additions or alterations as they may approve of, and that the directors be empowered to affix the corporate seal of the company to the agreement then concluded.

TAY BRIDGE.-By 33 and 34 Vic., cap. 135, the company is authorised to construct a bridge over the river Tay and lines of railway in connection therewith, commencing by a junction with the main line at Leuchars, and proceeding in a north-westerly direction to near Newport, in the parish of Forgan, in Fifeshire, thence by bridge across the river Tay with a line through Dundee to join the Dundee and Arbroath railway at the east end of the town. Total length, 9 miles 3 furlongs 6 chains 60 links. Capital: shares, 35,000; loans, 116,6001. The bridge and relative lines will form a separate undertaking. The undertaking is not chargeable with any debts, engagements, or liabilities, or with any money or interest due on mortgage, of the North British, except such as the said separate undertaking may be specially liable for under any agreement entered into between the company and the subscribers to the separate undertaking. The dividend assigned to the share capital will be 5 per cent., with a lien over the receipts. of the undertaking.

The North British works the Berwickshire, St. Andrews, Leslie, Devon Valley, Blane Valley, and Milngavie railways.

MILEAGE-North British proper, 7483, of which from Thorniebank to Hardens reen junction 13 miles, opened 1st August, 1869, and from Sunnyside junction to East junction with City of Glasgow Union railway 73 miles, and joint line to west junction with City Union mile, opened 22nd August, 1869. Peebles (leased by North British, but receipts not included in their accounts), 18 miles. Lines worked by North British, 53 miles 69 chains. Total, 820 miles.

REVENUE.-The receipts for the half-year ending 31st January, 1870, amounted to 762,4001. against 736,5221. in the corresponding period of 1869. showing an increase of 25,8781. The expeuditure amounted to 408,2621. against 400,092, showing an increase of 8.1707. The net revenue amounted to 354.1371, against 336.4291., showing an increase of 17,7087. The balance available for dividend was 178.7641., of which 178,4141. was applied in payment of dividend on the various preference and guaranteed stocks leaving a balance of 3501. Notwithstauding the opening of the Cleland and Mid-Calder in July last, by which a new competing route between Edinburgh and Glasgow was established, the company had carried more passengers between those two cities than in the corresponding period of last year, but the revenue derived had been less, as the Caledonian had reduced fares, and the North British had to make a corresponding reduction. The receipts for the half-year ending 31st July, 1870, amounted to 732,018, and for the corresponding period in 1869 to 727.7824., showing an increase of 4,236. The expenditure amounted to 407, 1887., against 387,0091., showing an increase of 20,1791. The net revenue amounted to 324.8301., against 340.7721, and against 297,6041. in 1868. The net revenue available for dividend amounted to 156,775l., against 166.1161. in 1869, and 131,4067. in 1868. Payment of dividend on the 24 preference and guaranteed stocks, including 18. 3d. per cent, on the Edinburgh and Glasgow preference (ordinary) stock, amounting in all to 156,6221., left a balance of 1521. to next half-year.

PARLIAMENTARY.-It was reported in September that the directors had been successful in obtaining Parliamentary sanction to an agreement with the Clyde Navigation Trustees, under which the trustees are to contribute 150,000l. to secure the construction of the branch railway to the docks at Stobcross, and accordingly that line will now be proceeded with as a separate undertaking. The Tay Bridge Bill was also successfully carried through Parliament, but the plan of the viaduct was left for after adjustment to the Board of Trade. This course afforded an opportunity of improving the gradient of the railway, and at the same time reducing the cost of the work, as the directors were satisfied that the height of the bridge could be restricted, and the number of wide spans diminished, without injury to the navigation. To facilitate the decision, and secure the company against a protracted opposition, the directors considered it expedient to enter into contingent agreements with the parties interested in the navigation above the site of the bridge, and, as they anticipated, the investigation instituted by the Board of Trate has resulted in the company being authorised to effect a reluction on the height of the bridge, varying from 12 to 20 feet, and to diminish the number of 200-feet spans. modifications which, while lessening the onst of the work, will give increased strength to the structure, and improve the gradient of the line.

