The Express.
London, England, 1851-09-19 00:00:00

SOUTH EASTERN RAILWAY.

The ordinarr half-yearly general meeting of the
proprietors of atilt gunplay took place yesterday, at the
&ifte-house Hotel, London-bridge. Mr. M.Gazoon, the
'barman of the board, piseUed; and, on taking his seat
is eempany with his cotore, was hailed by a volley of
Meese from • liege body of the shareholders,eapreseive of
their dissatisfaction with the proposed dividend.
Tbe SZCSETARI (Mr. Herbert) having read the adver-
tisement saugnoning the meeting, and afterwards the re-
port and statement of accounts which have been already
published in the Express',
The CHAIRMAN smiths report for the lut hal f- yearosow
submitted to you by the director. and the accounts for the
mine period, which are verified by the auditors, present a less
mount available for dividend on this occasion than wo had
all anticipated would have been the eau. The total in-
crease of trace during the half-year, as compared with the
corresponding half of the preceding year, was 42,79 U., bat
almost the whole of this accrued in the latter three months

of the half-year. This increase assimilates the traffic of last
half-year, the least productive half of the year, to that of the
Edunthalf. year, the most productive one, within about
. (Hear.) The report informs you, gentlemen, that
. only of that increase is from througlwor continental
*lie. Of the balance, you will be gratified to observe that
sheet 9,0001. was earned on the North Kent line, on which, in
wile dem asaming competition which it has to encounter,
Ike Weft is steadily augmenting; and about 3,0001. was
eussi wee the Reading, Guildford, and Reigate line. A
foams* has taken place on the Greenwich line,
Y attributable to the abstraction of a portion of thi;
kale by the North Kent line. The increase in the goods
baba of about 8,0001. on the half:year is satisfactory, and
aims than commensurate with the increase of the expense
in that department. The locomotive expenses vary only
in about the proportion of the increased mileage
el:el:he trains from the expenses of the last and the
g half-year, being in each case about tenpenee per
mile. A large amount of rulliug stock kas been pro-
vided from the reserved fund laid aside in pre-
view half-years, and the reports of the locomotive and
carriage superintendents, regarding the renewals in their
several departments, have warranted the directors in
charging the renewals of stock worn out previously to the
Last half-year to the debit of the fund laid aside in previous
half-years for that purpose. In the account of maintenance
of way there is an increase last hallyear of 1,8001. in the
charge for the repair of permanent works, of 1,5001. for
the repair of stations and buildings, and of 2,5001. in the
maintenance of the permanent way itself, occasioned by an
increased mileage falling into the hands of the company
from contractors, and also by the extra expense in re-
ballastiug and repairing where the iron sleepers are laid in,
on the main line and branches. The cost of the iron
sleepers has been charged to the renewal fund. With all
new roads, the expense of packing and maintaining is
greater at the outset. The directors trust the durability
of the iron sleepers will more than:compensate for the
immediate expense now occasioned. There are eighteen
miles of single line of iron sleepers now laid on the
main line and branches in the company's hands,
and fifty-seven mike of single line on the new
breaehes, the maintenance of which is still in the hands
of contractors. It is reported to the directors that the
maintenance of the iron road in the new lines in the hands
of the contractors is economical, irrespective of that eco•
manly which it is relied on will result from the enduring
stature of the material conspired with wood. The traffic
en these branches is, however, light. On the main line,
where the traffic is heavy, the same economical result, in
present maintenance, has not yet been arrived at. The ac-
count of miscellaneous expenses for the last half-yeat was
subject to an increased charge of 6001. for wages to police
and signal-men, 4001. lighting stations 8001. in the goods
department, 3,0001 compensation, 2,0001. in the general
charges of the establishment (1,4001. of which was incurred
in advertising and bill-sticking), and 1,1001. in earthmen.
tary opposition to proposed lines of railway hostile to this
company, which were thrown out by parliament. (Hear.)
I ought to state that in the account of law charges a sum
of 1,1001. is included, which is the estimate of the
expenditure during the half-year in resisting the attempts
still made is all directions to impose excessive rates on the
company. In the profit and loss account there is an in-
creased charge of 11,0001. for interest on mortgage debt
and dividend on the guaranteed stock of the company, which
was paid pursuant to the resolution of the proprietors
withia fourteen days of the close of the half-year. You
are aware, gentlemen, that the whole capital M the com-
pany, whether productive or unproductive, is entitled to
share in dividend. More than half a million of capital
has been expended on the Tunbridge Wells and Hastings
line, no part of which was productive during last half-year.
(Hear, hear.) It is a subject of gratulatisu that all differ-
ences with the Brighton Company regarding the London
and Hastings and St. Leonard's truffle are amicably and
ratisfactorily concluded ; and whilst the public may rely on
an meant of accommodation which few ports of the country
gems, the companies will not act in opposition to each
