The Sun.
London, England, 1851-05-02 00:00:00

RAILWAY INTELLIGENCE.

NEWMARKET.
The half-yearly meeting of this company was held
on Wednesday at the London Tavern; Mr. Fane in
the chair.

Mr. Browe, the secretary, read the report, an abstract
of which appeared in The Sun of Monday.
The CHAIRMAN, in moving the adoption of the report,
said he believed it was the most gratifying one that had
ever been presented to the proprietors. It was of a
cheering character, and he felt it his duty to state that
their present position was not brought about through
any fortunate circumstance, but it was the result of long
and constant attention to the interests of the company.
—(Applause.) At a meeting in March, 1849, a com-
mittee of investigation was appointed, of which he was
a member, and from that moment he turned his attention
to the affairs of the company, and he never doubted that
the company could be placed in a safe position. The
first favourable circumstance which presented itself to
his mind was that they had no guaranteed stock. It
was guarantees which reduced railway property to that
lamentable state of insolvency in which some companies
were at present placed. He found that the absence of
guaranteed stock was a positive advantage. Their line
then in operation extended from Newmarket, where there
was a population of 4,000, to Chesterford, a village of
800 inhabitants. The works on the line from
Newmarket to Cambridge, where there was a population
of 30,000, remained in abeyance. He felt convinced that
it they could complete and open this line they would
have a dividend. He felt that it was no good to despair,
and that by a careful attention to the circumstances in
which they were placed they could, bit by bit, raise the
company from its lamentable position. Ho then stated
the kind and liberal manner in which the various cre-
ditors of the company behaved towards them. The
Duke of Rutland, through the interposition of Lord G.
Manners, reduced his claim to the extent of 1,5001. Mr.
Wright, the carriage builder, settled in the most liberal
manner his claim of between 5,0001. and 6,0001. for
2,6001. The engine builder had a claim of between
16,0001. and 17,0001. against the company, and he had
been so dissatisfied with the conduct of the former
board that he had three actions pending against the com-
pany. The present directors, in the course of their ne-
gotiations with the creditors, sent for him and gave up
certain engines as if they had not been delivered, and
settled the claim for 1,0001. in cash, and 4,0001. in de-
bentures. The solicitor settled his claim of 5,7001. for
debentures to the amount of 4,5001., bearing interest of
3f per cent. There was a Chancery suit against the
company which he (the Chairman) took in hand,
and in a very short time induced the plaintiff
to give it up, he (the plaintiff) paying his own costs,
and also 500/. for a piece of land of no value to the
company, but which he prized very much. These nego-
tiations saved the company upwards of 10,0001. Not-
withstanding these advantaged, there were still great
difficulties to be surmounted. One difficulty was the
conditions with the contractor for making the line to
Cambridge, and another was the working of the line to
advantage. The late board closed the line, and he found
that while the line was closed there wes a debt accumn-
living against the company at the rate of 5,381/. a year.
He put himself in communication with the dissentient
shareholders, and by their united exertions the present
board was formed, soon after which the line was again
opened, and the eff-ct was very satisfactory. Previous
to opening the line they found that the former receipts
were less than 7,000/. a year, and the expenses excessive.
Upon going into the matter, ho estimated that the re-
ceipts ought not to be less than 9,328/ per annum; and
ho believed that the actual receipts on the line were now
more favourable than he had estimated—they were dur-
ing the past four months at the rate of 9,5701. per an-
num. Then as to their expenses, they were not less
than 7,0001. a year up to the time of closing the line.
At present the expenses were at the rate 45,700/. a year,
including the maintenance of the permanent way, and of
course that wonld leave them a good margin to meet de-
benture interest. With regard to the funds of the com-
ply, they found, on accepting t fiß4r, that there were
5,000 shares in arrear of calls for nearly two years, and
on proceeding to enforce the arrears 3,000 shares were
paid up, and 2,000 were forfeited. The forfeiture of
these shares had the effect of increasing the value of the
stock of the present holders to the amount of 10,0001.
They found that the company were under heavy liabili-
ties to Mr. Jackson for completing the line to Cam-
brige. He was to have 54,000/. The prices of 1850
were not the prices of 1846, and Mr. Jackson, in a very
liberal manner, reduced his claim to 28 000/., thus saving
the company 26,0001. in going to Cambridge. Mr. Jack-
son held a large amount of their debentures, and in order
to assist the company, he reduced the race of interest on
them from sto 3f per cent. The company saved 1,3031
a year by these arrangements. Mr. R. Stephenson re-
duced his claim, which amounted to more than 5,0004, to
2,5001. The Electric Telegraph Company kindly re-
duced their claim for 7001. against the company to 350/.,
and the charge for the use of the electric telegraph
from 300/. a year to 100/. a year. He then stated the
terms of the arrangement entered into with the Eastern
Counties Cempany, which he believed would secure to the
Newmarket a dividend of 3 percent. per annum, and place
the company in a safe and firm position. He had made
an estimate of the advantages obtained for the company
by the exertions of the present board. They amounted,
on the whole, to about 10,2001. per annum. These ad-
vantages to the proprietors, including the sums paid on
forfeited shares, amounted to 61,2001.; the traffic ar-
rangements withl the Eastern Counties Company to
2,000/. a-year, equivalent to 40,0001., and the 5,0001.
guarantee to 100,0001. The gradual improvement in
their property since the day they appointed the com-
mittee of investigation appeared from his figures to
amount to 211,0001. He concluded by moving the adop•
tion of the report and accounts.—(Applause.)
Mr. PAIILING said he had great pleasure in seconding
the adoption of so satisfactory a report.
The motion was than put and carried unanimously.
The retiring director, Mr. Ball, was then re-elected,
as was also Mr. A. K. Baker, the retiring auditor.
On the motion of Mr. CAMPLIN, seconded by Mr.
PA.ULING, a vote of thanks was passed to the directors,
and 6001. a year placed at their disposal.
Mr. BAKER called attention to the services of Mr.
Brown, the secretary and manager, with a view to the
shareholders recommending the directors to consider the
subject of increasing his salary. The increase was re-
commended accordingly.

On the motion of M. BALL a cordial vote of thanks
was passed to Mr. Jackson for the considerate and liberal
manner in which he had acted towards the company.
The meeting was then made spLcial for the considera-
tion of the agreement entered into with the Eastern
Counties Company.
The CHAIRMAN moved a resolution to the effect, that
the agreement with the Easter❑ Counties Railway be
adopted, and the directors be authorised to affix the seal
of the company thereto.

Mr. Jecamox seconded the motion, and in doing so,
said he believed the arrangement would prow equally
advantageous to both companies.
The resolution was then carried unanimously.
The proceedings concluded with a special vote of
thanks to the Chairman fur his valuable services to the
company.