The Sun.
London, England, 1850-02-28 00:00:00

N°. 7,910.] LONDON, THURSDAY EVENING

PUBLICATIONS.

AINSWORTH'S MAGAZINE
FOR MARCH No. XCVIII.
GUY FAWKES.
By W. HARRISON AINSWORTH, Esq.
With Two Illustrations on Steel by George Critikshank.
11. The Young Opera Singer. By Nicholas Michell.—lll. Zig-zag
to Paris and Straight Home.—lV. The Countess de Rudolstadt.—V.
My First French Dinner.—Vl. Jacob Van der Neess.—Vll. Tomb-
stones and Burial-places of the Germans.—Vlll. The Confederates.
—IX. The Last Moments of Falstaff.—X. The Ruins of Zahringen.
—XI. Theatres, Pro and Con. By E. P. Ron-sell, Val-
darns.

EASTERN COUNTIES RAILWAY.
The twenty-seventh half-yearly general meeting of
the shareholders of this company was held at the London
Tavern, Bishopsgate-street, yesterday, at one o'clock, for
the purpose of receiving a report from the directors of
the progress of the undertaking, and for the transaction,
of other business.
Long before the hour of meeting the large room and
the gallery at the foot were crowdgd with shareholders.
At one o'clock, Mr. Edward Ladd Betts was called to
the chair.
The SECRETARY proceed to read the report of the
directors as followz:
" Upon meeting the shareholders at the end of the first
half-year that this board of directors have been in office,
they must recal to the remembrance of the proprie-
tors the state of disorder in the affairs of the company
at the time when they were elected in July last. That dis-
order had, as a first measure, to be rectified—the company's
credit to be restored—and new arrangements to be method-
ized, to enable the directors to judge how traffic could be
best developed and expenses reduced. The board have by
incessant labour done their utmost within so short a period
to place matters in train for future and further amelioration ;
and enwuraged by the confidence of the proprietors,
they yet hope that their exertions, and those of all persons
connected with the company, will lead to an improving re-
venue and decreased expenditure. The present board can-
not be held responsible for the past, and they have deter-
mined to represent the undertaking in. the accounts now
exhibited to the meeting and in all future accounts-in its
true condition without the slightest attempt to overstate its
merits cr its powers. This course of proceeding will be
best calculated to place the property of the company on a
solid basis.
"For the purpose of overcoming the large arrear of busi-
ness, left for the board to arrange, and in • Oder to; superin-
tend, closely and effectively, the daily work to be done in
every department of the company, the directors formed
themselves into four working committees for the separate
direction of traffic, accounts, stores, and engineering, includ-
ing the locomotive department. A joint committee fur the
transaction of business peculiar to the Norfolk Railway was
also formed, in accordance with the agreement between the
two companies, consisting of four Eastern Counties and
three Norfolk directors, and is acting at present without re-
muneration to the Eastern Counties section of the com-
mittee.
" The results of the past six months' working of the lines,
in receipts and expenditure, paid or incurred, are fully set
forth in the accounts whick have been published and distri-
buted amongst the proprietors. These exhibit that the
receipts, when compared with the corresponding half-year of
IS4B, have slightly increased. The expenses have been kept
down as much as hitherto practicable. To compare them
with the charges for the like period of 1348 would be erro-
neous, as, in the opinion of the Committee of Investigation,
the latter were not stated correctly. Besides which, the
revenue accounts of the board for the past half-year ex-
hibit and debit all the expenditure incurred during that
period, whether actually paid or not, a system of accuracy
which was not adopted in the former balance-sheets of the
company.
"None of the capital has been treated as unproductive,
and the whole of the interest upon guaranteed stocks and
debentures, is, therefore, for the first time, charged against
revenue.
" The directors have debited the revenue of the past half-
year with every expense to which it can justly be considered
liable, and it will be observed that the charge upon it for the
renewal of locomotive engines, carriages, and waggons, hav-
ing accrued due, but not actually paid, is taken into account.
The amount charged against the revenue of the half-year for
the renewal of engines and carriages worn out is 11,9501.
The sum of 16,0001. has been set apart for the renewal of the
permanent way and works, and carried to the credit of that
fund, according to the resolution of the proprietors.
