The Sun.
London, England, 1852-03-01 00:00:00

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4‘
S , I s
MARCH 1, 1852.

of November, and at that meeting, which was very nu-
merously attended, it was unanimously resolved as fol-
lows:-' Inasmubh as the agreement between the Great
Northern Company aid tbe,'East Anglian Company has
been declared illegal,' i
r°Bo4ed-That it is desirable and
with the Eastern Coutitivs,Company upon the principle
to enter into an arrangement
jeuxdipeed:endtifno.rmtrh.isweantral pdzytp
Oc-
tober last, addressed to hire fieseltine, and that a com-
mittee letter of, the 27th of
with the directors in carrying the same into effect,
be now appointed, with eon
and that such committee consist of the following gen-
tlemen:-Mr. J. Bancroft; Mr. Lightly Simpson, Mr.
powers to co-operate
Edward lleseltine, Mr. Henry Newberry, and Mr.
Francis Carbuta' Acting in nceordance with this re-
eda s s,
ir
helteVea nedo nceocucdpeedr attwi °on acgfr tehee-
es on Imumti oi
tnt,e
eanthdewreiftnh
ntahme
ress-'7Ccperßiettiive companies Company, which
on the
Counties
wranernetsdawlyithseatihned
nEyasttaearte,
2d instant. The first, or,these agreements grants
powers to the. Eastern Counties Company to run their
trains over the East 'Anglian Railways on certain con-
ditions, which secure the most efficient working of the
gneds, while it ensures in the
traffic, with every requisite, accommodation for the con-
in ample supply of carrying
mveoysatneeffesocf•uPealssmenagnenresratrihde full development of the re•
ement and control of
the undertaking remaining
ssotoucrleceasnodf
in.,the hands of the East andAn-
etnhgeindeisptrniwcte,r, in
au g
glian board. As compensatnre for the privilege granted
to the Eastern Counties COTpany, the East Anglian
Company are to receive at least 50 per cent. of the gross
earnings •from the traffic of, their railways, free from
any deduction whatever. The second agreement pro-
vides that both companies shall (at the sole expense of
the Eastern Counties Company) apply tq Parliament for
an Act to authorise an agreement by which the Eastern
Counties Company shall have power to work, manage,
and maintain the East Ano eeßnilways, subject to the '
supervision of yourediree , ' art He
-determined on by
both elinipaniesate lease t : federtaking tor the-pitied
of 999 year& Thiaegreee s.:likewise provides for the
most efficient working of the railways, so as' to develop 1
the traffic to tbe utmost extent. The whole of the earnings
are to belong to the East Anglian Company after deduct-
the working expenses, which (including an ample
supply of carrying stock and locomotive power) are
never to exceed 50 per cent., and it is provided that if
the working expenses of the Eastern Counties Company
are, during any half-year, below 50 per cent„ the East
Anglian Company are to be charged the same per emit-
age on their gross traffic, but in this case the expenses
of the board and secretary are to bo borne" by this com-
p tny, provided such charges do not raise the total work-
ing expenses above 50 per cent. Both of these contracts
provide that the net revenue of the Rut Anglian Com-
pany shall never be less than 17,0001. Preliminary to
these agreements, it was arranged that the Eastern
Counties Company should purchase all the working
stock of this company, at the valuation which had pre-
viously been made, and the d-livery of the different
articles is now almost completed. It gives us satisfac-
tion to state that the Great Northern Company have
afforded every facility in banding over the plant, &c.,
to the Eastern Counties Company. The amount ob-
tained for the working stock has been disposed of as
follows•-I0,000/. 'has been appropriated to provide for
the payment of the cost of the permanent bridges re-
quired by the Act to be constructed over the river
Ohse and the middle level drain on the Wisbeach
branch; 9,000/. (of which one-half is to be invested
in the East Anglian, bonds) have been set apart for the
completion of works which were necessary for the ac-
commodation and development of, the traffic; and the
remainder is to be applied to the payment of the com-
pany's debts. We have made an arrangement with
Messrs. Fox, Henderitiu, and Co., for the construction of
the above-mentioned bridges, and the necessary ap-
proaches
thereto, for an amount that will not oxceed
10,0001., which is less than one-half the sum that would
have been required hied they been built when the line
was formed. These bridges are to be constructed on
the new principle (Warren's patent), which has recently
received the entire approbation of -several eminent en-
gineers, who were present when the bridge of 260 feet
span, constructed for the Great Northern Railway, was
exposed to the severest tests at Birmingham. It ii with
great satisfaction that 'we now refer to the financial '
position of the company, which has for so long a period
been the subject of intense anxiety. So recently as the '
Ist of last month the debt of the company amounted to
340,0001., of which upwards of 300,0001. were due, and '
a very large amount pressing for payment. We have
now the gratification of informing you that the whole
debt of the company, after paying interest in
full to the 31st ultimo, does .not exceed 285,0001.,
aad, with the exception of about 6,000/., which will
become due on and after the 30th of June, 1853, And '
7,0001., which will become due in 1854, the period for '
the payment of the entire debt of the company has been
extended te 1855, with this very great advantage, that
it will 'be at the option of the oompany,,at an earlier '
