The Sun.
London, England, 1853-08-15 00:00:00

EASTERN COUNTIES.

The half-yearly report of the directors of this company
congratulates the proprietors on the steadily increasing
prosperity of the undertaking. The receipts upon the
Eastern Counties Railway for the half-year ending the
4th of July amounted to 360,9881., and on the Norfolk
Railway to 64,6081. ; together, 425,5961. The working
expenses for the like period amounted to 180,6311.,
leaving a net revenue of 245,064/. ; from this must be
deducted die interest upon loans and payment to the
Newmarket and Great Northern Companies amounting
to 162,689/. ; leaving a net balance of 82,375/.' to which
is added the balance from the last account, 4,3741.
making an !available balance of 86,7501., out of which
the directors propose that a dividend of ss, per share be
paid, which will absorb 85,410/.' carrying forward
1,3391. to the credit of the current half-year. As com-
pared with the corresponding period of last year,
there is an increase in the gross earnings of
34,4211., and a --grease in the general working
expenses of 9691., also a reduction in the interest on the
guaranteed stock of the company, and loans of 1,807/.
On the other hand, there is an increase in the rates and
taxes of 3,1611., and Government duty of 649/., with an
additional payment to the Great Northern Company of
4,200/. Thus, with an increase of traffic upon the half-
year of 34,4211., there is of net half-year's revenue
divisible among the proprietors 29,1431. more than the
corresponding half-year of 1852 ; or, in other words, that
15,0381. was taken from the rest in 1852 to pay a 4s.
dividend, and 3,0351. this half-year to pay the ss. divi-
dend now proposed. The capital account has been in-
creased during the half-year 66,8911. The report enters
at some length into the proceedings in Parliament which
the directors were obliged to adopt with regard to va-
rious bills affecting the interests of the company. The
bill for the railway to Woodfard and Loughton has
passed through Parliament and received the Royal assent.
This bill was classed in the House of Commons with the
bill promoted by the East and West India Dock and
Birmingham Junction Railway Company for making a
railway from their own line at Hackney, across the
tEastern Counties Railway, to Woodford, and after a de-
termined contest the committee decided in favour of the
anformer. The bill promoted by the Eastern Union Com-
Penc3er,eratrer proposing certain dealings with their prefer-
es, sought running-powers over the line between
Colchesterc,f London, and an extension to Peter-
ofro the last session,
granted by the East Anglian act
Preparation ion, which were restricted to that line.
8 Were made to defeat uncalled-for and un-
nit attempts on th
to interfere with thee part of the Eastern Union Company
Counties Company. ligthts and properties of the Eastern
wash not until the evening pre-
vious to the meeting ofe committee on the bill that
the Eastern Union Companycastwithdrew all the clauses
from the bill affecting tia
Counties Company.
The directors deem it a matteerrnfpr consideration whe-
ther in the next session of Parliament, this company
should not promote a bill for al
iiin.f.,l3'eemipdent
ea The necessaryndent line to the
new cattle-market in Copenhagen-fields.
Loughton
steps for the construction of the Woodford and
is expected
line are being taken. The line to liarwicli
to be open for traffic on the Ist of May next.
A-
branching out at Stratford, to connect the main line
ne
with the East and West India Dock Junction line
i
rapidly approaching completion, and, with a view to
s
meet increasing traffic expected to accrue upon the open.
ing of the new station at Fenchurch-street, and the
completion of the Tilbury and Southend line, the direc-
tors have given instructions for the laying down of a
third line of rails between the junction of the Blackwell
line at Bow and Stratford, being a distance of about one
mile. An extension of the line from Newmarket to Bury
St. Edmund's is expected to be completed in October
next, when the Eastern Counties Company will take
the entire management of the Newmarket extension
lines. The directors regret that the competition between
the Eastern Union and Eastern Counties Companies
still continues, and they can only repeat their disposi-
tion to meet the Eastern Union Company, for the pur-
pose of making fair and equitable traffic arrangements,
whenever that company are disposed to do so.
The report of Mr. J. V. Gooch, the locomotive super-
intendent, states that the number of miles run by the
trains during the last half-year was 1,625,274 ; the
cost of working, 67,3091., and the miles of railway
worked,
i 3, i 4341 ; and in the corresponding period of
,185,628 miles were run, the cost of working
miles ut., and the length of railway worked, 327
-work o
; sir
litatan increase in the length of rail way
ed
of 439,646 miles; miles, in the number of miles run
per.see of 17,761/
. arTill a decrease in the working ex-
hedf-year ending the 4tl e average cost of working in the
mile per train, including °I July, 1850, was 17.22 d per
and in the half-year ending the 4th of Jul last, the cost
July
. per mile per train,•
for locomotive power. Comparinincluding7-88d.
per mile per train in 1850 with thgattoh; cost of working
1853, a saving of

