The Sun.
London, England, 1851-08-26 00:00:00

LONDON, TUESDAY . IKyENING, AUGUST 26, 1851.

RAP— I'4'A Y IN'TELLIG'ENCE.
E ASTERN COUNTIES.
The 30th half-yearly meeting of the shareholders of
this company was held yesterday at the London
Tavern, Bishopsgate-street. The chair was taken at
one o'clock by Mr. D. Waddington, M.P., chairman
of the board, who was supported by Mr. Bsgshaw,
M.P., and many of the directors. There was a nu-
merous attendance of proprietors.
The notices convening the meeting having been read
by the secretary,
Mr. HELPS, a shareholder, said he wished, before
anything further was done, to protest against the con-
stitution of the board of directors. Since the last
meeting two directors, Mr. Fane and Lord A. Paget,
had been added to the board by the other directors, in
the place of Mr. Joseph Glyn and Mr. Samuel Ellis,
who had resigned. He did not wish to say anything
disrespectful of the new directors, but it had certainly
been understood that after the year 1849 all members
of the board of directors were to be elected by the pro-
prietors--(Hear, hear)—and he wished to know whe-
ther any explanation would be afforded to the meeting
on that subject.
The CHAIRMAN replied that at the proper time he
would be ready to give an explanation.
It was agreed that the report of the directors and
the statement of revenue and expenditure, copies of
which had been forwarded to the proprietors should be
considered as read. Abstracts of these documents
have already appeared.
The CHAIRMAN then observed that it was his wish,
on the part of the board of directors, to afford the
shareholders information upon any points on which
it might be desired, and to make them as fully con-
versant with the affairs of the company as were the
directors themselves. The statement of the traffic
receipts, as would be seen from the report, exhibited a
decrease as compared with the six months ending July
4, 1850, of 33,5241. Some reduction in theirreceipts
for the past half-year was, however, anticipated. It
would be necessary, in dealing with this part of the
subject, to refer to the proceedings of the Great
Northern Railway Company, but he could assure
them he did not do so in any spirit of hostility, but
simply that they might understand the position in
which they stood with regard to that company. The
Great Northern Company, up to August last year,
bad been feeders of the Eastern Counties line at Peter-
borough, bringing to them at that place the bulk of
the goods traffic for the south, because, although the
London and North-Western line had a communica-
tion with Peterborough, the great proportion of the
southern traffic came over the Eastern Counties lies.
When, however, the Great Northern line was
opened throughout, in August last, the Eastern
Counties Company were deprived, to a great extent,
of the Lincolnshire and other northern traffic,
and lost a large amount of revenue which they had
previously enjoyed. The Great Northern Company
also opened a branch from Hitchin to Royston,
and, by running omnibuses thence to Cambridge, and
conveying passengers at a lower fare than the Eas-
tern Counties, they abstracted much of the traffic pre-
viously carried by the Eastern Counties Company
between Cambridge and London. The Eastern Coun-
ties, directors, therefore, felt it their duty to bring
down their fares to something like the amount charged
by the Great Northern, and their receipts had of
course been considerably diminished by the reduced
fares adopted. With regard to the expenditure, they
would observe that a very considerable reduction had
taken place in their locomotive expenses during the
past half-year—a reduction to the extent of something
like 3d. per running mile. (A Shareholder—" About
2id.") Well, probably the hon. proprietor was cor-
rect in his calculation. Reports on the subject of the
locomotive stock had been made by Mr. Gooch, their
locomotive superintendent, whom he had always found
most anxious to meet any suggestion made to him ;
and who devoted himself with unwearied attention to
his duties. They would observe that Mr. Gooch ex-
pressed his opinion that the working expenditure
would be gradually reduced, and in that statement he
(the Chairman) fully concurred. There were some
items in their accounts (which had for the four
half-years past been made out under the super-
intendence of Messrs. Quilter, Ball, and Co.),
which, coming under the head of extraordinary ex-
penditure, might require some explanation, for he
knew there was a general impression that their expen
diture was more extravagant than that of other
metropolitan lines, and higher than it ought to be.
