The Sun.
London, England, 1849-09-22 00:00:00

RAILWAY INTELLIGENCE.
EASTERN UNION.
The adjourned half-yearly meeting of this com-
pany was held at Ipswich yesterday, Mr. J. C.
Cobbold, M.P., in the chair. The meeting was also
made special for the purpose of taking into consiilei•a-
tion a proposition for raising a new capital of 125,0001.
in new shares of 51. each, bearing a guaranteed in-
terest of 7 per cent. per annum until the 31st of De-
cember, 1852 ; 6 per cent. until the 31st of December,
1855, and 5 per cent. in perpetuity thereafter; such
shares to be distributed rateably among the proprietors
in the proportion of one 51. share for every two 251.
shares held in the company.
The SECRETARY (Mr. Saunders), read the report,
which stated—
" The traffic has not in the present half-year contri-
buted the same revenue that it did in the previous one.
Tha receipts have, however, not diminished to the extent
that has been experienced in many other companies, and
they have exceeded, by upwards of 3,000/. those of the
corresponding halt-year ending the 30th of June, 1848.
with the same number of miles open, which has been
the ease with but few other lines in the kingdom.
" Your directors have been scrupulously careful to
charge all sums which could be partible out of rewnu
and re,t out of capital, to the former account; and they
are able to state that the working exp nses have under-
gone careful consideration and retrenchment, and that
for the 78 miles of line to Burston, including the Sud
bury line, the weekly pay-bills are less than they were
prior to 30th of June, since which period the line beyond
ilaughley has been open for general traffic. Hence the
directors are enabl-d to assure you that the net revenue
will in future appear in a much more favourable point of
view, even independently of the prospect, which they
now announce, of opt-ning prior to the next half-yearly
meetine the whole of the line to Norwich.
" That in consequence of the favourable reception
which the proposals for raising 250,000/. additional ca-
pital met with at the meeting of shareholders on the 15iti
of June last, very great exertions have since that time
been made, and respensibilities incurred, to place the
Norwich Extene on Works in the State in which they
now are; anti the direce:ire do not doubt that although
differences of opinion may exist as to the best mole of
raising the amount required, you will consider it advisa-
ble without delay to concur in some plan for ra'shig at
least the suin of 125,0001., without which it is impossible
t, meet the immediate and very pressing liabilities of the
company.
The Act of Parliament sanctioned by you in June
received tee royal assent on the last day of the session.
It contains n .t only the clauses which you required to
be introduced in n it, but also a clause which obliges the
company to submit their accounts annually, for a limited
period of five years, to an auditor, to be appointed by
the Board of Trade.
"It is the determination of your directors that the
comp iny's accounts shall be submitted to you in the
clearest and most comprehensive form, and that cot only
yourselves, but the public, may have entire confidence in
the statement and position of your affairs, as much and
undeserved su-pinion has been cast upon the accounts of
many railway companies for want of full explanations,
which a complete investigation has in many instances
dispelled.
" Previously to the agitation of the audit question, the
accounts of this company had been submitted to, and are
still undergoing a complete investigation by. Mr. James
Hutton, in eminent public accountant, who, with your
auditors, has examined the half-yearly statements
ofre-
ceipts and payments produced this day, but who desires
more time to complete the capital account of the com-
pany.
" The result will at all future meetings secure that in-
formation which many proprietors have called for, and
the most perfect accuracy and correctness, both in the
figures and the principles on which they are to be made
oat for the future.
" The directors are still in negotiation with the new
Board of the Eastern Counties Company as to the Har.
with line, the importance of which is fully recognized by
all parties, and the best assurance has been given them
that the future relations between the two companies will
be of a most satisfactory and amicable character, and
that every facility will be given for the fair development
of the legitimate traffic of this line."
The capital account for the half-year ending the
30Ji of June, shOwed that the sum of 182,1921, had
been receive 1, and 172,408/. expended, leaving a
balance in hand of 9,783/.
The report of Mr. Bruff, the engineer, stated that
the opening of the Norwich line to Dies and Burston,
and cf the branch of the Stour Valley line to Sud-
bury, took place on the Ist of July, being somewhat
la'er than originally proposed, owing to the delay in
obtaining the land and the limited means at the dis-
posal of the contractors. Thee extensions had in-
creased the leeeth of the line under work ton miles,
leaving 16 to he completed before the line could
be opened through to Norwich. The revenue ac-
count showed a net profit of 11.3891 9s. for the half-
year as comparect with 8 4731 in the corresponding
hale of the previous year, the mileage being about the
same. The whole line throughout to Norwich, it was
expected, would he completed for the passage of trains
by the first week in November, although all the
station werke would not be completed.
