The Sun.
London, England, 1850-08-23 00:00:00

EASTERN

COUNTIES RAILWAY.

6,995

6,369

MEETING AT THE LONDON TAVERN.
The hP.if-yearly general meeting of the shareholders
of the Eastern Counties Railway Company was held
yestee.ay at the London Tavern, Bishopsgate-street,
for t'ne purpose of receiving a report from the
direr tors, and for the transaction of other business.
Long before the hour of meeting (one o'clock)
Coe room was immensely crowded with shareholders,
as was also the gallery across the end of the room.
Precisely at one o'clock the Chairman, EDWARD
LADD BETTS, Esq., and the directors entered the
room, which was the signal for a clapping of hands.
Tne Secretary, Mr. RONEY, read the notice con-
vening the meeting, and also the following report of
the directors :

6,057

9,136

"On completing the first year of their official duties,
the difecore have to report that, nctwithstanding the
many difficulties and complications arising out of ,the
past, they have reason to be satistiel with the progress
which has been made towards the establishment of order
in the current business of the company, the restoration
of its credit, and the arrangements that have been
effected, materially tending to reduce the heavy ex-
penses to which the revenue has been hitherto sabj ct.
'lle accounts fur the halt-year have been made out on
the principles and form approved by the proprietors at
the last meeting by Messrs. Qailter and Co., and they
have been subject to the continuous audit of Messrs.
s and Mayhew, to whom that important duty was
assigned by their cu-proprietors. The capital account
having been virtually closed, in accordance with the re-
solution of the last half-yearly meeting, the revenue is
now debited with all disbursements, tied it will be ob-
served that the half-year's income has been charged
with 15,4184 2s. 2d. for the rebuilding and replacement
of engines and carriages, and that the sum of 8,0001.
has been carried to the credit of the reserve fund for
the renewal of permanent way and works. A portion
of this fund has been applied to the renewal of the Col-
chester line, and the repair of stations, as shown in the
accounts. The directors being of opinion, from the ex-
perience they have acquired of the condition of the pro-
perty, that a smaller sum than that recommended by
the committee of investigation will be sufficient for the
renewal of tbe way and works, recommend
.the share-
holders to sanction their reserving hereafter 22 0001. a
year in place of 32,0001.; and it is proposed that this
sum should be apportioned by charging the revenue of
each half-year ending the 4th of January with 14,0001.,
aid the half-year ending the 4th of July with 3,000/.
The receipts of the halt-year are 400,705/. 12s. 5d., of
which 33,5361. I Is. 3d. has been derived from the Nor-
folk Railway, and the charges as apportioned by the ac-
countants against that line amount to 37,1811. 7s. 7d.
The Norfolk revenue has been charged with 4001. as the
expenses of the joint committee during the year. The
directors regret to announce the unsatisfactory result of
the working of the Norfolk line during the past half-
year as compared with former periods; this is chiefly to
be attributed to the opening of the Eastern Union Com-
pany's extension to Norwich, and the consequent division
of the traffic to and from London and Norwich and the
districts lying between the two lines of railway; while
their junction, which must bring a considerable traffic
upon the Norfolk Railway, still remains to be made by
the Eastern Union Company. The charges and
expenses against revenue during the half-year
amount to 365,2101. 4s. 3d., leaving 35,495/. 8.. 2d.,
to which must be added the surplus left after
paying the last dividend, namely, 1,6201. 175., making
an available balance of 37,1161. ss. 2d. The directors
therefore recommend a dividend upon the consolidated
stuck of the Eastern Counties Railway Company of 23.
per share. and a payment to the Norfolk Company suffi-
cient to give an equal dividend on their consolidated
stock, according to the agreement subsisting bet even the
two companies. The directors have purchased No. 2 Five
per Cent. Stock, amounting to 3,2661. 13s. 4d., formerly
issued in excess, and have cancelled the certificates, as
was resolved at the last half-yearly meeting; they also
gave notice to the holders of the York Extension Five
per Cent. Guaranteed Stock that they might be paid off
at par on the 10th of June last. In pursuance of which
notice, holders of that stock, to the amount of 25,8401.,
had consented to receive payment when the half-year's
aecounts were closed, leaving 18,0801. then to be dealt
with, part of which has since been paid off; and this
stock will be replaced by debentures at lower rates of
interest. Your accountants are still engaged in the ex-
amination of the capital account, which they have not
been able to complete during the past half-year. Sundry
payments formerly made in error or in excess have been
discovered, some of which are now re coverable; these
will amount to more than sufficient to pay the cost of
this laborious investigation, and the directors therefore
recommend that it be steadily pursued. Since the half-
year's accounts were closed, the reference between the
company and Mr. George Hudson, arising out of the
Wisbeach and St. Ives Railway transactions, has been
decided, and the sum of 1,000/, with interest at five per
cent. for three Sears and three-quarters, making to•
gether 1,1871. 10s., have been awarded to the company
and paid by Mr. Judson, who has also paid the coats
of reference. The attempt, by a separate company. to
obtain an Act of Parliament to make a railway from
Cambridge to Shepreth having been defeated, and the
powers of this company to take land for a branch line
in the same direction—namely from Shelford, near
Cambridge. to the termination of the Royston and
Llitchin Railway at Shepreth, bAng limited as to time,
the directors wilt means to get possession of the ground
without delay, and they have the satisfaction to state
that it was obtained on comparatively reasonable terms,
