The Sun.
London, England, 1858-08-28 00:00:00

1)0 i
18.11.6

THE SUN, LONDON, SATURDAY EVENING, AUGUST? 28, 1858.

?~2;6irc•

IIAILES —ke4;atlales,

RAILTYAY INTELLIGENCE.

Itallwa7%.

Glaing Prla6

Done.

NORFOLK.
The 27th half-yearly general meeting of proprietors was
field yesterday at the London Thvern—Mr. G. P. Biddle in

,==vs,

B} I•it:cttishSeptrr.l,ne.v., pre!.
scot. N. E, Debenture
ck -,c. Si p. c. pre:,
i':ock !De. do. Aber. g. 6p. c
took IDu. 7 p. c. pref. stock
10s. roodth Devor, ..... --
10 !Plied 44 per mat. .....0
1 0 6 fialastn. Mead. An.)loe ad
fizook Do. 41 par '
Stock Do. Axed 4 p. cent. lstiss.
Stock Do. New 4i p. cent. 2d is.
f :South Wales guar. 4 p. et.
" I Do. do. 4} per cout
20 Sh.Yorleshire, 4p.
f 25 Stockton St Darling. sp. c
t 25 Do. do. 5 per cent
Stock Water. Kilkenny 6p. ot
COLONIAL AND

100
105
100
100

71 76
IT2 124
15 128
10 .1

t' C"-

the. chair.
The notice conxening the meeting haying been rtcad, the
following report, which had been circulated among the
shareholders, was, on the suggestion of the Chairman,
taken as reed.

100
100
130
7110

21 24
102 V.,4
102 104

17 19
- .... pm
40 45

IREIGN.

sdne
Railways. raid. Clot Friel'. B D
vat,.
- -...............,.....A- -- - ..... .. • .................. swam •
Atlantic de St. Lawrel oa, all r....
Bona. Baroda,& Can. Intl,. 9 par} pm
I D 0....... . ..... -
Ilb. Additional Capital A. all fM.i pm
1-v) B. 41 t dis t pin
Buffalo & Lake Huron .... all 7 8
Do. New
Buffalo,Brant, & Goderieh
i 1001 83 88
6 p. c. bds. 1 Aug., 1872
IDo. do. 1 July, 1873 lOO 71 82
Do. do. 1 June, 1874 lOO 75 80
Calcutta &S. Eastern . Mi. - - pm
Cape Town & Dock Scrip 2s. - .... Pm
!Central Oude (Limited) as. 6cl. -
Ceylon
Demerara all - -
Eastern Bengal
Bast Indian
Do. e shares ........ all - -
Do. E shares Eaten... 5 1 1 pm
Do, Jubbulpore - -
Do. 41 p. c. Bonds, pay.'s9 all - -
Geelong and Melbourne, 111 - -
Geelong Corporation 6 P.
cent. Bonds - -
Grand Trunk of Canada lOO 38 39 381 9S}
731 41
DDOo..
66
ppe.
or. op.rle/i.bLennturas
Great Indian Fentnalla... all 21 211 2}
Do, New 5 pal cent 6 par /pm
$ll6O 7130 75
5 dis 52
Do. do I i ppm
Great South of India 2s. 1 iPm pm
Great Western of Canada all , 17 171 171
Do.nery li 31 2i dis
Do.bonds payable '76 lO5 108
Do. do. '73, do. '6O
Do. do. '73, withe- opt all 104 106
Do. 5i p.c. do. 77, do all 99 100
Madras all 181 191
Do. now, do. 5 per cent all 20* 201 201
Do. 41 p. 1. Eaten. l6 1 Ot dis
Do. third Eaton, g. sp. c. 5 t IPm
Do. fourth do 5 t tPm
New Brunswick, &c. (Um) 10 2 It dis
Do. do. B Capital lO 4 3 dis
&Ando, guar. sp. c ll 1 I pea
Do. New 5 par *pm 51 5
runiaub 5 par Ipm
Do. Indus Steam Flotilla 5 Par 2pm
Trinidad, Limited, Scrip_ 1 par 1 pin
Antwerp and Rotterdam. all 51 51 51
Bahia & San Francisco 3 par Ipm
Seigian Eastern Jtuactior. all 1 t
Boxier; to Gralasessac-,,, all ... -
Carmeaux &Toulouse all 11 21
Dutch Rhenish. l5 4 4 dis 101
Eastern of Franca...." all 27* 18
Euphrates Valley li. ... .- pm
r}reat Central of France all ... .....
Gt. Luxembourg, non. she all 71 01
Italian Junction 6 -, -
Lake Constance and Basle all ... ..
Lime and Turnhout all - -
Lomburdo Venetian
Lucca &Plato:a, IS p.c.pre all - -
Lyons and Genova all 14 25
Maria Antonia an /ON ...
Namur & Liege all 9 91 9}
Do. do. 6 per cent. pref all 211 911 211
lorthern of Franco..., .ll 371 371
Do. do. now l2 - -
car. frrian Trunk Prater ell Fi Pi
Ottoman
Paris and Lyons.... ail 121 321
Paris and Orleans... _ . all 52 (4
Recife & San Fran., g. 7 p.c 9 1 lOn zin
Riga & Dunaburg 4 .- -
Some and Frascati all .- •-.
Royal Danish -
Royal Swodiah ...... ......- all •-•-
Sambre and Meuso all 71 8
Do. 51 per cent. pref all 9* 91
Southern of France
West Flanders
Do.slipor cent.Pre,
Wen, al Northn.of France all 24 95
Western of Austria
Western of Switlseziand all ••• -
Wiesbaden all , -. •••
COLONIAL GOVERNMENT SECURITIES.
Can. Gov. 6 p.c. Jan.3rJuly 100 1121 113 t 1131
Do. 6 p.c. Feb.&Aug.l 100 111 113
Do. 6 p.c. Mar.&Sep. 100 ill 113
N. B.Gov. 6 p.c. Jan.&July 100 10 i 10)
Do. 6 p.c. Apr. & Oct. 100 - -
N.S.W.Gov. sp. c. Debent. 100 991 10011
Nova Scotia Gov. 6 p.c. St.
Debent. redeemable 1875 100 109 111
S.Aus. Gt. 6 p.c. Jan.&July 100 109 111 10)1
Viet. Gov. 6 p.c. Jan.&July I 100 - ....,

