The Sun.
London, England, 1845-08-30 00:00:00

THE SUN, LONDON, SATURDAY MORNING, AUGUST 30, 1845.

HULL, AUG. 28.

STOCK ExcuANGE.--The sales are—London and Croydon,
New, 11. 15s.—York and North Midlai:d Extension, 24
Blackburn, Damen, and Bolton, 10 —Caledonian Extension,
3'4—Great Grimsby and Sheffield, 20—Ditto, Quarter
Shares, 6—Grimsby Dock Extension, 10—Leeds and
Tiiirsk, 16!,"2—East Lincolnshire, 24s.—East Coast, 3s.—
Fleetwood, Preston, and West Riding, 31—Grand
Union, 20s.—Leeds and West Riding Junction, 15s.—
Leicester and -Bcdffird, 3%—Leicester and Birmingham, 21,,.
--.Liverpool, Manchester, and Newcastle Junction,
London and Birmingham Extension, 19s.—London end
York, 6%—Ditto, Bawtry Scrip, s—Newcastle, Durham,
and Lancashire, 21. 2s.—Nottingham, Erewash, &c., 2L ss.
Nottingham, Belvoir, and Grantham, 11. 15s.—Nottingham
and Boston, 30s.—Nottingham and Mansfield, 30s.—South
Midland, 71/,2—Sheffield and Lincolnshire Junction, 7
Shrewsbury, Wolverhampton, Dudley, &c., 63F,—Shrewsburyand Trent Union, 4%—Tenn and Dove Valley, 2—Wake-
field and Bradford, 82s.—Yorkshire and Glasgow Union, 12s.

RAILWAY INTELLIGENCE.

EASTERN COUNTIES RAILWAY.

A general meeting of the Proprietors of this C,m-
pany was held on Thursday at the London Tavern,
Bishopsgate-street, which was very fully attended.
Henry Bosanquet, Esq., occupied the chair. After the
formal business had been gone through,
The CHAIRMAN rose to address the meeting. He
said the events
,o w
r the last fe.months
,had been, so nu-
ruerons, that it would be nee.:,:ssary for hisn to pi same- -
what in detail into the business of the Company. He
congratulated them on the opening of the line of rail-
way from the metropolii to Great Yarmouth, which had
just taken place. An Act of Parliament had also been
obtained for a line from Lynn to Ely, to be in con-
nexion with this railway, By this means they would
have a direct communication fro:a the Wash
of Lynn to tha metropolis. There was also
one in pro.-;-re,:s from Lynn to Cambridge that would
be •f the gre,stest service to the present iine of railway.
Two other prof-cts wre under consideration that would
bring the east and went parts f the in,tropoli4, as also
Woolwich, in connexion with tin it In a short
he had no doubt, by the extensions and c.:enicothT
lines in contempt ition, they shout t, through their line,
have a complete communication from London to York.
Ile had also pleasure in st tting that 1111 Directors had
secured large warehouses adjoining the East India Docks
for their accommodation, at a low rent. This would
prove of the greatest benefit to their in'ere,ts. He
would now say a few words respecting- their present and
future prospects. Though the dividend eras a small one,
he trusted it would be the last of the kind. The short-

ness of the pillions or the line hitherto completed in-
volved a greater amount of expense than an elongatk d
line would 11.11 re done. The expend s had this year been
48 per cent. on the receipts. As they lengthened their
line, however, their expenses would be proportionally
reduced ; and he had no doubt ere lung they should be
able to declare as large a dividend as the South Eastern
Company. 7,5001., a week's receipts, would yield 5 per
cent. on the capital, and he was quite perauaded they
would soc,n reach that, as their expenses became econo-
mised. He would next refer to the proceedings of last
session of Parliament with reference to the future. Ile
complaired of the way they had been treated in regard
to the L'indon and York line by the Committee of the
House of Commons. It was not, however, their inten •