"It is proper, likewise, to draw attention to the fact, that
the interest payable to the Northern and Eastern Company,
on their quarter shares, has been diminished to the amount
of 1,267/. par annum, from an amount of capital hitherto
temporarily entitled to six per cent., being under the agree-
ment of amalgamation reduced to carrying five per cent.
" The entire revenue of the half-year has been 424,5781.
15s. ld.' of which 69,294/.45. 9d. have been earned upon the
Norfolk Railway. It was the wish of the proprietors at the
last meeting to have the receipts of each company kept se-
parate, and this has been done. The charges for mainte-
nance of way have also been kept separately, but it is im-
practicable to preserve any separation in the locomotive ex-
penses and in the great bulk of the carrying and general
charges.
" rhe working expenses, disbursements and charges
against the half-year amount to 372,620/. Bs. lid., leaving
net 51,9581.-6 s. 2d. to which the surplus of 9761. Os. ld. after
paying the last dividend must be added, making a ba-
lance of 52,934/. Gs. 3d.
" The directors have therefore to recommend a dividend of
three shillings per share upon the Consolidated Stock of the
Eastern Counties Company ; and the payment to the Nor-
folk Company, in terms of the agreement between the two
companies, of such a sum as shall be sufficient to pay an equi-
valent dividend upon the Consolidated Stock of the latter
company.
"The professional accountants have not yet completed their
examination of the account of the capital expended, and in
consequence the board have been unable to fulfil the pro-
mise made in their last report that a full statement
of the company's expenditure on capital would be furnished
previous to the present half-yearly meeting. The proprietors
are referred to the report of Messrs. Quilter, Ball, and Co.,
on,this subject ; by which also they will find that a sum of
2,5331. has been recovered for the company. At the same
time, the directors being able to estimate the outstanding
liabilities, and knowing that no new works have to be con-
structed, except the completion of the junction line between
Sheltorth and Shepreth, more particularly alluded to hereafter,
And the extension of the accommodation at the London sta-
tions, are enabled positively to. say that the capital ac-
count shall be closed within the amount stated in the
published accounts appended to this report.—(Cheers.)
The utmost further sum requiring to be now raised
is 160,0004, in which sum Lis included 90,0001. for the
construction of the Shelford and Shepreth line. Probably a
less sum than 160,0001. will be sufficient. But the aggre-
gate of capital mentioned in those accounts will be the ex•
treine upon which interest and dividends will be payable.
That the directors might better acquire a full knowledge of
the liabilities of the company, and arrive at the desirable
conclusion within what sum the capital account could be
closed, they caused advertisetnents to be inserted in the public
papers, requiring all claims against the company to be sent
in for examination. Many were received; their amount was
not greater than had been anticipated ; most of them are in
course of settlement and liquidation, and means will be
taken to bring all matters in dispute to a final determination.
It is intended to take early measures for realising the surplus
lands and other available property.
" Considerable sums have, in former years, been impro-
perly taken from capital, and applied to payments on aceount
of revenue. Although these were reduced by the proprietors
consenting to forego the payment of a dividend for the last
half-year of 1848, the amount now ascertained by the ac-
countants to be still remaining in suspense is 169,325/. 13s.
9d. This amount must be regarded as a loss to capital, and
be.so treated in the company's books, unless the proprietors
shall otherwise determine.
"The unsatisfactery state of the company's preference
stock, in consequence of a large amount remaining unregis-
tered, caused much labour and responsibility to the officers.
The directors have called in the whole for registration, and
nearly all the No. 1 and No. 2 Five per Cent. Stock, and the
ew Six per Cent. Preferential Shares have been registered.
The last created Five per Cent. Stock Converted York Ex-
tensions still remains in the form of a debt, bearing interest
in perpetuity at five per cent. The whole amount of this
stock is 43,920/. only. It cannot be registered under the
existing Acts of Parliament, and the directors intend to can-
cel it, either by paying it off, or by the substitution of ter-
minable debentures,
"The financial position of the company is so improved
that the directors have not hesitated to publish in the ac-
counts the actual state of the debenture debt of the com-
pany in detail.—(Hear, hear.) Its small amount, compared
with the magnitude of the share capital, and of the property
in security, is a matter for great congratulation. There can
be no doubt that the company will not experience the least
difficulty in keeping outstanding this amount of debt, until
the proprietors determine upon discharging it; and that the
renewals of bonds falling due will be effected at a reduced
rate of interest.—(Hear, hear.)
