The Express.
London, England, 1849-09-01 00:00:00

NORFOLK.

Yesterday the half-yearly meeting of this company was
held at the offices is Guildhall building?. Al/lOt Derr,
Esq., took the chair, when the repot was read to the
meeting—lt stated :
" When the proprietors last met for the purpose of sanc-
tioning the bid fur the amalgamation with the Emcees
Counties Company, it was net anticipated that they wuuld
have again been celled together as an independeut Lady ;
unexpected circumstauees however have since mound, to
delay the period of complete union between the companies.
In the last stage of tho bill in the Moue of Lord., an
opposition was got up by parties connected with the New-
market and East Anglian Companies' which it was impossible
to resist successful y is the then advanced stage of the session ;
it is however satisfactory to know that the reason usigned
fir the rejection of the bill by the Lords' committee was in-
dependent of the principle of amalgatuati an, end arose from
circumstances wholly out of the control of this company.
"Acting upon the resolutions which have from tune to
time been passed by the prop: hem, seal fortified by the opi-
nion expressed by al of the I levet shareholders, with
whom they have had the opportunity of conferring, your
elite eters have proceeded in concert with those of the
Eastern Counties Railway Ccinpary to take tuch matures
as were advised by counsel for rendering union between the
companies as complete as passible until an act of parliament
shall be obtained. Your die Ct,ll have accordinely entered
into a supplemental agreement with the Eastern Counties
Company to the following effect:—The terms of com-
plete amalgamation, as to bo sanctioned by parliament, shall
remain the same as already agreed to. But to prevent li-
tigatien, and is order that the transactions of both camps,
nies pending the sanction by parliament of the amalgama-
tion may be regular and legal, it is agreed between bath
companies as follows: That the Norfolk Company shall
repay the Eastern Counties Cemrany's advances ; that the
Eastern Counties Company shall purchase tee Norfolk
Compary's rolling stock now in their possession, and pay
for the same by instalments, as may be agreed be-
tween the companies. That instead of a lease of
the tolls to terminate In May, 1855, the Eastern
Countlee Company shall, under the 208th !Diction of their
Act of Incorporation, work and use the Norfolk lines until
the same date, and pay to the Norfolk Company such rates
ins tolls u shall be sufficient to enable them to pay the ri-
peness of maintaining their lines, and the interest on their
gueranteed stocks and borrowed mosaics, and a like dividend
half yi Rely to their proprietors. as shall be paid to the
Eastern Counties proprietors. That the Norfolk Company
shall complete the works nt Leweetoft Harbour. That the
Ewes rn Countii a Company shall keep up the Norfolk roiliest
stock to the same state of efficiency as when received, and
that the Norfolk Company, la May, 185.5, if the
amalgamation be not then s inctienel by parliament,
shall re-eurchase the said rolling stock at the same price as
shall be now paid by rho Eastern C.:unties Company or
the same. That if the amalgamation he senerioned by
thacecoruonlltinogf esouicrhk
purchase
absee
annulled,toer a t
a,
ndthe
he the Eastern Counties to become advances to the Nor-
te lk Company, and c': arged against them as part of their
therupreceimu e 9 nts o fo n
expenditure, to be comprised within the agreed limit of
2,300,000!. That the Eastern Counties and Norfolk Compa-
nies shall emits in further application to parliament ler
Q the an:eicrnaitim'
and for the eitablishme•
a fair and just tariff to reVete the eines et both CJm at tut
and shall eppeal to the justice of parliament not to impose
or to cotinnue upon an Pees:.ns of the lines rates or terms
for untying which experience shall have proved are not
adequately remunerative.
" At the Eastern Counties meeting to be held this day it
is proposed to declare a dividend of two shillings per share
upon the stock of the E Morn Counties and Norfolk Compe-
-1 nice, equal to ten shillings open the 1001. stock of this corn-
' pity, for the half year.
' Disappointment will no doubt he felt by the Norfolk
!shareholder.' et t e smallness of this dividend, hut it must ha
no:Boded that the Eastern Counties Company have had to
contend with difficulties of no ordinary kind durirg the last
half year. Independ- ntly of the general depression which
has pervaded all commercial enterprise, the divisions and
agitation which have existed among the proprie-
tary have necessarily had a paralysing influence on the
exertioes of their management. The manner in which their
revenue account is stated affords the best guarantee fur the
future honest administration of the afieire of the united
cemeaniee. It will be satisfactory to the Norfolk proprietors
to know that their lines have contributed their full prop-r-
-tion of net earning*. When the undivided adulation of the
management shall be given ti the development of the re-
sources, and the efficient and economical working of the
con selidated undertaking, your directors confidently antici-
pate a gradual and permantut improvement in the value
of the property.
" The attention of your directors has been applied to hie
reduction of the cipendi•ure of this company to tho
smallest possible amount, and Mr. Till bevieg expressed a
wish to meet the views of the directors in his matter, ties
resigned the office of secretary, offering his services in any
other way in which he could be useful, and the director.
being desirous to ensure a centionanco of his 'exigence in
another capacity where he ,might be equally serviceable to
the Interco.' of the company, have elected him a director, in
the room of Mr. Betts, who has resigned, and they have alto
appointed him a member of the joint committee of manage
anent.

