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

E %STERN COUNTIES RAILWAY.
A special general meeting of the Eastern Counties
Eailwsy was held yesterday, at the London Tavern,
for the purpose of considering, and if approved of, to
authorise-the directors to carry into full effect, an agree-
ment.witoh the Newmarket Railway Company, for the
working by this company of their railway in conjunc-
tion with that of the Newmarket Company; and
also to consider, and if approved of, to authorise
the directors to carry into effect an agreement
with the Eastern Union Company for the construction of
the branch line of railway from Manningtree to Harwich.
Mr. David Waddington, Chairman of the Board of Di-
rectors, in the chair.
The advertisement convening the meeting having been
read by Mr. C. P. Roney, the Secretary,
The CHAIRMAN said it was not his intention to offer
any remarks previous to the conclusion of the special
business of the meeting. At its close he would address
a few observations to them with reference to the past
policy and present ;position of the company, and the
course which they ought to pursue in future. He did
not wish to excite any feeling which would draw the
mind of the meeting from the special business before it,
and ho would therefore resume his seat with calling
upon Captain Kelly to read the report of the committee
of shareholders.
Captain Kenny, R.N., previous to reading the report,
directed the attention of the meeting to a map of the
line which was annexed to it, and strongly recommended
the plan br making the branch to Harwich and extend-
ing the li'bc from Newmarket to Thetford, and concluded
by moving the adoption of the report, which was as
follows:
" Year committee have to report that the negotiations
with the Newmarket Company, alluded to in their sup-
plemental report adopted by the special genera/ meeting
held on the 18th ultimo, have resulted in the provisional
arrangement of the terms of a working agreement be-
tween the two companies, based, in the opinion of your
committee, upon a due consideration for the common in-
terests of them both.
" The terms so arranged, subject to your approval,
have been referred to the solicitors of the company, to be
by them embodied in a formal agreement, for execution
by the two companies respectively.
oth country occuPid a
Tetib
e nyd unmade,
New-
market Comsketchpany, inf raserespect of lin
exhibiting their connexion with elemoather lines of the
on t; a study of which will
district, accompanies this • v-ec'ereriag a position which, in
illustrate the importance of 8""
the com of a competing company, might be used as
the basisman dof operations seriously detrimental to Eastern
Counties' interests-
"Indeed, the rnob
jis your committee in recom-
mending the arrangement, to prevent the diversion of
traffic from the lines of the Eastern Counties Company
by intrusion >n the part of other companies havingctohraa-t
peLing, if not hostile, interests; care being taken
the desired protection be obtained upon terms at once
prudent for the Eastern
Company to coveede,
sad satisfactory
.to the Newmarket Company to accept,
aleulated in their practical operation, to subserve
ait,:;peecuniary interests of both companies, and to main-
taint between them constant goodwill and mutual co-
operation.
"The entire arrangement is based upon the condition
of the speedy completion and opening of their line to
Cambridge by the Newmarket Company, from the date
of which event the proposed agreement will come into
operation, and not before.
" The principal financial feature in the arrangement,
is the obligation to be assumed by the Eastern unties
Company to pay to the Newmarket Company such a
suns as stall, with the amount of their own net earnings,
be sufficient to pay a dividend equal to 3 per cent.
per annum on the amount of their share capital (stated
at 350,0001, or thereabouts) —with this limitation, that in
no event shall the Eastern Counties Company be called
upon to pay a larger sum than 5,0001. in any one year.
" In reference to this part of the proposed arrange-
ment. your committee observe, that the deputation from
the Newmarket Company, in an early stage of the ne-
ge:iations, stated teat they estimated the value of their
lines to be equal to three per cent. per annum on the
share capital, and, at the request of your committee,
furnished statements of the amount of their share capi-
tel, and of their debenture debt, and also, calculations
showing the grounds on which they so estimated their
property.
‘• Upon a careful consideration of the facts and esti-
mates thus submitted to your committee, and having
especial regard to the importance of the situation occu-
pied by the Newmarket property, which they cannot
but took upon as the key of a defensive position of
great value to the Eastern Counties Company; and
also in consideration of the improvement which must
necessarily take place in the earnings of the New-
market Company, by the opening of their line to
Cambridge. which will have the effect of extending
their traflie to Ely over the Eastern Counties
line, and of increasing it to Chesterford, via' Cambridge,
your committse came to the conclusion that it was expe-
dient to admit the estimate of 3 per cent. as the basis of
the financial part of the proposed agreement, subject to
the limitation of 5,000/. as a maximum possible payment
by the Eastern Counties Company.
" At the same time, your committee stipulated for an
option being reserved to the Eastern Counties Company
of the right to purchase the whole undertaking at twenty
years' purchase, ou their guaranteeing to the Newmarket
Company a dividend of three per cent. per annum on their
share capital, being at the rate of 151. per share for each
paid-up share of 25/ each. This stipulation has been
'greed to by the Newmarket deputation.
" The working dttnis of the agreement your com-
mittee would leave to be settled by your board of di-
rsctors as your responsible executive.
