The Sun.
London, England, 1851-03-19 00:00:00

which they were likely hereafter to obW.n, and which
at the present moment was simply stopped for the want
of the extension, sine,: last week he was obliged to re-
fuse a contract to carry 75,000 tons of ship coal
to the port of Holyhead, because the company
was not in a condition to carry them to the
water's edge,—when he took into account all these various
points, and taking them for what they were worth, he
thought that in the course of next year he would be
placed in the pleasing situation of telling the
old proprietors connected with the company,
who had exhibited so much patience and
forbearance, that the profits had attained that pitch which
would enable them to declare a 3 per cent. dividend—
(Cheers)—he might be thought by some to be too
sanguine in this matter, but he could only assure
the meeting that if he did not believe that the
exertions which must and should be made in
connexion with their traffic would answer, ho would not
on this occasion have made this statement, which he
firmly believed time would prove to be correct.—
(Cheers.) Now, another point to which he wished to
refer was the hotel accommodation in the Straits of
Bangor. The directors were anxious to accommodate the
large number of visitors who annually visited the beauti-
ful scenery of that district. During the last season this
pleasure traffic was necessarily impeded by the want of
hotel accommodation, and, therefore, on this occasion
the directors had to make a novel proposal
to the meeting, but one which he under-
stood other companies had not been loath to adopt.
They were unanimously prepared to recommend the pro-
prietors to embark in the necessary expenditure for
erecting an hotel for the accommodation of those to
whom he had already alluded.—(Hear, hear.) Par-
ties of the highest respectability were prepared to
take the hotel at a rental which would yield a very
large interest on the money so expended; while, on the
other hand, the directors would take care to make such
an arrangement as to ensure to the public the use of the
hotel at reasonable terms, and to obtain accom-
modation for first, second, and third-class passengers,
at prices which they could not hope to meet with in pri-
vate establishments.—(Hear, hear.) Of course this ar-
rangement,
besides the interest he had already spoken
of, would secure them a large addition to their traffic,
and he was sure, therefore, the meeting would not be plow
iu perceiving the advantages of this proposal. He
felt he had detained the meeting rather longer than he
ought to have done on the present occasion, but
it had been his anxiety to put them in possession of all
the information in his power, and if there was
any point which he had not touched upon, and
information were required respecting it, that
information should be given in the frankest and most
open manner.—(Hear, hear.) They had nothing to con-
ceal from the proprietors, as they were but the represen-
tatives of the proprietors themselves; and while they
continued to enjoy their confidence their best exertions
should be given to the development of the undertaking,
but the moment they perceived that they had not that
confidence they would retire at once, as no amount of
remuneration could compensate them for the attention
they bestowed on the affairs of the company.—(Cheers.)
The chairman concluded by moving the adoption of the
report.
Captain MooxsoM seconded the motion.
After a long and very desultory discussion, in the
course of which Mr. HENMAN deprecated the proceed-
ings pursued by the directors, designated them as ille-
gal, and called on the proprietors to mark their sense of
it by not adopting the report, he moved as an amend-
ment to that report that the directors had forfeited the
confidence of the proprietary by issuing more debenture
shares than they had authority to do.
The CHAIRMAN in putting the amendment denied that
the directors had issued any more debentures than they
were intitled to do. All the debentures that had been
issued had been issued under the best legal advice. None
regretted more than he did the vast expense that had
been incurred by the present company in the great
works they had undertaken, but they had this consola-
tion, that in that vast outlay they had obtained for them-
.4.lves the great high road to Ireland, from which no one
could deprive them.—(Hear.)
A PROPRIETOR thought, that as the original share-
holders could not live out of the property of the line,
they ought to have some benefit from the property en-
joyed by the preference shareholders. He thought the
original shareholders ought to have one-third of the pro-
perty of the line, and moved as amendment to that
effect.