and in all cases by amicable arrangement with the
owners and occupiers. Specifications have been pre-
pared, and contracts are advertised for the whole of the
works, which are intended to be completed in time for
the opening of the Royston and Hitchin Railway.
During the present session of Parliament an Act was
sought by the Blackwall Railway Company to obtain
running powers over the whole of the Eastern Counties
Railway; and, hal the attempt been successful, the
result to this company would have been unjust and in-
jurious. The directors, however, have the satisfaction
to announce, that by the opposition they were enabled to
present to this Bill in the Committee of the House of
Commons, the powers sought were reduced to such
limits as to render it unnecessary to carry the opposi-
tion further. There have increased the law charges of
the company during the past half-year. The Eastern
Union Company have obtained an Act of Parliament,
giving them an extension of time to make the branch
to Harwich, and other powers; and although the direc-
tors felt it their duty to call on the proprietors, at their
last general meeting, to refuse their assent to certain
clauses intended to have been keened in that Act, they
believed great advantages to both companies would result
from the opening of the Harwich brancb, and they shall
be glad if the Eastern Union directors are enabled to
devise some mode of completing it, in which the directors
can advise this company to co-operate with them. The
directors regret that they have not succeeded in con-
cluding an arrangement with the Great Northern
Rail-
way Company; but being well aware of the loss which
must be sustained by both companies in the event of a
hostile competition, they trust that a good understanding
may be maintained between them until some definite
arrangement be made. The directors regret that it
should have been deemed expedient by the Newmarket
Company to discontinue the working of their railway.
It has been a subject of much care and anxiety to
this board, and several propositions have been made to
the Newmarket Company tor working their traffic, but
the directors feel it impossible, consistent with your in-
terests to offer more than they have already done,
namely, to work the Newmarket Railway at cost price,
and without any profit to this company beyond what
might arise from treffic tbus brought upon the Eastern
Counties Line. The carriages and other materials be-
longing to that company, held by the Eastern Counties
as security for their debt, will shortly be taken at a va-
luation. The Electric Telegraph Company's agreement
to work and maintain the apparatus upon this railway
having some time ago expired, remained in abeyance
when the present directors took office; negotiations have
been since pending which have resulted in a new agree-
ment between the two companies, to the effect that a fair
allowance shall be made to this company out of the re-
ceipts for commercial and general messages sent along
their line, so that in future it will be their interest and
policy to extend more freely to the public in the eastern
counties the benefits of the telegraph, and to induce the
more frequent use of this rapid mode of communicating
intelligence. The Lowestoft harbour has been finished
within the estimate, under tbe superintendence of Cap-
tain Andrews, the harbour-master, who has been de-
servedly appointed by the Trinity Board superintendent
of pilots for the port, which is now much frequented as
a harbour of refuge, accessible at all times of tide to
vessels of twelve feet draft of water, and to ships of the
larger class at high water. The trade of the port con-
tinues steadily to increase, nearly a thousand vessels
having entered the harbour for trade or refuge during
the past year; and new residences are rapidly rising on
the south side of the harbour, which, with the esplanade
and pier, will render Lowestoft an attractive watering
place for the citizens of Norwich and the inhabitants of
the midland counties, who have ready access to it by
the railways converging at Peterborough. The works
upon the Eastern Counties Railway being now completed
the directors are enabled to dispense with the services of
a resident engineer, besides effecting other reductions
in that department, and to place the maintenance of the
way and works in charge of the superintendent. The
directors suggest that provident funds should be raised
among their officers and servants, to which the com-
pany should contribute, in order to afford, under pro-
per regulations, some provision for their families in
case of accident or injury, to which such men are much
exposed, as also in the event of their becoming unab'e to
perform their duties through age; sickness, or infirmity.
In the extensive workshops at Stratford there is now
training up a body of men to work and repair the com-
pany's engines, upon whose skill and intelligence much
depends. The directors desire to assist them in
acquiring a practically useful education, to fit them for
such service. These obj,cts, to encourage education
and prudent habits, may be effected at a very moderate
expense; the duty as well as the interests of the com-
pary require it, and they trust it will meet the approha-
, tion of the proprietors. During the past half-year pro-
posals to work the locomotive engines and carriages by
contract have been urged upon the directors by several,
whose knowledge and experience in railway manage-
ment are entitled to great respect, and persons of skill
gad responsibility have come forward with substantial
offers to undertake such contracts, so that the board
felt bound to give this subject their best attention; but
after having maturely considered it they are of opinion
that it is not for the interest of the proprietors that they
should lease the working of their line. The directors
have, therefore, appointed Mr. John V. Gooch, late of
the South- Western Railway, as superintendent of the
locomotive department. It is the painful duty of the
directors to report that, owing to cucumrtancte

