The Sun.
London, England, 1845-10-31 00:00:00

EAS%:Et-IN COUNTIES RAILWAY
COMPANY.--(THIS DAY.)
MEETING OF PROPRIETORS.

A special general meeting of the Shareholders of the
Eastern Counties Railway Company, was held this day at
one o'clock, at the London Tavern, Bishopsgate-street, G.
Hudson, Esq., MP., in the chair.
As this was the first meeting of the Company since Mr.
Hudson has joined the Directory, and as it was also Mr.
Hudson's first public appearance in London, great curiosity
was excited, and long before the hour appointed for
the commencement of the proceedings the large room in
the London Tavern was crowded in every part.
Precisely at one o'clock the Chairman, accompanied by
the officers of the Company, entered the room, and was re-
ceived with' the most vociferous cheering. On taking the
chair, he called upon the Secretary to read the advertise-
ment calling the meeting, which having been done,
The CIIAIRMAIi said, that on this the first occa-
sion of bia presenting himself before them, he would
commence by offering them his grateful thanks
for the confidence which they had been pleased to repose in
him by presenting to him a requisition, signed by a large
number of shareholders, requesting him to join their Com-
pany.—(Cheers.) He begged leave also to thank his col-
leagues, by whom he was surrounded, for the kind and hand-
some manner in which' they had received him—
(Cheers)—and he felt it his duty to do them
this justice, to assure the Proprietors that he

was convinced that their only anxiety was to develop the
resources of the line so as to add to the dividends of the
shareholders.—(Loud cheers.) He was now sufficiently
acquainted with the position of the Company to be able to
assure them that there was no line in the kingdom which
before long would yield a better dividend than the
Eastern Counties' Railway.—(Loud cheers.) They only
hadto exercise proper energy and exertion, by giving to the
public those proper conveniences and facilities which every
railway company ought to give—(Loud cheers)—and traffic
would flock to the line in such a manner, as to prove that
it would be one of the best railway investments in the coun-
try.—(Cheers.) He would say for himself, and for those
gentlemen who acted with him, that no exertions should
be wanting on their part to give the public all those con-
veniences to which they were justly entitled, and all those
facilities which they had every right to expect from

railway companies in return for those great privileges which

had been granted to them by Parliament, and by doing this
they would be not only supplying the wants of the public,
but be benefiting the Shareho'ders likewise.—(Cheers.)
They had assembled there to-day thus early for the purpose
of having an opportunity of developing their plans for
the extension of the line to York, and he hoped before he
left that his plans would be honoured with their approba-
tion, that he should lay before the public such a scheme as

they ought to adopt, and at the same time offer such terms
to the London and York Company as would induce them to
join in the plan.,--(Cheers.) He was sure no
person would wish to see money expended in public works
without it yielding a return, and he was satisfied, after care-
ful reflection, that if the London and York were constructed
to-morrow, it would be a most severe infliction on the share-
holders ; and if they would accept the terms which he would
that day offer to them (and he hoped the shareholders would
take it up if the directors did not)—if they would do that,
so as to enable them to go to Parliament as a united body,
they would obtain the means of submitting to Parliament
the best and easiest means of opening a communication be-
tween London and York. He would first have the resolutions
read which he was about to submit ; after this he would
offer some observations on the subject, and after that en-
deavour to explain his scheme for uniting with the London
and York for the construction of the best line between Cam-
bridge and York. He called upon Mr. puncan to read the
resolution.

