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. H. S. Thompson pre-
sided.
The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN 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
aoundness 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- 1
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 bad 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 In the other heads of expenditure in
locomotive department there had bn a diminutsame ithe
on,
so that if the price of coke had been the
locomotive department would have shown
arisen a dimi
not
-
nution of £5,600. This would have
from any starving of e efficiency of the ser-
vice, for he thought h the
might safely say that
they were never better supplied with locomotive
power than at the present m moent. He referred to
other heads of expenditure, including the increase
in wages, which bad caused the expenses in most
departments to increase ; but he was happy to think
they had probably touched their highest point, not
the tendency was not to so great an increase of
wages as it was a few months ago. There was au
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
from the in-
source of
increased charge on the revenue arose
terest on preference capital, and the rate of interest,
in consequence of having had to renew on higher
terms, had risen from £4 7s. 31d. to £4 Bs. 11d. pert
cent. Having shown them the worst side,
he mus
say be had considerable gratification, at the end of
12 months of severe financial depression and stag-
nation in trade—that amount of financial difficulty
which had caused so many bubbles to burst
had caused serious difficulty to many of the largest-
railway companies in the kingdom— he had cons
derable gratificationin laying before the shareholders
a summary of the expenditure and receipts. The
average rate of dividend which had been paid for
the year upon the ordinary stock was £5133.. 11d.
per cent., upon the preference stockie
t2h4ought d
that,
,
and upon debentures £4 Bs. 6d.
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seconded the motion.
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lieMero.nGcl.o Ld concluded
11y111,°Avii.V.
Mr. Stables, Dr. Frobisher, the
A long discussion ensued, in whiLchord Mr.
iTrotter,f
payment of the
York, Mr. 11Iewburn, and others took part, and
thea)
triter
nretxwt as,
laodvo!itetdh.o
evreiaelliriAi
dividend—viz., 5 per cent. on the Berwick stock, 41
per cent. York, 2i per cent. Leeds, 4 per cent.
Thirsk and Mahon, 41 per cent. Carlisle, and 71
per cent. Darlington.
Mr. KITSON seconded the motion, and it was
carried. A vote of thanks to the chairman con-
cluded the proceAings.