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

RAILWAY INTELLIGENCE.

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. 0,1 the entry of the directors into 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
eoretary, Mr. J. 8.-Owen, having read the advertise-
ment convening the meeting,
The CHAIRMAN said that as the report and statement
of accounts had been printed and circulated amongst the
shareholders, he presumed both might be taken as read..
a.
Be said it was now his duty to move the adoption of thedt
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
court 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 should place matters
in a much more satisfactory light. He would, in the
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 555,649/. Os. ld., adding surplus
would make the total 360,494/., from which, if they de-
ducted the earnings of the East Anglian and Newmarket
Erma, 29,167/., they would have a sum of 531,327/.
as the earnings of the Eastern Union, Norfolk, and
;astern Counties, for the past half-year. Comparing
tatwith the earnings of the three companies for the
alf-year ending June, 1853, which were Eastern
'ounties and Norfolk, 425,5961., and Eastern Union
61,4661.—t0ta1, 417,062/.—they would find the increase
an 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. Two7sevenths would amount to
12,646/., which, deducted from the former sum, left
31,619/. 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
found 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 19,832/. as compared with 1853. This was
a large sum, but when they considered the peculiar man-
ner in which the Eastern Counties accounts were made
at, the cartage, for instance, was included in the work-
rgexpen,es, ereas in other companies, as the Lon-
don and North-Western, cartage was deducted, and also
recollected that the company had 400 horsei, they would
not consider the excess so enormous. He must confess
his own deep disappointment when he saw the accounts
only left a bar-3 4s. for dividend ; but he felt that even
in such unfavourable circumstances he bad only to lay
before the shareholders a faithful and unvarnished state-
ment to insure for t' e 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 of the smallner,s of the dividend,
and wished Air some explanations as to the prospects of
"the Harwich line.

The CHA.IIIIIA.N Paid that the arrangements at Har-
wich were complete, and that some of the proprietors
'would Lave an opportunity of inspecting them on this
day.

Mr. CHRISTIE thought that the capital account ought
to b, closed, and complained that the directors had in-
creased their debt by one rid:lion.
Mr. 'B.ttr.,'M.P.; supported the report, and thought
that a7l the came, of a reduced dividend had been fully
ta'.rly accounted for.

Mr. Nomus obj ,eted 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 -.vas only fractional.
A SHAREHOLDrt strongly urged the c7osing of the
capital account. He also objected that cab transactions
had been entered' into without the consent of the share-
'holden. He wished further to know whetherthe Jinn-
-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.