The Express.
London, England, 1852-09-10 00:00:00

SOUTH EASTERN RAILWAY.

Yesterday the ordinary half-yearly meeting of pro-
prieton was held at the Bridge-house Hotel, London-
bridge, Mr. Maconeoon in the chair.
The repast of the directors, and the statement of ac-
count+, which have already appeared is the Erpress
of Monday last, were taken as read.
The CHAIRMAN said—Gentlemen,—We trust that the
report and statement of accounts which have been laid be.
fore you will have your approbation. If a comparison be
instituted between the half-year terminating on the 31st
July, and the corresponding half of lost year, it will appear
that there has been a considerable economy in all depart-
ments of the company's service—an economy which has
been arrived at without any reduction of staff, and with
every liberal prevision for the public service and security.
The increased charge upon revenue during last half-year
over the comparative half of last year amounts to 10,2940.
Os. 84., and is to be attributed to an increase of 5001. in the
rent of the Greenwich Railway, and to the additional capi-
tal expended in the approaching completion of the com-
pany's lines and works, and the larger stock of material
necessarily purchased for their use. The increase in the
amount of capital expended between the two periods is
421,6145. 3s. 6d., and there are 27 additional miles of rail-
way open. The proprietors will observe that during the
three months of last half-year, prior to the eummencemend
of a comparison with the period when the Exhibition traffic
commenced, the traffic receipts showed an increase 0f14,8831.
9s. I ld., and that the subsequent diminution in the traffic
was entirely in through, or coutinental traffic. Judging
from the fact, and also from the receipts since the Ist of
August, the directors are sanguine that after the 11th Oc-
tober, when last year the Exhibition was closed, the earn-
ings of this half-year will be greater than they were in the
half-year ending on the 31st January last. The comparison
of last half-year's traffic with the comparative half-year of
1850 is decidedly satisfactory, as it shows an increase
of 53,111/. 70. 511. The use of periodical tickets
on the line is steadily increasing. The income re-
ceived from that source during the year ending on
the 31st July last, was £16,769!. 4.. rel., against 13,1871.
from the same source for the year ending on the 31st July,
1851. showing an increase of 3,4811. 12s. sd. of receipts
under this head. I give the receipt. for a year, as those fur
• half-year would not afford a useful compariem, a large
proportion of periodical tickets being taken at the close of
thg year. There is a progressive increase in the goods
traffic, the receipts fur the last half year being
6,702/. 91. 10d. greater than in 1851, and 13,6231. 10.. Gd,
, greater than in 1850. The increase during the last six
months in the weight of goods brought by the South
Eastern route from Boulogne to London is 33 per cent , but
the increase of earnings has not been more than 15 per
cent. Until the company are able to establish • bonded
warehouse at the London terminus, competition
for the carriage of wine is impossible on our part,
but the difficulties which occurred in making this
arrangement now appear likely to be overcome, and
then the daily communications by the South Eastern boats,
and trains from Boulogne to London will, no doubt, occa-
sion an improvement in the receipts under this bead.
There is a railway constructing round Paris to connect the
southern with the northern railways; this, when the rail-
, ways to Marseilles are completed, will allow of merchandise
being brought from Marseilles and Lyons to Boulogne
without change of carriage, and, in regard to all objects for
whose proses vation or delivery time is an object, the South
Eastern route will, no doubt, command the traffic. It will
be interesting to the proprietors to know that 14,646
through and return tickets were sold during the last half-
Cear between London and Paris, Brussels, Aix-la-Chapelle,
ologne, Frankton, Leiptic, Berlin, Homburg, and Chalons.
The system of selling through tickets has been
extended since tl.e opening of the railway to
Strasburg and Basle. It will not be too great
an occupation of the time of the proprietors to he
again reminded of the peculiar facilities which the South
Eastern route now presents for continental traffic. These
have been extended since the last general meeting of the
proprietors by the establishment of a fixed daily service be.
tween London and Paris, Brussels, and Cologne ; this
being in addition to the night mail service, arid the daily
tidal service to Puffs OW Folkestone and Boulogne. The
locomotive and carriage and waggon department of the
company ere both in first rate order, and the directors look
forward to obtaining advantasea both from the superior
condition of the engines and workshops, and the experience
which has been gained in the adaptation of engines to the
work for which they aro employed, and in improving their
construction, and their consumption of fuel, which must
gradually tell in the hallyearly outlay. The warrants for
the dividend which the accounts present, as earned during
the half-year, namely 7s. Gd. per 301. stock, will be com-
pleted and in your hands and payable on Monday next if it
be your pleasure to pass a resolution according'y. Gentle.
men, you will observe the position in which we stand in re-
gard to the agreement existing between the company and
the Canterbury and Whitstable Railway Company. The
directors anticipate that you will decide to become the pur-
chasers of this property, and that you will order a six
months' notice to be given to the Canterbury and Whit-
stable Company accordingly. The effect et ill be, at the pre-
sent value of money, • saving, at the end of six months, of
2,0001. per annum ; and it is satisfactory to state that the
net earnings of that railway will indemnity you for the
perpetual charge which this company will then be liable to.