There was during the last half-year a charge for
fifty-one waggons to replace old stock. They were
aware that some years ago they had unfortunately
frequent accidents on their line, causing great de-
struction to their waggon stock, which was being
gradually replaced, and hence arose the necessity for
this charge. There was in the accounts an item of
4861. for the expens©s of the shareholders' commit-
tee. Now, he hoped that item would not appear in
the statement again, but that they would be able to
dispense with the services of such a committee in
future.—(Hear, hear.) There were charges under the
head of locomotive expenses—including 3,3001. for
the fifty-one waggons to which he had before referred
—to the amount of 5,5451., which were not likely
again to occur; and he thought, then, there was a
very fair prospect that their expenses would soon be
considerably diminished. With regard to the expen-
diture for permanent way, he had felt it his duty to
call upon the superintendent of that department to
give some explanation as to the excess of expenditure
during the last half-year over that of the correspond-
ing period last year. It appeared that the additional
expenditure was occasioned by the enlargement of
stations, the placing of new sidings, the erection of
coalsheds, goods warehouses, and various other
works which had been charged upon the revenue.
Now, according to his view, although their capital
account had been stated to be closed, be thought it
impossible that could be the case in a concern like the
Eastern Counties Railway Company. At Ware, for
instance, they had a station containing a very
large
goods shed, but it was found to be totally inadequate
to the traffic. If they wanted a certain sum merely
for the repair of that station, the charge ought to be
thrown upon the revenue ; but if it was necessary to
enlarge the warehouse, the advantage of such an im-
provement would not be derived exclusively during
the next half-year, but would be permanent. He
thought, therefore, that the charge for such works
ought not to be thrown upon the shareholders for the
current half year, but ought to be placed to the capi-
tal account.—(Hear, hear.) The directors bad been
authorised to set aside 8,0001. for the half-year ending
in June, and 14,0001. tor the half-year ending in De-
cember, for the maintenance of the permanent way ;
and although Mr. Ashcroft, the superintendent of
ways and works, did not think the 8,0001. would be
requisite, the directors had considered that the safer
course would be to include that amount of charge in
the accounts for the past half-year. The directors bad
stated in their report, having regard to the experi-
ment of fish-jointing the rails, that further experience
might induce them to recommend a reconsideration of
the propriety of putting aside an annual sum as a de-
preciation fund for the permanent way, or an altera-
tion in the amount so reserved. For his own part he
believed the principle of the fish-joint was sound, and
that they might be able eventually to give up alto-
gether the maintenance of a reserve fund for the per-
manent way. He would say one word with regard to
the legal expenses included in the accounts, which
amounted to 5,0061. 16s. 5d., and might be considered
a very large sum.—[A. Shareholder—" For how
long ?"] This charge was for a period of six months.
Their solicitors were gentlemen of the highest emi-
nence in the profession, and no less than 3,3691. of
the charge he had mentioned was for Parliamentary
expenses during the last session, necessarily including
a very large sum out of pocket. The expenditure was
incurred not only with the view of protecting the pro
perty of the shareholders, but also the guaranteed
stock, and he thought it a question deserving consi-
deration whether the ordinary share capital of the
company ought to bear the whole burden of this
charge.—(Hear, hear.) The money was not spent
merely for the benefit of the proprietors during a par-
ticular half-year, but was for the advantage of all
future shareholders. He could point out other com-
panies which threw such charges upon their capital,
and his own opinion was that the guaranteed stock
ought to bear a share of these expenses with the
ordinary shareholders, for he must remind them
that not only had they been obliged to enter into con-
tests with other companies during the last half-year,
but that they would have to engage in similar contests
during the next session of Parliament. He wished to
ascertain what were the views of the proprietors ge-
nerally on; this subject, for, if they had hitherto
acted upon a wrong principle, they might change
their course in future. There was another charge in
the accounts of 741. for proxy stamps, and he must
say, for his own part, that he would never put the
shareholders to the expense of a shilling for the sake
of obtaining a proxy.—(Hear, hear.) There was in
the revenue account a charge of 2,537/.93. 6d., paid
during the half-year for casualties arising from the
unfortunate accident which occurred the day before
last Christmas-day, and the amount, under the head
of casualties, still outstanding was estimated at 7,500/.,
making together 10,0371. 9s. 6d. It was estimated
that the amount of 7,5001., which was set aside, would
more than cover the demands under this head. There
was another item of 2,7691. 153. 3d. for the amount
expended in the preparation of statements with the
view of appealing against the parish assessments.
