The Sun.
London, England, 1850-02-27 00:00:00

since consented that the Eastern Counties Company may
hold 25 per cent. of that purchase money in hand, better to
secure such repurchase if it should have to take place.
" Since the 12th of December last, the Eastern Union
Railway has been opened to Norwich, and a portion of the
traffic between that city and London, has passed over
the Colchester line of the Eastern Counties. An amicable ar-
rangement has been made with the Eastern Union Com-
pany, which will enable each railway to take and develope
its own proper proportion of the traffic, and the public to
benefit by the increased facilities of travelling. It is diffi-
cult to state with certainty what will be the ultimate result
of a junction so recently formed, but as it establishes a
communication between the towns of Chelmsford, Col-
chester, Ipswich, and Bury, and the county of
Norfolk, and opens a ready way for transport-
ing the agricultural produce of Essex and Suffolk
to the manufacturing districts of the Midland Coun-
ties, by way of Peterborough, it will probably bring upon
the company's lines more traffic going to the north and west
than it will decrease the receipts from the trade coming
southward; and as the trade taken to the metropolis, in ad-
dition to the new traffic to be thus developed, must pass over
the Eastern Counties Railway, from Colchester to London,
it is obvious that a good understanding ought always to
exist between two companies whose interests have become to
so great an extent mutual.
" Negotiations have been for some time pending between
this company and the Great Northern for a friendly inter-
change of traffic and co-operation in their transactions,
where their respective lines and branches meet; and although
definitive arrangements have not yet been made, it is pro-
bable that some course will be adopted by which the two
companies shall be enabled to act in concert, and abstain
from injurious competition.
" The Eastern Counties Company obtained powers to make
a branch railway from Shelford, near Cambridge, to Shep-
retb, a distance of about six miles, there joining the termi-
nus of the Royston, Hitchin, and Shepreth Railway, leased
in perpetuity to the Great Northern Company. The Eastern
Counties Company, being bound by an engagement, entered
into before a Committee of the House of Commons to make
this junction, and it being indispensably necessary for its in-
terests that it should be constructed, the lands for the pur-
pose are being purchased and the works will be let by public
contract. _ _ _

" Some parties are attempting to apply for a Bill in the
present session to construct a direct line from Cambridge to
Shepreth. This unnecessary measure, and injurious to the
Eastern Counties Company, will be vigorously opposed.
" The directors having made two sincere efforts with mem-
bers of the Newmarket Company's board for permanent
amicable arrangements, succeeded in arranging terms with
them; but their colleagues at that board refused to adopt the
results to which they had agreed.
" The Blackwell hallway Company are applying for a Bill
to obtain running powers over the Eastern Counties line. A
similar measure was before promoted by that company and
withdrawn. The directors feel confident that Parliament
will never sanction anything so unjust and so dangerous to
the public.
" The late extraordinary high tides overflowed part of the
Yarmouth and Lowestoft branches, but, the damage was
trifling, and has been repaired. The improved drainaga and
embankment of the low lands about to be made in these
districts by the landowners, and the elevation of the rails
already effected, will prevent the recurrence of a similar
injury.
"The Lowestoft Harbour will be finished during the en-
suing half-year, considerably below the estimated cost. The
completion of the works is in the hands of the Norfolk Rail-
way Company. The trade of the port continues steadily to
increase.

" The extension of the branch line from Dereham to
Fakenham was opened for traffic a short time previous to
the last general meeting, and the traffic upon it is as yet only
partially developed; but as this branch opens the way into a
rich and highly cultivated district, it must soon become a
useful auxiliary to the parent line.
"Disputes which had arisen with the Northumberland and
Durham Coal Company, as to the supply of coke, have been
adjusted as regards past transactions, and an arrangement
which, under theCcircumstances of the engagements entered
into by the former board is equitable, has been made for
future supply of that important article.
"The board had the satisfaction of an interview with Mr.
Waddington regarding the sum of 1,000/. received by him in
connexion with the Wisbeach and St. Ives Company, at
which interview it appeared that Mr. Waddington had re-
ceived that sum under the full impression that he was en-
titled to it, but preferably to raising any further dispute on
the subject he' agreed to pay the amount, which he has
done.—(lronical cries of "Hear, hear.')
" The directors feel bound to acknowledge that owing to
Mr. Waddington's exertions, and to the time and labour
he bestowed on the company's business in bringing traffic
upon the Eastern Counties Railway, the amount of revenue
obtained is in a great degree to be attributed, and they de-
sire to record their acknowledgment of the assistance and
information Mr. Waddington has at all times been ready to
afford them, without reservation,,—(Cheers. )
"A claim for the payment of a like sum of 1,000/. re-
ceived at the same time, by Mr. Hudson—(Hisses}Lhas
been made on him ; he has disputed the claim, and it has
been referred to arbitration.—(Hisses.)
"Remonstrances having been made to the directors
against the system which has hitherto been pursued of
granting free passes to shareholders residing on or near the
company's lines, to attend the half-yearly and special meet-
ings, as being unfair, and as giving pecuniary benefits to
some proprietors, to the exclusion of others, the board think
it proper to bring the subject before the general meeting, and
to request that a resolution may be passed, either sanctioning
the continuance of the system, or ordering it to be suppressed.
The matter is one which should be decided upon by dm ge-
neral body.of proprietors.
"Under the provisions of the Company's Act of Parlia-
ment, the directors proceeded to ballot among themselves the
rotation in which two directors should annually go cent of
office. The ballot fixed the rotation as follows :—Mr. Samuel
Ellis,and Mr. George Reed, to retire in 1850; Mr. John A lex-
ander Thompson Smyth, and Mr. Thomas Jones Margrave to
retire in 1851 ; Mr. Edward Ladd Betts and Mr. Joseph
Glynn, to retire in 1852 ; Mr. Thomas Broadbent and Mr.
James Packe, to retire in 1853.
"In accordance with this resolution Mr. Ellis and. Mr.
Reed retire at the present meeting, but are re-eligible„ and
offer themselves for re-election as directors of the comp any.
" E. L. Borrs, Chairma 11.'1