The average gross earnings fur the last three years on this
line have been 8,5001., and the net receipt., 3,8401. Since
the 31st of July cabs have been received from proprietors
is sneer to the amount of 9,7041. Gs. 13e1., leaving a total
sum due to the company on this account of 70,4951.
18d. 4d. Of this sum, 24,8711. ss. is due on No.
4 scrip, which has not been registered, and which has be-
come absolutely forfeited to the company, the holden of
the scrip not having entitled themselves to the shares. The
issue of stock to represent this scrip, at present prices,
would leave a surplus beyond the amount of arrear of
6,2081. Is. Bd. Deducting the 24,8711. se. thus accounted
for from the total amount in arrear, there remains a sum of
51,6241. 13s. 4d. due from the proprietors. Gentlemen, you
will observe that the mortgage debt of the company has
been reduced last half-year from 1,997,0801. to 1,859,9751.,
being a reduction of 137,08.51.-361,5501- having been paid
off, and 224,586/. renewed on favourable terms. The
directors obtained estimates in March last from the engi-
neer, surveyor, and other officers employed by the com-
pany, which showed that the capital account of the
company would stand at 7,433,7001. of consoli-
dated capital, at 481,3001. guaranteed stock, and
with • mortgage debt of 1,784,3751. This estimate in-
cluded a valuation of surplus land and buildings amounting
to 312,2001., and it left • margin for contingencies of about
40,0001. Of the property comprised in the valuation of
312,2001., 70,0001. is not producing any rental, but the pro-
perty represented by the remaining sum of 242,2001. pro-
duced in the last twelve months a rental of 15,2641. Pend-
ing the preens of realisation, or the decision of the pro-
prietors as to the portion of the property to be eventually
retained, it will be needful for the company to exercise its
mortgage powers to an extent of 180,0001. If the Canter-
bury and W hitstable Railway be purchased, further
mortgage powers will be necessary. The directors
do not attempt to conceal from themselves that •
latitude must be allowed in regard to estimates for
uncompleted works. The average charge on the
present debt of the company is at the rate of 41 per cent.
per annum. Of this debt nearly a million at 4,4, 41, and
6 per cent. falls due before the end of 1864, and therefore
the period is not far distant at which • material reduction
may be made in the charge on revenue by dealing with this
question on such terms as the lament and expected state of
the money market will allow. I shall not trespass upon you
with any opinion of my own or of the board of directors on
this great question, but I will quote the opinion of an
honourable proprietor in this company, eminent for his po-
sition in the City of London, and his judgment. I mean
the hon. member for Westmoreland, Mr. Alderman Thomp-
son, who, in his own extensive concerns, and as • director
of the Bank of England, has abundant access to informa-
tion on the subject. I observe that at • meeting of the Cum-
berland and Westmoreland Agricultural Society, the other
day, the honourable gentleman spoke in these terms.
