The Sun.
London, England, 1860-08-13 00:00:00

NORTH EASTERN.

The half-yearly meeting of this company was
held on Friday—Mr. H. S. Thompson, M.P., pre-
sided.

The CHAIRMAN said that, in drawing the atten-
tion of the proprietors to the results of the half-
year's working, the directors, of course, felt very
much gratified at being able to state that the increase
in the gross receipts amounted to £77,852. In the pas-
senger department the increase during the past half-
year, as compared with the corresponding half of last
year, had been £18,5141; in the goods department an
increase of £45,144 ; and in the mineral depart-
ment an increase of £13,779. The gross receipts
had increased very nearly 9 per cent., bbt the net
increase had been 1 per cent. more than that, so
that the general result of the working of the half-
year had proved very satisfactory. The increase of
the passenger traffic in their district had been more
than at the average rate of the population of the
country, which was very gratifying, considering the
unfavourable weather that had prevailed during
the whole year. The increase of £45,000 in the
goods department was very satisfactory, and it was
the great item of increase during the half-year.
Nearly all branches of trade which are represented
in the goods department had been extremely active,
and one portion of their district especially had
shown this increased activity, which was the port
of Hull, where it was essential to provide addi-
tional accommodation, particularly dock accommo-
dation for the large steamships, to meet the in-
creased import and export trade as connected with
the large manufacturing districts of Yorkshire and
Lancashire. Speaking on behalf of the board of
directors, he (the chairman) had to express his
great gratification that they could show an increase
at all in the mineral traffic at a time when there had
been a considerable falling off in the coke traffic.
That traffic had undergone a steady and continuous
decline ; but he was happy to say there had sprung
up a demand for coke for smelting purposes, which
had not only counteracted and neutralized the de-
cline in the demand for railway coke, but had
caused an increase in the receipts of a character
which he hoped would continue. The directors
had turned their attention to re-rolling the rails
and relaying the line with them instead of new
ones ; for when they were re-rolled they were as
good as could be procured, and when they were
subjected to the process of steeling they would be
better than those laid down previously. In the re-
port of the directors it was stated that the new stock
to the extent of £500,000, bearing a preferential di-
vidend at the rate of 4 per cent., had all been sub-
scribed for by the shareholders, and, with the
exception of about £lO,OOO, paid up. There
was now, however, a balance of only £5,000

remaining to be paid. The sum of £45,000 had
been renewed at 31 per cent., and £1,072,000 at 4
per cent., so that there had been a saving of interest
of £7,753 per annum. (Applause.) He concluded
by moving the adoption of the report.
Mr. Alderman LEEMAN seconded the motion,
which, after a few remarks, was carried nem. con.
The CHAIRMAN next moved—

" That dividends (less income tax) be declared, for the
half-year ended the 30th June, 1860, and be paid on the
21st inst. to the proprietors, on the Berwick capital stock at
the rate of 51 per cent. per annum; and upon the Thirsk
and Malton stock at the rate of 4 per cent, per annum ;
upon the York capital stock at the rate of 41- per cent. per
annum ; and upon the Leeds capital stock at the rate of 21
per cent, per annum."
Mr. PULLEINE seconded the motion, which was
carried.
The CHAIRMAN then proposed a resolution ap-
proving renewed applications being made to Parlia-
ment for the amalgamation of the Newcastle and
Carlisle Railway Company with this company ; for
power to construct a railway between Blaydon and
Conside ; to complete the North Yorkshire and
Cleveland Railway through to Grosmont ; and to
deviate the Whitby and Pickering line near Goath-
land, in order to avoid the incline there.
This resolution was also adopted.
The CHAIRMAN next moved a resolution in favour
of the amalgamation of the North-Eastern with the
Stockton and Darlington Railway Company.
Mr. Alderman SEYMOUR seconded the motion,
which was carried.
The CHAIRMAN then proposed a resolution author-
ising the directors to concur in an application to
Parliament by a new company for power to con-
struct new docks on the west foreshore of the Hum •
ber at Hull, in connexion with this company's rail-
way, and for subscribing thereto to the extent of
£50,000.
Mr. PRIESTMAN seconded the resolution.
Mr. FOSTER recommended the shareholders to
be cautious before passing this resolution.
The CHAIMAN said it was necessary to make the
dock, and no doubt it would be made; if not, Hull
must go down.
The resolution was carried unanimously, a vote
of thanks to the chairman closing the proceedings.