The Sun.
London, England, 1855-09-01 00:00:00

.RAILIVAY INTELLIGENCE.

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EASTERN COUNTIES.

The half-yearly meeting of this company was held
yesterday at the London Tavern, Bishopsgate-street
—Mr. Waddington, M.P., chairman of the board of di-
rectors, in the chair. There was a very full attendance
of shareholders.
The report and accounts, which have already appeared
in The Sun, were read by the Secretary.
The CHAIRMAN said that in submitting to them the
report just read for their adoption, they would find that
after paying a dividend there would remain a balance of
1,7151. 13s. 2d., and adverted to the directors opposing
the distribution of the surplus of 11,0001. as an extra
dividend last half-year, which he looked upon as a wise
and sound decision on their part, it having allowed them
to give a better dividend this half year. The traffic be-
tween Hamlet' and Antwerp had been brought before
the shareholders for 12 or 13 years past, and great expec-
tations were entertained of an increase of traffic, in con-
sequence to Harwich. He then called attention to the
establishment of steam-boats in connection with the line,
and the increasing numbers that had since passed over
the line from Harwich, which'there was every r eason to
believe might be greatly improved, but it wail,forle
shareholders to say whether sufficient boats should beth
put on the route to properly test these productions.
The booking by the boats was in the first il
week only
11 passengers, but in the last week had increased to 346.
The board bad not decided on adopting the report of the
engineer for maintaining the permanent way
in the most
efficient manner, being desirous of obtaining first all
the information they could on the subject. The ques-
tion between this company and the Northumberland and
Durham Coal Company had been referred to arbitration,
on the suggestion of the solicitor, which the directors
hoped would be found ultimately to be to the advantage
o f the company-
With regard to the irregularities connected
with the stores despartment everything was being done that
could be to place the company in a proper position. The
East Suffolk Company had offered to take the respon-
sibility from the company, arising from the Halesworth
and Iladdiscoe agreement, which would be submitted to
the meeting. The auditors report was of so grave a
nature that he could not permit it to go forth without
comment. The hon. gentleman entered into the details
mentioned, and read reports from the officers of the
various departments connected with the permanent way,
• general stores, &c. The difference of 4,3381. 13s. 10d.
in the stores, mentioned by the auditors, was accounted
for by the bookkeeper of that department as arising
from the stock being taken at a reduced value from their
cost, or in errors of casting or other discrepancies,
leaving but 1,2001. to 1,3001. to be accounted
for. The auditor also observed the assets under
the head debts due to the company required
revision, and that 1,7451. 13s. 2d. would be insufficient
to be carried over to the amount estimated to be due to
the Locomotive Superintendent, but the Chairman said
the directors and officers had conducted the affairs of the
company in a proper manner. With reference to the
capital expenditure during the half-year stated by the
auditors to amount to 126,4621. 16s. ld., including
58,4891. 17s. 9d. for additional rolling stock, which
they were unable to determine, should be wholly
charged to capital or a part to revenue, Mr.
Gooch had offered his ledger for inspectien, and
had stated his readiness to substantiate every item
contained therein, and informed them that the charge
was correctly made. As regarded the receipts of the
company under the amalgamation, they had been such
as had been anticipated, but the expenses had been in-
creased, and he could assure the meeting the directors
would use their best endeavours to promote the interest
of the shareholder. He moved the adoption and reception
of the report.
Mr. PATTERSON seconded the motion.
Mr. BRUCE (director) said it was an unusual course at
these meetings for a director to oppose the report, but
be did it feeling the arrangements made with the Nor-
folk railway were unfair, and ought to be repudiated by
the shareholders. He entered into details showing the
Wilts and Fakenham line, which was only eight miles in
length, would receive ls. 11d. for a ten of coals, whilst
the Norfolk line, which was 51 miles long, would get
but 9d. The hon. gentleman entered into other matters
connected with the management of this railway,
complaining that he was kept ignorant of many
circumstances. (Hear.) He was no party to the re-
port, and protested against that and the dividend. On
Tuesday week last a board was summoned to look into
the accounts. The accounts were brought up, but with
out the main figures affecting the profit and lose. He
said he must see the books before he agreed to the ba-
lance-sheet, having reason to suspect them, because in
