The Express.
London, England, 1850-08-31 00:00:00

EASTERN UNION.

The half-yearly meeting of the shareholders in this
company was held yesterday afternoon at their offices,
Brook street, lymph*, Dlr. J C. COBBOLD, M.P.. Chair-
, man of the Bated of Direetorn.presidisig.
The report, as abstract of which has already lams pub-
lished in this journal, having bees circulated stamp( the
proprietors for some days !trier to the nseetlag, was by ge-
neral consent held to itarn bets mad.
The CHAIB.MAN, in aoni its adoption, arid that in
their published statements the dueetae had gone so fully
MO detail that ft would be hardly summary for ham to audio
any observations beyond those whisk Aught be eltaird by in-
quiries psi to him by the shareholders. All bad been of
tate improving ; And there was every probahility that most
if not all, would sontines to improve. The shareholders
would see with pliancy the improvement in suet meows
during the prseest bait-year, ea compared with that of the
corresponding half of the previous year. Be felt wand
they would see a pragmatic, ismer. in the past year quite
equivalent to that whisk had takes place daring the year

tiat had passed. -
-
Mr. MUSILETT said be wished, before the report wee
adopted, to say a word or two on the subject
of a report which had been presented by Mr.
Brae, tho company's engineer. That gentleman proposed
M lay out 18,0001. in the Trowel, brach, near Norwich, con-
um:Wm the Eastern Union line with the Etsiern Counties
herfolk line at Norwich. As the shareholders at present
reeeived no Interest, and as there was a large debt due for
land not paid for, he objected to that amount of money being
paid for such works. Then, again, Mr. Bruff tn. poled in-
curring other expenses, which, however, he said would be
trivial, by the removal of the Ipsw:oh station. With. re-
ferent* to the emend meeting of August 2, be (Mr.
eduskett) wall unable to be present at the meeting, but he
bad ascertained from the newspaper report the- the loan
'Meted at 10 per cent. was the act of the sharebelders. He
begged to deny that moat distinctly—it was a miirepreeenta-
tme, far it wee the sot of tee directors and not of
the shareholders. At the tete' g lei twelve
months since it was proposed that money should be
raised at 7 per ant., and it was afterwards prooosed end
seconded that 8 per cent. should be given. sera Field, an
auditor, proposed that 10 per cent. should be given, and
eventually is was left in the bands of the diractine to effect
the loan at any rate ktween 7 and 10 per cent. Toe 10 per
cent. was, therefore, the choice of the directors. Tnen, with
reference to the !Stour Valley locoman, there were some
points on which he wanted informati.n.
Mr. HAWKINS, a director, reminded Mr. Mmkett that
the amounts he referred to were limply matters k teem the
Stour Valley Company and their contra-ens., and over which
at present the Eastern Union Company bad no control
whatever.
The CHAIRMAN said, with reference to the 10 per Cent.
stock of which Mr. fluekett had spoken, he might mate that
the directors recommended that there ahnuld not be so large
an amount of interest. On. of the auditors recommended
10 per Gent , sod the feeling of the meeting was so strong
in favour of that preposition, that the directors did not feel
justified in making any terms in opposition to the views so
unequivocally expressed by the shareholder,.
Toe report was then submitted to the meeting, and
carried, only one hand, that of Mr. Distil/en, being held up
against it.
The retiring directors were re-elected, the board for the
next halt-year being composed of the following/ members :
Mr. J. C. Cobbold, M.P., chairman; Mr. S. Bignold.
deputy-chairman ; Mr. F. Pratt-Barlow, of IL kington ;
Major Bari M.P., cf London ; Mr. E S Cayli.y,
Id P., of Yorkshire; Mr. J. Cobbold, ol Inewieb ; Mr. I'V.
Crake, of London ; Mr. J. Graviton', of Yotk ; Mr. J. G.
Hart, of S owenatket ; Mr. W. W. Hawkins. of Combesti r ;
Mr. R. Williamson, of tkarbormigh ; and Mr. J Wright,
of Norwich.
A eke of thanks to the chairman and directors closed
the proceedings.

NORFOLK.