That expense was incurred previous to this half-year
in getting up data showing what the company
earned per mile, and at each of their stations, in
order that if any question of rating arose they
might have the means of substantiating their case..
A ';um of 1,647/. had also been paid to Messrs. Quil-
ter and Ball for investigating the capital expenditure
of the company. He had received numerous letters
inquiring how long this expenditure Was to go on,
and he begged to say that he bad ascertained that the
additional expenditure was estimated at about 3001.,
and the charge would then cease. He need not re-
mind them, however, what valuable information they

had d liead Crain the investigations of Messrs. Quilter
and Bail. There was another item in the revenue ac-
count of 10,0001., " to amount of the remaining ba-
lance of this account transferred to the account of
' Rent of Joint Stations,' with the view to provide for
the loss thereon, the earnings under this head having
been overstated in revenue accounts anterior to Janu-
ary, 1849." He could only say in justification that
the directors felt the utmost anxiety to start with all
outstanding claims wiped away. They felt that the
time for despondency has passed, and that they had
now to endeavour to develope the resources.of the dis-
tricts through which their line passed, starting with
a clear balance-sheet. They thought, therefore,
though it was a great sacrifice to abandon all hope of
a dividend for the past half-year, that it was desirable
to set aside this sum for the purpose to which it was
to be applied. The auditors in their report made this
statement :
" The charge for legal expenses (including Parlia-
mentary opposition to competing lines)' contains two
items, amounting together to 6501., paid by order of
your late directors; for these amounts no vouchers have
been produced to us, and on inquiry we are told it would
be undesirable for you to possess particulars of this ex-
penditure. We cannot, consistently with the important
trust reposed in us by you, accept this explanation, and
therefore submit both these matters to you, to deal with
as you think fit."
He did not wish to make any observations upon the
conduct of the gentlemen to whom the auditors re-
ferred, and who were no longer members of the board
of directors ; but, so far as he had been able to ascer-
tain, he must say he believed the parties who directed
the expenditure thought it desirable that such an
amount should be placed at the disposal of the secre-
tary, with the view of advancing the interests of the
company. The amount had, he believed, been ex-
pended with that object alone. With regard to the
Harwich agreement mentioned in the report, the seal
of the Eastern Counties Company had been affixed to
it, and it was expected that it would receive the
sanction of the Eastern Union proprietors at the
end of this week or early next week. He believed
that arrangement would be of the greatest importance
to the Eastern Counties Company, and he was sure
prised, when it was necessary to construct only 10i
miles of railway to establish a communication with
one of the finest harbours on the eastern coast, that
the work had not been undertaken much sooner.—(A
Shareholder—" What will the line cost ?") He was
told that, according to the revised contract, making a
single line, including the land, but independently of
the harbour works, the cost would be about 150,0001.
—(A voice—" Then we shall have no dividend next
year.") With regard to the Norfolk agreement, he
did not think it desirable to enter into that question
at any length on the present occasion. The Norfolk
Company had communicated with the Eastern Coun-
ties directors, inquiring what course they intended to
take. They considered that the best course they
could pursue was to rely upon the agreements they
had previously made with the Norfolk Company for
a given number of years. He was convinced that at
the present moment it was desirable they should
maintain amicable relations with that company, and
he hoped no question would be introduced to-day
calculated to engender any ill-feeling or to cause a
renewal of an acrimonious correspondence. The estab-
lishment of steam-packets at Lowestoft was likely to
be of very great importance, not only in develop-
ing the resources of that town, but in adding to
the revenues of the Eastern Counties Company.
