The Express.
London, England, 1851-02-14 00:00:00

" to conaithr, and, if approved, to authorise the directors to
carry into full effect, two several agreements with the Nor-
folkandthe Emtern Union Railway Companies reepectivsly,
for the permanent working by this company of their rail-
war in conjunction with those of the Norfolk and Eastern
Union Railway Companies, upon terms and condition,, and
subject to stipulations and agreements, to be laid lx fo:o the
meeting." The shah was taken at one o'clock by Mr. J.
GLYNN, the deputy chairman of the compan
The solicitor of the company, Mr. MAYNARD, stated'
that the agreement was not yet hi a form in which it could
receive the seal of the company; but it would be prepared
immediately after the saloption of the necessary resolutions. ,
The CHAIRMAN would say a few words cs to,
the origin of the agreement. !ley had entered into'
an agreement with the Eastern Union Company to
work the lints in concert for a given length of time. That
hail not proved e oisfactory, and they had reesived'from the I
Eastern Union Company notice of their intention to termi-
nate it. But that agreement, although net satisfactory, had
been attended with one good result—it had shown what
could be done by working together permanently for the gene-
ral rod. The agreerneut with the Norfolk Company would I
expire in Iftio. Besides this, they had reason to apprehend
a parliamentary contest in the ensuing reseion. 'the F.aott rn
Union Company were preparing to seek the power of ren-
rdng over the.Emtern Counties line. (Hear.) The policy
of uniting that company with the Eastern Union and the
Norfolk Companies, had been strongly impressed upon his
mind ever since he became 'a member of it. The lines in
the Great East Anglian distract had mutual interests, and
the joint development of their teethe would be the best fur
them aIL The 'tern Unless Company arc about to form a
jemetion with the Norwich Railway at Trowse, near Nor-
wich. Thry.woald thug form a line of communication from
London by way of Colchester to Yarmouth, Lowestoft. and
Peterborough, and the midland districts of England. There
was a great tied of creneetition, which cv .7onemust lament
to see, and be desirous, :te far all po•ogible, to prevent. (heer.)
Under these circumstances a deputation was chosen by the
Eastern Counties board to wait meta the two other 1344ri15,
and the result wo, en arrangement that four gentle-
men from that compa•ey should meet and confer with three
gentkmen belonging to each of the other companies. The
gentlemen who acted on behalf of that company were Mr.
fl,ronelhent, of Manchester ; Mr. Kennard, who represented
the Northern and Eastern interest ; Mr. Smythe, a &rector
and one of the largest of their own eharel;olelere, holding
about 40,000!. in stock- end himself. When the deputations
met, all parties agreed that fur the sake of the three
companies it was desirable to come to a good
understanding, and he would now state the basis
on which they arrived at their conclusion. They
ascertained that the gross earnings of the three com-
panies in the year, tak.ne those of the Eastern Counties and
the. Norfolk Companies up to July last, and the Eastern
Union Company, from its opening up to Norwich, amounted
in the Zrmiss to Fu ."..1. They were satisfied that if the
titre' railways were worked in common, having one locome-
tire establishment, and one staff, instead of three, the work-
hit! expenses might be refaced to 45 per cent. upon the
grass earnings. In order that they might be perfectly safe
in their calculations, they estimated the gross earnings at
9.10,0001. only; but althoughtheyhad eetiuteted theta at that
amount, they did not at all anticipate that they would he so
small, but, on the contrary, they tiumeht that when
the traffic of the three companies had been deve-
loped the receipts. would Ise considerably higher.
Ile asked el present to deal with the question like men of
business. He would be happy to answer any ques-
tions which might he put to them, and even to hear
the who differed from them, because opposition would
temp to throw light on the subject. For hie own part, hav-
ing, storing a long profiesional life, had a great deal to do
with railway matt( rt, it was his firm conviction that this
agreement would be fur the benefit of the company, end he
would now move its adoption.
Mr. ELLIS, a directer seconded the motion.
Mr. C. GEACIi, of Binninsthant. new to move an ail-
joarnment of the (petition. Ile said he had no feeling of
Iretility towards the directors; on the contrary, he thought
the policy they had punned entitled them to the thanks of
the meeting. (Hear, peer.) lie firmly believed that
mhos their differences, wit other companies could be
ne.isfactorilv settled, neither those companice nor theta-
reeves could obtain any return for the property which
they hail invested. (Heim.) But he objected to their
adopting the agreement upon the very imperfect informa-
tien which was before them. Ile would prop-tee that the
meeting should at its rising adjourn to thelfith of March.
Mr. BOX seconded the amendment. After some dis-
cussion,
Mr. E. MILES was confident, from personal observation,
that thousands of pounds a year might lie saved by sunalga-
mation. He agreed, however, with Mr. Christie as to the
deetrablentes, of further information.
Mr. EVANS said he was a guaranteed shareholder, and
as such he mast complain of th, insufficiency of the infor-
mation before the meeting. With the present receipts, in-
stead of 100,000/. to divide, there would not he 100,000
pence. (Laughter.) What, then, would be the position of
the guaranteed prop ietore? (Uproar.)
'flit' CHAIRMAN said the hon. proprietor had, in fact,
