The Sun.
London, England, 1855-03-16 00:00:00

LONDON, FRIDAY EVENING, MARCH 16, 1855.

LONDON LIFE ASSOCIATION.
Instituted 1806.
Mee, M, KING WILLIAM.STREET.
Passmin—CHARLES FRANKS, Esq.
VICE-PRESIDENT—JOHN BENJAMIN HEATH, Esq.
This Society is essentially one of Mutual Assurance, in which
the Premiums of its Members are reduced after seven years.
The rate of reduction of the Premiums for the last year was 70
per sent., leaving less than one-third of the original Premium to be
paid.
The Society also undertakes other descriptions of Assurance, in
which the Assured do not become Members, and having ceased to
allow any commission to Agents, the Society has been enabled to
reduce the Premiums for this class of Assurances to the following
very low rates :
Annual Premiums for the Assurance of £lOO.

Age £s. d. Age £s. ~d. I Age £S. d.
20 1 13 7 35 2 7 6 50 4 1 2
25 1 17 0 40 2 15 5 55 5 1 0
30 2 1 5 45 3 G 0 GO 6 5 10

The Court of Directors are authorised by the Deed of Settlement
e advance money on the security of Policies in this Association.
EDWARD DOCKER, Secretary.

RAILWAY INTELLIGENCE.