People are amazed at the description of the enormous
amount of gold whisk has come from California and
Australia. I believe that to • great extent those accounts are
true. I believe that gold to the amount of 20 millions per
annum is realised in Australia alone. My experience tells
me that it has already had the effect of lowering the rate
of interest, thus affording greater facilities to the borrowers
of money, and enabling the cultivators of great tracts of
land to secure money to carry on their operations." With
this authority before us, sad finding that we ourselves are
able to raise money at the rate of 3/. per cent. per
annum, it is obviously • time at which, if the proprietors
see fit, they can arrange for the reduction in the charge
made against revenue for the bond debt. There are three
modes by which this can be brought about. The one is
by allowing the mortgage debt to revolve, and to renew it
from time to time on the best terms that the money market
will allow, or by offering to the holders of the mortgage
bonds • stock bearing a perpetual guaranteed rate of inte-
rest, to commence from the time when the present mort-
gages expire ; and this might be arranged by taking up the
present mortgagee now, and paying the holders of them
down, at once, the extra interest that would accrue spin
them beyond the rate proposed to be granted in perpetuity,
so as to settle the question immediately ; and it is for con-
sideration, if terms might he made for the redemption of
this stock at par, at the end of 20 or 25 years, or, lastly, the
measure may be effected byaffering tatkamount of the bead
debt of the company to odt own proprietors, pro rota, in
proportion to their holdings, at • fixed guaranteed rate of
interest, and with an option of abandoning that guarantee
within • limited number of years—say three, five,
or seven years and merging their interest in
that guaranteed stock in the general consolidated
stock of the company ; and thereafter, looking to
its earnings for a dividend. This latter mode the directors
an inclined to think would be at once the moat equitable
and the most advantageous to the proprietors, and it ap-
pears to the directors that if the mortgage debt were so
offered to the proprietors as • consolidated stock, with •
perpetual guarantee of 31 or 3! per cent. per annum, but
with the option of within three, five, or seven years merging
that stock into the general stock of the company, the ope-
ration could be carried out with advantage to individual
propricors and to the general interests of the company.
At the some time it must be borne in mind, that if the
reduction in the value of money which has been going ma
in consequence of the great imports of gold from Australia
and from California should proceed, either 3i per cent. or
merest,s cent. per nnum may become • very high rata of
i and circumstances may arisewhich would
cause those who had accepted end parted with their
proportion of the bond debt to be sufferers thereby.
It seems to the directors that • reduction in the
rate of interest on the government securities may be im-
pending. And if the 3 per cent. emboli were reduced to
2 per cent., it is clear that the rate of interest at which
railway debentures will be renewable must become lower
thaa it has ever yet been, and, Hanlon, delay in this

matter my not be disadvautsgeous. Omitlmago, we trust
ia looking to the charges borne by the revenue mention that
• most vexatious sod toilsome system of litigation, nosey.
e, and reining, which is visited upon railway companies
fa couseq mime of the stets of the law with regard to local
megonnents, may woo Como to an end. Gentlemes, I have
new to refer to another source of expenditure, which, is
ray liarebie opinion, ought to terselaate, and that is the
parliamentary remits incurred in opposing the pro-
ject for rival. competing, and duplicate lines of
etellway. It paised the legislature in the last
sessiem of parchment to pen an act to enable the
Tostern Counties sod Blackwell hallway Cempenies to
oeseinget • railway to Tilbury end Southend. and to pro-
vide steam oommuoiewion with Gravesend. Gentlemen, I
should be stenos more than the truth if I said that this
railway per es could in our opinion be of material injury to
the Booth Eastern Company, seeing that of the traffic to
Oreveseod, which is principally • pleasure traffic, one-
eighth port only passes by the railway, and seven-eighths
ley the river; and if the action or the Tilbury railway be
simply to compete for Gravesend Welk, 1 thisik it within
the verge of possibility that the portion which they may
esquire may be eatrected from the seven eighths upon the
river, cod not from the see-eighth now using the North
heat hoe to Grevesead. But, gentlemen, the preamble of
Global goes no to my, that they are to open as additional,
speedy, and cheap communication, not only between Lon.
