The Express.
London, England, 1858-02-19 00:00:00

EASTIRX COUNTIRB RAILWAY.

After our report left yesterday,
Mr. Maci.aratte made some stricture. upon the Wresting
arrangement with the Norfolk and other companies, but he
was listened to with great impatience, and was very indis-
tinctly heard.
Mr. VANCE pressed upon the directors the expediency of
joining in a deputation to the Chancellor of the Exchequer,
upon the subject of the passenger tax, which premed eo
heavily upon their receipts, as well es of endeavouring to pro-
CUM a change in the mode of easesernent to the poor ratee;
and a modification of Lord Campbell's Act for giving com-
pensation to person. injured by accidents, which he con-
tended was likely moat seriously to affect the value of railway
property. He also alluded to the arrangement enforced upon
them by the Post-office, which be condemned as most unjust.
A SHAREHOLDER saw by the accounts that there WAS an
apparent increase in the mortgage debt of 80,0001., and
wished to know whether it was real or not ?
The Ceiramix said it was true a temporary loan of
80,0001. had been raised, but the directors had never paid
more than 6 par cent for its use, although some of the beet
among other railway companies had been glad to raise tem-
loans recently at 10 per cent. (Hear. hear.) With
re to the loan of 80,0001., the money to meet it was now
I at the bankers' at interest, ready to pay the bond as
soon es it fell in. (Hear, hear.) During the last year, he
might also my, they bad had a larger sum placed to their
account as Interest than during any previous year Is
the history of the Eastern Counties Railway. (Hear, hear.)
With regard to the questions raised by Mr. Vance, the di-
rectors had had their attention fixed upon the subjects re-
ferred to, and would not lose sight of them. In connexion
with the Post-office, directly that establishment commenced
to any book parcels, the directors had also commenced to
carry book parcels anywhere on their line for 6d. They had
also made a reduction on small parcels generally, and in that
he was sure the Poet-office could never compete with
2W d
ays. (Hear.)
The report was then unanimously agreed to ; and Messrs.
Anderson and Pane, the retiring directors, were re-eke:ed.
Mr. VANDEWALL then moved a resolution for increasing
the allowance of the directors from 1,8001. to 3,0001., of
which 3601. should be appropriated to the gentlemen who
acted as cx olleio directors of the Northern and Eastern
Railway Company and the East Anglian Railway Company.
Mr. Roes seconded the motion.
_ _

Mr. MACLAVATIC, GA an amendment, moved that in addi-
tion to their usual allowance of 1,8001., a gratuity of 2,0001.
should be awarded to the directors for the great attention
which they bad recently paid to the interests of the company.
A SHAREHOLDER. sesonded the amendment. _

Considerable dissent was expressed with regard to both
propositions, and
The Cu AIRMAN mid the directors wished nothing of the
kind to be done, and if the amount proposed by the amend-
ment were voted they most certainly would not accept it.
(Cheers.) If, however, the meeting thought the directors
deserved some special 'clams ledgnient of their services, the
directors would not demur toe reasonable proposition.
A discussion ensued connected with the claims of the ex
°P
whichio directors to a full share of the allowance, in the coursecourseof

Mr. Nona= M.P., so a director, bore testimony to the
greet senior riiMered to the compeasy by the chairman, and
enggented the propriety of some special acknowledgment of
thou @ovules@ being made by the meeting.
OUMr inggeKtions were made, and among thaw one tor
rohrrtag the whole subject to a oomtuittee ; and the molt of
• liegtheid discuasion, of a somewhat desultory and Wiese
&motor, woo the adoption cf the original resolation all but
Mr. Reeves was re-elected auditor; and a motion woo
agreed to appointing the chairman and Mr. Norris to join the
deputation to the Chancellor of the Exchequer before re-
fund to.

ii-leclosed the ordinary business, and the meeting was
then made special for the purpose of considering the pro-
piety of converting the debenture debt of the company into
• preferential stock.
The CILAIRMLN, after urging the advantages connected
with such &course, moved • resolution authotiring the di-
rectors, as they should see occasion, to issue • preferential
stock at four percent., for the purpose of paying off the
debentures as they fell due.
The motion, having been seconded by Yr. Viaronwsr.t.,
was unanimously agreed to ; and • vote ultimate to the
chairtuan dosed the proceedings.