49,3061. is shown on the half-year ending the 4th of '
July last. The increase in the number of miles run by
the trains over that of the half-year ending the 4th of
July, 1852, was 152,164 miles, attended by an actual
decrease of expenditure of 8941. It may be remarked
that this result is contrary to that usually arrived at by
almost every other railway company, for it is generally
urged by the managers that an increased mileage always
involves an increased expense. It appears from Mr.
Gooch's report that the cost of coke to the company
during the half-year has been increased by 3,5891., in
consequence of an award to the Northumberland and
Durham Coal Company. Considering the probable
increase in the price of coke and in materials and labour,
he does not promise any further reductions in the cost
of working that department. The trains have been
worked with safety and regularity during the half-year.
The report of Mr. P. Ashcroft, the superintendent
of way and works, states that they are in a very satis-
factory state of repair. The labour in maintenance
for the past half-year is under 301. per mile. The ac-
counts are made up, as previously determined upon, at
the rate of 901. per mile per annum, the difference between
that sum and the actual cost being credited to the re-
newal fund. The wages and materials for maintenance on
the Eastern Counties Railway amounted to 321. Bs. Bd.
per mile, and on the Norfolk to 351. 2s. Bd. per mile ;
the cost of materials on the former line being 21. 7s. per
mile, and on the latter 71. 15s. per mile. The capital
account to the 4th of July last shows that 9,775,6111.
had been received and 9,822,1501. expended, leaving a
balance against the company of 46,5381. The share
capital account shows that 5,843,3001. is the amount of
consolidated stocks, of which 12,597/. are in arrear, and
2,554,876/. in guaranteed stocks, of which 26,2921. are
in arrear. The total amount of share capital entitled to
dividend is 8,369,286/. The bond debt account shows
that 182,5001. is borrowed at 5 per cent., 318,850/. at 44
per cent., 143,0001. at 4t per cent., 330,6501. at 4 per
cent., 217,100/. at per cent. 66,582/. at 31- per cent ,
55,000/. at 3t per cent., and' 2,0001. at 3 per cent.,
making together 1,315,9821. The permanent way re-
newal fund shows a balance of 20,8741. in favour of the
account. The revenue account for the halt-year ending
July a, on the Norfolk Railway, shows that 64,608/. had
been received, and 32,2931. expended according to the
average cost per mile on the Eastern Counties Railway,
leaving a balance of 32,3151., out of which is deducted
27,3491. for Norfolk guarantees and loans, and 4,7331.
for interest on rolling stock, &c., purchased by the
Eastern Counties Company, leaving a balance of 2311.
The number of miles run by the trains on the Eastern
Counties line was 1,240,998 ; on the Norfolk line,
300,025 ; on the East Anglian and Newniarket lines,
131,919 ; total, 1,671,942 miles. The average con-
sumption of coke] for passenger engines was 17.081 b.
per mile, and for goods engines 33.661 b. per mile per
train.

The CHAIRMAN, in moving the adoption of the retort,
I
adverted to various items in the accounts, and said, ti 29 1
directors were not sure that they were not justified in pro-
posing a dividend of 2i per cent. insteati of 2 per cent., still
leaving a surplus to meet the contingencies arising from
the litigation with the Shrewsbury and Chester Company.
(Cheers.) The proprietors would see that there had been a
large increase in the receipts of the company during the
past half-year ; and if there were no reduction in the
expense of litigation, they could continue that dividend
at Christmas, and, perhaps, increase it to 2i per cent.
out of their own proper earnings. (Cheers.) Under
these circumstances, he left the shareholders to say
whether they would fill up the dividend of 2 or 2i per
cent. for the half-year.
After some observations from Mr. IRVINE and other
shareholders,
The CHAIRMAN said, with regard to the traffic on the
line, he was of opinion that from this half-year to the
corresponding half-year in 1854 the gross amount would
not be less than 120,0001. After briefly alluding to the
bill introduced by Mr. Cardwell, enabling small compa-
nies to enter into working arrangements with larger
companies, the chairman concluded by moving the adop-
tion of the report, which was carried unanimously.
Mr. TITHERINGTON thought the London and North-
Western should give them an earnest of the 4 per cent.
by reducing their charges for the carriage of goods, &c.
(Hear, hear.)
The CHAIRMAN had no doubt that they would reduce
the terminal expenses in Manchester for carting goods
from 4s. to 2s. or is. 6d. (Cheers.)
Mr. IRVING expressed an opinion that the Birkenhead
line would be in a better position as an independent com-
pany. He differed from the chairman as to the amount
of the Birkenhead traffic for the next year. Instead of
120,0001., he was of opinion it would reach 125,0001. or
130,000/.
Mr. TITHERINGTON advanced a, similar opinion.
The CHAIRMAN replied, that all that was stipulated for
the London and North-Western had been faithfully per-
formed. The whole of the Holyhead traffic now passed
over the Cheshire junction of the Birkenhead line • and
if anything went in another direction it was accounted for.
The whole of the directors were re-elected, with the
exception of Mr. Isaac Taylor, for whom Mr. Tithering-
ton was substituted. Mr. H. C. Beloe was unanimously
re-appointed auditor.
The dividend, as recommended in the report, was
adopted, and a vote of thanks to the chairman and di-
rectors accorded, which terminated the proceedings.