The Sun.
London, England, 1851-04-18 00:00:00

station at Cambridge and of the company's servants
free of cost. That point was also conceded by
the committee. Now, it would be perceived
from the report before the meeting, that if under
the traffic arrangements the line did not make
3 per cent., then that a sum not exceeding 5,000/. should
be appropriated to make the dividends equal to that
amount. The concessions which were made were no
doubt of an important character, but they would
take no revenue out of the Eastern Counties
Company.—(Hear, hear.) His impression was, that
with this new traffic arrangement with the New-
market Company, the Eastern Counties Company in two
or three years would not have occasion to contribute the
5,0001., but, on the contrary, that the payment of 5,0001.
would entirely cease.—(Hear, hear.) It was sti-
pulated, in the event of the line paying more
than 3 per cent. per annum, that the Easter❑ Counties
Company should receive all the surplus over and above
that amount. The Great Northern Company had fought
and defeated the Eastern Counties Company in Parlia-
ment, on the ground that they would give the most direct
communication to the northern parts of England, and they
had turned their attention to making lateral branches with
the East Anglian district, thus showing what they would
do, supposine• they had power to extend their influence
in that direction. The committee, therefore,t, felt itooftfeeat
importance to protect their property to h right p-
reth, and they
pinrgevteontthtehsetaNti,e,wns.
stipulated that they should have control over
cotom
of the Eastern
the arrival and
Counties
sel
ionfea,lilntrai
orderns
Chesterford Company working their trains
with the Great Northern Company. In
linnaahrkkainernatga°tuhudYis stipulation they were met in a most liberal
'nand fair way. He felt that the arrangement he
had mentioned was equitable and just to all
parties ; and that it was of vital importance
to the protection and value of their property that the
meeting should now sanction it. He hoped it would be
adopted to-day, so that the directors might have the
power immediately to carry it into effect.
Mr. CHRISTEY would only make a few observations.
The merits of the Newmarket scheme had already been
discussed at very great length, and it had been found
that it would scarcely pay one train a day. Since ita
construction it had been admitted by those who made it
to have been a mistake; but being made, the question for
them to consider was, what was the best to be done with
it? He agreed that peace with all companies was highly
desirable, but this proposed bargain was a bad and dear
one; and, before they proceeded further, they ought to
be in possession of its terms. The shares of the New-
market and Chesterford were quoted to-day at 91., and
he inferred from that fact that there must be something
in this bargain highly advantageous for that company.
A SHAREHOLDER—Why, a call of 2/. 10s. has been
paid since—that's the reason of the rise.
Mr. CHRISTEY thought this company had nothing to
fear from the Great Northern, and he strongly advised
the shareholders not to sanction any unwise competition.
Mr. BROWN said the value of this bargain was not to
be narrowed into a mere pounds, shillings, and pence
question. He looked upon this bargain as a most im-
portant one, and he should give it his decided support.
Mr. Box admitted that originally the Newmarket line
had been unprofitable, but it should not be forgotten that
directly the extension was made to Cambridge it would
assume a very different aspect. One advantage of this
bargain would be to secure to them what they had now
in their possession, as well as to avert unwholesome
competition, and as other companies would step
in and seize the line if they did not secure it today, he
did hope the recommendation of the committee would be
adopted; then all the lines would be under one system
and a uniform management, which was a consummation
devoutly to be wished.—(Hear, hear.)
Mr. HELPS objected to the creation of any new
guaranteed stock. He would rather that the amount
should depend upon the dividend payable to the Eastern
Counties Company, making a proviso that the sum pay-
able should never exceed 5 per cent. upon that dividend,
The CHAIRMAN did not think it prudent to re-open
the Newmarket agreement. No doubt in principle
Mr. Helps was right, but still for the sake of peace
and unanimity, it was highly desirable that the agree-
ment should be confirmed to-day. Mr. Christey had told
them this was a dear and a bad bargain, but he gave no
reasons for that opinion, except that the shares of the
Newmarket had gone up in price, and he, therefore,
trusted the meeting would not be influenced by that gen-
tleman's logic. He contended that the protection which
this bargain would give them was cheaply bought.
Mr. JONES said he missed the name of Mr. M‘Lauren
from the report, and he wished to know if that gentle-
man objected to it.
The CEAIRMAN was not aware that he did.

Mr. WILsoN had listened most attentively to the
speech of the Chairman, and it appeared to him that all
the data this bargain rested upon was prophecies and
anticipations of what the Newmarket line would ultimately
produce. Now ho was an old shareholder, and he bad
always found that similar anticipations ultimately turned
out to be splendid fallacies. He meant nothing per-
sonal, but he regarded everything that came from Mr.
Waddington with great suspicion.—(Cries of " Order,
order!" " Shame, shame!")
The meeting appearing to be averse to listening any
longer to Mr. Wilson,
The CHAIRMAN put it to Mr. Wilson whether it was
right to persist in speaking when the meeting would
not hear him.

Mr. WiLsox thought it was; but the meeting would
not hear him, nevertheless, and he was ultimately com-
pelled to resume his seat.
Mr. NORRIS recommended the meeting not to waste
time upon the past, but to confine its attention to this
bargain. His advice then was to sanction it, and throw
its responsibility upon those who had concluded it.
M.r. ROBERTSON wished to know what the terms were?
The CHAIRMAN said they were to work the line with-
out loss to themselves.