arose on inquiring into the payments formerly made
for land and other purposes, through Mr. Duncan,
the late solicitor to the company, they found it neces-
sary to direct the. accountants strictly to examine all
those transactions; 'and the result of these inquiries, as
reported by Messrs. Quilter and Company, hs bein
that various sums of money, for which cheques had
been given to Mr. Duncan, were not paid by nice for
the purposes intended; that other sums had be ,n
charged and paid twice over; and that cerain pqm,.,nts
reported to have been made, had not been made. Mr.
Duncan having delivered, and having been paid, his
Parliamentary accounts to a point, by the former direc-
tory, according to a scale of charges r:greed upon, he has
since also demanded to have additional remuneration for

- -
the same services, on the ground that the scale agreed
upon was below the usual charges, and that he has not
had the amount of busine!s be was led to expect when

the scale was fixed. A copy of the accountants' report
was given to Mr. Duncan, and an explanation required.
The answer received contained no offer of resignation,
. .

which the directors accepted; and they forthwith
sought the assistance of Messrs. Croy der and Maynard,
who are at present acting as solicitors to the company,
and by whose advice they are and will be guided in any
proceedings which may take place. It will be remem-
bered that, at the tim3 the present directors took (
Mr. Duncan continued to conduct the law business of
the company, although he hail pr, vion,ly tendered his
resignation. The well-known talent of Mr. Duncan, the
intimate knowledge he poste sed of all the company's
aff.►irs, and the zeal and industry he displayed in their
service, during a period of transition, when there was

also much dispute and litigation, rendered it prudent
•. .