—(Hear, hear.) However Mr. Peto might be held
up as courting the Norfolk Company, he (the chair-
man) knew that Hon. Gentleman was doing all he
could, by an outlay of his own money, to develope
the resources of Lowestoft, and in so doing he must
necessarily add greatly to the revenus of both compa-
nies. With regard to the Great Northern Railway
Company, some two years ago that company entered
into an agreement with the Eastern Counties Com-
pany, whereby they were to abandon the construction
of a line called the Boston, Stamford, and Birming-
ham line, which gave them access by Peterborough
to Wisbeach, and the Eastern Counties Com-
pany agreed that the Great Northern should
use their line from Peterborough to Wis-
beach, paying 60 per cent. upon their receipts.
At the time that agreement was made the Great Nor-
thern Company would not have had the means of
joining the East Anglian Company at Wisbeach. A
few months ago, however, in consequence of some ar •
rangement they had made with the East Anglian
Company, the Great Northern Company gave notice
to the Eastern Counties of their intention to work
over the Eastern Counties line, and instructions were
given that they should do so accordingly. Having
given them the privilege of running to the Wisbeach
station, the Eastern Counties Company considered
they had fulfilled their part of the bond ; but the Great
Northern Company said, "We will stay short of
Wisbeach and use another line communicating with
the East Anglian line." The Eastern Counties di-
rectors replied, " No, you shall go to \Viabeach, but
you have no right to stop short and use the East
Anglian line for the purpose of diverting our traffic.
We, shall, however, be very glad to make
arrangements with the Great Northern or any other
company for the purpose of carrying out the views of
Parliament." But what did the Great Northern say
in their recent report ? It contained this passage :
" The Great Northern have also commenced working
from Peterborough to Wisbeach, and over the East
Anglian lines from Wisbeach to Dereham. The
Eastern Counties Company, in contravention of their
agreement with the Great Northern, as well as against
the rights of the East Anglian Company, secured by
Act of Parliament, have shut up the points of junction
between the Eastern Counties line and the East
Anglian line at Wisbeach." Why, if the directors of
the Eastern Counties Company had not done so they
would not have been faithful guardians of the interests
of the shareholders. The Great Northern line had
given them notice of proceedings in Chancery, but he
dared them to proceed. If that company thought
they would obtain the use of station upon other lines,
and that the companies upon which such claims were
made would stand quietly by without endeavouring
to maintain their just rights, they would find them-
selves egregiously mistaken. But, even if the Great
Northern Company obtained the powers which they
sought through the interposition of the Court of Chan-
cery, he had no doubt that in the end the Eastern
Counties Company would be enabled to gain their
just and equitable rights ; and they would still have
the advantage of possessing much more direct
communication between London and Lynn,
Dereham and Swaffham, than the Great Northern.
The Great Northern Company also complained
that they were not allowed to run over
the Eastern Counties Company's line from Shep-
reth to Cambridge ; but Parliament had denied the
Great Northern Company this running power, and
why should the Eastern Counties Company grant
that which, upon five successive applications, Parlia-
ment had refused ?—(Hear.) He could only repeat
that the directors were prepared to meet the Great
Northern Company in a spirit of amity, for the pur-
pose of carrying out what they considered to be the
views of Parliament ; but if the most direct commu-
nication was entitled to the traffic, he maintained that
that direct communication was by the Eastern
Counties line, and the directors were determined to
defend their right to that traffic as long as they had the
support and concurrence of the shareholders.—(Hear,
hear.) He was not prepared to state what measures
it might be desirable to adopt in the next session of
Parliament, but he would say that, beyond the preli-
minary expenses which might attend the giving of
notices of the making of surveys, the directors would
not incur any expenses without asking the sanction
of the proprietors.—( Hear.) He might remind them
that in April or May last it was announced that
the Eastern Counties directors were en-
deavouring to make arrangements for enter-
ing into part occupation of the Fenchurch-street
station of the Blackwell Railway Company,
who projected a line to be carried opposite to Graves-
end. He hoped arrangements would shortly be made
whereby the Eastern Counties Company would have
free access to the Fenchurch-street station, and he
was informed that the Blackwell Company were pre-
paring plans for giving them a siding for their own
use. If they could obtain such accommodation upon
fair and equitable terms, the greatest advantages
must result to the Eastern Counties Company.—
(Hear and cheers.) Complaints had been made that
the directors of the Eastern Counties Company had
been advertising for money and offering 4 j per cent.
