The Sun.
London, England, 1850-09-04 00:00:00

RAIL WAY INTELLIGENCE

YORK, NEWCASTLE, AND BERWICK.
Tue half-yearly meeting of this company was held
yesterday (Tuesday) at York. There was a rather
numerous meeting of shareholders, and the meeting
was presided over by Mr. G. Leeman.
Since the report and accounts were published, a
letter has been printed, and was circulated in the
room. This letter had reference to the refusal, on the
part of Messrs. Quilter, Ball, and Co., accountants,
London, to sign the accounts. They state they had
not been able to satisfy themselves that the items of
31,955/. 9s. 7d. interest, and 35,402/. Is. 1 Id. loss, in
respect of the Great North of ogland purchase ac-
count, were correctly treated, and as the correct ad-
justment of these items would in their view, as at
present advised, affect the revenue account, they were
not prepared to sign that document; neither could
they sanction the omission therefrom of the charge re-
que,ite to cover the deterioratioa of the rolling stock—
viz., 3,400/., as mentioned in the auditor's report, nor
the placing to capital account of a large proportion of
the charge for Parliamentary expenses. In reference to
the item of interest charged to capital, viz., 31,955/. 9s.
7d., they found that it accrued during the interval
between September, 1847, and June, 1849, and that
the fairness of its charge to capital must depend on
the amount of unproductive expenditure outlying
during that period. With respect to the item of loss
of 35,402/. Is. 11d., it appeared to the accountants
that it was of the nature of an interest balance ; and
they thought the correct mode would be to treat both
items as properly due from revenue, but having re-
gard to the transactions out of which they arose, their
I liquidation out of revenue should be gradual, and ex-
I tended over a series of successive half-years. They
arrived at the conclusion that these sums ought to be
charged to revenue on the ground that capital had
been already charged with a sufficient amount of in-
terest in respect of unproductive outlay. Subject to
these qualifications they found the revenue account
correct, and that the balance of 62,2121. 10s. Id. fairly
represents the net earnings of the half-year.
The usual notice of meeting having been read, and
the seal affixed to the registered list of proprietors,
The CHAIRMAN proceeded to address the meeting.
As the report of the directors and the accounts had
been in the hands of the shareholders some days, be
would assume that they had been read. After the
extent of details in those documents the directors did
not feel called upon to go at any great length into the
affairs of the company. They preferred that the re- ;
port should contain all the information necessary for j
the shareholders, rather than that they should intrust
such information to the transient character of a speech
from the chair. The directors know that the share-
holders are anxious for the closing of the capital ac-
count, and could assure this meeting that the feeling
which animated the shareholders was one which was
largely participated in by the directors. They had
ascertained that the total capital required to complete
the works now in hand would not exceed
10,500,0001. Of this sum 10,400,000/. was fixed
and certain expenditure, and only 150,000/. was
left contingent. They believed that this sum would
not be exceeded; and they did not contemplate
any other outlay without the express consent of
the proprietors. Their stock of engines, carriages,
and rolling stock was so complete and ample as to
be fully adequate to carry any amount of traffic
which the line can command. The half-year which
has just been closed has been one of considerable anx-
iety to the directors, seeing that it commenced with a
disunited proprietary; now, however, harmony pre-
vailed, and whatever other companies had contem-
plated, it was clear that this company was not one to
repudiate any engagement upon which it had en-
tered. As to the future prospects of the company, he
observed that it possessed 290 miles of railway; of
these, 150 miles formed the eastern route from Eng-
land to Scotland; and this railway, by means of its
trunk and branches, formed the medium of transit for
nearly all the coal raised in the counties of Durham
and Northumberland. It had also a population large
in extent, who were a locomotive people, and from
whom a great local passenger traffic must be com-
manded. He believed that the non-completion of
their railway had deteriorated their traffic, an im-
pression having gone abroad that the temporary
bridge over the Tweed was not safe. Now, how-
ever, the permanent bridge was opened under most
auspicious circumstances, and already they had
evidence of the benefits dived therefrom. The
Great Northern- Infvvay "bein4 opened, he en-
tertained no doubt would materially in-
fluence the future traffic or this railway, by increasing
the travelling by the eastern route. Their coal traffic
and their local traffic were also increasing. Of the
28,000/. increase of receipts during the half-year,
25,000/. had arisen in the quarter between April and
June ; and the traffic from the 30th of June to the
end of August (which was since the close of the last
half-year), showed an increase of 12,000/., or an
average increase of 1,500/. per week. He had men-
tioned these points to show the steady increase of
traffic which was taking place, and the promise of fu-
ture prosperity thus apparent. The chairman next
referred to the points of difference between the auditors
and their accountants and the directors. He showed
that the items in the capital account to which Quilter.
Ball, and Co., had taken exception, were clearly
rightly charged, and that they did not belong to re-
venue. The engines and carriages were additions to
original stock, and not purchased to replace worn-out
engines and carriages, and clearly could rot be fairly
charged to any particular half-year's traffic. On
the other points, he referred to deciAons of former
meetings, showing that those decisions supported
the directors, and that equity and justice
confirmed the directors in what they had done.
He complained that Quilter, 13a11, and Co., were at-
tempting to denude the shareholders of that dividend
which their line had fairly earned, and which they
proposed. With respect to the Pensher Branch Rail-
way, which the committee of investigation had re-
commended should not be made, the directors found
on entering office that the land had all been contracted
for and works let to an extent of 80,0001. by their
predecessors. The landowners had filed two bills in
Chancery to compel the formation of this branch, and
legal proceedings were threatened. Then the dock
at Sunderland, in which this company had a great
interest, would be materially benefited by this branch,
and the town of Sunderland had long complained
that their route to the south was circuitous, and that
if this company would not make the Pensher branch
they would find other parties who would gladly do so.
As to Mr. Hudson, they had received the 50,0001.
for premiums on shares as arranged ; and as to the
Sunderland Dicks, the company held ample security
for the sum owing by that gentleman. With re-
ference to the future management of this company,
he referred to the necessity of appointing a master
mind to give a more constant supervision to the
company's affairs. After most mature consideration,
the directors came to the conclusion that it would be
for the interest of the company not only to secure
the continuance of Mr. Harrison's services as engi-
neer of the company, but at the same time to vest in
him the supervision of its general business, and they
had made arrangements with Mr. Harrison to devote
the whole of his tine at a salary of 1,200/. a-year. In
conclusion, he moved the adoption of the report.
Mr. KIPLING seconded the motion.
Mr. DOUGLAS, of London, asked how it was that
he had not received his copy of the report till Friday,
when other shareholders had received theirs on Wed-
nesday.
same The SECRETARY said they were all posted on the
day.
er. t
Mr. DOUGLAS made sotne comments on the passen-
graffic. During the half-year they had carried
1,500,000 passengers, and on these they had gained
only lid., per passenger. He deemed the report mos g
unsatisfactory, and complained of deficient manage-
t
menu. If they allowed this to go on, they would soon
be without a dividend at all ; the working expenses
were frightfully heavy. The reduction Fin dividend
this half-year entirely arose from the indiscreet re-
duction of first-class fires. He complained of the
extent of miles run upon this line, and commented
upon the Great 'Western Company having beneficially
reduced the number of miles running, and at the seine
time they had kept up their receipts. The South-
Western had reduced their working expenses by one-
.welfth. But on this line, the Newcastle and Ber-
wick, they saw their dividends falling, while their
working expenses were rising. He thought that the
working expenses ought to be and must be reduced,
and he contended that he had proved, by reference to
other companies, that it could easily be done.
A question was put as to what was the technical
objection respecting the Auckland Bill which induced
it to be abandoned. The Chairman, in answer to
Mr. Douglas, proceeded to show that that Bill was
withdrawn in consequence of a combination of that
person and other parties with the Leeds and Thirsk
Company. This was met by a denial by Mr.
Douglas, who declared that what the Chairman had
said was totally false; upon which the Chairman
vindicated the accuracy of his statement. Much
angry personality ensued, and finally the meeting
evidently became weary of the obse—iations on this
and other topics. Upon this, Mr. Douglas asked if
the men who interrupted him were paid for doing so.
The Chairman replied, with all the indignation to
which words could give effect, that they were not.
Ultimately the CHAIRMAN took a show of hands
whether Mr. Dwigllvs 5h91114 be further helirdi when

