The Sun.
London, England, 1859-02-28 00:00:00

RAILWAY INTELLIGENCE.

WEST HARTLEPOOL.
The general meeting of this company was held
on Friday, at Hartlepool. In consequence of a
statement published by Messrs. Gardner and Love-
lock of Basinghall-street, London, pointing out
considerable discrepancies in the accounts, there
was a large attendance.
Mr. it W. JACKSON, the chairman of the com-
pany, presided, and commenced by reading the
directors' report for the year ending the 31st of
December last. It stated that, during the recent
period of commercial depression, the undertaking
had fully maintained its position in the district, and
during the few weeks of the present year the revenue
return exhibited a gratifying rate of progress—the
amount for the seven weeks being £22,838, as com-
pared with £19,667 for the corresponding period of
last year. The report further showed that the
amount credited to revenue had for the past year
been £178,497, including the sum of £2,717 brought
forward from the last account. The working ex-
penses were debited with £79,831, taxation £2,385,
leaving a surplus of £96,280. After debiting in-
terest and those prefnrence dividends which were
payable within the year, a balance was left £35,498,
out of which it was proposed to pay a dividend on

the consolidated stock of 4 per cent. per annum.
The traffic returns for coals, passengers, merchan-
dise, &c., amounted during the past year to the sum
of £178,497, as against £176,732 for the preceding.
year.. The declared value to her Majesty's Cus-
toms of the foreign merchandise exports from West
Hartlepool, irrespective of coals and coke, amounted
for the past year to ;.c.1.,2,469,313 as against £1,767,160
for the year 1857. The directors recommend the
proprietors to secure an interest to the extent of
£60,000, in the Cleveland Railway, which could
not fail to be a source of increased value to the
West Hartlepool undertaking;
The CHAIRMAN, in moving the adoption of the
report, said without wishing to say a word against
the office arrangements of the Board of Trade, he
was bound to remark that in scarcely any instance
did their returns agree with those published by the
different companies throughout England. Thu fact
was that the papers published by that department
were drawn in such a form as not to specify many
of the items of receipt and expenditure which
usually appeared in directors' reports. He very
much wished that the person who had excited those
inquiries with respect to the West Hartlepool ac-
counts had done him (the chairman) and the officers
of the company the kindness to ask for the requi-
site information. (Hear. hear.) In five minutes
this information could have been supplied to him.
The Board of Trade returns, it should be remem-
bered, were directed to ascertaining more particu-
larly what was the authorized capital and the total
expenditure of companies, and between these two
extremes came the item of mortgage debts, prefer-
ence shares, &c., not entitled to dividend. Under
that heading must be included a great number of
sums which the Board Of Trade did not require to
be stated specifically. To illustrate this he would
take the simple item of capital in the last returns.
In the last account of the directors there was a sum
of £208,000 to the credit of surplus land—being a
balance of surplus due to the company. This item
was not shown separately in the ' Board of Trade
returns, but was placed under the column " Not
capital, or entitled to receive any preferential in-
terest or dividend." In the same return there was
a discrepancy with regard to income. In the Board
of Trade report for last year the income of the West
Hartlepool 'Company was reported to be £140,591,
instead of £176,782. They had excluded all these
receipts as applicable to the docks and shipping.
(Hear, hear.) There was no fault with the Board
of Trade, in that they professedly asked for returns,
and only published these returns as regarded the
railway ; but curiously enough they had on the debit
side included the expenditure in connection with
the docks, so that thus the, balance of the receipts
appeared to be',70,000/, instead of 79,0001, and not one
farthing of general expenses had been deducted. It
was very desirable the public should understand
this point. The debit side included the expenses of
the docks, while the credit side excluded the re-
ceipts of the docks. (Hear, hear.) In the state-
ments he had seen in the press, professing to ema-
nate from some persons named Gardner and Love-
cilniffitecreuslttst,oanbde
itnintedreerssttodoidvidelnldesy,
acnadlletidie
Love-
lock, these matters had been worked up in a wayydivsoidceonmds-
plieated these accounts that he had cnly to say that
if Mr. Coleman, who hoorhfiac‘l,comri
minutes
dt
thethat
ai
cn
eqouui
nr yt
s,
would
with him at any time he would see the error they
bad fallen into by mixing up dividends and inte-
rest. (Hear.) Having made these explanations, it.
would be invidious in him to point out what he hap-
pened to know as to the variation in the accounts
of neighbouring companies. It would not be right