The Express.
London, England, 1852-08-26 00:00:00

NEWMARKET.

The half-yearly general meeting of the share-
holden m this company was held yesterday at the London
Tavern, Bishopsgate-street, Mr. Commissioner Inns is
the chair.

The Sac TTTTTT read the following report:
.• The last report announced the opening of the branch
line to Cambric. The effect of that measure in improv-
ing the revenue has been considerable, for whilst the ordi-
nary
was only 3,6331. 10s. 6d., that for the corresponding period
of this year is 4,6181. 2s. 4d. There was a similar improve-
ment in the quarter immediately succeeding the opening of
the lion to Cambridge, on the 7th of October, in last year,
and there is, therefore, every reason to anticipate a like im-
provement in the receipts for the ensuing half-year. The
laecounts for the last half-year, which are apfended, chow
a balance to the creak of reeenue of 3,7351. I,a. 6d., out of
which the direeton recommend that a dividend at the rate
of 2 per cent. per annum shall be declared, amounting to
3,6001, which will leave a balance in hand of 2561. 17s. 6d.
The bill promoted by the Eastern Counties Company,
for obtaining the sanction of parliament to the agree-
ment between them and this company, received the
royal assent on the 28th of last May. That most
beneficial agreement is sow, therefore, a binding and per-
manent arrangement. The directors have great pleasure in
stating that its spirit has been always fully carried out by
the board and °fetters of the Eastern Counties Railway.
The directors stated in their lust report, that they bad a bill
before parliament to revive such of the powers of the Ex
tensioa Acts of 1847, as auth,rised the company to make a
railway from Newmarket to Bury St. Edmund's, and they
have great pleasure in announcing that, notwithstanding
considerable opposition from rival interests, their bill re-
ceived the sanction of parliament as a measure urgently
called for by the wants of the district. The value of thus
line must he appreciated when it is considered that it will
make • continuous line of railway from Ipswich and the
eastern part of Suffolk, to Cambridge, and the north and
west of -England, will bring the important market town of
Bury St. Edmund's, and its population of 13,000 inha-
bitants, many miles nearer to London, besides giv-
ing them en easy communication with Cambridge, and will
facilitate the transfer of lime and coals to districts
greatly needing them. The increase of revenue which
will arise to the Newmarket shareholders from the making
of this line is obvious, and will no doubt ensure a dividend
tn them of 3 per cent. per annum at an early period after
its oomph Lion. The parliamentary estimate fur making the
lino was 121;5001. it was framed miner special directions
to err, if at all, on the side of excess. Subsequent events
having satisfied the board that a much smaller sum would
Bunke to make the line, the shares were reduced from
121. 101. • share to 61. CIS. by the act lately pawed, and thus
the liabilities of the extension shareholders are greatly re-
duced. The board hope to complete the line in little more
than a year. Mr. Jackson has made a tender for the
works, and asst is considered moderate, the c .ntract will
probably be finally settled in • few days, and the whole
work will then be prosecuted with vigour. fbe
directors hem they may be permitted to cm.
gratulate the peoprielers on the improvement in the state of
their affairs, fliaa the present board assumed office in Aug.
1850. The Weed line is now completed, the extension
hoe be Dory leTn progress, there is • balance to the credit
of femme, sollelent to justify a dividend at the rate of 2
per coat. pee swum, and there is a balance to the credit of
capital ef nessly 13,0901. They trust that the success which
has attended their past efforts will induce all percoas to re-
pose emildenee in them, as to the future, and give them
their Mimes support in carrying out the extension to Bury,
which they ere fully convinced will am* remunerate the
parties wise mein in making the line. With reference to
the extortions, en amount has been prepared statiog eve-,
item of menet and payment, which is open to the inspection
of my daraeholder theirous of examining it; but, in conie-
s( the We beard not having kept a separate account
frame the lenunancesseat of the expenses incurred en behalf
of the original and extension lines, there is some little
difficulty in ascertaining exactly what payments ought to
be debited to each fund. The subject is being investgated,
and the result will be communicated at the next half-yearly
meeting."
The capital account to the 30th of Jane showed that
437,2921. had been received, and 441,6751. expended, leav-
ing a balance of 16,616/. The revenue account for the half-
year ending the 4th of July showed that 8,2381., including
9421. from last account and 2,6001. contribution from the
Eastern Counties Company, had been received and 2,4381.
expended, leaving • balance of 6,79%, out of which is de-
ducted 2,0435. for interest on loans, leaving 3,7651.
Tim Cuttawate in moving the adoption of the tern,
said it was • great satisfaction to the directors to be ab • to
present to the meeting a report which showed • balance of
3,7651. to the credit of revenue, and a balance of 12,616/.
to that of capital. This enabled the directors m. propose a
dividend of 6s. a share for the half-year, which was at the
rate of two per cent. per annum. Certainly their position
bed been greatly changed since August, 1850; then
their railway was abandoned, now it was in full
work. Then they owed enormous debts, now they
owed scarcely anything. Their 261. shares would
aot fetch 11. on the Stock Exchange, now they could
not be bought for less than 121. 10s. The works and draw-
ings fur the line between Bury and Newcastle were
now complete, and Mr. Jaekson bad made a tender for the
whole work, which enabled him (the chairman) to an-
nounce with undonbting confidence that the works will be
completed for less than 100,0001. (Hear, hear.) Could
there be a doubt that they would have a revenue
sufficient or • handsome dividend on that sum. The
average revenue an all the public railways in
England was 401. per rails per week throughout
the year. Could be (the chairman) be wrong in anticipating
201. per mile per week for a railway uniting such popula-
done u Ipswich, Bury, Newmarket, and Cambridge? The
revenue of the Norfolk line was about 241. per mile per
week through the year and that of the East Union 271.
per mile per week, dividing the Norwich traffic. Could he
be wrong in anticipating 201. per mile per week for
their line ? Surely not. (Hear.) Then if they had 201. per
mile per week they would have a revenue of 14,6601. •
year, which, after deducting working expenses, which
cught not to exceed 4,6601. a year, would leave 10,0001. to
pay a dividend ea 161,0601. In conclusion, then, he would
say that every poem wise has capital to spare, and was
des seat either Omer ffag the prosperity of the district,
• hmeffekti himerifoieddi mite leewardmai to assist this
important WM& mold ME the only re ning liak in
the chats of sethembellen frieribe East coast of Betroth
to the Wset and Here of Eagliemi. He had given himself
entirely te ties emsiiseallem of the subject, and he was
anthem& that Owe wee se defter in taking part in this
MOM he they weld be able to pay a dividend which
hod WWI been heard of in any district in the east of
r4ll to a questioe,
The CHAIRMAN said that the Newmarket shareholders
were entitled to dividends on the Newmarket, and the
extension shareholders upon the proceeds of the estemien.
The chairman also stated that the new line molt be
opened in about a year. Nablus bat the dethiengarof
funds would check it, which mas
were two considerable works Waded b Ys i 0
the Burrow Bottom, which would take mere dins than ex-
pense, and also the tunnel tbeengh the Warren-hill.
A Pnorairroa said be we. Sot orgy a party to the
extension, bat when be Mad hew lathy therm the chair-
man had taken, be felt bond to take NNW shares him-
self. (Hest, hear.)
The
rigid unani repmously.
ort bay* been esethisd, was then pat, sod car-
-1 he CZAIRMAN *OR MNIM/A—.. That a dividend ern. an
every 261. be declared mat of the set profits of the cm-
peny's revenue for the half-year ended the 4th July last,
and that the same be payable en the 6th proximo to the
Proitns"
ko. BALL essarimi the theritatien, which was also
carried. _ _