Mr. JACKSON defended the course adopted by the di-
rectors. He had little doubt that next year they would
make Bangor the Brighton of Wales, and
would open a communication with Ireland which
would be highly profitable to the company, aided, as
they doubtless would be, by the London and North-
Western Company. He had no doubt that by pursuing
proper course the credit of the company, which had
been blown upon in the stock market, would be made
secure, a stock would be raised that would always in-
sure a certain profit, and all the proprietors of the com-
pany might laugh at the stock market.—(Hear.)
Major BUCHANNAN defended the conduct pursued by
the directors, and said a great deal of time had been
wasted in endeavouring to blacken their conduct.
The CHAIRMAN then put the amendment, which was
negatived by a large majority, and the report was de-
clared to be carried.
The CHAIRMAN then moved that 16a. 6d. a share
should be paid on the preference shares, which was
agreed to, after a short but rather stormy discussion.
Mr. Jecasori moved that the directors who went out
by rotation should be re-elected.
Captain FINLAISON bore the highest testimony to the
conduct and character of Mr. Peto, and asserted that
as long as he was in the chair, he had no fear for
the interest of the company.—(Hear.)
Mr. PETO returned thanks, and felt no doubt that if
his life was spared all that he had stated that day
would be realised. _

-- ---
Alderman TsoittrsoN and the other directors who
went oat by rotation also returned thanks for their re-
election. They had hitherto had to do with rocks
and quicksands, but they were now, thank God, in smooth
water.—(Hear, hear.)
Mr. HENICLOI then moved the appointment of a com-
mittee of inquiry, which was lost by a large majority.
The meeting was then made special, for the purpose
of rescinding certain resolutions for creating preference
shares, for considering the traffic arrangements with the
London and North-Western Railway Company for the
purpose of authorising the directors to construct and
maintain a temporary railway from the present terminus
to Holyhead, for the purpose also of authorising the di-
rectors to erect an hotel near Bangor, and also consider-
ing the draft of a Bill to give the company power to ex-
tend their railway.
Resolutions for the purpose of carrying out these pur-
poses were carried after a short though personal dis-
cussion. _

---
In the course of the discussion on the resolutions,

A PROPRIETOR complained of the difficulty that was
experienced by passengers in seeing the Conway Bridge
unless they feed the policemen.
Tho CHAIRMAN said that all had been done by the di-
rectors to afford every facility to tho public to see that
great work, and that after the Ist of May special instruc-
tions would be issued on the subject.
A. vote of thanks was then carried to the Chairman
and directors, and the meeting adjourned at a late hour

EASTERN COUNTIES RAILWAY.
An adjourned meeting of the shareholders in the'
Eastern Counties Railway Company was held yesterday,
in the large room of the London Tevern, in conformity
with the resolution agreed to at the former meeting.
Mr. Glynn occupied the chair.
There was a very numerous attendance of proprietors.
The proceedings were opened by Captain Kelly
presenting the report of the committee of shareholders,
which had been appointed at a special general meeting
on the 13th of February, to consider the propriety of
making a working agreement with the Eastern Union
and the Norfolk Railway. (This report has already been
published.)
Captain KELLY then moved the adoption of the et -
port, which was seconded by Mr. PAULDING.
After some discussion the CHAIRMAN proceeded to
state the objection which he entertained to the report.
He contended that had the committee been placed in a
similar position -to the directors they would have
been obliged to make exactly the same ar-
rangement. After going through the report
the Hun. Gentleman proceeded to comment on the state-
ment which the committee had put forth that they had
opened a negodatiun with the other two companies, by
soliciting an interview with deputations from those com-
panies. With reference to this he would refer them to a
letter which he had received from Mr. Cobbold, of the
Norfolk Railway, on the subject of this interview, which
had been forwarded to Captain Kelly :
(Copy.)
" 7, Pall-mall East, Mardi. 7,1851.
"My dear Sir,—l deem it only due to you, I; well as to
my colleagues and myself, to detail to you prior to the meet-
ing of the Eastern Counties shareholders to-morrow, the re-
sult of the meeting which took place at the request of the
shareholders' committee, and in accordance with the wish ex-
pressed by the Board of Directors of the Eastern Counties
Company, between the deputations of the Eastern Union
Company and the Norfolk Company and the shareholders'
committee.
" The desire of the committee that we should meet them
having been communicated to the secretaries of the two
companies, through the secretary of the committee, I lost
no time in obtaining the sanction of the deputation of the
Eastern Counties board, with whom we were appointed to
negotiate, to such meeting; and I proceeded to Norwich my-
self, to urge my friend Mr. Bignold to come up and attend
the meeting, as one of the Eastern Union deputation who
had signed the agreement, knowing that he had an engage-
ment at Norwich of some importance on the day named for
the meeting,
_and being apprehensive that a letter might
have failed in prevailing on him to forego his other engage-
ments.
"I also went to another member of the deputation of the
1 \
Eastern Union Company to come up from Scarborough, and
both these gentlemen, as well as several others, attended at,
great personal inconvenience, as we were all anxious to give
the committee appointed by the Eastern Counties share-
hollers
eaanr}d- explanation poluarnrantsiopnenwtihviechcotmhpe
yanliileisg.ht be entitled to ask
1 with regard
"We attended
accordingly, and the committee at the Bishopsgate Station
after some preliminary polite expressions on
the par. of the c
hn irman of the committee of shareholders,
1 wewere simply inf.,
mned by him that the committee had
already come to a
I shareholders to rejecutitilanimous resolution to recommend the
in type, and would be agreement, and that their report was
but one, and we therefor, tookconcur
our leave; all the gentlemen
r in feeling that, to use the
mildest term, such treatment
towards us was most un-
I courteous. .
" How far it accorded with their '
shareholdevs, by whom they were ellties to the body of
appointed, I must leave it
1 to themselves to explain, and to their report to just (
' "It is quite unnecessary for me to make any comment
y.
I ...3, comment on
has already been eat
that report, as it. mated at its value by
the public; but I
in-
vited
by the committee at our meeting, have
suggested
that the interest of the capital to be invested inthe
rolling stock would have been taken into account in the 451.
per which the Eastern Counties were.
per cent. working expenses
to have deducted from the gross receipts, and still they would

