The Sun.
London, England, 1858-08-23 00:00:00

NORTH-EASTERN.

The proprietors of this railway held their half-yearly
meeting on Friday, at York. Mr. H. S. Thompson, the
chairman, presided.
The report, an abstract of which has appeared in the
Morning Post, was taken as read.
The CHAIRMAN moved that the report be received and
adopted. He attributed the falling off in the traffic to a
stagnation of trade, and the less travelling consequent upon
It; but he expressed confidence in the soundness of the un-
dertaking and a large increase of receipts when trade
revived.. Along with a decrease in the receipts they had
reduced the expenses, though 'there had been no starving,
and they had kept up their stock in a thoroughly effective
manner. The receipts in the past halflear had been some-
what larger than in the corresponding half-year of 1856.
There were many things, such as the improvement of the
Thirsk and Darlington stations, Sc., which the directors
proposed to effect, but they had been postponed on account
of the check in their receipts, and on account of the high
rate at which they bad to borrow money. The shareholders
must not expect them to close the capital account : but the
directors would not recommend them to undertake any new
works which they did not think would bring in a good
return. When the depression in trade had passed be be-
lieved they would resume their usual rate of increase. It
was a fact that the northern district of the country was
generally the latest to feel any groat depression in trade,
and it was the latest to get out of it. Other companies
exhibited a considerable falling off in their traffic
before this company did, and their receipts had not re-
covered as quickly as some other companies. At the same
time, locking at the bountiful harvest they saw in the fields
and stackyarde, and at the favourable signs in several
branches of trade, he thought the time was not far distant
when they should expect their receipts fully to equal and to
go beyond what they had received in past years. (Applause.)
During the last session there were acts obtained for—he
was going to say—some of the most absurd schemes.
This was an evil which was going on at this moment, and
be thought it was worth while to seek to apply a remedy.
For this purpose meetings bad been held in London, and
resolutions adopted, and he should ask this meeting to
strengthen the hands of the various railway companies in
this matter, by expressing their approval of the resolutions
adopted in London, so that they might bring about a more
rational state of things, which would be to the advantage of
the public at large, as well as the shareholders in railway
companies in particular. He solicited the aid of the press
and the public, submitting that greater benefits were to be
derived from a company paying 5 per cent. than from two
companies, each of which was only paying 21 per cent.
(Applause.)
Several shareholders opposed the proposition that this
company should assist the new Derwent Iron Company at
Consett by allowing the dues on traffic which may accrue
during the next two years to remain unpaid, but be secured
by mortgage, to the extent of £50,000. Some discussion
took place, and the report was ultimately adopted.
The dividend resolution was next carrie3 ; also a resolu-
tion as to the Derwent ironworks, approving the recom-
mendation, and a motion to the effect that the resolutions
passed in London on the 10th inst. at the meeting of repre-
sentatives of railway companies be approved, and that the
directors be authorised to confer with other railway CORl-
panics in endeavouring to have them carried into effect.
After a vote of thanks to the chairman, the meeting was
dissolved.