Handwritten Stockton & Darlington Railway Company financial report

Made:
1832-07
part of archive:
Leonard Raisbeck Archive

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© The Board of Trustees of the Science Museum

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© The Board of Trustees of the Science Museum

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Comments that the finances are very healthy and show a 'decided increase'. The report shows that the suspension bridge at Middlesbrough is not fit for purpose.

Details

Extent:
1 item
Identifier:
RAIS/4/8/4
Transcription:
Resolved that the following Report with a Statement of the accounts of the Company the same having been read, be adopted and laid before the General Meeting convened for the 28th Instant.

Report

Your Committee have once more the satisfaction of congratulating you on the prosperity of your undertaking.
A General statement of the Cash accounts, also abstracts of the Tonnage accounts for the Year ending the 30th of June have been carefully prepared by your Committee in such manner as seem to preclude the necessity of many observations or further explanations in this Report.
In every branch of the Company’s income there is a decided increase accompanied by the cheering prospect of further augmentation of your revenue.
Your Committee deemed their duty here to advert to the general state of the Railway and also to several other important subjects which have claimed their close attention during the past year.
The formation of double line of railway was greatly retarded by the Quarantine regulations in the winter, otherwise your Committee would now have had the pleasure of announcing its completion.
Your Committee however hope this will have been affected with the exception of the Bridges over the River Tees and Skerne before many weeks have passed.
The alterations on the Inclined Planes have been pushed forward by your Committee.
The large new Engine on Brusselton Bank has

[Page 2]

been unfortunately delayed by a calamitous fire which took place at the Manufactory of Messr’s Hawthorns (the contractors) but it is now completed and found to work well.
The same accident has also caused your Committee much disappointment, as the same parties had contracted to supply you with several Locomotive Engines, which contract shall remain unfulfilled.
The erection of an additional lifting Engine at the Shipping Staithes at Middlesbro’ the establishment of extensive workshops & c for the building and repairing of Engines, at New Shildon deserve also to be mentioned as standing prominent amongst the numerous works executed, and arrangements made for gaining important additional facilities to a great and rapidly increasing trade.
The Suspension Bridge over the River Tees has been still further proved to be not suitable to the nature and extent of the business on the Railway, in its present state, the traffic over it entails a great loss of time, as well as a serious additional expence. This subject has been viewed by your Committee, as they apprehend in all its bearings, and it has cost them much anxious thought. After receiving the reports designs and advice of Professional men, your Committee have resolved to recommend a new Bridge, with a double roadway in lieu of the present structure to your consideration, and they are assured that the arrangements made for its execution are such as to obviate the necessity of any interruption to the trade.
The case of dispute with Captain Samuel Brown Ret relative to his contract for the Suspension Bridge, and your claims upon him for the nonfulfilment of his contract, have been amicably referred by mutual agreement to James Losh Esq’re of Newcastle for final

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adjudication and settlement.
The indictment against your Locomotive Engines, and the Special verdict taken thereon at York, have been argued before the Judges of the Courts of Kings Bench, who have postponed judgement.
The state of the River Tees, and the extensive alterations making therein, have claimed the serious attention of your Committee with the view of ascertaining how far such changes may be beneficial or otherwise to the general trade of the River, or how they affect your properties on it banks. Your Committee called in professional assistance in the making of a regular Survey of the River near your Staithes at Middlesbro’ which will enable you to judge from time to time what your Interests may demand in the shape of representations to the appointed conservators of the River.
Your Committee have availed themselves of the discretionary power reposed in them by the last annual general meeting for the encouragement of coaches on different parts of the Railway. And your Committee have directed that this and one or two other points of minor importance shall again be brought under your notice.
In conclusion your Committee beg again to refer to the state of the accounts, they acknowledge with pleasure their opinion that the proprietors of the Stockton and Darlington Railway Company are of a flattering nature but observing that the net balance of profit does not appear to exceed £13,107.19.0 and remembering how large is the amount of borrowed Capital your Committee venture to recommend a dividend not exceeding £8 per share, be now orderded, that is to say £4 per share to be paid on the 1st of Oct next, and £4 per share on the 1st of April 1833. This

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last proposition as to times of payment is made from the desire to keep clear of those two days, upon which half Yearly payments of Interest become due Viz: the 1st of January and 1st of July.
Your Committee resign their trust with the hope that in their proposing to limit the amount of Dividends as well as in other transactions your Committee have been actuated by a sincere desire to uphold the credit and promote the prosperity of the concern.

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