The Sun.
London, England, 1859-08-25 00:00:00

IASTE.RN

HALF-YEARLY lIEETING THIS DAY.

The ordinary half-yearly meeting of the shareholders of
this company was held this day at the London Tavern ;
H. Love, Esq., in the chair.
The report, which has already appeared in The Sun,
having been taken as read,
The CHAIRMAN said it was his duty to appear before
them to-day to give every explanation relative to the
affairs of the company during the last half-year, which it
was the right of the shareholders to know. In the observa-
tions he should address to them he should state what ho had
to say in the plainestpossible terms, because it was the wish
of the directors that the shareholders should be as intimately
acquainted with the position of the company as the gentle-
men who occupied a seat at the directors' board,
(Hear, hear.) It was a source of gratification that the
receipts for the half year showed an increase—(hear, hear)
—while with regard to the decrease in the goods traffic
it was caused by exceptional causes, and, therefore, it
was not to be expected it would occur again for some years
to come. The circumstance to which he alluded was no
doubt new to many present, viz., the total failure of the
fish traffic. Instead of upwards of 100 trucks being de-
spatched daily between Lowestoft, Yarmouth, and London
it had been reduced to about 30, and the suffering
caused in consequence of that failure against those en-
gaged in the trade had been greater than had been known
for the last 2.5 years. The estimated loss sustained by the
company for the half-year in consequence of that failure
was about £9,000. It was a matter of congratulation that
the working expenses of the company had been reduced.
For the past half-year the working expenses were £45 14s.
per cent. against £45 18s. 6d. for the corresponding period
of 1858. (Hear, hear.) The condition of the permanent
way was also a subject of congratulation. The ex-
penditure had been £45,709 2s. 10d. for the
half-year. The whole was in the most perfect
condition so that the Eastern Counties line is now second
to none in the United Kingdom. (Hear, hear.) The posi-
tion of the capital account was in a satisfactory state, and
the debenture debt of the company had been greatly re-
duced. (Hear, hear.) He could not resume his seat with-
out stating that the directors did not view without apprehen-
sion the formation of lines in the triangulardistrictbounded
by the Cambridge, the Colchester, and the Newmarket
lines, promoted without the concurrence of this company,
and not designed to harmonise with our system of rail-
way, and with the view of checking the extension of ill-
digested, if not hostile projects, they believe that the time
has now arrived when it will be necessary to lay down a
general scheme for the railway accommodation of the
district in question, to be carried out with the
interests and with the support of the company
by parties locally interested. The directors felt
satisfied the shareholders would rest perfectly content that
the best thing for the benefit of their property would be
done. (Hoar, hear.) The directors, he felt assured, had
given their best attention to the various and important in-
terests confided to their charge, and had endeavoured to
preserve the rights of the company undiminished. (Hear.)
The sum available for dividends was £66,574 9s. 9d., and in
the opinion of the directors every charge belonging to re-
venue had been placed to the debit of the same. They re-
commend a dividend of £1 ls. 3d. per cent. for the half year,
being at the rate of £2 2s. 6d. per annum on the ordinary
share capital of the company. The dividend would take
£61,982 155., leaving a balance of £4,591 14s. 9d. to be car-
ried forward to the next half-year. _ _

The adoption of the report having been seconded,
A SHAREHOLDER said he thought before they went to
Parliament again their dividend ought to be increased.
The CHAIRMAN said the directors would not go to Par-
liament without the full consent of the shareholders.
(Cheers.)
After somo discussion the report was adopted, and the
proceedings shortly afterwards terminated.