Lea and Gravesend, bat other places in the counties of
Manz sad Kent, and the evideues went oa to show
that they projected steam commusication supported
tatiette. railway eonipenies betimes Southend and
Margate, tied other places which the South
Mestere Hailway serves. Gewlemen, if new additional
speedy and cheap communication is to beetle the public, is
it wit fair to oak if it is to be obtained to the injury of the
property embarked in the constructive of 7,000 miles ofrail-
way now norm fur traffic througheest the kingdom. et • (wet
of 240 =dims of mosey ?—for this question is not one
which affects the South Eastern Company alone. (Hear,
bar ) lea fleshly oiling country the progress of the rail-
way system has been unattended with the destruction of
property which has been brought about her. by to
tempetitioo, and the construction of duplicate lines fur one
tress:. and which I think is certain to be brought to • eke*
at some early period by the consolidation of the great inte-
rmits so crab irked. It is certain that if on the out hand
the public demand from railway companies every com-
fort, convenience, and means of security, which outlay of
capital can ensure, on the other head the railway
oeinpenies have a right to ask for some indenmity
fee flair property—come guarantee that what is spout to-
day in • permanently useful project, shall not be swept
away to-morrow by legislative permission to construct am-
other dupliiate road for the self-same Wale. Nationals
it is idle to my that combination must withdrew fraal the
public the advaistage which railway competition ought to
give them, because the rates to be charged, and the Nein-
tie* to be given, can be as well enforced by parliament from
united as frees separate conspeales, and the proprietors of
railways have as good a right to expect that the government
will guarantee • contisinag rate of dividend on suiting
railway poopertv, and still eft it managed for the good of the
country, as the East India proprietors had, when they re-
ceived • Patentee, and when their directors were checked
in the admisistretion of the affairs of India by • board
of control. (Hear, hear.) We now, gentlenien, are
called upon, as you will *hope in the mare-
sponden, which bee been submitted to you be-
tween the South Eastern Company, end Lord Sondes and
Mr. Lushington, to say whether you will guarantee • need
MU of interest on capital to be expended in the continua-
tion Of the North Kent line from Btrood to Chillian, end if
the quaitiim had stopped as it was placed before you in the
nureipood•nce—nemely, waiting for your views, and until
the pl ins and sections which Lord Sondes and his pasty
proposed to us had been considered, the whole subject
might have been differently treated • but I sow hold in myi
hand • printed prospector., but bearing the liltograpied
sigaature of the noble lord and the other gentlemen semi
in it, attached to a plan, showing, that if you will gun
ranter three percent- upon an outlay of 800,0001. in INF
structing • continuation of the North Kent line hum
Snood to Chillies', then the project is to stop there, hat
that if you will not, then Lord Sondes and the °gentlemen
acting with him will proceed to parliament fur powers to
cusetruct a hoe, not only from Stro td to Chilhem, sod boa
Strand to Maidstone, but from Snood to Dewy sod hem
Rochester to Gravesend, under tale anearemer wit!
the Loados, 'Mori, and Sinithend Railway. This Mk
of dealing with the question is so entirely et variance Tab
all communications which I have had for years past, both
penonelly and in writing, with the noble -lord, that I can
only hold up my hands with astonishment, and wonder that
he should have departed from the amenity, and indeed
kisdoess, which had up to this period marked all his views.
I still bops to find that Lord Sondra is oat aware of tho
effect Of tli• circular which has been issued ether lie name;
but if the ease be otherwise, we shall “1111111M111141 re to
take measures for the detente of your propeMp. The row
tins is, whether the present is the proper time komeglela
the constructing of the North Kent line diem iltmod to
Chilhans, and also whether it will be reminessetive or not, if
constructed ? If this be the time, and if the ',tors are
willing to take the risk of the outlay, it is o they have
the means of raising money for the purpose on hotter terms
than Lord Sondes' party, or any other body of private
gentlemen. The directors have it in the ',ideate of Mr.
Bidder, given in the year 1847, that the coot of the lion
from &rood to Chinni" would be half as math more es the
sum mentioned by Lord Sondes. Until the now plans and
lei:Coss are exhibited, there are, of coarse, no means of
judging to what works the proposed capital applies, or what
species of road would be constructed for it. One thing,
however, is certain, that the traffic between Strood and
Canterbury will never of itself pay for the requisite outlay,
and that if it be cosetrueted on terms hostile to the South
Eastern Compary, • perpetual competition will exist for
the Craterhury end all other traffic beyond. It is no fault
of the South Eastern Company that the question of railway
extension from &rood to Chilhant and Canterbury remains
unsettled in spite of the able repoeßef Lord Dalhousie. Siam
1844. the South Easton Company hco been pot to am es.
peaditure in parliament in messianic No position 'big
would have gone a loom way tamest the required outlay fee
this purpose, and iu 1847. when olearding to a pledge that
we bad given to parliament, we brought in a bill for the
construction of thi. railway, we were met by every possible
oppositios, including that of the Duke of Wellington, who
was himself the means of semestlling and preventing the
palsies of the bill. In the view of tl e directors it may be :he
beet course fur the company to adopt, to have on their own
behalf plans and sections of the line from Strood to Chilheen
takes slow, in order to ascertain, now, at what expense
such a line could really be constructed, at the present cost
of materials end labour. It will, however, he obvious to
the propel. tors, that if money throughout the world depre-
ciate in value, the wages of labour and materials may in-
crease, and that economy which is predicted in future rail-
way eonetruction may not be realised. We hope the South
Eastern Company will be placed by parliament in •
position to give eerily facility to the county of
Kent that can reasonably be required, whilst they will
not be subjected to certain lose by any outlay that may be
asked of them. The year before last Lord Sondes, and Um
gentlemen setae pith him, brought forward • schemes
which they sailed • landowners' line—for that scheme ar
sensieuts were to be made on the parishes which were to
contribute to ensure • return to parties advancing their ea
pital to make the lint s ; and surely if this were right for
their company and their proven-in in constructing a Hoe
competing site the South Eastern Company, it would be
right that we, if celled upon to make a further enemies
of doplirste line* sad outlay of capital, shall be simlledy
protected, end that we obeli not be left to chasm as to the
pennon ,n which we may be placed. I. Lied Dolhembili
report it was clearly shown and mbereledird that no
extension of the Strood line could rerrolood the sesdoew
ta trade, because the eaters ef the gradients
and of the working of the Nee* tent line would
make It impossible that the groan* facility could
be gives by that route to the eserdisitlel traveller.