NINES.
hare.l 3Gi1166. -
Ps 4-. Closis4 Price.. 'Salines
I I I Done
......... 1.........amenew...x.,.. .• ••••..
10 Australian 7l i 4
1 Bon Accord Copper, Brad 10s. f Ipm 1
85 Illrasilian Imp. us. at 5i.p.) 27 1 11 j
10 ,Do. St. John del Boy l6 11 12
5 Do. Lana & Mining Co all If Si
1 ;Cobra Copper all 69 41
10 Copinpo lO 111 121
.. Dun Copper Mining C 0... all 1 1
I IFortuna aL 11 21
SO General all 10 20
S nares all 91 9/
5 Lusitsmian ll 11 1 die
1 Mariqulta all 1 1
1 New Granada all I i
10 Pontgibaud Silver, &c I
5 ,Port Philip.. ..
SO Santiago de Cabs l6f 1 I
182 St United Mexican r all 1 81
- Alfred Consols (Phillack) 2.11.1( 8 9
10 British Iron ; 11 21 31
- Condurrow (Cantborno) ' 20 50 Bo
10 Devon Great Console 1 455 465
- 'East Bassett (Mogan)
- Great South Tolgus
- Par Consols (St. Blaxley) 11 141 171
- ,Bortridge Cons& s Min. Uo. 61. 1 1
5 ,Tamar Silver and Lead
Mining Co 1 44 I I
10 Tin Croft 9 lif 11
175 190 a d
.- , West Basset (Illogan)
JOINT STOOL GAMS.
insinal
Sham Joint Stock Banks. Paid. Closing Priem Dont
.111..1•1••• .11MVII modrur. rc ...• •••••...r. asaMiclimawaszenvt. .4mizsasi:
100 Agra & United Service Bk 50 -- -
10 Australasia an 88 90
15 Sank of Egypt all 211 25
100 Bank of London 6O 45 47 a d
£0 ; Brit. Col. Bank & Loan Co all - -
50 , British North American all 67 59
10 frihartd.Bank of India, acc 10 8 21 dis
100 City 5O 61 64
100 IColonial 25 30 81
30.11 'Common Bank of Canada all - -
WI Commercial of London lO 20 21
10 English, Scottish, & Ans all 17 171
10 Gen. Bk of Switzerland al -
10 Lon.Char.Bankof Austral. all 201 214 211
50 London and County lO 271 :at fl
60 London Joint Stock , 10 32 11
100 London & Westminster 2O 451 2461 45/ 6
160 INational Prov. of England 25 - -
10 Do. new lO - --
60 National Bank l5 - -.
10 New South Wales all 47 49
IS ,Orient. Bank Corporatioi *ll 37 31
20 Ottoman Bank all 161 171 171 17
100 Provincial of Ireland 25 62 61
10 Do. new all - --
15 2outs Australia all -•-•
25 Do. new - ..
25 Union of Atistrulia...., all 58 60 58 1
15 Do. New 2O 52 54
60 Union of London .....
100 Unity Mutual l5 -.
100 Western Bank of London 10 18 17 dis

