The Sun.
London, England, 1849-05-10 00:00:00

12tittion

SUN OFFICE, Seven o' Clock.

EASTERN COUNTIES RAILWAY.
HALF-YEARLY ADJOURNED MEETING.
(THIS DAY.)
• The CHAIRMAN (in continuation from our Afternoon
Edition)said—The committee, he believed, were 100,000/.
out of their reckoning with respect to the amount of
their liabilities.—(lnterruption.) He was no partizan.
He was there to do himself and them justice ;
and if they would hear him he should prove
-his case. He could not if they interrupted
him thus. What were these assets and liabili-
ties ? The interest due to the 4th of July was
• 82,1204 ; due from works performed, 108,354/. ; pur-
- chases made, 63,8371.—t0ta1, 254,3111. The available
assets, money at bankers, and due from the Post-office,
amounted to 66,4201. ; arrears (6 per cent.),
24,348/. (this stock was at a premium in the
market); Eastern Union, balance of award, 11,600/.;
Blackwell Railway, 4501.—total, 102,8101.; leaving the
balance of liabilities, 151,5011., and not 500,000/,, as
r was stated by the committee.—(Cheers.) Then,
with respect to the dividends, arrangements had
been made to get the money.—(Noise, and
cries of " How ?") Those who cried " How ?"
• were much mistaken if they thought that undertakings
• of this kind could be carried on if their credit was de-
stroyed; it was necessary to borrow money. He then
proceeded to deal with the statement of Mr. Meek, that
e the dividend was held out as a bait. He utterly
, denied the charge and repelled the insinuation. It was
fiirther said that they could not pay the dividend because
of the depreciation of their stock; that the relaying of
' the sleepers would cost 130/. a mile. The engineer who
had made the calculation was, he understood, misin-
formed—they would not cost more than 100/.—(Cheers.)
According to the account of the current half-year it
would be shown that the expenditure for depreciation
would be 1251. per mile. He was prepared to produce
responsible contractors who would take the line for the
next seven years for
.170/. per mile.—(oh, oh—" We
have had enough of them.") But they must not
overlook the old materials, which, when disposed
of, would greatly reduce the liabilities. The
105,9061. referred to in the directors' report,
was over and above depreciation, and after paying
out of that a dividend of 4s. there would still be 38,0001.
to carry to the next half-year for depreciation.—(Hear,
hear.) He was free to admit that at the Cambridge,
the Ely, and the Peterborough stations there had
been an expenditure which he was not prepared
to justify, but it must be remembered that much
of this expenditure was incurred in the hope
of keeping out of Cambridge another line, and ex-
tending the Peterborough line to York.—(Hear, hear.)
Besides there was the Newmarket and Chesterford line,
which also had to be accommodated. So tar then for the
Cambridge. Now, as to Ely, he was bound to admit that
. the expenditure was most appalling—(" Why did you
consent to it then ?") It must be remembered,
however, that they were receiving a large rent
for the Ely station, and the same might be
seid of the Peterborough station, from which
they were receiving a very fair return.—(Hear, hear.)
He now came to a matter personal to himself; but before
he entered upon it, he must be allowed to thank Mr.
Cash for the tone of his opening address, and to question
the good taste which had induced his seconder to select
this meeting as an opportunity of running down any
man, be he chairman or director.—(Cheers, Oh ! and
groans.) Probably this would be the last time he should
address them in the capacity of chairman.—( ['re-
mendous cheering.) Now, he joined the board in
October, 1845, when the goods traffic was V. per mile.
• • The present returns would show that the goods traffic
