The Sun.
London, England, 1853-09-10 00:00:00

the local traffic of their line, which had increased to a
greater extent than the through traffic had declined.
Before dismissing the subject of the report, he had to
observe that it was with feelings of the greatest pleasure'
he saw a desire on the part of the Eastern Counties Com-
pany to enter into arrangements with the board, which
he could assure them was most ready to refer the whole
matter to the arbitration of persons the most competent
to adjust such arrangements, both in reference to the
past, the present, and the future. He had uow to tell
them, that in consequence of the Bury St. Edmunds and
Newmarket Railway, they might look forward to some
distribution of their traffic next year ; they should not,
however, suppose that the opening of that line would in-
jure their position, as, on the contrary, it would open to
them a communication with the Midland Counties and
with the North, and so greatly benefit the traffic of their
line. With regard to the Harwich line, he had to ob-
serve that it was being vigorously proceeded with, and
would in the course of next year be opened, when a navi-
gation company would be ready to avail themselves of
the advantages which it would offer. When they looked
at the difference between their receipts and the receipts
of the other companies to whom he had already referred,
they should bear in mind that the revenue of those com-
panies had been greatly increased by the continental
traffic brought to them by the way of Lowestoft. As
he saw several gentlemen present to whom the directors
had been frequently indebted for many valuable sugges-
tions, he should not trespass any longer on the time of
the meeting, but simply invite such suggestions, assuring
them they should receive the most sincere and respectful
attention of the board.
M. LEcHMERE wished to have the case of the prefe-
rential shareholders, as submitted to counsel, read, with
the opinion thereon.
The CHAIRMAN stated that as the hon. proprietor had
been present when very strong opinions had been ex-
pressed on that subject before Parliament, it could be
scarcely necessary to go into the matter. Independently
of that it would be quite irregular to do so.
Mr. HARVEY considered that it was to be regretted
that the traffic of the line had increased, as such increase
had only enlarged their expenses without adding to
their profit. Their lowering the fares in competition
had driven the passengers into the third class carriages,
and he found that they carried a passenger over 175 miles
for 2s. 6d. He should advise them to put an end to
such a ruinous course--a course destructive to the inte-
rests of both companies, and to the personal credit of the
board, especially as he found the Eastern Counties Com-
pany in three consecutive reports expressing their wil-
lingness to come to some agreement, either for a fair ap-
portioning of the profits, or with reference to u general
amalgamation of the two companies. The present was
the time best suited to such an agreement, as the com-
pany had, by its redemption act, removed the difficulty
—the contest with the preference shareholders—which
had hitherto stood in the way of successful negotiation ;
and he considered that, if the directors neglected to carry
it out, it would be, on their part, a gross dereliction of
duty.
Mr. BROWNE gave the meeting an account of several
interviews which he had had with Messrs. Waddington
and Peto, with reference to an agreement between the
Eastern Counties and Norfolk Companies and the East-
ern Union Company, which was to the effect that those
gentlemen proposed that special meetings of the three
companies should be held, to obtain powers to apply to
Parliament for an act of amalgamation ; and, that, so
soon as that act might be obtained, the terms of amal-
gamation could be settled by a reference, and then con-
firmed by the shareholders.
The CHAIRMAN, in reply, read to the meeting the
terms on which the Eastern Union were disposed to
treat. They were tantamount to those mentioned by
Mr. Browne.

Mr. LECHMERE went into a long legal argument to
show that the company was still liable for 54,0001. ar-
rears, due to the preference shareholders, and moved as
an amendment to the motion of the Chairman, that that
sum be made an item in the account of liabilities.
As this amendment was not seconded it fell to the
ground.
The CHAIRMAN explained that the greater number of
the preferential shareholders were willing to commute
their claims for 4 per cent. preferential stock.
The report was then adopted, and a vote of thanks
passed to the Chairman, when the proceedings termi-
nated.