The Sun.
London, England, 1851-03-18 00:00:00

UN,

LONDON,

" It is quite unnecessary for me to make any comment on
that report, as it has already been estimated at its value by
the public; but I might, if any explanation had been in-
vited by the committee at our meeting, have suggested
that the interest of the capital to be invested in the
rolling stock would have been taken into account in the 45/.
per cent. working expenses which the Eastern Counties were
to have deducted from the gross receipts, and still they would
have had ample margin, if the statement and comparison of
the chairman of the shareholders' committee at a late meet-
ing, with reference to the working expenses on the Brighton
line, is worth anything, and I might have directed the at-
tention of the committee to the facts that the earnings of the
Eastern Counties Company, stated at 702,453/., includes the
receipts for cartage and deliveries on both the Norfolk line
and their own, and that the earnings of the Eastern Union
Company, stated by their committee at 96,715/., were for the
year ending in June last, for the best six months of which,
as they well knew, the extension line was not opened to Nor-
wich, and that the weekly returns do not include the cartage
and delivery receipts.
" The committee, however, thought fit, instead of seeking
information, to found their opinion on the imperfect data
which they obtained, including the ' joint report of the prin-
cipal officers of the company,' offered as the officers" una-
nimous opinion, in compliance with a request made the
previous day only,' upon a subject of deep importance to
thousands of individuals, having an investment of millions of
capital.

"Believe me yours faithfully,
(Signed) " Jonu CHETILLIER COBBOLD.
" Joseph Glynn, Esq."
Mr. ELLfs considered that the committee had not
performed the duty which had been confided to them by
the shareholders. They had had entrusted to them by
the shareholders the consideration of the terms of an
agreement between the three railways, but all they
had done was to condemn the agreement without
offering any suggestion of their own. The committee
had depreciated the guarantees, they had diminished
the receipts of the Norfolk Railway from 111,000/. to
96,000/. ; and they had entirely omitted all mention of
the diminution of the working expenses which
would take place to the amount of 21,000/.,
all which items would decrease the loss to
the Eastern Counties Railway to 8,300/. instead of
70,8781., which small loss was one-fourth of what they
were now losing by the competition of these two rail-
ways at the present moment. If they did not take this
opportunity of making this coalition, they would have
to repent afterwards, and no doubt some other railway
would step in and make an agreement which would be
much more detrimental to the interests of the Eastern
Counties Railway.
Mr. BROADBENT dissented entirely from these ca4ula-
dons. He could not see how the. company could fail of
losing at least 50,000/. per annum if this agreement were
carried. He eulogised the report of the committee as an
able statement, considering the deficient information
which had been furnished to them.
Captain KELLY vindicated the committee from the
allegations which had been thrown out against them.
The directors had certainly not shown any great anxiety
to furnish the committee with information, but they, had
certainly come to the conclusion that, though they' did
not wish to doubt the integrity orthe directors, yet they
had very considerable doubts as to their judgment.
Mr. NATHAN complained of the conduct of the direc-
tors in wishing to hang their millstones round the
necks of the shareholders. He thought the sooner they
got rid of the present board the better, they could not
have a worse set.—(Cheese.)
Mr. Cox entirely approved of the report; it had cer-
tainly changed his opinion of the board of directors.
Mr. WADDINGTON, who was received with mingled
cheers and groans, denied that the committee had not
carried out the instructions of the shareholders; they
bad performed their duty, and a nice exposure they bad
made of the conduct of the directors. When the di-
rectors called a meeting together to seal the agreement,
the information which they afforded to the meeting
was anything but correct. The statement in the
report was essentially correct, and it was impossible,
by any species of argument, to contradict them.
As to the Chairman's statement that it was he who had
furnished all the information to the committee, that was
not quite the fact, because in truth the committee had
first called the Chairman's attention to the circumstances.
As to the depreciation of receipts from 111.0004 to
96,0001, the reason of that was that at the title of
making this statement the committee had thought it best
to- make contemporary return of the three
companieS, and this sum was the last return:
which they had in their poasession of the'Esistern Union
,Railway, Company. ,•The,, committee had ,taken the
greatest pains in performing.:their duty; they had Set
before the aharehoklers everything which
,they thought
they ought to know, and had suppressed nothing. He
was convinced that at some future period the share-
holders would thank the committee for their exertions.
Mr. MAXWELL considered that the company had been
injured by the rivalry of individuals, and he should re-
commend that the railway should be placed under the
management of one paid individual. He was in favour of
an amalgamation, and with this view he should move as
an amendment, that the agreement of the 13th of Fe-
bruary be adopted.—(Cheers and hisses )
Mr. GEACH had gone into the committee with every
desire to carry out the agreement of amalgamation; but
he had been obliged to alter his opinion by the
evidence which had been produced. He was, however,
of opinion that the amalgamation in some shape or other
would be for the advantage of the company, and, with a
view to that, he should recommend that the directors
should acquiesce in the report, and allow the matter to
drop, in order that it might be taken up at some future
I time, when it could be thscussed with less warmth.
.The meeting was still proceeding when our report left.)

WARWICK RACES.

(THIS DAY.)

(BY ELECTRIC TELEGRAPH
(Continued from our Third Edition.)
The Woodcote Stakes.

Urbanity ...
Pelerino filly ...
Skulda ... ...

Free Handicap.

Forester ...
Risk ...

THE LONDON GAZETTE.

(THIS EVENING.)

WHITEHALL, MARCH 17.
The Queen has been pleased to present the Reverend John
Forbes to the church and parish of Sleet, in the presbytery
and isle of Skye, vacant by the transportation of the Reverend
John Mclver, late Minister there, to the church and parish
of Kilmuir.
OFFICE OF ORDNANCE, MARCH 15.
Corps of Royal Engineers—Lieutenant-General George
Wright to be Colonel Commandant, vice Lieutenant-General
Sir Stephen R. Chapman, deceased. Dated March 7.
Commission by the Lord Lieutenant of Nottinghamshire.
Sherwood Rangers—John Vessey Machin, Gent , to be
First Lieutenant, vice Granville Edward Harcourt Vernon,
Esq., promoted.
Commissions by the Lord-Lieutenant of Cheshire.
The Earl of Chester's Regiment of Yeomanry Cavalry—
Lieutenant Edward Marsland to be Captain, vice Tatton, re-
signed ; William M'Ewen, MD.., M.R.C. S., to be Assistant-
Surgeon, vice Deane, deceased, March 10.
Commission by the Lord-Lieutenant of Edinburgh.
Edinburgh Regiment of Militia —William Nathaniel
Fraser, Gent., to be Lieutenant, vice Harvey, deceased,
March 13.

WHITEHALL, MARCH 13.
The Right Hon. Sir John Jervis, Knt., Lord Chief Justice
of her Majesty's Court of Common Pleas, at Westminster, has
appointed Acton Tindal, of Aylesbury, in the county of
Buckingham, Gentleman, to be cane of the Perpetual Com-
missioners for taking the acknowledgments of deeds to be
executed by married women, under the Act passed for the
abolition of fines and recoveries, and for the substitution of
more simple modes of assurance, in and for the county of
Buckingham.
WHITEHALL, MARCH 12.
The Lord Chancellor has appointed William Wilkinson, of
Morpeth, in the county of Northumberland, Gent., to be a
Master Extraordinary in the High Court of Chancery.
WHITEHALL, MARCH 13.
The Lord Chancellor has appointed Thomas Vickers
Favell, of Rotherham, in the county of York, Gent., to be
a Master Extraordinary in the High Court of Chancery.