The diteeturs spent to be able, at • Mom time, to present
to the proprietors • proposition he 1111161111411111 the North
Kent line tries Strood to Moidaaine tea Mum set disadvan-
taga..ue to this company and earribehery to that town and
the aairtibmiiiim district. Oneramore, various other pro-
jects for railway extension in Kim is addition to those re-
ferred to hate been sentineled. I can only say that we
shell he attentive to ell questions that affect your interests,
and frankly communicate with our neighbours of the
Brighton Coriposy an whatever seems to the interest
of either ena,,any. I feel It my duty to mostioe that his
Grace the Archbishop of Canterbury, end the dergy of the
diocese*, seat a siemoriel to the direrwe urging the
diminution of trains on nhe South Eagan' Ise es Sundays,
but that the directors have not seen the propriety of ells-
contiouing the accommodvion hitherto pima to the public.
It is not necessary fir the directors he comment upon the
importance Nthe company of the emeles at the steam
beets, as it ue
impossible to regard SO re
aims earn-
ings of the ftesih La teen Railway Cemosesy Mama
that uje•ii the cootie uuuuu sad isamommemtelfthe me:gesal
communiestion with the Contioeut • Lane ad iseratias
trains depend.. and the directors trust llMlSSilmeMeime may
be arrived it of entirely amalgamating the isteenet elf the
two compirii... to their mutual admasspe.
suit
be
TM chairman esueluded by waft of the
reprt.
Mr. GEORGE SMITH said it anew" tent wtalmer
dividend might hi nB, red to them by lb* pillows re.
siding over the affairs of the compeay—es Ratter WAY
large, or bow small—no matter effer/Itee Its
accorded with the promises which had hem bald out to the
proprietors, or -.bath.. it ...twilled tbek fast dale—that
videad suet ho resered by thems =e sew frogs the
report tl.at the direct.... were Abalond to take credit
fu haviag exercised • uplift of economy during
the past half year. As regarded that point be (Mr.
Smith) did not sonsicter that they were multi. d to
very meets commendatiose. for, moldering that they were
sot ebonite:emus of any other body of dirt/acre, he really
would wish to be informed why they had waited until the
t half year to put their economy In practice. (Hear,
preset
It appeared to his that if the directors had exerted
their powers—if they had gone to sad fro' as it wee ex-
pected they would haw, done, it would have been
earlier discerned that full justice had not been
done is this respect to the shareholders. Hew hear.)
He lamented very much to see that that eaaifidense had been
misplaced. (How hear.) That reset him to • matter
which be approached with very great =list which In
faience* he considered it proper to thee.,-,fie
especially on account of those gentlemen who were set pro.
sent us tin ...minion of their last meeting. What bad been this
ccoduet of their chairman on that carries, and how were
their interests sacrificed thereby ? (moo He was aware
that his remarks n--on that gentleman's Menduct lovolved
Smoothing like • personal attack, bat Meseta each was the
▪ he mast observe that It was only In his peblie capaeite.
New, whet he wee sheet to state he wee prepared to reri4,
wise*, ftawasstry._ They were d aware that a ape.
aid waft bow ans to fine *sir meat or direst

to • bill brought leo, them for anuleimating their line
with the Readier. Guildford, and Reigate line. By order
of the House of Lords that meat was required to be ones-
, firmed by • meeting of the shareholders.. Now he (Mr.
Smith) stated publicly that that mot had never been
laiven,for whets aa amendment war moved by an honourable
proprietor that the pismire sheald be adjourned
he - three maths, in eider that time might be
had to consider the question, a whole hemt of heads
was held up in approval of such a come. (Hear, hear.)