They had to measure their credit by the opinion
which others entertained of it, and so long as they
could not obtain money at 4 per cent. they thought it
advisable to advertise for it at 4i. He was glad to
say, however, that the money was coming in very
freely, and he had no doubt they would soon be able
to obtain the advances they required upon as favourable
terms as any other company. He was glad to be able
to state that their goods traffic was progressing most
satisfactorily. He found upon a comparison of the
returns which were delivered monthly that at nearly
every station on the Eastern Counties line, ex-
cept where it was inimmediate contact with the
Great Northern, the goods traffic had increased.
He was not aware that there were any other
observations he had to make, except upon the
question of remuneration to the directors. So far
as he was concerned he left the proprietors to deal
with that subject as they thought fit. The amount
now set aside for the directors was 1,8001. a year, the
sum which had been appropriated to the same purpose
for years past, and he thought, if they wished to have
directors who attended to the business of the company,
it would be necessary to give them a fair remunera-
tion for their labours.—(Hear, hear.) He begged to
move that the report of the directors with the accounts
be adopted.
Mr. NATHAN found there were two new directors,
one of them a noble lord, and understood they only
held the number of shares necessary to qualify them
for a seat at the board. Now, he thought there were
many proprietors who would be ready to go into the
direction who held.—not 20 shares bought at 51.

shire—hut 400 or 500 sbares.—(Hear, and a laugh.
The CHAIRMAN observed that one of the new
directors, Lord A. Paget, joined the board at his spe-
cial request. Lord Paget lived within five or six
miles of Ipswich, and it had been suggested to him
(Mr. Waddington) that it would be desirable for the
interests of the company to cultivate a friendly alli-
ance with him. He (the Chairman) was introduced
to the Noble Lord, and being struck with his business
habits, to which all his co-directors would bear wil-
ling testimony, and knowing also his influence in
Parliament—(Hear, hear)—a consideration of great
importance to the company—(Hear, hear)—he re-
quested Lord A. Paget to qualify as a director, and
he was satisfied that in doing so he exercised a sound
discretion.—(General cries of " Hear, hear.")
Mr. A. T. SMYTH, one of the directors, confirmed
the statement of the Chairman as to the business
habits of Lord A. Paget, and his attention to the
affairs of the company.
The CHAIRMAN said, in reply to questions, that the
expenditure of the Harwich branch was to be under
the control of a joint committee appointed by both
companies. He believed the works were to be exe-
cuted for 108,0001., or thereabouts, and the land
would cost about 40,000/. ; so that there would be a
margin of about 20,0001. under the sum of 200,0001.,
which had been estimated to cover the execution of
all the works. He believed the outlay in the first
instance would be about 150,0001., as the inhabitants
of Harwich had obtained an improvement Act, and it
was not improbable they might construct a pier. The
company was to pay 4 per cent. interest upon the
loutlay.
