The Express.
London, England, 1855-02-28 00:00:00

EASTERN COUNTIES RAILWAY.

Yesterday the haltyearly general meeting of the
proprietors is this (*sporty eras bold at the Londe*

Tavera.

The report, which has already appeared in the Express,
is submitted. _ _

The Cuallsniar, is movies the adoption of the report,
said he thnght it wee • fair subject of congratulation that
in this--the second half year of the joint working of the
E-..etern Counties, Newmarket, and Eastern Union Rail-
ways—the directors were enabled to present to the sharp
holden • balance-snot whin showed en increase of re-
venuei es compared wit\ She previous half-year, of 77,5321..
by aninereaselonsaills“ el 8,7721. ; sad this, with ea
increase of dividend film ilk Id. per share Se 71. (Heat,
hear.) It would be nee neeßeetion of dm shareholdees
that for the last 101 l prim ending Demean, 185 k the
directors were ambled tetiellare a 7s. dividend;
a=silliln
pal log it with this halting/AM direness sees to
declare the same dividend, us aseligoger Sere
thee they wen enabled to ill et the period
of last year. Looking at the higher rate whin com-
pany had been paying for labour, and also feu meterialo,
he did not think that this was a vary ansatiolaseery result ;
but, on the contrary, he was of e=tket is the mums
which the directors had taken is then three com-
panies into united action. they NM new ezposigneing the
first fruits of that policy, and that smataally, io
three or four years, the proprietors would And • most
marked progress under that working agreement.
(Hear, bur.) The directors, after paying 7e. per
share, carried over the sum of 11,6424 He was aware
that there were some parties who bad stated that the cora-
paay ought to have paid Ts. 6d. per share, and have carried
over 4,0001. That was a question which was discussed at
the board of directors, but they felt that, looking to the
report which had been presented by their engineer, Mr.
, Bruff, that the soundest, and therefore the wisest, polity
' was to pay 7s. per share and to carry over a larger amount
to the reserve fund they had hitherto been the practice of
the company. There was, as ke had said, a difference of
opinion upon that subject; but eventually, after • lona
discussios, the best muse, in his opiates, _ was
adopted—that of having the smeller dividend of
7s. carrying over a lama sem to the reserve
fund. He (the chairman) they/hi the present weald be the
most otinveaient opportunity to allude to that paragraph in
the report which related to the essemion from the etimpasyl
of Mr. Ashaoft, their late englaser. Ile woe well swam
that there was a difference in the penis mind wpm the
propriety of maims any statement; but, after a easeful
consideration,
consideration, he felt that it wasthe duty of himself end his
colleague to put the proprietors in possession of that infer-
nation with which the directors were acquainted—ee , INS
that the engineer who had been recently ippon
after inspecting the line of railway, had repo
that there were parts of it which required men
labour and material. The directors thought it mash
better that the shareholders should be made acquainted
with the fact, and that the directors should offer NOS
explanations on the subject rather than that interested par-
ties should say that deteriorations upon the line had takenl
place and that the directors had taken no notice of them.
He was aware that Mr. Ashcroft denied that each ade
terioration had taken plate, and it was but proper for him
to state that Mr-Ashcroft had addressed to him a letter in
reference to the permanent way. He stated that no part oil
, the permanent way of the Eastern Counties Railway had,
from motives of economy or any other cause, been left in a
defective state. He thought it due both to Mr. Ashcreft
and to the directors that such a statement should be
laid Wan these, skint* the directors felt themselves
bormadle Mk Inds drehisa of their preeent dicer, and
' to give Wm authority to remedy the *WIG complained of.
' There was a pegegreph in the report alluding to a rumour
which had gibed ground, propagated by persons who
wished the shareholders to take • gloomy view of their
, &Bain; but Mt. Berkeley had submitted • report, with
whin the director. had every reason to be satisfied.
' Bung that the locomotive stook had had so net an
amen of tonnage to move, great credit was due to
the Immestive superintendent, Mr. Gooch, for not-
withelenging the greatly increased nano the plant
had bees emeiderahly improved. There was another
' question whin was met adverted to in the report, but'whilla
was alluded Meg the nit half-yearly mooting, namely, the
' benefit whisk as Manny derived from working the Ta-
bery line. Re See Ashman) stated on that occasion to
the gentlemen whe asked a question that thins persons were
mistaken who supposed that the company were working
that lime Males& Allowing live per mut. on the capital,
and the seed depreciation, he found that 1,3811. was the
balsam at pewit on supplying the locomotive stock, m-
zread for that line. But if the were me
re
.. Aid had bout a trifling lose, he esataded
that it wail be cagy desirable that the Eastern Cowin
Company eland be the contractors for wishing
that lam Sem attacks had been made by ano-
nymous egenepeadents is the newspapers as to the manner
in wink the sad traffic had been worked. He found that
in 1849 the receipts for coal trans amounted to 17,6641., in
1860 to 21,2491. in 1861 to 22,4881., in 1862 to 32,0231.,
in 1863 to 43,7181., and in 1866 to 80,6811. (Cheers.) That
was the gross sum, but allowing interest, depreciation of
the permanent way, and the cost of plant, it could be shown
that the coal trallo was worked at 30 per cent. upon its
