The Sun.
London, England, 1847-02-19 00:00:00

EAST ANGLIAN RAILWAYS I
COMPANY (LYNN AND ELY RAILWAY).
A special meeting of the shareholders of this company
Is .1111, :11d yesterday, t t the London Tavern; Sir W. Fowkes,
• the president, in the chair.
Th! SECRETARY text the advertisement convening the
Meeting, for the purpose of confirming, or otherwise, a pro
posed agreement, for leasing the Lynn and Ely, Ely and
Linntingdon, and Lynn and Dereham Railways, to the
ritstern Counties Company, as well as to consider Bills,
Which are specified in the resolutions.
The CH M AIRAN said that when the directors hadthe honour
" meeting the shareholders they were empowered to pro-
Pose terms of 71,,!2 per cent. to the Eastern Counties COM-
ljan.Y. They (the directors) had not been able to obtain
toe terms, and they thought it but right to call the atten-
of the shareholders to that subject. A communication
had been made to the Eastern Counties Company, proposing
the terms of the shareholders, to which no answer was re-
turned, from which it was quite clear that they did not in-
tend to accede to their proposition. The terms of the agree-
bent would be submitted to the meeting.
The SECRETARY then read the agreement, which was to
the effect that the lease should be for a term of 99'J p ars, to
commence on the day when the lines were completed and
ready for being opened. That for the first year of the term
the annul rent should be such as would pay a clear dividend of
per cent. on 884,0001., the amount of the share capital
1 the three companies, and that for the residue of
a term the annual rent should be such as would
Pay a clear dividend on such share capital less by 21. per
_ant, than the dividend fur the time being, payable on the
Eastern Counties share capital converted into 201. shares,
bat should in no case' be less than 6/. per cent. The agree-
ment further stipulated, that the Lynn and Ely, Ely and
Huntingdon, and Ely and Dereham proprietors should,
Until the lease commenced, receive interest at 51. per
cent. on all sums paid by them for deposits and
calla on their shares from the day when such
!urns were respectively payable ; but that the Ely and Hunt-
'ngdon proprietors should, on receiving such interest, give
credit for the interest already received by them. That the
Eastern Counties Company should pay the interest on all
moneys borrowed by the Lynn and Ely, Ely and Huntingdon,
and Lynn and Dereham Companies, or any of them to the extent
of 294,800/ , and should indemnify those companies against
the repayment of such moneys. That the Eastern Counties
Company should provide all further money beyond the said
capital and borrowed moneys necessary tor completing to
their satisfaction the works of the three railways, and that
the Eastern Counties Company should take at cost price the
stores belonging to these companies on the day when the
lease shoulecommence.

The CHAlRmAN—Having heard an abstract of the terms
of the agreement, he felt bound, as chairman, to say that
these terms were such as they should accept. The Eastern
Counties Company would be able to carry on their (the
shareholders) line from them at a much less expense than
they themselves could, and in a more satisfactory manner.
He would submit the first resolution to the meeting.
Mr. CußTis seconded the resolution, which was to the
effect that the meeting approved of the terms of the agree-
ment, and confirmed the same, and authorised the directors
to take the steps necessary to carry the same into effect.
Mr. LACY, on being called for, said the opinion which he
had expressed as to their throwing away their time by ac-
cepting the terms proposed remained unchanged. They were,
however, placed in cicumstances which rendered it difficult
to adopt a course different to that
and he thought the best thing that
could be done was to ac •
cept those terms.
The CHAIRMAN, in reply to a question, stated that all
the lines would be completed at the end of the year.
Mr. BUNTING said he had ascertained that the South-
Eastern Company would not go beyond the terms that they
had heard. It was a great disappointment, however, that
no more advantageous terms could be obtained. When
they looked to the prospectus they found that they
had been promised ten per cent. The value of the
hind was double what they expected, and the other expenses
,also had exceeded their expectations. But not only had the
'and and the materials they had to use cost more, but their
traffic, which was estimated at 2d. per mile,
was found now
to be at an average of only id.
Here, then, they
had the misfortune of doubled cost and diminished rate of
traffic.

Notwithstanding what was alleged about the increase of
receipts that would follow from the diminution of the rate of
charge, he believed that he could not, on a single rail, carry
Such an amount of traffic as would pay a remunerating rate
of dividend. He would, therefore, move that the agreement
Should be rejected.
Mr. GANKROJER seconded the motion.
After a few observations from an Honourable Proprietor,
in support of the motion,
Mr. Manutorr said that, as a merchant of Lynn, he
thought that the advantages of their line had been somewhat
exaggerated with respect to the coal trade, and he would
support the original resolution.
rhe CHAIRMAN said, that he had communications with a
large number of shareholders, who had all expressed them-
selves fully satisfied with the agreement.
The amendment was negatived, and the original resolu-
tion carried by a large majority.
The CHAIRMAN thought it right to state that the proxies
represented were 5,911.
The following Bills were then submitted to the meeting
and agreed to without discusssion—namely, a Bill to con-
solidate the three companies into one company, to be called
the East Anglian Railways Company ; a Bill to enable ,the
Lynn and Ely Railway Company to extend their railway to
Bury St. Edmunds; a Bill for making a deviation in the
line of the Lynn and Ely Railway, and for forming docks
within the borough of King's Lynn ; a Bill to enable the
Lynn and Ely Railway to make a navigation from Lynn to
Woronegay in the county of Norfolk.
Thanks were then voted to the chairman and the other
directors, and the meeting separated.

ELY AND HUNTINGDON RAILWAY COMPANY
A mewing of the shareholders of this company was
then held; H. C. Lacey, Esq.,; president of the board of
directors, in the chair.
The agreement read at the foregoing meeting was
road and confirmed, as well as the resolutions to the
same effect as those adopted at that meeting.
The Bills were then read. and the meeting separated.

LYNN AND DEttEliA vt, AY COMPANY.
This was also a supplemental meeting; 11. C. Lacey,
Esq., in the chair.
The CHAIRMAN said that the agreement which would
be read to them had been agreed to at the meeting of
the Lynn and Ely, and Ely and Huntingdon Compa-
nies, but he dissented on both occasions.
The SECRETARY then read the agreement; and
Mr. EVER.ARD proposed a resolution, to the effect that
the agreement should be adopted.
The resolution being seconded, was carried unani-
mously.
The CHAIRMAN, in reply to a question, said, that he
thought, if they had not been in such haste in running
into the arms of the South-Eastern Company, they
might have made a better bargain; however, it should
be remembered that that was a solvent company, re-
ceiving 11,0001. or 12,000/. a week.
Resolutions approving of the several Bills were then
agreed to.
Thanks were then voted to the chairman and the di-
rectors, after which the meetine, senerated.