The Express.
London, England, 1851-03-14 00:00:00

RAILWAYS.

EASTERN COUNTIES RAILWAY.

The committee of shareholders appointed at a I THIS DAY.
Special general meeting of the company, on the 13th Feb., Two o'Ctogg.
with reference to a working agreement with the Eastern I The share market has again been the scene of
very great activity to-day, and the dealers are fully
Union and Norfolk Railway Companies, have issued their
report ;in which, after giving an account of the steps taken worked. This being the day for the closing of the
by them, they conclude as fellows: account, the final adjustment of the "balances"
•` After a deliberate considerationof the evidence adduced, •
has
the substance of which is now before you, your committee formed the main feature of business, but
have come to the conclusion that the terms of the proposed this does not appear likely to pass over
agreement are not based upon an equitable regard for the . without difficulty, as the name of one party
interests of the }astern Counties Company, and that, if is already publicly • mentioned as a defaulter,
adopted and carried into execution, a serious and per- , and
others are whispered. In the case alluded to,
"uncut injury would thereby he inflicted upon your pro-
y. Your committee, therefore, strongly, and without, Idawever, the liabilities are not understood to be
hesitation, recommend to the shareholders that they do not heavy, though nothing definite can as yet be known.
confirm the proposed agreement. In stating this their re- I Besides the settlement a large amount of fresh
operations have been entered into. Prices generally
solution, with respect to the merits of the agreement itself;
' opened well, and in ninny eases soon rose even above
your committee would fail in their duty 63 you if they
thethe ; yesterday's ton nge, especiallyof for North British, Mid-
Board of Directors, in respect to this measure, , lands, London and North AVesterns, South Westerns,
do not appear to have been characterised by the and East Lancashire's. Since the morning, however,
;there has in many lines been a partial reaction, and
caution and deliberation which were due to its magnitude
as a commercial question, and especially to its vital ire
the extreme rates of the day are no longer obtain-
parlance as affecting the extensive interests entrusted tni
their keeping. In Justification of this remark, your cons- I able.
mittee notice the hollowing circumstances:-1. That, pro- BIIARPA AND SIIV.IIB UN(iUADANTEED.
riesling on a communication, dated 18th January, made on
behalf of the Norfolk and Eastern Union Companies,
the Board, at a meeting held on Tuesday, the 21st
of that month, appointed a deputation, and fixed its first
meeting with the deputations from those companies on the
following Friday, being the 24th of that month. 2. That
the three deputations held a meeting accordingly, on Fri-
day, the 24th of January, at the offices of the Norfolk
Company, and then and there agreed upon the beads of
the agreement, which were reported to the board on the
4th, and recommended to the shareholders for adoption on
13th Feb. So that on the third day from the appointment
of the deputation, and at their first and only meeting with
the deputations from the other companies, were the
term, of the proposed arrangement settled and concluded,
so far as the deputation and the board were concerned.
To this hasty mode of proceeding your committee pr:sume
may be attributed the erroneous understatement, to the
extent of 10,6001., of the amount of the Eastern Union
guarantees, and also the seeming irregularity by which
the terms of the minute's of conference in respect to that
company's guarantees were permitted On setting forth
the amount of that item in the heads of agreement)
to be contravened and varied without competent I 1.
authority. Thus, in the former minutes of the cont., rcnce
the Eastern Union guarantees are stated at 72,000/., while
in the paper before alluded to, and in the heads of agree-
ment, they arc declared to be 70,0001. This same paper
appears also to furnish the only authority fur the article in
the draft agreement already quoted, the operation
of which would bind the united companies to pay,
under the designation of working expenses, the sum
of 10,4001. per annum for rentals and guaranteed
interest on account of the Eastern Union Company.
But, while your committee recU111111(.114 the non-adoption of,
the terms proposed, they attach a high degree of import-1
enci to the establishment of an equitable working agree-
ment, not only with the Eastern Union and Norfolk Com-
panies, but also with other lines in the eastern districts;
and for the accomplishment of which object they think that
this company should be prepared to cuter into liberal
arrangements. Acting upon this view, yuur committee have
opened a communication with the directors of the two
former companies, and have taken steps with the view of
bringing about a conference with the Newmarket and Chem-
terford Company ; the East Anglian, they understand, has
already) made arrangements with the Great Northern Com-
pany. 1•our committee have thouiiht it of the utmost import-
ance to issue this report without delay. and not to wait heron)
doing so for the result of the proceedings they have taken
in this direction, which may he of uncertain duration ;
should, however, they be enabled in the meantime to
possess themselves of any further information, the commu-
nication of which they may think calculated to promote the
interests of this company, your committee will be prepared
to lay the same before the shareholders at the special meet-
iag appointed for the 18th instant. Proxies having been It
granted by a considerable number of the shareholders a
with the slew of supporting the adoption of the proposed
agreement, your committer consider it highly expedient y
that such proxies should be withdrawn, and accordingly e
recommend their formal revocation. With the view of
facilitating and ensuring the adoption of that course, your
committee have directed a proper form of revocation to be
prepared and forwarded with this report to all the share-
holders, so far as your committee are able to ascertain them,
who may have granted such proxies, to be signed by them,
and returned le the secretary of the company forthwith."
This report is signed, B. Maywood Kelly, Chuirtuan ;
David Waddington, Jeremiah filcher, Joseph Dos, Charles
(leach, Gcu. C. Panting, Daniel Maclaurin, Nathaniel
Nicholls ; and dated, Eastern Counties Railway, bishops-
gate Station, March 10th, 1851.

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RAILWAYS.

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9i

LANCASTER AND CARLISLE ItAlLwAx.—Yesterdny.
the half-yearly meeting of the shareholders in the Lan-
caster and Carlisle Railway Company was held at the
Lime-street station, Liverpool. E. W. Resell, Esq., chair-
man of the board of directors, presided. The chairman
addressed the meeting at considerable length in terms of
congratulation upon their present prospects, and moved the
adoption of the report, in which the director; recommended
a dividend at the rate of 61 per cent. per annum, which will
leave a balance of 9,7001. to be carried to the credit of the
current half-year. The accounts showed that the receipts
from traffics during the half-year amouuttsl to 125,2381. 4s. Oi d.,
and the disbursements to 48,73.31. Is. 'ad., leaving a balance
of 76,5051. 2s. sd. The report and accounts were
adopted, and a dividend upon each elm& of shares was
declared. The proceedings then terminated.
STDCKTON AND 11.titTLEI.DOL ItAILWAT.—A ape-
cial general meeting of the proprietors of this company was
held on Monday, the 10th instant, in the company's offices
at Stockton, fur the purpose of confirming or declaring the
terms of re-issue of 4,2,58 of the company's shares of 121.105.
each, which form part of the 11,115 121. 10, shares created
at the general meeting on the 30th September, 1616. Ralph
Ward Jackson, Esq , presided. The following terms were
unanimously agreed to, and the proceedings terminated
"That the company guarantee an interest or dividend on the
shares nut exceeding the rate of 51. per cent. per tumum,
payable half-yearly, until the Ist day of July, 1536. That
the respective holders of the shares shall be entitled, on the
lot of July, 1856 (on written notice, to be given to the
company on or before the Ist of January, 18.16) to convert
such shares into the ordinary shares capital of the company,
at the value of 161. 13s. Id. per share paid. That in case
the share capital be not so converted, then they are to bo
redeemed by the company by payment of the respective
holders thereof at the sum of 121. 10s. per share."

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