The Express.
London, England, 1849-06-29 00:00:00

RAILWAY DIFMING.

NORFOLK RAILWAY.
Yesterday • Special meeting of this tt,topsny wu held at
the offices in Ouildball-buiutior, for the purpose of receiv-
ing the sanction of the shareholders to the antalganialion of
this with the Eastern Commits Railway Cowpony.
lir. A. Dort took the chair, and stated that the meeting
was wiled m emosqueme of Lord Whamlilies Act, which
wad,' it incumbent on the directors to cobalt the question
of unalgutation to the coneideration of the shareholders
Ile need not eh tams the meeting by going over thew matters,
which hay bean so amply dimmed at loran nweti..ga. At
they were now called vgether for • special purse, the
westing woo not at liberty to go into any other sableet than
that tor which they were convened. Ho imposed thesotion to the effect that the meeting should sanction pro

senesce amalsaination.
Mr. Pero, 11. P., (deputy.chaltman) read the whole
of the proceedings between the two companies, and
stated that the only limitation imposed by the Eastern
Cowin Company wee that their expenditure should not ex-
ceed 2,300,0001. Now the actal expediters of this company
after making an ample allowance for surplus lauds and
stores, including the Lowestoft harbour, and completing
the line up to Fskeuham, wee 2,033,7451. So tar they had
heat within the terms of their agreement. The Beaten
Counties Company having made the agreement now sub-
mitted '0 the meeting, which had also been fully agreed to
by the Norfolk Company, and signed and sealed by both
e anpanies, they were bound in honour to complete
the amalgamation. Be had received a statement from the
secretary of the Eastern Counties Company showing sea mein
amount of earnings for the year. The revenue from passengers,
cantoges, hones, doge, and general merchandise, telegraph
receipts, and rants of land, is stated by them to be 119,8651 ;
ttey make the working expenses approach a balance within
1,4231.85. 41., after paying the whole of the iuterest on
our debentures and the Interest on the guaranteed stock
ego company. Then then is appended a note to the
hat if the Norfolk company had worked their own
line, they would have had to receive rent from the
Eastern Counties for the Brandon station, and also • ter
thin amount for coal and coke, and mileage for wagging,
amounting altogether to about 2,0001. per annum, which
would make our receipts on the average about 2,1771. per
week. Your directors do not wish now to go inter the gees
Lion of this account ; we have only to observe that we are
charged with the entire interest on the whole amount of
your capital when called sp. I have taken the amount
of earnings as stated by the Eastern Counties Oegb
parry themselves, and I have also taken for the hauls of
the • 'punitive the centred recently let for working the
North Staffordshire Beltway. I have, moreover, put my-
self in communication with one of the first locomotive en.
Omen in the country, with • view of his giving a tender
upon the basis of that contests for the working of your line;
and, taking his statement in its result, and also from one of
the fleet contracting honsts in the kingdom, an estimate for
maintaining your line per mile, on the basis of Captain
finish's able report to the directors of the London and
North Western Railway Company, including the reproduc-
tion of the whole line within the time that tee experience of
that great railway gives as necessary for such restoration,
the parties undertaking all contingencies as to depreciation
of stock, the euelumon, after making the most ample
allowance under every head, leaves your a dividend
frees the present receipts of the line, as stated by the
Eastern Counties Company, of fit 6d. per share per annum,
or 21 per mat. per annum, or 4s. 3d. per share each half
year. (Hear, hear.) lam prepared to meet any number el
gentles,* end show them that the mode in which I have
gone into mettle leaves no mend for doubt (Hear,
bear.)) We are not only in a position, according to the
showiste of the Eastern Counties Company by thetuelver.
prove that we ma ear a a dividend on our own line—and I
' am willing to guarantee my character, and, if you plum%
any amount of responsibility, that what I state I will
carry out—but is their statement they show also that the
traffic received from the Norfolk line for the half-year
ending the 4th of January was 66,7871. 2s. 6d., mid
though I have no certain means of aseertaining what the
amount has been for this hallyear, yet double it,
and you will find that the traffic which yen bring to
the Eastern Counties company, is for the year about
113,5741 fa. I maintain that our position is this: I eml