" Since the last meeting two of the directors have retired,
newly, Mr. Betts and Mr. Mewbery, and your directors
recommend the proprietors to exercise the powers vn•ed in
them, of permanently reducing their number to eight. They
also recommend that their allowance should be reduced
from 1,0001. to 6001., and that 4005 of this sum should be
appropriated to the members of the joint oommi'tee, upon
whom the burden of the future management of the under-
taking must necessarily devolve, and which will require
their constant attention.

" The directors have appointed Mr. James Hutt, who hu
hitherto acted as registrar, to be the new secretary of the
cempany, at a salary of 3001. per annum.
" The capital account for the present half-year hu not
been audited, in consequence of the late auditors having
di-qualified, and therefore declined to act. The Eastern
ICounti,s Company, however, have required that the whole
' accounts should be submitted to a public accountant, whose
report will be laid bet-re a future meeting. It will be the
du'y of the proprietors to appoint new auditors at this
meeting."
The capital account showed that the receipt% hod been
1,881,9171. 12s. Bd., and the expenditure 1,875,6001. 180. 4d ,
leaving a balance in hand of 6,2.i6/. 14s. 4d.
Major COURT thought the director, had exceeded their
authority in coming to that agreement with the Eastern
Counties Rtilwav Company without calling the proprietors
together. lie also complained of the conduct o. Mr. Till
in no: agreeing to call a special meeting for the purpose of
appointing a committee of investigation to go into the finan-
cial ots'e of the company. The hoe. proprietor also ex-
preved his dissatisfaction at several items in the present ac-
counts, and concluded his observa•ions by moving that the
meeting ho adjourned for the consideration of the matter
contained in the report.
This motion was aeconded.

Mr. TILL said it was not competent for a large !hero-
holder to call a meeting, but that it must be done by getting
up a reguieirion to the oirectors, which was made known to
the hon. proprietor, but he would not take that trouble.
Mr. PARKER stated that their sanction had been given
to the agreement with the Eastern Counties on a former
occasion in 1848. The only difference was in respect to tho
toll arrangement.
Mr. STOBART asked if this company were to complete
the Lowestoft harbour ?
The CHAIRMAN s►id the Eastern Counties Company
would have to lay out 30,0001. to complete those works, but
the works must be continued by the Norfolk Company as a
matter of form, tho money being found by the Eastern
Counties Railway Company.
The amendment not being pressed, the report of the direc-
tors was adopted unanimously.
After a vote of thanks. to the chairman, the meeting
adjourned.