and necessary to request him to withdraw his resigna-
-- - - • -

tion, and it was not until time and opportunity had been
found to search int) past transaction=, that the present
directors could obtain knowledge of these errors. In
concluding this report, the directors venture to state
their hope and belief that, difficult and harrassing as
their duties have been, and still are, they shall, if they
continue to possess the confidence and support of the
proprietors, be able substantially to improve the condi-
tion and prospects of the company, and to lessen the
working expanses. In so doing they would repeat their
resolution, more than once expressed, to endeavour, by
conciliatory means, and by co-operation with neighbour-
ing railways, rather than by competition with them, to
secure to this company and to the great systein of rail-
ways in the eastern division of England, the traffic and
revenue which they ought to possess and retain.
" EDWARD L. BETTS, Chairman."
The following is the Auditors' report:—
"57, Coleman-street, Aug. 9, 1850.
" Gentlemen,—We regret that, notwithstanding the
utmost diligence and perseverance, we find ourselves still
unable to make a complete report of the result of our
investigation and analysis of the capital expenditure of
the Eastern Counties Railway Company.
" The examination has a twofold object: namely, the
ascertainment of the integrity of the expenditure
charged; and the production of an accurate and lucid
statement of it, in order to the due exhibition, under
appropriate heads, of the cost of the various lines and
works executed.
" The extent and multifarious character of the trans-
actions which constitute the subject-matter of investiga-
tion would alone render much time and great labour
necessary in order to its satisfactory completion; but the
difficulties we have met with in the conduct of our in-
quiries have not been simply those which necessarily
pertain to every operation of the like nature; we have
had to act upon contused, imperfect, and erroneous ac-
counts, only partially supported or explained by vouchers,
while the vouchers that could be found were promis-
comity heaped together without order or arrangement;
added to which there existed a general want of uni-
formity in the mode of treating various parts of the same
o i similar accounts at different periods.
"In this state of circumstances we fund it indispens-
ably necessary, in order to carry on the examination in-
telligibly and with certainty, to establish supplemental
books; and, in effect, to re form the entire accounts fur
a considerable period, opening a personal account with
each individual recipient of the company's cash, and al-
lowing no credits to such recipients in discharge of cash
paid to them, except upon the authority of bills, in-
voices, certificates, or other adequ to vouchers.
" The deficiency of ♦ouchers has thus proved a fruit-
ful source of difficulty and delay, leading unavoidably to
much correspondence and personal discussion with par-
ties, in order to obtain from them the information which
the vouchers would have afforded.
" Although to the causes thus glanced at is to be
mainly referred the non-termination of this inquiry, it is
to be borne in mind, that in aidition to the continued
investigation of the capital expenditure, we have been
called upon during the half year to perform certain
other special services connected with, or arising out
of, the accounts, such as -extensive calculations to
determine the . amount earned by the company's
traffic over each particular section of the line, with a
view to the formation of a basis whereon to fourd a re-
vision of the present system of rating railways for pa-
rochial purposes, the preparation of the voluminous re-
turn made to the House of Lords in answer to the order
obtaiced by Lord Brougham and other matters.
" We may also mention that the examination of the
important items of land purchases and compensation
has been attended with peculiar difficulties; the course
of our examination into these matters in connexion with
the pecuniary transactions conducted through the agency
of the late solicitor to the company, made clear the ne-
cessity, in order to do justice to the interests of the
shareholders, of subjecting the whole of those transac-
tions to a most rigorous scrutiny.
" The meagre and unsatisfactory state of the infor-
mation which we found existing in relation to this
branch of the inquiry had been an especial cause of
delay; but haring already made a report to you upon
it, we do not feel it to be necessary now to refer to
•the subject, further than to state that we are still pur-
suing it; and that since the date of the report alluded
to, we have found further sums to be accounted for by
Mr. Duncan, which, together with those reported, make
a present totsl of about 30,0001. to bo accounted for by
that gentleman. The items of which that total is com-
posed occur at various dates during the years 1845,
1846, 1847, sad 1848.
" Independently of the advantages which must neces-
sarily result, from this extensive examination, in the
sense of a well informed conviction produced by it, of the
truthfulness of the accounts when finally settled, and the
more intelligible and comprehepsive view which it will
have been the means of presenting of the character and
location of the objects to which the company's capital
has been applied, it has already been productive of
direct pecuniary benefit in the discovery and setting
right of errors to the extent of upwards of 6,0001., ex-
clusive of the important result of a similar character
arising out of the examination of the transactions and
proceedings of the late solicitor.—We remain, gentle-
men, your most obedient servant!,
" QUILTER, BALL, and Co.
6, To the Cbairman and Directors of the
Eastern Counties Railway."