lions to abandon their former position. Arrangements
had been made for surve3ing several lines in connexion
with that they hail already executed ; and they were
determined, with their (the shareholders) sanction
quietly, but effectively, to push fon‘ard whichever of
those surveyed lines appeared likely to pay the share-
holders a fair dividend. He trusted the House of Lords
would do greater-justice than the Committee of the
House of Commons had done.—(Great cheering.)
The report was then read, of which the following are
the most important features.
Since the last general meeting, the line from Bishop's
Stortfor'l to Cambridge, Ely, and Brandon has been
opened simultaneously with the Norfolk Railway from
Brandon to Norwich and Yarmouth. The report of the
manager of the goods department, which has been laid
before the board, states prospects of large increasing re-
venue from the carriage of goods and cattle, which will

Ise int)A gratifying- to the Proprietors. A return of
7,5004 a week would produce a &video(' of more than
five per cent. on the share capital of the Company, and
the und-übted prospects of increase which exist, fully
justify the expectation that, within a short period, an
income, much exceeding that sum per week, will be
realised.

The accounts of the past half-year, connected with
the traffic, are annexed, and they show a net profit of
21,833/. The Directors have, therefore declared a divi-
dend for the half-year, after the rate of three shillings
per share of 141. 163. each of the Consolidated Stock
of the Company.
The total expenditure on the extension from Bishop's
Stortford to Newport has been 156,9211., and that on
the extension from Newport to Cambridge, Ely, and
Brandon, has been, under Messrs. Grissell and Peto's
contract, 573,2801., being the amount of the original
estimate, with 3,0001. added for an extra bridge at the
paper mills at Cambridge ; and some other additional
expenses.
The Proprietors will recollect that at a special general
meeting, held on the 14th of April last, it was deter-
mined to capitalise into shares 710,4001. of the borrowed
money of the Company. The resolutions then passed
have been carried out by the. Directors, and 48,000 new
shares were issued, upon which a sum of 41 16s. per
share has been paid, and applied to the reduction of the
debts of the Company.
During the session of Parliament just closed the
Directors have been engaged in a long and severe con-
test with the promoters of the London and York Rail-
way, and this Company have to complain of the great
injustice done them in not having been permitted to
bring forward rebutting evidence of any kind, or to ad-
duce evidence in support of their own plans, before the
decision in favour of the London an York line was pro-
nounced by the Committee of the House of Commons.
The Directors, while expressing their conviction of the
patience and attention which were bestowed by that
Committee on the protracted inquiry before them, must
protest, in the strongest manner, against the rights ac-
quired by this Company from Parliament, being seri-
ously affected and injured by a decision being pronounced
against the Company without their first having a full
hearing.
Mr. LEvi asked how it was that nothing had been
done to fat in a branch from the line to Epping ? He
understood the Blackwell Company had some intention
of making a branch into that neighbourhood, which
would interfere with theirs. lie considered the forma-
tion of such a branch should be made by the present
Company.
Mr. DUNCAN said such a line was under the con-
sideration of the Directors, and a survey would be made
to that effect. Should the Directors think it a desirable
line, means would be taken to ascertain the seine of the
proprietors on it. . .

