The Sun.
London, England, 1859-02-21 00:00:00

RAILWAY LVTELLIGENCE.

EASTERN COUNTIES.

The report of the directors of this company state
that the receipts of the half•year ending the 31st
of December last amounted to £715,705, against
£713,773 in the same half of 1857, and the expenses
to £325,286, against £321,858, showing an increase
of £1,932 in the receipts, and of £3,428 in the ex-
penses as compared with the corresponding half of
1857. The working expenses amount to 45} per
cent., as as against 45-} per cent. for the corre-
sponding period. Excepting the items amounting
to £2,296 for land and compensation, the only
addition to capital account for works in the half-
year is £3,733 on joint account. The .sum of
£7,950 was paid for land adjoining the Bishopsgate
station, which would be invaluable to the company
-whenever it might be necessary to enlarge that
station. As regards the Eastern Counties Com-
pany there is a net sum applicable as revenue
(after deducting the working expenses) amount-
ing to £246,326, from which is deducted
£142,303 interest on guarantees and loans, leaving
a balance of £104,023. To this is added £6,292
from the June account, making £110,315. From
this is deducted £12,000 on account of deferred
permanent way account, leaving £98,315 avail-
able for dividend, out of which the directors
have declared a dividend of £1 12s. 6d. per
cent. for the half-year, being at the rate of 31
per cent. per annum on the ordinary share capital
of the company, which will absorb £94,796, and
leave a balance of £3,519 for the next account. The
East Suffolk Railway is expected to be ready for
opening in the spring. The way and works have
been well maintained, and all works of importance
in the renewal of bridges are now completed. The
whole expenditure has been charged to revenue.
The report of the engineer, Mr. Sinclair, will show
that the utmost care and attention have been be-
stowed. The locomotive department is also in a sa-
tisfactory state. In addition to all the expenses for
repairing the rolling stock, the sum of £7,000 has
been charged in respect of new plant. No sum has
yet been charged to the capital account for new
plant requisite for the working of the Woodford and
Loughton line, but as soon as it is delivered the
cost will be charged to the capital account. During
the present half-year the revenue account has been
debited with £12,000 for the permanent way de-
ferred account ; during the half-year ending the
30th of June last, with £B,OOO, making together
£20,000 this year. The amount standing at the
debit of this account was, in Dec., 1856, £137,761.;
it is now £58,655, being a reduction of £79,105.,
all borne by revenue. The usual examination of
the register for the half-year ending 31st of Dec.
last has been made by a person unconnected with
the company. The stock ledgers have been care-
fully checked ; each transfer has also been examined
and checked, and the register is found to agree with
the amount of the several stocks as authorised to be
raised by the company. The dividend account has
likewise undergone an examination, and is also
found correct. The question of differences raised
by the Norfolk and Eastern Union Companies in
respect of the half-yearly accounts since the amalga-
mation remains unsettled. Instead of referring the
subject to arbitration, provided for by the agreement,
proceedings have been taken, and a bill in Chancery
has been filed by these two companies. The pro-
prietors are no doubt aware the Railway Com-
panies' Association has been formed chiefly for the
purpose of lessening the evil consequences which
may result when different companies become an-
tagonistic one to the other. So long as the asso-
ciation confines itself to the assertion and promo-
tion of general principles for the good of all the
companies, it will receive the support of the Eastern
Counties directors, who will use their best endea-
vours to promote principles of amity and goodwill.
In conclusion, the directors state that the property
is in a sound and healthy condition ; that no money
is spent unnecessarily ; that no new works are
undertaken except such as are absolutely necessary,
and will prove of a remunerative character ; and
that the future success of the company may be
expected while the same regard is shown not to
burden capital with revenue charges, and the same
attention paid to the economical as well as efficient
working of the lino. The capital account shows
that £11,301,118 had been received, and £11,030,383
expended, leaving a balance of £270,735.