Mr. PEPLAREN complained of the expenditure of so
large a sum as 5,0001. for the direction and manage-
ment of the company's lines, and suggested that the
directors of the Northern and Eastern Railway Com-
pany, who had seats at the Eastern Counties board,
and to whom 1,0001. was awarded under the authority,
of an Act of Parliament for their services, should re-
linquish their claims to that sum, and hand it over to
form the nucleus of a dividend for the unfortunate
Eastern Counties shareholders.—(Hear, hear, and
laughter.) He hoped the directors would forego their
remuneration, for many of those gentlemen were mil-
lionaires, and the pittance of 2001. or 3001. a year
could be of no great consequence to them.—(A laugh.)
Mr. DeetawAT thought they were paying rather
too much to their directors. He considered that they
ought to be properly remunerated for their labour,
but that they should be required to possess such an
interest in the company's stock that the amount they
received as directors should be a matter of secondary
moment to them. When the dividend available was
only at the rate of 3kd. in the pound for every 201.
invested in the company, he thought there must be a
very lax management. Might they not, in conse-
quence of the reduced price of articles of consumption,
effect some reduction in the salaries of their 2,000 or
3,000 servants ? His land yielded him 20 per cent.
less than it did when he invested in this line, and if
they, as landlords, were making so large a sacrifice to
reduce the cost of provisions, they ought, as proprie-
tors in railroad companies, to derive some benefit in
return. If a reduction of 5, 10, or 15 per cent. were
made in the wages it would at least assist the impo-
verished proprietors. There were hundreds of per-
sons deprived of the ordinary luxuries and even ne-
cessaries of life in consequence of their investments in
the Eastern Counties Railway.
Mr. BAGsn4w, M.P., said that he had worked
night and day for the benefit of this company as a
director. As he had exerted himself he would con-
tinue to exert himself—but he would be paid for it.
—(Hear, hear, and a laugh.) If his colleagues were
to receive fees for their attendance, he would receive
the same.—(Hear, hear.)
Mr. Box considered that the working expenses of
the line were very heavy. In the last half .year but
one the cost was about 1611 per train per mile, while
upon the Great Western it was little more than 9d.
In the last half-year the expense on the Eastern
Counties line had been 131 d. per train per mile, so
that a reduction to the amount of nearly 3d. per train
per mile had been effected within half a year, but he
thought it would not be difficult to make a still fur-
ther saving. There could be little doubt that the
Great Northern Company would continue to make ag-
gressions upon them, and unless some very extraor-
dinary reductions could be made in the expenditure
of the Eastern Counties Company he could not anti-
cipate a dividend even at a remote period. He
wished to ask whether the chairman's attention had
been directed to the compressed air machinery ?
(Cries of " Oh, oh," and great laughter.) He was
empowered by the patentee of the compressed air
machinery to say that he was quite willing at his own
expense to try the effect of his principle upon any
of the company's branch lines, so as not to interfere
with the traffic.
The CHAIRMAN—He shall have an opportunity,
then.—(Laughter and cheers.) [The chairman sub-
sequently explained that the directors would be
willing to allow a trial of the principle, but the ex-
periment must not be attended with any cost to the
company, nor would they allow their own engines to
be used.]
Mr. Box thanked the chairman for his offer, ob-
serving that the readiness with which it was made sa-
tisfied him that the Hon. Gentleman was most de-
sirous to endeavour to bring the expenditure of the
company within moderate bounds.
Mr. ROBINBON suggested that an attempt should be
made to induce the three railway companies in the
eastern counties to unite themselves into one corn-
pany.—(Cries of " Oh !" and " No, no.")
The CHAIRMAN stated, in reply to questions, that
the directors had effected a reduction of about 3,500/.
a year at the Bishopsgate station alone, in the clerks'
and stores' departments. The miscellaneous expenses
of the company were, he admitted, light, but he was not
at all satisfied on that subject, and had called for a re-
port from each of the officers with reference to the
items charged.
Some conversation then took place with regard to
the passage in the auditors' report which was quoted
by the chairman, referring to two items, amounting
together to 6501., paid by order of the late directors,
but for which there were no vouchers.
