The Sun.
London, England, 1856-08-22 00:00:00

EASTERN COUNTIES.

The following is the report of the directors of this
company, to be submitted to the half•yearly meeting
of the shareholders on Friday next :7- -.. . . .

Your directors, in submitting their half-yearly state-
ment of accounts, have to report that the total receipts of
the company are 628,939/. 91. 4d., and the expenses, in-
cluding interest upon mortgage debt, &c., 463,416/. 193. ;
for the corresponding half-year the receipts were 596,609/.
2s. Gd., and the expenses 422,5411. 9s. ld. After deducting
payments to the Norfolk, Eastern Union, Easit
Great Northern, and Blackwall Railway Companies, inte-
rest on the Newmarket and Bury capital, the Newmarket
Line purchase, Harwich lease, and new works under agree-
ment, &c., there remains a balance of 32,631/. 9s. 9d., ac
divisible amongst the ordinary shareholders of the com-
pany. This sum will enable the proprietors to recommend
a dividend of 2s. per share, carrying forward 3,4661. Bs.
2d., which, if so decided, will be declared by the board,
who have considered it desirable not to declare any divi-
dend except authorised by the proprietors, as upon the
two former half-yearly meetings the shareholders decided
upon taking the dividend declared by the directors whilst
declining to pass the accounts. The balance of 5,868/. 12s.
4d. remaining after the payment of the dividend for the
half-year ending 31st December, 1855, has not been added
to the surplus balance at the suggestion of the auditors,
who considered it desirable that this sum should be re-
tained to meet any claims arising out of that half-year's
' account.

The augmented charge for interest of 3,161/. Os. 10d. is
much larger than it would otherwise have been, owing, in
part, to the difficulties in which the company was placed
by the then agitation, and adverse reports, which, affect-
ing their credit, necessitated the company paying high
rates of interest for temporary loans. The borrowing
powers of the company having now been dearly defined by
Parliament, and the security of the company being ample,
this item of charge will in future be reduced'. The increase
in the working expenses of the company our directors
deeply regret; this results almost entirely from the state
of your permanent way and works, for not only are the
charges under this head in excess of the corresponding
half-year by 18,4511. 9s. 9d., or about 60 per cent., but the
expenditure for extra guards, pointsmen, and police, in
consequence of the extensive reparation to the road, has
added largely to the general expenses in working the line.
As the repairs, however, upon the main line are now
rapidly approaching completion, this extra expenditure is
in course of reduction.

It will be observed from the accounts that there has been
an expenditure in renovation and improvements of the
permanent way during the half-year of 79,999/. 9s. sd.
The report of your engineer, Mr. Bruit, briefly sets forth
the main features of these improvements.. Your directors
regret that they are not able to give a more detailed state-
ment of this expenditure, in consequence of the dangerous
illness of their chief engineer, but consider ing that so large
an expenditure has taken place this half- year under the
head of maintenance of permanent way, your directors
have placed the whole of this amount for the present to
the Depreciation Fund, purposing to credit that account
with 15,0001. in the current half-year's accounts. It will
be in the recollection of the proprietors that the sum of
15,0004. per annum was the amount originally stated as an
annual payment out of revenue to meet Mr. Bruff's esti-
mate of the requirements to place the permanent way in an
efficient state. Up to the close of this half-year 151,0271.
4s. 3d. has been expended to secure this desirable result,
which is evidence that these reparations at id improvements
have been proceeded in with great vigour.
. _

The locomotive expenditure, after deducting the amount
charged to the lessees of the Tilbury line, c0.,1 is less by
7421. 13s. 2d. than the corresponding half-year. The train
mileage being also reduced 35,700 miles, decreasing The ex•
penditure under this head from 11.1533 d. to 11'0713d.,
whilst the earnings per train mile have incre aced from
60.50 to 64.75.

Vv
The expenditure upon capital account for new works,
new lines, additional stock, kc., as shown in puma 14 and
15, amounts to 91,7301. ns. 7d.
The additional locomotive plant under construction, and
ordered, but not delivered, will require a farther outlay
of 10,7001.

The directors, in consequence of the illness of their, 'en-
gineer, as previously noticed, are unable to state the
amount that will be required to complete the works ordere
under the authority of the joint committee of the three
companies.
Doubts having been expressed as to the borrowing powers
of the company, your directors considered it of paramount
importance that the actual extent of these powers should
be accurately defined, as in consequence of the complicated
dealings with the different stocks of the company under its
variois acts of Parliament;it was impossible to state satis-
factorily under what act of Parliament the company were
exercising borrowing powers.
Your directors have the pleasure to report that all doubts
as to the constitution of the different stocks which form
the capital of the company are now set at rest, and the
borrowing powers have been definitively fixed during the
last session of Parliament at the sum of 3,195,2701.
The powers already exercised amount to the sum of
2,723,953/. 165., which includes the liabilities of the New-
market Railway of 116,6661. under the agreement with
that company, as well as the temporary advance to the
Eastern Union Company of 200,0001.
The bill in question was the only one promoted by this
company, and contains powers for converting the mortgage
debt into a debenture stock, bearing interest not exceeding
4 per cent. per annum, and your directors conceive that it
may be of advantage to the company that these powers
should be exercised, but before doing so it will be neces-
sary to convene a special meeting of the proprietors for
that purpose.
Your directors were called upon to oppose the two bills
brought into Parliament under the auspices of the East
Suffolk Company for a line from Beccles to Lowestoft, and
for another lino from Haddiscoe to Yarmouth ; they regret
to state that their opposition was unavailing, and those
two lines have in consequence received the sanction of the
Legislature.
A bill was also introduced into Parliament for making a
line from Tottenham to Hornsey, where it was to join the
Great Northern. As its junciion with your line was most
objectionable, your directors opposed this bill, which was
rejected by the committee of the House of Commons.
The line branching from near the Stratford station to
Loughton has been examined by 'ithe Government Inspec-
tor, and will be opened for traffic on the 22d inst. It is
intended to work the trains in connection with this branch
mainly to and from the Fenchurch-street station.
By the London, Tilbury, and Southend Acts the East
ern Counties Company, and the London and Blackwell
Railway Company are each to appoint an auditor to audit
the accounts of that undertaking, and it is necessary that,
in accordance with the above provision, the proprietors
should appoint an auditor on the part of this company.
The reports of the engineer of permanent way, the loco-
motive superintendent, and storekeeper are appended, and
also the report of Mr. Berkley, C.E., upon the state of the
rolling stock.
Since the last half-yearly meeting, Mr. Robertson, late
manager of the Edinburgh, Perth, and Dundee Railway,
has been appointed superintendent of the line in conse-
quence of the resignation of Messrs. Capper and Church,
and Mr. Sinclair the manager and locomotive superintend•
ent of the Caledonian Railway has been appointed your
locomotive manager in place of Mr. Gooch, whose term of
office has expired.

Since the last meeting of the proprietors, T. J. Mar
grave, Esq., one of your directors, has resigned his seat at
the board, and the following gentlemen have intimated
thoir intention of offering themselves to fill the vacant seat:
The Hon. Frederick Byron, Longford Grove, Maldon,
Essex ; William Harris, Esq., 20, Bloomsbury-square,
London ; Joseph Robert Morrison, Esq., Theobalds,
Herts ; Ralph Walters, Esq., 3, Sussex-gardens, Hyde.
park ; William Malins, Esq., 60, Montague-square.