ease. (Cheers.) Gentlemen, I am not disheartened by I
the small receipts that have yet been had on the Ashford
and Bastings line, or on the Reading, Guildford, and
Eelphe line. From the commencement of the present
meth, you me reared of a fair proportion of the Ironing.
teas; and as the opming of the line throughout in
November, of an equal division. (Cheers.) The whole
mem of through traffic to the continent, which the last
half year preasate, compared with the corresponding one
of last year, in net more then that truffle which has
been &Denoted from. you in one single month by rival
routes, which, earning little or nothing themselves by
their competition, have retarded your prosperity, with-
out interne their own. (Hear, hear.) We do not
consider the increase of continental traffic which we secured
last half year as • benefit solely attributable to the at-
traction of the Great Exhibition. On the contrary, we
rejoice that so great a confluence of passengers from the
Continent has been brought to this country, even by rival
.and inferior routes. The interest—the magnificence of this
metropolis has become better known; and with this know-
ledge of the comparative advantage and superiority of the
South Eastern Railway as the direct continental route—.
(eheers)—travelling from the Continent to this country is
not likely to diminish, but to increase. The belief whisk
was once entertained on the Continent generally that it was
necessary to spend a large sum to visit London, is now din.
pelted. Even fleet the borders of the Mediterranean, from
Marseilles is the Indian overland route, the traveller may
reach London in II beam, at the expense, fur a first cleft
ticket, of only six ponds. (Hear, hear.) In performing
our special service to Paris by the eleven hours' route I one
gratified to my that we have not failed in a single be.
stance. (Cheers.) That eleven hours has been expanded to
thirteen, fourteen, end even to fifteen hours, but by MINS
over which we had no control. Our steam-boat service, as
well as that of our trains, has been performed with um
deviatiug ousetuality ; but the delays at the sus bus,,
arising not from any want of zeal or efficiency is dm sates
of that department, but from want of acommeinthet is
regard to space, and from the necessity which an esteeder
tion of baggage at Folkestome and Dover, instead of at Os
termination of the journey in London, entails on the ps►
augers of twice or thus, &Wag their luggage, hem helm
a constant senses of assesses and ler of time. (Rose,
bear.) This will now be mobs* at Dorm by the tam of a
new and large moselnoliss mom adjoining the lessims,
which is just esei Wiesen effectually by the mann
of .ling the eg ;e
at an. through to Lots in
bulk, seed examinie in bles, to make whisk eemdmest
=has boss pisW by the den y. (Cheirs.)
we ampere this half-year aphid the mum-
poudiag half of last year, which was with 46,0001.
of nut wary, applicable to divider! iced; wo eelsPee‘'
it with the peseding half-year, whisk we began with
22,0001. of set masse ha hand, and ens have, without
Whet of these same Me Ulf-year, to meet an increased
amp a interest for espied yet unprodoctive, bat which,
I min egnesece' will, Woe November, upon the complete
of the Hastings l
liner be the means of hereafter
=llleraireet Vereerem Taking all surrounding eir•
cosiness ids sessideration, I think, notwithstanding
that en tide amiss the dividend is less than wo had
hoped, I way peesssee the position of the company to be
wand and Itagolisi. And, looking at the receipts which have
aimed sin the ennuneneement of the present half-year,
which *ow et Menem in six weeks of 25,0001., and a re-
ceipt ia that time of 135,000/. this year, against 110,0001.
last year, I expect when I have the honour to appear
before you, at the nest meeting, that I may be
enabled to add, and that you will sanction me in adding,
that it is satisfactory also. (Cheers.) I have the honour to
move that the report of the directors and statement of ac-
counts, as now laid before this meeting, be received and
adopted. (Cheers.)
Mr. RENSHAW, deputy-chairman, seconded the
motion.
Mr. NASH, oa behalf of certain absent shareholders,
tendered a protest, with what object was not stated, but be
' not being himself a shareholder, it was held by the meeting
that the document could not be received from him.
The resolution was then put and carried.
The CHAIRMAN next proposed • resolution declaring
'a dividend after the rate of Bs. per share for the half year.
He observed that the prospects of the present half year, as
far as it had gone, were so hopeful, arising from the devel-
opment of the continental traffic, that he looked forward
with confidence to a better state of things in future, and at
the next meeting he trusted to be able to offer them a divi-
dend better worth their acceptance. (Hear.)
Mr. LEVY thought it should be clear of income tai.
With 25,000/. in hand since the 30th of July, it was eslig
masonable that the board should pay the proposed di
deer of all deductions.
The CHAIRMAN admitted there had been ea Weems
of WAN, but that was on the traffic of the curtest belt
rm. Wig*" as the 18th of August, and would of come '
p te that her yeses amount.
Me. LEVY would met pesos the miat.theogiths thought
b. was • very little &shined in them days of pressmen
Irate. Smell as it win. V the ebeirsma sold aware
him that It was ea IMssm Rectos, be should rest satisfied
with it, sad stepet ibe revelatiou; if net, ke should
!pp m, it es he se he could. Speaking of the Res&
ing, 0101014 awl Reigate agreement, he said they had