The Sun.
London, England, 1855-03-01 00:00:00

EASTERN COUNTIES.

The half-yearly meeting of this company was held on
Tuesday at the London Tavern ; Mr. D. Waddington,
M.P., in the chair.
The report, an abstract of which has appeared in The
Sun, vas taken ars iemd.

The CHAIRMAN, in moving the adoption of the report,
congratulated the shareholders on the result of the joint
working of the Eastern Counties, Norfolk, Eastern
Union, and other lines, from which it appeared that an
increase of 77,5321. bad taken place in the revenue
as compared with the preceding half-year, with an in-
crease in the expenses of only 8,7721., thus increasing
the dividend from 3s. 6d. to 7s. per share. On compar-
ing the result with the corresponding period of 1853,
they had the same dividend, 7s. per share, carrying over
4,0001. ; but the price paid for labour and materials was
considerably higher in the past half-year than in 1853,
and notwithstanding this they paid 7s. per :hare, and
carried forward 11,0001. to the next account. This was
the first fruits of their joint working. Some shareholders
bast suggested a 7s. 6d. dividend, and to leave a bal-
ance of 4,0001., bet considering the report of Mr. Bruff,
thar, engineer, and other circumstances, he thought the
wise and prudent course would be to declare a dividend
of 7s. per share for the past half-year. He then entered
into statements to show that there was no substantial
ground for certain rumours that had been circulated
with respect to the state of the line and working stock,
and also to the coal traffic. The board of directors had
done and continued to do everything in their power to
promote the interests of the undertaking. The coal
traffic on the line in 1849 amounted to 17,5641., in 1850
to 21,2491., in 1851 to 22,483, in 1852 to 32,0231., in
1853 to 43,718/., and in 1854 to 80,581/. Allowing for
the interest of the cost of working stock and deprecia-
tion of the permanent way, that traffic bad been worked
for 30 per cent. on the gross receipts. He then adverted
to the arrangement with respect to the Cambridge and
Bury line, with a view to show that the deficiency of net
traffic, after paying everything, only amounted to
2,4331., assuming the working expenses at 46 per
cent., while the average of the whole was 43 per cent.
The cost of these lines amounted to 17,0001. per mile ;
he thought, therefore, that if they made similar arrange-
ments with regard to the Suffolk lines, which would cost
only 10,0001. a mile, no loss would accrue from working
them. The Eastern Counties lines passed through a
rich agricultural district, and therefore the traffic on
them was not so likely to be affected by the war as that
of other lines passing through the manufacturing dis-
tricts.

A long discussion ensued, in the course of which it
was proposed that the dividend should be paid clear of
income tax, but the motion was rejected.
Mr. TOZER and other proprietors expressed themselves
strongly against the system of constructing branch lines
and extensions, and urged the propriety of local parties
making them at their own cost instead of at the cost of
the company. The past experience of branch lines in
their district she vved them a ruinous drain upon the
company. The dividend in 1853 amounted to 12s. per
share, but in 1854 it only amounted to 108. 6d. per
share. Estimates of expenditure on capital account
would in future be submitted to the shareholders for
their sanction, and, as soon as the present works in
hand were completed, the capital account might be
closed. The present working stock would be sufficient
for many pars to come.

The report waR arlopted and the dividend of per
share declared. The retiring directors and auditors
were re-elected, and
The proceedings concluded with a cordial vote of
thanks to the directors and officers of the company.