n Several questions were asked in explanation of
items in the accounts, to which explanations were
given by the Chairman that appeared to give satisfac•
tion to the proprietors who asked them.
Mr. Divisor; inquired if all the surplus land of the
Company had been sold?
Mr. DusteAx replied that ad the available surplus
land, up to the end of last year, had been disposed of.
There was still a quantity of surplus land in their pos-
session, which would be sold as soon as it was kn..wn
that they had no use for it. It would not be prudent to
part with it until they knew exactly what they wanted
to complete their works.
An HON. PROPRIETOR complained of the amount of
1,8001. being voted to the Directors. The London and
Birmingham Directors only received 1,700/. ; the Mid-
Brighton Company allowed only 1,100/. These were
Company allowed but 1.5001. ; and the
rlaanildwalyllcilowmapYanies that paid large dividends, while this
Company, which was almost insolvent, was to pay more
than any of them. The most suspicious part of the
business was, that a paid servant of the Company had
made the proposition.
After a few words from Mr. LA MERT in favour of
the grant to the Directors,
Mr. TIGHT said as he had been personally alluded
to he wished to say a few words in vindication. He had
held shares in the Company from the beginning, and in
virtue of those, as well as from a sense of justice to the
Directors, without reference to his official position in the
Company, he had acted as he had done, and he had no
right to be reflected on.—(Cheers.) He had proposed
the grant to the Directors as an independent man, and he
did so because he had observed the severe labours they
had been subjected to, and if they looked at the busi-
siness laid down in the report they would see at once
there was no parallel between the labours of the present
directory and those which had been named.
The CHAIRMAN was then about to put the motion that
the report be received, adopted, and printed, when
Mr. SCOTT said he was a shareholder who hefd a 1,000
shares in the Company, and he came forward with pain-
=ful feelings to oppose the proceedings of the Board. lie
believed their conduct perfectly unexampled in the his-
tory of railways. While all other railways had pro-
gressed, and their traffic had improved, the present
Company was now called to receive 3s. dividend on each

share of 251. He thought's change should be made, as
matters could not be much worse than they were. Had
it not been misfortune or mismanagement, the Eastern
Counties Railway would have been in a much better
position. Everywhere he went he heard the manage-
ment of the Directors condemned. He would give facts
in support of this view. The first point he would call
attention to was the capital account. Four years ago
the Directors pledged themselves that the capital would
not exceed 2,137,0001. ; in 1842 it was 2,500,000/. ; in
1843 it was 2,784,0001. ; and in 1844 • it was 2,856,0001.
They were then told it would not exceed that. But
again in February, 1845, without any explanation what-
ever, it was increased to 2,900,000/. ; and that day it
was 2,956,000/. By the Amalgamation Act they were
limited to 2,850,0001, on which interest was to be
paid, whereas it was now, in round
,numbers, nearly
three millions. The Hon. Proprietor then went into the
traffic accounts, in which, from a series otcalculations,
he showed that, for the last four years, the ratio of
income to expenditure had been gradually going
against the shareholders. In contrast to the manage-
ment of the Directors, he cited the Brighton,
Midland, and several other railways, in which
the working expenses were far below those of the
eastern counties line. He hoped some means would be
taken to save the Company from the mismanagement
into which it had fallen.—(Cheers.) He considered
many of the Directors held only a
nominal stake in the
Company, though all were not so. There were eighteen
Directors, a greater number than any Other direction in
the kingdom ; while of these eighteen,.five lived at least
200 miles distant. Could such, he asked, attend to the
interests of the Company without great expense ? He
considered that some proposition should that day be
come to to rescue the Company from its present dilemma.
There ought to be a residential directory, not living 200
miles distant. He represented, on the part of himself
and friends, who had embarked capital in the Com-
pany, the sum of 200,0001.; and, therefore, he bad
no object in view but the good of the Company. No
evil could come of the exposure. There were the
Greenwich, the Sheffield and the Rotherham, the Bir-
mingham and Manchester, the Great North of England,
and the Midlands Companies, all of whom had been iin-
of their affairs. In several companies, espe-
cially
m e lsyusuch
a s improvedhad t
had
the
novationn a
gernent and care of Mr.
Hudson, the value of shares had increased threefold.
They wanted a Mr. Hudson amongst them.—(Loud and
continued cheers.) He hoped that gentleman, instead of
being an ally, would become a member of the board, and
he would say that biore many mouths the shares now
selling for 19/. would be worth
'l'h© Honourable
14),r°1104't.or 0.13C141e(1,. I()ri,"tj 'n, resolution that
me. llu4'ou be Solicited to joie the direction, ofm
the Company to give the the benefit of his groat
experience. Tile resolution ecoliaiNe.l a series of rea-
sues, being the substanee of thelivu. Proprietor's speech,
for the course proposed.

