The Express.
London, England, 1850-08-27 00:00:00

F.4)6318101 UNION RAILWAY.

There ere tbsee reports to be submitted to tbei
eliareholdets at assert half-yearly meeting, which is to be'
hold ow Friday at lyswieh.
The first is the auditors', which observes that Ike revimmal
statement shows a clear net earning of 26,6634 far the half-
year_ The aoeonnte of Hee Stour Valley Railway are not
yet settled, and mania. together with the Stownearket Canal
seconnts, to ha investigated. They point with eatbirction to
the gradual program of the traffic sines 31st December, 1847,
and behove that the 'shareholders may look forward to a
coosiderable increase I. the revenue returns during the
current half-year. They have had under their ameidaeatten
the traffic agreement with the Eastern Coeutiea and the
Stowmarket Canal lease. and they recommend that the
provides, of the act in the latter case should forth-
with be strictly enforced, with the view of avoiding
as far as may be the soctinuancis of the present
injurious competition with the 'anal and railway between
Ipswich and Stowmarket. Oa eompatingthe traffic returns
delivered by the Es.ern Counties committee the auditors
are of opinion that the result is not eommensurate with what
might reasonably have been expected under the agreement ;
and unless; semis arrangement can be entered lute for a more
satisfactory rendering of accounts and fulfilment of the agree-
ment it seems desirable that this company should take advan-
tage of the atipulati in enabling sidle r company to put an
end to the same, it appearing that the provisions in the
agreement for mewing :his company's Interests in general
traffic arrangements, acd as to the form of keeping the
accounts bad not been sufficiently regarded. Toe
Esti:Wes of the committee are in amuse of red's..
tied, and the auditors saw no reason why the whole
amount s .ould not be easily defrayed from the powers pos-
sensed by the company. It would greatly improve the value of
the while stock of the company, if the preference and ordi-
nary shareholders were to co-operate in &misting the di-
rectors in some scheme by which the simple contract cre-
ditors of the company should be satisfied by the issue of the
further preference stock at a moderate rate of interest, and
the re issue of debenture bonds as they Lill due at a lower
rata. Toe prefers's°, stale as well as the ordinary stock
would then acquire an increased value, whilst the company
would be plaited in a sound and proper position.
The directors' report commenced by observing that the
net revenue ot the company, which bad amounted at the
corresponding period of 1849 to 9,9261. 7s. 104., had gone on
iacres-ing satisfactorily, arid now, in a least favourable half-
year of 1860, amounted to 26,5621. 13s. 61. After express.
mg general approval of the recommendations of the
auditors, they add that the act which passed in the
last session has enlarged the time for making the
Harwich line, and the Eastern Counties Company hays
admitted that it would be a great advantage to shareholders
as well as the public, and hoeing shown a willingness to co.
operate with this company to ensure its cone ruction. the
directors hope, bet re they need expend any further money
upon the under:eking, that the arrangement of 1845, or one
of a similar nature, may be entered into between the two
companies to protect the shareholders from any uaremune-
retire outlay for carrying a line into Harwich. Ths willing-
ne,s the directors showed on opening the line into Norwich
to enter into en agreement with the Eastern Counties Com-
pany, to work in unity with them, so as to avoid competition
over the Canshridge line, will be a proof that they desired to
keep on friendly terms In all respects with that company.
The directors have referred all unsettled professional aes•
counts to Mr. Der, the taxing master.
The engineer in his report congratulates the eharcholdrn
upon the continued diminution in the working expenses
amounting at present to 2681. per mile, or 491. per cent.
upon the receipts. The traffic continued to improve. The
permanent way and the rolling stock are in expellent order,
and the line has been efficiently worked during the past
half-year.
The capital account showed the receipts up to 30th Jun*,
1849, to be 1,910,5551. and during the past year to be
194,0861., making a total of 2,104,6401. The expenditure
up to 30th June, 1849. amounted to 1,992,1381. and during
the past year to 207,4201., which with bills payable but not
due to the amount of 100,9201. make an aggre.ate total ex-
peaditure of 2,098,8391. The receipts of the haltyeu have
been 62,3221. and the expenditure 26,8761.