The Express.
London, England, 1864-08-26 00:00:00

RAILWAY INTELLIGENCE.

SOUTH EASTEItIr.

After our report left yeaterday,
The meeting was made special, "To wander, and if
approved to sanction and cosfinn, an agreement between
the South Eastern Railway Company end the Charing-
cross Railway Company, made wider the provisions of
The Charing-cross Railway Act, 1863,' and ' The Charing-
cross Railway Act, 1864; for the amalgamation of the
Chazing.cron Railway Company and their undertaking, pro.
pertyaadeffects,rights,powers,privilegas,anilauthosities with
the South Eastern Railway Company and their undertaking,
moped, modifies* rights,po wars, privileges, and authorities.
To authorise the raising for the purposes of such amalgam,
non by the creation and imue of new shims or new stock,
or by borrowing on mortgage, any moneys not ex the
amount in that behalf limited by ' The Chasing- or Rail-
way Act, 1864' and to attach to all or any of such new
shares or stock, such preference, priority, sad privileges as,
in accordance with the test.rosutioaed act, may be thin and
there determined. To authorise the raising, under the
powers of ' The Charing-cross Railway Act, 1864,' by the
creation and ems of new shares or stock, capital sot ex-
ceding 90,000/., and to attach to any such elutes or
stock, if so thought fit, snob preference, priority,
ad privileges ace, in itooordeace with the last.men.
tinned act, may be thee and there determined.
To authorise the exercising, either wholly or in part, the
powers conferred by The Cbaring-crces Railwaanitt,
lent,' granting a lease of a site for an hotel at
street station to the City Terminus Hotel Company
(Limited), and also the exercising all or any of the several
powers conferred by that act on the Charieg-croas Railway
Company of taking and holding, by themselves or their
nominee, shares of the capital of the City Terminus Hotel
Company (Limited), to an amount not extending
in the whole 65,0001., and the entering into and aarrymg into
effect agreemmis and arrangements with the City Terminus
Hotel Company (limited) for effecting ell er any of the pur-
poses) authorised by' The Charing-atm Railway Act, 1864?
To ►utboriss the raising, under the powers of ' The South
Eastern Railway (Mid Kent) Act, 1864,' by the cronies
and ewe of new shares or new stock, any further capital,
not exceeding in the whole 255,0001,, that is to say, for the
purposes of the amalgamation with the Mid Kest Railway
Company not exceeding 140,0001., and tor the general pur-
poses of the company 116,0001.: and to attach to any such
new chars or stock, if so thought fit, such preference,
priority, or privileges es, in sccordanos with the last-
mentioned act, shall be then and there determined. And,
generally, to par such resolutions on the said several
matters as the meeting may think expedient ; and to autho-
rize the directors to do all things proper for giving fall
effect to the resolutioas of the meeting."
. .

The SOWCIToa having remof the egeeemect for the pro-
nosed amalgamation, the general stlect of which was that
the Charing-cross shares were to be converted into South
Eastern shares of the same nominal value, and that the
South Eastern were to take upon themselves the Charing.
crams preference debentures, and other liabilities,
The CH/LI-ROAN moved a resolution, declaring that the
meeting sanctioned and approved the draft agreement for
the amalgamation of the two companies, sad authorised the
directors to affix the common seal of the company to an
ogromed copy thereof, end to take the necessary steps for
carrying it out. He remarked that this was the mat im-
portant of the series of resolutions be had to submit, and if
it was adopted the rest would follow as a matter of course.
The matter had been most maturely considered by the
directors of both companies, and it was their USIMHZ6OO/
opinion that it wee desirable for the interests of all parties
that the amalgamation should be carried out without
delay. With mod to the terms, whatever might be
thought of them by the South Eastern proprietor., it was
the opinion of many of the Charing-cross proprietors that
they were not liberal enough, and one gentleman at the
meeting of the Charing-cross Company that morning, where
on the part of the other company the agreement was
sanctioned, is taking that view pointed out how invaluable
the line would be to the South Eastern, not only in regard
to their own traffic, but in enabling them to make traffic
arrangements with other companies for the use of the line
and stations.
Mr. THOMSON seconded the motion.