Lot no one say that he wee mistaken apes that point, at
all events, far he stood in the front of the meeting and
witeemed the feet with hie ma eye, ; mad that for the
original resolution there were ory law indeed held up.
(A vows : " That Is quite true.") -Nevertheless, when the
chairmen eases is rive hi. Melaka, with a dmeo of an.
fainter whisk he (Mr. Smith) confessed stow eked his,
he pronounced the amendment lost--a decides which
ought never to have passed the lips do hosonrabie ma,
end which he declared was an untrue one. (Hear, hear.)
That amendment bad had nothing to do with repudistlog
the reposed agreement ; it merely proposed an adjourn-
ment fur further contideration ; but in any me, no matte,
what wee the question, it was not proper for the Mama
to give • di cision contrary to truth. (Hsu: Mar.)
Was it fair that that gestlemaa Amid se to
parliament to advocate the Interests of the ' MOS.
lug, Guildford, sad Reigate Coupes at the time
that he condescended to receive WI. a pit fee advoca-
ting theirs i Some of the proprietors, he that state of
things, had subscribed their Ms to oppose the Pnation
before parliament, but be a deeisiss al the Meading arises
committee they were not allowed Mg, Ws the mein at
the matter. The, whoe affair was to Me a IMMO alba
deepest resent, and he was of alphas that the oily mods
of mending manses was fee the peopriaters to take Ship
seta their ows imam sad to adept Moabite of Mr. Olys.
In onteheigia, be whiled to pa ea mord a restandsa to
the effect that the proprietors woe deeply damaging with
the divided that was now Ahmed to than—(bear,
and that OM since the Mims ec bed halt
isTe
seat at Oa daytime their praporty aldbosa
gradually sad sued* diseinhhieg. (Hear, hear.) In
1843 they led had se non of railway whkh
paid them a divielead of 10s. esele half-year per share, sad
each dare wen weeth 481., whereas their shares at =titt,
amMbelesinig their itereasing beer—, were
211. or BA per dam and they me abilped to be matent
with a gam dividsid of 7s. ed per this.. (Hear, bear.)
110, thotallem masidered it his duty to move me amend-
meat to the ressindin adopting the may. 44 the Nport.
Mr. HAMILTOIIoss loopiest is the emagsg of ten
years, Mt ecupened be ems/ the medians& - Es consi-
dered that the shareholders had att~ed for their pro-
perty as loop as their chairman MARDI sash an utter Ca-
ressed foe that divine iambs insih—e. bear, hear," sod
himes)—and that no ansendematwomid be mailested in the
company's affair' until the &Sir moaned by some one else.
(.. lieu, hear." nod cries of " Ols.")
The CHAIRMAN prayed the kind attention of the
miens/ while be stated the ease circumstances of the
special meeting which had given rise to such ex-
traordinary statements. The half-yearly meeting in
quieten' was convened to outsider the Reading,
Gaildford, and Reigate Bill. Oa a poll being demanded
63 proprietors voted in favour of the bill, and See
against it. Various attentions were subsequently made in
the bill, and though it was doubted whethei or not another
meting was necusery, the directors felt it was their duty
to coo ono more before the proprietors. They accord-
ingly submitted the bill, is its then shape, to a special
meeting of the proprietors, upon the 6th of May. It was
almost impossible to decide for which side of the question
the majority of heads were held up. (A voice. " That is
set tree.") A pall, therelore, was then demanded, and
the result was before them. Ia his judgment, and he had,
he hoped, as much regard for troth as any one whom he
was addend's, there was a 'majority of the meeting in
favour of the bill. There were 48 for, sad 37 votes
spinet the bill. On the following day the mat-
ter was cienoidered by the standing velem em-
us/ Ms* of the House of Lords, and an application
wan mob by bine (the chairman) to disposals with the
otandisi seise, that the bill might be proceeded with, but
Lod lieermiale, sitting alone, declined to do so, is order
that the elimentiont shareholders might have an opportunity
efeppellitiggellellem the committee to mum their opposi-
ng& 06 Ike__ .111111 Amordingly. the diemises mint • circular
to the IMMO dissentient . Mr. Josiah
Llemshe=mied a apemen ea behalf, and 20
ted • joint Midas easiest the bill. On
Re MR of these renames steeled the Standing
Oakes OmMess, and Lord Rodesidelela lieliftil ea the
sorority by Lord Beaumont, the Marquis of Wineister,
and the Beet of Waklegrave. 'Pb. 's same was
stated by thee poillamentary upset. mad W agreeeleett for
the maimed= won produced ; sed amtber gentleman,
ales a peediamemeggy agent, es well on Mr. Josiah Wilson,
Ia s,
however,
heard against the bill. The House
if amaineesely MASA that the standing
aria not apply ms the mom and that the bill might
to mewed. Now, it had beesisehmaled that he had had
an Interest in promoting that bill. In speientno to that he
would repeat a statement which he had bodies made in that
very room, that he had never had OM limps trestles of Sr
toot ia that nilway until after lho espesemat bad boss
made. (Hear, hear.) There nem MO an me ef his aim
patent to midis observation ; and be malared to say that
there was net • single gentleman en Ills Nub ll:change to
whom the whale el the tramethens emaneeted with that
hoe were not beam, amelbsiess, no matter
whether the am a pod 11.111 Of not, money had
been ad molhopood Me of the sompany, and on the
mdentaadiag that they tie propeimare of the South
Easeern Railway, would meliplim* adheres their engage-
ments. (Hear, beer.)
