The Sun.
London, England, 1855-12-07 00:00:00

il r

THE EASTERN COUNTIES RAILIfiIY.

RAILWAY INTELLIGENCE.

TO THE EDITOR OF THE suN.
GREAT WESTERN AND BRENTFORD.
Sits,—ln the Report of the Committee of Investigation, The first general meeteig of te is company was held
yesterday. at Brentford ; Viscount Villiers in thet chair.
recently published in your column., allusion, in unjusti-
M C. ELEY, the secretary, read the
fiable terms, is made to myself and my firmof Pero,which
I stated. that the act of incorporation received the Rept'
Brassey, and Bette, in connection with certain business I
matters we have had with the Easternassent on the 14th of August last. The directors con-
Counties Railway tinue to feel unabated contic'ence in the merits of the un.
Company. It is easy also to observe, from a perusal of dertaking. The evidence adduced before Parliament-
the minutes of evidence, that a desire throughout existed I established the advantages the line will afford to the
coal trade of South Wales, to the manufacturing die-
to implicate us so as to give grounds to the committee ,
tricts, and to the whole of the goods traffic upon the
for finding fault if practicable. No explanations, evi-
ht y of ue, i time extended until it now embraces Plymouth and Pen.
and the exten-ive publication of the committee's Report zence in the south-west Milford
and Birkenhead in the
duct of business in the largest transactions for man Milford Haven in the west ;
is the first that we hear of our being assail@ I. Our con-
1 Birmingham, Wolverhampton,
north-west, and makes it apparent that the line forming
y
a link so much needed between this system and the river :
Thames cannot fail to be remunerative to the proprietor's.
years is so well known, and we trust honourably appre-
ciated by all who have had dealings with us, that we 1 An agreement has been entered into with the Great
lwltayaCdroaranptaagn,3 which the directors believe
.7;eus as it is founded on a
part of the public and of the shareholders of the Eastern :
could afford to permit to pass unanswered the attacks of 1
wWiellsbteernmußtauial
the committee ; but, to prevent misconstruction on the
principle calculated to develop© traffic on both lines
without imposing onerous obligations upon either. The
project has met with so much favour generally that
Counties Company, I trust you will give the publicity of
your columns to the following observations, the directors are placed in a position to enable them to
1. It is insinuated by the evidence that I exercised my commence operations immediately.
The vast amount
influence with the Eastern Counties board to occupy iin-
of traffic that will be brought to the town of Brent-
properly and inconveniently their locomotive establish-
ford will greatly increase the trade and commerce of
ile locality. The strictest economy has been observed
merit with constructing engines and carriages for the t
Danish Railways, in which we are interested. This is in obtaining the act of incorporation, and the share-
holders may rest assured that all future proceedings will
simply not true. No engines nor carriages were ever I
constructed by the Esstern Counties Company for my- be conducted with the same regard to their interest. The
self or my firm, or for the Danish Railway Company, capital account showed that 11,564/, bad been received
from all scurct 5, and 4,147/, expended, leaving a balance
2. Tile assertion that 20,000!., the agreed purchase
meney for the Southend Pier, remains unpaid by my
ant-General.
t 7 -Gene.,e
ral. including 6,750/. deposited with the Account.
firm, is correct ; but by the terms of our purchase agree-
The CHAIRMAN, in moving the adoption of the report,
merit it is not payable until 12 months after the railway
congratulated the shareholders on their successful appli-
cation to Southend shall have been finished, a period not yet
to Parliament in the last session. The opposition
arrived. The amount carries interest, which has been
regularly paid. to the bill had enabled them to prove that the project
3. I am blamed for promoting in 1855 the formation
was based on a solid and real foundation. It was grati-
fying to allude to un-
of the line of the East Suffolk Railway Company from
dcrtaking had rec the favour and support which the
eived, and he could assure them that
Halesworth to Woodbridge, which is alleged to be antis- the directors would not undertake any obligation which
gonistic to the interests of the amalgamated lines of the
Cora-they did not see their way to discharge. With regard
Eastern Counties, Norfolk, and Eastern Union to the traffic they might fairly expect, he stated that at
panics, whose union together I actively promoted ; but
present 50,000
at W tons of coal r annum were e
the fact is suppressed that I am only fulfilling a pledge from the Greestern Railway to the Thame conves, andy atd given by me for the Norfolk Company to Lord Strad- lid, per ton would produce 18,500/. per annum, 130,000
broke and others before the East Suffolk Company went tons of other minerals and merchandise, at ls. 3d. per
to Parliament for incorporation, and before the union of ton, would amount to 8,1251. The profits on the ter.
the above three companies took place, that this line mina! accommodation of 180,000 tons at 3d. per ton
r should be made. That pledge which is recorded on the would amount to 2,250 Z ; the profits on goods landed from
minutes of the Norfolk Company of the co
of August, the trucks for vessels in the docks, and vice versa, would
1853, I feel myself honourably hound to perform to the produce at 3d. per ton, the passenger traf-
utmost of my power, and it has been openly avowed by fie, 700/., making a total of 15,000!. Out of this would
me that I had made it and should keep it.
4. In regard to all complaints of the committee con- have to be deducted 4,7501. for working expenses,
netted with the Norfolk and Eastern Counties Coal 1,500/, interest at 5 per cent. on 30,000/. borrowed Company and Messrs. E. and A. Prior, I have only to capital, leaving 8,850/. to pay a dividend at the rate of
say that I had no other concern with that company or
about 10 per cent, on the 90,000/. capital. That estimate
them than this, that I first, in 1850, induced Messrs. of profit was founded on the present traffic between
Prier to establish the coal business at Lowestoft, making Bull's-bridge and the Thames at Brentford, but it was
that place the port of importation. I was a the opinion of confident persons that the coal traffic
