The Sun.
London, England, 1849-08-24 00:00:00

EAST ANGLIAN RAILWAY.

The umal half-yearly general meeting of the pro-
prietors of the East Anglian Railway was hell yes-
terday, at the London Tavern; Mr. Bruce, chairman
of the Board of Directors, in the chair.

The following extracts form the most important part
of the directors' report:—
" We have the satisfaction to inform you that the Bill,
to sanction which you met here in June, has received
the Royal assent. This Act grants an extension of time
for making the line from Ely to St. Ives, and authorises
the company to effect this important object by means of
arrangements for leasing the line from parties who may
be disposed to invest capital in its construction. It also
authorises the conversion of the bond debt into share
capital, and the raising of 80,7261. 10s. for paying the
liabilities of the company, by means of the issue of new
shares bearing interest at the rate of 7 per cent. per
annum, and preferent to any other shares of the com-
pany. We feel confident that when the objects for
which this Act was obtained are carried out, the antici-
pations regarding its beneficial effects on the value of
your property will be fully realised.
" We have also very great satifaction in informing you
that the Norfolk Estuary Bill has passed into a law.
Those only who are acquainted with the trade of Lynn
can estimate the importance of this measure to that port,
and consequently to our railways. The anxiety evinced
by the corporation, merchants, and traders of Lynn for
the success of this project, affords the best criterion of
the value attached to it, and which, when carried into
effect, must give to the port of Lynn that importance to
which its geographical position evidently entitles it.
"The Eastern Counties' Company having brought into
Parliament a Bill to authorise the amalgamation of that
Company with the Norfolk Company, in which Bill were
inserted clauses increasing to a considerable extent the
rates legally chargeable by the latter company, also
giving them certain powers which, if exercised, would
prove injurious to your traffic, we felt ourselves com-
pelled, by a due regard for your interests, to oppose that
Bill, which was consequently rejected by a Committee
of the Lords. An examination of the chart will enable
you fully to estimate the difficult position in which your
lines would have been placed had the Eastern Counties'
Company, who already possess the port of Wisbech, ob-
tained so large an interest in promoting the trade of
Yarmouth and Lowestoft, to the prejudice of Lynn and
of your railways, which the advanced tolls sought to be
legalised would have enabled them effectually to have
accomplished.
" We have ever been anxious to enter into equitable
arrangements with all adjoining companies for the im-
provement of the traffic of our districts, to our mutual
benefit; but past experience has taught us the necessity
of having all arrangements of this nature legally binding.
No progress has yet been made in the adjustment of the
several matters that have so long been arranged for sub
mission to the decision of arbitrators; we have ex-
pressed to the new board of the Eastern Counties Com-
pany our anxious desire to have these matters settled,
and we have been assured that they shall receive their
early attention.
" The statement of the revenue account for the half-
year ending 30th June, 1849, exhibits a diminished
amount of receipts, as compared with the half-year im-
mediately preceding.
" The causes which have led to this decrease have
from time to time been the subject of investigation by
the board, and they have been found chiefly to have
arisen from the bad harvest of last year, which, together
with the first commencement of free trade in corn, has
produced that extreme degree of depression which has
prevailed through every branch of trade in the counties
of Norfolk and Cambridge, and, we believe, in the agri-
cultural districts generally. The advance demanded by
the Eastern Counties Company in their rates for the
conveyance of coal, and other heavy articles, while the
rates by water have been considerably reduced, has also
had an injurious effect on our traffic, as is apparent from
the above tables.

" The prospect of an abundant harvest, and the passing
of the Norfolk Estuary Act, give us good grounds for
expecting that the traffic during the current six months
will yield a more satisfactory result.
" With reference to the expenditure, we have satisfac-
tion in calling your attention to the reduction in the con-
sumption of coke, oil, &c., in the locomotive department
and at the several stations."

The balance-sheet represented the liabilities to amount
to 384,443/., while the assets reached 384,526/. The
receipts of the past half•year amounted to 17,6941.
13s. 4d., and the expenditure to 11,931/. 17s. Oid., leav-
ing 5,762/. 16s. 3id. in hand. The total expenditure
from the commencement of the company amounted to
1.312,168/. 17s. Bd., and the receipts to 1,317,6581.
19s. 9d., leaving 5,4901. 3s. ld. in hand.

