The Express.
London, England, 1847-08-30 00:00:00

NORFOLK ESTUARY COMPANY.

The second half-yearly meeting of this company took place
on Saturday, at the British Hotel, Cockspur-street ; Lord G.
Bentinck, M.P., in the chair.
The CHAIRMAN said his satisfaction in meeting the share-
holders was somewhat damped by the reflection that he had
nothing flattering to tell them. In February last, the state
of the money market rendered it imprudent to proceed with
their undertaking; that state had not improved; for ex.
chequer-bill, then at 3d. a day, were now at par, or at most
at 3s. premium. The Bank discounts, in February, at four,
were now at flee-and-a-half per cent. ; consequently, if it
was not advisable then to proceed with their undertaking
it would not be so now, when. they could invent money in
good railway debentures, for a series of years, at five per
cent., and this undertaking was only estimated to pay four
per cent. Their capital being 600,000/., every 4 per
cent. was equal to 2,5001. a year. When their act was ob-
tained the Bank was discounting at three-and-a.half; com-
pared with the present rate of live-and-a-half, it was equal
to them to a difference of 10,0001. a year. Adding 7,6001. for
the difference of one-and-a-half per cent. on the interest
of money, the difference was equal to • capital of
150,0001. For these reasons, he advised them not to
proceed with the undertaking. The act allowed five years
for the purchase of the land, and seven for the completion of
the cut. A year had expired ; consequently they had still
four years in which to consider, and six year.' possession of
the estuary. He had received no official communication ;
but it had been hinted to him, by parties connected with the
commerce of Lynn, and with the middle level drainage, that
I such were the advantages anticipated by them, that both
these great parties would be disposed to come to their assist-
&ace. But, having obtained their act on condition of not in-
juring either the Navigation or the Drainage Companies, they
could make no advance towards an arrangement, but must
wait to receive any offer that might be made. Any such as-
sistance, to be effectual, must be equal to the difference of
150,0001. which they now suffered from the alterations in the
money market ; ho therefore recommended them to wait
patiently. With respect to their other affairs, he had
also an unfavourable report to make. A sum of 2801. a-year
had been stipulated to be paid by Mr. Bentinck for the pre-
servation of his banks on the part of the company ; but this
sum was found quite insufficient ; the engineer reported that
4001. or 6091. more would be necessary, otherwise an expen-
diture of one thousand pounds would be incurred. The
arrangement had been a very improvident one, as it
only extended over three years with regard to Mr.
Bentinck; but the company would be saddled with the
charge as long as they had the undertaking in hand. Since
the last meeting 4,0001. had been paid to Mr. Cooper. They
had also settled with their solicitors, to whom the thanks of
the company were due for their liberality. All the officers
of the company, from Sir John Rennie downwards, had
consented to abate one third of their charges, though these
were not exorbitant. Mr. Winn, the solicitor, had reduced
his claim front 2,600/. to 1,2301. ; and the executors of Mr.
Lane, the late so.icitor, had similarly reduced their claim
from 4,0151. to 2,007., leaving it to the company, should the
undertaking succeed, to make any compensation they
thought fit. The accounts stood thus:—paid to the solicitor)
for disbursements, 1,1131. Bc—for their bill', 3,2771. Ils. 6d.;
to Mr. Strange, per agreement, 3001. ; printing, stationery,
&c., about 6001. • the surveyor, 2001. ; leaving a balance of
4,6641. 84. on tie 12th August. Since that time 4,0001. had
been paid to Mr. Spencer Cooper, thus reducing the balance'.
The receipts, including a balance in hand of 2621. Ss. and a
sum of 9,3421. Bs. Id., arising from the sale of Exchequer
bills, amounted to 9,6201. 13, 2d. Deducting from this sass
the amount of the disbursements, there remained a balance of
6491. Os. Bd. From Mr. Bentinck 2801. was due on the Ist
September, which, with other sums due, made 1,2201. Os. Bd.
The outstanding liabilities amounted to 1,1761. Is. 6d.,•
which would leave a balance of 451. 19s. 2d., so that it would
be totally unnecessary for the directors to make any call.