The DEPUTY CHAIRMAN (Robert Crosbie, Esq.), se-
conded the resolution, as far as the invitation to Mr.
Hudson Was concerned. The Hon. Proprietor, he said,
had referred to several lines which had been improved
in the price of their shares, but he should have also
stated the fact of the great increase that had also taken
place in the value of the Eastern Counties Railway. Ile
only regretted the Hon. Gentleman had not come into
the field before, when it was with the•greatest difficulty
parties could be got to take an active part in their pro-
ce edi ogs.—( Hear, hear.)
Mr. V.• LEE, one of the Directors, said a statement had
been made respecting the conduct of the Directors, and
he wished to reply. Something was said about the Di •
rectors having only a nominal interest. He, for one,
held 1,000 shares in the Company, and so satisfied was
he of its solvency, that he had that day ordered his
broker to purchase 200 more.—(Hear, hear.) When
he joined the board the line was not in the hands
of the Directors, but in that of a gentleman who re-
ceived 1,0001. a year. That gentleman's services were
dispensed with, and the line came under the manage
meat of the Directors. They the is appointed three
Ceminitlees—traffic, finance, and Parliamentary Com-
mittees. The while subject of the traffic ens gone into,
by the first, and a great reduction noun took place
in this department. Efficient sheds were erected,
the stations were much improved, and a roost
able superintendent appointed to manage it. The
result was, that they had increas; d their traffie 1,1001.
week. They also had the line surveyed by Mr. Robert
Stephenson. Lsrge and convenient warehouses were
erected in anticipation or futu-e traffic, and he had no
doubt that the opening of the Colchester line alone woulf
bring an addeional traffic of 1,5001. a week. In addition
to this, a complete revision took place in the Company's
servants, reel no man was retained unless of the most
unexceptionable character. Every one who now went
along the line would be persuaded of this. The
most superior officers were also appointed to the
heads of the several departments. The Finance
Committee had also effected great good, its
labours having saved the Company, by the capitalisation
of the debt, to the amount of 7,0001. per annum.
Sufficient evidence of the solvency of the Company was
shown in the present price of the shares on the Stock
Exchange. Ile had himself paid 20/. ss. each for 200
shares that day. The reason why the expenses of the
present year were so great had arisen from the large
expenses . necessarily involved in the preparations lied
Nara outlay arising from the extension of the line.
7,500/ per week would he quite sufficient to pay five per
cent. ; and he was sure, if they had patience, by the
measures in progress, it would soon be beyond that.
There would not be a better line in the kingdom. He
was sure it would ultimately pay ten per cent.
The proceedings of the Parliamentary Committee had
also been not without importance. No doubt consider-
able expense had been occasioned, but lee was sure the
next session of Parliament would obtain it. He did not
believe that the London and York line in its integrity
would ever be carried ; and he had good reason for sup-
posing that the extensions which would take place in
Cambridgeshire and Lincolnshire would be such as to
afford them a great incteese of their traffic. When a
full development of their traffic took place, there was no
doubt the Company would be one of the very best in
the kingdom. He concluded by reading the names of
several Directors who held numbers of shares, ranging
from 1,000 to 150 each. The Hon. Director sat down
by declaring if they were not satisfied, he was willing
to resign his office.
Considerable confusion ensued, arising from certain
Proprietors complaining that the whole list of the Di-
rectors, with their number of shares, had not been read,
but only a few of the largest holders.
After some further discussion,

