The Sun.
London, England, 1850-03-14 00:00:00

the shareholders would be called upon to confirm the
termF.

After some discussion the resolution was agreed to,
and thanks having been voted to the chairman, the
meeting terminated.

NEWMARKET RAILWAY.
(THIS DAY.)
The half yearly general meeting of the proprietors in
this company was held this afternoon, at the London
Tavern,. Lord George Manners in the chair.
The SECRETARY re ad the report of the directors, which
stated that, owing to various and unavoidable causes, the
working of the railway between Chesterford and New-
market had remained, during the half-year, in the hands
of the Eastern Counties Railway Company, with such
results as the accompanying statement of revenue would
show. During the half-year, the gross receipts amounted
to 3,9031. is. 9d. being less than the average receipts of the
correeponding period of the previous year, although the

_
line was then only newly opened. The working charges
had teen so extravagant, that the directors were com-
pelled to avail themselves of the arbitration clause in
the agreement for working with the Eastern Counties
Railway Company, and to refer the demand for the nine
months, from October 1, 1848, to July 4, 1849, for revi-
sion to Mr. Robert Stephenson, by whom the amount
was reduced 1,4041. 7s. Bd., or 25 per cent. The direc-
tors had endeavoured to terminate this state of affairs
by negotiation with the Eastern Counties Railway, but
as yet had not been enabled to effect an equitable ar-
rangement. Negotiation with the mortgage creditors
for a modification of the rate of interest to them, and
with Mr. Jackson, of Pimlico, the contractor for the con-
struction of the line, and the principal creditor of the
company, for working and upholding the railway at a
fixed rental, and these arrangements were so far advaaeed
that the directors had hoped to be enabled, by the ad-
journment of the half-yearly meeting, to state to the
proprietors that they were definitely settled, and the ne-
cessarry deeds executed. At the last moment, however,
the arrangement had failed, and it became a question of
importance to consider what course of policy should
hereafter be pursued, and looking to the utterly unsatis-
factory result of working the line through the Eastern
Counties Railway Company, and the apparent imprac-
ticability of effecting arrangements from which creditors
(and not the proprietors) were to derive the chief ad-
vantages, is might probably become expedient to close
the line. The directors had made satisfactory progress
in reducing the liabilities of the company. The follow-
ing directors, viz , Charles Smith Mortimer, Esq., and
Janes Wheeler, Esq., retired from the direction by ro-
tation. Henry Rance, Esq., one of the auditors of the
company, who retired by rctation, offered himself for
re-election. On the capital account the receipts were
422,935/. 18. i. id., and the disbursements 421,900/. 65.
3d., leaving a balance of 1,0351. 1 ls. 10d. On the re-
venue account the receipts were 6,8701. Bs. 4d., and the
expenses 2,6541. Os. 4d., leaving a balance of 4,216/.
Bs. 01

Lord G. MANNERS, in moving the adoption of the
report, said he regretted it was not of a more satisfac-
tory nature, but hoped they would have a much better
account given of their affairs and prospects at future
meetings. All chance of effecting arrangements either
with the Eastern Counties Company or with the con-
tractor for the working of the line was for the present
hopeless, and it might be advisable for the directors to
shut up the line until the railway system in that particu-
lar part of the country was sufficiently developed, so as
to afford enough traffic to cover the working expenses.
Mr. MORTIMER, a director, stater, in answer to a
shareholder, that the ult'inatum offered of the Eastern
Counties Company was to this effect—to finish the line
fur them as far a: Cambridge, to give 1 per cent. upon
the paid-up shares—that the unpaid shares should be
forfeited, and that the duration of the debentures should
be extended from four to ten years, and that the holders
of them should consent to a reduction of interest from
51. to 3/. per cent. The directors were, therefore, en-
tirely left in the hands of the debenture-holders, who had
refused to accede to the terms, on the ground that they
were not sufficiently fair.
It was stated, in reply to further questions, that the
purchasing of lands and cenve) ancing would amount to
14,000/., and the construction of the line to 23,0001.,
making a total of 37,000/. Six and a quarter miles of
the line bad yet to be made. The directors would not
make a further call until they had exhausted every
means in their power to recover the arrears of calls.
The report was then received.
A resolution was next adopted, directing the board to
make every exertion to obtain payment of calls, and to
forfvit all shares in respect c f which the parties holding
them were not able to pay the arrears.
The retiring directors and officers were then re-elected,
and after a vote of thanks to the Noble Lord, the meet-
ing separated.

RAILWAY INTELLIGENCE.
SOUTH-EASTERN.

The report of Mr. P. Barlow, the engineer, states
that on the Ashford and Hastings line a length of 16
miles, from Ashford to Rye, has been completed, with
the exception of stations, and the bridge over the
river Rothsr. The earth -work is completed on the
portion from Rye to Lydbam-hill, a distance of five
miles ; from the latter place to St. Leonard's, a dis-
tance of seven miles, the works are heavy, and less
progress has been made. Of the four tunnels on this
portion of the line, aggregate length 3,625 yards,
there are completed 1,387 yards. On the Tunbridge-
wells and Hastings line the works are let in three
contracts, of which No. 1 commences at Tunbridge-
wells and terminates at Robertsbridge, a distance of
15i miles, of which the first seven miles, comprising
the heaviest and most difficult portion of the line, is
nearly completed. The works on the other two con-
tracts are in an advanced state. With regard to the
water supply in the North Kent district, the report
states—" That the position of the North Kent line, at.
the foot of the chalk ridge, and parallel to the side of
the London basin, will enable a supply of pure water
to be obtained for the use of London at much less
cost than by any other plan ; one group of springs
near Northfleet station measures between 5,000 and
6,000 gallons per minute, which are after•
wards absorbed by the porous strata. The ques-
tion of the supply from Artesian wells in London
has nothing whatever to do with the general supply
from the chalk district, the ample quantity of which
cannot be doubted by those who have examined the
subject ; in fact, London is surrounded by more than
3,000 square miles of porous strata, which are charged
with water like a sponge, in the outer edge to an ele-
vation exceeding 200 feet above the level of the sea,
in which district the only rivers which rise are those
produced by the mass of porous strata above men-
tioned being saturated by the rains faster than the
water can escape in the impervious strata underneath.
These rivers, it will be found by comparing them
with the extent of surface from which they are pro-
duced, form only a small fraction of what may be
obtained by artificial means. A supply equal to one-
fourth of that supplied to the inhabitants of London
south of the Thames may be obtained for the sum
now paid for the use of water at the London-bridge
and Bricklayers' Arms stations. The state of the
permanent way and works is satisfactory, the rails
being little worn. The cast-iron sleepers are entirely
used in the renewal and repair of the road as well
as on the new lines, and further experience shows that
the wear of the rails and the traction of the trains
are reduced in a marked degree, from the improved
joint, and the rail having a solid foundation instead of
an elastic one. The sum required to be laid by an-
nually at compound interest at 4i per cent. for the
renewal of the permanent way on this plan is 361.105.
per mile."

RAILWAY SHARE MARKETS.

BRISTOL, MAzcii 12.

STOCK EXCHANGE.—The market to-day has been some.
what depressed. The transactions were as follow : Grea
Western, Quarters, 14—Dittto 171. Shares, 173 A dis.—Mid
land, 38%.