SOUTH-EASTERN.
The half-yearly meeting was held yesterday at the Bridge-
house Hotel, London-bridge. The Hon. Mr. Byng was iu the
chair. There was a crowded attendance of the proprietors,
and the proceedings, which lasted nearly five hours, were of
the most irregular, noisy, and disorderly character—reflect-
ing, we regret to be obliged to say, the greatest possible dis-
credit upon the proprietors themselves. Mr. Macgregor, M.P.,
the late chairman of the company, was loudly cheered on
entering the room. The advertisement by which the meeting
had been convened having boon read,
The CHAIRMAN said, in moving the adoption of the report,
which had been taken as read, I must claim your indulgence,
as my position is a novel one, and has devolved upon me in
consequence of the resignation of Sir John Campbell, who re-
cently filled the office of chairman. The report has been
made as full and explicit as possible on. all points relating to
the working of the railway, the progress of the traffic, and
the future prospects of the undertaking—so that I may be
spared any lengthy observations on those subjects, though I
shall be ready to answer any question that may be put to me
by the .proprietors, and to afford the fullest information on any
point upou which they may wish me to afford it. We have no
bills in Parliament for new schemes, and our Parliamentary pro-
ceedings, therefore, are confined to the money bill sanctioned
by you at the last half-yearly meeting, and the watching of any
measure by other parties in any way affecting the interests of our
company. We are endeavouring to cultivate friendly relations
with existing companies, and to watch every opportunity of
improving and developing our property ; and if, in the elec-
tions which are to take place to-day, you will strengthen the
hands of myself and colleagues, I doubt not we shall ere long
have the satisfaction of seeing the property improved in value.
From the discussion which may take place on this part of our
proceedings, I have to solicit a clear and dispassionate course
of action, and I sincerely hope that all hostile and angry feel-
ings will be suppressed, and those painful emotions which may
possibly have been engendered by the circulars addressed to
you be allowed to subside. I do trust that a spirit of har-
mony may prevail at this meeting, and that you will support
me in endeavouring to maintain order and regularity iu the
whole proceedings of the day. I move that the report be re-
ceived and adopted.
The motion having been seconded,
Mr. SMITH said he lamented to find they were called to-
gether that day to receive a smaller dividend than the one
paid them in the previous year. (Hear.) The shareholders
had been waiting for the results of the promises of the board
last year. (Hear.) Did not the directors tell them that, if
such and such things were done, and their advice were
taken, improved dividends would follow ? (Hear.) Did not
the directors promise them economy in the administration
of their affairs ? (Hear.) And yet they were to have a divi-
dend 20 per cent. lower than the previous one. (Hear.) In
fact, the economy was of so ambiguous a nature that the
auditors had felt it their duty to call the special attention of
the shareholders to particular items. (Hear, and cries of
" Yes, the compensation to the secretary and engineer," fol-
lowed li- load cries of " Shame.") The important portion of
the business to be trausacted was the election of directors.
(Hear) \ Mr. Coles Child and Mr. Beattie (two of the direc-
tors) ha( taken the trouble to lecture towns in the north on
the elfish of the company—(hear)—recommending what was
to be do e. Ho thought that was infra dig. (Laughter.)
It was a remarkable fact that one of the resolutions passed at
Manche er, at which Mr. Beattie lectured, was to the effect
that no ersou who had just taken up his qualification for a
seat at trio board should he. elected a director ; and yet Mr.
Beattie had taken up his qualification expressly to be made a
director—holding only 20 to 21 shares. (Hear.) He found
Mr. Beattie was the chairman of the Caterham Railway, by
which a portion of South-Eastern traffic was to be diverted
from them, and taken over the Brighton line. (Hear.) He
must tell the proprietors that the present unfortunate posi-
tion of the South-Eastern shares in the market was in a mea-
sure to attributed to the unfortunate decision of the direc-
tors to give up the Lewisham and Bromley line. (Hear.)
The importance of that line was urged upon them by the
late chairman, Mr. Macgregor, and the loss of that
gentleman's seat in the chair was the consequence of his
advocacy of the urgency of constructing that branch. It was
a protective line, and the Inkerman of their_ position... The
directors had abandoned the line, and they were told that
Mr. Coles Child had by his opposition to it sacrificed a pro-
spective benefit of 60,0001. ; but, in his opinion, that geatle-
man was much more likely to reap advantage from the oppo-
sition line, which would (for building purposes) giye Mr.
Coles Child three termini to his 400 acres of laud, instead of
one terminus, viz. :—London-bridge, Waterloo-bridge, and
the West-end, instead of London-bridge alone This line has
been given up by the directors. The proprietors voted for,
and obtained it, but Mr. Coles Child and his friends had
abandoned it. The capital account would show that the di-
rectors had overdrawn it to the extent of 261,616/., and that
the cash at the bankers' was only 70,0001., so that they were
iudcbted to the extent of nearly 200,0001., and therefore,
although they might declare a dividend to-day, they would
not get it unless the bankers advanced the money. He should
move that the report be not received ;—that, having no confi-
dence in the majority of the board, the report, except so far