CALEDONIAN.-It was also reported in September that the result of the half-year's operations was somewhat unsatisfactory, but not more so than might have been anticipated, regard being bad to the legislation of former years, and to the still incomplete means available to the company for accommodating a large section of competitive traffic. as well as to the obstructive position assumed by the Caledonian. That company had a so transferred from the joint route vid Larbert to their Cleland route a large proportion of the goods and parcels traffic between Edinburgh and the north of Scotland, abstracted a certain amount of the Dundee and Edinburg, and Leith traffic to that route, opened a new route for passenger traffic between Glasgow and the North, and also opened a competing route between Edinburgh and Glasgow, and in the latter case with a reduction on the fares. The increase in the working expenses was to a considerable extent accounted for by the additional number of trains the company had been compelled to run between Edinburgh and Glasgow and to the North. On the 1st of May last the number of passenger trains run by the Caledonian between Edinburgh and Glasgow, vid their Cleland route, was increas d from six to 12 each way daily, and the Board felt they had no alternative but at once to afford increased facilities by the Edinburgh and Glasgow. This step is fully justified by the result, which shows that, in the six months to 31st July last, 4,500 inore passengers were conveyed between Edinburgh and Glasgow by the North British than in the corresponding six months of last year, when they carried the entire traffic; but, by the reduction of fares before adverted to, the receipts were less by fully 4,000l. The present train service is undoubtedly in excess of the public requirements, but so long as the Caledonian run an undue number of trains, it is obvious the North British has no choice but to follow. With regard to the passenger traffic between Glasgow and the North, which the Caledonian commenced to compete for on 1st January la t, your directors were desirous of limiting as much as possible the number of trains; but as that company not only declined to allow the North British to put in force their statutory facility rights, but interposed every obstacle to the exercise of running powers over the Scottish Central line, the company have been subjected to serious loss in revenus and extra cost in working. The course adopted by the Caledonian was so obviously at variance with the spirit and intention of the Amalgamation Act of 1865, that your directors lost no time in submitting to the standing arbitrator a statement of their grievances, along with an account of the loss and damage sustained by the company from 1st January to 22nd February (the date of their appeal to him). These were carefully inquired into. and under an award issued by the standing arbitrator, he has, except on one or two points of minor importance, found that the company's complaints were wel' founded, and adjudged that the Caledonian had in numerous instances acted in violation of the provisions of the Act, and awarded damages for the period named to the amount of 7501. And inasmuch as the Caledonian continued to withhold the facilities they were bound to afford, to the further loss of this company, they have been called upon to pay an additional sum of 2,6331. 68. 8d., for the period which has elapsed since the date of the deed of reference. being at the same rate per day as in the award. although the loss was relatively greater than in the former period. The directors have further required that the award of the standing arbitrator shall, in all other respects, be immediately put in force, and there can be no doubt that, by the exercise concurrently of facilities and running powers, the company will carry a large share of traffic, and at a reduced charge. Negotiations have been opened between the two boards for the purpose of a signing to each company fixed proportions of the revenue from passenger traffic between Glasgow and the North, and thus avoiding unnecessary expense; but no agreement has yet been arrived at. So impressed are your directors with the permanent advantages of an agreement for the division of all competitive traffic that they have renewed an offer they formerly made to the Caledonian Board, to enter into a legal and binding agreement for the division of traffic of all descriptions for which both companies compete, and should the companies fail to agree on the terms of division, that an arbitrator be appointed to fix the proportions, subject to revision at the end of such period as he might determine, in. order to meet the difficulty to arise from the development of authorised works, the competitive powers of which cannot at present be estimated.

CAPITAL. This account to the 31st of July last showed that '0,262,3251. had been expended, leaving a balance of 349,8101. against receipts. The following are the particulars of income and expenditure:

The estimate of further expenditure stated that 152,4541. would be required for the six months ending 31st January, 1870, with 939,2281. for future periods. The assets to meet this total of 1,091,6821. were detailed as under:

Share and loan capital authorised but not created or sanctioned
Stock and share capital created but not received, viz.:-

Calls in arrear

Amount uncalled.

Amount unissued..........

Loans and debenture stock-balance of available borrowing powers

Deduct-Capital account, balance at debit thereof....

Total....

.£*3,890,900

.£16,376
71,012

686,886= 774,255

NOTE.-Of this amount 3,000,0001. reserved for the redemption of the redeemable debenture stock A (670,0001.), and redeemable debenture stock B (700,0002.)

The accounts are made up to 31st January and 31st July, and the statutory meetings held in Edinburgh, London, or elsewhere, in February or March and August or September in each year.

