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

EASTERN UNION.

The following is an abstract of the report to ba
submitted to the half-yearly general meeting of
shareholders on Friday next :
"In the last ligle-yearly report the substance of the
deed of arrangement entered into with the simple con-
tract creditors of the company is set forth, 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

,
directors had supposed that it would meet the sup
eers,
ld
Commons; and although from previous negotiationsrttheef
the preference, as well as of the common atoc k
thirteen petitions were presented against it. °After
Select Committee on the Bill, an arrangement was
come to with the preference shareholders, and they
in the
withdrew theirsappealtior, upon di tiv
.0 lenses
Bill affecting their interests at; ':iii- -etas being struck
_
out, they consenting to permit debts of the comP am,
n the
lengthened negotiations, and two adjournments
to an amount not exceeding 250,0001. to be, converteYa,
into stock of the company, to be called Creditors
m and also to authorise the issue of .
pSetrocka,n'naut a, rate of interest not exceeding 41. per oneeit
shares, at the same rate of interest, to the
77,8251.; such stock and shares to be entitled to payment_the
of their dividends next in priority after payment
of
ftour
interest on the debenture debt. The Colchester
Valley Railway Company were induced to give up
and theirto
claim for arrears of rent to the Ist of July last,
late
consent to a further reduction upon the rent.
solicitors consented to abate upwards of 5,0001. from
ears'
their bills of costs, to give up their claim for two years
in
interest upon their balances, and to receive paymentelsim
creditors' stock at par for near.five-sixths of their
Passed
amount of
as so reduced. The Bill, in its modified shape, P
the Select Committee of the House of Commons;
the
its third reading, an amendment was introduced at.
the
instance of a large preference shareholder, rendering the
consent of the preference shareholders, No.
I'
necessaryhares;
to the issue, ara preferential interest, of the new s..
t rther
and subsequently, at the Wharncliffe meeting, a a the
amendment was introduced which renders necessary
of
consent of the common shareholders to the conversion it is
the 250,0001. debts into creditors' stock; by the k shall
provided that the new shares and creditors'
stock
be redeemable at par. The Act so amended has rent
the Royal assent, and in addition it enacts that thethe
pay'.
but on
for the Harwich line shall be appropriated to 17'sive•i_.
meat of interest at 41. per cent. upon the
pended in its construction; thus enabling
burden upon
to construct that line without any additional bum
half the
the company, and to secure the advantages from
rent, and
surplus profits remaining after payment of t
Railway
from the reservation of the Eastern Union
traffic from the line north of Manningtree.
ossession of
" The directors report that they are in P
and that
the land required for half of the Harwich
line'iniag half,
active steps are being taken to obtain the
rem
sales of the
and to proceed rapidly with the works. Thetime
continued,
surplus property have been from time to t
they have
the directors
and the directors are able to report
realised satisfactory prices, but from theed in getting
company's affairs, great obstacles have existed
ikeesegement
the sales completed. The passing of th
n '3 finances,
Bill, and the improved aspect of the counts
-, Inowledging
have removed these obstacles. Whilst
creditors have
the forbearance which the great body of
have been
tors
exercised' towards the company, the directors
s for land and
much harassed by a section of the creditor
on the under-
holders of debentures over-due. Acting
upon
the over-due
standing come to with the committee
of au© upon their
debenture holders, who have forbornelto,
ms of such &-
Ilia
state of the
seeurities, the directors resisted the
bentureshold- rs as thought fit to ado
Up to the present time your directors
however,
faith with this committee. It is believed,general renewal may
pct sal harsher course.
the time is approaching, when a
at a reduced rat®
be effected of all over-due debenturesvexa
vexatious contests.
of interest, and an end put to thos.e.
the early part of
The directors convened a meeting le
era
th resolutions for
the present month,• to submit to • As a majority
of four-fifths of the meeting
converting the 250,000/. debt into stock.
shareholders provision into into effect, and the ordinary
of themselves, with
sired to confer, through a committeeemodificationof their
the preference shareholders, as to eon:,
An they determined to
claims, left untouched by the '—:
necessities of the
provide only for the more pressing
onversion of 50 at
company, by sanctioning the c propose to call a meeting of
3i per cent. The directors p
the preference shareholders, was required to carry this
ton e themw
preference
e freerseonl tte
e-
tions with respect to the issue
shares' to the extent of
shares, in lieu of the unissued
land claims. The amount
77t8251., for the satisfaction of
ear for
calla is 5,3891.
received from the parties in arrf the remaining arrears
13s. Id. The larger portion
theyo
propose to forfeit the
seem to be irrecoverable, and t
and this company have
pointed by the Eastern Countiesl
as their umpire. The
met, and selected Mr. Brunel e
b committee of share-
directors, at the request of _ a
al promoted by the Eastern
holders, opposed the 13--9 .f• r giving them the sole
shares. The directors repor that the arbitrators up-
Counties Railway Compaq, tronePs
t)
f) tte
the former to Bury St. Edmund's.
way, and for extendins' - t °clueing two clauses into
Lynn or Wisbeach,
They have succeedain ia
ensr giving full protection to
the East Anglian Bill, the
this line at Norwich to
control of the Newmarket and East Anglian lines of rail-
traffic going northward from
to any company
the Great Northern line
who may construct a line from • pones over the East
to Lynn or Wisboach. running The Esstern Counties
Anglian lines to East Darehani.
over scrupulous in divert-
Company, who have not
beenhave terminated the work-
ing the traffic from yoar
lige'he through traffic between
ing agreement under which t
apportioned between the
London and Norwich bad been
arrangement of fares and
two companies. By a recent the water communi-
local traffic, also, have been
rates, an `Weepening and e, London, they have increased
cation blpswich and
..iso
g. The receipts from
the amount of their earning
and the other giving
the advantage of
into stook. The di-
the Company to omort the shares
steadily increasing. It has
been suggested that it would tend to

rectors purpose taking such matter into consideration at
an early period after the forfeiture of the shares shall
have been confirmed, and the capital account of the
company adjusted." From the statement of the accounts
appended to the report, it appears that the total amount
of authorised capital is 2,110,000/. upon shares, and
620,000/. upon loans; in all, 2,730,0001.; of which shares
to the amount of 1,592,140/. have been issue:l, and loans
raised to the amount of 612,924/, leaving 517,8601. of
shares unissued. The total amount of capital raised up
to the 30th of June last was 2,122,033/, of which
2.116,2891, has been expended, leaving a balance of
5,743, 17s. 11d. The revenue ecuount shows that the
e4rnings hava been as follows:—Passengers, 22,1621.
7s. 3d,; mail:, 709/ 15s. 23,; goods, &c., 25,065/. 83. 2d.;
parcels and cattle, 5,666/. 4s. 93.; cartage, 6201. ss. 4d.;
rents, &c p
. ,
expenditure
u7rde. ;
amountsmal ing
to
2
a total,9 (0)f35. 10;.
514,916 21
l 135.:
3 The
laving a balance of 25,9111. 3s. ld. The rrvenue
balance-sheet states the liabilities to be 65,9921. 7s. 9d.,
assets
formerts62,2 of 3,5
40/. 145.71. 0
1 513.3,.
41e4a.ving a balance in
and
thourea
of the