" The usual statement of tha revenue account of the asso-
ciated companies for the half-year to the 30th June last, has
been received from the Eastern Counties Railway Company
and appended to this report. The amount credited by the
Eastern Counties Railway Company, and assumed by them
as the proportion of the joint earnings due to the Norfolk
Railway Company, is £42,753 13s. 2d., which, after de-
ducting the interest on guaranteed stocks and loans, leaves
a balance of £13,728 13 Bd., and enables the directors to
propose a dividend of £1 7s. 6d. per cent. upon the ordinary
stock of the company for the last half-year. The revenue
account of the associated companies had been prepared by
the Eastern Counties Railway Company, and is therefore
based on their view of the agreement of 1854, but this and
the previous half-yearly accounts so furnished have not been
adopted by your directors, who claim a considerable addi-
tion thereto. Taking into account the serious falling off of
railway receipts generally throughout the country, which
has prevailed for a considerable lime pap, your directors
think that they may congratulate you that the proposed
dividend is only 2s. 6d. le,s than the one declared for the
corresponding period of last year. Your directors regret
that the various questions in dispute between this company,
the Eastern Union Railway Company, and the Eastern
Counties Railway Company, as to their respective
rights under the agreement of 1854, remain un-
adjusted ; as they are of opinion it is of the utmost
importance that the legal rights and liabilities of the asso-
ciated companies, under the agreement of 18.54, shouM be
speedily determined as a necessary step to the ultimate
amalgamation of the companies,which the act confirming the
agreement provides shall take place not later than the
session of Parliament in 1862. In this view the directors
of the Eastern Union Railway Company cordially concur;
and the solicitors of the two companies, acting under the
advice of counsel, have jointly given notice to the
Eastern Counties Railway Company to render accounts
in accordance with the agreement, including all ,traffic
receipts properly belonging to the common fund, and to
discontinue the deductions authorised thereby. They
further informed them that if they disputed the legal prin-
ciples involved in such deductions and omissions, your
company and the Eastern Union Railway Company were
prepared to concur with them in obtaining from a competent
legal tribunal a conclusive decision in the cheapest and most
expeditious manner; but that if they admitted the princi-
ples contended for by your company and the Eastern Union
Railway Company, and only contested the amounts, then
your company and the Eastern Union Railway Company
were willing to abide by the decision of qualified arbitrators.
To this communication no reply has been received, and the
two companies have jointly commenced the necessary, legal
proceedings for ascertaining their rights and for dening
the duties and functions of the joint committee. The bills
promoted by the East Suffolk Railway Company, adverted
to at the last half-yearly meeting of the proprietors, were
modified in committee of the House of Commons, so as to
secure the rights of your company, and to render their assent
and that of the Eastern Union Railway Company necessary
in any traffic arrangements with the Eastern Counties Rail-
way Company under such acts."
The CHAIRMAN, in moving the adoption of the report
and balance-sheets appended thereto, said—Gentlemen; it is
my intention to offer a few observations with reference to the
present position of the company, but before doing so I feel
it necessary to call attention—although it is with great regret
I do se—to some observations made by an honourable pro-
prietor at our last special meeting. That gentleman made
certain charges which had especial reference to myself and
the directors—to myself as formerly the engineer of the
company, and which also had reference to the position of the
company. Those charges I find have been reported in full,
but the reply which I was called upon to make, it so hap-
pened, was not reported, owing to some inadvertence on the
part of the gentlemen of the press who were present. lam
quite sure it is only necessary that I should mention this
fact to ensure the appearance of what I now say in reply
to that gentleman, in order that it may be circulated among
the proprietors of this company. The charge made by that
gentleman was to the effect that the works of the Norfolk
Company, of which I was engineer, were so exceedingly
defective in their construction that they entailed upon the
Eastern Counties Company an outlay of between ;e200,000
and £300,000, when they took that line into their own
hands, to put it into efficient order—a very serious charge,
indeed, if true. He also said we ought not to be very press-
ing in any pecuniary matters, because, in addition to the
Eastern Counties Company sustaining considerable loss by
the amalgamation between the companies, particularly with
the Norfolk, if it had not been for that amalgamation
the Norfolk Railway at this moment would scarcely
have been in existence. lam happy to see that the gentle-
man to whom I allude is present, because the remarks I
feel called upon to make I should have made with great
reluctance in his absence. That gentleman is known as
having a considerable reputation for his knowledge of
figures. He is known to have taken for many years a very
warm interest in the Eastern Counties affairs. There is
scarcely a meeting at which that gentleman has not ad-
dressed the shareholders, and it cannot be supposed that he
is not familiar with the reports of that company. At all
events, before he made these charges, he must have been fami-
liar with them, or if not, he ought to have been, for he had
the opportunity of becoming so. That gentleman has charged
this company with delivering over the line to the Eastern
Counties Company in such a state of defect as to render ne-
cessary an outlay of between £200,000 and £300,000.
What are the facts? When the late superintendent
vacated his position in that company, and when it
became known that the state of the permanent way
generally in the Eastern Counties district was not
so satisfactory as it ought to have been, a report in
full was made by their late superintendent, Mr. Brough.
That report was communicated in a detailed form to the
Eastern Counties directors in the beginning of 1856, and
was embodied in their report to the proprietors in February
of that year. Now, gentlemen, just mark the facts. We
are charged with handing over a line of from 92 to 93 miles
in length in such a condition that an outlay of between
£200,000 and £300,000, as I have stated, was entailed upon
the Eastern Counties Company. Now, the total cost esti-
mated in February, 1856, for the whole system of Eastern
Counties lines was £150,000, not for 90 miles, but for nearly

500 miles; and, instead of £300,000 for placing the Norfolk
line in order, £33,000 was the cost. I say, that a gentle-
man coming here and making that charge, having the
means of correcting himself at command, is liable
to the accusation of being guilty of conduct which
ought to be discountenanced by the proprietors. But
he may say that £33,000 did not represent the actual
cost, because, in the report of 1857, when the repairs
were nearly completed, it was found that the £33,000 had
amounted to £62,000. I do not know whether £62,000 is
the correct figure or not, but it is a curious fact that the
estimate for the Eastern Counties system generally was
£126,000, and the actual cost was £124,000, whereas the
cost of the Norfolk line has been swelled from £33,000 to
£62,000. The fact may be so, but I believe in that £62,000
is included other expenditure than that due to the mere
renewal of the Norfolk Company's works. But I think I
have already shown enough to prove that that gentleman's
figures are a mere piece of poetry, and very bad poetry
indeed. (Cheers.) Before I leave this subject I should like
to call attention to what are the facts really connected with
the circumstances under which this company's works were
handed over to the Eastern Counties Company. The
Eastern Counties Company have had the control over this
line since 1848 or 1849. The superintendent of the Eastern
Counties Railway, who has had the entire control of our
works and line, was a gentleman who bad a considerable
interest in a company which possessed a very valuable
patent with reference to permanent way, and which was not
so well established then as now. It was very desirable that
the system should be introduced on the Eastern Counties
line, in order to obtain the advantage of that means of ad-
vertising its merits. But it was necessary to show that it
was economical, and that the introduction of the system
would be attended with useful results; and so it was that
from half-year to half-year reports were made to the direc-
tors, and by them circulated among the proprietors, show-
ing that £9O per mile per annum was the whole cost of the
maintenance of the permanent way, leaving a small surplus.
But in order to do this I knew from my own personal know-
ledge that a great deal of liberty had been taken with the
Norfolk Railway. I knew that rails had been removed and
applied to other purposes; that sidings had been taken
up and used for other purposes; that timber had been taken
from our bridges, to save expense elsewhere; and when that
gentleman vacated his position in that company in the abrupt
way in which he left, be took all his superintendents with
him, and the responsibility then devolved on Mr. Brough.
I did not know the full extent of the dilapidations, but I
knew enough to caution Mr. Brough, before he took the re-
sponsibility, to have a careful investigation iato the state of
the works. He did so, and then arose the exposition of the
alarming state of that railway. It is mimics enough, although
sidings had been removed and used elsewhere, no new sidings
was laid down on the Norfolk line without our company
being called upon to contribute their ota towards its cost.
The directors of the Eastern Counties Company, I am bound
to say, and even the original directors, were not at all cogni-
sant of what was done; it was done upon the sole resp
bility of the superintendent, who, I believe, carefully kept
from them the whole of the proceedings which he adopted in
regard tolileuse works. The second charge brought forward
by the hon. proprietor, as I have already stated, is that a loss
has been sustained by the Eastern Counties Company in con-
sequence of the amalgamation—an annual loss; and that if
it had not been for the amalgamation the Norfolk Company
would not now have been in existence. I do not think it
necessary to say that I attached the slightest weight to that
gentlemen's statement, and I do not think you will con-
sider it as deserving of much consideration ; but the state-
ment having been made, there are some circumstances con-
nected with our position with the Eastern Counties Com-
pany which render it desirable that I should offer some ex-
plaaation for your satisfaction, but not because I think it ne-
cessary to reply to that gentleman's figures now or at any
future time; for after what lie stated at the last meeting I
should not place any confi lence in his figures, because if he
did not know them to be untrpe at the time he ought to have
known it. Many years before the amalgamation, when I