TM Camisole's saidl,la relkeestee Ile dr heed debt, that
it had to run far MGM reek awl ibepeat peshability wee
that all We would be to by the Neaten Counties be
as when they took the Mae they wouldtake the &hea-
-1 taros also.

A vote 4thinka having:rammed to the chairman and
directors, the meeting m

, SHEFFIELD, AND LIN-
COLNSHIRE.

t ThomeVs:if-yearly meeting of the Manche..
r ter, sad Linooinsh(re Railway Company, was
held at r yesterday, at 1 o'clock, p.m. 'There
I was a summaattimimo of poprioion. Tho Earl of
I Ifaanwailesseat
' A essmaggier ImeLo report has
are* opyearod in the
_ Itself wee taken es mad.
ECistollis =.)IAN, in opening the proceedings,
refenrod to Ems snore in the accounts, extending over •
period of dm or Ave years, which bad been recently dia-
-1 covered. As tom am their amount had been ascertained, it
woo t better to make the shareholders fully
with the whole at ono., than to spread it over
ether halfyean. From the explanations given to the
directors by the general manager, it eppeared that them
Ivrhad chiefly arisen out of mistakes made by a
y diamond en bia rewiemd to mother deport-
ment la as halm ozpimmlimis wen inquired
by en stmedwillorn, bo would ea opon the gonsrol
sawn to gin thus. lb was afraid that isms of
thins who had WOW in too zEuine espootetioas,
with rapist to the alba Grimsby of the of the Gmsby
hocks ow the lolls
of Ohio eispoop, d have been dis-
appointed that the results had ost sauced their anticipa-
tions. But If lbw somidlesod t ehog* of time that wee
tinesery to develop them w
obs. uses who used
lowgo to Boil bows dist them won epee for them at
Ormsby, they wadi wee with him that the beneficial
effect, of them wades Odd not be so Immediately experi-
enced as he Mad too may hod @anointed elms He was
however, glad le he Ale tie amuse them that the trate
from Orimeloyeasinsweadwi weak by week, os well as that
by the drionwo from Osintsby to the Osatioent. Lines
of mosso were sow sailing bon Orimsby to
Antwerp,Sietterdem, end llorablug. Si.. of the dlsostors
sleet Ibsen demon. thaw that It •
would mot herbeen right to wait until her memoir same
to Grimsby to do se. Es had exerted lAmesill, la connexion
with two of his sollsognos, in forming. eampany which, lse
was gla Ito my, was Ultsly to bring • very krgo trade lo