" The directors also hope to reduce by a considerable
amount the rates charged upon the railway, by the parishes
through which it passes. The preliminary step to this re-
duction, is being taken by so keeping the accounts of the com-
pany with reference to rating, as to show exactly, what por-
tion only of the company's property is rateable under the
Acts of Parliament, as distinguished from earnings by the
use and employment of stock in trade not rateable. The
Courts of Quarter Sessions wilt
then be enabled to do the
company that justice, by lowering the rates, which hitherto
it has not received.
" The directors have been desirous to obtain the opinion of
the proprietors respecting the measures that may be brought
before Parliament, relative to the audit of railway accounts,
and although the Bill prepared by a committee of delegates
from the boards of the principal railways has been aban-
doned, they think it right to give the following abstract of
the answers received from their constituents s—
a Circulars were issued to all the shareholders, of whom
only 2,219 returned answers. Of these, 1,42* approved of
the Bill; 115 disapproved of it; 620 were in favour of a Go-
vernment audit ; and 5,228 returned no answer.
" It will be remembered that the principal provisions of
the Bill consisted in the appointment of two auditors, to be
named by the shareholders, and of a public accountant, to be
named by the auditors, and that the audit of the accounts
should be continuous.
"This mode of audit had already been adopted by the
Eastern Counties Railway Company, under the present di-
rection. Mr. James Reeve and Mr. William Mayhew have
audited the accounts, and examined them with the vouchers
laid before them by Messrs. Quilter, Ball, and Co., public
accountants, who have had constant access to and continu-
ously examined and audited all the company's books and
accounts, and who have made out the financial statement for
the past half-year. The board found only one auditor
in office, Mr. Reeve, who had been appointed
by the shareholders, and they considered that as
the proprietors had chosen Mr. Mayhew as one of the com-
mittee of investigation, he was the fittest person to be the
second auditor. The proprietors will be enabled at the pre-
sent meeting to confirm and continue the appointment of Mr.
Reeve and Mr. Mayhew, or to appoint other auditors, as
they may think fit. It is the anxious wish of the board that
the audit of all the company's accounts should be continuous,
scrutinising, and complete ; and they recommend that a
committee be appointed by the proprietors at this meeting,
to consist of three or more shareholders, to confer with the
delegates of other companies, and determine upon the proper
measures to be adopted for additional legislation on this
subject.
" The directors of the Eastern Counties Railway Company,
not considering it necessary to proceed to Parliament this
year, in reference to the amalgamation with the Norfolk
Company, and the board of that company concurring in this
proceeding, the Norfolk line has been worked under the
agreement between the two companies, set forth in the last
half-yearly report.
"The accounts between the two companies have also been
so arranged under the same agreement that the Eastern
Counties Company are not under any advance to the Norfolk
Company, nor will they be required to advance any amount
on loan to that company, but merely to pay up the re-
mainder of the purchase money, which shall be due by the
Eastern Counties Company for the Norfolk Company's
rolling stock, Stores, &c. The amount already paid towards

, .
that purchase money is stated in the' caPital)acconnt.--
By 'the agreement referred toi the. Norfolk Company
is bound, in case of no amalgamation. taking, place, to,
repurchase its rolling .stock at the same amountaf valuation.'
as now paid by the Eastern Counties Company,' tinder the
award of. Mr. Robert Stephenson, and the ,NOrfbrk Railway
directors have, at the request of the• Eastern Counties board,
since consented that the Eastern Counties Ootnriany may
hold 25 per cent. of that purchase Money in hand, better: t?
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 Nsfi,ll 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 uttlmateresult
of a junction so recently formed, but! ai 'isaablishes a.
communication between the. towns of
.Clitedinenird, Col-
chester, Ipswich, and Bury,-.,. and the:'• 'county, of
Norfolk, end opens a ready way. for .ftansportr.
ing the agricultural produce of 'Esseic. And' Suffolk'
to the manufacturing districts ;of the Midland Cout-'
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 asthe trade taken to the metion94 in ad.
dition dition to the new traffic to be tilde *eloped; nuplt puss oVer
the Eastern Cothities ,lailway, from Colchester i t 45 Loadim,•
it is obvious that a-good understanding ought ilwarg 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 Noitherit for a 'friendly inter-
change of traffic and co-operation in their :transactions,
where theirrespective lines and branekee meet; idealthough
definitive arrangements have va 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-
reth, 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 tor the pur-
pose are being purchased and the works will be let by public
contract.