511.80PILLA111101/11.
`_-
Sums, s
than. Miscellaneous. Paid. I Closing 11 low. Da „a,
-. ~,,,... ......- , mrsarasofflor ,+.44.,.. IMIDAMONII • ...am., .4101101111111.
10 Anglo-Mexican Mint all 13 15
10)0 Atlantic ?elogh. (limited) all 840 860
16 knstrailan Agricultural l9 33 85 SS
10 kustrallan lloyal Mail all 1 19
10 61erlin Water Works all 3 4
10 Do. New r 3 •••• .-
50 lt*iti •n American T••••• 11... 40 •-•-
50 Bri. & Irish MAR. Tel. A all 42 44
23 Do. B. 7p. c. tlll 1869
21 Do. C all 16 17
100 Janada Land s29 115 120 1181 19 17
Stock Cop. Minors of England all 25 50
15 Do. Pre.eronce 79 per cent all 16 SO
5 OrystalPidace all 19 11 ili
5 Do. preference all 49 41 49
10 Eastern Steam all 2 29
Stock Electric Telegraph lOO 107 109
5 English and Austl.Copper all 19 11 .
10 European & Indian Junc.
Telegraph. . . 10s. - ...
9 Euro.&Amer.Steam(Llm ) all 11 2 11
30 General Iron ScrowColiter, all .- --
15 General Steam Vavicationl 14 - - •
50 London Discount 1 5 11 11 nil
8 Lon. Gon. Omnibus Co ' all 29 29 21
to Meditern.Elec. Telegraphi all - ••••
10 Do. Exton. ( Limited)... all 71 19 1
15 National Discount Co 5 If 01 dig 4
10 Netherlands Land 6 -.-
10 Do. do all 1 2 ,
5 Do. Bp. c. pre'. is. at 1 dig all 19 19
100 N. Br. and N. Scotia T,and 80 - -
1 N. B. Australasian all 9 I
30 North of Europe Steam all 29 3
1 Oriental Gas all 9 19
I Do. "New Shares" 1I 15s. 4 dig 9pm
5 Peel River Laud & Minerall all 29 21
50 Penin. and Oriental Steam; all 81 13
50 Do. new lO 71 8 pr
50 Ehymney Iron I all 219 229
15 Do. New all 89 7
110 Royal Mall Stearn 6O 60 61
1 Icettish Aust. Investment all 19 19
35 South Australian Land , all 38 40
1 Submarine Telot. Scrip.- all i 19
1 Dc.do.reristered I all
2 I Trust & Loan Co., Canal:, 5 ...i ....li
fa
10) Van Vsnien's Lann , is* to 119
T.nnn CLYDE'S FATHER.-011 Saturday last, th

LORD CLYDE'S FATHER.—OR Saturday last, the
small village of Bunessan, Mull, was honoured by the pre-
sence of Miss Alicia Campbell, better known as Lord Clyde's
sister. Perhaps it is not generally known that Lord Clyde's
father lives, and still enjoys excellent health, in the salubri-
ous climate of Bunessan. Miss Campbell often left, for a
short time, London's gay society to visit her parent in his
Hebridean retreat; but this time she unexpectedly arrived
and gladdened the old gentleman's heart by informing him
that it was her intention to remain with him during his life-
time. We understand that she has taken a quiet rural villa
near Edinburgh, where we have no doubt she will affection-
ately attend him during his life, and close his eyes in death.
Miss Campbell has been separated from her parent from in-
fancy, and brought up amongst her mother's friends. She also
spent many years of her life in London, and it speaks much for
her filial regard and tenderness thus to constitute herself
her father's nurse in his old age. The old gentleman is highly
greatly miss the pleasant
respected in this country, not only for his being the pro-
genitor of the gallant general, but also for his many good
qualities. The villagers will
smile and friendly greeting of the kind-hearted old man,
and the poor and needy will have lost a generous benefactor.
We understand that it is his intention, before leaving, to
place in the hands of the inspector, Mr. Graham, a
handsome supply of clothing, and also some money for the
use of the poor. The old gentleman has now lived upwards
of 30 years in Mull, and in leaving it he carries with him the
respect and good-will of old and young, rich and poor, who
had the honour of his acquaintance.—Glasgoto Daily
.Bulletin.