Scale of Voting.-One vote for 501. up to 500.; then one vote additional for every 2001. up to 10,000l.; then one vote additional thereafter for every 5001. No voting in respect of debenture stock.

Certificates must accompany transfer deed. Registration fee, 2s. 6d. each deed, and each seller on the deed.

No. of Directors.-Maximum, 15; minimum, 6. Qualification, 3,000l. stock. Allowance, 4,100,

DIRECTORS:

Chairman-JOHN STIRLING, Esq., Kippendavie, Dunblane, Perthshire.
Deputy-Chairman-JOHN BEAUMONT, Esq., Ravensknowle, Huddersfield.
William P. Adam, Esq., M.P., Blairadam, Alexander Harvie, Esq., Glasgow.
and 2, Eaton Place South, S. W.
William Muir, Esq., Leith.
Robert Orr Campbell, Esq., of Sutton
Park, Bedfordshire.

James Cox, Esq., Clement Park, Dundee.
Robert Ferguson, Esq., Morton, Carlisle.
John J. Stitt, Esq., Merchant, Liverpool.
Peter Garnett, Esq., Wharfeside, Otley,
Yorkshire.

George Harrison, Esq., Merchant, Edin-
burgh.

Francis Maxwell, Esq., St. Vincent Place,
Glasgow.

William Miller, Esq., of Manderston, Ber-
wickshire.

George Robertson, Esq., W.S., 17, Royal
Circus. Edinburgh.

Robert Young, Esq., 107, Buchanan Street,
Glasgow.

OFFICERS.-Gen. Man., S. L. Mason. Sec., John Walker. Cashier. J. Macdonald. Accountant, George Simpson. Audit Accountant, David Anderson. Registrar, A. B. Scott. Res. Eng.-in-Chief, James Bell, Edinburgh. District Res. Engs., Jas. Bell, Junr., Portobello: Robert Bell, Burntisland; Charles Boyd, Carlisle; and James Carswell, Glasgow. Gen. Goods Man., P. Mac Pherson. George Square, Glasgow. District Goods Mans., William Hardie, Edinburgh, and William Peat, Dundee. Gen. Pass. Supt., James M'Laren, Edinburgh. Loco. Supt., Thomas Wheatley, Cowlairs, Glasgow. Auditors, Walter Mackenzie and J. Wyllie Guild, Accountants, Glasgow. Solicitor, Adam Johnstone, Edinburgh.

Head Offices-Prince's Street, Edinburgh.

238.-NORTH EASTERN.

The company originally comprised the York Newcastle and Berwick, the York and North Midland, Leeds Northern, and Malton and Driffield amalgamated in 1854, but other companies have been amalgamated with it at different times since that date, more particularly the Newcastle and Carlisle in 1862, the Stockton and Darlington in 1863, and the West Hartlepool and Cleveland in 1865. Productive miles, 1,308. By 33 Vic., cap. 7 (12th May, 1870), the various ordinary stocks were consolidated in the scale subjoined :

For every 100%, of Berwick

.1007, of new stock.

1007, of York

1001. of Leeds

1001. of Darlington

1007, of Malton and Driffield

... 102.

NEW WORKS.-The company have obtained powers to construct the following, new lines and works since 1854:

TYNE DOCK.-This dock (at Jarrow, near South Shields), was opened on March 3rd, 1859, having been completed in little more than three years. The water area covers 48 acres, and it possesses capabilities for the shipment of coal unequalled in any other dock in the United Kingdom, and accommodation has also been provided for general

merchandise traffic.

LANCHESTER VALLEY.-By 20 and 21 Vic., cap. 46 (13th July, 1857), the company obtained powers to construct this line (12 miles) at an estimated cost of 120,000l. New capital, 120,000%. Opened 1st September, 1862.

NIDD VALLEY.-By 22 and 23 Vic., cap. 10 (21st July, 1859), the North Eastern was authorised to construct this branch at a cost of 90,000l. Opened 1st May, 1862.

HARROGATE BRANCHES.-By 22 and 23 Vic., cap. 100 (8th August, 1859), the North Eastern was empowered to construct branches to connect the Leeds and Thirsk and the Church Fenton and Harrogate. New capital, 100,000. Opened 1st August, 1862. CASTLETON AND GROSMONT, &c.-By 24 and 25 Vic., cap. 135 (11th July, 1861), the company was authorised to extend, and thereby to complete, the Cleveland line from Castleton to Grosmont, on the Pickering and Whitby line; and also to deviate part of the Whitby line, in order to avoid the incline at Goathland, and convert the Whitby branch into a locomotive line throughout. Capital, 180,0007. in shares, and 60,0007. on loan. Opened on 1st August, 1865.

