The Express.
London, England, 1853-12-20 00:00:00

The arrangement which had been 'claimed in by the
Eastern Union and the Eastern Counties boards, and their
own, was that the gross receipts of the lines ohnuld be di-
vided into sevenths, of which five sevenths were to go to
the Eastern Counties, one-seventh to the Eastern Union,
i and one-seventh to the Norfolk. He should like them to
show them how that seventh boreal their actual receipts,
as they would have been without such apportionment. He
found their last receipts from all sources up to June 1,
18.53, to be 137,8171. He found the increase of receipts
from the let July up to the present period, and from thence
up to the Ist of June, 1854, calculating the rate of increase
at that of the similar period this year, to be 15,7981., being'
a total of 153,6151. This, deducting 46 per cent. for work-
ing expenses, left 82,9531. Now, taking the receipts of the
three companies collectively to be 1,100,0001., then de-
ducting 46 per cent. working expenses, and one-seventh of
the loss arising from the Hut Anglian, Northern, and
Newmarket arrangement, he found the residue ap-
plicable to Norfolk dividend would be 81,9571.,
being within a trifle of the amount they bad received under
the old arrangement. (Hear, hear.) In an agreement of
this kind he need hardly say that it was very important that
all parties should see that their interests were mutually
served, so that when once ratified it might be carried out
with mutual good faith and good feeling. (Hear, hear.) His
belief was that a more equitable agreement than that now
submitted by himself and colleagues had never been entered
into by any company. Because, in the first place, they got
results equal to their whole present receipts, and under what
he did not hesitate to say were the most advantageous cir-
cumstances for working. Besides this, he felt that he
should net have been acting faithfully in his capacity of
chairman of their company had he permitted any separate
agreement to have been made with the Eutern Union
while they (the Norfolk) had another agreement with the
Eastern Counties, es in that cue there would have been a
risk of having them worked one against the other.
They bad therefore entered into the present negotiation, and
in securing a dividend at least equal to wrdst the share-
holders enjoyed at preseat, he felt that they tot no more
than they had 4 right to expect, and that less would not
have been worthy their acceptance. To correct some oda-
appreheusion which, as he gathered from letters he had re-
ceived, were abroud, he woula next, with the permission
of the meeting, go into a few details. It was with regard
to the loss sustained by the agreements with the Great
Northern, and this could be easily explained as it was
simply • matter of account. The proportion of that loss
which fell on the Norfolk Company was about 401. a week.
Now he did not hesitate to tell them that in consequence
of the agreement entered into by Mr. Waddingt di with
the Great Northern, there would be an increase
of five times the receipts on the whole line.
(Hear hear.) It was not proper to go into de-
tails at present, but any proprietor calling at the
office should have full information. Another point to which
he must allude was their dividend. Last year it had been
21 per cent. He teak it at that, and working out the result
as given by the gross receipts and deducting the Hitchin
lose, would leave them • return for dividend of 27,1781., or
21 on their capitil. He did not think that that total would
represent their earnings when they came to work conjointly,
as he did not hesitate to say that the recent increase in their
traffic had arisen solely from the good understanding with
the Eastern Counties Company. A :similar understanding
with the Eastern Union would, he had no doubt, produce
similar results. (Hear.) if they made any concession to
the Eastern Union Company in this agreement it was more
than counterbalanced by the effects which would arise from
the good understanding between the three companies.
(Hear, hear.) He felt it to have been most unfor-
tunate that the legislature should have permitted
the Norfolk to be an independent line, or have allowed lines 1
that were merely tail earls to other lines to be independent
undertakings, competing with each other for dividend.
They were, therefore, at present doing the best thing they
could to correct the error of the legislature, by making the
present arrangement. The resolutton was then put ratify-
ing the agreement, upon which a few questions were asked,
and on being answered to the smisfaction of the meeting,
the resolution was carried unanimously. The proceed-
ings terminated with a vote of thanks to the chairman, i
which was most heartily responded to.

EASTERN COUNTIES RAlLWAY.—Yesterday al
meeting of the proprietary of this company was held in the
London 'Tavern, at one o'clock. Mr. Waddington, M.P.,
in the chair. The object of the meeting was to submit to
the proprietors an agreement entered into between the
company and the Norfolk and Eastern Union Companies,
the basis of which has already 'opened in the Daily News.
After some discussion, the agreement was confirmed, and
the nesting broke up. At meetings of the Norfolk and
Eastern Union Companies respectively, the agreement was
submitted to the proprietors and agreed to.
GREAT LUXEMBOURG RAILWAY.— Yesterday a
meeting of the holders of the 6t. per cent. guaranteed shares
in this company was held at the London Tavern, " to con-
sider the best measures to be adopted for the protection of
their im with reference to the proposed scheme of the
directors for the destruction of the privileges of these
shares." Mr. G. F. Taunton, of Liverpool, was called on
to preside, end he moved • resoluticn di,app roving of the
scheme of the directors to convert the 6 per cent shares.
Mr. Heade seesnded the motion, and, after observations
from Mr. Foster, Mr. Alger, and other gentlemen, the re-
solution was carried. A committee was then appiinted to
carry out the object specified, and • fund was commenced
for the purpose of opposing the reduction of these shares to
the ordinary stock.