THE SUN,

LONDON,

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 fucts that the earnings of the
Eastern Counties Company, stated at 702,4531., 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 96,7151., 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) "Jonas CITETALLIER CoBBOLD.
" Joseph Glynn, Esq."
Mr. ELM/3 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 guarantee 9, they had diminished
the receipts of the Norfolk Railway from 111,0001. to
96,0001. ; and they had entirely omitted all mention of
the diminution of the working expenses which
would take place to the amount of 21,0001.,
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 calcula-
tions. He could not see how the company could fail of
losing at least 50,0001. 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 of the 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 wore• 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
had performed their duty, and a nice exposure they had
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
irst called the Chairman's attention to the circumstances.
As to the depreciation of receipts from 111,000/. to
96,0001, the reason of that was that at the time of
flaking this statement the committee had thought it best
to mike a contemporary return of the three
dompanies, and this sum was the last return
which they had in their possession of the Eastern Union
Railway Company. The committee had taken the
r,test pains in performing their duty; they had set
before the shareholders 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 COllSidleGti 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
time, when it could be discussed with less warmth.

After a most interrupted and noisy discussion,
The CmunricArr set the anxieties of the meeting at
rest by assuring them that the proxies would not be
used at the special meeting.
Mr. 11.11.18,GREANIES (a director), in a speech of great
length, which excited the enthusiastic cheers of the
meeting, denounced the agreement. If passed, the
6,000,0001 of the Eastern Counties Company would have
been ruined, and remarked with great severity upon the
interest which the Norfolk Company took in fastening
their guarantees upon the Eastern Counties Company.
At the conclusion of his speech the cheers of the meeting
were deafening.
Mr. DANIEL WHITTLE MATEY, in a speech of great
humour, supported the committee, and earnestly called
upon the shareholders to exercise a careful discretion at
the present crisis of their fortunes.
Mr. Sergeant GASELEE took occasion to attach great
blame to the Northern and Eastern directors.
Mr. KENNARD defended the course those directors
had pursued.
The resolution for the adoption of the report of the
committee was then put and carried unanimously.
A supplemental report of the committee was then
read for continuing the services of that body; and the
following resolution will best explain the intentions of
the proprietary.
Adopting the, supplementary report, the resolution
proceeded in these terms :—" And that they (the com •
mittee) be requested to continue their services, with a
view of bringing their negotiations with the Newmarket
Railway to a close, and that the committee have power
to enter into negotiations with any other company or
companies for the purpose of effecting traffic arrange-
ments between them and the company; and that such
committee do report the result of such negotiations for
the approval or otherwise of the shareholders at a special
meeting to be convened for the purpose."
The resolution having been carried unanimously, the
business of the special meeting was declared to be at
an end.