OTLEY AND ILKLEY.-By 24 and 25 Vic., cap. 141 (11th July, 1861), the company was authorised to construct a line between Arthington and Otley, and also, in conjunction with the Midland, to construct a joint line from Otley to Ilkley. Capital, 135,000l. in shares and 45,0001. on loan. Opened on 1st August, 1864.

MARKET WEIGHTON AND BEVERLEY.-By 25 and 26 Vic., cap. 85 (30th June, 1862), the company was empowered to construct a branch from Market Weighton to Beverley, and a short curve line at Hull; new capital, 88,000l. in shares, and 29,300l, on loan. Opened 1st May, 1864.

BLAYDON AND CONSIDE.-By 25 and 26 Vic., cap. 146 (17th July, 1862), the North Eastern was authorised to construct a branch between Blaydon and Conside. Capital, 165,000l. in shares, and 55,000l. on loan. Opened 2nd December, 1867.

TEAM VALLEY.-By 25 and 26 Vic.. cap. 154 (17th July, 1862), the company was authorised to construct the Team Valley and a short branch at Bishop Wearmouth. New line: capital, 200,000l. in shares and 96,000. on loan. The Bishop Wearmouth branch was opened 1st October, 1865. The Team Valley was opened December 1st, 1868.

NEWCASTLE QUAY BRANCH. - By 26 and 27 Vic., cap. 221 (28th July, 1863), the North Eastern was authorised to construct a branch to the Quay at Newcastle. Length, 1 mile, with other works in connection therewith. New capital, 56,0001. in shares, and 18,000l. on loan. Works completed.

HULL AND DONCASTER.-By 26 and 27 Vic., cap. 238 (28th July 1863). the North Eastern was authorised to construct a line from Staddlethorpe, on the Hull and Selby, to Thorne, on the South Yorkshire. Running powers to Lancashire and Yorkshire and South Yorkshire. Length, 14 miles. New capital, 310,000l. in shares, and 103,000l. on loan. Opened in 1869.

CHURCH FENTON, &c.-By 27 Vic., cap. 20 (13th May, 1864), a branch was sanctioned between Church Fenton and Micklefield. Length, 4 miles. Capital, 80,000l. in shares, and 26,0001, on loan. The object of this line is to improve the connection between York and Leeds. Opened in 1869.

YORK AND DONCASTER.-By 27 and 28 Vic., cap. 49 (24th June, 1864), the company obtained power to construct a line from York to near Doncaster. Length, 27 miles. Capital, 330,000l. in shares and 110,000l. on loan. Running powers conceded to Great Northern. This line will shorten and improve the East Coast line of communication. Opened January 2nd, 1871.

CLEVELAND BRANCHES.-By 28 and 29 Vic., cap. 363 (5th July, 1865), the company was authorised to construct six short branches, about 7 miles in length. 129,000, in shares and 43,000l. on loan. Portion of the works commenced.

Capital,

LEEDS EXTENSION. By 28 and 29 Vic., cap 251 (5th July, 1865), the company was authorised to construct a short extension through the town of Leeds. Length, 11 mile. Capital, 150,0007. in shares and 50,000 on loan. Opened in 1869.

LEEDS NEW STATION.- By 28 and 29 Vic., cap. 267 (5th July, 1865), the North Eastern and the London and North Western were authorised to construct a new joint station at Leeds. New capital to each company, 100,000l. in shares and 33,000 on mortgage. Opened in 1869.

PELAW BRANCH, &c.-By 28 and 29 Vic., cap. 368 (5th July, 1865), the company was authorised to construct a line from Pelaw to South Shields, and to extend the Team Valley liue to a point on the present main line near Ferrybill. Length, 17 miles. New capital, 320,0001. in shares, and 106,0001, on mortgage. Both lines in progress.

GILLING AND PICKERING.-By 22 Vic., cap. 10 (18th May, 1866), the company was authorised to construct a line from Gilling to Helmsley and Pickering. Length, 162 miles. Capital, 280,000l. in shares, and 93,000, on loan. The portion of line from Gilling to Helmsley is in progress.

