The Sun.
London, England, 1853-07-14 00:00:00

VESSELS SPOKEN WITH.

The Caractacus, Shields to Singapore, 26th May, in lat.
6 N., long. 23 W.
The Auxiliary, Shields to Singapore ; the Harbinger,
Newport to Quebec, June 21, 30 miles north of St. Paul's
Island, Gulf of St. Lawrence ; an English barque, No
8,131 (Fleetwiug), outward bound, 16th June, in lat. 10
N., long. 24 W.
The Forfarshire, from Trincomalee, June 17, in lat. 11
N., long. 25 W.
Tho Glencoe, May 7, off the Cape.
Yarra schooner, June 6, in lat. 2 S., long. 20 W.
The Hannah M`Lean, June U, in lat. 6 N., long. 24 W.
The Regular, June 12, in lat. 8 N., long. 25 W.
Tho Kangeroe, July 8, in lat. 48 N., long. 25 W.
The Julia, China to Liverpool, 16th May, in lat. 20 S.,
long. 2 W.
The Ida, Gulf of Manac to Liverpool, 16th May, in lat.
20 S., long. 24 W.
The Glentanner, Jamaica to Port Philip, Juno 9, in
lat. 9 N., long. 28 W.
The Mat Johnston, Akyab to Liverpool, May 8, lat. 24
S., long. 15 E.
The Parsee, for San Francisco, June 5, lat, 1 N., long.
52 W.

RAILWAY INTELLIGENCE.

NEWMARKET.
A special meeting of this company was held yesterday
at the London Tavern, to confirm or dissent from an
agreement proposed to be made between the Eastern
Counties Railway Company of the one part, and the
Newmarket Railway Company of the other part, for the
purchase of the Cambridge and Chesterford lines of the
latter company, and for working their Bury extension
line) Mr. C. Fane in the chair.

The CHAIRMAN said, it would not be necessary for
him to address them at considerable length on the reso
lution he had to submit. The subject he had to lay
before them was of the most gratifying character. The
Eastern Counties Company had proposed to purchase
the whole of the line from Cambridge to Newmarket, and
from Newmarket to Chesterford, on the opening of the
line from Newmarket to Bury for public traffic. The
terms were that the Newmarket shares were to be
purchased at the rate of 151. each by Eastern
Counties debentures having but three years to run,
and bearing interest of not less than 31 per cent.
per annum. The terms upon which they proposed
to take the Bury extension line were based on a
working agreement, by which they would be enabled
to guarantee the Bury Extension shareholders 5 per
cent. per annum on an outlay not exceeding 145,0001.
That proposal had emanated entirely from the Eastern
Counties board, and the Newmarket board were of
opinion that it was a proposal which it was the interest
of all parties to accept. As to the extension line, a
guarantee of 5 per cent, was not only unusual, but un-
heard of in the eastern district of the country. It was
an agricultural district, and it was not to be expected
that so large a dividend would be guaranted unless there
were special circumstances to warrant it. These were
comprised in the very moderate cost of the line ; and he
thought they would consider the terms the utmost they
could expect. It had been intimated by parties connected
with the Eastern Counties board, that something more
than 3/ per cent, on the debentures would be conceded,
and, of course, that would be a most advantageous matter
for the Newmarket Company. The option to purchase
the line rested entirely with the Eastern Counties Com-
pany, the NewmarketCompany havingno power to demand
an immediate purchase, or even in the course of any num-
ber of years. The conversion of the option into a cer-
tainty was a matter of importance to them. They were
to receive 151. for every 251. share, and as four shares
were equivalent to 1001. of the consolidated stock of the
Newmarket Company, they would receive 601. in de-
bentures for every 1001. of that stock. If any proprie-
tor were now to offer his stock for sale it would produce
about 521. for 1001. stock, but he believed that since
the arrangement had become known, the stock had risen
in price to 531. It was probable that the 601. in deben-
tures which they were to receive for the 1001. stock
would be worth 591. 25., and therefore it would be ad-
vantageous to the proprietors to accept the terms offered
by the Eastern Counties Company. It was evidently
the object of that company to bring the whole of the
railways in the Eastern Counties district under one ma-
nagement ; and it was the !policy of the Newmarket
board to act in accordance with the views of the Eastern
Counties board. He had every reason to believe that
before long the Eastern Counties and the Eastern Union
Companies would find it their interest to unite, and,
should that be the case, he would ask the Newmarket
proprietors what chance their lines would stand be-
tween the two great companies if they now refused the
present offer. He concluded by moving a resolution
authorising the directors to carry into effect the agree-
ment for the sale of the Newmarket and Chesterford
Railway and Cambridge branch to the Eastern Counties
Company at 151. per share, in debenture of three years'
date, and bearing interest at not less than 31 per cent.
per annum ; and to conclude an arrangement with the
Eastern Counties Company for working the Bury ex-
tension line, so as to secure 5 per cent. per annum on
the outlay, not exceeding 145,0001., but not later than
the Ist of January, 1854.
Mr. ANDERSON seconded the motion.
Mr. CROSS thought it probable that the Newmarket
Company would get more than 3/ per cent. by remain-
ing as they were, and not entering into the proposed
arrangement, as they would have an increase of traffic
from the opening of the new line,
The CHAIRMAN thought they had better accept the
offer, and convert the present uncertainty into a cer-
tainty.