yielded 221. per mile, so that the traffic had not suffered
. through his connexion with the line.—(Hear,
hear.) A good deal had been said about his
receiving 2,000/.—(Oh oh !) Hear him before
they condemned him. He received the money in
1847, when the committee sat at Westminster on the
subject, in his absence and the absence of the secretary,
and all that he knew of the matter was, that a resolu-
tion was passed awarding him 2,000/., and he received
the money.—(Yells, hisses, groans, and renewed con-
fusion.) With regard to the Wisbeach shares, upon
that subject Mr. Hudson thought as he thought—
(Roars of laughter) and when a Parliamentary
Committee was appointed to inquire into his con-
duct he should be prepared to justify all he had
done.—(" Oh, oh," and cries of "No, doubt.") He
hal some cause to complain of the treatment he had met
with at the hands of the committee. They had charged
him with giving free pas es to the Maldon electors, but
the charge was never proved. He never granted a
single pass. Others did though.") He was not
aware of it then. The principle upon which he
voted was that of " doing to others as he would
be done by."—(" Oh, oh," and roars of laughter.)
Ile had now done with the personal matter, and he
would leave it with simply advising the meeting to ap-
point a committee to inquire into his own and his col-
!cages' conduct.—(Hear, hear.) Having now touched
upon all topics which seemed to him to require explana-
tion, he would entreat them to putan end to these internal
squabbles. His advice was, elect a board in whom they
could place confidence, and don't let them be harassed
by committees out of doors.—(lronical cheer:.) It was
madness to go on in the present course, as it was proving
destructive to their property.—(lronical cheers.) It
was annihilating their credit, and unless some change
took place, the shareholders would soon see their pro-
perty quickly melt away.—(Renewed cheers.)
A PROPRIETOR here asked a number of questions,
but owing to the noise we could not catch the import.
. . Mr. HART rose to propose that legal steps be taker' to
obtain the repayment of the 2,0001. and 7,0001.; but not
proposing it as an amendment, he postponed it until the
original motion was carried.
Mr. .NPLAREN proposed an amendment to the effect
that a dividend of 4s. per share be declared.—(Much
noise, and cries of " No, no.") He proposed this because
he considered such a dividend warranted by the 103,000/.
they had earned. He was ready to stake his reputation
as an accountant that. this could be done.
Mr. MARGRAVE seconded the amendment.
An indescribable scene of confusion and tumult here
ensued, which lasted for some minutes.
Mr. M'LAREN complained that the committee had
made a one-sided statement, and warned the share-
holders that the adoption of the original motion would
commit them to the amalgamation with the Norfolk
line. He opposed that amalgamation, because it would
prove inimical to this company, and complained that the
committee had not justified the course they recommended
by figures.
Dr. DUNN said he bad come a distance of .500 miles
to attend the meeting, and representing the widow
and the orphan, many of whom had a great stake in the
concern, and believing the amendment based in justice,
he felt it his duty to support it.
Mr. FIUMPHREY BROWN, M.P., thought the meeting
owed a deep debt of gratitude to the committee who had
investigated their affairs; but he regretted that their
deductions, and those of the directors were so much at
variance with each other.—(Hear, hear.) He had heard
with surprise the statement of the Chairman, that they
were in a position to pay the dividend, for during the
last forty-eight hours he had gone fully into th ac-
counts, and he would stake his reputation upon it that
