The Sun.
London, England, 1845-11-27 00:00:00

TH

difficulty of organising a large staff of servants, but
when they were properly organised the expense would
not be more than 36 per cent.
A SHAREHOLDER, whose name we did not hear,
rose and said, that the proposition was one that the
Shareholders ought not to agree to. The Eastern
Counties shares were now at a premium, and it was not
to be supposed but that if four and a half millions of
money were to be raised on new shares, that quantity of
shares would send those now at premium down to a
discount. Besides, in his opinion, the amount of money
that they would require to raise on new shares would
be nearly 9,000,0001. instead of 4,500,000/.
Mr. %% ILLIAMS said that their receipts were at present
nearly 7,0001. per week, which would give a dividend of
five per cent. on the capital. They might assume that if
the working expenses of the line did not exceed 36 per
cent. which would give about one-fifth of the receipts for
working, that if they received 1,2501., the profit would
amount to 1,0001. They had every reason to expect an
increase in their traffic, and he looked forward confi-
dently to the time when they should receive 10 per cent.
There was every reason to believe that, in a short time,
the dividend would be six and two-thirds, and why
should they give that up for a guarantee of 6 per cent.,
having a prospect of 10 per cent., independently of their
York traffic? The least offer that could have been made
was a guarantee of 7i per cent.
The CHAIRMAN said, that if such an offer were made,
they could not have any chance of participation in their
future profits. The question was, however, one of mere
speculation, and those who chose to be content with what
they had already could do so, while those who chose to
take the chance of more had an opportunity of doing so.
Mr. GURDEN said that he did not see how they
had any right to bind absent Proprietors by their
proceedings of to-day. They were an adjourned
meeting in order to consider the resolution that
was laid before them at their . last meeting ;
but as the resolution brought forward to-day was to-
tally different, he could not see how they ought to be
binding on persons who were absent. He should like to
know the effect of the proposition on the quarter-share-
holders if it were carried. If they declined taking any
part in it, they would receive nothing for four years,
as 6 per cent. was already guaranteed fur that time. He
bad great respect for Mr. Hudson, but if he were with
him sitting at that table, he had no doubt he should be
able to point out to him some better way of protecting
their railway right and increasing their profits. Under
all the circumstances, he for one gave it as his opinion
that the plan was one that it would not be wise to adopt.
Mr. WARD said that the point mooted by Mr. Gurden,
whether the absent proprietors shall be bound by what-
ever is finally determined on in this meeting is decided
by the words of the Act of Parliament, which bind all
absent Proprietors by whatever is done by the
majority in any duly announced meeting. At the
same time he must add, he was sure there was
nothing in the meeting adverse to the interests
of the Eastern Counties Proprietors; they had met
them (the Eastern Counties Shareholders) a fortnight ago;
propositions were laid before them, and their objections
had been met in all fairness. It was said the Eastern Coun-
ties Company must have an alternative; the Directors went
accordingly to the North Eastern Company's Board, had
got an alternative, and now brought it before them, yet
it is said to-day the Directors have given no notice of the
meeting. They certainly wish no advantage over the
Eastern Counties. Gentlemen knowing the meeting
had been adjourned ought assuredly to have been
present. He would not go into the details about
the working expenses, as they have been introduced to
the meeting. He did not see what advantage the two
Companies could derive from going into a scrutiny here
of each other's expenses, and cutting them down to the
lowest sum. Mr. Hudson's name bad been mentioned,
and with that good feeling and respect-which it deserves.
That gentleman, it ought to be remembered, had gained
his name for his economy ; he has in every case
reduced expenditure, and been thereby able to return
a very large dividend to the Shareholders. One word
as to the amount of receipts. The Eastern Counties
Shareholders will have 6 per cent. up to 1847, during the
construction of the Norfolk line ; that line, when made,
will throw the whole traffic along the main line, and
they will come in for their share of the profits on the
whole traffic. Mr. Gurden had prophesied often, but
falsely, in that room. Mr. Gurden had said the shares
of this Company would fall ; the market gives the
answer. He said he would oppose the amalgamation ; if
he had done so successfully, it would have been the ruin
of the two Companies, for in making the arrangements
they had not only been liberal to others, but also to them-
selves—they saw that the amalgamation would be for the
mutual good of both. He thought a very valuable pro-
position had been laid before them. Those who chose,
the 6 per cent., who are unwilling to speculate, will re-
ceive the 6 per cent., and afterwards share in the profits.
On the other hand, those who are willing to speculate
may have two shares, and iu case of failure have their de-
posit paid back to them. Unless amalgamation of the two
lines be accomplished they will be a great bar to each
other's interests. Competing lines will certainly start.
The calculations of a gentleman who had already spoken,
giving an issue of 7,8, 9, and even 10 per cent., can only
be realised by shutting out competing lines; and the
means to that is amalgamation, and nothing else.
Mr. HuxLEe had supported the proposition made at
the last meeting with great pleasure, much more than at
the present, when the relation of the North-Eastern to
the Eastern Counties is as one-third to two-thirds, one-
third more instead of one-fourth as proposed last meeting.
Mr. RHODES (of Leeds) was certain that the Eastern
Counties Shareholders would agree, that if the Bill in
Parliament be obtained they have obtained a great
good. Messrs. Levi and Luck will sustain no loss,- they
run no risk—this is all borne by another Company.
Mr. HASTIE, M.P., spoke shortly, in commendation
of the proposition.
The CHAIRMAN now put the resolution to the meeting,
when 35 voted in favour, and 4 against it.
Thanks were moved to the Chairman and the
Directors.
As the meeting was about to dissolve,
The CHAIRMAN reminded them that Mr. Hudson at
Cambridge had again suggested an amalgamation be-
tween them and the London and York. Mr. Pyne had
kindly offered to carry the suggestion before his coad
jutors, but nothing had reached him from that Com-
pany. He thought that the position of the London and
York Company was now different from what it was,
and such as to lead the Proprietors to see that their
interest lay in amalgamation. All railways start
with these objects, return for capital, to meet the in-
terest of the landowners, or that of the merchants; they
started with the first object before them, the last had
assuredly left them. The cut made by the North
Eastern Counties up to Hitchin saves much; there is but
one mile of difference between this line and the London
and York, but the London and York line up to that
point is carried through one-fifth of the way by tunnels.
He had no doubt that the London and York would ulti-
mately unite with them, and they would certainly re-
ceive them with all liberality.

