The Sun.
London, England, 1858-08-30 00:00:00

EASTERN UNION.

The half-yearly meeting of this company was held at
. pssvich on Friday—Mr. J. Cheyallier Cobb°ld, M.P., in
the chair. _ _ .

The CHAIRMAN, in moving the adoption of the report,
which has bees already published, said he regretted that
the company was not quite so forward with regard to the
matters on which they had unfortunately differences with
the Eastern Counties board as he hoped they would have
been when he last met the shareholders. There had been
no want of exertion on the part of the directors or their law
advisers; but the delays of the law were proverbial, and
the Eastern Counties Company had put every possible
obstacle in the way. The matters in dispute were of very
grave importance, as they involved from £60,000 to
£70,000 per annum, of which tie Eastern Union Company
oas entitled to one-seventb, after deducting 46 per cent.
for working expenses, or about £4,500. The Norfolk Com-
pany took the same view of the question, and were ready to
cc-operate with them, being similarly affected., With regard
to the Harwich traffic, the chairman of the Eastern Counties
had lately stated that it was worked at a loss; but if this was
the case, he must say that it was due to the course the Eastern
Counties had pursued. To fully develop the Harwich traffic
n line of steamers between that port and the Continent was
required, and he had himself taken a good deal of trouble,
and Incurred some expense, with the view of establishing
that communication during tie present season. Tbe Nor-
foik Company were quite prepared to unite with.theEastern
vnion in taking their fair share of the responsibility; but
t e Eastern Counties Company would undertake no part of
~ic responsibility. They were asked for no money or qua-
sntee, but merely from the profits which might arise from
tee steamers to indemnify the parties who put them on.
This, however, the Eastern Counties board would not un-
dertake to do, and the enterprise must stand over for better
terms. It might be thought that the Eastern Union Com-
pany were pugnacious, but they were only anxious to esta-
blish their rights and their proper position prior to the time
at which the amalgamation with the Eastern Counties must
take place; and the directors had commenced legal pro-
ceedin_p as the only resource left to them.
Sir b. BIGNOLD, deputy chairman, seconded the adoption
of the report, which was agreed to.
The dividends recommended-12s. on the A stock and Els.
on the B stock, clear of income tax—were also declared.
The CHAIRMAN next moved that the directors be autho-
rised to convert the guaranteed shares into stock, to be di-
vided amongst the shareholders according to their respective
interest therein, and to be entitled to the same advantages
as before conversion.

Sir S. BIGNOLI seconded the motion, which was agreed
to.

Replying to questions from several shareholders,
Mr. BRUFF, the engineer, stated that the Woodbridge
extension could not possibly be opened within two or three
months without extra expenses being incurred to hasten the
works, which had been delayed through a scarcity of labour
in the district. There had been one or two land slips, but
they were in course of being overcome.
The CHAIRMAN', in reply to other questions, said the
joint committee of the Eastern Unlon, Eastern Counties,
and Norfolk Companies bad sanctioned the general plan
submitted for the new station imperatively required at
Ipswich, but some of the details were still unsettled.
After some further conversation on the differences be-
tween the company and the Eastern Counties board, the
proceedings closed with a vote of thanks to the chairman
and directors.