The Express.
London, England, 1851-02-19 00:00:00

The SECRE:fAItY read the report, of which an abstract
appeared in yesterday's F.spress.
he CHAlltilAN said: 1 trust you will think that the
report of the last sus months is so satisfactory as to justify
the hopes we held out to you of the improvement in your
affairs, and although some of you did not respond to my ex-
pressions of hope and expectation that we had passed the
lowest point, I trust that you will now see that they were
true. The accounts are satisfactory with regard to our pro-
geese, inasmuch as the traffic, and especially the suburban
traffic has inereuesl. Excursion trains Were looked on as at
hest but speculative and artificial, and it was thought that in
the winter there would be a reaction, and the traffic would
fall. It has not been so, for the amount received by excur-
sion train andeheap travelling has produced shout 10,000/.
The goods traffic has also increased, and there has been an
increase on the whole traffic %mounting to 29,000(. 1 have
received communications expressing apprehension with re-
gard to the expense of working these trams, but the accounts
show that there has been an extra expense of only
TA/. 3s. 2d., notwithstanding au increase of mileage of more
than 30,000. We have iesued tickets for families to tonne
on the comet such as Lymington, Christchurch, and Bourne-
mouth, which are somewhat remote, and the expense of
conveyance to which street families, and we have given such
facilities as will enable a ticket to include a family in one
compartment. With regard to Sunday travelling, we en-
deavoured last summer as much as possible tolimitour
traffic to week clays, and out of the increase of 29,0001.,
only 4,000/. was derived from Sunday travelling. In
the provinees this principle was applied with success, but
as regards the metropolis, it is evident that it cannot
be so beneficial either as regards the public or your
exchequer to exclude Sunday. Notice has been given of a
motion which will be brought before you with respect to
Sunday travelling, and on that keml I will read a letter
which I received "n the 3rd of February. The letter
was to the elf vet that " the writer had proposed to take a
residence out "f town on the line, but hied been deterred
from doing so by the expense which would be incurred by
his daughters in coming to visit him, and that thousands
were in the Sallie position, and contiuueil to live in town
instead of enjoying the healthful air of the country, owing
to the difficulty and expense arising from the visits of their
children to them ; and it euggewted that, if weekly return
tickets at a moderate price were issued, many persons would
take houses on the line." Happily,. you arc all too well off
to enter into the feelings of the writer. c" No, no," and
laughter.) Well, I am glad you appreciate his remarks, for it
will he a justification to us for hazarding the displeasure
of some prime shareholders in giving some such aceonimis.
station. The next point is the question of the Exhibition ;
but that has been so fully disewead that you are fully as
capable of judging on the mutter as I am. We anticipate
au increase of traffic, because many of the persons who
come to London will reside in thesuburbs, and will use our
line in going to town constantly. The North and South
Junction line seems an important additional opening, of
facile euramenication from the north ; and when I tell you
that merchandise is unluuded at Camden Town, carted five
milts thniugli Lendun to Nine-Elms, and unloaded again
there, you will at ones see the speed and economy of this
bear)—which, besides, gives us the preference
of the southern lines, and gives to our ports a great advan-
tage. A line has been opened between Camden Town,
Islington, and 11Iackw all, which is earning 0001. or 700/. a
week, and 1 sin told that last Sunday 9,000
persons went on it. Now some of these per-
sons will clime to Richmond and Twickenham, and will
have very emit facility for tl • g so. I will now draw
attention to our main terminus, Seuthampton. When we
first approached that town it was a quiet genteel residence
for East Indian families, and the highway to the Isle of
Wight, but balee then it has been in a state of transition
into a mercantile town and a great packet station. The
population, which in 1841 was 20,952, in 1851 is 50,000:
and the number of homes in the former year being 4367,
has now increased to 6,316; and there are 6S arrivals and

departures of mail packets a mouth. The town has so un-
proved that 4 ('hamlwr of Commerce is being formed, and
other improvements of a similar nature are taking place
eimmerneurate to its merits ae a port, and there is every
reason to hope for an increase of traffic. I regret that in
turning to the question of merchandise the report is
nut so satisfactory, although it is increasing and has in-
ert-and 10,000 ton% in the present year, but our efforts are
neutralised by competition on our right and on our left. The
Great Western has opened a line to Frome which will in-
fluence is.. on the south-west, and we shall also feel the
effects of the lines to Guildford, Reading, and Reigate and
Farnham, and from the efforts made by them we have been
obliged to carry merchandise at low prices, so that there is
only an increase of 9301. in amount. Still I hope we shall
have an increase from Southampton, as soap boiling, ship
building, and other manufactures are added to it ; and I also
think that the development of screw navigation by economy
id cost and increased capacity li,r cargo will cause a great
increase: of merchandise, mid work materially Mr the ins-