The resolution was then unanimously adopted, and
the directors were authorised to apply to Parliament to
confirm the arrangement, should it be necessary.
Mr. SMALE could not see why the debentures should
not be at par, and worth the full amount.
On the motion •f Mr. WALEY, a cordial vote of thanks
was passed to the chairman and directors for the able
and satisfactory manner in which they had managed the
affairs of the company.
On the motion of Mr. MACLAURIN, the best thanks of
the meeting were voted to Mr. Browne, the secretary,
for his zeal and ability in the discharge of his duties.
The meeting then separated.

---
GREENWICH.—On Tuesday, the half-yearly meeting of
this company was held at the offices, Coleman-street,
City,—Mr. Shadbolt in the chair. The statement of
accounts to the 30th of June was read, showing that the
total receipts amounted to 22,3811. 10s. 6d., and the
expenditure, including interest, to 11,1411. 6s. 10d.,
leaving a balance of 11,2401. 3s. Bd. The accounts were
adopted, and a resolution was passed declaring a divi-
dend of ss. 2d. per share, clear of income-tax, on the
original or unprivileged shares, payable on and after
the 15th inst. Captain N. R. B. Leilon was elected a
director, in place of Mr. A. K. Hutchinson, deceased,
and the proceedings terminated.
LONDON AND BRIGHTON DIVIDEND.—It was yester-
day decided, at a meeting of the directors of this com-
pany, that the dividend for the half-year just ended
should be 365. per cent, on the consolidated stock of the
company.

RAILWAY DIVIDENDS.— We have been anxious to get
some insight into the dividends of the half-year just
ended. There is, however, great uncertainty in deter-
mining the concurrent expenses incurred, which have
been considerably increased by the rise in wages and
materials during the half-year. It would, therefore, be
difficult to give any reliable approximation to the divi-
dends.—Herapatlt's Journal.

_
NEWCASTLE AND CARLISLE. --Mr. William Woods
has been elected chairman by the directors of this com-
pany, and Mr. William Dunn has been elected a direc-
tor, in place of Mr. James Losh, who has resigned in
consequence of having been appointed Judge of the
Northumberland County Court.
PERTH AND INVERNESS.—The re-survey, of this line
is now completed, and various important alterations
have been effected. The main line is shortened by seve-
ral miles, which, as well as obviating the necessity of a
branch from Forres to prevent the Morayshire traffic be-
ing carried round by Nairn, will, by this direct scheme,
bring Elgin 40 miles, Burghead 50, and Forres 60 miles
nearer Perth than by the projected cost line. Nairn
and Inverness, likewise, will be thereby brought 70
miles nearer to each other. The steeper gradients and
more heavy works are also materially lightened,
and the expense, of course, proportionally reduced.
An excellent example was set at the Kingussie meet-
ing, all the tenants present signing an agreement to
accept, so far as they are concerned, the existing an-
nual value of the land required for the works without
any allowance for severance. Due provision, of course,
was made for crossings, while other relative questions are
to be determined by arbitration. This is truly the proper
manner in which to instruct and conduct the agricultural
interest to an adequate sense of its own advantage, the
success of. the negotiations reflecting the highest credit
on the legal agency employed. Such being the satisfac-
tory state of progress, it is not surprising that provisional
contracts should now be in course of preparation, for
which we confidently expect a lively competition among
our leading contractors and capitalists.—Railway Times.
MAILS BY RAILWAY.—It appears from a return of the
payments made by the Post-office for the conveyance of
the mails by railway in the United Kingdom, that they
amounted in the aggregate during the year ended the
sth January, 1838, to 1,744/. ; sth January, 1839, to
13,007/. ; sth January, 1840, to 52,860/. ; 1841, to
52,363/. ; 1842, to 96,190/. ; 1843, to 78,464 ; 1844, to
97,5261. ; 1845, to 92,4931. ; 1846, to 181,1111. ; 1847,
to 110,4311. ; 1848, to 121,860/. ; 1849, to 318,6311. ;
1850, to 230,079/. ; 1851, to 400,964/. ; 1852, to
242,848/. ; and, ending the sth January, 1853, to
329,9631.

RAILWAY SHARE MARKETS.

LIVERPOOL, JULY 13.

STOCK EXCHANGE.—The market closed very flat, and
prices lower than yesterday. Quotations have been re-
ported as follows :—Birkenhead, Lancashire, and Cheshire,
Bd. ; Blackburn, 7 ; Caledonian, 34 • Great Northern,
211 ; ditto A, 6 13-16 • Lancashire and Yorkshire, 76i ;
ditto Fifth-shares, 41d. ; Liverpool, Crosby and Stockport,
171 ; London and North Western, 1141 ; Ditto (i shares),
p. ; Manchester, Sheffield, and Lincoln, 298 ; Midland,
70i ; North British, 8 3-16 ; South-Eastern and Dover, 21.

BIRMINGHAM, JULY 13.
STOCK EXCHANGE.-- The market is steady, and price
are much the same as yesterday. Only a few local shares
changed hands to-day.

MANCHESTER, JULY 13.
STOCK EXCHANGE.--There was only a very small busi-
ness, and prices were lower. London Eighths, 4 p. ; Dovers,
21 ; Leeds Stock, 76 ; West Riding, 3i d ; Caledonian
pref., ; London- Fifths, 2p. ; Eastern Counties,
12 13-16.