no right to be heard. If the re 'Mould he a deficiency in the
guarentoed dividends, it would be borne pro rata by the
guaranteed shareholders.
Iu reply to a question from Mr. T. JACXSON,
The CHAIRMAN mill, that, under the proposed egree-
meld the rolling stock of the Eastern Union Company
would Is: purchased by this company. Ito original cost was.
he belie veil, about 1te4,0001. Of its present value he bad
no memos of judging, hut it might he 100,10.10/., and if so,
that heroin! would have to be raised by debentures. The
Eastern Union l'ompany hail spent the money raised to
make the line from Manningtree to llarwieh, and in con-
struetini, their Norwich line. They could not cancel
that.
Mr. T. JACKSON said he must protest against the
agreement, whether (serried by rote or by proxy.
Mr. S.ergt.GAZELE le regretted that the company was to
be corned by meansof money taken from their own pockets.
He was now convinced that if the independence of railway
companies was to be meintained proxies must be abolished.
((•heere.) It was no proof of want of confidence in the di-
rectors to ask for time to consider the agreement, and if
further information wire obtained, he hoped some of the
confiding country proprietors would become ashamed
of their ronfidence. On the question of the 100,00 W.
misapplied on the Norwich line, the Chairman had de-
cided fondest the Eastern Union (emtpany, and the money
must be refunded. lie would be glad to know whether the
directors were unanimous ?
The CIIAIRMAN !stated that they were with one excep-
tion, and added that, on the gumboil of adjournment, he
did not mean to use the proxies. (Cheers.)
Mr. KItNNARD, a director, said he wile a member of
the deputation on behalf of that company. It was a re-
ntarkable last that all the speakers had declared in favour
of an agreement on equitable terms. (Hear, hear.) The
directors all participated in that feeling. In this
case there were three separate interests to be con-
sidered ; and before the directors entered the room,
it was distinctly understood that there should be no
attempt to tune a decision. Ile feared that the rea-
son why they were opposed to the agreement was, that they
had not confidence in the directors. (" No, no.") It had
often been stated in newspapers that there were great dif-
ferences amongst the directors, differences which made it
ditiirult to carry on the affairs of thecompany seistiactorily.
He was sorry to say that such reports were too true, audit
was often very painful to sit at the board.
Mr. ELLIS, a director, said it was impassible for the
Eastern Counties Company to have an tideuntageous union
with either of the other companies separately. Let them
pause before they rejected this agreement, lest some great
railway interest should step in and get pones/don of the
rival loses. Ito denied that the information presented was
insufficient. The first question was, whether they were
right in principle. The next was, whether they were buy-
ing time advantage too dear. (hear, hear.) The figures
placed betimre them were founded on the aggregate earnings
of the three lines up to July last, and the opening of the
Great Northam line since formed an additional reason fur
adopting the agreement. A. an Eastern Counties proprie-
tor, he belie viii the proposed arrangement would be per-
manently beneficial to the company, and he hoped that
without proxies the meeting would come to a decision that
day.
A SIi.tItEIIOLDER would vote for the agreement, if
its operation were confined to three vears--(cries of .* oh !")
—otherwise he should vote for the adjournment.
• Mr. aleLAßENobaerved that thequeetiun for determine.-
two was the most important one they had ever had to dead
with, aud upon their decision hanged the protection or de-
struction of 6,000,000 f, of capital. 1 he agreement appeared to
him extremely unfair. liming already lost 3s. M. a share
by the agreement with the Norfolk Company, they were
asked by the same parties to run blindly into another
arrangement equally disastrous. (" Hear, hear," end con-
fusion.)
Mr. Kennard had, like a partisan, advocated
special interests. lie had told them that there was no union
at the board. The reason was, that there were there par-
ties representiag various interests, who were constantly
pulling at the holders of unprotected stock. (Hear, hear.)
Mr. MART IN believed the proposed bargain waster)
their interest. There was at that moment in parliament a
bill to entitle the Eastern Union Company to run over their
line. If they threw over that company and the Norfolk
company the result would be most diseetroto ; and in every
part of the district they would be surrounded by enemies. I
Their capital as to the Norfolk and Eastern Cruces capital
was as two to one • ' and for that they would, under the I
agreement, obtain three-fourths of the combiued earnings.
Mr. WADDINGTOINI said he is mild predict that the
Eastern Union Company would fail in their application to
parliament for power to run over the line. Let them
stand firm, and if at the end of four years and a half i
the arrangement with the Norfolk Company did not prove I
satisfactory let the whole matter be reconsidered.
The question was then put, and the motion for adjourn-
ment carried almost unanimously.
On the motion of Mr. Citunna, a committee of share-
-.
holden was appointed to confer with the directors of the
EASTERN COUNTIES RAILWAY. Eastern Countite Company, and to settle the terms of an
Yesterday a special general meeting of the share- agree no-mt, subject to the confirmation of the shareholders
holders was held at the London ;stern, ihshopgate-street, at the meeting to be held on the 18th of March.

MADI

Ftr. 8.