as to the declaration of a dividend of 10s., be not received ;
and that the meeting be adjourned for a month.
The motion was seconded.
Another amendment was moved that the report be received,
but not adopted.
Mr. BEATTIE said he had addressed but one meeting of share-
holders, viz., at Manchester, and that he had done so at the
urgent request of the committee of shareholders. With re-
spect to the Caterham Railway, his desire was to secure the
traffic of it for the South-Eastern Railway.
Some severe remarks were made in reference to the dis-
missal of the late secretary, Mr. Herbert, with a compensa-
tion of 1,400/. ; and it was urged that he was an old, faith-
ful, and efficient officer, and ought not to have been got rid
of to please the late chairman, Sir J. Campbell, who was,
it will be recollected, soon after himself obliged to retire from
the chair.
After some further discussion, it was suggested by
Mr. LLOYD, the legal adviser of the company, that the
report should not be adopted, but be received and entered on
the minutes.
This view being acted upon, a resolution to that effect was
carried almost unanimously.
The declaration of the dividend was then proposed, pay-
able on the 16th April. (Cries of "Can't you make it the
Ist 1" and laughter.)
Mr. J. WILSON suggested that in future an endeavour should
be made to pay the dividends at a period approaching nearer
to quarter-day.
The CHAIRMAN promised to have arrangements made to that
effect, and the dividend was declared.
A resolution was then passed that it be an instruction to
the board to increase the number of directors from 9 to 12.
BeDatit'.ieAi.
for increasing the number of directors ? as, in his opinion,
nBtEhAeT TdliEr,ecwthioon,stwatisehdehdetowkasnoawrewlahtaivteretaostohne
e Ml..Ad
large numbers were an obstruction to business rather than
otherwise.
The CHAIRMAN said that the board agreed to the resolution
on the representation of a large number of influential share-
holders, who considered that, looking to the amount of pro-
perty at stake, the number ought to be increased.
Mr. J. WiesoN stated that the number had been formerly
reduced in consequence of one man having too great an influ-
ence at the board. He trusted they would never again have
a dictator, but that a board might now be formed having at
heart the welfare of the South-Eastern Company.
, The subject then dropped, the resolution being put and car-
ried a second time.
The CHAIRMAN next proposed the re-election of Mr. Alex,
Beattie, in the place of Sir John Campbell—that gentleman
having been elected into the board by the directors. Upon
the vacancy occurring, the board waited some time, in the
hope of a gentleman being put forward by the shareholders;
and. they only proceeded to the election of Mr. Beattie when
Mr. Renshaw gave notice of his intention to bring forward a
resolution to fill up the vacancy.
Mr. HOYES seconded the nomination, knowing Mr. Beattie
to be a man of the strictest honour and of great talent.
Mr. MAXWELL opposed the motion, on the ground that the
question before them was that of the day. He had no per-
sonal objection to Mr. Beattie, but it was against the board
he wished to strike a blow, and he could only do so by op-
posing the appointment of that board. Mr. Beattie was too
much mixed up with sectional interests, promoting schemes
in opposition to the South-Eastern Company ; and the ob-
ject of himself (Mr. Maxwell) and those who acted with him,
was to form a beard devoted to South-Eastern interests only.
He then called attention to the Caterham line, with which
Mr. Beattie was connected, as opposed to the interests of
this company ; and to the fact of that gentleman being also
, an auditor of the Blackwell Railway Company, which com-
peted with the South-Eastern for the Gravesend traffic.
Mr. M'LAURIN also opposed Mr. Beattie's election, aid
maintained that, though Mr. Beattie had been for 20 or 30
years engaged in business and joint-stock companies, he had
never been successful in anything.
Considerable confusion here took place, owing to Mr Hoyes
and other gentlemen endeavouring to call Mr. M`Laurin to
order.
*Me CHAIRMAN ruled that Mr Hoyes was in order, and that
gentleman called upon the meeting not to hear charges against
Mr. Beattie on the ground of his antecedents.
Mr. M'LAURIM proceeded to call attention to the cir-
cumstance that Mr. Beattie was formerly deputy-secretary
of the South-Western Railway—a company opposed to this—
(no, no)—aud ho maintained that he never was particularly
successful iu any position he held in life. Ou the 10th of
March last, Mr. Beattie only held 10 shares in this company,
and. his qualification of 21 or 22 shares had only been recently
obtained. In 1836, Mr. Beattie was connected with a house
in Liverpool, which he heard from Mr. Hamilton was unsuc-
cessful.
Mr. Heetitrox must be allowed to interpose. All he stated
was, that the house was a highly respectable one, and that
Mr. Beattie could not have been connected with it had he not
been a respectable man ; and the head of that house had since
the period referred to been mayor of Liverpool. (Cheers.)
Mr. 11PLeuitis endeavoured to proceed, but, notwithstand-
ing an appeal from Mr. Beattie that they should do so, the
meeting refused to hear him.
Mr. CAIRD contended that no person should be elected to
the direction excepting persons suggested largo and permanent
interest in the company, and that a committee
should be appointed to consider the claims of the candidates,
and recommend to the proprietors those most fit for the office
of directors.
After some further observations,
Mr. BEATTIE asked to be allowed to make afew observations
with regaid to the charges which had been made against him.
He did not seek a seat at the board, and it was only oa the