NORTH-EASTERN.
Thehalf-yearly meeting of this company was held
at York on Friday, Mr. H. S. Thompson in the chair.
The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said that the result of the working of the
line for the past half-year was upon the whole of a
favourable character. There was a reduction of
about £18,820 in the receipts, and one of about
£18,700 in the working expenses; but the circum-
stances were very little dependent on each other.
The reduction under the head of " locomotive ex-
penses" was about £lO,OOO. The reduced mileage
had :caused a saving in coke, wages, &c., to the
amount of about £1,300. The largest reduction
under that head was £4,381, which had been saved
in the cost of coke and coal. Looking at the ac-
counts for the whole year, he found that there had
been a reduction of £60,000 in the traffic in 1858
compared with 1857. The dividend which the
directors proposed to pay was a half per cent. less
than last half-year, but last half-year a sum of
money equal to a dividend of a quarter per cent.
was received from the Post-office authorities for
arrears due for carrying the mails, so that there
was really only a reduction of a quarter per cent.
It ought also to be stated that £9,000 less was car-
ried over from 1858 to the account for 1859 than
was carried over from 1857 to 1858, and this was
equal to a dividend of 2s. per cent. He thought
that the present position of the line ought to be
regarded, on the whole, as tolerably satisfactory.
The adoption of the report was seconded by Mr.
PULLEINE.

Mr. HARRISON, in reply to a question, assured
the meeting that the Jarrow Docks would admit
the largest vessel that had ever entered the Tyne.
The report was then unanimously adopted.
Mr. FARSIDE proposed that the directors should
consider the desirableness of withdrawing the bill
for the Harrowgate branch. _

Mr. PENNY seconded the resolution.
After some remarks by Mr. Whincup, Mr.
Sweeting, and Mr. J. D. Dent,
The CHAIRMAN replied, that the directors were
fully satisfied of the desirableness of constructing
the intended branch.
The resolution was negatived.
On the motion of the CHAIRMAN, seconded by
Mr. KITSON, it was resolved to present £l,OOO and
plate to the value of £250 to Mr. T. E. Harrison,
C-E., as a testimonial of the sense which the com-
pany entertained of his eminent services as the en-
gineer and superintendent of the Tyne Docks at
Jarrow.
The retiring directors were re-elected, and a re-
solution declaring a dividend at the rate of £1 15s.
per cent. per annum on the Berwick stock, 4 per
cent. on the York stock, and £2 7s. 6d. on the
Leeds stock, was unanimously adopted.
The meetinr, was then made special for the pur-
pose of considering the proposed amalgamation
with the Newcastle and Carlisle Railway.
The CHAIRMAN said it was found that the North-
Eastern Company would be entitled to 90 per cent.
of the united receipts and the Newcastle and Car-
lisle to 10 per cent. He proposed a resolution to
the effect that the directors should be authorised
to complete the agreement.
Mr. PULLEINE seconded the motion.
In reply to Mr. SIMS,
The CHAIRMAN stated that the receipts of the
Newcastle and Carlisle Company were £103,000
last year.
Mr. PENNY moved that the consideration of the
proposed amalgamation be postponed for three
weeks.
On the original motion being put to the meeting,
it was carried almost unanimously.
A vote of thanks was awarded to the chairman,
and the proceedings terminated.

EAST LANCASHIRE.
The half-yearly meeting was held on Friday at
Bury ; Mr. Dugdale in the chair.
The CHAIRMAN said the half-year's revenue, com-
pared with that ending December, 1857, showed an
increase of £10,176 in gross receipts, which, how-
ever, included this company's proportion of the
receipts on the Blackburn Railway, of which they
were now joint proprietors with the Lancashire and
Yorkshire Company. The increase was entirely
from merchandise traffic, the passenger receipts
having been less by £1,982 than in the half-year
during which the Art Treasures' Exhibition was
open. The working expenses had increased by 1.54
per cent., which was
more than accounted for by the
Parliamentary ex
with the s of last session in connexion
Amalgamation Pia Bill. The locomotive ex-
penses had decreased £1,593. The actual saving
from the use of
ecxoapleinnsiandaof eoke had been £1,680.
The coaching decreasedexpenditure
ddit by £1,445.
The permanent way
showed a very
large increase, occasioned by adudri4edoenal rails, chairs,
Bill, in
and sleepers. The Parliamentary
con-
nexion with the Amalgamation B asat session,
were £10,146, and the whole of this com
portion (£5,073) had been charged againPstaurnYee'vasesnphuriF.
The directors of this company, and of the Lancashire
axed Yorkshire continued to, work harmoniously,
and had consequently been enabled to afford some
additional facilities to the public. The latter
were more directly interested in the amalgama-
tion than the shareholders, and he confidently
anticipated that the bill would pass during this