The Sun.
London, England, 1852-08-23 00:00:00

EASTERN UNION.

The following is an abstract of the report to be
submitted to the half-yearly general meeting of
shareholders on Friday next :
"In the last halt-yearly report the substance of the
deed of arrangement entered into with the simple con-
tract creditor* of the company is set fortb, and the Bill
introduced by the directors into Parliament last session
was prepared in the shape advised by counsel as best
calculated to give effect to such deed. The Bill passed
the Standing Orders Committee, and was read a second
time, and referred to a Select Committee of the House of
Commons; and although from previous negotiations the
directors had supposed that it would meet the support of
the preference, as well as of the common stockholders,
thirteen petitions were presented against it. After
lengthened negotiations, and two adjourtments of the
Select Committee on the Bill, an arrangement was
come to with the preference shareholders, and they
withdrew their opposition, upon all the causes in the
Bill affecting their interests as a class being struck
out, they consenting to permit debts of .he company
to an amount not exceeding 250,000/. to 30 converted
into stock of the company, to be callel `Creditors'
Stock,' at a rate of interest not exceeding 4/, per cent.
per annum, and also to authorise the asue of new
shares, at the same rate of interest,* to the amount of
77,8251.; such stock and shares to be entitlei to payment
of their dividends next in priority after payment of the
interest on the debenture debt. The Colchester Stour
Valley Railway Company were induced to give up their
claim for arrears of rent to the Ist of July last, and to
consent to a further reduction upon the rent. The late
solicitors consented to abate upwards of 5,0001. from
their bills of costs, to give up their claim for two years'
interest upon their balances, and to receive
payment in
creditors' stock at par for near fives-sixths of their claim
as so reduced. The Bill, in its modified shape, passed
the Select Committee of the House of Commons; but on
its third reading, an amendment was introduced at the
instance of a large preference shareholder, rendering the
consent of the preference shareholders, No. 1, necessary
to the issue, at a preferential interest, of the new shares;
and subsequently, at the Wharncliffe medttng, a further
amendment was introduced which renders necessary the
consent of the common shareholders to the conversion of
the 250,0001. debts into creditors' stock; by the Bill it is
provided that the new shares and creditors' stock shall
be redeemable at par. The Act so amended has received
the Reps' assent, and in addition it enacts that the rent
for the Harwich line shall be appropriated to the pay-
ment of interest at 4/, per cent. upon the capital ex-
pended in its construe thus enabling
to construct that line without any additional burden upon
the company, and to secure the advantages from ha" thend
surplus profits remaining after payment of the rent,. a
from the reservation of the Eastern Union Railway
traffic from the line north of Manningtree.
ion of
" The directors report that they are in possess hat
the land required for half of the Harwich line, and
half,
active steps are being taken to obtain the remaininggof the
and to proceed rapidly with the works. The sales
surplus property have been from time to time continued,have
and the directors are able to report that they .
~
the directorsn
realised satisfactory prices, but from the stat"ettg;
company's affairs, great obstacles have existed in
have removed these obstacles.
the bales completed. The passing of the Arrsegageal:ceenst,
,Bill, and the improved aspect of the company's I'
the forbearance which the great body of creditors have
exercised towards the company, the directors have
ranch harassed by a section of the creditors for -a
the nder
holders of debentures over-due. Acting upon ti
standing come to with the committee _of the
over-due
their
debenture holders, who have forborne td sue
upon de-
benture-holders the directors resisted the claims
21.1dAwillonip.
of
suchcourse.
as thought fit to adopt abarsher d
U
have preserve
Up to the present time your directors
that
faith • with this committee. It is believed, however,
may
the time is approaching, %hen a general renewal
Whilst acknowledgein_g_
be effected of all over due debentures at
vexatious contests.
of interest, and an end put to those part of
The directors convened a meeting is the early
resolutions for
the present month to submit to them As a majority
converting the 250,0001. debt into stock.
d to carry this
of four-fifth* of the meeting was re
quirehareholders deb
provision into effect, and the ordinary
leemselves, with
uired to Confer, through a committee of.t
edificationof their
the preference shareholders, as to someni
determined to
claims, left untouched by the Act, they a reduced rate
provide only for the more pressing Psaities of the
au a meeting of
i per cent. The directors propose to c
the it to; them preference shareholders, to subm 50,0001. at
3c°lllPanY, by sanctioning the coneerarline:
resolu-
tions with respect to the issue of the preference
to the extent of
shares, in lieu of the unissued shares,
.to
The amount
77,825/., for the satisfaction of land chit
_,.. is 5,3891.
received from the parties in arrear for calls
13s. ld. The larger portion of the r,,--in
linesa ofy haverail-
to forfeit the
raining arrears
eeem to be irrecoverable, and they propene
the arbitrators ap-
CpooiunntetidesbyrtatihieivaEyacstoermnpCanoyu,nties
shares. The directors report that .
r umpire. The
as that
met, and selected Mr. Brunel neeslittee of directors, at the request of the ee the
Y Eastern
share-
holders, opposed the Bills promot4
them the e sole
for giviggi
control of the Newmarket and Ea" '''' -,-
7Edmund's.
to Bun St.
way, and for extending the former
- a two clauses into
They have -succeeded in introducles /
the East Anglian Bill, the one giving
fall protection Norwich to
traffic going northward from this line atto
Lynn or Wisbec;ch, and the other giihig to any company
who may construct a line from the Great Northern linecorers over the East
to Lynn or Wisbeach, running P .. e e
r astern Counties
Tr, e
Anglian lines to East Dereham.
crapulous in divert-
Company, who have not been over
terminated the work-
ing the traffic from your line, have
traffic between
ing agreement under which the through
between the
London and Norwich had boon apportioned ement of fares and
two companies. By a recent arra g
Ili
the water communi-
cation and by opening and extendine
they have increased
cation between Ipswich and London,
The',receipts from
the amount of their earnings.
local traffic, also, have been steadily increasing. It has
been suggested that it would tend to
the advantage of
i cis
i the company to convert the flares irate stock. the