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 be £640,504 7s. sd. rs
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 CT belonging to ibis company since Deem-
btsr, 1853, have been as fllow

, .
For the half-year ended 30th June, 1854.... £38,315 7 11
If
31st Dec., , .... 43,233 8 9
30th June, 18'5i.... 39,947 19 10
27 31st Dec., .... 45,031 11 3
:!).h June, 1856.... 41,219 6 3
31st Dec., „ .... 49,074 16 0
30th June, 1857.... 42,9.15 11 9
31st Dec., ~ •• .. 47,118 8 1
If 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 time less than far the
corresponding period of the preceding year; the course 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 associated lines,
have deducted es interest on the cost of new works—

For the year ended 30th June, 1855 .. £4,500 0 0
For the year ended 80th June, 1856 .... 7,250 0 0
For the year ended 30:h June, 1857 .... 11,000 0 0
For the year ended 29th June, 1858 ....E16,000 0 0
And although under the agreement they are not entitled to
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 Noirolk Railway Company ;
in like manner they have deducted from the joint traffic large
sums of money 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 receipt=, 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, operating with them on these sub-
jects, and that the solicitorsof the twocompanies, acting under
the advice of the Attorney-General, Mr. Roundel' Palmer,
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 toe
traffic receipts unduly withheld. in Euch notice tile
Eastern Coontleg 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
heetd, 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 tie 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 lights, and by the same proceedings
the functions of the joint committee will be ascertained.
Independent of these matters, there was, at the conclusion
el the last half-year, a considerable balance due to you from
the Eastern Counties Company in respect of your admittee:
proportion of the traffic; instead of paying over this balance
that company, without any notice to your board, deducted
from it a large amount fur old eleiing to which you were not
liable. Your chairman and secretary remonstrated against
this most earnestly, but fruitlessly. An action was there-
fore brought to e.n:orce 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 CMil"."27 d!IY•f(l to aPreql,.. Sobsegnentiy, after
' the t xvelises of proparirg fur trial tat been incurred, they
proposed that the action should be allowed to stand over till
next term. This was rejected ; the action came on; and
then ney consented to a verdict I*(r your compa:,y, subject
to a reference of the accounts to an arbitrator, will
power to raise the local points for the decision
of the court. There can be no doubt but that
a la-ge amount will he awarded to vette company.
During the last session of Parliament the Eest Suiftlk Com-
pany sought to obtain power to enter into separate agree-
ments with the Eastern Counties Company as regards the
jeiee traffic. Your company, together with the Norfo,k
Company,
opposed the atecropt, and succeed- d in ale-
Prising' it in the !loose of Commons ; a subsequent
ntterept of the Eastern Counties Company in the
House of Lords, to undo what had been done in the
Houselof Commons, was defeated by the Norfelk Company.
The sum alloted by the Eastern Counties directors a- 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.. SWJS 16 6

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
half'-year, there from the income of the
year, there will remain 14,836
your directors to recommend
c7£0:3787,p5da0.n3y ‘fosh.ri
sltdsh.ue
inpDa
ese
tdn
nu
hbe s
that the understated diviiepds be paid upon the
company's unguaranteed stocks, namely—at the rate
of 1 4s. per cent. per annum upon the A stack, and at
the rate of 164. per cent. per annum upon the B stock; boil)
dividends to be clear of income tax. Your directors arc
able to report that, in the past half-year, considerable pro-
gress kas been made towards the adjustment of the com-
pany's financial affairs, and they have no doubt that, with
the co-operation of the shareholders, the capital delvs of the
period, be entirely discharged by
the issue of securities in the possession of the company at
moderate rates of interest. It is the intention of your
companydirectors may, at an early
at the approaching meeting to submit a resolution
for the conversion of the company's guaranteed shares
the improvement which has taken place in
into guaranteed stocks. The sharAolders will be glad to
fromaffairs, your directors are obtaining loans
ltuehpaeor
upon the
company's
that,i e
company's
•that
a debenture bonds at four per cent. •
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 engineering difficulties in the
parishes of Rushmore and Playford, have delayed the opera-
tions of the contractor, your directors do not 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 &minx the
earlier months of the year, and the long and protracted cent •
petition between the Great Northern and the London and
North-Western Companies, the directors are enabled to pay
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 wilt 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 traffie is being successfully
developed. The report of Mr. Fra•er, the engineer, states
that the main line has been recently ballasted throughout,
and is now in a very improved state of repair. The main-
tenance of the Ardsley branch was given up to the diree-
tlrs by the contractors in, April last; they 1i ft it in
good repair. The station-houses, warehouses, coal-drops,
and other works, are all in good order. The finan-
cial statement shows the total receipts on capital
account to 30th of June last to have been £563,237,
of which £41,081 was received in the half-c ear. The expen-
diture for the half-year amounted to £24,147, making the
total expenditure on capital eccount £.561,685, and l=aving
a balance of £1,552. The revenue account for the ball-year
shows that £15,087, had been received, and, after deducting,
the expenses, there remained a balance of E 13,120. To this
was added £1,856, reeking the total £14,977. Of this the
interest would absorb £4,433, and the proposed dividend on
118,000 original slam at £l9 pa share, and on 2,000 Ard-