SAMBRE AND MEUSE RAILWAY

COMPANY.

The half-yearly meeting of this Company was held yes-
terday at the London Tavern, at one o'clock.
The CHAIRMAN (Y. P. Richards, Esq.) said that,
seeing so many present, he thought they had better pro-
ceed to business.
The SECRETARY then read the notice convening the
meeting, after which he read the report, from which it
appeared that since tke meeting of the 11th of March,
the Directors had been engaged in carrying out the
views of the Proprietors, and that a deputation from
the Board of Directors had proceeded to Bel-
gium, and made the necessary arrangements for
constituting the Company a soriite anonyme,
and that with respect to clauses conferring on them all
the advantages and privileges of a public company, their
interests had become carefully attended to. They had
also been permitted to deviate from the line laid down in
the convention, and fresh surveys had been made in con-
formity with the same. It also stated that there would
be no increase of capital required for the present, and
that the French and Belgian Governments had declared
themselves most friendly to their undertaking.
The CHAIRMAN said he did not consider it necessary
to trouble the meeting with the cash account, as it had
been printed and distributed among the Proprietors ;
besides, it had been prepared merely for the satisfaction
of the Board of Directors. There was one thing,
however, with which they should be made ac-
quainted, and which was far from being unim-
portant. He alluded to the report of their
engineer.—(Hear.) He had, however, to state, with
respect to that report. that it had been made some time
since ; and that as Mr. Henderson had only arrived
last night, it was impossible for him to pre-
pare a perfect report of their position at the
present moment. But there was one circumstance
which he would put the meeting in possession of—
namely, that that report contained many facts to show
that they were in a prosperous condition. He attached
much importance to the opinion of their engineer, Mr.
Henderson, with respect to the mineral features of the
country through which their line was to pass, from that
gentleman's long experience of the mines in South Wales.
He would not detain them any longer from hearing that

report.
The SECRETARY here read the engineer's report, which
stated that he (Mr. Henderson) had made a careful
survey of the line from Charleroi to Walcourt over the
first section of which he had passed, and was confirmed
in the opinion he had previously expressed as to its ex-
cellence, and in fact, that it was the best line that could
possibly be adopted. He also felt bound to bear testi-
mony to the richness of the mineral districts of Laniffe
and Moriolme, and that no engineering difficulties were
to be encountered in that portion of the line
which extended from Marembourg to Vireux.
The coal districts of Charleroi would be also
worked to a considerable extent, were only a quicker
mode of transit afforded, and this the proposed railway
would yield. The report then went on to speak of the
other portions of the line, in their mineral and engineer-
ing attributes, and awarded a very high degree of ex-
cellence to them in these as well as other points.
The CHAIRMAN said that, reverting to the report

they had just heard, it would be evident to them iha,
the greatest difficulties with which they had to contenk
had been surmounted ; and they also had a sufficient
sum to carry on the work, without any further
decuani He had to acknowledge, on the part
of the Directors, the willingness and alacrity
with which the Proprietors had responded to the calls
that had been made on them. The instances to the con-
trary wore very few, and these were cases which were
owing to the absence of the parties from this country.
They were now in a flattering condition. Their liabili-
ties were limited to the sum which they had subscribed,
and the statutes by which this most desirable point
had been guaranteed were drawn up with a just con
sideration of the interests of all the parties con-
cerned.—(Hear, hear.) There was one point of
these statutes to which he wished to direct their
attention, namely, with respect to the qualification
necessary for those attending them. The Bel-
' Rion government was very firm hi restricting