" Some parties are attempting to, apiily for a'llill 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.'
hers 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 Railway Company-araaPPLYing 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 drainage 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 thi 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 w,ith the Northumberland And
Durham Coal Company, as to the supply of coke, have been
adjusted as regards past transactions, and an arrangement
which, under the circumstances 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. )
claitn for the payment of a like sum of 1,000/., re-
ceived at the same time, by Mr. Hudson—(Hisses)—has
been made on him- • he has 'disputed the claim, and it has
been referred to arbitration.*—( Mmes.
liemonstrences having been made to the directors
against the sy`stem which has' hitherto Lett pursued of
granting free passes to shareholders residing`on cr near the
company's lines, to attend the halfryearly and special, meet-
ings, as being unfair, and as giving pecuniarr benOta to
some proprietors, to the exclesion 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 the 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 out of
office. The ballot fixed the rotation as follows :—Mr. Samuel
Ellis and Mr. George Reed, to retire in 1850 ; Mr. John Alex-
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 facke, 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 company.
" E. L. Bowes Chairman." The CHAIRMAN asked if it was the wish of the meeting
that the accounts should be read.—(" No, no.") He said
the directors had been desirous, as fully as possible, to
lay before the shareholders a true statement of their af-
fairs. He congratulated them that the Bill for the Shel-
ford and Shepreth line bad been thrown out in the House
of Commons last night.—(Cheers.) To the exertions of
Mr. Waddington, and to his sptech 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 tor the
future endeavour to lessen them as much as possibl:.
This year they commenced with a clean book—(Cheers)
—and they honed 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. IiTLEY, of Ware, seconded the motion that the
report he adopted, but in doing so stated that he was
much disappointed with so small a dividend as three
shillings per share.—(Hear, hear.) He complained, too,
said
adid notit
was been
n accountedo t
issued, for,n or was
any
of o.e 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
k I
interest paid upon it.—(Cheers.)
Mr. NATHAN felt satisfied at that declaration from
Tho CHAIRMAN st
the chair. He complained, however, of 4,2591. having
been expended for-Parliamentary expenses during the
last half-year.
The CHAIRMAN acid 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. WEBI, secretary of the Northern Counties Union
Railway Company, congratulated the meeting upon the
clear statement of the affairs of the company which had
been laid before the meeting by the directors.—(Cheers
and hisses.) Ile 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. He 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 for coke to Messrs. Peto and Co. He
knew that the directors could be.supplied with coke fur
18s. a ton.
Mr. BAGSHAW, M.P., said:all the contracts entered
into by the company for either coke or coal came before
a committee of the company, of which he was a member,
on tenders, and such an offer as les. 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. MARGRA'VE, '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
that with respect to the southern portion of the line
only one tender for coke had been made to them
by Nicholas Wood sad Co., and that was ac-
cepted by their predecessors, and it bound them
for a period of 20 years.—(ob, oh.) The present direc-
tion had nothing to do with the making of that agree-
meat; they found it when they came into office, and
from the advice of their solicitor they learnt that they
could not set it aside. The coke was delivered to them
at Peterborough for 245. 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
nod nothing on earth to do with the supply of coke to
the company.
Mr. Er.ms, a director, explained that the agreement
with A:CS,I3. Weod 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 suc-
ceeded in modifying that contract from the first price of
255. 6d. to 245. per ton, and that arrangement was to
last for three r ars, and on the expiration of that time,
the Messrs. Wood were to supply the coke to the com-
pany at the market price throughout the country.
Mr. PETO said he thought it due to himself to state
most unequivocally and most distinctly that he never
had anything to do vrifh"coke in his life—(Cheers)—and
ho thought it exceedingly unfair that any gentleman, for
a specific purpose, sheuld drag bis name before the meet-
ing in the way he had done.—(Renewed cheers.)
Mr. DI`LAREN comnplaihed of some 'of the accounts
haTing"beeu withheld, and especially the working ex-