The Sun.
London, England, 1849-09-01 00:00:00

" With respect to the liabilities to creditors on reve`nue
account, we believe every pains has been taken, both by
advertisement and otherwise, to ascertain their tall
amount.
" With respect to the assets we believe that—the
item of debtors represents good debts ; the item of
stores represents the actual stock on hand ; and the
item of cash, the actual balance at the credit of the
company in the bankers' hands on revenue account, un
4th July, 1849.
" We beg to draw your special attention to the sum of
134,0271., standing at the debit of the profit and loss
account, and forming a constituent item of the revenue
balance-sheet; it consists of various amounts having
relation to revenue accounts of different periods antece-
dent to the 4th January, 1849, partly ascertained under
the committee of investigation, and alluded to in their
report, and partly the result of our subsequent examina-
tion of the accounts.
" This item is subject to be affected by the pending
investigation of the capital account, and remains at
present undisposed of in the revenue books.
" The amount expended on capital account during the
half year amounts to 186,0921. 17s. 9d."
The CHAIRMAN said there was a minute of the com-
mittee of investigation which he wished now to have
read.
Mr. RONEY then read the following extract:—
" A meeting of the committee or investigation was
summoned for the 24th instant, but only tour members,
viz., Mr. Cash, Mr. East, Mr. Glyn, and Mr. Sher-
wood were present (five being a quorum). It was
agreed—
" In considering the various recommendations referred
by the committee of investigation to the meeting held
on the 10th of May, 1849, and by that meeting adopted,
it will be found that several of them have been carried
into effect, and the remainder arc receiving the best at-
tention of the new board.
"Such being the case, the members of the committee
now present conceive the time is arrived when they
should be relieved from any further service, particularly
as the investigation of the capital account is in progress
under the new board.
" Messrs. Quilter and Ball, the accountants, produced
their demand for the investigation of the revenue account,
as reported by them, and made up to the 16th of April,
1849, amounting to 3601 16s. 9d., which the directors
are requested to pay."
The CHAIRMAN then moved that the report now read
be received and adopted.
Mr. CHRISTIE, of the committee of investigation, here
rose, but
Mr. NATHAN, with at least a dozen others, rose to
move an amendment.
Mr. CHRISTIE said, before any amendment was
moved, he wished to say a few words previous to
the
s as
the committee of investigation giving up
stewardship. They had now closed their labours a l
rreport,
mitteert of
and
investigation,although i
n m
anda
many e
they
rspc haed,tsbut the t was i they hoped,very severe
against
smadever ao
against not only the late chairman
deputy-
chairman,tydu stilltnraak
e.
thisre polrft wastnoy suchnad aisn
inflicted
dfelt a
iint toup
upon
their
many of the gentlemen who had undertaken the manage-
ment of the company's affairs, he hoped and trusted they
would consider that it was only in the discharge of their
duty that they made the report in such severe terms.—
(Hear.) Having ended their labours, they did hope they
would receive some compliment at the hands of the
meeting.—(Hear, hear.) At all events they bad done
their very best, and they were now only too happy to
withdraw from the Eastern Counties Company, the
affairs having been placed in the hands of an able and
honourable body of gentlemen.—(Hear, bear.)
Mr. NATHAN then moved that the paragraph in the
report relating to the Norforlk Amalgamation be ex-
punged, and that the directors be recommended to take
no further steps, and waste no more money in the matter.
Mr. HowEs had intended to propose a similar amend-
ment, but having been anticipated, he had great plea-
sure in seconding this one.—(Hear, hear.) Having
got rid of this Norfolk difficulty in a legal way, it would
be rash and unwise to enter into a fresh preliminary
agreement.—(Cries of " Hear, hear.") No one
couldi be taken by surprise by that course, and
as Parliament had determined that such an amalgama-
tion was not for the public good, it was quite ridiculous,
with a divided constituency and an opposition out of
doors from the East Anglian and Newmarket Compa-
nies, to attempt to fight the battle over again.—(l.lear.)
Mr. CHRISTIE—The East Anglian and the Newmarket
want us to buy them.
Mr. HOWES said that did not alter the case; and, in
his opinion, it would be madness to go on with this
amalgamation.—(Hear, hear.)
Mr. EAST said they ought to have had a statement of
the receipts and expenditure in the Norfolk line.
The CHAIRMAN said a full statement of the receipts
and expenditure of both lines would be laid before them
previously to the next half-yearly meeting.
Mr. EAST asked if the statement would be separate?
The CHAIRMAN replied,- yes, as far as it could.
Mr. Wiesosr believed the meeting was only anxious to
arrive at truth in this matter.—(Hear, hear.) He agreed
with the line in Shakspere,
" Sweet are the uses of adversity."
It ought by this time to have taught them caution, and
be hoped this ill-judged measure recommended in the
report would not be hastily entered into. Chesterfield
said the character of a public man should be like the
virtue of a woman, above suspicion; and such ought to
be the character of a railway director.—(Cheers, and
laughter.) Now, Mr. Peto was a large contractor.
holding no less an interest than 100,0001. in the Norfolk
line; and without being offensive to the Chairman, hecould
not help stating that it was said out of doors that the
gentleman in the chair was the nominee, and might be
made the cat's-paw of Mr. Peto.—(No, no.) Let them
then throw over the amalgamation at once, and there
would be an end to these personal discussions.—(Hear.)
Mr. R. WARD inquired if a committee of the direc-
tors of the Eastern Counties and the Norfolk had been
appointed, and if so how many were there from each
board, and their names. He asked the question, because
" Miles's Boy" did say that parties had been appointed
who ought not to have been ?—(Laughter.)
The CHAIRMAN replied that three had been appointed
on the part of the directors of the Norfolk, and
four on the part of the Eastern Counties. There names
were—Mr. Glyn, Mr. Ellis, Mr. Kinnaird, and himself.
Mr. WARD said, then it appeared that Mr. Betts
(the chairman) represented Mr. Peto's interest. He ven-
tured to say that that election was not an unanimous
one. To use a harsh expression made by one of their
own body, he might say that such a body ought not to
have been appointed to guard the interests of the
Eastern Counties. He did not wish to use a harsh ex-
pression, but it seemed to him that the appointment was
a scandalous one.
Mr. TOZER said, he must unhesitatingly say that if
this question of the Norfolk Amalgamation had been
considered under other and better circumstances, that
such a suggestion would be at once rejected. He might
fairly assume, if the proprietors bad been in the condi-
tion he mentioned—in the possession of the whole of the
facts, in order to guide their judgments to a correct de-
cision—he should have said, it there was a strong differ-
ence of opinion, that it was much better to endure loss
rather than keep the company in hot water. But he
complained that the proprietors had not had a fair
opportunity of considering the matter.—(Hear, bear.)
By the report of the committee it appeared that the pro-
posed amalgamation originated with Mr. Robert Ste-
phenson, who, since that period, had acquired a large
interest in the line, which he said he obtained
from his father, who was a large proprietor.
He did not impute improper motives to
Mr. Stephenson, but he contended that his
advice must partake, as a natural consequence, of pre-
judice, if not tainted by self-interest. Ho was not in
such a case a fair person to give unbiassed and un re
judiced advice. He hoped the new board would 'Take
out a distinct line of demarcation between the policy of
the old directors and that which should dictate theirs.
They must chalk out a new line and take the
bull boldly by the horns. The proposition for the
amalgamation bad emanated from Mr. Hudson, and
be, knowing something of the company, took the
liberty at that time to dissent to the proposition altoge-
ther. The country was a very difficult one to deal
with—it was not long enough in proportion to its
breadth, and therefore it required other railway accom•
modation, and great competition must be the inevitable
result, which must cripple, to a great extent, the
profits of the other. It appeared that the gross re•
turn for every 1,0001., or say for every 1,000,000/.
sunk in that
-line, did not yield as good a gross return as