most urgent representations that he might be useful to the
company that he consented to be elected. If they 'wished him
to retire, he would do so with pleasure, but in reference to the
observations of Mr. M'Laurin, he challenged any one in that
room to say that his hands were not clean. He had undergone
the vicissitudes and depressions of a large business, he admitted.
He had suffered greatly in these depressions, but he asked any
man to point to any blot upon his reputation. And he did not
think it kind or manly to taunt him with what had taken
place in the vicissitudes of trade, in which his honour bad
never been compromised. He admitted that he did not pos-
sess the legal qualification when be was first elected to the
board, and he thought that was a proof he was not seeking a
seat in tne direction. (Cheers.) When, however, he was
elected lie bought a qualification with his own money, and
he was under an obligation to uo man for his qualification,
as had been insinuated by Mr. Forster (one of the directors)
and others. Mr. Maxwell stated that he was mixed up with
opposition lines to the South-Eastern. Now he maintained
he had never been so ; but he had stated that it was desirable
to get rid of the angle in their line to Redhill, and from thence
going to the west by Reigate. The hon. gentleman then pro-
ceeded to read an extract from a letter which be addressed to
the directors of the south-Eastern Company, on the 21st of
October last, proposing that the direct line to Maidstone
should be made, providing it could be done under the control
of their own company, and they could enter into arrange-
ments
,with other comran!es, by which peace would be se-
cured, and the line made at little expense to the South-East-
ern Company. , When he visited Manchester, at 'the request
of some shareholders; he only answered charges which had
been brought agOast him, and never alluded to any other
subject. With respect to the Caterham line, he bad become
the chairman of the company, believing it would be advan-
tageous to a very important district, and one of the two com-
panies (either the Brighton or the6outh-Eastern) must work
it for the public safety anct convenience ; and if the Brighton
Company had to work it, thetSouthl:Eastern Company would
receive the benefit without the expense. In regard to his
being an auditor of the Blackwell line, he believed he could
always do his duty to that company without ,in any way in-
terfering with his duties to the South-Eastern proprietors.
He had been asked what connection he had with banking
companies. He had never put that forward as one of his
qualifications hims.elf. He was ndt the a gent of any banker,
but he had been honoured with the proxies of Messrs. Coutts
and Co., Williams, Deacon, and Co., a Derby bank, and the
Radnorshire bank, and the latter at the recommendation of
Messrs. Barnett, Hoares, and Co:, their London agents. He
also challenged Mr. M'Laurin to go to Messrs. Glyn and Co.,
Messrs. Williams and Co., Messrs. Kenward and Co., and
many others, and ask their • opinion of his position and in-
tegrity. After some allusions to the course he had taken in
supporting the election of Sir John Campbell as a director of
this company, though he did not propose him, as had been
supposed, owing to his having been put in nomination by an-
other shareholder of the same name, Mr. Beattie assured the
proprietors that, if they re-elected him to the board, he would
devcte his best energies to promoting the interests of the
company, and procuring for the shareholders a good and
honest dividend. (Cheers.)
• Mr. M'Laurin and Mr. Maxwell both endeavoured again to
address the meeting, but were not allowed to do so, except-
ing so far as to state that the opposition would not be with-
drawn to Mr. Beattie.

