The Express.
London, England, 1849-09-01 00:00:00

RAILWAY MEETINGS.

EASTERN COUNTIES.
Half•inety tweeting.—Llndon, August 31.-11 r. E. L.
BETTS in the chair._

The CHAIRMAN, in opening the proceedings, said the
directors had embodied in their report, as fully as they could,
their views at the present time, consistent with the period
they had been in office; and this circumstance rendered it
unnecessary for him to addren them, further than to say
that he should be happy to answer any questions that might
be put to him.
Mr. RONET (the Secretary) read the report, which ap-
peared in the Express of August 27.
Mr. NATHAN complained that while they paid 60,0001.
a year fee the Norfolk Company, they reserved only 20,0091.
to themselves. The chairman and di-et:tors were Interested
in this question.
The CHAIRMAN then moved that the report be received
and adopted. (No no.)
Mr. CHRlSTliseeonded the motion.
Mr. NATHAN and Mr. ROWS rose together at this moment,
each being anxious to address the meeting, but their endea-
vours to speak were destroyed by the strenuous efforts of Mr.
CHRISTIE, who, having obtained a hearing, stated that
before any amendment was moved he wished, aa one of the
members of the committee of investigation, to make a :Mort
remark previous to giving up their stewardship. They bad
cow concluded their labours; and, although their report
might appear to be severe, yet it was such as they had fat it
their duty to m Ike— (near, hear) end he hoped
that in any ease in which they bad it:ieted pain
upon any gentleman connected with the company, he would
consider teat it wee only in the conscientious (Recharge
of their duty that they had made that report. And now
having ended their labour', he hoped they should receive
some compliment at the hands of the company. (Laughter.)
At all events they had dune the best they could, and they
were now happy to band the affairs over to so able a body of
gentlemen as the new board of Meecton. (Laughter.)
Several gentlemen here rose to address the meeting, and
it was with great difficulty that the Chairman contrived to
maintain crate. From this period the proceedings were re-
peatedly interrupted by the same species of noise and elm-
incur which have distinguished former meetings of the same
company, and it was at times quite impossible for those who
were somewhat removed from the speakers to form the
faintest idea of what they were saying. After some diffi-
culty,
Mr. NATHAN moved the following amendment: "That
the paragraph in the report rolating to tho N done amateo-
oo mon be expunged, and that the directors be recommended
to take no further proceedings therein; and to avoid all lac-
ks, expenditure in the matter."
Mr. MOWS seconded the amendment.
Mr. TOZER said, he must nthesita.ieglv say that if this
question of the Norfolk Amalgamation had been considered
under other and better c:rcunntences, such a suggestion
would bo at once rejected. He might fsirly assume, if the
proprietors had been in the condition he mentioued—in the
possession of the whale of the facto, in order to guide their
Judgments to a cornet decision—he should have said, if there
was a strong difference of opinion, that it was much better
I to endure loss rather than keep the company in hot water.
But he complained that the proprietors tad not had • fair
opportunity of considering the matter. (Gear, hear.)
Do the report of the committee it appeared that the pro-
posed amalgamation originated a ith Mr. Robert Stephen.
son, who, since that period, had acquired a considerable
interest in the line, which he said he obtained from his
lather, who was a lane proprietor. He did not impute
improp:m motives to Mr. Stepheeson, but he contended that
his edvi,e was, as a natural contequence, tainted by pre-
judice, if not by self-interest. The amalgamation was poised
in a hurry, without due consideration. Not one word was
acid at that Cm, about the guarantee stook of the Norfolk.
What tad the legislature done ? They had left the question
an open one, and the directors being, u he hoped, un-
shackled, he trusted they would advise the proprietors as to
the course which they should pursue. (Hear.) The Com-
mittee of investigation had got had suttieient time to go
into this amongst other matt re, hut the figures which they
produced showed that it would he a most unwise thing to
amalgamate upon equal terms. Amolgamated management
ght be in seine cases good, tut in this case one
Imo would be sacrificed to the other. He doubted
much whether the committee had not bseu deluded at
Lowestoft by Mr. Stephenson es to the f restores of the
works, and heal not visited this part of the lam at Wymond-
Lana at all. Why, the Wymondhun and Derehem line did
not pry is expenses. (A voice: "And never will ") The
report of the directors read that day intimated that the din e.
ton would not take upon themselves the responsibility of
directly advising the amalgamation, which he looked upon
as Jes Weed, and as not marking out a distinct line of ;wham.
I He blamed them for not expressing their decided opinion
upon the matter. Then if they amalgamated with the Nor-
folk, they must amalgamate with tee Eastern Union on
equal terms, which pant its proprietors nothing, and never
will. ( Hear, hear.) lie would conclude with this advice—
make no amalgamation, and take no lens unless the whole
of the facts were Wen them. (Loud cheers )
Mr. KENNARD said he entered the room without any
intention of addressing the proprietary, but the hon. pro-
prietor who had just addressed them had alluded to the
Sorthern and Return Company, of which he (Mr. Ken
nard) had the honour of being the deputy chairman. He
was, therefore, perked; eructed v:ith the kff•irs of that
company, and was in a position to Ott in :opinion
upon the question which had now been brought forward.
lie was not now Prepared with documents to enable him to
refer to details, but he was quite sure that no director in
this company would be of opinion that the question of
amalgamation ought to bo decided to-day. Several pro-
prietors—" Why r rat ?") lie (Mr. Kennard) did not ob-
j, et to P, but—(The hon. gentleman was here interrupted
by so violent a noise that it was impossible for him to finish
the sentence.) He was not to be deterred by hallooing, or
by laces which an he,n. proprietor ommite to him seemed
to resort to for the purpose of making himself ditfen.nt
from a man. (Hear, hear.) The hon. proprietor (Mr.
Teen), in alluding to the Norfolk line, hstl mentioned
several matters which it was impossible for him to know,
and stated many things incorrectly. Thom who knew Mr. U.
Stephenson were conscious that be was quite incapable of
acting upon interested motives. All there who joined in the
making of that lies set about it with a view of Its being
amalgamated with the Easteru Counties Railway.
Mr. NATHAN—No such thing.
Mr. KENNARD—You are • meet indomitable inter-
raptor, Mr. Nathan. (" Hear," and laughter.) Gentlemen
(continued Mr. Kennard), it was entirely • queetitn of what
the Norfolk Company produced that made it worth their
while to consider the propriety of joining it or rejecting it;
and, if the amalgamation was not calculated to put money
into the coffers of this oompar.y, undoubtedly it aught to be
rejected. But he (Mr. Kennard) believed that the interests
of the Eastern Counties Railway were necessarily involved
fa this amalgamation. He implored them to recollect
that the property in this railway amounted to 10 millions
of money, and they were discussing their affairs in such a
way that it was impossible tor them to arrive at any 'tas-
tiest:ivy conclusion. (Repeated interruption and confusion.)
The CHAIRMAN here row, and stated that it was only
(sir every gentleman should be heard who felt disposed to
address the meeting, and Mr. Kennard bad se much right to
a voice as any other gentleman present. lie begged Mr.
Kennard to proceed.
Mr. KENNARD continued. He was rems'king—(cries
of "Shame")—he woe not ashamed of himself, whatever they
might think. He was about to observe that the positive
receipts of the Norfolk Railway Company et the present
time amounted to 120,0001. • year, and the amount of pro-
duce which the Norfolk Company brou.tkt to this railway, as
appeared from the report of an independent com-
mittee appointed by themselves, wee 50,0001. the
half year—that was to say, 112,0001. a year.
(C.ntinucd interruption caused by :pensions of so
violent a character that the chairman was again induced
to rise and beg that the business might be conducted peace-
ably and fairly. Unless he could command eVenee, he must
adjourn the meeting.) (Hear, hear. )
Mr. KENNARD proceeded. lie was stating that the
receipts of the Norfolk Railway Company by Itself were
120,0001. per annum, and that it produced to them 112,0001.
a-year. This ought to show them the importance of the
amalgamation, and the consequences of any opposition to It.
He wished to call the attention of the proprieters to one or
two facto. The questi.n of the amalgama'ion was discussed ,
according to the plan originally proposed by Mr. Hudson.
A poll was ultimately demanded, and the roeult was that
the proposition for the amalgamation was carried by a very
large majority. (Cries of "Down, down," "we don't
hear a word you say," Ste.) The two points to which
he wished to call their attention were there, first
of all, that the Norfolk Company was gaining 12d,0001.
a year for its own special traffic, and produced
for this company 112,0001. per annum. These were sums
which they could not afford to lose ; and if they interfered I
with the amalgamation they would be taken (ram them. Let
this company decide the question for their interests, and I
let them look after them.

