The Sun.
London, England, 1852-08-28 00:00:00

THE SUN,

RAIL WAY INTELLIGENCE.
NORFOLK.

The half-yearly meeting of this company was held
yesterday at the offices, Guildhall-buildings, Mr. S.
M. Peto, M.P., in the chair.
The Secretary read the report, which stated that
the traffic during the past half-year amounted to
56,994/., being an increase of 3,7161. over that of the
corresponding period of 1851. The working ex-
penses charged by the Eastern Counties Company are
33,1074 equal to about 58 per cent. of the receipts.
The directors express their regret that a course so
unsatisfactory should still be persevered in, as all par-
ties are aware that the sum so charged affords no
criterion of the actual cost of working the Norfolk
lines. The traffic continues to improve, and the trade
with the north of Europe through Lowestoft is
making rapid advance. Three steamers,
of 700 tons
each, are now employed in that trade, and it is in
contemplation to increase that number. The Eastern
Counties Company having declared a dividend at the
rate of 4s. per share on the shares of that company,
the proprietors of the consolidated stock of this com-
pany will be entitled, in accordance with the existing
agreement, to a dividend at the rate of 1/. per cent.
upon the half-year, and the proprietors of the new
25/ shares to a dividend of 3s. per share. The agree-
ment for working the Halesworth and Beccles Rail -
way involves no pecuniary outlay or responsibility_
is
upon the Norfolk Company, and, as it likely to
tgreatlyors
have imnpor ove
hesitation tlie traffici
n upon
recommending ra their
en d ilnign ei, t
sthe
optiondirec-
by the proprietors. An abstract of the accounts has
already appeared in The Sun.
The CHAIRMAN, in moving the adoption of the re-
port
said he had never met the proprietors during
,
the short time he had occupied the chair with so much
satisfaction as he did on that occasion. He congratu-
lated them on the Bill having passed for consolidating
the capital of the company, and by the substitution of
a 4 per cent. preference stock for the debentures of
the company they would save about 5,000/. a-year, or
and thus place the preferential shareholders
equal to 105. per cent. on the ordinary capital of the
company,
in a better position. The debenture stock was being
taken to the extent required, so that they might *end-
der that operation as complete. During the last half-
year there was an increase in their receipts to the
amount of 3,700/. as compared with the corresponding
period of 1851. From the 4th of July to the present
time that increase had proceeded in a still larger
ratio, amounting to more than 121 per cent. gross in-
crease. They might on the present occasion consider
that practically
their capital account was closed. There
was no liability, excepting 5,000/. to be paid to the
proprietors of the Waveney Valley, which sum was
lying at Glyn's, in the name of three trustees, to be paid
over to that company as soon as they were in a posi-
tion to give them a legal discharge for the amount.
He then referred to the establishment of steam cora•
munication with the north of Europe. That arrange-
ment was proceeding most satisfactorily. The three
ships now running from Lowestoft were bringing on
every occasion full freights, and such was the demand
for accommodation that they would shortly be obliged
to place a fourth steamer on that station. He had
concluded with the Danish Government a concession
for a series of railways, which he believed would be
in importance second to none in Europe, and which
must be productive of the largest results to their
railway, and the Eastern Counties' system of railways
generally. One of these lines placed the port of Ton-
fling, to which vessels during the whole winter, when
the Elbe is closed, have access at all times, within two
hours of Hamburgb, bringing the latter place within
35 hours of London at all times, and connecting also
the port of Flensburg with Twining (taking one hour
between the two places), and giving the company ac-
cess to the whole of the Baltic, by which they would
be able to take the whole of their goods to Twining
and transmit them to Flensburgb, whence, as all who
were acquainted with the traffic of the north of Europe
knew, small steamers were constantly running to
every part of the Baltic. They would see that the
company would command the entrepot of the Baltic,
and have practically in their own hands the greater
part of that trade. By this concession the company
were saved the Sound dues of 12s. per ton upon goods
taken to the Baltic. This would leave a large margin
to cover the expenses of transhipment, and a large re-
sult must flow from this source of traffic. The next
thing he would congratulate them upon was the
thoroughgoing amity with which they were working
with the Eastern Counties Company ; and although
their relations with that company might not in all
respects be satisfactory as to the future, yet the policy
of the board had always been one of amity. They
desired nothing but what was fair and right ; at the
same time, they were serving the interests of the com-
pany when they pursued a peaceful course of policy,
and finding, as they did, the directors of that com-
pany were not only bent upon exercising the utmost
economy, but were developing the resources of the
1 district in a manner highly satisfactory to the direc-
tors, he could not but believe that when they, with
the assistance of some of the largest proprietors of the
company, discussed the question of their future rela-
tions with the Eastern Counties they would be satis-
factorily adjusted.
Major TYNDALE seconded the resolution, which
was put and carried unanimously.
A dividend at the rate of 1/. per cent. for the half-
year was declared on the consolidated stock of the
company, and of 3s. per share on the new 201. shares.
The meeting was then made special, for the pur-
pose of considering, and if approved of, confirming
an agreement for working the Halesworth and Bec-
cles Railway.
The CHAIRMAN explained that the new line would
branch from the Lowestoft.Railway, and pass through
Beccles to Haleswortb, a distance of about 15 miles.
The Earl of Stradbroke and other gentlemen locally
interested promoted the line, and it was at their so-
licitation, and to promote the interests of the Norfolk
Company, that he (the chairman) had taken the active
part he had in promoting the construction of the line.
It was to be constructed on a new principle, by
parties who were locally interested, the land being
sold to the company at its agricultural value. He
thought that the main line, which would receive
an accession of traffic, was bound to give the new
line a certain amount of the traffic it would
derive from the connexion ; and that such an
arrangement should be entered into as would be
equitable to all parties. They had ascertained that
there would be a good traffic on the line, which would
be ample to remunerate the company for the outlay.
Every care would be taken to make it a model
branch line, and he had no doubt several lines would
be constructed in other districts on the same prin-
ciple, the parties locally interested finding the funds.
Mr. MACLAURIN estimated that the line would
cost 11,0001. per mile without working stock, and
therefore he did not think it could be called a cheap
line, particularly when it was considered that the line
from Newmarket to Bury St. Edmunds, about four-
teen miles' length, would be constructed for 100,0001.,
being at the rate of 7,0001. per mile, including
everything. He wished to know whether any con-
tract had been entered into for the construction of the
line ?