On the motion of the CHAIRMAN, and after a short
discussion, the report was adopted.
A resolution was then agreed to authorising the
reduction of the number of directors to six, and the di-
rectors instructed to adopt a new plan of keeping the
accounts; to appoint a paid law-clerk; to consolidate the
offices of accountant and secretary; to reduce the work-
ing staff; to remove the offices from London to Lynn;
and finally to have the permanent way maintained by
responsible parties on approved contracts.
The report of the committee of investigation, which
has already been published, was then read; after which
a lengthened reply from the directors was submitted to
the meeting, and approved of.
The following is the conclusion of the answer of the
directors to the report of the committee of investiga-
tion:—"iWe agree with the committee as to the main
causes of many of the embarrassments of the company;
indeed, their statement is but an echo of the several
reports made by us to the proprietors on the subject.
For these embarrassments we do not hold ourselves in
any degree responsible, as they are the results of former
management. That the staff of officers and servants
was originally established on a scale beyond the require-
ments of the company is easily accounted for by the
erroneous ideas entertained of the future traffic by the
former Chairman. On this subject we beg to remark,
that since the departure of the late general manager in
December last, the board has made very extensive re-
ductions in the staff. The committee must have been
well aware that it has long been the desire of the board
to obtain the services of an experienced man as general
manager, and that such appointment has only been
delayed until we could meet with one in every
way qualified to promote the interests of the company.
We have much satisfaction in stating that, in the ap-
pointment of Mr. Wentworth Clay, who will enter on
his duties as general manager on the Ist September,
they believe and trust they have secured the services of
a gentleman in every way capable of promoting the in-
terests of the company. The concentration of the com-
pany's offices, workshops, and stores at the principal
station has long been the anxious desire of the board
but the heavy demands on the funds of the company
have compelled them to delay this very desirable ar-
rangement. We are very reluctantly compelled, by the
general tenor of the committee's report, and to meet
their unjust imputation of want of energy on the part of
the board, to refer to what was the position of the com-
pany's affairs when they came under our direction, and
the numertius difficulties with which we have had to
contend, viz.,—the line to Ely was on the point of being
opened for traffic, but great expense had to be incurred
in maintaining the line through the Fens during the
ensuing winter. This work, owing to the embarass-
merit of the contractor, had to be performed by the
company. The line from Lynn to Swatfham was
also on the point of being opened, but the cuttings
through the chalk were in a state to require the greatest
eet so
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by the company. The contract for the unprofitable
Branch to Wisbecla was hastening towards completion,
with the concomitant evil of a pressing demand for pay-
ment of the contract sum—while the portion of line from
Swaffbam to Dereham, which was expected to yield a
favourable result, was retarded by the insolvency of a
third set of contractors. Those who have had to settle
with a number of insolvent contractors, and to complete
their works, will be able to estimate the difficulties with
which we vs ere surrounded. At this period there was no
accommodation whatever for goods, coal, or cattle traffic
at Lynn, or at any of the other stations, and the utmost
quantity of goods that could ;be landed daily at the
Harbour Station was 50 tons, while at present there is
accommodation at the principal stations for every
description of traffic, and 400 tons may be daily
landed at the harbour. To accomplish these
necessary objects, a very considerable outlay has
been required. When it is remembered that, instead of
the company possessing ample funds for the completion
of the undertaking, as we bad been led to believe was
the case, it was ascertained that the capital which had
been raised would not suffice to pay the liabilities (of a
large amount of which we had received no intimation),
as sta'ed in the report of the shareholders, dated 16th
February, 1848, the proprietors will probably consi-
der that the position of your directors for nearly two
years has been most painful, and has entailed upon them
I degree of laborious and anxious occupation in the
management of your affairs, far exceeding that which
usually attaches to directors, even when paid for their
services. It has long been our desire to obtain the co-
operation, as colleagues, of some desirable parties wil-
ling to undertake the duties and responsibilities of the
directorial office. Our wishes in that respect are unal-
tered; and we are prepared at any time, when furnished
with names, to elect to vacant seats such gentlemen as
may be considered best calculated to assist us in develop-
ing the resources of the undertaking, and in promoting
tho interests of the company."
Thanks were then voted to the Chairman, and the
meeting terminated after a lengthened sitting.