earnings. It had been with the directors a matter of great
consideration how that traffic was to be directed. The pre-
test °entracte would expire in 1866, and it would then be
for the company to consider whether they would be their
own noel merchants like the Great Northern Company, or
whether they would renew the contracts now in force.
Allusion was made in the report to the Suffolk
lines of railway, and he felt it to be his duty
to state that with reference to those brush lines
the great element of their prosperity awarding by the
experience which they had had of the Newmarket god
Cambridge and Bury lines, in their original cost. The Suf-
folk line would cost at the rate of 10,0001. per mile, but it
was an in • 'anciently advanced state, In reference to its
negotiations, to enable the directors to lay before the pre-
;inane any detailed statements. Bat he might say, In re.
Stenos to the experience they had had of the Newmarket,
Cambridge, and Bury line of railway, that taking the work,
ing of the undertaking as hitherto shown, it was a wise,
prudent, and politic course. It would be in the retentio-
ns% of many of the proprietors that in the early part of
1851 the company entered into an arrangement for working
the Newmarket and Chesterfield Railway. That ar-
rangement had also bees of a perfectly satisfac-
tory character. The line to Harwich having been
so recently opened, no time had been allowed the directors
to form an e.timate of what might be the ue derivable
from that source, nor did he think it likely that for some
time the directors would be able to give the proprietors the
benefit of that branch. It was well known to parties
having experience in railway management that there is no
portion of aline more difficult to develop than that of a sea-
port town, as an illustration of which he might mention
Yarmouth. In 1860 the traffic from Yarmouth yielded
28,3101. ; in 1861, 33,2901.; in 1852, 39,4161. ; in 1963,
49,0641.; and, in 1854, 66,8701. That was a pretty strong
evidence of the time that was required to develop
the resources of • port. The traffic into Har-
wich was rapidly increasing, and the expectations of
the directors could no doubt be ultimately realised.
There could be no doubt that the railway system
was at present suffering from the war in which we were
engaged, more particularly in the manufacturing districts.
As the Eastern Counties line, and those connected with it,
ran through an agricultural country, he did not anticipate
that it would be so seriously affected by the war as some
other railways. It had been said by the chairman of the
Blanchester Chamber of Commerce that Infested too much
attention was given to manufactures, and too little to
agricultural affairs. But that was not the cue with the
districts with which the proprietors then present were more
immediately connected; for, from the Earl of Leicester, so
well knows as Mr. Coke, to Mr. Muhl, well-directed enter-
prise, skill, and capital had been applied to the districts,
whisk were now producing results of which hominid not give
nonsense a better sample than a report in the Mark-lane
liraprost. It appeared that during the last week there were
envied over the Eastern Counties Railway 4,644 quarters
of wheat, 2,024 quarters of
_barley, 7,638 quarters of malt,
4,507 quarters of oats, an Lk= sacks of flour. Now that
dhe various lines wen placed under one management, be
thought they would produce, If lestend and diligently
attested to, the most benentel nents; and the directors
elthemselves to do User Mee se big as they had the t..‘ meet wspers*. et the degehelders. The
thee, believed, wadi soma moons when the Eastern
Omaties liselway must take its stand as ones& to none in
the Monism. (Cheers.)
Mr. lICHARD Perissou, the deputy-chasms, seconded
tie eispeles of the report.
Dr. JOIN RIILLY, of Ware, said that in previous hale
years the chairman had stated that, with the proposed amal-
gamation, and with a prosperous harvest, the shareholders
would have larger dividends, but such had unfortunately
not turned out to be the case. He thought the capital
account ought to be dosed, for there would be no security for'
the shareholders until the hands of the directors were tied,
and they had no further opportunity of fingering the money.
He would add that he considered the directors and some of
the officers were paid far too highly for their services. He
should move, as an amendment to the report, that the
balanced 11,642!. should be applied to the payment of the
nano tax on the dividend.
Dr. num. Ratans, of Hertford, seconded the amend-
meat.
Mr. Box thought the dividend this half year should have
been at least 7r 6d and thetas future oftenons **divides*
should be boo from Moodie tax.
In answer to a question,
The Cinuasur said that the 11,6421. was • ha s ilia
and substantial balance.
Mr. Norma inquired whether there were any outatand-
lig_ claims against the balsas" in hand.
The CHAIRMAN replied that the directors had is band,
5,6001. over and above the Misses to meet claims sad say
other contiageseies that might arise.
The CHAIRMAN put the amendment to the meeting, sad
it wee missed, only three or four hands being held up in
its favour.
Several gentlemen laving spoken in coademnstion of the
omega et szeissioa trains, in opposition to the formation
of new bawl lima, and in favour of aa Increased rate of
dinned. tie ripen was adopted, and • dividend of 7s. per
shore dads/ed.
It,. Themes Jones nurses and Mr. deka Meander
Smyth, the rear' Sig drone% wage radeend;
sTrililLlNillian Mayhew was re-ice
Illeiblr.
A vote of thanks hung bees meek' le the dahlia
sag the /hard of Direness. In leggeils, IndillneNd. ,