The Sun.
London, England, 1851-04-28 00:00:00

APRIL

RAIL WAY INTELLIGENCE.

NEW MARKE r.

The report of the directors, to b 3 submitted to
the shareholders at the half-yearly meeting on Wed-
nesday, states that on assuming the management
of the affairs of the company the directors found
the railway closed ; and in addition to the absence
of any revenue, the company was incurring the re-
sponsibility of interest on debentures to the extent
of about 5,0001. per annum. The Lull action of
the present board has not been in force for much more
than six months. The fisrt object of the directors was
to re-open the line, which they did in September last;
and notwithstanding all the disadvantages of the tem-
porary suspension of railway communication in the dis-
trict up to the present time the revenue, as compared
with the corresponding period of the previous year, has
considerably increased, while the expenses have di
minished. The directors attribute these results to the
zeal and economy of Mr. Brown, who, in addition to his
duties as secretary, has been acting as manager at New-
market. Mr. Jackson, iv far the largest debenture
holder. took the lead in liberal arrangements, which were
with equal cordiality acceded to by others, and the result
has been that of the total number of debentures
issued by the company, amounting to 107,0001., chic fly
bearing interest at the rate of 5 per cent. per annum,
102,5001. are now chargeible at 3i per cent., so that
only 4,5001. remain at 5 per cont. Mr. Jackson has
consented to re
•w his debentures as they fall due, for
a further pence of five years. An agreement was en-
tered into with Mr. Jackson by which he cancelled his
former contrac, for the completion of the works, on such
terms as will prove a saving to the company of at least
25,0001.—an important feature of the agreement being
that Mr. Jackson has entered into a contract to coos-
plete the line to Cambridge for a sum not exceeding
9,9001., on being fure.isbed with a certain quantity of
rails and sleepers. In order to meet the engagements of
the company, and to provide .for the completion of the
line to Qembridge, the directors foresaw that it would
be necessary to make the last call or 2/. per share; but,
before doing so, they resolved in justice to those share-
holders who had regularly paid up their calls, to endea-
vour to enforce the payment of all calls in arrear, and the
result was that of above 5,000 shares in arrear when the
late directors resigned, .the holders of more than 3,500
have paid up their calls, leaving only about 1,500 shares
which were absolutely turfeit,cd in Feoruary last. The
report then refers to the agreement entered into with
the Eastern Counties Railway for working the line, of
which the following is an abstract:—" The basis of the
agreement, fully concluded, consists of the free use of
the Cambridge and Chesterford stations, with the ne-
cessary staff of clerks and porters; the supply of roll-
ing stock at cost price; the gross earnings (less 40 per
cent. for working) on all the traffic brought by this rail-
way to the Cambridge station, and conveyed along the
Eastern Counties line from Cambridge to Chesterford,
and Cambridge to Ely; a contribution of 5,0001. per an-
num, if required, to make up a dividend of 3 per cent.
on the capital of the company of 350,0001." Some fur-
ther concessions of minor importance having been made,
it was lastly agreed that the Eastern Counties Company
should have the right of purchasing the Newmarket
line, and assuming all its liabilities, on a satisfactory
guarantee of a 3 per cent. annual dividend on a payment
of 151. for every 251. share. These advantages and the
participation of the profit of the traffic from Cambridge
to Chesterford, and from Cambridge to Ely, and the
contribution of 5,0001 a year (which is in itself
within a fraction of 1 per cent. on the capital of
350,0001.), leave no doubt in the minds of the direc-
tors that a dividend of 3 per cent. is secured on the
capital stock of the company as soon as the • line to
Cambridge is completed, when a large increase of
traffic must necessarily take place. The object of the
directors is now to complete the line to Cambridge with
the utmost speed possible. The works will be imme-
diately proceeded with, and will not require more than
eight or en weeks for cempletien. Atter having dis-
charged every claim upon the company of which. the
directors are cognizant, they have disposable funds at
their command amply sufficient to enable them to cem-
plete the line. The directors confidently look for an ap-
proval of the result of their labours, and that the share-
holders will confirm the agreement which they have pro-
visionally entered into with the Eastern Counties Com-
pany, which is, in their opinion, highly conducive to
the best interests of the Newmarket Railway.