;his line, and therefore he said it was not fair to amal-

gamete on equal terms. Mr. Hudson—who pooh-
poohed him down when he objected to the amalgama-
tion, saying they must not go into mere details—had ex-
pected a revenue of 3 5001. a week from the line.—
(Oh, oh!) Now he wished to know if there was
any one at that board prepared to make such
a statement ?—(Hear, bear.) It was altogether
incorrect. The amalgamation was passed in a hurry,
without due consideration. Not one word was said at
that time about the guaranteed stock of the Norfolk.
What had the Legislature done ? They had left the
question an open one, and the directors being, as he
hoped, unshackled, he trusted they would advise
the proprietors as to the course which they should
pursue.—(Hear, hear.) The committee of investigation
had not had sufficient time to go into this amongst
other matters, but the figures which they produced
showed that it would be a most unwise thing to amal-
gamate upon equal terms. Amalgamated management
might be, in some cases, good, but in this case one line
would be sacrificed to the other. Indeed, the policy
which led to the formation of the Norfolk line had
proved altogether abortive. The promoters of a line
through that part of the country had to cope with the
difficulty of keeping out opposition and competition from
that district. Now, the Northern and Eastern amalga-
mated with the Eastern Counties, in order to effect
this, yet at that time the Eastern Counties
of having
opened to Norwich. We, Wweh,ertehenit,
whadas aaboup
trostpo be
oectwas obvious that but one would pay. They had a
portion of railway at Brandon which would never pay,
of
for it was not adapted to carry traffic; and the Norfolk
had the other portion, and they must make the best
it.—(Cries of " Hear, hear.") Well, with respect to
the question of guaranteed stock. The best portion
of the Eastern Counties line, between Stratford
and Cambridge, was made with guaranteed stock,
a very unusual thing. But how did they stand with
respect to tho Norfolk? The report of the committee
said 60,0001. was required to pay the guarantees and
debentures of the Norfolk—[A. Voice—" 63,0001."]—
and the committee were judging from the best half-year'.
re.
prWovhidy, ineavefnorsoe,xitpatonoseks,htaolf
ptaluye
thgerogssuarreacneitpeets.
Their guarantee was materially less than that of the
Norfolk.—(Bear.) That was the state of things at
present; but let them bear in mind that a new line to
Norwich, thirteen and a half miles shorter than the
present route, would soon be opened, which the com-
mittee stated might abstract some portion of the
passenger traffic. Now, it was well known that ,
the passenger traffic paid the best, and that if they lost