at that time would increase to 240,000 tons, and the merchandise and
chairman of the Norfolk Railway Company, to whom rniderals to 200.000 tons. He thought upon the whole
Lowestoft Harbour belongs. No facilities were afforded tdey s,ood a fair chance of having a remunerative divi-
to Messrs. Prior other than to the trade in general, nor dead. Time undertaking, when in operation, would confer
were they in any way placed upon a more advantlgeous
footing than other parties. Of their connection with the great benefit on the town and neighbourhood, and it was
Eastern Company since the amalgamation with the Nor hoped that the inhabitants would give them all the sup.
- port they could in carrying out the undertaking. The
folk and Eastern Union Companies I know nothine, nor
have I been in any way concerned in their arrange-
most friendly relations existed between them and the
meats,
Great Western Company, and it was believed that the
5. It is true, as stated in the evidence, that the arrangement between the two companies would havethe effect of developing the traffic, and be mutually
Canada works at Birkenhead, in which I am a partner,
beneficial to both parties.
are constructing twelve engines for the company. But Mr. DAVY seconded the motion, and at considerable
it was no private order, nor obtained through any length exp'ained the advantages that would be derived
influence of mine with the board. We took the con- from she coal traffic of South %Vales ; and with a view to
tract upon public tender as being the lowest. show that it could be brought by railway at a profit, he
6. In like manner my firm tendered with other con-
stated that the Great Northern Railway conveyed coal
tractors upon pubiic invitation for the Hackney and from the north to London, a distance of 300 miles, and
other adjoining branches, and ours being the lowest tes- successfully competed with wattr carriage of 400 miles.
der was accepted. The works have been duly executed, The di-taneo the Great Western Railway Company would
and certified by the company's enginesr as completed. I have to convey the coals, from Wales to Brentford, was
was in no way concerned in originating these branches. 200 miles, but by water carriage the distance was 700
They could only come into existence after being audio- miles ; he thought therefore that if the Great Northern
rised by Parliament, and the Eastern Counties share could successfully compete with water carriage there
holders must have given sanction to them before the Act could be no doubt that the Great Western could do so
of Parliament could be obtained. It is a mere gratuitous with profit. The Breutford line would be 41 miles in
pleasantry therefore of the committee to say that these length, and be of considerable advantage to the Great
branches were made "not so much to benefit the Eastern Western Company.
Counties Company, as to increase the traffic and profits Resolutions were passed adopting the report, re-elect-
of Messrs. Pato, Betts, and Brassey."
ing the retiring directors, appointing Mr. W. Moat and
7. The committee call the attention of the shareholders Mr. G. Wyatt auditory of the company ;and fixing the
to the " injurious effects likely to be produced by 'eosin
the Tilbury and Southend line to Messrs. Peto, Betts,
2e. salary of the secretary at 1501. per annum, the remune-
ration of the auditors 10/, each, and appropriating 500/.
and Brassey." I have only to reply that the Eastern
Counties Company having determined, along with the to cover the expenses of the directors,
A vote of thanks to the chairman concluded the pro. Blackwall Railway Company, that it was politic to con-
ceeding,s.
struct that line, we were inviLd to become lessees of it,
as the foundation upon which alone it could be con-
structed and the capital obtained. We consented, and
terms were negotiated, and a bargain struck, to which we
have faithfully adhered ever since. It was indispensable
to us that we should have the power of fixing the rate.;
into London over the four miles of existing railway be-
longing to the Eastern Counties and Black wall Railways,
or we never should have encountered the risk of construct-
ing 36 miles of new railway without any entrance into
London except over such four miles, and that power was
conceded to us by our lease, and is confirmed by Act of
Parliament previously submitted to the general meeting
of shareholders. When the line was in course of con-
struction, we, knowing that we had to work it,
applied
to the Eastern Counties and Blackwell Com-
panies, as possessing large locomotive establishments,
to contract to work it for us. The Eastern Counties
Company made to us a tender which we accepted, and
we believe the contract is much more remunerative to
that company than stated by the committee. But even
that is no concern of tours. We offered the work t,
both companies, and contracted with the Eastern Coun
ties. We neither did nor could influence that company
to show us any favour. The contract was the result of
fair competition.
8. To the allegation in the evidence that the Norfolk
s•

BEDADE AND LEY BURN.
The opening- of this line of railway, in the North Rid-
ing of Yorkshire, for passenger traffic, which was fixed
for yesterday (Thursday), has been postponed for a short
time. The precise cause of the postponement has not
been made known to the public.

line wr a originally imperfectly coy structed and with im-
proper materials, I give the most formal and positive
contradiction. The works were all executed un,ier
written con.racts and elaborate specification., and they
were neither accepted nor paid for until they had been
approved by the engineer of the company. As a further
an;wer to there allegations, and as evidencing the satis•
faction of Mr. Robert Stephenson with the manner in
which I p,rfortned my contracts f,r railways in the
Eastern districts, I extract the followinv, conclusion from
his certificate of 29th June, 1843, awarding me the sum
of 1,122,2631.:-"In thus giving my final decision on
these heavy contracts, I feel it tiny duty to state that
many large and unforeseen contingencies have occurred,
and have required the greatest energy on the part of
Mr. Peto ; and it affords we satisfaction to add my tes-
timony of the willing, efficient, and unflinching manner
in which they have been met."
Regretting that these remarks should occupy so much
of your valuable space, I am, &c.,
S. MORTON PETO.
9, Great Georgc-3treet, Dec. 6, 1855.