The Sun.
London, England, 1855-08-31 00:00:00

THE SUN, LONDON, FRIDAY EVENING, AUGUST 81. 1855

SORTS-EASTERN _RAILWAY.

The half-yearly general meeting of this company was
held this afternoon, at the Bridge-house Hotel, London-
bridge, Mr. James Byng, deputy-chairman presiding.

The meeting was also male special to resolve " if the
meeting should so think fit and determine, under the
authority of an act passed in the present session of Par.
iament, that the borrowed moneys of the company, or a

portion thereof, secured by mortgages or bonds, not ex-
ceeding two millions sterling, may be coverted into stock
of the company of the like amount, either by agreement
with the holders of such mortgages or bonds respectively
before the same respectively become due, or by paying
off the same respectively when due, and issuing stock
of a corresponding amount instead of re-borrowing the
sum so paid off, and to attach to any stock so created a
fixed and perpetual redeemable or irredeemabld yearly
dividend or interest at any rate not exceeding the rate
of four pounds for every one hundred pounds thereof,
payable in equal half-yearly portions as may also be
thought fit and be then determined or authorised."
The report and accounts were taken as read.
The CHAIRMAN having read a letter received by him
from Mr. Rich, resigning the chairmanship of the
company, which, he said, accounted for him taking the
chair on the occasion, said the accounts for the half-year
were encouraging, and if they approved of the amount
of dividend named in the report, the warrants should be
issued immediately. Notwithstanding the extra expenses
during the half-year for coke, &0., there bad been an
increase of receipts. The directors contemplate no
further extensions or branches—(hear)—and he was of
opinion they would best promote the interests of the
company by giving their best attention to the extension
of the traffic on the present constructed lines. He
moved the reception and adoption of the report.
Mr. TEULON seconded the motion.
Mr. BARROW drew the attention of the meeting
to the manner which railway property had been
treated by the Legislature, remarking that the
South-Eastern Railway had been unwarrantably
assailed and shamefully treated by the Legislature.
If the Legislature gave railways its fostering care
instead of opposition, railway property would be
improved and the public benefitted by a reduction of
fares and rates of carriage. It was impossible for the
officers of the company to pay due attention to the in-
terests of the company from having so continually to
appear before the Legislature, and moved aresolution that
this meeting views with the utmost alarm the action of
parliament on the railway property of the country, espe-
cially towards the South-Eastern Railway, the effect of
which was to bear unjustly and depreciate railway pro-
perty without a corresponding benefit to the shareholders
or the public, and that the directors use all constitu-
tional means to obtain that redress for railway property
it was entitled to.

The CHAIRMAN suggested the report should be ap-
proved of first, and then the hoii. shareholder's resolu-
tion could be put to the meeting.

Mr. HOYES called attention to a remark in the report
stating, " That on the whole the working of the line for
the last half-year may be regarded as satisfactory."
Although he must admit there was an improvement in
the working of the line, he did not think it sufficient to
warrant so strong an expression as that contained in the
report.

Mr. G. SMITH called attention to the falling off of the
traffic on the Greenwich line, amounting to 1,7581. com-
pared with 1854. He also adverted to the expenses
under the heads of omnibus, advertising, time-tables,
&c., office, and incidental expenses. -
Mr. SAMUDA remarked the report did not appear to
him to be altogether satisfactory. Their working ex-
penses were very large, compared with the southern
railways, amounting to about 46 per cent., whilst others
did not amount to more than 40 per cent. He also
called attention to the mortgage debt.
Mr. HERAPATH asked if any provision had been made
for the claim of 10,0001., relative to a late accident on
the line, and if any provision had been made for the
claim for loss of gold on the line. The rates and taxes
and Government duties were very high. In some of
the Kent parishes he believed this company paid nearly
all the rates of the parish. He wished they would make
use of their Parliamentary influence, and endeavour to
get rid of these scandalous extortions of the agricultural
parishes.
Mr. BARROW asked whether the company were con-
veying visitors to the Paris Exhibition at a loss ?
The CHAIRMAN said that, taking all things into con-
sideration, the directors hoped the shareholders would
have considered the working of the railway for the past
half-year satisfactory. The decrease on the Greenwich
line arose from their having to compete against them-
selves. Some of the traffic now went to the New Cross
station. Arrangements were being made with refer-
ence to the omnibuses, which it was hoped would be
satisfactory. The working expenses were no doubt
heavy, the company baying more unproductive branches
than any railway in the kingdom. The Guildford branch
showed a loss for the half-year of 15,0001., the Whit-
stable 3,0001., and the Ashford and Harting 34,0001.
(Hear.) The directors bad tried all they could to reduce
the rates and taxes on the line, but had been unsuc-
cessful.
The report was then unanimously agreed to, and a
dividend of 2/, 16s. Bd. per cent, declared, and to be paid
on Monday next.

A SHAREHOLDER said the directors were entitled to
the thanks of the shareholders for the improvement made
by them in calling the meetiLg early, and their intention
of paying the dividend so speedily after.
Mr. BOWER proposed Mr. Alexander Kay to fill the
vacancy in the directory, in the room of Mr. For der,
resigned.
Mr. floYEs seconded the motion.

The resolution was agreed to.
.._ ____ . _ .

Mr. KAY said he would do the best he could for the
interest of the company. He would make no pledges.
The resolution moved by Mr. Barrow having been
seconded by Mr. Hamilton, the Chairman put it to the
meeting.

Mr. WILSON agreed with the spirit of the resolution,
but questioned whether it would be wise or prudent on
their part to agree to it.
Mr. }TOTES said this company suffered more from
their own injudicious conduct than the interference of
the Legislature. (No, no.)
A SHAREHOLDER doubted the legislature used this
line worse than others. (Disapprobation.)
Mr. HERAPATH thought this a very proper resolution
to be carried. Railway companies should combine to
protect themselves against the interference of Parlia-
ment.

Mr. HAMILTON adverted to the injury done this com-
pany by the Legislature, instancing the waving of the
standing orders to enable the bill of the Dover Exten-
sion Railway to be brought in, and permitting the re-
turn of the deposits to the shareholders in the East Kent
Railway. (Hear, hear.)
After some further remarks from other shareholders
in support of the resolution,
The CHAIRMAN said there could be no doubt the Legis-
lature had unfairly and unjustly treated this company,
and read a portion of a letter he had received from Mr.
Rich, M.P., expressing a'similar opinion.
The resolution was put and carried nem. con.
The meeting was then made special, and a resolution
was proposed according to the torms of the act convert-
ing the twn millions, borrowed money, into irredeemable
stock, at 4 per cent. per annum. It was stated that
140,0001. would have to be provided for this year, and
651,0001. by 31st December, 1856.
Mr. WILSON thought two millions too large a sum to
be raised at 4 per cent., as money was likely to be
cheaper, and suggested that one million only be con-
verted into stock, which would be sufficient to meet the
requirements of the company up to December, 1856.

The CHAIRMAN said if they iolind money got cheaper
the company could suspend the issue of further stock at
a future meeting of the shareholders.
A difference of opinion appeared to exist whether the
stock should be redeemable or irredeemable- It was
stated by the directors that to make the stock redeem-
able there would be a difficulty in getting it out. They
had no objection to the amount being limited to one mil-
lion. This company would ultimately be able to borrow
money as reasonably as any other company.
A resolution for converting one million into stock was
carried unanimously.
Thanks were voted to the Chairman, and to Mr. Rich,
M.P., the late chairman, after which the meeting
separated.

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