Mr. Exam (a late director) said that he heard from
one or two of the directors some time since that a
question had been raised upon this point, but without
any reference to him. He was therefore somewhat
surprised when he saw in the auditors' report that the
money had been expended by two of the late directors,
and it was undesirable to enter into any explanation
with regard to it. He had written to the auditors to
know whether he was one of the parties alluded to,
and whether he had stated particulars could not be
giver). They replied that he was one of the gentle-
men alluded to, but that he was not the person giving
the reply mentioned. Now the fact was, as far as he
recollected, that the solicitors applied to the finance
committee for 1,0001. an account, and that it was
passed without any explanation, a sum of 3,0001.
being then due to these gentlemen. Four of the pre-
sent directors were at the committee meeting at the
time, and it was, therefore, unfair to place the whole
of the odium, if odium there was, attaching to the
construction upon the late directors.
The CHAIRMAN bad hoped that the matter would
have been allowed to drop after the explanation he
had given in his opening address. The subject had
come to his knowledge through applications being
made to him for assistance to enable parties to test
the legality of the agreement with the East Anglian
Company. This he had refused to give, and upon
his mentioning the subject to the solicitors, they ex-
plained that the sum of 1,0001. had been voted for
similar purposes, of which between 5001. and 6001.
had been expended. He at once called the attention
of the directors and auditors to the subject, and he
could assure them that, so long as he remained in
office, there should be no money spent in secret ser-
vice, without they first placed sufficient confidence in
him to vote it for the purpose.
Some other explanations were given on the sub-
ject, and
Mr. GLYN (the late chairman) said—Early in the
present year the company were likely to suffer from
several Bills brought into Parliament, and especially
one by the Great Northern Company, for the making
of a line from Shepreth to Cambridge, there to join
the Newmarket Railway, but the real object of the Bill
was to obtain running powers over the Eastern
Counties. It was most desirable that this Bill should
be opposed in the first instance, and thrown out on
the second reading, but unfortunately this company,
had no locus standi nor right to oppose the Bill ex-
cept upon its clauses in Committee, and, if the Bill
I got into Committee, the expense to this company
would have been very great, and the Great Northern
could not well fail in obtaining some privileges
which would have been greatly to the detriment of
this company. It was under these circumstances I
consulted your solicitors, and, as the company could
not oppose the second reading, it became necessary, to
do it through the medium of third parties. Mr.
Roney suggested, that by the
judicious expenditure
of a sum of money not exceeding 5001., this might be
done, and he proposed to manage the matter if he
were permitted to do so. The solicitors foreseeing the
difficulty which has arisen, as indeed I also did,
namely, that there could be no vouchers for such
expenditure, advised that I should in the first
instance mention the matter to the auditors, and I
accordingly did so, but Mr. Reeves answered, as I ex-
pected he would do, that they ought to have vouchers.
There the matter ended, so far as I was concerned,
hut Messrs. Crowder and Maynard advanced to Mr.
amounhti.ng in all to
sinced my
Roney various sums of money,
5001., some of which they havewith paid
great tact and
resignation, and
.Mr. Roney, judg-
ment, with the aid of the. laclowners and the colleges,
petitioned against. the Bill, and by the weight of their
IParliameetary influence, succeeded in quashing the
Bill on its second reading. The landowners and the
colleges were the nominal opponents, hut the real op-
position was ours. I consider the company are mucl
indebted to Mr. Roney for the pains he took and the
exertions he made to organize this opposition, and

although I gave no orders to Messrs. Crowder and
Maynard to advance the money, or to Mr. Roney to
\employ it, I think I should have been wanting in my
duty to this company if I had refused to give it, or
to advance the money myself, and then to have come
to you at this meeting, and state the circumstances,
as I now do, and ask for an indemnity at your hands.
Had the Bill gone into Committee, expenses to five
times the amount must at least have been incurred,
and the company's interest have suffered from the
further encroachments of the Great Northern Com-
pany.
The subject was then allowed to drop, and the re-
port was adopted.
