The Express.
London, England, 1853-08-26 00:00:00

THE EXPRESS, FRIDAY EVENING, AUGUST 26, 1853.

RAILWAYS.
EASTERN Cot NTThS R.4ILWAY.

The ordinary half-yearly meeting of the proprie-
_tors of this company took pine yesterday at the Loudon
. D. Wanuisavox, Esq., in the chair.
The report, an abstract of which has already appeared in
the Express was taken as read.
The CHAIRMAN, in proposing its adoption, stated that it
was bis conviction and that of his colleagues in the direc-
tion, that :the company was now in • state of progressive
advancentent,and that if the directors retained the confidence
and co-operation of the proprietors, it would—when the va-
rious new lines and new sources of traffic were opened,
which would be next year—soon become one of the must
prosperous and beat dividend paying lines in the country.
(Cheers.)
The motion for the adoption of the report having been
put and seconded,
Dr. O'lltxv expressed his disappointment that the capi-
tal account was not closed, and until it was he could have
no confidence in any management, nor could he hope for
any permanent increase of dividend. Ile thought, consi-
dering the low price of coke and other items of expense,
and the low rate at which money could be borrowed, they
ought to have a larger dividend than 64. a share, and until
they had he would suggest that a reduction should be made
in the chairman's salary—(oh, oh)—and he complained of
the increase which during the last half-year had been made
to the capital account, upwards of 100,0001.
The CHAIRMAN had stated before that, if they desired to
p on increasing the traffic, they must add to their capital
recount ; but he had promised that • detailed statement
should be given of any increase that might take place, and
that was done in the accounts, which showed the addition
to be not upwards of 100,0001., but 68,8911.
A' PROPRIETOR complained of the charge made by the
stockbrokers on transferring shares, and said the directors
ought to devise some plan for putting an end to those
charges, or at all events of reducing them to the rate
charged for transferring consols.
Mr. Mc LAIIRN entered his usual protest against that por-
tion of the accounts which referred to the Norfolk Railway.
He was glad, however, to find that the loss on that account
was not so great as it had been in previous half years.
Mr. Box complained that there was no statement in the
accounts of the Norfolk share stock on which they had to
pay dividend. He repudiated the Norfolk agreement alto•
gather, which he said they were not bound by, either legally
or morally, inasmuch salt had been altered since it received
the consent of the shareholders. He had been informed
that to pay 51. a share on the Norfolk share stock took
12,4311,, while the bad only 2331. to pay it with. He un-
derstood that the Norfolk agreement would close in 1855,
and he hoped before that time terms would be made more
fair to the Eastern Counties proprietors.
The CMALRMAN said the number of Norfolk shares on
which they paid dividend was 49,842 201. shares. He con-
' sidered it of the greatest importance that they should be on
terms of amity with their neighbours, especially with the
Norfolk Company. At the proper time he was sure that
company (who were carrying out the agreement fairly)
would be prepared to arrange terms for mutual working,
which should be fair to all 'nein. At present it was impos-
sible to say what arrangements might be proposed. It was
possible that they might include terms of union not only
with the Norfolk, but with the Eastern Union, thus bring-
ime the whole three lines ander one system. He could
, only say that the directors were anxious to be upon amicable
' terms with both companies, and would be prepared to deal
with them liberally. The lass stated by the hon. proprietor
far exceeded the actual amount.

Mr. McWu= wished to know what were the arrange-
ments with the Southend and Tilbury Company.
The CiIAIRMAN—They are that we should work the line
at a given rate per mile, which hes been fixed under the
advice of Mr. Gooch, our locomotive superintendent. The
agreement is for ten years, but it is subject to revision.
The resolution adopting the report was then put and car-
ried unanimously, also
A resolution altering the bye-laws for the purpose of re-
quiring 1.4 days' notice of the name of any proprietor who
might be put forward as a candidate for a seat in the
I direction. - - .