The Express.
London, England, 1867-07-04 00:00:00

THE EXPRESS, V THURSDAY EVENING, JULY 4, 1867.

SOUTH RASTERS RAILWAY.--(THIS DA K )

A special general meeting of the directors was
held at noon, at the Bridge-house Hotel, London-bridge,
Mr. W.tralN, M.P., in the chair, to consider, and if ap-
proved, to authorise the seal of the company being affixed
to a proposed agreement between the South Eastern Rail-
way Company and the London, Brighton, and Southetwat
Railway Company. The attendance was exceedingly
small.

The CHAIRMAN said the hoard had sent to every share-
holder, ordinary and preference. • copy of the agreement
to he submitted, and had taken pains to enable every share-
holder to make up his mind in his own way whether it
was desirable that it should be sanctioned or not.
It was not proposed that there should be any amalga-
mation of the two capitals or any mixing of liabilities ;
the agreement was simply for a placing of the net
revenue of the two companies under one system of man-
agement and a division of profits on what was called the
North Eastern principle. He then gave a history of the
fusion of the York, Newcastle, and Berwick, the
York and North Midland, and the Leeds and
Northern companies in 1853, showing bow greatly
the traffic and dividends increased as the result.
The fusion of net receipts was no new idea in the
South-Eastern Company ; it had been discussed two or
three times in that room, and proposals had been before
made to the Brighton board, with a view to its adoption.
He then referred to the negotiations on the subject, and
expressed his regret that the Brighton board had
not earlier accepted the offers made to them.
He was entitled to say that the principle
of fusion had been practically approved by the South
Eastern company some time since, and he regretted that
Mr. Schuster had not acknowledged that in his pamphlet.
He believed the South Eastern company was entirely
guiltless of the charges which Mr. Schuster had made
against them, and that it was the aggressive policy of the
Brighton board which had caused so much useless compe-
tition. (Hera, hear.) At the very tinse when the Brighton
seal was about to be put to an agreement for a
settlement of disputes intrigues were going on with
regard to the Sussex and Surrey line. (Hear,
hear.) They had however, now ta consider what
was the relative position of the two companies.
Two years ago it was stated in that room that the
Brighton company was a sound and powerful company,
Betting an example to other railway companies, and that the
South-Eastern Company had better beware lest it should
be crushed by that sound and powerful competitor.
(Laughter.) What was the position of matters to-day!
The South-Eastern Company had no temporary loans from
bankets, while the temporary loans of the Brighton
company amounted to six or seven hundred thousand
pounds. Again, the necessary outlay of the South-Eastern
company on new works was 81,0001., while that of the
Brighton company was 1,500,000/. In the former case the
money wanted was in the bank, in the latter it would have
to be raised by the creation of new preference shares. More-
over, in the South Eastern Company there was a united
board, enjoying the confidence of the vast majority of the
shareholders. (Hear, bear.) Six weeks ago he told the
proprietors that Col. Barttelot and Mr. Stewart, acting
on behalf of the Brighton Company, were ready to put their
hands to certain heads of agreement between the two
companies. The Brighton committee then suggested
that the question should be submitted to the pro-
prietors of the two companies, and it was in
accordance with that suggestion that this meet-
ing had been called. The question was whether
this was the right time for entering into such an agree-
ment. But for special circumstances he should have pre-
ferred a postponement ; yet considering the difficulties of
securing any arrangement of that kind he deprecated de-
lay. He then referred to the obstacles to a settlement
arising from the opposition of solicitors, engineers, and con-
tractors, as an additional reason for decision. Con-
sidering the human-nature difficulty, ache would Lena it, he
thought it best to do the thing now. (Hear.) As regarded
the question whether the arrangement would be a good
one for the public, be observed that there were twenty-six
millions of passengers corning in and out of London yearly,
and that nearly all of them would under the new arrange-
ment have the command of five important metro-
politan stations. Again, the agreement would save the
outlay of many millions of capital. Practically speaking
the public shared the losses of railway companies ; the
capital lost was the capital of the nation, and the nation
could not fail to suffer. Gout as the Cannon-street
station was for the South Eastern Company, it was
still better for the Brighton Company. Facilities made
traffic, and that had been exemplified in their own case.
In relation to working expenses also, this agreement
would be advantageous. No two companies could get
more traffic between them by running two trains at
the same time ; it was so much working expense
thrown away without any advantage to the public.
That was particularly the case ea respected the traffic
between London and Dover. Mr. Eborall, the manager of
that company, believed that • mileage of 500,000 miles •
year, or 50,0001., might be at once saved without the public
suffering any loss ; and that gentleman estimated that with
the additional traffic which ought to be gained there would
be 100,0001. a year which would be equal to one per cent.
on the capital of the two companies. He then entered into
a statement of the working expenses of the two companies
and the details of the agreement, repeating, in effect, the
explanations of Mr. Laing at the recent Brighton meeting.
He next alluded to the new lines, and recapitulated the
statement of Mr. Laing respecting the proposed revision at
the end of five years, adding that he hoped it would turn
out that neither company had got any advantage over the
other by the arrangement now to be sanctioned. (Cheers.)
One effect of the agreement would be that the amalga-
mated companies would get back a portion of the traffic
which had been abstracted by the London. Chathani,
and Dover Company. Adverting to the proposed
general management of the united concerns,
he expressed his cor viction that a joint com-
mittee of 12 six representing each company, would be
large enough for the purposes of management. He did not
believe in the despondency expressed with regard to the
Brighton Company ; on the contrary, he believed therein.
• great future before it. Even if the Brighton Company
did not receive any dividend for two or three
years, it would in the meantime be paying off its liabilities,
land its position might ultimately be very satisfactory. As
regarded the financial management of the two companies,
he proposed that ready money should be paid for all stores,
that the net receipts should he paid into the bank weekly,
and that there should be separate payments for debenture
and preference interest ; and he would propose the inser-
tion in the bill of a clause to that effect. (Hear,
hear.) Alluding to the London, Chatham, and
Dover Company, he expressed hie satisfaction at
the rejection by the Howie of Lords of the
proposal to issue pre-preference shares, the principle of
that proposal being very objectionable. He had proposed to
the board of that company that it should sell its working
stock, which was not mortgaged, sad leave the South
Eastern and Brighton Companies to work it at a fixed rate.
The South Eastern Company had lest 300.000/. a year by the
competition of this rival, and nothing could more clearly
show the capabilities of the South Eastern line than its
having continued to prosper notwithstanding such a seri-
ous loss. (Cheers.) He concluded by moving the con-
firmation of the agreement.
Mr. G. Burnt deprecated any huts in entrains into the
proposed compact. In his opinion it would have been
better to have a one-purse system for • certain period ever
a portion of the two systems. Mr. Laing, who had been
elected chairman of the Brighton Company at a salary of
2,5001. • year, had peculiar notions with regard to insol-
vent companies, and what would be the position of the
Brighton Company if • receiver were appointed by the
Court of Chancery ?
A SHAREHOLDER observed that the South Eastern Rail-
way Company could not have to pay. the debts of the
Brighton Company.
Mr. SMITH thought it moat important that they should
know who were to constitute the managing committee.
Mr. Watkin ought not to play second fiddle in the new
committee. That company was a strong healthy body,
and it should pause before uniting itself with one that
might he diseased. While Mr. Laing had 2,5001. a year
Mr. Watkin had only 2001.
The CHAIRMAN observed that that was not a question
before the meeting.
A SHAREHOLDER believed Mr. Smith was mistaken in
supposing that Mr. Watkin would occupy a secondary
position in the committee. (Cheers.) The proposed
amalgamation would be believed be the saving of the
Brighton Company and an improvement of the South
Eastern Company. (Hear, hear.)
111 The resolution was adopted with two dissentients, as
was also • motion that the Chairman's speech be printed.