Theinto for CRAIRMAN—No contract had been entered
rornthe works, and it was not the intention of
the
for its oters of the line to enter into any contract
everything,
one en.,constructiontot until the whole of the land from
ofnurstruct the line, including land and
'e,construct
other was settled for. They fully ex-
pectedut 6,0001. per mile. The Norfolk
tion by anwirdled:ernoeciceive a benefit from its construe-
Company
any responsibility. company without incurring
must be blind to their own
Mr. BASSETT said they
interests if they did not's
perfectly the matter.
Norfolk Company were
deeply indebted to Mr. P their thought the proprietors
ir chairman, for the
of thethe agreement. He
great interest ha had taken in
with the
of the agreement Nv
Mr. MAcLAuairi was
ex-
planation given by the Chairman,
as then
The resolution approving
put and carried.
A vote of thanks was passed to the Chairman and
directors for their able management.
The CHAIRMAN, in acknowledging the compliment,
said he had received an intimation from Major Court
that he was now perfectly satisfied with the accounts,
so that he (the Chairman) might congratulate them
on having an unanimous proprietary.

AMBERGATE, NOTTINGHAM, AND BOSTON.
The half-yearly meeting of this company was held
yesterday at Grantham, being removed from Not-
tingham to allow the distant shareholders to avail
themselves of the Great Northern route, the Midland
being
the one hitherto used; Mr. Norton in the
chair.

The Secretary read the report.
The CHAIRNIAN, in moving the adoption
re-
port, remarked that offers of amalgamation had
mutually exchanged between the Great Wester and
•
London and North-Western Companies, but at pre-
sent without leading to any reBult ; and the chair
man of the Great Northern had made an offer to the
Midland Company, also for an amalgamationtonohfa of in-
terests. This proved that though these great com-
panies had such an unlimited command of capital,
talent, and
ability, in the management of their in-
terests tey still had difficulties in developing their
traffic for tee profit of their harehold ac-
cornmodation of the publics ers
and
the
. It need be no matter
for surprise, then, if this company had difficulties
also.
-Ile object of Parliament in sanctioning, the
formation of railways must have been, in the first
place, the accommodation of the public , and, se-
condly, the fair and reasonable reward of the share-
holders of the several companies. The directors of
t which'
bbe Ambergate Company
would
tdhoe
differences
move the difficulties and
at present prevented their shareholders from obtain-
ing the ample return for their capital which they
r be
s
had a right to expect.—(Applause.) The traffic of
the line had been increasing ever since it was
opened, And though some of it had recently been