The Sun.
London, England, 1848-02-17 00:00:00

EAST ANGLIAN RAILWAY.

An ordinary meeting of the shareholders in the above
company was held yesterday afternoon at the London
Tavern; Henry C. Lacey, Esq., presided.
The report which was read stated that, in order
to complete the works on the line and secure
the necessary facilities for the traffic, a much greater
outlay than the directors orignally expected would
be required. The amount of increased expenditure
necessary would be 248,5621., and the ways and means
at the disposal of the company to meet the sum was
117,451/., leaving a sum of 131,1111. still to be provided
for to put the railway in an efficient state for working
the traffic, with a view to a remunerative dividend.

The directors recommended the creation of shares
bearing a preferential dividend in perpetuity of 7 per
cent. per annum; these shares being of course offered
to the present proprietors in the proportion of one new
share of 51. for every existing 25/. share, and one new
share of 31. 10s. for every existing 181. share. Tho re-
port also stated that the branch from Watlington to
‘Visb,ch was opened for traffic on the Ist instant, and in
a few weeks the junction of this branch with the
Eastern Counties line from Wisbech to March and St.
Ives would be completed, and, by that means, a commu-
nication would be esiablished with the St. Ives and
Huntingdon line. The traffic, upon the portion of the
railway s already opened, had averaged 4234 per week.
The directors expected an accession of an important
branch of traffic not included in the original estimates,
viz., coal, in the direction of the River Ouze. The

average import of that mineral into Lynn for the last
seven years had been 244,000 tons annually, of which
quantity about four-fifths passed into the interior in the
direction of the company's lines. The directors,in accord
ante with a resolution at last meeting, had disposed
of the new shares, the deposits upon which, amounting to
3,4771. 135., had not been paid. In compliance with
suggestions received from many holders of scrip certifi-
cates for the new 3/. 10s. shares; the directors were wil-
ling, at the option of the holders, to allow the same to
remain as scrip until the 31st of December, 1852, the
period limited for the option of converting these shares
into the stock of the company; but it was intended to
issue sealed certificates to any of the holders of these
shares who might wish to register.
The engineer's report stated the whole of the lines
which had been opened for public traffic were in a very
perfect state of repair, and the works through the Fens
upon the Ely line had stood through the winter without
the slightest appearance of failure. The piers for the
permanent bridges over the river Ouse and the middle
level drain, on that line, were carried up considerably
above low-water mark, and all difficulty in their con-
struction had been consequently overcome. The short
line for connecting the Wisbech Station with
the Eastern Counties line to March, St. Ives, and
Peterborough, would very soon be completed, affording
a communication with the Ely and Huntingdon line at
SL Ives, and with the line of the North-Western Com-
pany at Peterborough. The works upon the third contract
on the Dereharn line (the only part of the company's
lines under contract not completed), were progressing,
and that line might be opened throughout early in the
summer. The statement of accounts showed the total
receipts to be 1,066,985/. ls. 2d., and the expenditure
1,062,741/. 1 ls. 2d., leaving a balance of 4,2431. 103.
In answer to some inquiries made by Mr. 0. Copeland,
a shareholder, it was stated that the banker's charges
for the last four mouths, amounting to 7111, included
the cost of debenture stamps and the commission paid
to brokers for loans. It was also stated that the engineer
was not paid by commission, but by salary, which the
directors had fixed at 1,000/. a year. No arrangement
had yet been made with the Eastern Counties Company
with regard to the rent to be paid by them for running
over the lines belonging to this company.
After a great number of other questions respecting
the report and accounts had been put and replied to,
Mr. COPELAND said the report presented a most unsa-
tisfactory picture of the company's affairs, and was
entirely different to the prospect held out to the
shareholders when they were induced to embark
their capital in the concern in the expectation of
receiving 101. per cent for the money invested.
They now found that the present gross weekly receipts
amounted only to between 4001. and 5001. a week, which
were scarcely sufficient to cover the working expenses;
and notwithstanding the confident statements made
by the directors on previous (ccasions, they were
now asked to create additional capital to meet
the expenses which would be incurred in ex-
cess of the estimates that had been made. In his
opinion the shareholders had been deceived and lured on
by the sweet voice of hope, which, however, was uttered
only to be broken ; and he had no confidence whatever
in the way in which their affairs had been managed,
and, if no alteration was made, he was confident the
company would soon become a bankrupt concern.
Mr. BRUCE, the deputy-chairman, said, if the share-
holders would assist the directors, and invest them with
their confidence, they would consult their own interests
much better than by attacking their honour, or indulging
iu abuse, because the directors had done everything in
their power to promote the interests of the company,
and if their proceedings were sanctioned the share-
holders might rest assured that it would not become a
bankrupt concern.
A good deal of warm discussion then took place upon
the affairs of the company, after which the report was
received and adopted.
Mr. Abdy, M.P. Mr. Bruce, Mr. Clay, M.P., and
Mr Self, were re-elected directors. Mr. Tucker was
re-elected auditor of the company's accounts.
Resolutions in accordance with the recommendation
in the report with respect to the creation of new shares
were then passed, and after a vote of thanks had been
passed to the Chairman, the meeting separated.