Another dreadful ease of burning to death has
again occurred under circumstances very similar to the
deplorable accident by which the Archduchess Mathilde
lost her life. The Countess Thurn, née Palffy Dam, had
on the afternoon of the 16th accompanied her husband,
with many friends, to take possession of a new estate at
Sorgendorf, in Carinthia. In the evening the countess
wrote a letter and lighted a candle, throwing the match
behind her. In a few momenta she was in flames. Her
husband, who was near, succeeded at last in extinguishing
the fire by wrapping her round with a carpet; but it was
too late. The countess lingered for a week, and died
after much suffering. Count Thurn was severely burnt
himself in endeavouring to save bis wife.

- -
THE LATE COLONEL HOME PUILVES.—We regret
to announce the death of Colonel Home Purves, of Purred.
ball, N. 8., late of the Grenadier Guards, equerry to her
Royal Highness the Duchess of Cambridge. on Tuesday
evening. The melancholy event is the result of an Wm-
dent some weeks ago, as her royal highness, accompanied
by Colonel Purvey, woo returning to Kew, after dining in
London with the Duke and Duchess of Marlborough.
Though the injuries were from the first most serious, CoL
Purves's legs being severely cut by the broken glass of the
°wriege window, through which they were thrust by the
force of the collision, it was hoped that no dangerous con-
sequences would ensue, but worse symptoms manifested
themselves, and after some weeks of anxious suspense
death ensued._

CRYSTAL PALACI.—ONR SHILLING DAY.—WED-
NESDAT, J t LT 3. —Adtniesions on payment, 5,531 ; ditto
by poison tickets, 2,556; Wad visitors, 8,096.