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

NORFOLK RAILWAY.

The half-yearly general meeting of this company took
place yesterday at the Company's offices, Guildhall-
buildings.
Adam Duff, Esq., the chairman of the company, took
the chair shortly after one o'clock.
The usual routine business having been gone through,
The SECRETARY read the following report:—
When the proprietors last met for the purpose of
sanctioning the Bill for the amalgamation with the
Eastern Counties Company, it was not anticipated that
they would have again been called together as an inde-
pendent body; unexpected circumstances, however, have
since occurred to delay the period of complete union
between the companies.
" In the last stage of the Bill in the House of Lords,
an opposition was got up by parties connected with the
Newmarket and East Anglian Companies, which it was
impossible to resist successfully in the then advanced
stage of the session; it is, however, satisfactory to know
that the reason assigned for the rejection of the Bill by.
the Lords' Committee was independent of the principle
of amalgamation, and arose from circumstances wholly
out of the control of this company.
" Acting upon the resolutions which have from time
to time been passed by the proprietors, and fortified by
the opinion expressed by several of the largest share-
holders, with whom they have had the opportunity of
conferring, your directors have proceeded in concert with
those of the Eastern Counties Company, to take such
measures as were advised by counsel, for rendering the
union between the companies as complete as possible
until an Act of Parliament shall be obtained.

" Your directors have accordingly entered into a sup-
plemental agreement with the Eastern Counties Com-
pany to the following effect:—The terms of complete
amalgamation, as to be sanctioned by Parliament, shall
remain the same as already agreed to. But to prevent
litigation, and in order that the transactions of both
companies pending the sanction by Parliament of the amal-
gamation may be regular and legal, it is agreed between
both companies as follows s—That the Norfolk Company
shall repay the Eastern Counties Company's advances.
That the Eastern Counties Company shall purchase
the Norfolk Company's rolling stock now in their pos-
session, and pay for the same by instalments, as may be
agreed between the companies. That instead of a lease
of the tolls to terminate in May, 1855, the Eastern
Counties Company shall, under the 208th sec-
tion of their Act of Incorporation, work and
use the Norfolk lines 'until the same date,
and pay to the Norfolk Company such rates
and tolls as shall be sufficient to enable them
to pay the expenses of maintaining their lines, and the
interest on their guaranteed stocks and borrowed moneys,
and a like dividend half-yearly to their proprietors, as
shall be paid to the Eastern Counties proprietors. That
the Norfolk Company shall complete the works at Lowe •
stoft Harbour. That the Eastern Counties Company
shall keep up the Norfolk rolling stock to the
same state of efficiency as when received, and
that the Norfolk Company, in May, 1855, if the
amalgamation be not then sanctioned by Parliament,
shall re-purchase the said rolling stock at the same
price as shall be now paid by the Eastern Counties
Company for the same. That if the amalgamation be
sanctioned by Parliament, the purchase of the rolling
stock shall be annulled, and the payments on account of
such purchase by the Eastern Counties, to become ad-
vances to the Norfolk Company, and charged against
them as part of their expenditure, to be comprised within
the agreed limit of 2,300,000/. That the Eastern Coun-
ties and Norfolk Companies shall unte in further appli-
cation to Parliament for sanction to the amalgamation,
and for the establishment of a fair and just tariff to re-
gulate the lines of both companies, and shall appeal to
the justice of Parliament, not to impose or to continue
upon any portions of the lines, rates or terms for carry-
ing, which experience shall have proved are not ads •
quately remunerative.
" At the Eastern Counties meeting, to be held this
day, it is proposed to declare a dividend of two shillings
per share, upon the stock of the Eastern Counties and
Norfolk Companies, equal to ten shillings upon the 1001.
stock of this company, for the half-year.
"Disappointment will no doubt be felt by the Nor-
folk shareholders at the smallness of this dividend, but
it must be recollected, that the Eastern Counties Com-
pany have had to contend with difficulties of no ordinary
kind during the last half-year. Independently of the
general depression which has pervaded all commercial
enterprise, the divisions and agitation which have
existed among the proprietary, have necessarily had a
paralyzing influence on the exertions of their management
The manner in which their revenue account is stated
affords the best guarantee for the future honest adminis-
tration of the affairs of the united companies. It will be
satisfactory to the Norfolk proprietors to know, that their
lines have contributed tbeisfull proportion of net earnings.
When the undivided attention of the management shall
be given to the developement of the resources, and the
efficient and economical working of the consolidated un-
dertaking, your directors confidently anticipate a gradual
and permanent improvement in the value of the property.
" The attention of your directors has been applied to
the reduction of the expenditure of this company, to the
smallest possible amount, and Mr. Till having expressed
a wish to meet the views of the directors in this matter,
has resigned the office of secretary, offering his services
in any other way in which he could be useful, and the
directors being desirous to ensure a continuance of his
assistance in another capacity where be might be equally
serviceable to the interests of the company, have elected
him a director, in the room of Mr. Betts, who has re-
signed; and they have also appointed him a member of
the joint committee of management.
" Since the last meeting two of the directors
have retired, namely, Mr. Betts and Mr. New-
bery, and your directors recommend the proprie-
tors to exercise the powers vested in them of per-
manently reducing their number to eight. They
also recommend that their allowance should be re-
duced from 1,000/. to 6001, and that 400/. of this sum
should be appropriated to the members of the joint com-
mittee, upon whom the burden of the future manage-
ment of the undertaking must necessarily devolve, and
which will require their constant attention.
" The directors have appointed Mr. James Hutt, who
bas hitherto acted as registrar, to be the new secretary
of the company, at a salary of 3001. per annum.
" The capital account for the present half-year has
not been audited, in consequence of the late audi tors
having disqualified, and therefore declined to act. The
Eastern Counties Company, however, have required
that the whole accounts should be submitted to a public
accountant, whose report will be laid before a future
meeting. It will be the duty of the proprietors to ap-
point new auditors at this meeting.
On the motion for the adoption and circulation of the
report,
Major COURT moved as an amendment that the meet-
ing should be adjourned, in order to give the share-
holders an opportunity of considering the report.
The amendment having been seconded some consider-
able discussion took place, but ultimately the amend-
ment was, withdrawn, cnd the report agreed to.
Thanks were then voted to the Chairman and direc-
tors, and the meeting Si parated.