The Sun.
London, England, 1858-08-27 00:00:00

EASTERN UNION.

The half-yearly report to be submitted to the share-
holders at Ipswich this day says :
"The proprietors will observe from the joint revenue
account that the traffic receipts of the associated companies
for the past half-year are stated to ba £640,504 7s. sd. as
compared with £648;316 145., the receipts for the corres-
ponding half-year of 1857, and the half-yearly proportions
of traffic which have been apportioned by the Eastern Coun-
ties authorities as belonging to this company since Decem-
ber, 1853, have been as follow :
For the half-year ended 30th June, 1854.... £38,315 7 11
51 . 31st Dec., „ . 43,233 8 9
30th June, 1855.1... 39,947 19 10
11
11 31st Dec., .... 45,031 11 3
30th June, 1856.... 41,219 6 3
51 31st Dec., „ .... 49,074 16 0
1/ 30th June, 1857.... 42,925 11 9
/1 31st Dec., „ .. 47,118 8 1
/1 30th June, 1858: :.. 42,743 13 2
but, as mentioned in the last report, the accounts prepared
by the Eastern Counties officers have never been adopted by
your directors, who claim a much larger sum. Your propor-
tion of the joint traffic is for the second timeless than for the
corresponding period of the preceding year; thecourse pursued
by the Eastern, Counties Railway Company accounts for this
decrease. That company availing themselves of their posi-
tion under the agreement as receivers of the associateklines;
have deducted as interest on the cost of new works—
For the year ended 30th June, 1855 .... £4,500 0 b
Far the year ended 30th June, 18.56 .... 7,250' 0 .61:
For the year ended 30th June, 1857 .... 11,000. 0 .0
For the year ended 30111 June, 1858 ....£16,000 0. 43
And although under the agreement they are not entitled t 6
make any such deduction until three months after the.deli-
very of an account, no accounts have been rendered either
to your board or to that of the Norfolk Railway Company;
in like manner they hate deducted from the joint traffic large.
sums of snoney which they are, by the agreement, bound to
pay out of their own funds; and they have put to their own
funds solely large traffic receipts, of which you are entitled
to a proportion. Your directors have the satisfaction of
informing you that the directors of the Norfolk Railway
Company are cordially co- operatin7 with them on these sub-
jects, anti that the solicitors of the twocotnpanies, acting under
the advice of the Attorney-General, Mr:-Rmuciell Per,
and other eminent counsel, have jointly given formal notice
to the Eastern Counties Railway Company requiring them
to render accounts, and to cease making their unauthorised
deductions, and also requiring them to account for the
traffic receipts unduly withheld. In such notice the
Eastern Counties Railway Company were informed that in
case they disputed the legal principles involved, then that
the two companies were ready to concur with them in
obtaining from the court in the cheapest and most expedi-
tious manner a decision thereon; but that if, on the other
heed, they-admitted such principles and only contested the
amounts, then that the two companies were willing to leave
the question of amounts to the decision of qualified arbi-
trators. To this notice neither of the solicitors have re-
ceived any reply, although they have a second time applied
for one, and, in consequence, the two companies have
jointly commenced the necessary legal proceedings for
enforcing their rights, and by the same proceedings
the functions of the joint committee will be ascertained.
Independent of these matters, there was, at the conclusion
of the last half-year, a considerable balance due to you from
the Eastern Counties Company in respect of your actinittet:,
proportion of the traffic; instead of paying over this balance
that company, without any notice to your beard, deducted
from it a large amount for old claims to which you were not
liable. Your chairman and secretary remonstrated against
this most earnestly, hut, fruitlessly. An action was there-
fore brought to enforce payment of the amounts so impro-
perly deducted, and before any heavy legal expenses were
incurred, a proposition was made for a settlement of all
questions of account, leaving only the principles of law to
be decided by the court ; to this proposition the Eastern
Counties Company declined to accede. Subsequently, after
the expenses of preparing for trial had been incurred, they
proposed that the action should be allowed to stand oser till
next term. This was rejected ; the action came on; and
then they consented to a verdict for your company, subject
to a reference of the accounts to an arbitrator, with
power to raise the legal points for the decision
of the court. There can be no doubt but that
a large amount will be awarded to your company.
During the last session of Parliament the East Suffolk Com-
pany sought to obtain power to enter into separate agree-
ments with the Eastern Counties Company as regards the
joint traffic. Your company, together with the Norfolk
Company, opposed the attempt, and succeeded in de-
feating it in the House of Commons ; a subsequent
attempt of the Eastern Counties Company in the
House of Lords, to undo what had been done in the
House:of Commons, was defeated by the Norfolk Company.
The sum allotted by the Eastern Counties directors as this
company's proportion of the joint traffic for the last half
year is £42,743 13 2
Add to which sundry receipts, amounting to.. 595 16 6

