The Sun.
London, England, 1867-08-17 00:00:00

RAILWAY INTELLIGENCE•

TAFF VALE.
The dividend for the half year ended June 30
would be at the rate of 8 per cent. per annum.

NORTH-EASTERN.

Yesterday the half-yearly meeting of this com-
pany was held at York; Mr. 11. S. Thompson pre-
sided. _ .

The report, an abstract of which has appeared in
7he Sun, was taken as read.
The C ['AIRMAN said that in respect to the work-
ing of the past half year he had not any startling
revelations to make. The North-Eastern was a
steady-going company, and long, he hoped, would
remain so ; but even the steadiest company, if it
was a commercial undertaking, must feel more or
less the ups and downs of trade. When the trade
of their district was prosperous they were prosper-
ous too ; if the trade was depressed they suffered ;
and it was to him a great proof of the essential
soundness of their position that they had not suf-
fered more within the last six months, when one of
their staple industries—the iron trade—had been in
a languid position. The net result of the working
of the half year was that the gross receipts had in-
creased £10,158, while the working expenses had
increased by £17,174, so that the net amount of
available income was less by £7,016. The expen-
diture on locomotive power, which was one of the
largest causes of expense in working the railway,
amounted to £306,588 in the half year, being an
increase of £5,610 as compared with the corres-
ponding half. of last year. Out of that one-third
was the cost of supplying fuel—coke and coal ; but
he believed the price had touched its highest point ;
that in the last contracts they had had there was a
slight diminution of price, and in any change that
was likely to take place the directors hoped it would
be towards a diminution, and not towards an in-
crease. In the other heads of expenditure in the
locomotive department there had been a diminution,
so that if the price of coke had been the same the
locomotive department would-have shown a dimi-
nution of £5,600. This would have arisen not
from any starving of the efficiency of the ser-
vice, for he thought he might safely say that
they were never better supplied with locomotive
power than at the present moment. He referred to
other heads of expenditure, including the increase
in wages, which had caused the expenses in most
departments to increase ; but he was happy to think
they had probably touched their highest point, and
the tendency was not to so great an increase of
wages as it was a few months ago. There was an
increase of compensation for loss and damage of
£2,800, which was always a source of great regret
even if it did not involve damage to life and limb ;
but in Parliamentary expenses there was a diminu-
tion of £1,500, which would be still more con-
spicuous in the next half year. Another source of
increased charge on the revenue arose from the in-
terest on preference capital, and the rate of interest,
in consequence of having had to renew on higher
terms, had risen from £4 7s. 3id. to £4 Bs. lid. per
cent. Having shown them the worst side, he must
say he had considerable gratification, at the end of
12 months of severe financial depression and stag-
nation in trade—that amount of financial diffi,cultyand
which had caused so many
had caused serious difficulty to many of the largest
railway companies in the kingdom—ho
shareholders
derable gratification in laying before the
receipts. The
a summary of the expenditure and had consi-
the year upon the ordinary stock average rate of dividend which
khawdasbieesn pBsa.idlifodr.
. thoughtiss. 10d.,
per cent., upon the preference stoileK
and upon debentures £4 Bs. 6d.
at the end of what had been con of the
that in aome
was not a bad result. He stated
t the prin-
ndisewtrilcintseswthheereditrhe
:To • tended to inee
fesse°dlyabad ytheaart,
"ther to abandon them
powers to make
cipal promoters with a view intender
as
hrsadinobtained
long ag
or to postpone their consttrhuac possible.
t the report be adopted.
He concluded by niovinig
7‘f 3 seconded the motion.
Mr. G. LEEMAN,
ensued'.l
in which Mr. Trotter,
A long discuss
TO
and
others took part, and
Blewburn,
Mr. Stables,
mtabrl.es, Dr. Frobisher,
the Lord Mayor of
the report was adopted.
next moved the payment of the
The CLIAInuAN
per cent. on the Berwick stock, 41
dividend—viz., 5 p
eventually
per cent. York, 24 per cent. Leeds, 4 per cent.
Thirsk and M 4er cent. Carlisle, and 71elton, p
per cent. Darlington.
Mr. KITSON seconded the motion, and it was
carried. A vote of thanks to the chairman con-
cluded the proceedings.