Mr. RAMSEY suggested they should have the ar-
rears of calls collected.
The CHAIRMAN pledged himself that there was and
should be every vigilance.
Another SILAREHOLDER asked what promise there
was of a return of re►enue from this branch P
The CHAIRMAN said that the directors had endea-
voured to ascertain the probable additional traffic
which this line was likely to produce, but had found
it exceedingly difficult to form any estimate. It
would, however, open an important portion of coal
district, and there was a prospect of additional local
passenger traffic. There was also a great interest
held in the Sunderland Docks by this company,
whose business would be greatly augmented by this
branch.
Mr. CHAYTOR had mode considerable inquiries in
the district as to the traffic to be derived from this
branch, and had collected important documents ; the
result was, in his opinion, a justification of the con-
structio❑ of this branch. lie thought a very large
increase of traffic would ari6e, realizing from 5 to 10
per cent. on the outlay, probably 7i per cent.
In answer to a question, the CHAIRMAN said that
the line would be seven miles in length.
The CHAIRMAN said the company had incurred
legal liabilities which they could not avoid, and there-
fore the directors asked for the powers to construct
the branch. As to the Auckland branch, they were
not under similar stringent liabilities.
The resolution was then carried nearly unarni-
mously ; also a resolution empowering the directors to
apply to Parliament for additional powers.
A resolution was passed authorising the consolida-
tion of such shares into stock as have had all the calls
paid up.