was engineer of this company, I made it my business to go
into the question of traffic—of what was the value of the
traffic we brought on to the Eastern Counties system, and at
that time it was from £1.20,000 to £130,000 per annum. We
know now that the general traffic of the Eastern Counties
Company has more than doubled between that period and the
present, and that the Norfolk system has participated fully
-irr that-increase; that instead of,that £120,000 to £130,000,
the amounts which we now contribute to the Eastern
Counties must be considerably upwards of £200,000, be-
sides the traffic realised upon our own line. Let me
ask you to consider what would have been our position,
having a large traffic on our own line, and the control of
the traffic contributive to the Eastern Counties line to this
extent of £200,000, if we had sent it elsewhere. We have
lived long enough to see that a railway made from London
to Bris!ol competeswith the originel railway, the London and
North-Western, for its traffic to Liverpool; that a line passing
through Barnet on its way to York competes with that com-
pany for its Manchester traffic. Between the Great Western
trunk line and Liverpool the line runs through a very diffi-
cult country, and there has been a vast amount of outlay
in its construction. The outlay to connect us with the Great
Northern line would have been very small. The Eastern Union
might have found their way to London by way of •Pitsea,
as was shown many years ago. What would have been the
position of the Eastern Counties Company if the Norfolk
Company had carried its traffic to the Great Northern, and
the Eastern Union had diverted its traffic in the way in which
it could have been effected ? I should like to know which