DURHAM.-By 29 Vic., cap. 11 (18th May, 1866), the company was authorised to acquire additional lands, to establish a timber pond at Hartlepool Siake, and to construct five small branches in the county of Durham. Length, 3 miles. Capital for these works and for general purposes, 1,133,000l. in shares, and 377,0001, on loan.

YORKSHIRE. -By 29 and 30 Vic., cap. 251 (23rd July, 1866). the company was authorised to construct a new station, &c., at York; also a line from Knaresbro' to Boroughbridge, and certain short lines in various parts of Yorkshire, all in connection with its existing system, as well as purchase additional lands. Length, 11 miles. New capital for these works and for general purposes, 1.370,0001, in shares, and 456,0001. on loan.

LEEDS AND WETHERBY.-By 29 and 30 Vic., cap. 295 (30th July, 1866), the company obtained power to construct a line from the Leeds and Selby, at Austhorpe, to the Church Fenton and Harrogate branch at Wetherby. Length, 10 miles. Capital, 210,000. in shares, and 70,000. on loan.

By 32 and 33 Vic, cap. 105 (12th July, 1869), the time for completion of the Leeds and Wetherby and Knaresborough and Boroughbridge branches, and the portion of the Gilling line from Helmsley to Pickering, were extended several years; and in the case of the last-mentioned line a deviation from the course originally authorised had been sanctioned, whereby the cost of its construction will be considerably diminished. The Act also gave the company power to borrow o mortgage 166,000l. of the sum authorised by the Yorkshire Act (1866), whenever 500,0001, of the share capital created under it had been issued, and one-half paid up. As that amount of capital had been issued, and fully paid up, the company are in a position to exercise this borrowing power.

HULL AND HORNSEA.-Incorporated by 25 and 26 Vic., cap. 100 (30th June, 1862), to construct a line from the North Eastern, near Hull, to Hornsea. Length, 13 miles. Capital, 70,000l. in 107. shares and 23,000l. on loan. Opened 28th March, 1864. By 29 and 30 Vic., cap. 187 (16th July, 1866), the Hull and Hornsea was amalgamated with the North Eastern. A separate account is kept of the receipts, &c., of this section in terms of the arrangement.

METHLEY. By 27 and 28 Vic., cap 55 (23rd June, 1864), the North Eastern and the Lancashire and Yorkshire were each authorised to subscribe 25,000l. towards the Methley branch of the West Yorkshire, so that the share capital of 75,0001, required for that branch shall be provided in equal proportions by the three companies. This line is opened for traffic.

HULL AND SELBY.-Incorporated by 6 and 7 Wm. IV., cap. 80 (1836), for a line connecting those towns, subsequently extended (Acts 1843 and 1845) by a branch from Hull to Bridlington. Length, 61 miles; main line opened 1st July, 1840, the branch in October, 1846.

The lease to the North Midland provided for 10 per cent. in perpetuity on 700,000Z. The lessees had the option, any time after the expiration of five years from date of the lease (30th June, 1845). to pay off the whole of the capital at the rate of 11247. per 50%, of 5641. per 251., 2811. per 127. share, on giving six months' notice of such intention.

LEYBURN TO HAWES.-By 33 and 34 Vic., cao. 105 (4th July, 1870), the North Eastern was authorised to construct this line, in lieu of the Hawes and Melmerby authorised to be abandoned. Length, 16 miles New capital 50,000l. in shares and 74,000. on loan. Facilities to Midland.

WEST DURHAM.-A local line, 7 miles in length, connecting the West Hartlepool and the Stockton and Darlington, chiefly employed in the carriage of minerals. Vested in the North Eastern by 33 and 34 Vic., cap. 105, (4th July, 1870).

REVENUE.-The receipts for the half-year ending 31st December, 1869, amounted to 2,227,4051., and for the same period of 1868 to 2,049,9261., showing an increase of 177,4791. The expenditure amounted to 1,007,9641., against 949.5927, showing an increase of 58,3721.. and the net receipts to 1.219,4441., against 1,100,334, showing an increase of 119.107. The mileage open for traffic was 1,275 miles, against 1,254. After providing for interest on borrowed capital, for rents of leased lines, and for dividends on all classes of preference stock and shares, the dividends on the ordinary stocks were declared as follows, and are given in comparison with the June previous to show the dividends for the last year upon each of the separate stocks :