Mr. CASH said he had just consulted the solicitor to the
company, and he could assure the meeting that the adoption
of the report would no more hind the company to amalga-
mation than they were already bound. (Hear, hear.)
Before any step could be taken fordefinitive arrangement with
the Norfolk Company the shareholders mast be called toge-
ther fer their assent. Before beset down, let him observe, tbat
though there might be 600 or 700 proprietors present, they
were only so macy out of a propri-stary of 6,000 or 7,000,
and that the decided majority had already, on several occa-
sions, expressed their suction of the amalgamation
Mr. JOSIAH WILSON said that it the adoption of the
report was not cocclusive one way, it was needless scother,
and therefore let it r,main unadopted until further con-
sideration. (Hear, hear.)
Mr. OLYN wished to take this questicn as a matter of
trminus, and in this way would reply shortly to the obser-
vations of two or three proprietors, who had spoken np)n
the subject more as a matter of feeling, a point of view to
be wholly set aside on all such occasions. (Hear, hear.)
The committee of the House of Lards had, however,
unfortunately rather looked at the question in thst
light, visiting the sins of the old directors upon
the new board. (Hear, hear.) The amalgamation
was rejected by the Lords on the fourth Clause,
which had been inserted, not by the direction, but by the
Board of Trade. It was absolutely impossible, that under the
circumstances, the directors could go before parliament next
session, so that the proprietary would have the whole of next
year in which to weigh the matter. (Hear, hear.)
Mr. PRICE considered that the amalgamation bill having
been thrown oat, the proprietors ought to have hod the
accounts laid before them in an entirely distinct state-
ment.

ELLIS visited out thet t'e anstloymation prinelple
had been adopted by a mej,,rity of 2,000,000.. to OWL
value in shares, He himself, one of the committee of inves-
tigation, had gone into the inquiry as prejanioed against the
etnelgsmstion as the most stslout opponent of einsizema•
Lion now prevent, but a Gains and dose investigation us tue