The Express.
London, England, 1851-08-20 00:00:00

EASTERN COUNTIES RAILWAY.

The directors of this company have just issued their half-
yearly report to be submitted to the proprietors at the gene-
ral meeting on Monday next. It states that the directors
have to regret that the traffic receipts exhibit 3 deereane as
compared with the six months ending the 4th of July, 184
of 33,42 U. on the Eastern Counties line, and on the NO,
line 2.19/., the total receipts hang 31;6,9221., as contrasted
with 400,704/. fur the corresponding half-year of MO. This
decrease on the Eastern Counties line is too great measure
to be attributed to abstraction of traffic and reduction of
fires consequent upon the opening of the Great Northern
line from Peterborough to L modus; also to the construction
of the brand' from liitchin to Royston, w hide brought the
Great Northern line within about 12 Mika from Cambridge.
The directors, however, rely with confidence that the in-
creased accommodation they arc now affording to the pub-
lic will enable them gradually to increase the revenue upon
other portions of the line. The working expenses arc being
gradually reduced, and the directors feel justified in stating
that further reductions will ultimately be made. The in-
ducements the directors have offered to the proprietors of
land and other parties have resuited in the erection of seve-
ral Mucks of houses; and they have no doubt as it becomes
more generally known that thecompany is orepared to
grant a reduction in their charges for annual tickets, in con-
sideration of a party erecting a given nuonlwr of dwellings
of a certain class, the facilities which this line now atf ords
for residential ;raffle will insure an increase in the revenue.
In reterenCe to the permanent way, the directors' alter a
trial of the patent fish-joint, became so impressed with its
importance, not only an gic log a smoother road, thus re-
ducing the cost of Coe tractive power and the wear and tear
of the rolling stock, but as economising the expense of main-
tenance, as to induce them to order its application from
Stratford to Bishop's Stortford, a distance of 28 miles, a
favourable opportunity presenting itself for no doing. as this
portion of the line hail to be taken up fur extensive repairs.
Further experience may induce the directors to recommend
reCunsid. ration of the prop, iety of putting aside an annual
stills an a depreciation fund for the permanent way, or an
alteration in the amount au reverted. The directors have
&loused of u por of the surplus property. ..ttb•r
nhnne-
rows interviews with the directors of the Eastern Union
Railway Company, several matters of detail connected with
the Harwich agreement have been settled, and the seal a'
this company fixed to the agreement, and the directors, tru
that no further obstacles may int,' came to prevent the con.
struction of the branch to Harwich, which, whin com-
plete, will add materially to the revenue of the company.
l'he common seal has Is cn affixed to the agreement with the
Newmarket Conmany,and the directors are informed that the
line front Newmarket to Cambridge will be' opened nor
traffic in October of thin year. The directors refer with sa-
-6,n/calor' to the exertions making by the Northern Steam
Packet Company to promote a trade with Denntark through
the port of Lowestoft. The directors regret that the Great
Northern Company have ronsid,reil it to be their policy to
endeavour to abstract traffic from the Kist Anglian district,
for whilst it may damage the receipts of this company, they
feed convinced the interest of the Great Northern will nut
be promoted by the competition which mustultimately ensue
from this azArs‘nire line of police. The line from Sioelford
to Sliepreth is now completed, -but '-annot be opened for
pasecengcr traffic until arrangements have been made for sta-
tion atelommodation at Shepreth. Since the last general meet-
ing two of the directors hare sent in their rssignation,
Mr. Joseph Glynn and Mr. Samuel Ellis. The board have
filled up Vs( se vaiancio s by the election of Lord Alfred
Paget, NIT., and Mr. Cecil Fane. The directions beg to
assure the proprietors that their exertions will he anxiously.
and assiduously directed to the increase of truths., and also
to the reduction of expenditure so far as it can consistently
be carried out.

The report of Mr. J. V. Gooch, the locomotive superin-
tendent, states that the number of milt, run by trains dur-
ing this half-year exceeds that of the corresponding period
of last year by G3,49S miles. The total cost is oo,ffil:P.,
equal to 10,1 i 3d. per mile par train, hoeing a reduction in the
expenses of 13,581/., equal to 3.310 d. per mile per train.
The total amount which has been expended in repairs and
renewals is more than will be required to maintain this
stock with efficiency. In the amount of 55,03:11. is included
3,013/. fur the use of steam power, for forming the pasienger
and goals train, in consequence principally of the great in-
convenience of the London stations, which would otherwi,e
be dune at a very reduced Clptillie by manual labour. The
total cost of the carriage and waggon department for the
half-year is 16,7451., equal to 3.217 d. per mile per train,
being an inereas., uf 29V., equal to o•o:itid. per mile per
train. In taking the east at per mile for locomo-
tive department, and 3.2174. :per mile fur carriage and
waggon department, in compariFin with other metropolitan
railways they will appear high; but by it a very decided
improvement has been made in the condition of the whole
of the rolling stock.
. .