retie e.. to rt., at' e1,..-5t......,.i.......`Lri5. kars'oilthis debr, on
giving notice of their intention so to do. This arrange-
ment has been effected by the issue of not more than
19,000/. of the new preference shares, bearing interest
at the reduced rate of 5 per cent. With reference to
these shares, we have great pleasure in informing you
that out of about 12,000 shares originally issued, more
than one-half have accepted the terms offered by the
board, whereby the interest has been reduced from 7 to
5 per cent.; and we trust that the holders of the re-
mainder of these shares will agree to accept the reduced
rate, and thereby have their shares
nsolidated into
ever one share of 10/. fully paid fornone co
ery i
five shares, on
each of which 2/. have been paid. It 11 be satisfac-
tory to you to be informed that w
of the shares
be
created by the Act of 1849 can .
now issued at a
higher rate of interest than 5 per
The statementenue of the rev cent.
account from 10th
July, 1851, to 4th January, 1852, follows :-
Receipts-For conveyance of was as
8,442/.
passengers, &c.,
19a. 7d.; ditto goods and cattle, 6cl , ditto
mails, 61/. 10s.; mileage and demurrage'6l6L 13s.waggons,;' ere..
2481. 12s. 9d.; rent of sidings, coal
l of
n,
& 1071.
16s.transfer fees, 281. 103 ;
total,awharsvessl,364
i.s.
lid.
Payments-Repairs of permanent way, l'a stations,
WI gee,
&ea 1,491/. ss. Bd.; locomotive expenses cost of run-
ning and repairing engines, wages, f '
uel and materials,
2,612/. 145. 6d.; repairs of carriages, g ' 'waggons, and
horse boxes, wages, and materials, 2a-elO/. s,
14s. 3d.;
.
station clerks, guards, porters, ts-
-2 3531. 45 9d ; policemen, and pow
men, , • salaries, managers, secretaries, ac-
countants, audit and stores departments,8,
4071. IS. 6d.;
sundry stores used at stations, 566 passenger
duty, 255/. 10s. 4d.; office
rent, 3 Bs. lid.;
d taxes,
3371. rates an !
33,71. 33.; gas and water rent, 981- 11s. 6d.; com.pensa
• 19/• 10a • advertising • tune, • ~
, printing, and stationery,
ld.; travelling and gene e,
postage and petty disbursements, 261/ Ils 7d • cartage
and warehouse rent, le& 4s. 6d ' * " 37/.
•; fire insurance,
10s.; auditors and expenses of audit 37/ Bs. Bd.; om-
nibus hire at Wisbeach, 1274 ' '
6s. ed.; Guarantee
Company, for insuring the fidelity of twenty-nine clerks,
221. 6s. 3d.; kharges, 3517 17s. 6d.; paid solici-
tors of several trusts, costs of receiving dividends on
purchase moneys invested in see funds 2 , 0/..85. ~
4d • clear-
ing-house charges, 501.; balance, 6,4294 11s. 10d.; total,
15,5061. Is. lid.
The CHAIRMAN had much •
gratification in meeting
them with the announcement that they badconcluded
the arrangement with the Eastern Counties
in the most satisfactory manner. They Company
had
not onl z
entered on the subject with the best feeling, but would
render their htyeo•operation in developing the
resources of the East Anglian line. At every point
they had also been met in the most ~.
satisfactory man-
ner by the Great Northern Company. The traffic
appeared small, but it was not to h "
e taken as the re-
sult of this new arrangement.
Various causes would
tend to an increase of theTir traffic, especially the im-
provement of the port of .
-yen, by which they would
et a new Vent into Wisbeach
g and the
North-Western
districts, as well as another vent into Nottingham.
The coal traffic, which they were desirous of encou-
raging, would also increase the reeeipts and if their
Bill passed for the improvement of the port of L
that traffic in coal would, no doubt, be
and remunerative to all parties. ~ 8 co.nsiderab nln
e
As to their finances
he was happy to say that they had only one remaining
bondholder, so that the company might be considered
as out of debt. No doubt that in a h
e ort time the
company would be able to raise money on the most
favourable terms. He thought it was only
for them to expect a disposition on the part of
tbna7tural
cent. shareholders to consider the exigencies of perh
company, and reduce their interest from 7 tot se
per cent. per annum. If this was admitted, thewhole
interest of the debt on the first preference
would only be 14,200 t., thereby leaving a
very shares
con-
siderable amount to pay the interest of the other ference shares. With the increase of traffic they
ehre-
expected, and any balance that might remain theey
original shareholders would get seMething In th
way of a dividend.-(Hear, hear.) The other matter
of consideration was the estuary, which 'was proceed-
ing with great vigour, and would no doubt be oened
in the month of August next ; and lastly, the ac-
counts of the solicitors, which were in a fair way of
being amicably settled. The chairman, in conclusion
moved the adoption of the report. ,
Mr. SIMPSON thought by the payment of 50,000/.1
due to the preference holders there was
no hope for
the original shareholders. Could not some
arrange..
meat be made to give them debentures,
so that some-
thing might remain for the original__ shareholders ?
The CHAIRMAN said there would be no objection
to going to Parliament for a new stock to capitalise
those shares.
Mr. PARSON thoughf. ..-a fli t all the preference holders
would agree to the proposition o committee and
said they ought to apply to Parliamentf the
in the present
session to get power to do so.
A PROPRIETOR asked if the debentures had been
issued to the full amount ?
affirmative.
Mr. CHAIRMAN replied in the
Mr. Alderman CARDEN spoke also in favour of the
claims of the original shareholders, but hoped they
would not imitate the Caledonian.-(Bear, hear.) .7
, A PROPRIETOR adted what was the extent of the
lease with the Eastern Counties ?

