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

EASTERN UNION RAIL WA}

Yesterday a special general meeting of the share-
holden was he'd at Itadleys Hotel,Bridgeutreet,Blaektriars,
to carry into effect an arrangement with the EasternConaties
Compacy, Sr the permanent working by that company of
the Eastern Union Railway in conjunction with the Nor-
folk Railway Company and to autnorise the company to
tabu 200,0001., under the powers contained in the set 10
and 11 Vie.. e. 137, to borrow on mortgage or bond the sum
of 66,6661. 13i. ad. ; and to issue new shares in lien of those
forfeited. The chair was taken by Mr. CODIOLD, M.P.
The ClintUlein said the comparative steeliness of the
attendance might be regarded as a proof that there were
not many dissentients from the proposed smogs-
meat. In fact, for a long period, the question
of union had been only one of time and of '
terms ; all the parties concerned having felt that it was de-
sirable that the traffic should be fairly divided between the
three companies. It now became his duty to show the
meeting that the proposed gement Was as favourable
a one for that company as under the circumstances could
reasonably be expected. The traffic of the three com-
panies
in the year ending the 30th June, 1853, was es fol-
lows ;—Eutern Counties, 3,1371 per mile per year, or 601.
per mile per week ; Norfolk, 1,4891. per mile per you, er
281. per mile per week; Eastern Union, 1,3171. per mile
per year, or *la per mile per week; the Eastern Union
standing lowest under the gement which had existed
between the Eastern Counties and the Norfolk Companies,
which had operated to the disadventage of the Eastern
Union Company. He did not at all admit that the rola-
' live traffic of the three lines per mile represented their re-
spective values. (Hear, hear.) Tee probable receipts and
net earnings of the three companies for the year sed-
ins 30th June, 1854, were thus estimated :—Eastern
Counties., 736,444/. ; Norfolk, 137,8171. ; Eastern Union,
125,1171. The charges on the traffic during the year endiug
June 30,1853, were as follows : Eastern Counties, 292,4031.,
or not quite 40 per cent. ; Norfolk 66,2001., or not more
than 48 per cent ; Eastern Union 71,2001., he. 56 per cent.
While, therefore, the receipts of the Eastern Union Cent-
' pony were less per mile than those of the two other com-
panies, the expenses were proportionately higher. He had
also made an estimate of the probable receipts for the year
ending June next. Taking the last yeses receipts of the
H went Union Company at 1'25,1171, from the Ist of July
to the 20th November, there was an increase of receipts
amounting to 8,1111., being for the 20 weeks an average
of 4061. per week. As the worst half-year was approach-
ing he estimated that if there were no union, the increase
in the remaining 32 weeks would be 2001. pi r week instead
of 4061. ; making 6,4006 fur that period ; while the
total receipts of the year would be 139,6281. Supposing
they could work their line at 46 per cent., the
terms offered by the Eastern Counties Company, there
would be 61,2281. to he deducted from the receipts, and
there would then remain a balance of 61,2281. to be received
by the shareholders according to their respective rights.
Under the agreement with the Eastern Counties Company,
supposing the Eastern Coontin and the Norfolk
receipts were taken in the same proportion as the actual
results up to the present time, they would receive, even
supposing there were no increase through the union of in-
terests, 81,9571. instead of 75,41101. To this would have to
be added the inti rest which the Eastern Union Company
would save through their working stock being taken at a
valuation, which he would assume to amount to from
120,0001. to 110,0001. In like manner, taking the Eutern
Counties past receipts and the expectant receipts for the
remainder of the current year, the following was the esti-
mate : last yeses receipts from all sources, 736,5441. ; in-
crease of receipts from lst July to 20th November, twenty
weeks, at 1,6351. per week, 32,7021. ; the remaining 32
weeks of the year at 1,200/. per week, 38,4001. ;
making a total of 807,6161. The following was the estimate
for the Norfolk Company :—Last year's receipts from all
sources, 137,8171. ; iscrease from Ist July to 20th November,
at 469 i. per week, 9,3966 ; the remaining 32 weeks of the
year at an it cream of 2001 per week, 6,4001.: making a
total of 153,6161. Deducting from this 46 per cent. fur
working expenses, making 70,6621., the balance was 82,9531.
according to the existing state of things; whereas, under
the new arrangement, the amount would, as in the case of
the Eastern Union, be 81,9576 Inasmneb, however, as the
Norfolk company bad no working stock to dispose of, the
Eastern Union company was in a better position, and would
effect a saving of interest to that extent. The gross
amount receivable by that company would be 84,9571. ;
but 81,9571. was set down because it was assumed that
one-seventh of the loss incurred by the three lines, in respect
of other liner, would amount to 3,0001. This was on the
supposition that the loss incurred hitherto would continue.
There was, however, every reason to believe, that as soon
as the line between Newmarket and Bury St. Edmunds
was complete, instead of causing a loss, it would be a source
of profit; and he trusted that the loss on the Shepreth and
Hitchlin line would soon be obliterated, The deficiency under
the three existing working arrangements adopted hitherto,
including that with the East. Anglian Companies, was from
24,0001. to 2.5,0001. a year ; he hoped that it would soon be
sensiderably reduced. There were certain lines in course
of construction by the Eastern Counties Company. Among
these was one from near Stratford to Lowton. As-
suming that line to cost 200,0001., and the gross
trail: to be 20,0001., the Eastern Counties Com-
pany which found the money, was to receive 4 per
cent. on the cost of construction, and the United Coin-
panics were to have the benefit of any increase. The pro-
ceeds of all the traffic, after the payment of the several
charges, were to form one common fund, to be divided
into seven part., of which the Eastern Counties Company
was to take five parts, the Eastern Union Company one,
and the Norfolk Company one. It might be objected by
some gentlemen present that 46 per cent. was too much for
that company to pay fbr working expenses. He had no
doubt that the whole system would be worked for less
than 46 per cent., and the Eastern Counties Company
would of course be so far gainers.
Mr. T. Stenos inquired whether the 46 per cent. included
the upholding and maintaining of the line?
The. CitAlltll•l4 said it included the upholding and main-
taining, and all contingent expenses.
Mr. STUROE asked whether it also included the trucks
which were being made by the Eastern Union Commune ?
The CatelliMAN said they were to be paid for at a
valuation.