RAILWAY SHARE MARKETS.
LIVERPOOL, FEB. 16.
STOCK EXCHANGE.—The market to-day has been steady,
but the transactions are limited, and prices have rather a
declining tendency. We close at the following quotations:
—Birkenhead, Lancashire and Cheshire (late C. and B.)
16 —East Lancashire, [-Lancashire and Yorkshire, Fifths
(West Riding Union), 2% dia.—Liverpool, Chester, and
Southport, 1 Is, 3d. dis.—London and North-Western, 145
Ditto, 401. Shares (London and Manchester), 16 c. p.—Man-
chester, Sheffield, and Lincolnshire, 20/. Shares, dis.—
Midland Stock, 1151,4—Ditto, 401. Shares, 45—Ditto, New
Halves, 1!I dis.—North Staffordshire, % p.—South-Eastern
and Dover, No. 4, 1!4 dis.—York, Newcastle, and Berwick
(G. N. E. Purchase), 2%p.
MANCHESTER, Fan. 16.
STOCK EXCHANGE.—The sales are—Huddersfield and Man-
chester Railway and Canal (24/. paid), 2% dis.—Lancashire
and Yorkshire, Fifths, 1 n. Manchester, and
Newcastle Junction, 2 1.16 dia.—London, Brighton, and
South Coast, 361,4—Manchester, Sheffield, and Lincolnshire,
Quarters, No. '2, 1776—Ditto, Preference, 1-16 dis.—Ditto
Grimsby (20/. Shares), 5 1-16 dia.—North Staffordshire,
13-16 p.—South-Eastern and Dover, 31.4—Litto, No. 4,
1 9-16 dis.—York, Newcastle, and Berwick, Extensions,
No. 2, 3 5-16 p.

Gas in Guernsey is charged at the enormous and
unsaleable rate of 12s. per 1,000 cubic feet, and what is
the consequence? That in a locality possessing a town-
parish population of 16,000 to 17,000, gas is so expensive
a luxury that not even the streets are lighted! and that
the shopkeepers even, with pipes and apparatus for it up
in their premises, can only afford to light their shops
with it on a Saturday evening! To be without a gas-
work in these days of enlightenment is to be in a very
primitive state indeed—but to have a gas-work, and still
to be in the same
primitive state, shows there must be
something radically wrong. The only matter of astonish-
ment here, however, is the utter blindness of the gas
proprietor to his own interest. Doubtless his argument
is this—why, even 12s. scarcely pay me, how then can I
reduce, without a positive loss, especially with a popula-
tion who only use it of a Saturday night, or not at all,
even in their streets? a topsy-turvy argument indeed!..._
Builder.