The CHAIRMAN said for 21 years.
A long discussion then took place in respect to the
election of two directorr, Mr. Bates and Mr. Tinker
being 'those who retired.
Several arguments were held in respect to the claims
of Mr. Simpson in place of Mr. Bates, and Mr. Hes-
seltine in piece of Mr. Tinker.
A vote was taken, and Mr. Simpson was elected
instead of Mr. Bates, who retired.
Mr. Alderman CARDEN supported Mr. Tinker's
election.

Mr. PARSON supported Mr. Hesseltine.
A vote was taken, when the members for Mr.
Tinker were in the majority, and he was re-elected.
A vote of thanks was then passed to the chiirrnan
and directors, and the meeting adjourned.

BELFAST AND COUNTY DOWN RAILWAY.---The
usual half-hearly meeting of the shareholders of the
railway was held, in Belfast, on Thursday, at the
office of the company, Queen's quay. The attendance
was pretty numerous. The report stated that since
the last half-yearly meeting the directors have
been obliged to make a call of 51. per share to meet
the liabilities of the company, but, with the view of
pressing as lightly as possible on the shareholders,
divided it into two instalments. The directors have
to congratulate the company on the increased traffic
of the line, for although, in consequence of the season,
the receipts show a trifling diminution as compared
with the previous half-year, they show a very con-
siderable increase both in passengers and goods over
the corresponding half-year of 1851. By the annexed
revenue account there appears, after deducting all
working expenses, to be a balance of 3,1091. 19s. 9d.,
out of which the directors recommend a division of
11 e. 41. per share,-leavings balance which, its-addition
to- the dividends_due ontthe shares now to be foireitid;
amounts to the sum 0f'3471. 11s. 9d., to be carried to
the'reserve fund.'