more conducive to the interests of the associated companies.
There are two instances amongst others which I could name
if time permitted. It is all important that this development
should take place as soon as possible, because the time cannot
be far distant when the terms of amalgamation must be
considered. The fact is the sooner that amalgamation is
brought about the better. At present we are three compa-
nies, three boards, and three expenses, all bearing a certain
divided interest, and the sooner it is put an end to the
better. It is most desirable for the interests of this
company that the amalgamation should take place at the
earliest possible moment, anti it is quite as desirable
that it should take place on terms fair and equitable
as regards yourselves. The result cannot in my opinion
be obtained until the traffic of the districts is folly and
fairly developed, and the more so because your position
in regard to the system is very peculiar. The Norfolk con-
solidated stock is vsry generally misunderstood by the
public. In truth, it is in the nature almost of guaranteed
stock, except that it has advantages over an: above that
stock, because unless the traffic of the Eastern Counties
sys'eut should permanently decrease, there is no probability
that our dividend will be affected at all. On the other hand,
you must participate in the gradual increase which is taking
place in all railways, and we believe most continue to
take place for many years to come ; therefore, you cannot
reason upon the present state of things in reference to the
way in which the associated stock of the respective com-
panies should be brought together until the traffic of the
district is more completely developed and its value better
ascertained. While upon this subject, I will call attention
to what has been the dividend received by this company
since the amalsatnation. In the year 1854 it was 21 per
cent. upon the stock of this company; in the year 1855
it was 3 per cent.; in 1856 it was 31 per cent. ; in 1857 it
was 21 per cent. The first half-year's dividend, which we
propose to-day will be LI 17s. 6d. per cent. ; and it the
increase which has taken place in the Eastern Counties
traffic for the last seven weeks continues, the half-a-crown
loss on the present half-year, compared with the correspond-
ing half-year of 1857, will be made up in the current half-
year. Therefore the dividend will, I trust, be 31 per cent.
even on the current year. I think that is a statement
which shows the great value of the amalgamation to this
company. I could easily show that it has been attended
with equal advantage to the other companies. But this
brings me to notice a protest which has been handed in by
a shareholder against paying interest upon the capital in-
' vested in the Fakenham and Wells Railway. Now, I will
callway your
was attention
promoted
this originof
company tha t i railway.
ImTehavte
arraitla-
which the Amalgamation Bill was sought for, and very much
upon my recommendation, because I knew that the local
interest in favour of it was so great that, unless this com-
pany had aided in obtaining the act for the Fakenham and
Wells Railway, it was sufficient to imperil, if not alto-
gether to prevent, the Amalgamation Bill passing into an
Act of Parliament. Therefore, for a gentleman receiving
all the advantages which have accrued from the Amal-
gamation Act to shrink from bearing a fair share of the
responsibility attending it, I must say is conduct altogether
un-English and illiberal, and I hope we shall hear no more
upon this subject. (Cheers.) While upon the matter of
the Fakenham and Wells Railway, I would mention that
The CHAIRMAN—Of course you will. With regard to the traffic for the last seven months, although that has been
.he extensions, great outcry has been raised that the Eastern
although
tvg
ay bha d part ofs theer yeeettart--. tre
working
half of the
expensesyear—
glarge
rate
Counties has been damaged by its extensions and alliances. Easterng Counties
paying
Company,P and a verylntoof the
is not the case; but the difficulties which the company terest on the debenture debt, because their credit is not
such as to enable them to raise it upon more moderate terms,
has had to contend with have arisen entirely from the outlay
shows
think
i us
irti
thatdefic
thatnc deficiency
amneywhhaeqr ehlebrte u
somewhatt £ 120 for thatrdl
hardly
period.
dealt
on the construction of the original line from London to Col-
chester, and so great was the cost of this portion of the line with. A small company like that which has expended some
that even now the outlay on it has hardly resulted in sufficient £BO,OOO to £90,000 for an extension of nine or ten miles to
to pay the debenture interest, and the dividend which has a sea-portl should be dealt with in a liberal and just spirit,
anbeen paid on the Eastern Counties stock is entirely owing to worked
thinkfor
ainssutemad
notof payingexceedingperso cent. Per cent. it ou
will
llit
tellbe
the receipts from its extensions. I shall new dismiss that you why. That company, it may be assumed, is now in
part of the subject, and come to that which is more interest- receipt of £3,000 to £3,500 a-year. In the ordinary nature
ing to you, viz., the terms upon which we now stand with oL o Theraoiolwaypr difference
it cannot be long before it will reach
y a
-e betweena!:
Suppose 65a d
that 50to
h
percent. a
dead upon
the Eastern Counties Company. You are all aware there are that sum makes £750
many matters of account in dispute between us, and also a loss; suppose the loss equally distributed amongst the three
matter with regard to the functions of the joint committee. companies ; that we take our fair shares—the Eastern Coun-
ties
upon
this
company an dt h e El aoss tse
or rfr -£Ulno ioo nut hoeui rst
h—ei tE wa
sot
eurl
ad
Teintiaoil
We felt it our duty to take such proceedings as were neces-
sary in order to obtain an issue under circumstances of some £lOO, and upon
a Eastern CountiesP £5OO. That would be
difficulty difficulty ;in order, in fact, to secure a legal decision ; but I the debtor side. But the traffic of the Fakenham and Wells
think I am justified in saying with regard to the matters of
bringing couldl not be ea.rningfEtsr,aolo peru upon
anntuhme withoutast
account, if I may rely, which I feel I may do, upon the asser- Counties
tions of the chairman of the Eastern Counties Company, that ten miles of railway. A great part of this traffic goes to
it will not be long before these matters are, at all events, yLondon and Norwich, and Lowestoft and Cambridge, and
adjusted, and I hope adjusted to your satisfaction. I trust by rama oinatehre,
aasnedofat/roinmcre aof
E s
neoOo to- ,01210570uoldtobtehreeapsrseoseeinatteedd
you will excuse my going into them in detail, because in legal companies. Our share of that would be upwards of £1,000;
proceedings we are obliged to go to the full extent of what we the Eastern Union share would be DAR), and the Eastern
consider our rights, and to make certain legal demands, but ;stuwnotui;csi
be of
have between £6,000 and £7,000.
some of those demands we may, I think, although entitled Company should
undertake
liberal
somutehhatfotrh
the
ebeEastern
Fakenham Countiesaa
to enforce them, in fairness and equity to some extent Wells, and that we should take our share of any loss. I
modify. Ido not think it right to state figures now, ex- must say that lam of opinion that it would be wise, not
ceps in so far as regards the toll amount of our demand in onlycorp aouri thee
to Easternasis t Counties ndi. iee Company,sformat
ior olpt
branchf ra all l railwaylin
by
a legal point of view, which would be £6,000 or £7,000 landowne'rs; that where landowners are prepared to e makey
a-year; but a considerable abatement from, that demand t.heiurldown branch railways at their own cost, the companies
