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

EASTERN UNION.

A special meeting of this company was held on Monday
at Radley's Hotel, to consider, and, if approved, to sanc-
tion and authorise the directors to carry into full effect,
an arrangement with the Eastern Counties Railway
Company, for the permanent working by that company
of the line of the Eastern Union Railway, in conjunction
with those of the Eastern Counties and Norfolk Railway
Companies, on certain conditions ; to authorise the
directors to raise the sum of 200,0001. on shares, and
to borrow 66,6661.; Mr. J. C. Cobbold, M.P., in the
chair.

The CHAIRMAN, in opening the proceedings, said that
for a long time there had been on the part of the Eastern
Union shareholders a conviction that. sooner or later,
it would be necessary that the three lines in the Eastern
Counties district should become one. He regretted
that differences had prevented this project being car-
ried out three years ago. He then adverted to the
hostilities and rivalries that had existed between the
companies which had distracted their internal affairs, and
at length it was unanimously agreed that an end must be
put to such a state of things. The arrangements now pro-
posed were as favourable as they could expect. The traffic
receipts for the year ending the 30th of June last
amounted on the Eastern Counties to 756,5481. ; on the
Norfolk, to 137,817/. ; and on the Eastern Union to
125,1171. The expenses were respectively as follows :
Eastern Counties, 293,4031., or about 40 per cent. ; the
Norfolk, 66,2021., or 48 per cent. ; and the Eastern
Union, 71,2021., or 56 per cent. In proportion, there-
fore, the expenses of the Eastern Union were greater
and the receipts were smaller per mile than either of
the other two companies. It was intended to apply to
Parliament in the ensuing session for powers to carry
out the agreement, but, in the meantime, under a man-
aging committee, operations would commence on the
Ist of January next ; the proceeds of the entire
working to form one common fund, out of which the
Eastern Union and Norfolk Companies are to receive
each one-seventh, subject to a deduction of 46 per
cent. for working expenses, to be allowed to the Eastern
Counties Company, and subject also to a deduction of
any loss which may arise to the Eastern Counties Com-
pany from the working of the Royston and Hitchin, the
Newmarket and Chesterford, and the East Anglian
lines. The Eastern Union plant would be taken and
paid for by the Eastern Counties Companies at a valua-
tion. It was thought that, while this arrangement
would afford a great increase in the accommodation
to the public, it would also prove remunerative to the
shareholders. The Eastern Counties Company were
constructing the Loughton Line, and under the agree-
ment they are to receive 4 per cent. oh its cost be-
fore the proceeds of the traffic fall into the common
fund ; and similar deductions would have to be made for
sums expended by other companies, such as the amount
on the Woodbridge line expended by the Eastern Union
Company. He concluded by moving a resolution for
the adoption of the measure.

Mr. T. STURGE objected to the proposal, and•put in a
formal protest against it.
A discussion ensued, in which Mr. L. WEBB and
other proprietors took part, and, after explanations froin
the CHAIRMAN, formal resolutions were passed autho-
rising the directors to enter into the necessary arrange.
ments with the Eastern Counties and Norfolk Com-
panies to raise the requisite capital, and to borrow
66,6661. on mortgage.
The proceedings terminated with a vote of thanks to
the chairman and directors.