prepared to prove, without question, that you can and de
earn • dividend on your line equal to that of the Easton
Counties company on theirs. But not only so, gentlemen, I
yes are in a coadition to go to another company and say,
" What will you give us for the 113,6746. which we can take
from our line on to yours," and the Eastern Counties Com-
pany could have nothing to say to it. I my, therefore, that
under any eireunutarne, my own impoesam is that if yes
were not called upon to act Miteury and fairly in this
matter, and after having pet the seal of the company to en
instrument were not bound to carry it out, the best thing
that could happen to this company would be that on
Monday neat the Eastern Counties Company should
repudiate the bargain. (Hear, hear.) The Eastern
Counties Company show that during the half-year mentioned
we brought 59,0001. upon their line; but it we had not been
working with them we shcald not have brought such an
amount, and, what is more, when we were working the lime
mussing we did not bring it; and we stated fairly and
honestly that an y goods from Thetford, or from 10 to 15
miles frees Brandon, if they were consigned to London, we
would take, and did take, over • longer potion of our own
line and ship them at Yarmouth. The moment, however,
' our line came into the hands of the Eastern Counties Cosa. I
piny, this pretties was altered, and very properly so, the
ultgest of that company being, of course, to carry' these goods
over the greatest possible portion of the lines in which they
were interested. We hear much of the closing of capital ace
eounts, bet I will lay, with reforests to railways, that so long
se shareholden are receiving an amnion of dividends from
new district', tie such closing can take place. But you can
de this before you icerease the capital. You can all upon
the dinetors to lay before you any proposition for the en-
largement of that capital. (Appian.) -There is one other
pent to which I would allude, ant then I will sit down. I
have shown you that our line has brought in to the Eastern
Counties Railway 113,0001. a year, according to their
own showing, and it is important to' show you also what
they have been endeavouring to obtain in another district--
I mean in what they have been trying to divert frees the
London and North-Western Company. We have been
waiting at Yarmouth for trucks to convey traffic brought
there for us, while thase'eame trucks have been salt late
the 'midland districts withouttraffic at all, or traffic of ea
unprofitable character. Thus I find that the gross amount
of the Peterborough traffic for the last half-year was
6,4921 13s. 7d., and drilling that amount, or say 6,0001., we
kayo 12,0001. per annum, to secure which they have made
some 40 or 60 miles of line, and in that way expended
nearly as much money as we have on the whose of the Nor-
folk line. I ask, then, where would the Eastern Counties
Railway be without the Norfolk? (Rear, hear.) If you
take the 113,0001. to another market, and the Eastern
Counties shmitil have nothing to look to but the traffic
which comes from Norwich by another route—for they cannot
touch our fish traffic or the cattle traffic from Norfolk and
Suffolk, which is entirely eta own, as is also our:goods traffic
from the centre of Norfolk—they must be left to divide this
miserable .mount of 12,0001. with the Great Northern Com-
paq. I say again, if we place them in this position, what
must become of the Eastern Counties Company ? I us ready
to prove by figures—which, after all, are the only proof
which commercial men value—that the Norfolk line can
es pay as good a dividend as the Eastern Connotes ;
which we have a valuable amount of traffic which we ma
sell to any other party. (Rear.) I beg to emend tile lOW
hation for the approval of the bill. (Cheers.)
Major COURT suggested that the meeting should be ad-'
)earned in oord-r that the accounts might be investigated.
Mr. LANTIPANCI urged the hon. proprietor n to give any
semblance of discord to the present meeting by a motion of
that deeeription.
Mr. B•IIINDALE advocated the amalgamation, but quite
agreed that the management of the two companies must be
,quite on a different system.
Mr. Prato reminded the meeting that he and his friends
had as much interest as any other person in looking into the
comelier of the accounts, for they represented about
100,0001. stock. (lieu.)
The CYMRIC/a( then put the resolution for arming to
the amalgamation with the Eastern Counties Company,
which wee posed with orgy two diteentients.
A vote of thanks was then paned to the chairman and
directors, when the meeting adjourned.