A resolution, moved by Mr. Danawar, was then
carried, that the expense of management should be
taken into consideration by a committee, consisting
of two directors and three shareholders ; but the
shareholders having by this time been engaged in the
meeting nearly five hours appeared anxious to break
up, and the committee was not named.
A variety of motions upon all manner of imagin-
able subjects, such as printing a list of the share-
holders, the carrying out an amalgamation with the
Eastern Union, the upsetting the Norfolk agreement,
the qualification of future directors, &c., were then
put by independent shareholders, and at once with-
drawn or negatived.
Votes of thanks to the chairman and auditors, who
respectively acknowledged the compliment, were they
; carried, and the meeting separated.

EASTERN UNION.
The executive committee appointed by the board of
directors to manage the affairs of the company have
issued their first report, to be laid before the share-
holders at the half-yearly meeting on Friday next.
The report states that the London office is no longer
necessary, and will be closed at the end of the present
month. Within the last two or three weeks, fortu-
nately for all parties connected with the undertaking,
a movement commenced amongst an influential section
of the preference shareholders. A meeting of such as
were registered was held in London, and a committee
of them has been appointed to communicate with the
directors, to consider terms of arrangement. The
movement on the part of the preference shareholders
has afforded an opening to negotiate with the simple
contract creditors of the company. Meanwhile, it
would tend much to the advantage of all the interests
at stake, and to a speedier, if not more certain, settle-
ment of difficulties, if all the debenture shareholders
would temporarily unite in foregoing their claim to
the liquidation of bonds overdue, or may be in course
of becoming, so their interests continuing to be
punctually paid. Thus (if confirmed), through an
arrangement which the welfare of every party con-
nected with the railway imperatively called for,
and by scrupulous and wise economy, dormant
sources of traffic may be gradually developed,
the receipts of the line must progressively increase,
and the unguaranteed shareholder may at last hope
to reap some return from the profits of a concern
to which he has so largely contributed. The Har-
wich agreement has been sealed by the Eastern
Counties board, and it now only requires the sanetion
of the shareholders and the amicable co-operation of a
joint committee of the boards of the two companies
for the line to be forthwith commenced. The terms
are, that the Eastern Counties Company guarantee
four per cent. on the cost, with half the surplus profits
arising from the traffic between Harwich and
London, and between Harwich and all sta-
tions on the Eastern Counties line, which terms will
enable the directors to complete the line on its own
security. The Trowse brancb, connecting the line
with the Eastern Counties system at Norwich, is now
ready for work. As regards the items classed under
the head of general expenses, &c., the committee hope
to reduce them one-third. In conclusion, the com-
mittee state that taking the income of the line for the
year ending June, 1852, to be the same as that real-
ized for the year ending June, 1851, viz., at about
111,0001., 58 per cent. (or 64,3801.) will suffice for
working expenses, including a reasonable provision
against depreciation. This would leave as surplus net
income 46,6201. If this be a fair estimate, it will al-
, most necessarily follow that under more vigorous
, management, more rigid economy, relief from pecu-
, niary pressure, and the opening of fresh sources of
traffic, the net surplus revenue after June, 1852, can
, never well be less than 52,0001. per annum. Beyond
this the committee at the present time do not venture
to offer a surmise. The capital account shows that
, 2,121,0431. had been received, and 2,118,1721. ex-
, pended, leaving a balance of 2,8701. The revenue se-
, count for thehalf-year states that 51,6971. had been
received, and 33,8441. expended, leaving a balance of
17,8521.

BOSTON, STAMFORD, AND BIRMINGHAM.
The half-yearly meeting of this company was held
yesterday, at the terminus of the Great Northern
Railway, Mr. Macaulay in the chair.
The receipts on capital account, amounted to 83,6254
and the expenditure to 82,9321., leaving a balance
of 6931.
On the motion of the CHAIRMAN, seconded by Mr.
G. H. PACKE, the accounts were agreed to, and the
meeting separated.