The Sun.
London, England, 1853-12-21 00:00:00

EASTERN COUNTIES.

•
A special general meeting of the Eastern Counties
Railway Company was held in the London Tavern on
Monday, to consider the propriety of authorising the
directors to carry into effect certain arrangements for
tho amalgamation of the Norfolk Railway Company
and tho Eastern Union Railway Company with the
Eastern Counties Railway Company.
In a circular letter addressed by the chairman adult st-
izetitry to the shareholders, the bash; of the agreement
was described as being " that on and after the first of
January, 1864, these three companies shall be carried
on by the Eastern Counties Company, under a working
agreement, until the sanction of Parliament can be 'ob-
tained for a complete amalgamation, for which applica-
tion Will be made in the ensuing session. The terms of
the proposed arrangement are, that the lines shall
be worked by the EaStern Counties Board of Directors
with the' assistance of two directors from each of the
Norfolk and Eastern Union boards; that the praseeds

of the eptire,-worlting, term, (ine common fund, qnt Qf
which'the.Eatstern Union and Norfolk Companies shall
each receive 1-7th, subject to the deduction of 46 per
cent. for working expenses to be allowed to the Eastern
Counties Company, and subject also to a proportionate
deduction of any loss that may arise to the Eastern
Counties Company from the working of the Royston
and Hitchin, Newmarket and Chesterford, and East
Anglian lines, the remainder of the proceeds to be re-
tained by the Eastern Counties Company. The work-
ing plant of the Eastern Union to be taken and paid for
by the Eastern Counties Company upon a valuation ;
the Norfolk and Eastern Counties Companies to consi-
der all claims upon each other as settled."
The CaeuntAN explained the circumstances connected
with the proposal to effect an amalgamation. In reply
to the Eastern Union directors, he had stated that the
Eastern Counties Company were prepared to meet the
other. One condition of the agreement then adopted
was that the Norfolk Company should be made parties
to the union. An interview having been held with the
directors of the Norfolk line, they stated that, agreeing
in the opinion that it was desirable to secure peace
and harmony for ever, they would forego the advan-
tages which were considered as attaching to the ex-
isting agreement up to 1855. The three companies
met by deputation, and finally arranged the details,
which produced the result now laid before the meet-
ing. The Chairman then entered into a statement with
respect to the receipts of the three railways, from which
it appeared that the united amount of the traffic alto-
gether would, it was estimated, be 1,100,0001. in June,
1851; and that if the railways were worked all to-
gether, the shareholders would receive 15s. 5(1. per
share ;if separately, 14s. 11d. per share. He antici-
pated a much larger development of traffic in the dis-
trict than had hitherto taken place, and concluded by
moving "That this meeting approve the proposed ar-
rangement for the amalgamation of this company with
the Norfolk and Eastern Union Companies ; and they
hereby authorise the directors, till the sanction of Par-
liament is obtained, to take the working management of
the lines of all these railways on the terms submitted to
this meeting."
After some discussion, with reference especially to
the working expenses, a shareholder objecting that 46
per cent. was not sufficient, the resolution was unani-
mously agreed to, and the proceedings terminated.