The Express.
London, England, 1853-09-06 00:00:00

EASTERN UNION RAILWAY.

The following are the main features of the report
to be submitted to the adjourned meeting of shareholders
at Ipswieh on Friday next ;
•• Ice accordance with the arrangement made on the amal-
gamation of the Eastern Union and Ipswich and Bury Rail-
way Companies, this meeting has been convened at Ipswich ;
and your directors have the satisfaction of meeting you
under circumstances which appear to hold out a hope that
the period is near approaching when their long deferred
expectations may be realised by the declaration of a divi-
dead. They are enabled to congratulate you on a con-
tinued progressive increase in the traffic receipts, 'wealth-
standing they are, unfortunately, still in hostility with
their powerful neighbours; though it will be seen from the
accounts that there has been a necessary increase of ex-
penditure, upon a reduced scale of rates and fares, owing to
the unequal and unfair contest in which, for the preserva-
tion of your property, they have been compelled to engage
—and which if they had not entered upon, they have reason
to believe that their through traffic, especially in goods,
would have been almost annihilated. The total reciipts for
the half-year, inclusive of the receipts by the beats of the
Ipswich Steam Navigation Company (running in connexion
with your trains), amount to 61,4661. ; the working ex-
penses for the like period to 33,2301., leaving a profit
of 26,2361. ' • from which, however, there must be deducted
the sum of 1,827!. for rates and taxes, and 1.9671. for ex-
penses incurred in prior half-years, not before brought to
account. The sum of 22.4411., therefore, remains applicable
to the payment of interest on the debentures and other flied
charges of the company ; these charges, and the continued
pressure on the company by its creditors, have more than
absorbed the balance remaining, leaving fiething for pay-
ment of dividends.

"On the termination of the Norwich agreement, the
Eastern Counties Company diverted the entire goods
traffic from London downwards to Norwich and your dis-
trict, and the greater portion of the traffic upwards in cattle
and goods on to their Cambridge line, and gave your
directors to understand that they would leave no mean.
whatever untried to destroy this company's traffic; and,
regardless of consignments or directions, intercepted all
goods,parcels, and other traffic coming on to your line at Co:-
chum:, and from thence carrying them, in carts and wag-
gons, by the high road, even through Ipswich, and at rates
absolutely saremunerative in many eases, at less than the
cost of cartage from Colchester alone. The only
course left open to your directors to prevent the in-
tended effect of this threat was to make an arrangement
with the Ipswich Steam Navigation Company (whose steam
ship Orwell had been constantly running between that port
and London for many years) for through traffic, with a
division of rates and fares, upon terms which will be de-
tailed to you ; thus promoting and cultivating the traffic
over 68 miles of your line below Ipswich, at the cost of a
portion only of the traffic of the 17 miles between Ipswich
and Colchester, and by low rates and fares, largely develop-
ing the remarkable sources of traffic in the district. The
apparent loss of traffic over the 17 miles, being counter-
balanced by a emeiderable traffic which now passes down
the line hem Oslehester through the port of Ipswich to
London. Your directors sincerely regret and deprecate the
adoption of a proceeding on both aides, so subversive of the
interests of the railway system.
" Your board notice with satisfaction that the directors of
the Eastern Counties Company, in their last report to their
shareholders, state their disposition to meet this company,
for the purpose of making fair and equitable traffic arrange-
ments, and your directors cordially reciprocate the feeling
which suggest thistbeing convinced that the prosperity of the
shareholders as well as the convenience of the public, would
Ibe greatly advanced by a friendly co-operatien ; but still
more by an entire union and amalgamation of interests
upon fair terms.
" The actual result of the working of the arrangement
with the Steam Packet Company for the half-year which
ended 80th Joao, was, that 13,339 London passengers,
and 8,112 tons of goods were conveyed under It; and,
independent of great collateral advantages, a consider-
able sum has passed to the credit of the railway
company, from the earnings of the steam-boats, after pay-
meat of their working expenses, and allowing interest
upon the capital employed—which, with the amount that
would have been paid over to the Eastern Counties Com-
gtuisethrough the Clearing-house for the 61 miles between
ter and London, if the traffic bad gone through b
rail, is more than a set eff against any lose of traffic whirl
may have occurred on the 17 miles between Colchester and
Ipswich. But this cannot be takes 'es an indication of
what future half-yeah will produce, is with the still in-
adequate means possessed by the steam company for pro-
viding for all the requirements upon it (notwithstanding
there is a daily best each way, besides two extra boats
weekly), there line ban conveyed during the last six
weeks 11,141 Larks priasigers, and 2,240 tons of goods.
" The we ups the Harwich line have progressed as
hat as it was makable, tinder the difficulties interposed
try. hologram' sad owners of property, eombiaed with
waft of Wear t but which your directors ho are now
se Mrly reremovedas not to cause any serious delay in the
and opening of the line for traffic. The corpo-
Mks pisr at Ifarwich now in use is found of great service
Is the development of the pleasure traffic from all parts of
this company's lines, and will be found adequate for the
carrying on of a large amount of traffic in connexion with
the Harwita Railway. The Aot of Incorporation just
passed for the establishment of an extensive floating dock
at Huwich to be in connexion with all the railway compa-
nies of the district, cannot fail also materially to enhance
the value of the Harwich Lim, by stimulating to the utmost
the lugs continental sad pleasure traffic which is certain of
passing mu it."