The Sun.
London, England, 1845-08-07 00:00:00

RAILWAY INTELLIb ENCE.
YORK AND NORTH MIDLAND.

YORK, WEIONESDAY. —Yesterday afternoon the half-Yearly
general meeting of the above Company was held in the board-
room, at the station in this city. There was an extremely
large attendance of Shareholders. Mr. George Hudson took
the chair. The following is an extract from the report :
" The Directors have the satisfaction of presenting to the
Proprietors the usual statement of accounts for the half-year
ending the 30th of June last, showing a balance in favour of
the Company of 49,307/. 15s. The Directors recommend
that a dividend be declared after the rate of 101. per cent. upon
the original 501. and 25/. shares, and after the same rate upon
the new shares created for the Leeds and Selby purchase, de-
ducting interest at 41. per cent. on the amount not called up
on those shares. The total amount of dividend will be 44,2201.
(which it is proposed to pay without deduction for property-
tax), leaving a surplus of 5,087/. 15s. to the credit of the
Company. The Directors have,to report to the Proprietors
that, during the present session of Parliament, the royal
assent has been given to the following Acts of which this
Company were the promoters, viz. An Act for enabling
the Yerk and North Midland Railway Company to alter
the line of the York and Scarborough Railway near
the city of York ; for authorising the sale of the Whitby and
Pie!;aring Railway to the York and North Midland Railway
Company, and for enabling the said Company to make certain
deviations or alterations in the line of the Whitby and Picker-
ing Railway; for enabling the York and North Midland Railway
Company to make a branch railway from the line of the York and
Scarborough Railway, in the township of Seamer, to Bridling-
ton; for enabling the York and North Midland Railway Corn •
pony to make a railway from the line of the York and North
Midland Railway to Harrogate.' Thus adding sixty-four
miles of railway to the length of line previously under the
management of the York and North Midland Company. The
Directors congratulate the proprietors upon the auspicious
opening of the Scarborough branch, the traffic upon which has
fully equalled their expectations. They add the usual cash
statements, and also the following details of the traffic for the
last half year, viz.:—Passengers first class 39,643, second
class 59,7011,i, third class 119,756; total 219,1001/2. Horses
1,941, carriages 490, dogs 496, cattle 10,678, pigs and calves
2,609, sheep 52,469. Goods 121,931 tons ; coke, stone, Sze.,
11,025, coal 22,346, lime 3,315 ; total 158,620 tons."
The CHAIRMAN then addressed the meeting, and said—
The results of the past half year cannot fail to be satisfactory
to you, as we are enabled to pay you a dividend equal to that
which we anticipated when we last met you. There is every
prospect that, on the termination of this half year, there will
be left a surplus as large as that of the corresponding half of
last year. No doubt in the next session we shall be enabled
further to extend our line; and we have a fair chance of ob-
taining an important link in the Pocklingten and Beverley die-
trict. We intend immediately to have the various lines which
have been granted to us staked out, and I confidently hope that
we shall be able, by this time next year, to open a portion, if
not the whole, of these lines.---(Cheers.) We have cause to
congratulate our Shareholders on the splendid prospects which
have been opened to them by the opening of the York and
Scarborough line.—( Hear.) That line will, in my opinion,
be one of the most productive in the kingdom. We do not, as
you are aware, carry coal upon it yet, as we were anxious,
in opening it so soon, to give the public this summer an
easy mode of communication to one of the most delightful
watering places in the country. We have executed the
lease of the Hull and Selby line, and it has received
the seal of the Company. The line is now worked under the
management of the York and North Midland Company, and in
the returns of the receipts those on the Hull line are included.
It requires 1,0001. a week for the rent of the line, and, deduct-
ing that and the working expenses from the receipts, the re-
main.!er will be applicable to the dividend of the York and
North Midland Company. There is in that, I think, a fair pros-
pect of the present dividend being continued. I have seen
lately some ob,ervations which have been made with respect to
the accidents which have recently occurred on some of the rail-
ways. I believe that as long as the human mind is subject to
error, accidents will occur from causes which Directors of
Companies cannot avoid. But depend upon it that you will
have them much more frequently if you have lines such as have
been granted this session, constructed with very bad gradients.