The tumid half-yearly meeting of the Norfolk
Railway Company was held on Thursday in the Gaildkall-
buiidings. Mr. C. W. TYNDALE. chairman of the company,
presided. Teen were about 20 shareholders prevent.
The report of the directors was read, as follows .
"The dividend declared by the Eastern Conntit, Railway
Company for the past half year, being at the rate of 2s.
opoa each share or 201., the Norfolk Railway C mousy are
entitled to receive and divide at the like rate 10s. tor every
1001. ooaeolidated stock, which w ill be payable on mid after 9th
September. The =averment and accounts of the traffic of
the Norfolk Railways being now in the bands of the Eastern
Counties Railway Company, your directors must refer to the
statement of that company, of which a copy has been trans-
mitted to the proprietors. This statement dines an unta-
vourable result of the trade of the Norfolk Beltways for the
last half year, which is attributed to the connection and
opening of the Eastern 'Gunn Company's line to Norwich,
but the present, and, it is trusted, temporary (lepton= of
agricultural interests has, in the belief of your directors, ma-
' terially contributed to the falling off. On the other nand, the
expenditure set down in the statement as against the Norfolk
Company your directors believe to be calculated on erroneous
data. It may be observed that a charge of no less than 75 per
cent. u made for the working expenses of the Norfolk Railways,
which ere capable of being worked at a smeller cost than
many other lines ow which a far less proportionate expense
is incurred. Tee number of directors having become re-
duced to six, the election of two new directed, is se qufred to
make up the number limited by the company's ac's. Your
directors, as on the last occasion, forbear to Mk gag any
names to he proposed at the meeting. This half-yearly
Misetiag has been made special for the purpose of enabling
the directors to complete a settlement of the outstanding
claims of the shareholders in the Wavenry Valley and Great
Yarmouth Railway Company. An attempt, as the proprie-
tors are aware, was made to enforce the repaymeat or the
entire deposits of these shareholders in respect of the Dias
and Reedham breath, and this your direeton ,weeesfully
resisted in a court of law. They are now, it is trusted, in a
position, if sanctioned by the proprietor, to adjust all out-
etanding claims on this account on nameable and « quitable
terms. These claims, with a few others on a contractor's
and land purchase account, which are in a train of settle-
ment, comprise all the outstanding liabilities of the Norfolk
Company in respect of their railway and branches ; and your
digesters so far consider the capital account of the company
as Mooed, and no further expenditure will be incurred by
them without the proprietors being consulted."
The auditors' report having been read, it was proposed
that a special report, made by Major Court as one of the
auditors, should be read, when
The CHAIRMAN remarked that the epeeist report in
question had nothing to do with the last year's accounts, but
was a statement with respect to the affairs of the company
generally. It was calculated to de immense mischief to the
company, and had already done so. It was lull of errors,
tali-statements, and felse deductions. If it were the
pleasure of the meeting he would nand it to Major Court
that it might be read.
Major COURT claimed to have the report read as a
matter of right. There was hardly a word of it which
directly or indirectly was not connected with the accounts
litho lmt year. Every half-year's report on the &CCOIIIO3
wee connected with that which preceded it.
' Mr. KILLS explained that the directors did not wish the
shareholders to be deprived of any advantage they might
derive from the special report ; but the pround on which the
chairman objected, was that the directors wished that the
report should not be supposed to be read by the secretary
with the approbation and concurrence of the directors.
The special report was then read by Major Court.
Mr. WELLS suggested that the special report should be
printed said the meeting adjourned. It was impossible to
Leander at the present meeting a paper filled with sompli-
sated statements of figures. Thee indebted to Major
Court for making inquiry ; bat th result he anticipated,
was that the accounts of Major Court and of the directors
would be found to agree.
Major COURT thought it impossible to arrive at that
eratelusion.
After a lone discussion as to the order of business,
The CHAIRMAN moved that the report of the directors
be received and adopted.
Mr. LAWRENCE wished to submit a few observations
with respect to the inexpediency of further publishing the
special report without an authoritative contradiction of the
statements it contained.
Mr. WELLS moved in terms of his suggestion that the
special report be printed; and,
Another discussion having arisen on the order of business,
The antesdrseat of Mr. Wells on the motion for the
app
roval of the report was then put to terms to the follow.
lag effect :
" That so much of the directors' report as relates
to the payment of dividend be received ; that the
report of Major Court be printed end circulated,
with any remarks the directors may think proper ;
and that the further consideration of the directors'
report be postponed to such day as the directors
may think convenient for the purpose of taking the subject
into consideration."
Oa a show of hands, the amendment was caned by a
large majority. Seven or eight hands were held up
sgainst it.
Kr. PETO entered into some explanatiors with respect to
the premet rondos of the company. The amount of receipts
during the last half-year could not be taken at all as a co-
teries for future half-years. At the commencement of the
year there was an unprecedented flood, which hid the coun-
try ender water re:11TO weeks. Then was scarcely
any teethe then In the lower •districts. The walls had been
raised ten feet, so that the railway could not be plan d in the
same jeopardy again- Then there was the competition with
the Bastera Unica. The opinion of the directors was mi-
asma with respect to the advantage width would reeult
from an interchange of traffic when the line of junction was
einaphited between the two railways. The enrage would be
only 16,9001. Free.remaining on terms of the utmost amity
with the Heaters Caution and the Eastern USAIIII they 11.11 U•
*Sited that the laterals of tha company would b greatly
antr
premeted. Were he to say that their reopens were
the should my what Intern not warranted In wing : but:to
1866, when the preesat arrangements expired, they Might
anficigats a greater dividend than they at present realized.
T 047 contributed 100,0001. to the trans of the Eastern
Cinintlea. At Lommetth 90 homes had been built within
the Mat year neer the Ismainus ; and, though ineomplete -*
harbour was paying more than one per mat en the one
The dam for the last belf-year had theremed 40 per cent.
the het hall-peer. The einem, 'Mooed
Oiled all doubt, be realms:alive
Vidraacoal sad . Tats, salaadearted on the node,