The Sun.
London, England, 1848-02-28 00:00:00

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EASTERN COUNTIES RAILWAY.
The twenty-third half-yearly general meeting of
the shareholders of this company was on Saturday held
at the London Tavern, for the purpose of receiving a
report from the directors of the progress of the
undertaking, and for the transaction of the other
business of the company.
The chair was taken at twelve o'clock by G.
Hudson, Esq., M.P.
The SECRETARY having read the notice convening
the meeting, proceeded to read the report, from which
it appeared that " The directors had to announce a
dividend of_ eight shillings per share of 201. each, of
the consifflated stock of the company, for the half-
year ending the 4th of January last. This diminu-
tion of dividend was stated to be owing to the
amount of consolidated stock upon which it was now
payable, exceeding by a large sum that of the pre-
vious half-year, and also in consequence of the inte-
rest upon Extension Stock, No. 2, hitherto charged
to capital in accordance with the resolutions under
which it was created, being now altogether charged
to revenue. The increase on the gross receipts from
traffic over the six months ending the 4th of January,
1847, had been—
From Passengers
Horses, carriages, and dogs 371 19 5
Goods, cattle, and coals

£69,566 15 10
The report went on to state that the directors had
since the last meeting of the shareholders of the com-
pany, anxiously directed their attention to the sub-
ject of the working expenses, and they had now the
satisfaction to state that a very considerable reduction
had been effected upon the mileage run during the
past half-year. This reduction had not been effected
at the expense or efficiency in working,
or of the
security of the public ; as a proof of which it might
be stated that 2,471,381 passengers had been safely
and punctually conveyed along the lines of the com-
pany during the year 1847. The usual half-yearly
reports of the resident engineer and of the locomotive
superintendent were of a highly satisfactory cha-
racter, both in reference to the state of the permanent
way, and of the engines and plant of the company.
The directors regretted that circumstances had oc-
curred to delay the opening of the March and St.
Ives, and the Maldon, Witham, and Braintree lines
at the periods mentioned in the last half-yearly re-
port, but the former had been used for goods traffic
since the first of the present month, and would be
ready for the reception of passengers on the Ist of
March ; the latter would be completed for both goods
and passenger traffic in the early part of May next.
The directors had received intimation from the di-
rectors of the Newmarket Railway, that that line
would be opened in March, and they beg to announce
that a satisfactory arrangement had been entered into
between the two companies for working the traffic.
The portion of the Syston and Peterborough line,
between Stamford and Melton, would be finished
next month ; thus completing the link between the
Midlands and,Eastern Counties Railway. In con-
sequence of the recent commercial pressure, the
directors had not taken any steps for the construction
of the Cambridge and Bedford and the IV isbech and
Spalding lines, for which Acts were obtained last
session ; and, in accordance with the provisions
of the recent Act of Parliament, the con-
tracts for those lines would not be let with-
oat the previous sanction of the shareholders.
Kt became, in the opinion of the directors, necessary,
during the money pressure in November last, either to
forfeit absolutely the York Extension shares, which
were in default for not paying calls beyond 10s. and 2/.
per share, or to give the holders one further chance
of saving the investments they had made, while they
contributed additional monies to the funds of the
company. Accordingly an advertisement was issued
on the sth November last allowing those holders,
who bad paid 10s. per share, to pay 21. per share
more, on or before the 10th December, and those who
had paid 21. per share to pay 31. per share more on or
before the same date, when their existing certificates
would be cancelled, and scrip certificates for Eastern
Counties Guaranteed Stock, carrying 5 per cent.
interest in perpetuity, would be issued for the 21. 10s,
and for the 51. respectively paid. The total amount
received under this measure from defaulters did not
exceed 31,0-18/., and in respect of that sum and former
payments, scrip had been issued in accordance with
the advertisement. The result of the measure, inde
pendently of the above receipts, had been to place in
the company's hands the power of issuing, or selling
with the sanction of the proprietors, a stock of about
400,0001. in amount, either as York Extension Shares,
or as a perpetual Five-per-Cent. Stock. The
directors who retired were----Mr. Waddington, Mr.
Butler, and Mr. Wells, all of whom were eligible fur
re-election."

