
The CHAIRMAN said the matter had been looked
closely into, and the board would not relax their
efforts to reduce that item. At the same time it must
be borne in mind there was 2001. or 3001. embraced in
the present charge which did not belong to the pre-
sent half-year, and he would also remark that they
could not arrive at satisfactory results by comparing
one company with another. The fact was that the
charge for stationery for the York, Newcastle, and
Berwick Company was 2,0201., instead of the sum
stated by Mr. Swann.
Mr. YEART could not agree with the chairman that
the prospects of the company were improving, and be
considered unless considerable reductions in the work-
ing expenses were made the hope of any dividend
would be very poor. He thought the fares of the
company ought to be increased, and he condemned the
policy of the manager in having purchased so large
a quantity of corn for the company's horses, which
policy he treated as a speculation.
A SHAREHOLDER expressed his confidence in the
directors, who had been subjected to a severe com-
petition..
p agreementa
nAy
incu SHAREHOLDERde included
withatheprLancashires ai sok: e df
rthe
andwhetherpayment
Yorkshire
the
them
in .
of one-half the loss on the Hull and Selby lease ?
The CHAIRMAN declined entering into any details
while negotiations were pending.
A SHAREHOLDER inquired whether the Market
Weighton and Whitley branches were realizing what
paid working expenses and maintenance of way ?
The CHAIRMAN answered in the affirmative, and
said that even on the Selby and Weighton branch
there had been a large increase of tonnage. The
apparent small receipts per mile arose from the dis-
proportionate length of their branches as compared
with the trunk line.
Mr. ROWNTREE expressed his great satisfaction at
the prospect of amicable arrangements between the
York and North Midland Company and the Lanca-
shire and Yorkshire Company. He bad a strong
conviction that competition on railways must be de-
structive of prosperity to railway proprietors; and
the prospect of this competition being got rid of held
out to his mind the greatest possible advantages to
this and other companies.
In answer to a question,
The CHAIRMAN said that there was no intention of
doing away with the renewal fund for permanent
way, and they were now largely drawing upon it for
works which were in operation in the shape of renewal
of permanent way.
The adoption of the report was then put and car-
ried unanimously, as was also the resolution declaring
a dividend at the rate of 1/. per cent. per annum (less
income tax).
Mr. Cottam was re-appointed auditor for the ensuing
six months.
After a vote of thanks to the Chairman, the meeting
then separated in apparent good humour.

TAFF VALE.
The half-yearly meeting of this company was held
at Bristol on Tuesday, Mr. W. Coffin in the chair.
The CHAIRMAN said on comparing the present half-
year with the corresponding period last year, therejwas
an increase in the revenue of 5,000/.—(Cheers.)
The SECRETARY then read the report, which stated
that the balance of account allows the directors to de-
clare a dividend of 41. 10s. for the half-year on each
original share of 1261., payable on the 6th of Sep-
tember next, and a dividend in the same proportion
on the quarter and 101. shares. They have also ap-
plied the usual half-yearly sum of 750/. to the depre-
ciation fund. In consequence of the opposition to the
South Wales Bill, the trustees of the Marquis of Bute
have undertaken to make further dock accommoda, ion
increased adapted to the wants of the trade. PlisFs
are now being matured for an additional dock in
, which a greatly increased depth of water will be af-