The Sun.
London, England, 1859-02-21 00:00:00

RAILWAY INTELLIGENCE.

EASTERN COUNTIES.

The report of the directors of this company state
that the receipts of the half-year ending the 31st
of December last amounted to £715,705, against
£713,773 in the same half of 1857, and the expenses
to £325,286, against £321,858, showing an increase
of £1,932 in the receipts, and of £3,428 in the ex-
penses as compared with the corresponding half of
1857. The working expenses amount to 452 per
cent., as as against 458 per cent. for the corre-
sponding period. Excepting the items amounting
to £2,296 for land and compensation, the only
addition to capital account for works in the half=
year is £3,733 on joint account. The sum of
£7,950 was paid for land adjoining the Bishopsgate
station, which would be invaluable to the company
whenever it might be necessary to enlarge that
station. As regards the Eastern Counties Com-
pany there is a net sum applicable as revenue
after deductinf, the working expenses) amount-
ing to £246,326, from which is deducted
£142,303 interest on guarantees and loans, leaving
a balance of £104,023. To this is added £6,292
from the June account, making £110,315. From
this is deducted £12,000 on account of deferred
permanent way account, leaving £98,315 avail-
able for dividend, out of which the directors,
have declared a dividend of £1 12s. 6d. per
cent. for the half-year, being at the rate of 31
per cent, per annum on the ordinary share capital
of the company, which will absorb £94,796, and
leave a balance of £3,519 for the next account. The
East Suffolk Railway is expected to be ready for
opening in the spring,. The way and works have
been well maintained, and all works of importance
in the renewal of bridges are now completed. The
whole expenditure has been charged to revenue.
The report of the engineer, Mr. Sinclair, will show
that the utmost care and attention have been be-
stowed. The locomotive department is also in a sa-
tisfactory state. In addition to all the expenses for
repairing the rolling stock, the sum of £7,000 has
been charged in respect of new plant. No sum has
yet been charged to the capital account for new
plant requisite for the working of the Woodford and
Loughton line, but as soon as it is delivered the
cost will be charged to the capital account. During
the present half-year the revenue account has been
debited with £12,000 for the permanent way de-
ferred account ; during the half-year ending the
30th of June last, with £B,OOO, making together
£20,000 this year. The amount standing at the
debit of this account was, in Dec., 1856, £137,761.;
it is now £58,655, being a reduction of £79,105.,
all borne by revenue. The usual examination of
the register for the half-year ending 31st of Dec.
last has been made by a person unconnected with
the company. The stock ledgers have been care-
fully checked ; each transfer has also been examined
and checked, and the register is found to agree with
the amount of the several stocks as authorised to be
raised by the company. The dividend account has
likewise undergone an examination, and is also
found correct. The question of differences raised
by the Norfolk and Eastern Union Companies in
respect of the half-yearly accounts since the amalga-
mation remains unsettled. Instead of referring the
subject to arbitration, provided for by the agreement,
proceedings have been taken, and a bill in Chancery
has been filed by these two companies. The pro-
prietors are no doubt aware the Railway Com-
panies' Association has been formed chiefly for the
purpose of lessening the evil consequences which
may result when different companies become an-
tagonistic one to the other. So long as the asso-
ciation confines itself to the assertion
and
promo-
tion of general principles for the good of all the
companies, it will receive the support of the Eastern
Counties directors, who will use their best endea-
vours to promote principles of amity and goodwill.
In conclusion, the directors state that the property
is in a sound and healthy condition ; that no money
is spent unnecessarily ; that no new works are
undertaken except such as are absolutely necessary,
and will prove of a remunerative character ; and
that the future success of the company may be
expected while. the same regard is shown not to
burden capital with revenue charges, and the same
attention paid to the economical as well as efficient
working of the lino. The capital account shows
that £11,301,118 had been received, and £11,030,383
expended, leaving a balance of £270,735.