ought to be made if we meet in a fair spirit, as I think we u
seven tho
uungt rittake
tie
entailed
orsokmt e
eh lmossaotaatisia mall rate per cent.,
shall. (Cheers.) But another subject of importance is the chance of getting an increase of tramigereownotCrkeiinrgr:urTnr
with regard to the subject of the joint committee. You are system, and of getting the co-operation of the whole district,
all aware that the Eastern Counties Company are bound in working
it should
withheetohmeme,
necessary and suotrotianst tfohreiirt.intfrtehst when-
to work this line at 46 per cent. per annum. There- observation out for general consideration, because 17.htihoilsi
fore, in regard to the management of the concern, my suggestion if realised would be attended with very great
or the executive, we cannot and ought not to advantages to all railway companies. It has occurred to
interfere. Considering, however, that the two corn-
messthjttheveaattreenicillanaceposition y
so
of suchsafety,
far proves
panies, the Norfolk and Eastern, Union represent up- ntheat we are so little affected by commercial crises that the
wards of £5,000,000 of capital, and nearly 190 miles shareholders think they are certain of their dividend, and
of railway, we think we ought to have a voice in the that they may leave matters very muck in our hands, that
traffic arrangements—that is, in the adjustment of fares and 7fei shalli
teoprrtooti protect their
a3iucteormesptsa,nayn that
may
vt werye assee shareholdersull
ydpeuss
rates and trains. On that point the Eastern Counties Corn- railway politics generally without feeling any concern with
pang entirely differ from us. When you consider how the regard to our own position. Es cry railway company
Eastern Counties Company are now situated with regard to hfears
ahad
shortenedto me e
dividend,its i3r
aprriiseitnor s
fromwith am lioonags alogy
circuw-
the Northern and Eastern and the East Anglian ; that there stances. Our traffic is of ang agriculturalv charaeter
are seven directors, five from the Northern and Eastern and as long as people require their stomachs to be filled, the
two from the East Anglian, representing a far less capital traffic of the Eastern Counties districts cannot be materially
than we do; that they have the power of nominating seven poaffected.siti o
n. TBhuatt
no is
()
anne
canadv ahneg t e
taia' i ffe re whichn
t two
et
„enjoy
at fromde
roeusr
out of 15 directors; and that this company has no voice sion under which railway property is suffering. I for Pone,
whatever In the matter, I think you will agree with me owing my prosperity in lite to railways, cannot but deplore
that it is hardly a fair state of things. It is very it. I can give a very satisfactory reason for it, but per-
hapsmuch for the advantage of the Eastern Counties Company, wy it iswisprhcoewlyerneercesmsaaz tc:hcitsccruepmyar
frortime in that
as well as ourselves, that this state of things should be duration, that all;the 'disastrous effects perceptible in ianauthe-
changed. We believe that we are entitled, and that the southern districts—l speak of the South-Eastern, the
joint committee is legally entitled, to have the entire control Brighton, and the South-Western Companies
larly of the South-Eastern—have arisen fromi but particu-
larly
the original
of the traffic arrangements. lam quite satisfied that the mistake in the direction of the Brighton Railway. Nearly
original agreement for an amalgamation ascribed to that all the depression in the midland and northern districts has
a
committee those functions, but, as far as I can understand, arisen from the misdirection of the original Grand Junction
Railway from Warrington-by-Madeley to Birmingham • and
the Eastern Counties Company think that the Act of in the eastern districts, to the misplacing of the railway from
Parliament which has confirmed that amalgamation has London to-Colchester. That has been the foundation of a
altered that state of things. We have taken the highest vast amount of railway disaster in this country ; but in
legal opinions upon the subject, and we are advised that andudmi toe
rn
otforatLata,yths :efeorxecittrent wlof 1846 bringing a vastd, m
the act does not alter the agreement, that it rather con- natural death, bala great maanyotroreccainvya otfhtehesmantcotiodnie
ofa
firms the agreement than anything else, and that our Parliament, has contributed to the
if—resultit would have
right to have a voice in the general management of the been better for thee interest of the country such powers had
Eastern Counties system is certain. But I would make the excitement
cbieteenmgernatnotr
1.8,.Z Bat
athat r issenot
rivalriesall. T he consequences eaqn%
into,:
rs
col
this observation, that if the agreement were affected by the feelings which have prevented railway companies from com-
ae, it is under circumstances very peculiar, because, when ing together in a fair and moderate spirit to consider 'such
the act for amalgamation was applied for, the directors of for
the arrangementspublic
advantage.
be
a.noutage,lhesotrlir
sefofeetliiensmdue prevail
interests and
vailto alarge
this company and of the Eastern Union, in common with the extent among railways, and I see veryl7ttle hope of those
feel-
Eastern Counties Company, had the highest confidence in ings being allayed unless anew state of things with regard to
the solicitor of the Eastern Counties Company, a man whose railways should arise. The Legislature, in originally granting
name it is only necessary to mention in order to know how jet; el Acts
no ta.lPa Parliament
the t td
ifroerertaoirlswtalsb,eciaansttlered theta in thelllight
col-
high his position is in the City, and what entire confidence lectors. 'lt was considered that any man
epowsthr of
ooncouldtostart
every man basin him—no man would hesitate for a moment, steam engine might run it on paying the ordinary rate of toll
wherever that gentleman might be engaged, to rely im-
sdteamteano;letdhiathseidtiwreacstoforsunodnliymhavirfl to take toll. But this
plicitly on his fully carrying out any engagement he might railway companies became ofpoaseseresesittoy aellaorwrietros.ext, atnhde
make; if, therefore, there be any alteration in the clause earlier system it was easy, because the great lines having a
affecting our agreement, it would be one for which that monopoly—there being no other lines to affect their inte-
rireosmt inthedistrictcould dictate their own terms. The line
gentleman would be responsible, and not made with the con- London to Liverpool commanded a large amount of
currence of the associated companies at the time ; and profits on any system it chose to enforce. Bat when a rail-
therefore I feel certain that if the Act of Parliament contains way going from London to Bristol competes for the traffic
anything which affects the original agreement, we shall be teootaLiveetretsm;.tolr, andthe anotherlah going from London to York also
afforded relief, and that gentleman will see that justice is traffic, the details becnocmeesstoer,coamndliecvardfor ticrie Liverpool
know-
done to us. But, under any circumstances, we are deter- ledge necessary to conduct the traffic soeva'stannotthmeerelya
mined to persevere in maintaining as your trustees a right to the rate of tolls, but taking into consideration all the
1 to a voice in the general management of the traffic of the fhreeantactonmremoefrtchicalamc eisetisons as to the value of produce and
Eastern Counties system. I may say, gentlemen, I cannot for a board of directors to dveeayiedWi that
thiet becamematter iefficiently.rassil e
blame the Eastern Counties Company for the course they To show what sort of considerations influence the question,
have taken. On the contrary, they are fully entitled, if they Thel m any instance the cattle traffic from Denmark to London.