From the financial statement of the company it ap-
peared that the capital stock of the company amounted
to a gross sum of 7,320,3201. ls. 6d., the disburse-
ments to the sum of 730,7241. Bs. 3d., leaving a
balance in hand of 28,078/. 131. 3d. The revenue
account of the half-year ending 4th of January, 1848,
_showed receipts amounting to 323,856/. Is. 4d., the
expenses to 179,3801. 14s. 5d., leaving a surplus
available for the payment of dividends of a sum of
144,4751. 6s. 10d._ _ _ _

Mr. HUDSON, M.P., said that he had now to move

the adoption of the report. I-1c regretted as much as
. .

any one present to meet them with a diminished di-
vidend. The meeting would find, however, that a
um of upwards of 12,000/. was still left, after the
11157rnent of the dividend, and had the directors distri-
buted the whole amount of the profits, they would
have been able to pay is. per share more than they
now recommended. The traffic, he thought, was
most satisfactory. They had obtained during the
last laf-year a sum of 12,0001. per week, which he
thought was as much as the most sanguine expecta-
tions could lead them to expect. With regard to the
working expenses of the line, he admitted that they
were very large. The company had to pay 26s per
ton for eoke, whereas in the north of England they
obtained the same article for 13s. per ton.
Coke formed a very serious item in the
expenses. That charge would be reduced
when the Syston and Peterborough line should be
opened. He had always held a strong opinion on the
benefi cialresults of that line when opened, connecting

as it 'would Norwich and all the western districts Of
Yorkshire, bringing the coals of that district on to
the line traversed by the Eastern Counties; he anti-
cipated' a large increased revenue from this source.—
(Hear, hear.) He had expected that that line would
have b een opened before this, but difficulties had in-
tervem xl to prevent the opening of the line :
already •an engine had gone over the line without
stoppag es, and he hoped that about the middle of
March that line would be opened for the traffic of the
Eastern • Counties.—(Hear, hear.) The other lines
referred to in the report would when opened also tend
to impie we the revenue of the company. The Great
Norther n Rail way proposed also that one of their
lines should come int.) the station of this company at
Peterbol. ough, and the directors were quite ready to
give the s n the best facilities in their power.—(Hear.)
lie hope c l that all these lines being in action, the ex-
penses o i' working them would not increase propor-
tionately with the revenue, but that the expenses would
decrease i materially while the revenue also increased
considers bly.—(Hear, hear.) He found that in the
year 184 i 3 the receipts upon the line averaged 1,300/.
per mile, whereas last year the average returns per
mile had h een 1,7641., being an increase of about 6001.
per mile; —(Hear, hear.) The directors had done
their best for the company, and they appealed to the
meeting w ith confidence for their approbation, and if
they were of opinion that any ;body of men could
manage bel :ter than them, he for one was perfectly
ready to re sign the management into their hands.—
(Cries of" No, no.") With respect to the view which
the directc Ts took with respect to their proceedings
upon the si litres, they had acted upon the best reflec-
tion. It w as quite true that the company had not
realised a • cry large sum by the transaction, but they
had
been e ,nabled to meet all the liabilities of the
company y their so doing, and had been placed in a
position of c lealing with a large number of shares in
any manner • they might think fit when the occasion
required.— (Hear, hear.)
A SHIRE NOLDIR wished to know why they were
not called t ogether to have been consulted
on the
subject.
The CHIULAN said that he did not think it wise
at that time to agitate the public mind on the_u
subject,_ar:
nor to expos, the condition of the company
hear.) By the course they had adopted the company
d were
had been placed in a creditable. position ; they
perfectly rev ,dy to pay their dividends.—(Hear, end s.—(Hear, hear.)
This compel iy was not like some of its. neighbours,
with a bone 'wed capital of seven or eight millions ;
the whole in nount of their loans was not more than
700,0001. or *OO,OOOl, and if the vAhole of the calls
:were to be l said up they would be enabled to pay off
the whole of their borrowed money.—(Hear, hear.)
Dr. RYLA 11D said that he was not at all surprised
that the divi Bend had been reduced, when he consi-
dered the de pressed state of the country.—(Hear,
hear.) He pressed upon the directors the necessity
of adopting economy in their management, and
avoiding., ass nuch as possible litigious proceedings.
Mr. Fuel._ re commented at some length upon the
proceedings connected with the forfeiture of the
shares referr ad to in the report, and contended that
the directors had no right to charge the funds of the
Company will a 5 par oent. in perpetuity, and trusted
that such a e
out calling th )urse would not be adopted again with-
A SHARED a
oLmDeeting together.—(Hear, hear.)
zahead
called attention to the enormous
charges etude)
the
tinting
in ofle law and Parliamentary
charges, anni
pdrasenttorrsepteoratdteoptamboeua_t
35,000/., arc I requested the
sures to liqui sate the enormousirg
Mr. WAD: I IiNGTON replied to t:ergcehsa.rges brought
against the d irectors for encouraging the heavy law
expenses, an(
1 contended that their exertions
noon, and might, hart been mainly instruninleonrtaailig'
planing the company in its present position,
and