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

EASTERN COUNTIES RAILWAY.

MEETING AT THE LONDON TAVERN.
Tne half••yearly general meeting of the shareholders
of the Eastern Counties Railway Company vs as held
yesterday at the London Tavern, Bishopsgate-street,
fur the purpose of receiving a report from the
directors, and for the transactiuri of other business.
Long before the hour of meeting (one o'clock)
the 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, NN hich 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 :

"On completing the first year of their official duties,
the directors have to report that, notwithstanding the
many difficulties acd complications arising out of the
past, they have reason to be satisfied with the progress
whiclahas been male 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-
peuses to which the revenue has been hitherto sabj, ct.
The accounts for the half-year have been made out on
the principles and form approved by the proprietors at
the last meeting by Messrs. Q litter and Co., and they
have been subject to the continuous audit of nlessrs.
Reeves and Mayhew, to whom that important duty was
assigned by their co-proprietors. The capital account
having been virtually closed, in accord 11:100 with the re-
solution of the last half-yearly meeting, the revenue is
now debited with all disburseeuents, aed it will be oh-
served that the half-year's income has been charged
with 15,4181. 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 fur
the renewal of permanent way and works. A portion
of this fund has beau applied to the renewal of the Col-
che.ter line, and the repair of statons, 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 the way and works, rezommend 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 halt-)ear ending the 4th of January with 14,0001.,
arid the half-year ending the 4th of July with 8,000/.
The receipts of the halt-year are 400,705/. 12a. 5d , of
whiele 53,536/. 11E. 3d. has been derived from the Nor-
fulk 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 4004 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 p ast 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 365,210/. 4s. 3d., leaving 35,495/. Be. 21,
to which mutt be added the eurplus left after
paying the last dividend, namely, 1,620/. 175., making
an available balance of 37,1161. 53. 2J. The directors
therefore recotemsnol a dividend upon the consolidated
stock of the Eastern Counties Railway Company of 2;.
per share. and a payment to the NorfOle Company suffi-
cient to give an equal dividend on their consolidated
stock, according to the agreement subsisting bet "seen the
two companies. The directors have purchased No. 2 Five
per Cent. Stock, amounting to 3,2661. 133. 41., formerly
issued in exce,s, 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 Stuck that they might be paid off
at par on Crie 10:h of June last. In pursuance of which
notice, hold rs of that stock, to the amount of 25 840/,
had consented to receive payment when the half-year's
aecounts were closed, leaving 18,080/. 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 ef which are now recovereble; these '
will amount to more than sufficient to pay 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
Wisbeach and St. Ives Railway transactions, has been
decided, and the sum of 1,0001, with interest at five per
cent. for three years and three-quarters, making to-
gether 1,187/. 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 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 Shplford, near
Cambridge, to the termination of the R system and
Hitchin Railway at Shepretb, being limited as to time,
the directors took 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 cares by amicable arrangement with the
owners and occupiers. Specifications have been pre-
pared, and contracts aro 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 Blackwell Railway Company to obtain
running powers over the whole of the Eastern Counties
Railway; and, had 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. These 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 inserted in that Act, they
believed great advantages to both companies would result
from the opening of the Harwich branch, 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 suceeeded in con-
cluding an arrangement with the Great Northern Reit-
way Company; but being well aware of the loss which
must be sustained by bete 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 der med expedient by the Newmarket
Company to discontinue the working of their rail nay.
It has b: en a subject of much care and anxiety to
this board, and several propositions have been made to
the Newmarket Company for 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 Newmark. t Railway at cost price,
and without any profit to this company beyond what
might arise from traffic thus brought upon the Eastern
Counties Line. The carriages and other materials be-
longing to that company, hell by the Eastern Counties
as security for their debt, will shortly be taken at a va-
luation. The Electric Telegraph Company's agrewnent '
to work arid maintain the apparatus up an this railway
having some time ago expired, remained in abeyance
when the present directors took office; negotiations have
hi en since pending which kayo resulted in a new agree-
ment between the two companies, to the effect that a f.ir
allowance shall be made to this company out t f 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 fieqeent use of this rapid mode of communicating
imelligence. The Lowestoft harbour has be ea finished
within the estimate, under the superintendence of Cap-
tain Andrews, the harbour-master, who has been de-
servedly appointed by the Trinity Board superintendent
of pilots for the porn which is now much frequented as
a harbour of refuge, necessitate 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
Craving, entered the harbour for trade or refuge during
the past year; nod new residences are rapid:y rising on
the south side of tho harbour, which, with the e;planade
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 cenverging 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 t f 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 famniss in
case of accident or injury, to which such men are much
exposed, as also in the event of their becoming untib'e to
perform their duties through age, sickness, or infirmity.
In the extensive workshop; at. Stratford tl- ere 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
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contract haie been urged upon the
director"sley several,
whose knowledge and experience in railway manage-
ment are entitled to great respect, and persons of skill
and responsibility have Clime forward with substantial
offers to undertake such contracts, so that the board
felt bound to give this subject their beat 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, there's:are, appointed Mr. John V. 'Gooe`,, late of
the South-Western Railway, as superintendent of the
locomotive el, p irtne nt. It is the painful duty of the
directors to rPport that, owing to circumstances whL h