(Hear.) The chairman then read a short report from the
directors, embracing the statements and recommendation
above given, and moved its adoption.
The Rev. W. G. Towritee thought the noble lord had
taken rather a gloomy view of their prospects.
A SESaanotnna asked if the bouadaries were staked out ?
If this were not done they should lose land eiery ear;y and
Sir J. Rennie replied that the boundary was defined by
the act. However, to prevent any difficulty, they were now
laying down the boundary.
Mr. P. Caroa complained that the accounts had not been
printed and forwarded to the shareholders before the meeting.
He differed from the estimate given by the noble lord at a
former meeting as to the cost of the undertaking. As to the
anticipated assistance from the parties connected with the
Lynn navigation and the middle level drainage, he thought
it ought to include the expense of the cut which this com-
pany had been compelled to undertake to make. If this was
not done the shareholders had better abandon the under-
taking altogether. No harm could possibly result from
adopting the report, by which their allure would remain is
state quo for six months. In that period great changes
might take place ; but if nothing occurred to better their
posi,ion he should then support the abandonment of the un-
dertaking.
Mr. Parses unwed the last speaker that no bargain
would be concluded by the directors without the sanction of
the proprietors at large. They could not assume that the
present state of the money market was to be permanent, and
on this ground he differed from the view taken by the Goble
lord. The beet informed persons is the City did not ande4
pate the permanence of the present rates of discount; thin
might be much lower before next February ; therein% be
any agreement with the Navigation or Drainage Companies,
they ought not to look so much at the actual rates of &-
count, as at the probabilities. In his mind, it would be ab-
surd, when they bad four years' discretion, to abut them-
selves out of that advantage, by resolving to abandon the un-
dertaking six months hence.
Mr. CHILDERS, M.P., said he had thought the scheme,
from the first, too expensive to be profitable to the share-
holder; bat such were the advantages which it prombed to
the Navigation and the Drainage Companies, that these par-
ties must have a direct interest in supporting it. Hitherto,
they had held back ; but now that the act was obtained, and
the shareholders found themselves unable to proceed without
antstance, he had suggested to several of his friends the
Intervention of these parties ; and he had reason to hops that
this would be brought about. Not only the middle, but the
south level drainage was interested, embracing a district of
300,000 acres ' • and there was no doubt these parties were
ready to come forward with a considerable sum in aid of this
object—probably about 3,0001. a year. (Hear, heart)
He had understood that the matter had been taken
up by the companies concerned, and that • small tax
had been consented to which would raise 3,0001. a year. The
feeling in Lynn was very strong in favour of such • mune.
lie hoped this meeting would not separate without clothing
the directors, or a deputation front their body, with power to
treat with any parties who might came forward with a pro-
pose: L 2 sat 4f this utletta=g. It was Important that- no
time should be lost, as an act of parliament would be Bees&
vary to carry out any such arrangemeat.
Mr. Carols wished to amend the report, by the handket
of a clause empowering the directors to treat with the Navi-
gation and Drainage Commissioners.
The CHAIRMAN said that wee not - The dime-
tors had already full power to enter aegetlethea;
and for his own part, he should be mot maker Is
an arrangement, for the benefit of the town and=
Lynn. At the same time, he would do nothing mkt emli
he hoped the shareholders would give the board thole or
Moues. He Agreed with some gentlemen who herl whoa,
as le the reeibilip: a great fall in the rates of dbeennt ;
should this take , he would recommend them.* go en ;
but he had littlehopes of seeing the bank dietreolehne at 3i
per cent. in February next. He had no whit to drive a
lead bargain with the Navigation and Drainage Company;
is bet, parliament would net allow it.
Mem a motion by Mr. Childers, which he withdrew, and
nem further conversation, thanks were then voted, on the
MINIM of the -• to the —' and

chairman, co Lb. aolldtaea, anMosirs,'„