The CHAIR3IAN asked if it was the wish of the meeting
that the accounts should be read.—(" No, no.") Hts said
the directors had been desirous, as fully as possibbe, to
lay before the shareholders a true statement of the;ir af-
fairs. He congratulated them that the Bill for the ,i4hel-
ford and Sbepreth line had been thrown out in the ELouse
of Commons last night.—(Cheers.) To the exertions of
Mr. Waddington, and to his speech in the House, were
the shareholders mainly indebted for that result.—
(Cheers.) The working expenses of the company were
high—(" Too high")—but the directors would for the
future endeavour to lessen them as much as possible.
This year they commenced with a clean book—(Cheers)
—and they hoped to be done with the old accounts for
ever.—(Cheers.) During the past year the greatest exer-
tions had been made to keep the rolling stock of the
company in the best possible order, and at the least pos-
sible expense. The Chairman concluded by moving the
adoption of the report.—(Cheers.)
Dr. RYLEY, of Ware, seconded the motion that the
report be adopted, but in doing so stated that he was
much ditappointed with so small a dividend as three
shillings per share.—(Hear, hear.) He complained, too,
of the enormous amounts of the salaries of the officers,
and the high working expenses of the line.
Mr. NATHAN complained that 30,0001 worth of un-
appropriated stock bad not been accounted for,
The CHAIR3IAN said it was not issued, nor was any
interest paid upon it.—(Cheers.)

Mr. NATHAN. felt satisfied at that declaration from
the chair. He complained, however, of 4,2591. having
been expended for Parliamentary expenses during the
last half-year.
The CHAIRMAN said those expenses were incurred
long before the present directors came into office.
Mr. NATHAN replied, if that were so they could not
help themselves.
Mr. FOSTER should like to know what salary Mr.
Moseley was receiving per annum.

The CHAIRMAN-8661.
What was Mr. Samuel receiving a year?
The CHAIRMAN-7001.
What was Mr. Ashcroft's?
The CHAIRMAN-750L
What was Mr. Chadwick's?
The CHAIRMAN-200/.
What was Mr. Roney's?
The CHAIRMAN-650L, and 1001. a year from the Nor-
folk committee.—(Shame.)
Mr. FOSTER would then move that Mr. Roney's salary
be 6001—(Hissing, cheers, and cries of " No, no," and
" Yes, yes")—and that Mr. Moseley's salary be 7001.
instead of 8001.

Mr. WEBB, secretary of the Northern Counties Union
Railway Company, congratulated the meeting upon the
clear statement i f the affairs of the company which had
been laid before the meeting by the directors.—(Cheers
and hisses.) fie felt well assured that the meeting might
bave the greatest confidence in the directors, and that
they would exercise the utmost economy in working the
line. Ile was proceeding to speak on the question of a
Government audit, when he was assailed with cries of
Question," in the midst of which he resumed his seat.
Mr. WARD complained of the enormous sum the com-
pany was paying fur coke to Messrs. Peto and Co. Ile
knew that the directors could be supplied with coke fur
183. a ton.
Mr. BAGSHAVT, M.P., said all the contracts entered
into by the company for either coke or coal came before
a committee of the eoespaily, of which he was a member,
on tenders, and such an offer as lals. a ton
for coke had never yet been made to that committee.
Neither Mr. Peto nor the chairman had ever had one
tittle to do in the supply of coke to the company.
Mr. MARGRAVE, a director, said the facts were so
entirely different from those stated by Mr. Ward, that
he would set the meeting right upon the point. He was
chairman
of the committee of stores, and he could say
thatwith respect to the southern portion of the line
only one tender for coke had been made to them
cbeypteNdich4l as
their\V uo d'preadneduessCoors.,,
and
dd
itthbaotunwdas ac-
them a
for a period of 20 years.—(oh, oh.) The present direc-
tion had nothing to do with the making of that ag ree-
meut; they found it when they came into office, and
from the advice of their solicitor they learnt that they
could nr4 set it aside. The coke was delivered to them
at Peterborough for 240. per ton, by Messrs. Wood and
Co. For the other portion of their line the directors
manufactured their own coke at Lowestoft, and they
produced it cheaper than they could buy
.it Mr. Peto
had nothing on earth to do with the supply of coke to
the company.
Mr. ELus, a director, explained that the agreement
with Messrs. Wcod and Co. for coke was made six
weeks before the present directors came into the office,
when it had seventeen years to run. They had sue-
ceeeed in modifying that contract from the first price of
255. 61 to 244. per ton, and that arrangement was to
last for three yt ari, and on the expiration cf that time,
the Messrs. Wood I,ere to supply the coke to the com-
pany at the market price throughout the country.
Mr. PETO said he thQught it due to himself to state
most unequivocally and most distinctly that he never
had anything to d,. with coke in his life—(Cheers)—and
he thought it exceedingly unfair that any gentleman, for
a sps eific purpose, should drag his name before the meet-
ing in the way he had t lone.—(Renewed cheers.)
Mr. IPLABEN complained of some of the accounts
having been withheld, and especially the working ex-
p,oiscs and the capital. account. He charged the direc-
tors with leaving the shareholders in the dark as to the
amount of their capital.—(" No, no," from a director.)
Re was aware at the same time of the great difficulties
with which the directors had had to contend. He moved