Mr. Dusciat then read the resolution, which was to the
effect that application should be made to Parliament to au•
thorise the Eastern Counties' Company to make an extension
line from Lincoln to York, and also from Tottenham to Par-
ringdon-street, with such branches as might be necessary ;
that the capital should be 4,500,0004 to be called
Eastern ICounties York Extension shares, to be
raised in shares of 20/. each, a deposit of 21,
each to be paid on the 10th of January; such capital
to be apportioned in the proportion of 944,240 shares to the
Northern and Easton Company, 1,500,000 to the Cam •
bridge and Lincoln, 200,000 to the York and North Mid-
land, 1,120,420 to the Eastern Counties' Company, and the
remainder to the landowners, and capitalists, andothers along
the line, reserving to the directors authority to make any
alterations, or to enter into such arrangements as they
may deem expedient.
Mr. Hunsos again rose and said—Now, Gentlemen, if you
will allow me, I will make some few observations upon the
reesol Mien which has just been read to you by Mr. Duncan, and
first, with respect to the Northern and Eastern Counties' Rail-
way Company. It was quite clear that we could not go to
Parliament with the extension of this scheme with such an
agreement as had formerly existed with the rival company.
I therefore submitted the plan which is now contained in this
resolution to the Directors of that Company, and they in the
most handsome manner recommended its adoption to the
shareholders on the terms now proposed. They are to
receive two 20/. shares for each 501. share in the
Northern and Eastern. These gentlemen have been waiting
for some time to come into this nice snug third, and they have
never yet been able to obtai❑ it. It was stated that the
Eastern Counties gentlemen had been rec.:iving, by the issue
of ne, .; shares, a large premium on the original stock. That
being the case, it was necessary to give some compen-
sati: 0 for the abandonment of that agreement. It
was' most important that that agreement should
be abrogated, because you may remember that- it was
one of the greatest objections last session, that this tract
of country was not under one mangement. But
we can go to Parliament with the Northern and Eastern as
an entire and uncontrolled scheme from London to York.
That is the reason why I wished to conclude terms with the
London and York, and I must say that I was met in the
most handsome and liberal spirit by those gentlemen.—
(Cheers.) It was in contemplation by the York and North
Midland Company to make a line from Doncaster to Lincoln
at a valuation of about 200,000/. We gave that up to you,
but still we have a right to claim in return the amount of
stock. There was another Company that we thought had
some claim upon us—l refer to the Midland Counties; but on
further examination we find that they have no claim, as we do
not engross any part of their line.—(Cheers.) To this measure
I think Parliament, after a careful and unprejudiced consi-
deration, cannot object. lam aware that the London and
York have got a step in advance of us, but we all know that
the Committee which decided in the House was a divided
one, and the value of their opinion may be estimated when
we hear the reason assigned by one gentleman in his place
in the House of Commons for his vote was, that one indivi

dual was in possession of 600 miles of country.—(Great
laughter). Was this a proper reason for any man to
assign? If there ever was a futile reason this was
one. I hope to see some sound principle laid down
by the Legislature for the guidance of members of
Committees. When we consider that they are to adjudge
upon millions of property, millions invested at great hazard,
property which contributes to the good of the country, as
well as of the individual shareholder—is it right, I say,
that this property is to be trifled with and wasted because
one individual is entrusted by others with the management of
so many miles of railway. But Gentlemen, what does
the country get by the passing of this measure? It involves
only an outlay of four millions of money, and gives larger
accommodation than the London and York. By the passing
of our Bill, however, you protect four millions and a half
already expended, and you save the expenditure of six mil-
lions, besides hundreds of persons from ruin, who might.
be silly enough to invest their capital in the London and York.
They would thus secure all that was valuable in the district.
between York and London. It will secure the traffic north
and south of a most important town, Cambridge. On the
other hand the London and York line passes through many
little towns. I will not call them little towns, but they are,
at all events, towns that are already well supplied with inde-
pendent branch lines. The traffic cf such towns as Newark,
which the London and York proposed to accommodate, is
very small, north and south. This traffic is with the west,
which are the great consuming districts. I have
now explained my views on that part of the resolution just
read, relating to this branch of our present meeting. Never-
theless, though such a proposition may be considered an ar-
rangement as should not be agreed to by an old established
company like the EasteruCounties, yet it is one which, in my
opinion, will best serve your interests, and secure to you
future advantages. It is a proposition that should be taken
up by you with the best spirit. It is one which I commend
to the adoption of the Directors of the London and York
Hallway Company. It was received in evidence
that that line will require at least 8!-, millions for its construc-
tion—(llear, hear)—and taking the present price of work
and material, I am quite sure it will require at least 10 mil-
lions. The Directors have had their Subscription Deed
signed for five millions, which was only equal to half the
completion of the line. What I propose is, that the 501.
shares shall be reduced to 201. shares, and the shareholders
be allowed to come and take 20/. shares in the extension.
If the Directors are so pledged to press forward their
scheme, then your next course is to look to the shareholders
themselves—(llear, hear)—to those who have embarked
capital without the least chance of its realis-
ing them any benefit. Offer to them the olive
branch—the boon—and leave them to act for themselves.
As far as the Directors are concerned, it may not be so easy

to arrange with them, as some one of them may be desirous
they should take the line through Bedford, while another may
want them to go by Doncaster. Let the shareholders
of the London and York ponder well over the
arrangement I propose, and not attempt to carry out an un-
dertaking which was not backed with a single esta-
blished line in the kingdom, e.nd the directory of which did
not contain a single gentleman of experience in
railway affairs. I would not have proposed those
terms did 1 not think it would be for your benefit
as shareholders, and also for that of the country at large.
You must take the proposition on the broad principle, and
though you are shareholders of an old established line, you
must consider that on the alliance and terms proposed
you will be sure to get as much dividend
as the circumstances of the country will allow.—(Hear, hear.)
By taking a liberal and wise view of the question you will
do that which will realise your permanent interests as pro-
prietors. Though you may not get 10 per cent. of a
dividend, you may at least secure a fair return for the
i.uvostmente you have made.—(Cries of " Heart hear.")