The report of Mr. /Lehi:rat, the superintendent of way
and work., etatee that the labour and materiels in renewals
and maintenance Interest for the laid half-year at the average
rate of 431. 104. ted. per mile—vie., in the renewals, 2,172/.,
and in the repairs of statiens, wan:houses, workshops, and
other buildings, 7,130/., making a total 0f23,946/. The per-
, manciit way and works generally are in a very satisfactory
werking einulition. The one mile at Stratford that is fiat-
' jointed, and Ins been tested and worked over more than two
years, has been maintained at less than 301. per mile per
annum, whilst the oil road in the s ime district between
Stratford and Itieliop'e Stortford has rest in labour nor the
game period 93/. de. 6d. per mile. le eking at th • cost of
labour iu the Stratford and Stortford district, he states with
confidence that by the mho; lion of the system now in pro-
gress the company may realise, in saving of labour alone, an
annual sum of nut less thaa 501. on every mile so completed. The capital account of the Eastern 'ounties Railway to
the nth ofJuly shows that 9,0014,737/. had been received, in-
cluding 49,6761. for sale of surplus property, and 9,605,6.43/.
expended, leaving a hatente against the conipany 01...16,e46/.
The hood debt account slows a total of 1,116,478/., of which
4.16,278/. woe borrowed at 3 per cent., 457,1(0/. at 41 per
cent., 124,300/. at 4: per cent., and 118,6001. at 4 per emit.
The permanent way renewal fund shows a total of 36,950/.,
of which 2,172/. was expended during the half-year, leaving
a balance of 31,777/. The amount s, t aside out of revenue
during the half-year fir that purpose was 8,010/. The share
capital account shows a total of 8,366,760/., of which
3,827,502/. emieiste of conselidated stork, including
bonus of 1,087,003/. The guaranteed stocks amount to
2,539,2371. The calls in arrest amount to 42,192/. 'fhe
revenue account fir the heif-year ending the 4th of July
settee that 366,921/. hml been received, and 208,358/. ex•
tweeted, including 11,275/. rates end taxes, and 7,1661. Go-
vernment duty, leaving a balance of 158,363/. From this
SUM is deducted 152,931/., being the interest on leans and
guaranteed shares, leaving a balance of 3,621'. The earn-
ings on the Norfolk Railway during the half-year n eounted
to 53,277/., awl the expenditure to 38,733/., leaving a balance
of 11,5221. The Norfolk guarantees and loans amount to
211,799/., mid the interest on Cie rolling dock to 1,733/. The
balance to the credit of revenue fir the hell-year ending
the 4th of January, 11431, amounted to 24,636/. Out of this
is deducted 10,041. in reelect to accidents, 2,769/. expended
in appeals against parish assessments, 1,6471. to Messrs.
Quitter, Ball, and t'e., and 10,0011. over-statement of carv-
ings iu revenue account anterior to January, 1849.
THE At:1)1701W REPORT is as follows:—... Preparatory
to the half yearly meeting to be held on the 25th instant,
we have to lay before you the balance. sheet of your capital
account to the 4th of July last, and the revenue accounts
for the half year ending at that date, es prepured under the
superintendence of Messrs. Quitter, Ball. and Co., and sub-
mitted to us by your directors for our examination and con-
firmation. Thew accounts having previously undergone
by us a strict and continuous audit we tied correct, with
one or two exceptions, to which we tag to direct your attea-
tion. Under the head of general charges, we find thus sum
of 74'. 2.., fur ' proxy stamps;' this charge we deem an im-
proper one, ns living not only illegal, but objectionable in
principle and injurious to the Interests of the proprietors, as
tending to throw a preponderating power into the hands of
the directors at any of the uhetings of the company. We
would recommend in future that no proxies be issued at the
expense of the company. 'the charge for ' legal expenses'
(including parliamentary opposition to competing lines) con-
tains two items, amounting together to 0301., paid by order
of your late directors ; for these amounts no vouchers
have been produced to us, and on inquiry we are told it
would be undesirable fur you to possess particulars of this
expenditure. We cannot, consistently with the important
trust repowd in us by you, accept this explanation, and
therefore submit both these matters to you, to deal with as
you think fit. We have been at some pains to accomplish
a sidtleinent of the ' rent 1,,e joint stations,' and have had
frequent interviews with the gentlemen appointed as ar-
bitrators for that purpose. N 5 e have the pleasure of in-
forming you that an equitable award has been made in the
matter of the Great Northern Company ; that the charge
against the Midland company has been fully considered,
and only awaits the award of Robert Stephenson, Esq., who
has also promised us to give his immediate attention to your
claims on the London and North Western Company. The
return of the rolling stock in hand at the 4th of July last
shows the number of coaching and merchandise vehicles to
be seventy-four less than were in stock at the 4th January
last, notwithstanding that fifty-one new goods waggons and
fifty coal waggons have been purchased and charged to the
revenue account this half-year. The deficiency has been
accounted fur by the locomotive superintendent in a letter
addressed to u', from which the following is en ex-
tract:—' It appears to have been the practice of returning
all vehicles which were purchaeed, as well as any
which might have been added to replace those broken
up; the same course was also taktn laid half-year,
during which period a great many of the New-
market stock was taken in, and added to the total number,
and not shown as replacing those which had been decayed
and partly broken up, thereby showing a fictitious number.
I have, however, satisfied myself of the actual stuck, the
whole of which has been seen and recorded within the last
six weeks, and of which this is a correct return."f he re-
turn now given, therefore' was the stock actually in exist-
ence mu the 4th of July, 1851. You will not foil to notice
the large reduction in the consumption of coke, as exhi-
bited in the locomotive accounts fur the last halt-year. The '
cost at the 4th of July, 18,50, being at the rate of 3.0048 d.
per train mile, whereas, at the 4th of July last, notwith-
standing an increase in the train miles run, the average coat
was only 3.39021., showing a saving of more than 26 per
cent. We anticipate a still further reduction under this
head of expense in 18-52, as we find by a clause in the last
agreement with the Northumberland and Durham Coal
Company, that in April next they are bound to supply coke i
at the market price of the day, instead of the stipulated
and excessive price of 235. and 245. per ton now paid
by the company. The over issue of 4701. on the extension
stock, No. 2, adverted to by us in our last report, still
remains unpurchased. We have intimated our wish to the
directors, that our recommendation should be at once com-
plied with. The unsettled account between the company
and their late solicitor remains in the saute unsatisfactory
position as when we last addressed you. In our opinion
you directors should be empowered at the next meeting to ,