" With these observations your committee recommend
0-, adoption of the proposed terms, and that they be re-
ferred to the board of directors, to cerry the same into
eff.ct. _

" Acting upon the powers granted to them, ycur com-
mittee received a deputation tram a publicly convened
meeting of proprietors of the East Anglian Company, held
at Manchester, from whom they learned that the pend-
ing agreenseat between that company and the Great
Northern Company is still in abeyance.
° The deputation expressed a desire for a working ar-
rangement with the Eastern Counties Company, in pre-
ference to that proposed with the Great Northern Com-
pany: when, after giving the matter due consideration,
youroommittee came to the conclusion that the matter
could be more fitly dealt with by the board of directors, to
whom, thereore, they referred the deputation, and ac-
companied such reference with a strong recommendation
to the board to consider the matter, with the view of
carrying the object into effect upon equitable terms,
act thereby to promote the policy of securing to the
Eastern Counties Company the control and management
of the lines and traffic in the eastern districts of England.
" In conclusion, your committee observe, that they
have practically confined their labours to the arrange-
ment of the terms with the Newmarket Company,
tire negotiations with whom were pending at the
date of their last report te you, and have
not thought it prudent or expedient to act upon
the powers conferred upon them, to enter into
negotiations with all or any of the other companies iu
the Eastern District, as they have considered that, so
to have done, would interfere with the free and re-
speneible ectioil of the board of directors, and would
have retarded, rather than promoted, the accomplish-
ment of the object you had in view in conferring those
powers upon the•
" BlehopJg. g :to Station, April 10, 1851."
The report is signed by B. Marwood Kelly, David
W Adineton, Geo. C. Fouling, Nato!. Nicholls, Joseph
Box, and Jeremiah Pitcher.
Mr. Geecn, M.P., said, although his name was not
attached to the the report he entirely concurred in all
that it contained. Ile regretted that hitherto it had
been thought expedient to make observations upon the
other company, because he was quite satisfied that the
interest of
of a all parties depended upon the exist-
enceselves. The good ood understanding amongst them-
that they should welfareplats of the company required
confidence in the directors
and although he had colcurred in the appointment of the
committee, he should
hoi
d place implicit confidence in the
p r es9l2: board until
hewer") convinced that they were
acting wrong.—
(Hear,
Mr. ROBERTSoN rose to move an amendment, to the
effect that the report be not received,
_ policy with regard
to the Norfolk line. eu as recommended
an offensive and defen"sievecoute.e,
decidedly objected to the Now..
market proposal.
Mr. CEIRISTEY wished to make a few comments
the bargain recommended by the report. upon
Mr. Box
e
said the amendment had not been seconded.
sir. ROBERTSON, set., seconded the amendment.
NveesoN informed the meeting, that the am-
gr. Aend-
inpnt bad been moved by the son and seconded by the
father.
Mr. ROBERTSON said then he had never seen his father
in hie life bet ore.—(Roars of laughter.)
The CHAIRMAN said the amendment had been pro-
perly seconded, though there appeared to be some mis-
understanding as to the relationship subsisting between
the mover and seconder. Now, the question before the
meeting was one of considerable importance to the
C ,mn
earry, and perhaps it would be the more
convenient course that he should take that opportunity
of
going into a few details upon the matter. He hoped,
therefore; that Mr Ch would reserve his remarks
and give Way in 13i* rls
favour.—Gear,lsteY hear.)
Mr. emusdo so with much
TEY said ho would
pleasure.
The CRAIRM&N then to explain his views
with regard to the proceeded
The Hon. Gentleman plan recommended in the report.
explain to the tneet,i'in said he thought it necessary to
certain matters of detail con-
taitud in the agreeuaugl
terford Company, whieth with the Newmarket and Ches-
had submitted to the the committee of shareholders
them to arrive at apreorrietors, in order to enable
ference to the merits of tehnat conclusion wail re-
stated in the report that the basit s
on
It was
ou which the a
inert was founded was, that the Newmarket and Company asserted their iin:maarket and Ches-
r r cent. The committee asked thezo be worth three
they based their calculations. The what ground
that the Nevvmarket and Chesterfordnsult was
in addition to tho 5,0001., per "nu -ompan
they sought at the hands of the Eastern- y,
which
Counties
Company, they seipulated that they shouldhave certain
Co m_
other advantages, provided the Eastern Counties C un
piny did not consider they would result in any loss t
t`lorn. The committee thought that a fair propositioe to
make, because they considered that if the Eastern Coun-
ties Company gave them facilities for their traffic, and
allowed them the use of their stations, the Newmarket
an] Chesterford line would he well worth 3 per cent, per
ainum, and that the Eastern Counties Company would
g-4 traffic which they did not possess at present. The
Newmarket and Chesterford Company said, "If we
make a line to Cambridge, you will give us traffic one
way, and we will give you traffic in enother way, viz.,
Newmarket and Ely." The committee colluded that
point to them. Then it was said that the Newmarket
sad Cheaterford Company ought to bare the use of the