The amendment was then put and negatived.

Mr. HELPS then moved as an amendment that it be an
instruction to the committee to make a proviso that the
guarantee payable to the Newmarket Company should
never exceed 5 per cent. of the Eastern. Counties
dividend.

I This amendment, having been seconded, was put to
the vote and negatived.
The original resolution was then put, and carried al-
most unanimously, only two or three hands being held
up against it.
A vote of thanks was then passed to the committee, a
compliment which Captain KELLY briefly acknowledged.
Tne CHAIRMAN said he wished the meeting clearly to
understand once for all that he had put his seal on the
past, and that any observation which might be made
with reference to his past conduct, feeling conscientiously
that he was in the right, he should treat with scorn.—
(Cheers, arid an ironical laugh from a proprietor.)
If any one had not the good taste to take his observa-
tion in the spirit in which he made it, he pitied him.—
(Hear.) It had been stated to-day, in reference to the
prospects of the Eastern Counties Company, that they
were in a position of great difficulty with regard to their
dividends. There had been various schemes sub-
mitted to him since he had the honour of being
chairman as to the mode in which the company
might retrieve its position, but in all the communica-
tions which he had received all the proprietors
agreed that the Harwich line ought to be con-
structed. As far back as 1836 a line was contemplated
to Harwich, and there had been numerous applications
to Parliament, and an enormous expense incurred on
the subject, and the interest of the blue and the other
interests of Mr. Bagshawe offered to those who should
have the honour of carrying out the undertaking.
Every one agreed that the line was absolutely
requisite to bring the port of Harwich to its
former position, viz., that of being the great highway
to the northern portions of Europe.—(Hear.) In 1845
they had arrived at this point, that one of the directors
of the Eastern Counties Company suggested, on behalf
of the company, an agreement with the Eastern Union
line for opening a communication with Harwich.
Having traced the history of the Harwich line from its
origin down to the present time, he proceeded to say
that they had power to raise four per cent. of the capital
necessary for completing the line. It was estimated that
its completion would cost 160,0001., but in order to
develope the traffic of the line, it would be
necessary to make it double, which might
require 250,0001., but he was told it would
reach that figure. Taking it, however, at that sum, it
would require 10,0001 per annum to pay for the con-
struction of the line. Now, what would be the advan-
tages of the line to the Eastern Counties Company?
Why it would make their line the highway to Rotter-
dam, Amsterdam, llamburgh, and the north of Europe
up to the point where the Norwich Company
would come into competition. The Norwich Company
would take most of the traffic north of the Texel; but
up to that point it would fall to the lot of the Eastern
Counties, and when he added that to the pleasure traffic,
which the completion of this line was likely to bring upon
their railway, he did think it was highly important that
the works should be entered upon as speedily as possible.
The completion of the line, in fact, would bring them
an additional profit of 100/. a week. Besides, this
company had solemnly pledged itself to contribute to
tmhiemsnetidinanew,ditahhnde for the sake of standing well with Par-
liamentar it was desirable that the directors should be
should powers to
thereforecarry
moveeu t thea
resolution original
toa h
g that
e ea-t
effect.
Captain FINLAYSON stated, from the practical experi-
ence of 22 years, that if phreoperaaffind efficient boats were
portionthe u orpt
northern
m directionsade' av atsot
t easternral. much greater nowogfr eEo aoutgaerosroit Pnoegf England. advantages
sr
eat s
se
eadat
countries
winauoldthgear
nwahniychother on them
asby allpaorrwtiet LI
Mr. Howe considered that, independent of the facili-
greatly
ties afforded by Harwich as a port, it would be
resorted to by Londoners for pleasure, if a railwa
heumu uyn
shareholderi
wouldca t i o ne
x el withaimwi,
would
wereuals
d Queen
take
opened.
lie was sureythc°tm:'
the
Elizabeth
His
tirs.o, uealix Ipperr
eeootsutfayei
oevtniosdwiwit
ndian:sga,a,no,i if
pretty town—wants nothing:,
seeing the town for the first time,
only wants a railway."—(Hear.)
After some discussion the resolution was carried, and
the 9 mendment lost.
The CIIAIR3fAN hoped the meeting would bear with
him for a moment while he disclosed the policy which in
fa us
kt future
what aedwiraeecthotrss proposedviesyof
th toe Efaosltleorwu might
a s beto
. Counties,lle
h
its past difficulties and its future prospects. The ques-
tionow far they
could best
for them to consider was,
accommodate the public. It was always the best policy
to carry as cheaply as possible; for, having investigated
the matter, he found the falling off in their traffic was
,
questionably too high. So high, indeed, not so much owing to the opening of rival lines as to the
extravagance of their fares. Those
fares
had
been tin-
ed, that in the case
of goods they had lost tion of it altogether. Now,
the remedy theyl to this was, to revise
a port
proposed to app y
the rates, and
be :dear even to
vf,,,.k• No class of traffic would
make travelling so cheap that it would
be despised, all
would be catered for, and
Where they could
not get • t
they would be satisfied with a penny. That
two nce profit
pe
sati

THE SUN,