Tr e revenue account for the half-year showed the
receipts to have been 32,2581, and the expenditure
22,3311 ; bal ince in haul of 9,9261, which,
with payments of 1,463/. from the previous half year,
Inadc a net balance of 11.3891.
At the conclusion of the reading or the report,
The CHAIRMAN said, that he understood there was
some diffeience of opinion among the shareholders.
He would abstain frern making any observations
meta after he had I eird the objections to the proposi-
tions of the directors. They regretted to have to
call the proprietors together fir the raising of new
capital until the line was cotnplet:d to Norwich,
knowing the difficulties they must have to contend
with, with their limited revenue and the discount at
which their shares now were, in raising new capital ;
but the directors trusted the share:lolders would avail
themselves of the adva,,tages offered them. The
engineer's report stated that the line would be opened.
to Norwich in the early part of November, and there
could he no doubt that that statement would be car-
ried out. Indeed, several shareholders had that
morning come over the line from Flawdon, seven
miles from Norwich, and but for the fact of the cen-
tres nc,'t having been removed from a bridge, they
could have come from Swainsthorpe, only three miles
from Norwich.
The CHAIRMAN then read the resolutions, which
were merely to carry out the objects of the meeting
as stated above, and in the first instance moved the
adoption of the report.
Mr. T. T. PULLEN had held his shares for three
years, and had lived upon something less than bread
and water during-that time to enable him to pay his
calls. He was an inhabitant of York, and knew that
the directors had lost the confilence of the share
holders of York by their reckless extravagance, and
also of the public, and he did not therefore believe
they would ever be able to raise new capital. The
original estimate for the line was 20,0001. per mile,
but he found by the newspapers that at the last
meeting the chairman said the cost would he 23,000/.
per mile, which would be upwards of 300,000/. on the
line The directors had not yet learnt the first prin-
ciples of econotny, and he believed they never would
un'il, like the shareholders, they were pinched by
necessity, which was the mother of invention,—(Hear,
hear.) He and other shareholders had held their
shares, re'ying on the honour of Mr. Grayson, the
representative of the York shareholders at the board;
but, they had been deceived by the great extrava-
gance of the directors. The shares of the company
were only worth about 61. for 251.—(Flear.) From
reports he had seen in York from time to time, any
one would suppose their line was one of the most
fliurishing in the kingdom, while he now found the
property in such a state that, were the chairman to
place a pint, l at his head and blow out his brains, it
would be a great relief to his troubled. mind.—(Hear.)
Mr. MUSICETT said that it appeared, after paving
the working expenses, the profit only amounted to
9,9261., making the expenditure 70 per cent. on the
receipts, while they had always been led to believe
that it would not exceed 51) per cent. He wished to
know what was the amount of interest paid on de-
bentures and capital employed on the portion of the
line now in wo,k.
The CHainatas replied that the half-year's interest
on the line at work was between 5,000/. and 6,000/. ;
that aid not include the interest on the capital enF
ployed on the Norwich Extent•ion, which laid dead.
Mr. AlusKsTr a-ked what was the amount of in-
terest payable on the preference shares ?
'I he CHAIRMAN replied, about 9,000/.
Mr. Aluixperr consilered the amount of working
the line unduly heavy, and urged on the directors the
necessity of reducing the exptenses.
The CHAIRMAN begged to observe that the expenses
had been lately reduced, and the increased mileage of
the line did not now cost more for working than the
shorter line had cost, and they could not reckon on
what the amount would be when the line was opened
throughout.
Mr. FIELD thought, considering the line was not
opened throughout, the amount of the working ex-
penses, which were 641 per cent., a very favourable
augury of future success., He, however, had great
objections to those parts of the report which proposed
to create new capital—as he believed that it would be
better not to do so until after the
toyening of the line
to Norwich, when the valuelear their ro
be raised in the market.—
p petty would
have proposed that the consideration
of the He
uesti would
ion of
raising new capital be deferred, but for the
tions given to him at the board that morning,
gexPwhich4la
he hoped would also be given to the meetini g. He
wished the chairman to explain how it was there hart
been so little increase of traffic as that which had
• taken place on the opening of the Diss line; and also
what was the amount of traffic produced from the
Sudbury line.
The CHAIRMAN said that he could assure the pro-
prietors that nothing but dire necessity would have
induced the directors—who were among the largest
shareholders—to propose the raising of new capital
until the line was completed—as aey depression which
took place in the value of their shares must materially
Affeet themselves.--(llear, hear.) With respect to
,the Dces Exteneion) it had cow up to the exputa,

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