The CHAIRMAN said in that room there was gene-
rally a great diversity of opinion,
of
re(ete and he trusted to-
day they should gain a better character for order than
greattgheet ytiih,
g da
idffichooiurt
correct
eteicretts o
nho
ibottramti
hnaeetdido._lit hsa
er
b,
cah
ode
ma e hear.
an t
se
nha
oef
fe vad ei
rri
syn,
y
and the want of discipline they had found in every
department of their service, had rendered it almost
impossible to carry out those reforms which they all
o
felt to be necessary, and now more than ever.—(Hear,
hear) The most important point, which was now so
much before the public, and in which the shareholders
were all so deeply interested, was the locomotive de-
partment of their railway. This
substantial
half
year
gentlemen
thein
tendersea
t
hadwho been
were
wiltingreceived t fromo ttalcs
e mostthe working
er a
nd satisfied
it
had their
been
founda fiai s
a were
of
a very considerable saving to the shareholders. The
directors were
data,
ques-
tion
to decide how the proposed saving was to be
difficult based
on
correct
carried out. It bad been thought desirable by
the directors to advertise for a suitable locomotive
superintendent, and out of seventy or eighty appli-
cants they ha chosen Mr. John Gooch.—(Cheers and
hisses.) That gentleman had come to the directors
with the higheit testimonials from every leading -en-
gineer of this country ; and from the knowledge
they had of his private character and his
professional
experience the directors were satisfied they had
taken a right step in placing Mr. Gooch at the head
of the locomotive department.—(Hear, hear, and
disapprobation.) With respect to the strike
among the engine-drivers, the drivers complained
that they were not fairly heard. The men
were asked to wait until the directors had ex-
amined into the causes of their complaints. He
(the Chairman) asked Mr. Gooch, with a view to that
inquiry, to state to him all the fines that had been
imposed on the men. He did so ; but in the interim
every„ man of them resigned.--(Cries of " Hear,
hear, and " Shame.") Under the circum-
stances the directors considered it prudent to
accept the resignation of the men. He (the Chair-
man) and another of the directors had investigated
every one of the fines that had been imposed, and he
told the meeting, as a practical man, that there was
not a fine imposed which ought not to have been im-
posed.—(Hear, hear.) Such had been the want of
discipline among the men at Stratford, that it had
resulted in the loss of almost the whole
dividend.—(Hear, bear.) The men were generally
fined for not reporting instances of mischief which
they bad done, whether they -had any -c
them or not. (The Hon. Gentleman here related
several instances of misconduct on the part of the
men.) Another question had been mooted as to
whether these fines had been returned to the
men. The fact eves, that when the men
came to he paid they in
the
test the
directors
to understand that they int ended to
legality of the fines which had been imposed, and
the directors, not wishing to insist
,on the fines, re-
On Thursday last the
mitred them.—(Hear, hear.)
directors commenced with their new men on
the Norfolk district, and, with the exception
of a trifling shaking which one ofident the passenger
trains had, there had been no acc on the s ;
and although a great number of strange men had been
kee
brought together, they were ping time better than
he (the Chairman) ever could have expected,—
(Cheers.‘
The Honourable Gentleman then pro-
ceeded to detail several malicious .acts on the part of
the drivers previously to leaving the:companys em-
into, the:Yngineeboilere, ,
ploy, such as putting soap
which it was difficult to Kee; aistl,ta ciw. grease
end sand into the axle-bcuLea of ; We_ carriages.--,
(A Voice—" Don't take them bacle) He (the Chair.
man) held is tie bond the cluitiOter. of every Dun