December, 1854, the accounts were cooked. Books
were produced accordingly, but, to his surprise, they
were in pencil and not added up. He said the books
then produced would not suit him, and he asked the
meaning of an entry iu pencil for 50,0001., and wished
to sea the items. The book keeper said the matter did
not cone into his department, and he was unable to give
the information required. He then asked for the person
who could, when he was told the books were at Stratford
He said he would sit there till 9 every evening and investi-
gate the accounts if they would furnish him with them to
be satisfied that he ought to remove his protest and pass the
accounts. (Cheers.) On Tuesday there was another
board meeting, when the question was put that the ac-
counts be passed, but he still protested against them,
the balance-sheet being no other than a skeleton one
that was presented to them. The accounts, however,
were passed, and he entered his protest against them
and the report. (Hear.) He objected to the dividend
from, the fact of their requiring 100,0001. to put their
permanent way in an efficient state, and the necessity of
30,000/. or 40,0001. being pat by as a reserved fund for
that purpose. (-Hear.) Ho next entered into the de-
ficiency of the stores. The deficiency was never 13,000/.
or 15,0001. Then the 4,000/. remained. The books had not
been added up for two years—(shame)—and they bad
never been brought before the auditors nor before Messrs.
Quilter, Bull, and Co. (Shame.) The stores supplied
were of the worst descr'ption, for which they were
charged from 30 to 100 per cent. above the proper price;
and so bad were they that the grease supplied for the
wheels of the carriage was more like chalk and grease,
and so bad that the trains had frequently to be delayed
from its use in consequence of the axles becoming
heated. The hon. gentleman entered into many other
details reflecting on the management, animadverting
strongly on the arrangement made with Dlr. Gooch,
whereby lie received large sums by way of percentage
on the savings iu the expenditure. When a committee
of investigation was appointed, and visited Stratford for
that purpose, they found a deficiency of 1,0001. in oil
and tallow for the year 1854. (Shame.) At a subse-
quent meeting of the committee, they were insulted by
Mr. Gooch, in the presence of the chairman. He told
them they had acted so ungentlemanly that ho had
directed his officers and servants not to answer any
questions, except through him. (Shame.) 'He con-
demned the course pursued relative to the amalgamation.
Mr. BROADBENT (director) objected to the report, as
being incorrect. It was a shame to circulate such a
document amongst the shareholders. He also condemned
the management, corroborating much of Mr. Bruce's
statements, and made strong remarks on the chairman's
conduct in receiving a premium in the Tilbury shares.
The CHAIRMAN rose amidst hisses and loud cries of
shame, and claimed the right of replying to the charges
brought against him. He denied receiving the shares
as a director of the Eastern Counties Railway, but as a
director of the Tilbury line. He disavowed what had
been said against the directors and the management,
contending be used his influence and did all he could for
the best interests of the shareholders. (Ironical cheers.)
Mr. GRAY said they were all indebted to Mr. Bruce
for bringing under their notice the existence of such
abuses, and he suggested a check could be put on them
by the directors dividing the duties, each taking a cer-
tain department to efficiently watch. The persons
who had been guilty of such conduct connected with the
stores department ought to be exposed. He suggested
a reform of the directory, since the officers were master
of tho hoard.
Mr. BON congratulated the shareholders on the manly
conduct of Mr. Bruce, and moved a vote of thanks to
that gentleman. (Hear.)
Mr. GRAY and other gentlemen seconded the resolu-
tion.

A SIIAREHOLDEI: oxpressed his opinion that it War; the
duty of the board to rebut, if they could, the charges
Mr. Bruce had brought forward.
Mr. NOREI3 called upon the chairman to give some
explanation relative to the arrangements with the Macs-
. worth and Iladdiscoe Company.
The CELIIRSIAN said an epitome of the arrangements
had been forwarded to each of the shareholders, and the
subject was now in their hands.
• Mr. NORRIS said, that being the C 330, it would be
better for them to expunge that paragraph and the last
from the report. lie thought there was something mys.
terious in the board making no sug,gestion relative to
above arrangements. Ile made some general re-
, mark on the report, which he termed a "melancholy
document," complaininpf the Short time it had been in
' the ;lands of the shareholders. He did not consider the
dividevl for this ball-year had been fairly earned during
that time. He moved, as an amendment to the chair-
triau's resolution, that so much of the report as related
to the dividend be agreed to, but that the consideration