GREAT SOUTHERN AND WESTERN (IRELAND).—
The half-yearly general meeting of this company was
held at their board-room in Dublin on Saturday.
The directors' report, which was unanimously adopted
on the occasion, was of a highly satisfactory charac.,
ter. It appeared from it that the receipts for the half-
year exhibit an increase of 3,2511. over the corres-
ponding period of the preceding year, although a
reduction of 2,0361. had been made by the Post-office
in the remuneration for *mail services. A reduction
of 2,767/. had been effected in the working expenses
for the six months ; and a sum of 45,1141. remained
to be distributed to the shareholders at the rate of
18s: 3d. on each 50/. share, or 34 per cent. The last
dividend, it may be remarked, was only 163. 3d.
Reference was made with satisfaction to the circum-
stance that a sum of 100,0001. had been obtained from
Government for the completion of the Killarney
Junction Railway.
DUBLIN AND BELFAST JUNCTION.--The report of
the directors, read at the half-yearly meeting of this
company, held in Dublin, on Saturday, contains the
following statements ;—" On comparing the traffic of
the last half-year with the corresponding half-year of
1850, the former shows an increase in passengers and
goods amounting to 991/. 33. 11d. The expenses
attendant on the working of the line of railway have
been economised as much as possible, consistently
with the due maintenance and efficient development
of the traffic. The net balance to credit of revenue
for the half-year is 11,1581. 103.6 d., to which is to be
added the balance from the previcus half-year,
6521. Gs., making 11,8101. 10s. Gd. available for a
dividend."

THE ROYAL NAVY and the MERCHANTS'
SERVICE—SALVAGE CLAIMS.
(CIRCULAR, No. 102.)
Admiralty, January, 30, 1852.
My Lords Commissioners of the Admiralty having
had under their consideration the question of salvage far
assaisance rendered by her Majesty's ships to vessels in
danger or distress; and, considering it desirable to de-
fine more particulary the circumstances under which
claims to salvage may be made, are pleasod to direct as
follows: .

1. That all officers in command of her Majesty's ships
are, as heretofore, to afford every possible aid to vessels
in'danger, distress, or in want of casual assistance; and
no claims for salvage are to be raised for such assist-
ance, unless really important services, or services ac-
companied with hazard, have been rendered to such
vessels.

2. When such services have been rendered, the com-
manding officer of the ship is to transmit a full report of
Le wiculu u17.-cumatances .of the war,. *dila a cars
ship's log, to the Commander-in-Chief, or senior naval
officer of the station, whose written approval shall be
requisite before any officer under his command can raise
a claim for salvage, and such approval is not to be given
unless really important service, or service accompanied
with hazard, has been rendered.

3. In cases where relays of men are sent for the pur-
pose of affording assistance, and where a large portion of
the crew have been employed, the salvage which may be
awarded is to be distributed according to the provisions
of the prize proclamation in force at the time, unless
specially apportioned by the terms of any decree or
award, or otherwise to be divided among the parties ac-
tually employed, as my Lords Commissioners of the
Admiralty may direct.
4. All officers are to use their best efforts to save, and
protect property and stores, especially those belonging
to the Crown, which may be on board any vessel placed
in circumstances of danger or distress; and, if necessary,
to remove such stores to a place of safety.
5. Commanders-in•Chiet; or senior officers in com-
mand, are to report all cases of assistance rendered, or
claims raised, to the Secretary of the Admiralty.
By command of their Lordships,
(Signed) J. pARKER.
To all Commanders-in-Chief, Captains, Com-
manders, and Commanding Officers of her
Majesty's ships and vessels.