who had assisted the company on this occasion. He
had looked through every one of those characters,
and there was not a man on the line at this time
who was not equal to his duties ; there were seventy-
five of them, and eighteen more of a first-rate
character were now on their way to join
the E istern Counties line, from the north and south.
The directors did not intend to reduce the wages of
the drivers.—(Hear, hear.) They were only de-
sireus rf exercising such eeononorny in the maneg,e-
meat of the line as any man would wish to do
in his own private business.—(Loud cheers.)
With respect to the accounts, althouga the directors
had not been able to effect much saving, what there
was was in the right direction. The receipts per
mile in the corresponding half-year with this
were 1,236/. ; this year they were 1,2401 ;
and while their working expenses of the
corresponding half-year were 6221, this year they
were 5981.—(Hear, hear.) With respect to the re-
newal fund the directors had thought it right to
bring it down at once to the point at which
they thought it prudent to continue it. The
capital account stood exactly in the same posi-
tion as they placed it last half-year, and al-
though Mr. Duncan's eefalcations had occurred,
the directors had the great satisfaction of telling
the meeting the m irgin they then took was
still amply sufficient to cover them, and there would
be no increase on that account. The irregularities of'
Mr. Duncan took place before the present board came
into office, and it was a matter over which they had no
control. The Norfolk estimate of this half-year was any-
thing but sati,fectory.—(Hear, hear.) They had
upon the Eastern Union line an apparent loss of
revenue, compared with the corresponding half-year,
of 20,0001.—that was on the actual revenue on that
line, an I there had been an increase in the mileage
which had been adopted, more fully to develope
the resources of the district, and possibly that had
been a mistake. The Hon. Gentleman concluded,
after some farther remarks, by moving the adoption
of the report and accounts.
Mr. THOMAS .WOODLEY, a grocer at Cambridge,
was grieved to say he stood there as the representa-
tive of a deceased friend, who had left him a very nice
legacy in the Eastern Union Railway.—(Laughter.)
He would ask why, when the Cambridge people took
a day ticket from Cambridge to London for 155., they
should have ls. 9d. tacked to it? Where was the
justice or policy of such a charge ?—(Laughter.)
IVith respect to the combination among the drivers,
he thought some blame attached to the directors for
not having shown the men a little more courtesy.—
(Loud cries of " No, no.") The speaker proceeded
to recur to the grievance of "one and ninepence,"
but the proposition was received with bursts of
laughter.
The CHAIRMAN said if the gentleman would call at
the office, he would give him every satisfaction in-re-
lation to his complaint.
Mr. WOODLEY, amid a scene of great confusion,
attempted still to dilate on his complaint. Loud
cries of " Turn him out" resounded from all parts of
the room ; and Mr. Woodley eventually sat down
amid loud cheers.
Dr. RILEY, of Ware, had attended there at much
personal loss, and until he arrived in London he was
totally ignorant that the report of the directors was
in circulation. He contended that it was a great in-
convenience to the shareholders that they had not had
the report in their hands till just immediately before
the hour of meeting. He asked the directors to give
a reason for so bad an arrangement.—(Uproar.)
Mr. NATHAN complained that the directors had
raised their fares on the Colchester line, to the pre-
judice of the Eastern Union line.
The CHAIRMAN said the directors had endeavoured
to raise the fares at every point legitimately to the
highest limit, where there was not competition.
Mr. NATHAN asked if the directors were going to
bring the Norfolk line before Parliament again ?
The CHAIRMAN was understood to reply in the ne-
gative, unless the shareholders should determine
otherwise.
Mr. NATHAN was proceeding, on the authority of
an anonymous letter, to question some of the items
in the accounts, when
Mr. Eeeice, a director, intimated that that was not a
question which could come fairly before that meeting ;
and asked Mr. Nathan if it was prudent to read an
anonymous letter to such a meeting as that?
Mr. NATHAN, waiving the question, proceeded to
say that the directors ought to do their duty by their
men, but he would rather lose his dividend than see
any one of the drivers who had struck do an unjust
thing to the directors, or the directors do an unjust
thing to the men.—(Cheers.)
Mr. Cox, of the Harrow-road, said he was on the
side—if he was on any side—of the engine-men,
because they were the weakest. It was highly im-
proper that any body of men should ever be in the
power of those who employed them. He was sorry to
see in the Times—(lronical cries of " Hear, hear")—
a leaning to the conspiracy on the part of the men.
The question for the meeting, however, was whether
the men were in the right or the wrong. He denied
the statement made by the men that the directors
had said that they might go about their business on
the following Monday morning.—(Hear, hear.) It
was the men who sent in their own resignations.—
(Hear, hear and cheers.) He contended that the
Times' proprietors themselves would not tolerate such
a combination among their own men.—(Bear, hear.)
There was an example on record where, on such a
combination showing itself among the men at the
Times' office, the paper was one morning, through the
address of the late Mr. Walters, printed by steam, to
the great amazement of them all.
The CHAIRMAN, in reply to a question put by the
preceding speaker, said the directors would not gain
by shutting up the Enfield line, but they gained
very little by keeping it open.
Mr. Box asked under what agreement the direc-
tors were acting with the Norfolk Company ?
The CHAIRMAN said there was no agreement of
amalgamation, but there was a working agreement
entered into in that room on the 2d May, 1848, under
seal and confirmed by the shareholders.
Mr. Box submitted that by reason of that amalga-
mation the shareholders had sustained considerable
loss, and that but for it they would now have a divi-
dend of 4s. instead of 2s. a share.—(Hear.)
Mr. HOWES attempted to show from the accounts
that a lots of something like 13 0001. during the last
year had resulted from the continuation of the Nor-
folk amalgamation. He asked whether the agree-
ment with the Norfolk Company was of such a cha-
racter that they could, if they thought proper, repu-
diate it to-morrow ? (Cries of "No, no.")
The CHAIRMAN said the agreement had been drawn
up by counsel, and the directors had been advised by
Messrs. Talbot and Hope that it could not be set
aside.

