The Sun.
London, England, 1868-02-21 00:00:00

NORTH-EASTERN.

Yesterday the half-yearly meeting of this com-
pany was held in York. Mr. H. S. Thompson, the
chairman, presided.
The report, and abstract of whichappeared in The
Sun, was taken as read.

The CHAIRMAN stated that in the report they had
alluded to the increase in the receipts as being
highly satisfactory. It was not a brilliant statement,
but he thought when they came to examine the
grounds upon which it was so described, the share-
holders would agree with him it was only fair to so
call it. The increase of the receipts during the
past half-year, as compared with the corresponding
half of 1866, amounted to £71,723, but the increase
for the whole of the year was £Bl,BBl. Ile noticed
the several receipts under the heads of passengers,
goods and cattle, and minerals, and with regard to
passengers stated that there was a decrease on the
year of £20,793. The decrease in the passenger
department was the least unsatisfactory, because
it would be regained by the natural increase of
population, and that increase they all saw was
steadily taking place in the travelling habits of
the population. In the case of a decrease of passen-
ger traffic last year as compared with 1866, he
pointed out that there were special reasons why in
the last-named year there was a greater number of
passengers travelling on their line than last year—.
such, for instance, as the Industrial and Fine Art
Exhibition, the Royal visit and Volunteer review,
and Church Congress at York. The increase of
receipts from goods and cattle he thought fairly re-
presented the state of trade in the district, and
might be considered as highly satisfactory when
they remembered that they had had for several
years such a large increase in the receipts. (Ap-
plause.) The late distrust which had been mani-
fested had led to a great movement among railway
shareholders, which was taken advantage of by
speculators in the London and other Stock Ex-
changes, who thought they saw their way to making
money by depreciating and running down the credit
of one railway company after another, and then
purchasing the shares which had, by their opera-
tions, been thrown on the market. The North-
Eastern Company was not free from that sort of
action, and when the directors found that they had
been attacked as well as other companies, they took
the natural course of calling their proprietors to-
gether, and telling them to come and judge for
themselves as to the truth or want of truth in the
statements which had been made respecting the
management of the company. (Applause.) That
meeting was held, and after hearing the statements
respecting the management and the affairs of the
company, the shareholders gave a most de-
cided expression of their confidence in the
directors. (Applause.) From that time to this
they had given their best attention to endeavour to
afford such information in the accounts as that the
shareholders should be able to judge for themselves
on every point of importance connected either with
the management or future liabilities of the com-
pany, and he hoped their accounts and reports would
be found by the proprietors to approach as nearly
as possible to an actual inspection of the accounts
themselves. He felt that in the report the directors
had now presented the shareholders would derive
all needful information to enable them to satisfy
themselves that the undertaking was in a thoroughly
sound and proper position. (Loud applause.) The
Chairman concluded by moving the adoption of the
report.

Mr. G. LEEMAN, M.P., seconded the motion,
which, after some discussion, was carried.
The CHAIRMAN then moved the payment of the
dividends on the 29th inst., at the following rates
per annum :---Berwick, 6 per cent. ; York, 51 ;
Leeds, 31 ; Thirsk and Malton, 4 ; Carlisle, 8 ;
and Darlington, 81 per cent.
Mr. J. W. PEASE, M.P., seconded the motion,
which was adopted.
The CHAIRMAN next moved that the company be
authorised to borrow and re-borrow on mortgage
the sum of £377,000, being the amount authorised
to be borrowed by the Durham Lines Act, 1866.
Mr. KITSON, of Leeds, seconded the motion,
which was carried.

Messrs. Copperthwaite, Dodsworth, Hartley,
Hunter, and Kitson were re-elected directors, and
Mr. G. Fenwick was elected a director in the room
of the late Mr. J. Hodgson, of Newcastle.

Mr. Wylie was re-elected an auditor, and the
salaries of the auditors were increased from £l2O
to £2OO per annum.

which was then held, a re-
At a special meeting
solution was passed authorising the increase of the

rate of interest on the company's unissued deben-
ture stock (authorised to be created in 1856) from
4 per cent. to 4i per cent.
A vote of thanks to the chairman and directors,
expressing confidence in them, concluded the pro-
ceedings.