The Sun.
London, England, 1854-08-30 00:00:00

RAILWAY IN PE bLIGEN CE.

EASTERN COUNTIES.

The 36th half-yearly meeting of shareholders in the
above company was held_yesterday, at the London Ta-
vern; David Waddington, Esq., chairman of the com-
pany, presiding,: 0.. the entry of the directors ioto the
room, there was one or two slight attempts to get up a
hiss in remote corners in the room, but it was speedily
suppressed by the general good feeling of the meeting,
and the cheering soon became loud and unanimous. The
ecretary, Mr. J. B. Owen, having read the advertise-
ment convening the meeting,
The CHAIRMAN said that as the report and statement
cf accounts had been printed and circulated amongst the
shareholders, he presumed both might be taken as read.
He said it was now his duty to move the adoption of the
report, and he was quite free to admit that if that report
and statement of accounts were to be taken as a fair re-
presentation of the position of the company, the share-
holders would have a full right to cast blame on the
conrt.of directors, and to refuse that cordial tribute of
approbation which it was his pleasing duty to
acknow-
ledge that day. (Cheers.) But he trusted that he should
be able to give such explanations as shouldactters
in a much more satisfactory light. Ile wore matters
in a much more satisfactory light, lie would the ,in
first instance, call their attention to the revenue account.
They would find by referring to abstract A in the account
furnished, that the total receipts for the half-year ending
June 30, 1854, was 555,6491. Os. ld., adding surplus
would make the total 360,494/., from which, if they de-
ducted the earnings of the East Anglian and Newmarket
lines, 29,1671., they would have a sum of 531,3271.
as the earnings of the Eastern Union, Norfolk, and
Eastern Counties, for the past half-year. Comparing
that with the earnings of the three companies for the
half-year ending June, 1853, which were Eastern
Counties and Norfolk, 425,596/., and Eastern Union
61,466/.—total, 417,0621.—they would find the increase
on the united working to be 44,365/. To make the
comparison as closely as possible, he must deal with
this sum as five-sevenths of the excess being earned by
the Eastern Counties and two-sevenths by the Eastern
Union and Norfolk. Two-sevenths would amount to
12,6461., which, deducted from the former sum, left
31,6191. as the nett excess to which the Eastern Coun-
ties proprietors would have been entitled, supposing
hem to have worked the line strictly on their own ac-
ount. Working the line at 48 per cent. as per abstract
B,they would find 16,442/. as the nett earnings on the
sum of 31,6191., which, exclusive of the Norfolk and
Eastern Union, would have given a further dividend of
2s. per share. If they took the same late of earning,
with a working expense of 42 per cent , which was the
rate at which the traffic was worked in 1853. they would
not be entitled to a dividend of 6 per cent. The working
expenses were 48 per cent , and the result might be
fund in the report. Deducting the items from the
Eastern Union and Norfolk, which would be found in
the abstract, they would find an excess in the working
expenses of 19.8321. as compared with 1853. 'Mils ,vas
a large sum, but when they considered the peculiar man-
ner in which the Eastern Counties accounts were made
out, the cartage, for instance, was included in the work-
ing expen,es, whereas in other companies, as the Lon-
don and North-W,stern, cartage was deducted, and also
recollected that the company had 400 horses, they would
not consider the excess so enormous. He must confess
his own deep,lisappointruent when lie saw the accounts
only left a bars 4s. for dividend ; but he felt that even
in such unfavourable circnmse-ances he had only to lay
before the shareholders a faithful and unvarnished state •
meat to insure for the directors support for the course
which they had pursued. The chairman concluded by
moving, the adoption of the report and accounts, as
already published.
Dr. RILEY complained o; tl:e smallness of the dividend,
and wished for some explanations as to the prospects of
the Harwich line.
The CHAIRMAN said that the arrangements at Har-
wich were complete, and that some of the proprietors
would have an opportunity of inspecting them on this
day.
Mr. CHRISTIE thought that the capital account ought
to be closed, and complained that the directors had in-
creased their debt by one million.
Mr. BALL, M.P., supported the report, and thought
that all the causes of a reduced dividend had been frilly
and fairly accounted for.
Mr. NORRIS objected to various items in the accounts,
and pointed out that although so much stress was laid
by the chairman on the price of coke, the account showed
that the increase was only fractional.
A SHAREHOLDER strongly urged the closing of the
capital account. He also objected that cab transactions
had been entered into without the consent of the share-
holders. He wished further to know whether the direc-
tors intended to purchase steam-boats.
The CHAIRMAN briefly explained that there had been
no increase in the bond debt ; and having satisfied the
meeting on one or two minor points which had been
started, put the question, and the report and accounts
were unanimously adopted.
Thanks were then voted to the chairman and directors,
and the proceedings terminated.