the line since it opening had never earned as much as
30,0001.—(Hear, hear.) The chairman had stated that
the engineers had made an estimate of the depreciations
of the rolling stock, and he should be glad to know
whether the estimate was made at the request of the
boar•d?—(llear, hear.)
The CHAIRMAN made a statement which would lead
to the impression that the estimate was made by Messrs.
Mister and Samuel, at the request of the traffic com-
mittee, and it was afterwards forwarded to Mr. Hudson.
Mr. H. BROWN wished to know, then, why the di-
rectors could propose to divide 4s. per share when they
knew that a depreciation fund ought to be provided
for. It was perfectly ridiculous to tell him that there
could only be a depreciation of 14,0001. in a rolling stock
valued at 260,000/.—(Hear, hear.) It was clear that the
rock the shareholders had split upon was not to secure
mere individual responsibility on the Board ; but he was
glad that the errors which had resulted from that
omission were errors of the mind and not of the heart.—
(Oh, oh !) Had the accounts been properly
kept, and the line safely managed, a depre-
ciation amounting to 509,7801., which was
now debited to capital, would have been placed
to revenue account ; and then, instead of their being
now in the position of having paid 145,7801. in the shape
of dividends, they would only have paid 35,9354, or
Bd. per share as dividend.—(Hear, hear.)
Mr. PANE rose to recal the attention of the
meeting to the real question before them. It
was . not a question of detail, but of principle. The
question was, bad they confidence in the direc-
tion?—(Cries of " No, no.") Had they confidence
is the Chairman?—(No, no.) Then turn him out.—
(Tremendous cheers, and cries of " Move it, move it.")
His stake in the concern was too small to justify his
doing so.—(Oh, oh.)
Mr. HOWIE—Then I'll do it, gentlemen, listen to me.
—(Cries of "Kick him out.") Oh, but I will be heard.
And certainly he was heard, for amidst a storm of
" 06, ohs," and achorus of yells which certainly must have
created some wonder amongst the inhabitants of Bishops-
gate-street, he proceeded to use his mouth and arms in
a frigntly manner; the one putting you in mind of the
working of a windmill. and the other emitting sounds
that very much resembled the bellowing of a bull. When
the storm had somewhat subsided, seemingly from pure
exhaustion on the part of the meeting, the chairman be-
came aware that two or three gentlemen were speaking
at once, and, therefore, he called upon
Mr. FnvErt, who had no objection to the amalgama-
tion with the Norfolk Railway it made on equitable
terms ; but believing that it was not, and that
there was something behind the scenes, he was
oerpoecd to it. Lowestoft Harbour would swallow
up all their money. He exicluded by moving
a direct neg:%tive to the portion of the report of the
committee with respect to the amalgamation. Ile com-
plained that lie had been 'old that, the Bill for the -mat-
gunatioti was before the House when it was not. " Had
he oven informed correctly he should have moved at toe
last mCettutt,, that the shareholders be c.:lled to con-
sider if.
Mr. WADDINGTON said the solicitor, Mr. Duncan, had
re isin [Orme& him sni the matter.
Mr. MEER: Suid the eonemittee had been accused of
not supporting the umalgamation which they recc,m-
mended. • The ear sings of the Eastern Counties had
been 23a. a mile; those of the Norfolk 50s. 6d. This
showed the advents, ee of the amalgamation.
Mr. FRYER inquieed if any agreement had been made
with the Norfolk Company?
The CHAIRMAN calied upon the solicitor to explain.
Mr. DUNCAN rose, but was received with such a volley
of hisses and execrations, that he resumed his seat.
Mr. Cent said the colic itor was the proper person to