Mr. Howes was sorry to hear it. He hoped, how-
ever, that this amalgamation would not be continued
at a loss to the company any longer than could pos-
sibly be avoided.—(Near.)
Mr. 'W. PRICE said any agreement, working agree-
ment or otherwise, which should alter the accounts of
the company, without having first been sanctioned by
Act of Parliament, was illegal, and could not be jus-
tified. He made his solemn protest against the faith-
fulness of the printed accounts of the company, in
that they were not rendered precisely in the form re-
quired by the Act of Parliament.
The CHAIRMAN assured the meeting of the perfect
legality of the agreement.
Mr. MCLAURIN admitted that the accounts ren-
dered with respect to the Norfolk Railway Company
were correct, as far as those accounts went; but he
contended there should be no distinction made be-
tween the working expenses on the Norfolk line and
those on the E istern Ccunties line, which had been
made by Mr. Quilter in making up the accounts.
The CHAIRMAN said, everything that could be kept
separate had been kept separate on the two lines.
Mr. MCLAURIN went in'o a statement of figures,
from which he sought to deduce that the working
expenses of this line were unnecessary, extravagant,
and enormous—(Hear, hear)—and that it only re-
quired economical and prudent management on the
part of the directors to make this company one of the
finest and most remunerative of any in the
kingdom.—(Hear, hear.)
Mr. GILBERTS, of Hertford, said it gave him pain
to hear the acts of the directors questioned in the way
they were, without those gentlemen offering any de-
fence or explanation of themselves. He complained
that there had been fictitious entries of shares in the
share list in several instances, and that that had been
done with the knowledge of some of the directors.
Mr. BAGSHAW, M.P., defended the, conduct of
the directors with reference to the Norfolk amalga-
mation, and the legality of the existing agreement.
Mr. Goocn, of Birmingham, deprecated the time
of the meeting being taken up in asking and answer-
ing questions which might be far more readily solved
by a reference to the accountant. The company was
a large body of carriers, and they could not of ne-
cessity carry out their objects collectively, and it was
necessary, therefore, to delegate the management to
a smaller body of individuals. It was, however, the
duty of the shareholders to see that the directors, in
whom that trust was reposed, did their duty. They
must to a great extent repose confidence in their
directors, and assist them in carrying out the legiti-
mate purposes of the company, until they found out
that they were dishonest and incapahle.—(Cheers.)
The CHAIRMAN then put the resolution, which he
was
a eventually
declared to be carried unanimously.
Mr. MCLAURIN moved that the abstract of the
agreement existing between this company and the
Norfolk Railway Company be made out by the soli-
citorsfor the use of the proprietors of the Eastern Counties
Railway.
xb of
is
ths company, and
seconded,
that the samie
ent
i
be printeduily
adopted amid considerable uproar.
resolution as ani
A vote of thanks was then passed to the Chairman,
' and the meeting, vrbkh 6Gf
A bOmewh4t noisy