The Express.
London, England, 1868-08-11 00:00:00

EAST LONDON RAILWAY.

The seventh ordinary meeting of the proprietors
was held
_yesterday at the City Terminus Hotel, tannon-
street ; Mr. W. Hawse in the chair.
The report (which has already appeared) was taken as
read, and in moving its adoption,
Mr. HAWKS said the directors had already iieuea a con-
siderable number of debentures. and were in negotiation
with regard to others. At the same time they thought
it undesirable to create a permanent stock till a
subsequent period, when the works .would be completed,
or approaching completion. The engineers' report was
of a much more satisfactory character than any that had
yet been ironed; and he really hoped that the line would
be finished as far as the London Docks by the end of the
year. The oompany's bill for extension of time and for
making an improved junction with the Brighton lines at
New-cross had been strenuously opposed by the Great
Eastern ; but parliament, holding that the Great Eastern
bad wholly failed, had granted the measure. The Great
Eastern direction, in their report just lamed, charged
this company with a debt of 600,0001.; but the real case
was this. When the present company applied for its bill,
the Great Eastern opposed it till this company consented
to a clause prohibiting it from obtaining any land that
the Great Eastern might want for its own lines. The
bill having passed, the Great Eastern gave this company
notice to prevent it from buying the property between Old
Broad-street and Bethnal-green; and then an agreement
was entered into by which this company was also to have
the use of the land. This company immediately began its
works; but when it had spent 36,0001. it discovered that
the Great Eastern could give it no title at all, and the
works were etopped. From that time till quite lately the
Great Eastern had made no claim upon this company
whatever. When its works were begun the portion of
the land which it was about to use was estimated at
200.00 W., and as this company was to pay one-half of the
value of the land for the easement, the amount really due
would be 100,000/. The land taken by the Great Eastern
was in some places for eight, and everywhere for four
lines • and it seemed absurd to contend that this company,
which only required two, ought to pay for half the land,
which it did not want. Again; the value of the land which
the Great Eastern needed was originally estimated at
600,0001. ; whereas now it was stated to be 1,000,0001.
How was the difference accounted for P It was said that
100,000/. would go in an enlargement of the station • but
still that left 300,000/., and it was admitted that 200,0001.
was for interest on uncompleted purchases, and for law
expenses. Surely it would be unreasonable to expect
this company to pay half the expense entailed by pur-
chases which the Great Eastern could not carry out P
When the Great Eastern were able to pay for the pro-
perty—which they had not yet been able to do ; to give a
title—which they could not now give; and to get pos-
session—which they had not yet been able to do, they
would be entitled to receive from this company half
the purchase-money of the land over which this company
had en easement; and in the meantime he (Mr. Hawes)
should be guilty of the greatest possible dereliction of
duty U he surrendered the right of this company to that
easement, and at the price stated. He denied that this
company had shown any disinclination to meet
the Great Eastern on fair terms. The exact con-
trary was really the case, Thus, the Great Eastern Board
had requested Mr. Hawkskaw to devise a plan
.by
which expense might be saved to both parties.
Mr. Hawksbaw had accordingly framed plans and spsed-
Acations but the Great Eastern Board' had from that
day to this never taken them into consideration. Again,
he (Mr. Hawes) had sought an interview with them to talk
over the matter, but in the meantime legal proceeding!
had been begun ; and he could only
.say that he should
be happy to submit the questions in dispute to arbitration,
or to iiioo any course that might lead to an amicable set-
tlement. (Hear, hear.) The board had cancelled the old
contract, and had entered into a new one, which he be-
lieved would be profitablehoth to the company and to the
contractors. The works were going on favourably ; they
were admirably executed; and his confidence in the sue-
ases of the undertaking remained unabated. (Cheers.)
After a little discusnoe,
The Chisinnur said he mama admit that the board had
'spent 36,0001. on land to which they had no title ; but the
fact was, they believed that the land belonged to the
Great Eastern. There would, however, be no loss ; for
the Great Eastern said they were now in a position to pay
for all the land, and to put this company in possession of
the easement to which it was entitUd under the agree-
ment.
General Brownrigg and Mr. Childs were re-elected
directors.
Mr. ALLINDIN moved to reduce the remuneration of the
directors from 2,0001. to 1,0001. a year ; but after a short
conversation the proposal was withdrawn.
A vote of thanks to the chairman and directors con,
clue