The Sun.
London, England, 1850-08-22 00:00:00

fourtliXbition

EASTERN COUNTIES RAILWAY.

MEETING AT THE LONDON TAVERN.
(THIS DAY.)
-The half-yearly general meeting of the shareholders
of the Eastern Countiesßailway Company was held
• this day at the London Tavern, Bishopsgste-street,
for the purpose of rscieving a report from the
directors, and for the transaction of other business.
Long before the hour of meeting (one o'clock)
the room was immensely crowded with shareholdeis,
as was &scythe 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 ter a clapping of hands.
The Secretary, Mr. RoivEr, read the notice con-
vening the meeting, and also the ft Rowing report of
• the directors :
On completing the first year of their official duties,
the direcior* have to report that, netwichstandieg the
• many difficulties and complications arising out of the
- past, they have reason to be satisfied with the pregms
which has been made towards the eatebltshateet ut onter
in the current business of the company, the restorative
of its credit, and the arrangements- that have been
effected, materially tending to reduce the heavy ex-
penses to which the revenue bas been hitherto subj. Cl.
The accounts for the half-year Have been made out on
the principles and term approved by the proprietors at
the last meeting by Messrs. Qailter and Co., and they
have been subject to the continuous audit t f Messrs.
Reeves and Mayhew, to whom that important duty was
assigned by tour co-proprietors. The capital account
having been virtually close d, in accordance with the re-
- solution of the last half-)early meeting, the revenue is
now debited with all disbursements, ii:.d it will be ob-
served that the balf-year's income has been charged
with 15,4181. 2s. 2d. for the rebuilding and replacement
ofengines ani 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 ot opinion, from the ex-
perience they have acquired or 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 the way and works, recommend the share-
holders to sanction their re serving hereafter 22.000/. a
year in place of 32,0001.; and it is proposed that this
sum should be apportioned by charging the revenue of
each halt-) etr eudirg the 4th of Janusry with 14,000/.,
aid the half-yearending the 47h of July wiih 8.0001.
The receipts of the halt-year are 400,7051. 12s. 5d , of
which 53,5361. I.ls. 3d. has been derived from the Nor-
folk Railway, and the cnarges as apportioned by the ac-
coutitants against that line amount to 37,1811 7s. 7d.
The Norfolk revenue has ben chargi d with 4001. as the
expenses of the joint committee during the year. The
directors regret to announce the unsatelectory result of
the working of the Norfolk line during the past half-
year al compared with fermer periods; leis is chiefly to
be attrieuted to the opening of the Eastern Union Corn-
pteny's extension to Norwich, and the consequent division
or 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 trsffie
upon the Netfelk Reilway, still remains to be mode ey
the Eastern Union Centrany. The charges and
expenses ageinet .reveritio during the half-year
amount t) 365,210/. 4s. 3d., leaving 35,4951. Bs. 23.,
to Which mart Le added the surplus left atter
payiug the last dividend, namely, 1,6201. 17s, making
an available balance ot 37,1161. ss. 2d. The directors
therefore recouati,nd a dividend upon the consolidated
stuck of the Eastern Ceuutles Railway Company of 2'.
per share. and a pap:mut to the Nolfele Cempany suffi-
c.eet to Live an equal divi,teed on their consolidated
stock, according to the agreement subsisting bet et en the
two cow pane). The directorst,ave purchased No. 2 Five
per Cent. Steck, amoun ing to 3,2661. 13s. 41, formerly
issued in excess, and have cancelled the certificates, as
was resolved at the last half yearly meeting; they also
gave notice to the heelers of the York Extension Five
per Cent. Guaranteed Steck that they might be paid off
at par on the 10:h of Jura hat. In pursuance if which
notice, holders of that stock, to the amount of 25 8401,
had con!:ented to reo-ive payment when the halt-yeti's
accounts were cloSed, leaving IS 0801. thin to be dealt
with, part of which has since been paid t ff; and this
stock will be replaced by debentures at to*er rates of
interest. Your accouseants are still engaged in the ex-
amination of the capital account, which they have net
been able to complete during the past half-year. Sundry
payments formerly made in error or in excess have bet n
discovered, some i f wtdch ate now recoverable; these
will atneunt to more then sufficient to ray the cost of
this laeorious 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
Wisbaach and Sr. Ives Railway transactions, has been
decided, and the aunt of I.eoti/, with interest at five per
cent. for three t ears and three-quarters, making to-
gether 1,1871. 10s., have been awarded to the company
and paid by Mr. Hudson, who has also paid the costs
of reference. The attempt, by a separate company, to
obtain an Act of Parliament to matte a reflect)? from
Cambridge to Shepreth having been defeatel, tied the
powers of this company to take land fir a branch line
in the Lame direction—namely from Shelford, near
Cambridge, to the terminatien of the IL syst n and
Ilitchin listlw,Jy at Shepreth, b-ing limited as to time.
the directors took means et get possession of the ground
without delay, and 'they have the setistactioo to state
that it was obtained on comparatively reasonable terms,
and in all cased by amicable arrangement with the
owners and occupiers. Sp cifieetiees have been pre-
p iced, and contracts-ure advertised for the whole of the
work, which are intended to be completed in time fur
tine opening cf the Royston and flechin Railway.