THE

give the required reply. Mr. Fryer was entitled to a
reply, and he hoped they would hear Mr. Duncan.
Mr. DUNCAN then replied that the Bill referred to
had passed the Standing Orders' Committee, and he be-
lieved it had been read a first time.---(Cheers.) It was
in the same position as if it had been read a first or se-
cond time. He had stated that a lease had been pre-
pared, but he did not say it had been agreed to.
Mr. HAWES said the real questiun was whether the
Proprietors would be governed by one party or the
other. He moved that in the opinion of this meeting
the Board of Directors are unworthy of their con-
fidence.—(Prolonged cheering.)
The Hon. Mr. GRIMSTONE seconded the motion.
Mr. Box rose to move a vote of censure on the so-
licitor, as he had deceived them, as was shown by the
committee of investigation, and was, therefore, utterly
unworthy of their confidence.—(lmmense cheering.)
I The committee of investigation were entitled to their
warmest thanks for the labours they had performed.
He did not agree with them with respect to the amalga-
mation, and a petition to Parliament, seeking that it be
rescinded, was in the course of signature.
The CHAIRMAN then put Mr. Fryer's amendment,
opposing the amalgamation.
The amendment was lost by a large majerity. The
result was cheered
Mr. FRYER demanded a poll.

The CHAIRMAN then pub Mr. 111Laren's amendment,
proposing a dividend of 44. per share be paid to the
shareholders on the books on the Ist of June next.

But about half a-dozen hands were held up in favour
of it, it was therefore lost by an immense majority.
The CHAIRMAN then put Mr. Cash's resolution, and
it was carried, there being only two or three dissentients.
The CHAIRMAN then announced that the poll had been
fixed thus :—To-night, from 9 till 10 ; to-morrow, from
10 till 4 ; and on Saturday from 10 till 4, when the poll
would close. Having redeemed the pledge given at the
last meeting, that he would be present to-day, he had
now to state that this morning the board of directors
came to the unanimous resolution to resign, and they
would, therefore, only retain office until such time as
their suceessors could be appointed.
This announcement was received with a frenzied shout
of applause, and cries of "A vote of censure," during
which the directors retired from the meeting, as they
entered, amidst the yells and execrations of their en-
raged constituents.
A short, but still; confused and stormy discussion
then took place upon the course to be adopted for the
future management of the company, and eventually it
was' agreed that at the next meeting a committee be
selected to nominate directors as follows:—Six share-
holders holding shares to the extent of 10,000/. and up-
wards, six holding 5,0001. and upwards, six holding
3,0001. and upwards, six holding 2,0001. and upwards,
and six 1,000/. and upwards, with power to add the Eight
members of the committee of investigation.
Three lusty cheers were then given for the committee,
and the meeting broke up at half-past five o'clock.

IMPERIAL PARLIAMENT.

(THIS EVENING.)

HOUSE OF LORDS.

Their Lordships met at Five o'clock.
The Bishop of EXETER presented a petition from
some parish in Devonshire, praying for an additional
grant to Church schools.
The Earl of RODEN presented several petitions
against the Rate in Aid Bill.
The Earl of EGLINTON presented several petitions
in favour of the Bill for the better protection of women.
INDICTABLE OFFENCES (IRELAND) BILL.
The Marquis of CLANRICARDE moved the second
reading of this Bill.
After a abort conversation the motion was agreed to.
SUMMARY CONVICTIONS (IRELAND) BILL.
On the motion of the Marquis of CLANRICARDE,
this Bill was read a second time.
BEER ACT.

The Earl of HARROWBY presented several peti-
tions against the Beer Act.
EXCHEQUER BILLS BILL.

This Bill was read ; third time and passed.
BANKRUPTCY LAWS CONSOLIDATION BILL.
On the motion of Lord BROUGELAM, this Bill was
ordered to be recommitted and referred to the Select
Committee on the Bankruptcy Ltws.
STANDING ORDERS—REPORTING THE PRO-
CEEDINGS OF THE HOUSE.

Lord BEAUMONT, in moving the consideration of
the standing order No. 30, said that undoubtedly
the origin of the custom of excluding strangers
was to secure freedom of speech to their Lordships, but
latterly the attempts to enforce the order had been pro-
ductive of the most ludicrous scenes, and therefore of
late years no attempts have been made to enforce it,
and the public had been admitted. He went the
full length of the opinion that their delibera •
tions should be public, both for the benefit of the
public and for the dignity of their Lordships' House,
and if their Lordships did not go the full length with
him, they must admit that it was very inconsistent in
them to connive at a breach of privilege by the publica-
tion of reports of the proceedings. But, howsoever
they might decide on that point, there could
not be a doabt but that it was desireable that the
reports should be correct and impartial.—(Hear.)
He could put many cases in which reports had been
neither correct nor impartial, in which the arguments on
one side had been given and had been suppressed on the
other ; in which questions put to ministers had been
correctly given, while the answers had been incor-
rectly given. In the reports of some of the
speakers on the navigation-laws he found in some
instances a skeleton, a mere sketch of some
of the most important speeches, It was there-
fore desirable that those engaged in reporting their
speeches should be placed in such a positio❑ as to have
no excuse for incorrect reporting. If their Lordships
should refuse to reconsider the standing Order, still he
should propose to place the reporters in such a
situation as he had described, and in order
to do that it would be necessary to move for
a Select Committee who might examine witnesses,
some of whom would be architects. If the standing
order were considered, that must be done i❑ a Com-
mittee of Privilege, otherwise this question might be
referred to a Select Committee, and to one of them he
proposed to refer this question. The Noble Lord con-
cluded by moving that the House do take into coasider-
the standing order No. 30.

