The Express.
London, England, 1851-08-29 00:00:00

NORFOLK RAILWAY.

The halficarly meeting of this company was held
yesterday, at the office, in Cluj!Shall-buildings, City. Mr.
Pant, M.l'., took the chair.
Major COURT complained that no report had been sent
round to the shareholders.
The CHAIRMAN said he would simply say, in answer
to the hon. proprietor, that it must be evident that the di-
rectors could not prepare any report till after the meeting
of the Eastern Counties Company.
The SECRETARY read the report, which stated that
the usual half yearly account of receipts and expenditure
had been duly circulated.
The accounts of the Eastern Counties Company exhibited
a small diminution in the receipts of the Norfolk Company
during the last six months. The directors were, however,
happy to state that since the commencement of the present
half year there had been a steady increase of the revenue.
The report then alluded to the good feeling now existing
with the Eastern Counties Company, and the wish of the
directors, as well as some of the largest proprietors, that the
existing agreement should remain undisturbed, for the
present, so as in the interval to develop the resources of
both companies.
The subject of the mortgage debt had engaged the serious
attention of the directors, the unsettled state of the com-
pany tendering it imp oasible to renew the securities falling
due without obtaining further powers from parliament. It
was therefore proposed by the directors at this meeting to
tate authority from the proprietors to apply for an act in
the next session foe creating a new stock bearing a guar-
anteed interest not exceeding 5 per cent. per annum, to be
placed in the same position of priority as the existing mort-
gage debt, and to be applied solely to the liquidation of such
bt. When it was stated that the sum repaired to pay the
' intend on this debt does not anioson to l-rita of the present
ran receipts of the company, the sufficiency of the security
Math the company have to offer must be apparent ; besides,
It was intended by the same act to regulate the capital of
the company generally as to the rights of the various classes
of preferesevi shares.
The act for authorising the heeds and Halesworth
Railway Sty an independent cotnpairt having received the
royal assent, the directors wished to have powers from this
meeting to make such trade arranceinents with this com-
pany as would ensure a speedy e:mpletion of a line so
likely so add materially to the revenues of the Norfolk
Company.
The statement of receipts sod expenditure on capital
amour: showed a balance of l,e4lit. 124. ad. against receipts
which had only amounted to 3,516/. fur the half-
year, whilst the expenditure had reached the amount of
5,142 t. lbs. Ild.
The CHAIRMAN said, in rising for the first tine since
his t eking the chair of that company, be felt it due to them
and to himself to state the circumstances under which he

brut done so. Immediately after the last meeting ho re-
oft,yed an earnest request from his friend Major Tyndale,
seconded by every member of the board, that in the present
position of the emispany he would take the chairmanship
of it. Feeling that he possessed some practical knowledge
of railway mutters, mad that he could do good service to the
company by a zealous attention to his duties' he agreed to
accept of that honourable position in which be was then
placed. One of his first duties in bring so appointed was to
solicit an interview with the chairman of the Eastern Comi-
ties Company to require some explanation of the policy of
that company. He was happy to say that Mr. Waddington
concurred in his views as to the best means of developing
the traffic of both lines; and they were both agreed
as to the policy of the two companies waiting for
a further development of their resources, to see what
arrangement would turn out best for their mutual
interests. As to the traffic, he found from a statement made
out that the total receipts at the Norwich station for
~the
six months of last year were 26,6421. 13s. 61., whilst for
the six moaths of the present year they were 29,3841. At
Yarmouth they were 7,963/. against 9,679/. in the present
year. At Lowestoft the revenue was 3,6171. last year, and
in the present 3,1134. This latter was without reference to
the traffic brought over the line by the Northern Steam-
packet Company. cllear, bear.) At the last meeting he
had stated his confidence in the position of this company.
They had an income of about 120,0901. per annum. They
must bear that in mind, as showing how large a traffic they
give to another 'company. In his consultation with Mr.
Gooch that gentleman stated that he could not see the rea-
son why the working expenses of the Eastern Counties
should not be brought within a short time to the same
ratio as on other railways. lie regretted there had been a
want of courtesy on the part of the auditors of the Eastern
Counties Company in publishing that report without a
previous communication with himself, the consequence of
welch would have been the removal of some of the charges
therein mentioned. lie considered they were neither
in a condition of despair or helplessness, but one of
• progressive development. As to the future prospects
he would merely say, that in addition to their 120,0001.
' per annum at present, they might justly look for
a large increase from the exertions made to develop the
fish traffic. At Yarmouth within the last two years they
I had placed out 36 boats in the deep sea fisheries, the produce
,• of which went upon their line ; whilst at Lowestoft 9 boats
had been already placed out, the proceeds of which went
' also on the railway. The port of Lowestoft must also
' contribute largely to the revenue of both railways, by
• means of the Northern Steam racket Company, which,
I from being the shortest route to the North of Europe, must
bring a very large amount of traffic. He would now
strongly recommend to the consideratiou of the shareholders
' the Beceles and lialesworth Railway which had received
the royal assent, as a great benefit would arise from making
an equitable arrangement with that company, such as
giving them a certain proportion of the nett receipts from
' any traffic they might bring over the Norfolk line. The
' Chairman coded his observations by alluding to the mortgage
' debt, and advising the shareholders to agree to the prime,-
r sition of the directors to apply tor an act in the next ses-
' aiou for creating a new stock hearing a guaranteed interest
nut exceeding o per cent. per annum to be placed in the
same position of priority as the existing mortgage delft.
Major COURT moved that the report be nut received, as
the proprietors had nut had time for consideration, but his
• motion was not seconded.
Some discussion took place between Major COURT, Mr.
' Tise, and the Cu ti XMAS, respecting the accounts.
The report was then adopted.
The CHAIRMAN said that the nobility, and gentry of
Suffolk had subscribed 150,0001. to make the lieccles line
through the county, to connect itself with the Norfolk line,
as they hail been infordied by himself that the proprietors
of the .Norfolk company had nu money for the purpose.
(Hear.)
the CHAIRMAN then moved a resolution in favour of
a traffic arrangement with the Beech's and Halesworth
company, and also one for applying to parliament for an
act in respect to the mortgage debt, which were agreed to
unanimously.
A vote of thanks was then passed to the chairman and
directors when the meeting adjourned.