During the present session of Parharnent an Act was
sought by the Blackwall Riiiway Company to obtain
running powers over the whole of the Eastern Counties
Railway; and, had the attempt been sum; ssful, the
result to this company would have been unjust and in-
jurious. The directors, however, have the satisfac•ion
to announce, that by the opposition they were enebled to
present to this Bill in the Committee of the House of
Cemmens, the pewers sought were reduced to such
limits as to render it unnecessary to carry the opp ran-
tion further. These have increased the law charges of
the company during the past half-year. The Esstnn
Union Company have obtained an Act of Parliament.
giving them an extension of time to make the branch
to Harwich, and other pewees; and although the direc-
tors tell it their elute to cart on the proprietors, at their
last general meeting, to refuse Vietr assent to certain
clauses intended to have been irsert,d in that Act, they
believed great advantages to both companies would testi!e
from the ;Tellies; of the Harwich branch, and they shall
be glad if the E ist-rn Unity; dire: tors are enabled so
derive ;come mode of completing it, in which the director,
can advise this company to co-operate with them. The
. directors reeret lilac ihey have not succeeded in con-
cluding an arranceem. n; with the Great Northern R en.
way Company; but being well awai.e of the loss which
must be eustaliad by hr to computes in the (vest of a
hostile competition. the trust that a geo-I understanding
may be maintain•ci between them until some definite
arrangement be made. The directors regret that it
should have been deg med expedient by the Newmark- t
etemparty to discontinue the working of their tatleay.
It has been a subject of much care and anxiety t,
this ho.rd. arie eeeeriti pr. pesitions have been msdo to
the Newmarket Company or working their traffic, tan
tile .i!rectors feel it unpossible, ceneisient with yeur in-
terests to offer more tt an they have already done,
namely. to wok the Neerneirket Railway at cast price.
and without any profit to this company beyond what
might arise from Cr- the thus bra ught uoon the Eeittern
Counties Lint'. The carriages and other material b--
longing to that company, held by the Eastern Counties
as security f.'r their (Sol, will shortly be taken at a va-
luation. The Electric Telegraph Company's afire enent
to work and maintain the epparatus up in this railway
having some time ante expired, rematned in abe) slice
when the prey: et cirectors took office; negotiations have
been since pending which t-eve resulted in a new agree-
ment between the two comp nier, to the effect that a fair
allowance %hall tie n ado le tee, se mpany out ef the re-
ceipts for ceteinerciel and eecieal messages sent along
their line, s.i that in future it wilt be their interest and
policy to extend n-ore fr. el) 1., th- pablic in the eastern
countiee tee benefits of the teleg el b, and to induce the
more firquent use of this rapid mede of communicating
in elligelice The Lew; stett hart our has bees finished
within the estimate, und.r the superintendence of Cap-
tain Areirewe, the harbour-matter, who has been de-
servedly appointed by the Triiii y Board superintendent
of let.„, f.r tee pore which is now much frequented as
a hen hour of refuge, Ace : sible at all times ot tide to
vessels of twelve feet draf.: of water, and to ships of the
larger class at high water. 1i e trede of the port con-
finites steadily to itcreete, neerly a thousand vessels
having entered the barb. ur for trade or refuge during
tie, nes, tear; and new reside! ces are rapidly ris ng on
the south side of the herb or, se, ich, with the esplanade
awl pier, will reedsr Love-Lit an attractive watering
place for the citizens of Norwich and the inhabitants of
the midland counties, who ease= ready access to it h),
the taiiwaye cenverging at Iteierberough. The works
up in. the Eastern C enities Retie a) being now completed
the diteciora .re enabled to dist.- nee with the services of
a ee6i,t.eut i ngisieer, besides i fl'.-c ing other r; ductions
in that department. and to place the maintenance of rho
• way and works in charge , f the superintendent. The
di t ceies seggeet asst providen funds should be raised
among their efficers and servants, to e tech the com-
pany should centribute, in order to afford, under pro-
per regulations, some provision for their fansiiies in
c 11f, or accid,nt or iejurte to which such men are much
eXpesed, as also in the i rent of their becoming unab'e to
perterin their ;lune+ through age, sickness, or infirmity.
Its the extensive wotkshopt at Stratford there is now
training up a tautly f men to work and repair the com-
pany':, "%ines, upon whine sill aid iitelligence much
dept nil a. The dir^ciors de-ire to assist them in
a- quiring a practically u.. fel education, to fit them for
rvice. Tnese obj, coe to price urage education
IcitT,Vl :71 I • ‘9., udent habits, may be ;ff et. da, a very moderate
<„(....,77-5--rtry,:;:,, the duty as well as th, int. rests of the c0ra-
,....>, ,- j /T. IN,y.! 9 ire te and lee), tru-t it will meet the approba-
r. -,..,„,:• , ~tkii ilt th proprietors. During the past bah-year pr0,..,1.,-"--''''..'
,..,1.,-"--''''..'
.i'7:-1: '- , '--. ' : 4:11, tee I,..tAllUsiv... ce•eire h as d carri..ges by
4,,,t;
t_.\,......;.::,,.:::::/f,c(iiqr w,,- brew url-,,i-el tivoli the dirt ctors try several,
0\ ,
7,__ .ssileopirlt tv,e;lete and expetierice in railway manage-
'Cs: es -; _tit tar entitled to great respect, and persons of skill
'_ _ „sp.,l ,2..c;ponsiteli have- come forward-with. substantial
K lagpiia to undertake such contracts, so that the board
felt bound to give thl3.subject their best attention; but