are advised that their legal position is different from that Nor
folailu.r7tl cmauttslteetoramffiechof this company arises
chargemainly from
which we believe it to be, to adopt the course which they a fair sum of about Id. pery But when the
ram7eay4rahedatfor that we
have thought proper to do. I cannot complain that they directors had to consider the case of cattle coming from Den-
are taking every step for the maintenance of the rights of mark,Co another state of things arose. The general Steam
are
their shareholders. With regard to Mr. Love, although my Them questionPany carries
s trowcaattpleorTioLaoonftoilat
elatabe way by
bediverted to
acquaintance with that gentleman has arisen since my con- Lowestoft. The rate must, then, be less by one-half than
nection with this company, lam bound to say that I believe that which is charged by us ost; the trahffiercerriesinif.
we
our
him to be a gentleman whose assiduity and great zeal for otownedt itslarliscttr.affiTehvve
chargeedmiruecsttorsm
one-halfsay what we get for
the interests:of the Eastern Counties shareholders entitle him our local cattle traffic ; if not, we shall not get it at all.
to the highest praise. He works incessantly, and I believe for Therefore, if they found that they could still
they
one-half
the single object of promoting the interests of the Eastern fitraonrdtupnetri beadto
do forso thean d cattle
they
ot i. h, I
myenwtieorne thsa-t
Counties shareholders. I tun quite certain that if there is any- to show that it is not a mere question of a toll of one penny
thing that gentleman is more anxious about than another, or one halfpenny
or a farthing a mile—it is a question of
great commercial difficulty, requiring considerable corn-
it is that he should build a reputation on the restore- mrcial knowledge,
and a careful investigation into the
tion of that company to a state of success and prosperity. ecircumstances of almost every particular traffic which arises
I think it but right to bear testimony to his zeal and anxiety from any district accommodated by idealtasiwtay. I have come
for the interests of his constituents. At the same time I mayhisv v n
to thisi3 conclusion—it mya -
linauguralwaasEroemssultgoattheed
differ from him in thinking that he is pursuing altogether firstlnstittitionr.of Civil Engineers—that railways will never be
that course which is most likely to conduce to the object he in a proper position until they are worked by subsidiary
has in view. I think, when lie has made himself more inti- companies or poartihets,toaiLd tvhiezfutnhcotsioanosfotolllireetors restricted
mately acquainted with the value of the traffic of that die-
ttwshamate time exercisingug a pioper supec visioonr rteonst takers, at
trict, and the working of railways in general, be will find covenants of any agreement are fairly and properly etlemat
carried
that, instead of contesting every minute point,tit will be out, a.ndea tthatentered
tdhue bestcn. termslvh t are obtained whenever a con-
tractriemore for the interest of the company to deal with such ques-
tnisslysstem ? YIL would ,aavweetlildd.be the advantages of
responsibility—
lions in a wise and comprehensive spirit. In so doing be not only that, but a man enteringnoutvidufal
will be promoting not only the interests of the shareholders would find himself corrected by havinag foolish s
ownh competitionhaate es
of this company, but of the associated companies and of the account
e vearyffertsetd to the extent probably of £4,000 or £5,000
public in general. But whatever may be the result of in t
in abating the ardour of That would have a moderating effect
that gentleman's exertions I am sure he will only take his own pride or anyperrsonal
feelingatleman inclined to indulge
that course which he believes to be for the interest of and would unquestionably bring
li imn
t o risking hi s s
eau., competition,
p eitito ni i
his own shareholders, and that I admit is a course he It mayu. be remarked that in the old coach-days people did in-
bound to adopt. Nov, I think we may have been of some Bulge in t.nestliois sort of thing—a man would carry a passenger
use on that traffic committee. Mr. Cobbold, the chairman of of
things
didf r nnootthliansf.
long,
givaed liimh c
edvienniter4burg tat:sat
still
the Eastern Union Railway Company, has had, no doubt, shorter duration in connection with railways. Ido not think
great experience in the traffic of his own district. Mr. T that the carrying for ss. to Manchester would last a fortnight
and myself, I venture to think, from many years' under such a new state of circumstances. The effect of these
connection
property,
tb e woulddividends be t. o
would -t
bger:otreer securitysecure, especially s to railwayl
with the Norfolk Railway, could have made some useful
suggestions also as to the traffic of our district. We believe peoper guarantee fund were a condition, and, plecatmal if
quiteya
that the traffic is not now accommodated as it ought to be, certain that it would be a very profitable thing to the sub-
and that therefore it is not properly developed. Parlicu- saiidvilyncdosmtraniaerse, l'?ir,esiu subsidiary aerlacrouteudpabnies could give better
larly, I thick, that the sea-ports—in which the Eastern at the samea time securing to themsAvreasilwa railway
companies,prot
Counties are peculiarly rich, being only inferior to the South- arising not only from the better development of the traffic,
Eastern—are not properly accommodated. That at Yarmouth but the economical arrangements that they would have a
and Lowestoft the trains are too few, and net at convenient Fi
nreyattirn
g interestlet them
efffaec ciliitnale.
salefhthaen Legislature are to do
n
hours. When I see at the present moment, attire other end suggested. I have continued my remarksarram e
to en t a sI ha
ve
hours. greater
eaatveer
of the line, that the traffic to the Victoria Docks amounts to length than I had intended ; but I hope you will think that
between 11,000 and 12,000 passengers per week, from the I I,lveitgit,luanEnecNlisastairily occupied your time.
%,t.
Brunswick Wharfto the Victoria Dock entrance, and that full with very great -
satisfactionlistened, a
ntdo thhee
ma di dg cietsremark
chairmanthat now
omnibuses are running all day long from Stratford to London, that the palmy days of contractors and engineers bad gone
I cannot help thinking that the metropolitan traffic is capable by—clearly gone—a new scheme for working railways was
to be brought forward as introduced by the chairman, and
of much greater development, and of being g made, therefore, which was simply for the purpose of handing over to a united

line of railway would have gone out of existence first—the
Norfolk or the Eastern Counties. I should like to know
which company would have lost its dividend first. Ido not
make these remarks with any hostile feeling to the Eastern
Counties Company—quite the reverse—l rejoice that com-
petition is put an end to by wise and conciliatory measures;
but the advantage of that amalgamation is more in favour of
the Eastern Counties Company than of us, and I am glad
of it, for, having secured our object in the amalgama-
tion, the more advantageous that amalgamation became
to the Eastern Counties the better for us. Nevertheless the
hon. proprietor asserts that we are more benefited than the
Eastern Counties Company ; and in fact that we should have
had no existence but for the amalgamation. I say that no
man having the slightest knowledge of the district and of
its traffic would venture to have made such an assertion.
It is a baseless assertion, and one which must have been
made in entire ignorance of the circumstances of the case.
Mr. M`LAREN—What do you say, sir.

The CHAIRMAN—That it is a baseless assertion, which
must have been made in entire ignorance of the circum-
stances of the case.

Mr. M'LAREN—I shall reply to you presently.