provetuent of Southampton. I congratulate you that we
have legal means for adapting enamels*s to these circum-
stances by our own steam packet act, which enable,. us to
introduce, when necessary. a cheap arid slow screw steamer,
but which would be regular in its arrivals and departures,
and increase our future traffic. I now turn to the question
of ecunmay. (Hear, beer.) We area board of directors, I
can proud to say in concert—(hear, hear)--and somewhat
mellowed down by past adversity, we have been true to'
your interests, mid have never left the ship iu
dietress, and here we are now ready to atte uel to
your interest. We have also a united staff and a
concentrated supervision. The gentlemen at the head of
the departments meet weekly to carry out the suggestions
of the directors, or to suggest measures to the directors. We
have committees of Muffler, storm, locomotives, and care
nage building, and packets, and another to study the cone-
nu•rcial interests of the company, composed of the chairmen
of all these committees. There could hardly be a more
successful or efficient mode of doing business. The mainte-
nance of the way is fully entered into in the report. We
have also reduced our liabilities. We have got withdrawn
20,0001. of the 51. deposit guaranteed at 5 mr cent. during
the construction of the Exeter, Yeovil, and llorehester line,
and the holders have taken the whole of their money--
(hear, hear)—and we thus lame to snake productive a pro-
perty which until now has been unproductive. The 'raw
Vale line has 90,000/. of the money of this company em-
barked in it, and we have every prospect of success in par-
liament, so as to bring it into u state of productivenets. The
Exeter and Crediton will lie left to the Bristol and Exeter
l'uutpany. The Sutton 4041 Poole Harbour will soon
he effective, thus bringing into productiveness 187,8801.
I throw this before vou, leaving you to exercise
your judgment upon it. With referent* to capital, so much
stress has been universally Mill on the closing of capital—
(bear, hear, and cheers)—and the state of the affairs of the
company when it is closed, that I have put certain figures
trim the r, and endeavoured to solve the question whether
the estimates for completing the works and clueing them
would Ise sufficient, or what means would be required,
and the precise position iu which we should be placed when
the capital is closed. An estimate was made in 1848, and
revised in February, 1840, which showed that it would re-
quire 610,8501. to complete everything. We have spent
301,7471. on account of those nquirensents, leaving a
balanee of 3O),103/. to spend on the completion of the works.
The means left for expenditure is thus shown to be ample.
(Item, bear.) To meet this requirement you have arrears
of calls, optional and nun-optional, 176,000/., and surplus
property estimated at 1)7,5.31., and rails and chairs esti-
mated at 811,7981., giving a sum of 416,971/. (liter, hear.)
From this taking 339,1081., a balances of 77,868/. would be
left. but •sumot7o,ooo/. having been voted for the Taw Vale
and Alton lines for their completion, the real balance left will
be 7,8681. 1 ask whether this is not a closing of capital ?
(Hear.) The wurking stock is closed, and the increase for
the Exhibition in to be taken from revenue. What then will
be our position when the working is closed? It has been
asked whether there are to be any more preference, and one
gentleman, who states that he has 5,000/. to invest, has
asked the question, fearful of the creation of preference
hires; but there is no need for any such alarm. The
balance in hand. after the requirements to close every
thing have been complied with, will be 7,8681.; we have
shares not issued amounting to 496,5191. with powers to
borrow 340,7081.; we have calls not Made on the 1,8451
shares, the call being 71. 10s. a share, making a balance
there of 249,5981., and the whole balance will be 693.623/.
I hope, therefore, there will be no more mistakes with re-
gard to the question of capital. If there are the auditors
are here, and the executive also; press them on the %tibiae,
so that you may go away satisfied that you are embarked in
a sound concern. I shall now uk you to adopt the report.
Mr. I:PCROFT, a proprietor, wished to press the nem-
silty of the y being their own carriers of merchandise
on the line. Independent carriers were making great
profits which should go into the pockets of the company.
Mr. GRAHAM HUTCHINSON rose to MOTC an amend-
ment. It had been omitted to state when the capital was to
be closed, and his object was to fix that time. Ile mimed
an amendment to the effect, "That the report be received,
but that it be an instruction to the board to clove the capital
account, inuding loans, on the 30th June, 1861." (Hear.)
A PROPRIETOR moved as an amendment a resolu-
tion similar to one which had been come to by the
London and North Western with regard to Sunday traine,l
to the effect, " That business be suspended on Sundays ex-
cept as regarded such restricted conveyance of pauengers
as the public necessity might require, and that it should be
left to the discretion of the directors as to what was neves-
eery, the public convenience being considered, and not the
private interests of the company.
that th
The CHAIRMAN suggested is should be moved
as a substantive motion.
Mr. Hutchinson's amendment was then put are het,
and the motion for the adoption of the reportearrieL
The motion with regard to Sunday travelling weeffileß
made, and seconded by a PROTESTOR, who ad
Ilha
meeting at some length, amidst great interruption, in sup.
port of it.
A PROPRIETOR suggested that the servants of As