Mr. &roads, a preference shareholder, read a protest
against any arrangement, by which the rights of that class
of shareholders might he prejudiced.
In reply to questions from Mr. Wane,
The CHAIRMAN said that all new plant would have to be
found by the Buten Counties Company out of their own
funds; they were bnund to keep the plant in an efficient
condition ; and if anything should occur hereafter, which
he did lot at all anticipate, to terminate the agreement,
they must also leave it in efficient condition. With regard
to additions to capital, the agreement provided that no new '
works or coonskins should be undertaken accept those sche-
duled in the agreement without the separate consent of the
three companies. Assuming the preference stock to be re-
deemed and converted into a 4 per cent. stock, the find
charges would then amount to 72,0001. a year. Nothing
would have induced his colleagues and himself to undertake
the redemption of the preference stock, if a movement fur
that purpose had not been originated by the preference
oharebolders themselves; but, under the circumstances,
they felt it their duty to endeavour to place the whole com-
pany in • better position. He would add, that the direr-
ton were prepared to take their proportion of the 100,0001.
required to make up the deficiency in the redemption
a MM. As regarded the forfeiture of certain shares, it was
thought best that it should be postponed till the holding of
another meeting. The hon. gentleman then moved a re-
soletion sanctioning the arrangement which he had
described.

This resolution having been seconded,
Mr. Wass said that, f a fair and equitable agreement
were made, that company, instead of 80,0001. a year, would
obtain 100,0001. One•sixth would be its proper proportion
out of the common fund. All that the old shareholders
would obtain, under this arrangement, was 16,0001. on a
capital of 1,200,0001.
The Cmenuffroe assured the meeting that the directors
had done their best to obtain more favourable terms. He
was not at all prepared to admit that 16,0001. was all that
would be received by the ordinary shareholders. One of
the largest sharehol4en in the company, a gentleman who
resided in Yorkshire, estimated that the union of the three
lines would within a short period lead to an increase of 10
per cent. (Hear, hear.) Hitherto they had been imposed
upon, and, though they did not intend to impose on the
public, they would of course expect to be paid fairly for
their accommodation.

The reenlation was then put and carried unanimously.
Some others of s formal character wore also agreed to.
A vote of thanks was given to the chairman and the board,

NORFOLK RAILWAY COMPANY: