The Sun.
London, England, 1845-02-20 00:00:00

PONTOP A

,Os

RAILWAY COMPANY.—(THIS DAY.)
The usual half-yearly general meeting of the Shareholdasit
in the Pontop and South Shields Railway was held this day,
in Guildhall-buildings, Mr. Robert Stephenson, Chairman of
the Board of Directors, in the chair.
The report stated that, notwithstanding the interruption
of the general trade upon this line, for the space of four
months in the past year, arising from the strike of the
pitmen, the result of the year's traffic had proved to be fully
equal to that of 1843, and. the Directors were much gratified
in finding that the anticipations which they entertained at
the last half-yearly meeting had been realised. The receipts
for the half-year, to the 31st December last, were 34,158/.
11s. 10d., and the expenditure for the same period was
22,401/. 16s. 4d., leaving a balance of 11,7561. 15s. 6d.,'
which sum was chargeable with an interest upon the Mort-
gage and Loan Debt, amounting to 5,290/.175. 3d., leaving a
balance applicable to a dividend of 6,465/. 18s. 3d. The 'Di-
rectors of the Durham Junction Company had paid over to
this Company the sum of 35,375/., and the further sum of
18,0001. was received in Jan. last, being the proportion of the
purchase-money of the Durham Junction Railway for the
400 shares held by the late Stanhope and Tyne Com-
pany in that undertaking, and which formed part of
the assets assigned under the provisions of the Act
of Incorporation to the Pontop and South Shields Company.
It was proposed at once to write up this amount to the credit
of the share account of each proprietor of shares in this Com-
pany, at the rate of 8/. 10s. for each share. A further por-
tion of the Debenture Debt of the late Stanhope and Tyne
Company had been paid off, amounting to 5,252/. 1 ls. 2d.
There now remained of the liabilities of that Company the stint
of 35,500/. only, of which 14,5001. will be due in June or
July this year, and the remainder in the years 1847 and
1849. To meet the payment of the 14,5001., the Directors
proposed making a call of 1/. 10s. a share, giving credit for
8/. 10s. a share, received of the Durham Junction Company,
and requiring payment in cash of 1/. 10s. only per
share, which would be amply sufficient to meet
the required payment. Arrangements were pending
with the Newcastle and Darlington Company, which, when
sufficiently matured would be submitted to the Proprietor);
and it was hoped that a considerable increase of revenue
might be looked for from the complete development of the
resources of that line. The remission of the duty on
coals for export might also be expected materially
to influence that portio❑ of the trade upon the line which
depended upon foreign supply. The 'Directors closed their
report with congratulating the Proprietors upon the pros-
perous state of the undertaking, which was now placed on a
firm basis, affording a safe and certain return upon the capital
invested with every prospect of a considerable increase at no
distant period.
The report having been received and adopted, a dividend
of 30s. per share, being equal to 5/ per cent. per annum upon
the paid up capital, was declared, and ordered to be paid Im-
mediately.
Messrs. Grant and Wood were then re-elected Directors,
and a vote of thanks to the Chairman having been agreed to,
the meeting separated.