The adjourned half-yearly meeting was then held.
The business was to discuss the remaining paragraphs in
the report, the adoption of the report, and the forfeiture
of certain shares; and the election of two directors was
to be disposed of, in the place of Mr. Margreaves and Mr.
Smyth. The proceedings were of the most tumultuous
—or, perhaps, we should rather say excited character.
The result, however, was, that upon the nomination of
Mr. Margreaves, Mr. Archibald Boyd was nominated in
opposition by .Dl.. Whalley. Upon being put to a show
of hands Mr. Margreaves was declared to bo elected by a
considerable majority.
Mr. WlLlLLEY'demanded a poll, amid a perfect storm
of yells.
Upon Mr. Smyth being put in nomination, Mr.
Whalley was placed in nomination in opposition, and
upon a show of hands Mr. Smyth was declared duly
elected. . .
A poll was demanded for .Mr. Whalley.
The CHAIRMAN then, in a very handsome manner,
stated that the seat at the board vacant by the resigna-
tion of Mr. Betts should be placed at the disposal of the
shareholders. a matter of form, that seat could only
be filled by the directors; but in the present state of af-
fairs, the directors would be happy to follow out the re-
commendations of the meeting.
Mr. WADDINGTON would take that opportunity of ex-
onerating himself from the charges that had been made
against him in connexion with that company. He had
accepted, -it was true, 1,0001. of the company's money,
but he did so in the•belief that the directors had ordered
its payment to him for ,the services which he had ren-
dered to the company, by bringing up its tragic from
6,0001. a week to 13,0001. a week, and for attending to
the Parliamentary affairs of the company. When, how-
eVer, the new directors had called upon him and pointed
out the objection that had been made to this sum being
handed to him, he repaid it —(Hear, hear.) The Hon.
Gentleman made other statements to show• that he had
refused to accept shares in this railway and in other
companies, arid had declined to accept offers of other
kinds, because he believed that to act in a contrary man-
ner would have, been to have adopted a course Oast would
be inconsistent with right.—(Hear, hear.)
Mr. Jacksort said, that in 1847, when the London
and Westminatelßank refused to cash the company's
cheques, he' (Mr. Jackson) had made effective ar-
rangements to carry on the financial concerns of the
company.
The proposition that Mr. Waddington be placed on the
direction was carried, and a poll demanded.
Mr. RONEY announced that the poll would take place
at ten o'clock to-morrow (this day), and terminate at
four o'clock.
The meeting then separated.

MARKET IN TEL LIGENCE.
(From the London New Price Current, March 18.)

SUGAR.—To-day importers of West India Sugar refused to
sell under the rates of Friday; but the home trade demand
was small. The private purchases.are only 152 hhds, &c, and
there was no public sale.
REFINED.—To-day Crushed Sugar was offered at lower
rates; but there were few buyers. The home trade demand
is limited for Refined, still there is no decline in prices.
MAURITIUS.—This afternoon there was more disposition
evinced to operate in Mauritius Sugar; at public sale 5,783
bags went at full rates, Gne yellow sold at 40s to 41s, low to
go4,d 36s Gd to 39s 6d, refining kinds 35s to 40s, low and
very ord brown 27s to 325, and better sorts 33s to 36s per cwt.
EAST INDIA.—This afternoon there was a good demand
for Bengal Sugar, and 4,093 bags at auction realised full
rates; the Khaur kinds, however, went rather cheaper. The
prices paid were for low dingy white Benares 39s
to 40s, damp and washed 385 to 40s, fine grainy
yellow 42s 6d to 43s Gd, mid and good 38s 6d to 41s, fair and
mid soft yellow 31s Gd to 375, and brown ditto ,e7s Gd to 30s
6d. Madras realises full terms for superior sorts, lint low
went rather cheaper : at auction 1,117 bags sold, soft brawn
27s to 29e, yellow 30s to 345, and bright 35s to 37s 6d.
FOREIGN.—To-day there was no public sale of Foreign
Sugar, and privately perations were upon a small scale with
sellers at rather lower rates.
ivleLAßsEs.—Prices have further declined for West India
still a ;Air business has been concluded, and the sales
are 210. puns Barbadoes at 16a and 200 puns other SOM.'