The Express.
London, England, 1849-03-23 00:00:00

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Adjourned Half-yeaily4ifieliiuiLLondon, March 22
Lord GitOktOß MANNERS, M.P., in the chair. The direc•
tors' lemon %as read. It stated:

"The directors regret their continued inability to report
to the proprietors that they have succeeded in their endea-
voun to place the property of the Newmarket Railway upon
a settled and de Some looting. The preprietors are already
aware of the circumstances under which an agreement was
entered into with the direct•ra of the E stern Counties Rail-
way Company. After considerable discussion of some of its
details, the agreement was sealed on behalf of toth com-
panies on 7th Sept., 1843; the joint committee provided by
it was appointed, and held several meetings. Your Win-
C.rs were, however, subsequently informed by the directors
of the Eastern Co .nties Company, that in their opinior, it
was not expedient to bring the agreement before their pro-
prietors at that time, but that pending its confirmation, they
expressed their determination to give to all its provisions sub-
stantial effect; in consequence of which, and in deference to
the strongly-e x reseed wish of the proprietors, and with the
concurrence of the committee appointed by the shareholders,
your dire von handed over the line to the Eastern Counties
Manny Company, who appointed their own staff, and on the
2nd Oct. last, assumed the entire control of the traffic. The
result of this measure, the directors regret to state, has not
been satisfactory, for, although by an account of the working
for three months, from 2nd Oct. to 4th Jan., recently fur-
nished by the Eastern Counties company, • net profit of
7011. is shown, the directors are bound to state that on the
one hand the working charges are excessive, whilst on the
other the receipts have haroly exceeded the earnings of the
line at its s peeing for general traffic, when the undertaking
laboured under the vent d disadvantages of incomplete ar-
rangements, separate management, and undeveloped traffic.
As regards the working charges, however, satisfactory means
of adjusting disputes are already provided. The pr .prietors
cannot fail to remark that a reduction of these charges to the
amount which experience has shewn to be a fair rate of re-
nnin( ration for the working of • line similarly circumstanced,
together with such • comparatively null addition to the
groin receipts as they bad hoped to realise from a cordial and
efficient working of the traffic in connexion with the trunk
line, might, ere this, have pined the property in a very dif-
ferent position. In partial fulfilment of the agreement, the
directors of the Ealc ern Counties Railway Company advanced
to this company a sum of 60,0001., which has subsequently
bean reduced to 29,3201. by the sale to them of p:aut.
£ventu.lly, however, your directors feeling that a continu-
ance of this state of suspense must be prejudicial to your in-
terest', formally required the beard of the Eastern Counties
Railway Company to submit the agreement to their proprie-
tors, to which requc st they received the following reply :
" • Eastern Counties Railway, Feb. 27, 1849.—Dear Sir,
I beg to acknowledge the receipt of your letter of this date,
and 1 am iestructed to state in reply to it, that the agree-
ment entered into between the boards of this company and
the Newmarket Company, in September last, cannot legally
be submitted to the shareholders of the Eastern Counties
Company at the half.yeerly meeting to bo held to-morrow,
but I am to inform you that it will be submitted at the
meeting to he shortly held for obtaining the sanction of the
noteholders to the bill before parliam rat for the amslgama-
tion of.this company with the Norfolk Company.—l am, dear
sir, yours truly, C. P. RONEY, Sec.—O. W. Brown,
117, Cheapside. "
" It is not for your directors to anticipate the result of this
promised reference to the Eastern Counties Railway pro-
prietors, especially considering the recent circumstances
which have transpired with regard to that company, and
which may have an important bearing upon the entire ques-
tion of the relations (not of this company alone) with that
body ; but they may state their strong persuasion that it is
essential that a (eelisg of unanimity and determined co-ope-
ration should prevail among the proprietors of this company,
and that no decisive step should be taken until the result of
the investigation into the affairs of the Eastern Counties
Railway Company 'hall be known. The directors have very
reluctantly announced another call, which they thought it
their duty to make, for the purpose of obtaining funds to
wet same immediate liabilities, and to provide for the liqui-
dation of the loan from the Eastern Counties Railway Com-
pany, falling due on the Bth Oct. next. The directors take
this opportunity of informing the proprietors that the finan-
cial position of the company is such as to prevent their con-
tinuing to pay interest on calls oat of capital.
"From the aocounte it appeared that tie total capital ex-
panded me the line amounted to 308,2691. Pk. U. The re-
WNW easiest stood as follows :
STATIMMT or fiCTILMVZ ACCOWIT lOU Sax Aroma, /CODING tier
Dec., 1549.
Da
To Looonorrvz ACCOUNT. £ d.i £ a. d.

To Locononvz ACCOVINT. L a. d. E a. 4.
Coke 579 10 11
Stores
Worms of enginemen, firemen, labourers,
cleaners, ho. 349 19 8
To COACHING ACCOUNT.
WHAM of Woking clerks and petty
charm
Wire 07 Ruud*. Porta*, Palk*, and 180 9 4
Wl&Mem 463 1 7
GM 10 11
To GIMAL Caucus.
Compensation for damage and lases
Government duty on passenger traMo .. 79 19 3
Electric telegraph ISO 0 0
Clothing foe guards, porters, police, and
gatelusepers
379 5 10
*!stern Counties Company's working
charm 1791 5
Balance 1,642 410 5
£1,550 14 S
Thla non amounts to 72 cent. GPM the groin reeeips, WS Is sub.
legit to reference to Mr. Ntepesoaea
Ca.
By balance to June 3oth
By traffic, Ms. 1,906 4 11
Passengers
Parcels, buses, carriages, dogs, he. 379 9 5
Goods, AM* he.
4,344 9 4
14 3
DBALANCI 3narr. Dualism 31. IN&
Os.
A & d.
To balance of capital I
!elands with _

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BAUM BM?,
Di.
A a & A a. d.
To Winos of mita
ocooant. 14,161 19 2 Bleakoisbilli" ~ VW 1611
To Mimed *mom By potty
__ ..cWi......_ ..• • 66 0
mama . .. 1,641 4 6 B 7 OntdandlME se.
To oalatiddids ii. male ...... ...... Mal 4 6
ono* 370 1 9
46.194 6 4

/4194 • •