Mr. D. W. HARVEY regretted that anything had been
said by Mr. Scott which:could be understood as reflecting
personally on any of the Directors. He (Mr. Harvey) did
not understand it in that light. He did not wish to
curb the wholesome feeling that had set in, still he
thought the gentlemen who proposed the course named
should state what were their ulterior intentions, and in
what manner they intended the co-operation with Mr.
Hudson to be carried out. He objected to any vague
resolution that was not based on a sound foundation.
He was for the fullest inquiry, yet it should be inquiry
systematically carried out. He would therefore suggest
instead of the resolution confining itself to Mr. Hudson,
they should enlarge it, to allow of application to other
parties, in the event of that negotiation being unsuccess-
ful, and that a Committee be appointed to confer with
the Directors, and with them to carry forward their ne-
gotiations—the result of their proceedings to be placed
before a future meeting. Mr. Harvey sat down after
moving a resolution to that effect.
Mr. WOODMAN seconded the amended resolution.
Mr. SCOTT withdrew his amendment in favour of that
of Mr. D. W. Harvey.
The amendment was then put from the Chair, when,
after a show of bands, 64 were declared to be in its fa-
vour and 78 against it. _ _ _

The Chairn—aan was then about to put the original
motion, when Mr. Scott denrinded a poll. Another scere
of confusion, amounting almost to tumult, here took
place, owing to the difficulty of ascertaining the right
course of proceeding to adopt. At length it was agreed
that those who supported Mr. Harvey's amendment
should go to one side of the room, and those who opposed
it to the other. This having been done, and tellers ap-
pointed, there appeared to be—for the amendment, 97;
against it, 82. This result was the signal for the mast
triumphant cheering from Mr. Harvey's supporters. The
victory, however, was bait short-lived. It was stated
that Mr. Harvey was not a " shareholder," and that he
was therefore incompetent to take part in their pro-
ceedings. Mr. Harvey said he was a " stockholder,"
and maintained (amidst a scene which can only be com-
pared to that which sometimes distinguishes the hustings
of a fiercely-contested election) that as such he had a
right to vote, &c. The books of the Company were re-
ferred to. Mr. Harvey's name as a registered proprietor
was not to be found, and the Chairman, therefore, found
himself called on to decide against Mr. Harvey's claim
to be heard. It should be observed that during this
scene nearly all the gentlemen in the room were stand-
ing on the seats. The Chairman, in consequence, was
obliged, on two or three occasions that he wished
to make himself heard, or, if not heard, to show by his
gestures that he had a function to perform, as president
of the meeting, to mount the table. Various attempts
were made by various Proprietors to obtain a hearing,
but all to no purpose. Cries of " Shame" and such
like exclamations were liberally indulged in by the op-
posing parties, until they seemed to grow tired of them.
Partial quiet being restored,
Mr. HARVEY reiterated his right as a stockholder to
move a resolution. He then said he did not vote, he had
not been counted.

Others said that the Chairman had spoken too
late ; he should have objected to Mr. Harvey when
he moved the resolution. After a continuation of this
tumultuous discussion for some time longer,
Mr. SCOTT said, to put an end to all dispute, he would
himself move the amendment.

The demand for a poll being made the business of the
meeting was suspended for it about half-past five o'clock.
About half-past eight o'clock the scrutineers who had
been appointed to superintend the poll entered the room,
and placed in the hands of the Chairman the following
result :

For Mr. Scott's motion 1,331
Against it
Majority -624
The value of stock represented by the
majority was £93,498
Minority
Mr. SCOTT said the course he had taken had been
solely dictated by a sense of duty to himself as well as to
the Company. He had submitted his motion to the
meeting, and it had, he regretted to say, been rejected.
He therefore took that opportunity of stating his entire
satisfaction at the manner in which the Chairman had
performed the important and onerous duties that had
devolved upon him.
The CHAIRMAN expressed himself much obliged to
Mr. Scott for the manner in which he had referred to
the performance of his duties. It now only remained
for him to conclude the business of the day by moving
that the Directors' report be adopted, printed, and
circulated.

The motion was proposed and unanimously agreed to
The CHAIRMAN then proposed a series of resolutions
based on the report.
These were also put and carried.
The thanks of the meeting to the Chairman having
been agreed to, the meeting separated at nine o'clock,
haying been engaged for eight hours.