tnealebe
upon
Making a total of £43,339 9 8
The preferential charges for debenture interest, rents, and
interest upon the company's guaranteed stocks, amount to
£38,503 2s. ld. Deducting these from the income of the
company for the past half-year, there will remain 14,836
s hpieusurnnsugeeumrnsattr.a per d dividends
annum carile ds yourtoek s
epl;
paid
do a
t u recommendptoline
rtahte
othat 71cl•
the
4se
the A stack,, and at
the rate of 16s. per cent. per annum upon the B stock; both
dividends to be clear of income tax. Your directors are
able to report that, in the past half-year, considerable pro-
gress has been made towards the adjustment of the com-
pany's financial affairs, and they have no doubt that, with
7company'T: de
the co-operation of the shareholders, the capital debts of the
the companyissue may, at an early period, be entirely discharged by
of securities in the possession of the company at
moderate rates of interest. It is the intention of your
directors at the approaching meeting to submit a resolution
for the conversion of the company's guaranteed shares
into guaranteed stocks. The shareholders will be glad to
learn that, from the improvement I.vhich has taken place in
the company's affairs, your directors are obtaining loans
upon the company's debenture bonds at four per cent. ; that
a considerable amount of bonds which bore interest at five
per cent. have been exchanged for guaranteed stock, and
that most of the new bonds issued in lieu of those so ex-
changed have been taken at four per cent. The works upon
the Woodbridge line are not quite complete, but although
a scarcity of workmen, and eneineering difficulties in the
parishes of Rushmere and Playford, have delayed the opera-
tions of the contractor, your directors do net apprehend
that the period, at which they indicated in their last report
to you that they expected it would be opened, will be much
exceeded." •
.

LEEDS, BRADFORD, AND HALIFAX JUNCTION.
The report of the directors of this company states that,
notwithstanding the extreme depression of trade during the
earlier months of the year, and the long and protracted C9lll-
- between the Great Northern and the London and
the directors are enabled to pay
North-Western Companies,
a dividend of 41 per cent., and to carry £266 to the reserve
fund. With the revival of trade, the traffic over the railway
is now assuming a more favourable aspect, and the direc-
tors have every confidence that it will equal the reason-
able expectations of the shareholders. A marked improve-
ment in the local traffic has already been evinced. The
attention of the directors is now being given to the im-
provement of the traffic of the Gildersome and Ardsley
branches, and the mineral traffic is being successfully
developed. The report of Mr. Fraser, the engineer, states
that the main. line has heen recently ballasted throughout,
and is now in. a very improved state of repair. The main-
tenance of the Ardsley
braw] was given up to the direc-
tors by the contractors in April last; they lift it in
good repair. The station-houses, warehouses, coal-drops,
and ether works, are all in good order. The
statement shows the total receipts on capital
account to 30th of June last to have been E563;237,
of which £41,081 was received in the half-sear. The expen-
diture for the half-year amounted to V 24,147, making the
total expenditure on capital account X 361,685, and leaving
a balance of £1,552. The revenue account for the half-year
shows that £L5,887, had been received, and, after deducting
tie expenses, there remainid a balance of £13,120. To this
was added £1,856, making the total £14,977. Of this the
interest would absorb £4,405, and the proposed dividend on
18,000 origiggl blagro gt 410 PQr obAre, god ort 2,000 Agd-