- Mr. RAMSEY moved a resolution that the salaries
of all officers receiving 100/. and upwards be pub-
lished with the half-yearly accounts ; also the parti-
culars of every contract entered into.
Mr. MITCHELL seconded the motion.
The CHAIRMAN, on behalf of the directors, objected
to this proposal, as being invidious and calculated to
be prejudicial to the interests of the company.
Mr. DOUGLAS inquired whether Mr. Harrison
would be paid for superintending the construction of
the Pensher branch, beyond his allowance of 1,200/.
as general manager ?
The CHAIRMAN said Mr. Harrison had offered to
superintend and take the entire responsibility of the
Pensher branch for 501. per mile.
Mr. JOWETT, Mr. WYLIE, and other shareholders,
having addressed the meeting on the motion proposed
by Mr. Ramsey,
A division was called for, when the numbers were :
For the resolution, 20; against it, 33. The motion
was consequently lost.
Mr. RAMSEY demanded a poll, but ultimately with.
drew it amid,t much uproar.
The proceedings terminated with a vote of thanks
to the chairman, which was carried unanimously.

RAILWAY DOCKS.—At the meeting of the Sunder-
land Railway Docks just held the report stated that
since their. opening in June a large number of home
and foreign vessels had availed themselves of their fa-
cilities, and that to accommodate the traffic in coals
the York, Newcastle, and Berwick Railway were
about to construct their Pensher extension, connect-
ing the docks, which have cost upwards of 200,0001.,
with the main line. At the meeting of the Sutton
Pool Docks, on the 30th, connected with the Great
Western Railway, the report showed that 25,0001.
bad been expended in improvement on the new quay,
and that negotiations were in progress with the Great
Western Railway for a branch from their line to the
docks. A dividend of 17s. 6d. per cent. for the half•
year was declared. The new docks just projected in
connexion with the Vale of Neath Railway at Briton-
ferry, are estimated by Mr. Brunel to cost 45,000/.,
of which sum about 15,000/. is said to be subscribed.
OXFORD AND RUGBY.—The Great Western Rail-
way Company's line from Oxford to Banbury was
opened for traffic yesterday, giving a competing route
with the London and North• Western out of London
to those districts. The distance to Banbury by the
Great Western is 87 miles, by the London and
North-Western 78. The distance by the latter line
will be done in three hours, and by the former in
about three hours and a half, while the relative pas.-
senger fares will be as 17s. to 14..
R EXCUUSIONS.—On Monday the Eastern
Union Company took 1,000 persons from Sudbury to
Ipswich, and the Great Western Company 3,000 per-
sons from Oxford and other places into London.

N
I on.
;shoe° P
Admiralty 0
BMutCoiday last, to consider a proposed modification in the scale
VICTUALLINGo-tt
board
ofil 0E:1 c e s l assembledT BTYs a
I t
em-
barked on board transports and troop-ships. According to
established for victualling her Majesty's troops when
the present regulations the troops have only two-thirds of
the navy allowance; but this has been found to be too little
solid food, and moreover. it has often turned out that the
commanders have declined to allow the troops to take any
extra provisions, although paid for and ant of their own. pockets. It would be well, at the same time, if the Admi.
rally were to take into consideration the unequal allowances
granted to officers of the army and navy on board troop-
ships. Army officers are allowed 4s. 6d. per diem extra
whilst on board troop-ships, whilst navy officers, who are
put to much inconvenience and great additional expense is
entertaining day after day their passengers, do not get
4410 fgkilin sCrVifc Ga4ettS.