Hodgson returned to Berwick-upon-Tweed to contest the 1852 general election and by-elections in 1853 and 1859 but failed to recapture the seat.

[10][4] He later returned to parliament for Tynemouth and North Shields, elected at the by-election in 1861 and held the seat until 1865 when he was defeated.

[11] He joined at a time of particular financial discordance, after former chairman John Learmonth had invested heavily in subscriptions to other railways, with huge sums being written off in failed ventures, and similar sized sums were being sought for new ones.

This revelation saw ordinary shares fall in value by 8% overnight, and widespread financial impropriety and falsification accounts were blamed on Hodgson, causing a special general meeting on 14 November 1866.

Hodgson decided not to attend, instead tendering his resignation from the board, while blaming his non-attendance on a headache.