The Alitquis of LANSDOWNE must say that he
felt an insuperable objection to the abrogation of the
standing order ; but while he objected to the repeal of
that standing order, he felt that so long as persons were
in the habit of reporting their debates, that standing order
gave them the power of preserving their privileges ; and
he was bound to say that although he might sometimes
having suffared from being misunderstood, he believed
that on every occasion those employed in reporting their
debates did so conscientiously, and without being
actuated by any motives but those of discharging their
duty correctly ; indeed, he was surprised at the
accuracy and the correctness with which those
duties were performed, considering the difficulties
under which those so engaged laboured in consequence
of the confusion prevailing at times in their Lordships'
House. He thought every facility ought to be given to
them, and he had no objection to the appointment of the
Committee.

Lord BROUGHAM was opposed to the abrogation of
the standing order. They connived at the publication
of their debates. Ho should be very sorry if they did
not so connive—the public would suffer, their Lord-
ships themselves would suffer, legislation would suffer, if
their debates were not published, but still it would be
desirable that such publication should take place
by connivance rather than by direct permis-
sion.—(Hear, hear.) He entirely concurred in the
panegyric which his Noble Friend had pronounced on
those engaged in giving their debates to the public.
The task of reporting their debates was most difficult,
and it was performed admirably, and in general in the
spirit of the strictest impartiality, and those difficulties
had of late been greatly increased by the construction of
the magnificent hall in which they were assembled.
The Marquis of LONDONDERRY thought it de-
sirable that the reporters should be so located as to be
able to hear distinctly all that passed.
Lord REDESDALE said the only remedy would be
to bring the centre gallery more forward into the House,
when the parties in that gallery would not be annoyed
by the bums of conversation below the bar.
The Earl of GALLOWAY denied the accuracy of
the reports. Whrn an humble individual like himself
was forced to address the House, they generally well
considered what they said, and it had been his unhappy
fate to find that words were put into his mouth, and
that not one word of what he said bad been reported.
Earl GREY thought it would he well it the old cus-
tom were revived, of enforcing silence on strangers by
instructing the officers of the House to enforce it.
The Earl of MA LM ES BURY rose, and was
(LEFT SPEAKING.)

HOUSE OF COMMONS.
The LvEAKEit took the Chair at Four o'clock.
THIRD READINGS.

The following
Bills were read a third time and passed:
Ashton-under-L;ne Police, Markets, and Improve•
ment Acts Extensional:4 Amendment, and Transference
of Gas and Waterworks 'tad other Property to the
Corporation.
River Dun Navigation Company (Purchase of Stain-
forth and Keadby Canal).
REPORTS.
The reports upon the following Bills were considered
and agreed to:—
Caledonian Railway (Purchase or Lease of Wishaw
and Coltness Railway).
Shrewsbury and Chester Railway (('ur Branches to
the River Dee ; Agreement for Joint Station at Shrews-
bury ; Power to subscribe towards the Shrewsbury and
Hereford Railway).
York and North Midland Railway (Deviation and
Abandonment of Part of the authorised Line of INii-
way between Market Weighton and Beverley and Cop-
mmrithorpe and Tadcaster).
York, Newcastle and Berwick Railway, and Maryport
and Carlisle Rilway (Lease and Amalgamation).
York, Newcastle and Berwick Railway (Newcastle-
upon-Tyne and Carlisle Railway Lease and Arnalnuna-
nun). '..