Mr. JOSIAH WILSON SOW that the chairman had at
all met the ammo which am bought against him. He
(Mr. Wilma) me Rem to eeleerate them, and to
Repeat the amenallem M
G the chairman which
he had mods Were Redeadale. The ques-
tion wea—hal for the chairman decided untruthfully
that the modes flar adiwaroment wee not carried. He bad
MOM ups • Amer erosion that the chairman was un-
worthy of their confidence, and thee had now had some
severe experionee of the het. He believed that the greatest
mistake they ever had committed wan in giving to Mr.
Macgregor the sole and entire coated of their
affairs. (Hear, bete.) And although :upon the present
' occasion they wen treated with a good deal of humbug,
land the chairman wee pleased to inquire after the opinions
of the proprietors, still things were not to be decided ulti-
mately by what Mr. M`Gregor chose to say and do. It was
ila matter very much to be regretted that the chairman had
not supplied the proprietors with a copy of his speech simul-
taneously with the report of the directors; there might thus
have been time afforded for the diacursiun of the various
Mike alluded to by him. He did hope that the proprietors
mild at length open their eyes, and that they would no
longer allow one man to he controller,i director, managing
dirsotor, and director of directors. He most cordially sup•
rthe amendments which had been proposed to them
ye rldr . Smith.
A PROPRIETOR thanked the directors for the very
great diatinatim which they had effected in the working
eapealiatne, aseseggested that for the future the system
et primelo osaboas, which had hitherto been the practice
dthe seamy, shield be abolished.
In reolic to a question from a SHAIIIIIROLDER,
TheC AIRMAN said that It was not the intention of
the directors to mereet the building which had been
burned down at Amhford, and that the mode of keeping
their stack would be altered for the future. With regard
to the mention which had bees made against him, he
leek It as • compliment that the gentlemen on his right
and leR, who, though perfectly able to take up the cudgels
for themselves, had leR the matter in his hands ; but be
felt that such
_personalities were mot worth his notice.
(Hear, hear.) No min's conduct was mere open to public
observation than his, representing se be did 5,000 proprie-
tors, and managing a line over which 6,000,000 persona
travelled every year. Ard if is his conduct they were any
matters so objectionable as those who took the accusative
tone there represented, he would sot hare been there that
day to give the aceoint of the state of their affairs. (Hear,
hear.) He came there as uaietor—as a proprietor be
remained—anl to gain anv n in the management of
their property had been his study during eighteen years
of his life. (Cheers.) Ile would now put the amendment
to the meeting.
Mr. SAINT ESBURY did sot me what was the object
is! the ameadinent ; of mese ell regretted that the divi-
dend was so small. It had serval best. gentlemen as a peg
for the outpouring of emaidombb penettal feeling, and
that being the ease he hoped the Nallaissit would be with-
draws. (Hear, Mar.)