effect a speedy and final arrangement of this matter. Wo
have again to express our wish that some effective steps
may lie immediately taken to ascertain tile amount of ca-
pital upon which your company is ehorgeable with interest
and dividend on account of the Norfolk Railway. The
amount appears to vary each haltycur ; and fur the past six
months the total amount of capital for interest, ii.eisiding
the consolidated stock, is about 2,311,0001., notwit:istantling
the recent sales by the Norfolk Company of some of their
surplus lands, which have produced them a considerable
suns, and in consequence of which the Eastern Counties
Company's income derivable from that source has been re-
duced about 8001. per anaum. The agreement between tho
companies provides that the amount of capital shall not ex-
ceed ',191;1,0,./Y., with Is CI rain r.s,rvation, w6i.ai iv.• now
desire to see accurately de tined. We think it
very desirable that some fresh arrangement should
li made as to the remuneration of the direc-
tors. Von are perhaps not aware of the large amount
paid under the head of management, including the Northern
and Eastern and Norfolk boards, which is us follows:
Allowance to Eastern Counties directors per annum, I,bdal.;
allowance to Norfolk joint cominittee per annum, 4001.
travelling expenses, directors, and secretary for the past
year. 329/. 10s.; travelling expenses, Manchester director,
for the past year, 2371. 1114. ; allowance to Norfolk directive
per annum, 6:1/1.; Norfolk ottice—rent and Inherits.' for
half-y. ar (.42/. 11s. 3.1., or per annum, 1,1241.; Northern
and Eastern board, allowance for management under act,
per annum, 1,000/.--.5,192/."
The abstracts of particular expenses annexed to the above
show for working, repairing, and renewing engines, for
coke :end carriage and waggon renewals a cost during the
half-year of 71,7142/. '24. 2d. The average expense per train
per mile wad 13.7907 pence, for the half-year ending July 4,
a hid' is a great reduction on that of the corresponding
period in 18411. For the latter half-year the average ex-
pense per train per mile was 172b34 pence. The cost for
inaintereuree of way is put down in total at 29,7931. 19s. 7d.
3liweilenvous working expenses give a total of
914,339/. 104. 4(1. It :givens from the statement of share
capital that the total under that head is 14,1014,932/. 10.5., of
which 8,3417,11(1/. 13... 4(1. was registered, and 101,3111.
10, MI., unregistered. The amount in arrear is riven at
12,1921. ns. 21., the amount for dividend at 8,306,7001.
Is.