Mr. easaeitiu-D desired to put before the meeting the
position of the South Eastern is regard to the Charing-cross,
as compared with what it would be if this amalgamation
were carried. Their present position wee this. They bad
subscribed 900,000/. to the Charing-cross already, MO,OOOl.
in 4) per cent. preform)** stock, mow. is 5 per cent.
preference shares, and 230,0001. in debentures, which he
estimated as carrying an avenge rata of interest at 44 per
cent., making a total liability of 42,5001. • year. Now they
were called upon to contribute 2.080,0004 in addition, and
to take upon themselves the entire liabilities of the Charing-
errs Company, which bad already spent 3,000,0001., acid
would require at least half • million more to Isiah their
works. if the resolution were earned, they would have to
take upon themselves 700,0001. of Cnaring-cross preference,
445.000/. of their debentures, and 635,000/ of their reb-
ury stock, to be exchanged for South Eastern ordinary
stock to the some amount The total new liability they
would thus incur, be could not estimate at less than
94,325/. per annum, besides the 42,3001., for which they
were already liable, making • total of 136,825/., beside"
the interest on the half million of capital which was looming
in the Metros. At present they had not felt the prewar* of
the burden to any extent, the interest upon the outlay foe
the Cannourrest having been canted over to a suspense
amount to come upon them hereafter. They were told
that it was necessary they should have the control over
the Charing-eras line in order that they might enter into
agreements with other companies far the use of that line.
lint under the *Meting. arrangement they had emetically all
the control, the Chariarcror being debarred without the
consent of the South Fasters from entering into an agree-
meet with any other company. But if it was necessary to
make agreements with other oroprice, why oould not Mr.
Byng, as chairman of the Charing-nose Company, enter
into such agreements subject to his own approval as chair-
man of the South Eastern! There was is fact nothing
whatever in the argument about entering into agreements
with other companies. The line which was to connect the
North Western with the Charing-aces would not be com-
pleted for two or three yearn, and as to the South
Western, which wanted to get to the Croon-street station,
ant to Charing-cram they could do nothing at present,
seeing that it would be more than a year be-
fore the line to Cannon-street would be open.
Under these circumstances be contended that no interest
could suffer from postponing the coosideration of the quee-
Moo to the spring, and complained that one of the
directors of the CharinLanzin
eompasy, who was also a
director of the South came armed with prone,
to thrust this amalgamation down their throats without
referees to the interests of the South Eastern proprietors.
But the true secret was the financial difficulties of the
Chariot cross Company. Up to the 30th June, 3,006,0001.,
or 76,000/. in roses of their authorieed capital, been ex-
pended upon the Charing-cross extension. He thought
they had reason to complain that the report, in which was the
norm to call upon the shareholders to give their assent to
this amalgamation, had not bees circulated until it was too
late to lodge proxies against the project, while the directors,
oa their aids, no doubt had secured proxies sufficient to
carry anything they pleated. Considering the sum the
company would have to pay in addition to the amount now
asked for ; seeing that they could not he prejodioed
by a reasonable delay to afford the shareholder an oppor-
tunity of expressing their views upon the matter ;
and taking into recount the depreciation of their stock,
which would in all probability follow if this resolution
were carried, he strongly recommended that the question
should be allowed to stand over, and declared his intention
of voting against the motion.
Mr. WARD-IC[IIISO protested against the amalgamation,
for which at present no sufficient ground had been shown.
Before they entered into partnership with another com-
pany they ought to be satisfied that the profits of that other
company were equal to their own. or that they received an
equivalent for the deficiency. They had no statement of
the liabilities of the Charing-cross Company, nor any esti-
mate of the traffic expected to justify this amalgamation.
To pay 4 or 5 per cent divided on the Charlie-cross capi-
tal they would require to earn a grow traffic of 31.16,000/.
• year. and deducting 40,0001. for the hotel end other
things, they must earn 280,0001. The dieteoce being only
11 I mile, they could not charge more than 4d. per pr-
esager, and to make up the sum he bad stated it would be
n. eassary to carry between 16,000,000 and 17,000,000 pas-
sengers at 4d. eacb. (Hear, hear.) lie should also oppose
the resolution.

Mr. ADAMS wanted to know what swab= of independent
shareholders there were in the Charing -creasOompeay, apart
from South Eastern directors and ooatractan. H. begged
that the question should be postponed till the spring.
Mr. Brame, director, after repudiatiog the insinuation
that nay of the directors of the South Eastern who happened
to be directors of the Cbariug-crom Company had in view
soy other object than the advantage of South Eastern
is-
tereats in recommeoduo the a tiara, observed that
Mr. Child had told them that theburden of charge cones-
quest upon the motion, would be 136.0001. a year, and no
doubt it would be, nod more, before they bad dorm But the
question was whether, even if it eatailed upon them addi.
tithal interest to the extent of 160.0001. or 170,0001. a year,
it was not better that the South Eastern should bear that
extra charge than they should not have those terminal eta-
tiocs without which their property would by sod bye be
almost worthless. (Beth, hear.) Mr. Warwick had, I.
speaking of the probable traffic, dealt with the lice as
a local undertaking only, and estimating the 'mileage at 11,
bad calculated the local traffic at so much per heed. But
that was not the right view of the case. They must
look at the Charing-cross extension as • piece of lime
tacked on to the South Eastern system and waving for it,
if kept in their owe hands, the best and most movement
metropolitan terminal stations of any lime coming into
Loodoo. (Hear, hear.) Now this was en advantage they
could not get without money, and at the name time it was
ens without which they could not hope loog to preserve
the traffic whisk they cow bad apes their main lime. Mr.
Child had refined to the interest Wag charged forward
to • deferred acootht, bat it most be so while the tbiog re-
oohed ioccthplete. The Cameo-street =tension was the
main point of the undertaking, sad until that was completed
it would be unfair sad contrary to usage to charge
prietors with interest opus the capital exploded apes it,
sad whist' female= caprodaetive. Thee as to the Gaon-
dal difficulties of the Charing-arm Company Wag the
reason for prendrig forward the amalpsnation, Mr. Child
knew very well that the powers of making arraagemeate
with other companies did not apply to the Cannoo.etreet
extension, but only to the Chsriog-croes line proper,
whereas tith Caanooetrest station was the most important

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