Mr. WILLIAMS coneorred is eat must, and said that
It Gould serve es other end theallidelbolding them up be-
fore the se ant of Beim (Magitter.)
lan M hem Mr. Wtmow,
The MI that them was no separation in
the aumme olthe Mlle ea dm mils Ms eel es timid
Om BeldieS, OttliMbrd,,ead nerizimed This raw of
Ms mega* the Om* Wiliam maimed in of
lands the nimbi amosat of the 0 station whith
I
to Ms maspay, and they had an sense
maid Moat Ow the sum of 5,0011. ;
the minim &Vs fins wasted to Well *la
spa the gross romiplit, sial nose the net milts, sad
foe this retest elso they malpammed the Mille upon both
limo. (Hear, hear. _
Mr. WILKINS= wished to basso whether any pin
had Ma &SAM eat. er say PePleilisa 0.. thoeSblot lle
assalgameting i_
_lesig MP with me P
The CHAIRMAN add theta
iMat simeWlis sal-
sifted ums that IMP& The Clempay bed
now 22.00111. and eight stamtseals, amil thediremen would
be happy ae awry ono the wales ef the prop lemes with re-
sport to Ilk amaimmation et the tere ompaism Ho n-
-1100464 ilie ftiamboat Oesomay as era et the Wawa is.,
Miele Re Mimi,
of leavened,. but they on site have ihe
smiles Oa Mombent Company perlemed is the best
wasaremisis_ they win worst
The seassetneM mos Rea put, sad es a am et bands
wee Mimi to be lest. The report was Ma sispied.

Fatima SWILL MOB IN lavearoot.— Two
yeas/ Inumelomea of Gutsy • mom Lewk,
Nimat ailmed Mayert, bum Wise waratody
at Werpodoloryed with pnyarralks mine in
st tb• Qom% Steel aid the dmote. The
to*, flowo's Howl in the •I • thriditi=list,
wb• bee amp•L Here they u k hen the hobo= of
foogfry, ea Nell seMherea, heed►
et the Bethel
abeam Ourow, spoosmooftwo, fres obleh they eletrareed
PM in said iii awes. red odor reporty. They thee rf
paired ie the Red% I • Li eiret only • few yards Mr
Wit, whin Way poesermi •••• of • sarpet•lsai
taming aka" • dadeltedee. do Moe ett . waft
appar•l was rbeerered. lot the third tout etookedaDlNMlS
wul• maw. The pleura woe ea Weimar di*
eeotettled les Md. • • • •

TIIE HARVEST IN SUFFOLK.

A correspondent has sent us the following, from
Woodbaldp, la the above county
.. Weed*idp Sept. h.
" Harvest is so seedy streshaisd ia this district. that a
fair senesary et sir peelliONZUlll.llila issy Ow be
slugs with nue dopes of Oise 'wheat beep le
pea* ahead by salon. sal peZapygmbors
drain; the ante ot the Mose me egagasg
le a hip Weed* et elm risk engin to sew
hisseesse Minas reamed a muse hassieet peeps* et Sqrs.
per now es a noielnel peedises of 8 tete., per sere of wheat
shreds. Is this ianeediste kbeeshmt.
t
shall ban slew dektinder quality=
assiataia the geed Omar et Warn SWUMse sad
seleer. The esedliise el war wbeet at the present
seemed Is it bad. melds* seemed sere ht
the selenise itumptes art will sera alignesea...eur bed
rum wM mange bus MUM to Milla per bushel I *lied
lots, free 611bs. se ISM per bushel, bet elm pelts et
our growth will be es Nght as 6tibe, ie Ma. pee bushel
There is cas very eumble feet hs sex endsa with our
„IL sew wheat where the quality sad madden ere at all up
to the nark that the ad Osee) et this peso Is Ma per
Mabel Om *et et het Far. se that tabs.
wheat MU .ii AN m math leer as 1381 be.
of 1851. As regards the yield pee este, It can-
not be disputed Ibis (saws la the mei mildewed districts)
it is better thaa emend. meetly gm& hem sad there large
so that I amehead we may resseadlig eakeile we shall
grow a felt swims of quartos eddied pee NM although
et presset. I am sot prepared le am. we &peen ma amen
wee. to Seer. Oer Maley seep i easelled. the best Ire
=pee pen ; the bony rein et Laps ebbe se se-
timeged our what nop, were deeideep limasheial
le Oh palm ind n gleeet having a growth el We flinty
leap as we at me time embalmed. we ham bimetal,
seemed • mep whit& is Md. Mei. end ef ales leeihe qua-
lity aed ether I • steel prase it mane, seined, sad
spewed, yet tow Maria will equal esn in the quality of
their barley, sad sere surpass It. Beaus and Pets will be
moderate ia mneaty, hat good Is quality ; we shall have
bet Ayr te mese he export. Oat crop very good, but all
eseennei atlas& Potatoes bad, aad the disease rapidly
. Root crop abundant in promise ; a light crop
Vdl hiTs7sianrstover, but the quality prise. We have nothing
in hand of last year's crop saws wheat, sad the qusatity of
this grain left som is smaller than usual.'