It has been said in the House of Commons that one out of 150
is not a bad gradient; in fact. I believe it has been said that it
is a good gradient, or, at all events, that it is not objection
able. On the lines to which I have referred, the gradients will
bit such as to require an engine behind the trains as well
as in front. Accidents frequently occur in consequence of
this, which it makes one shudder to think of. On the lines
over which I preside, we never allow the locomotive to be be-
hind the train. I think the practice is attended with the utmost
danger. Ido not mean to say that it ought never to be re-
sorted to, but it should only be at stations and other places
where the trains go slowly. See the Croydon line—an engine
is placed behind every train, as well as one in front. Suppose
a sudden stoppage took place of the engine in front, the engine
behind, if it had any power at all on, would double up the train.
I can conceive nothing more objectionable than for Parlia-
ment to sanction bad gradients, when better might be obtained ;
for the public, when bad gradients are sanctioned, are deprived
of the advantages attendant upon the improvement of the loco-
motive engine. It is gratifying, indeed, to find that the York
and North Midland has been so free from accidents. We
have had only one collision since the line was opened—we have
had but one fatal accident. Ido not say this boastingly, but
in a spirit of thankfulness. Sir Robert Peel the other night
said that something ought to be done to teach Directors of
railways due responsibility. Had he known half the anxiety
and care which exists in my mind when an accident does
occur, I am confident that he would not feel that there was
any necessity for placing greater responsibility upon us
than at present exists. I will not allude to the London and
York. Lord Brougham, although he is very funny, and has
no harm in him, has, I think, been rather mistaken in his de-
fence of the subscription contract of the London and York. I
know myself one case in which a minor signed the deed for
67,000/. Of course the deed is not binding on such a party.
Ido not, however, think that this is the proper way to attack
a company. We go to the merits of the case, but we were not
allowed to go into the merits of our own case. I regret the
decision which the London and York Committee came to, as
I think it is wrong. We took every care, however, to have
our case heard, and we must submit to that tribunal which
has a right to decide upon the matter. There is another ap-
peal, and in that I trust that we shall be more fortunate. We
were put to great expense in appearing before the Committee
of the House of Commons, and all to no purpose, as we were
not allowed to be heard. We intend to petition the Speaker
for a return of the fees which we paid, as the House of Com-
' mons would surely not refuse to give us a hearing and take our
money as well.—(Cheers.) I trust that whatever may come
to pass, we shall always be in a position to pay you your pre-
sent dividend ; and if can do that we need not care much
who makes new lines. We may cry content while we get our
dividend. If the London and York can get ten per cent.
without interfering with us, I, for one, shall nut regret it. I
always feel rejoiced to see my neighbours succeed in any un-
dertaking in which they may embark.
The Hon. Gentleman sat down amidst loud applause.
The resolution adopting the report was carried unanimously,
and a dividend at the rate of 10 per cent. was then declared and
made payable on the 19th inst.
'The CHAIRMA N said the next resolution was a formal one,
to sanction the purchase of the Whitby aad Pickering Railway.
The Bill authorising the purchase had received the royal assent.
They were already proceeding with the relaying of the line. It
had been said that this Company had the control of almost all
the ports in the kingdom, but he trusted that whatever power
they p3ssessed they would use it to the benefit of the public ;
for unless they did so, they would not retain their power long.
The resolution was passed.
The CHAIRMAN said the next resolution had reference to the
extension shares. They intended to lay down a double line of
rails to Scarborough, as the traffic fully justified such a step.
They hoped to have the double line laid down to Mahon in the
course of six or eight weeks, as in all probability the acts which
had received the royal assent would swallow up all the money
which had been received on the extension shares ; there would
therefore be new creations of York stock.
The resolution, which was merely formal, to provide for the
registration of the shares, was then put and carried.