Mr. FENTON supported the proposition of Mr. Caird for the
appointment of a committee to select the caididates to be re-
commended to the shareholders to form a board.

Mr. FORSTER denied that he had ever made any misrepre-
sentations with regard to Mr. Beattie. Mr. Beattie had
alluded to the disagteements at the board. He believed it
was generally admitted to be a weak board. Well, the share-
holders sent him to the board. Was he, therefore, to tacitly
agree in everything proposed by a weak and a bad board ;
and if lie did not, of course there would be divisions at it.
Mr. FRED. WILSON urged the shareholders at once to pro-
ceed to business, and form a strong board.
A PROPRIETOR stated Mr. Mg.:tit-tin had said Mr. Beattie
was only known as connected with unsuccessful companies.
Now, be would remind them that Mr. Beattie was a director
of the North London, one of the most successful railway com-
panies in the kingdom, and was also the promoter of the Pas-
sengers' Assurance Company, which proved both useful and
profitable.
The question was then put, amidst a most disgraceful
confusion, each party claiming the victors, and the Chair-
man declaring Mr. Beattie to be elected. A poll being de-
manded, the Chairman proposed that the other business
should at once be proceeded with, and all polls taken
together. After some noisy discussion, this course was
agreed to. Scrutineers having been appointed, the poll was
declared open until five o'clock, and from ten to five to-
morrow (this day).
In reply to a question, Mr. BEATTIE stated that it was his
desire to promote friendly arrangements amongst all railway
companies.
Mr. M`LAITRIN then proposed that no person should be
qualified to be elected a director upon this occasion who did
not possess his qualification on the 10th of Marsh, 1854, but
the resolution could not be put in consequence of ita ille-
gality.
Mr. Rich, M.P., one of the late directors, was then put in
nomination for re-election.

Mr. RICA expressed his wish to retire from the board, and
stated that he only consented to remain at it at the request
of several proprietors. He had generally supported the
policy of Mr. Macgregor, but he denied that the board, as at
present constituted, was either weak or inefficient. If they
thought fit to elect him, he would do his best to serve the
company; bathe waultlnevereatsvoss ersolieit any vote, and
when his own brother, who possessed- VAOOI. stock, wrote to
-him on the subject, he never answered his letter.
In reply to a question, Mr. Rim expressed his opinion in
favour of the direct line if it could be carried out, subject to
arrangements with other companies, which would promote
peace and unanimity with surrounding railways.
After some discussion as to the form in which the vote
should be taken, the name of Mr. Rich was put to a show of
hands, which was declared to be in his favour.
Mr. Morgan was put in nomination ; and, after a long
speech from Mr. Alderman Salomons, in defence of his con-
duct with regard to the Guildford and Reigate line, which
nobody listened to, and Mr. Morgan had explained that he
should always seek the interests of the South-Eastern Com-
pany, and that, at the Proper moment, he would not hesitate
to enter into arrangements for the accommodation of Mid.
Kent, though he was altogether oppond to the Caterham
line, lie was declared elected on a show of hands.
Mr. William Gordon Thompson was next put in nomination,
and expressed his opinion that this was not the proper time
to construct the Mid-Kent line. The show of hands was de-
clared in his favour.

Mr. John Chapman having been proposed, but, not being
present to answer the question put to the other candidates,
was negatived.
Mr. Alexander Hues was next put iu nomination, and de-
clined to give any pledge on the Mid-Kent scheme until he
had had time to consider it at the board ; but he would never
consent to any expenditure on the line without first asking
the opinion of the proprietors. Mr. Hoyes was declared not
to be elected, and

Mr. C. Gilpin was put in nomination.
andth
he stated he held 1,200/, stock, taonaeqlduesshatiroeu
holder. Ile would only go. to the board to support South.
Eastern interests. The show of hands was declared to be in
favour of Mr. Gilpin, and that ho
Mr. Thomas Price was put in o • ination and expressed
himself in opposition to extensionsu m '
milted that he bought his shares and guarantees. Ho ad-
qualify himself for the direction,
in the company solely to
the North that he should join II; at the request of friends in
Price.e board. The show of hands
was declared to be against Mr.
Mr, Jonathan Miller was next put in nomination •
• Ho held
3,0001. stock, besides some trustee stock. Mr. Miller wts
declared elected.
Mr. John Anderson was the next candidate brought for-
ward, and declared elected.
Mr. John Cross was then put in nomination ; and, in an-
swer to a question, stated he 01117 held the bare qualification
for a director, having reduced h
s stock from 3,000 l . in June
last, owing to his having no confidence in the managment.
The show of hands beine.
against Mr Cross,
Mr. John Robert Mowbray, att• ' in nomination.
He was put
He said he held no shares in the
coin' any six weeks ago,
having only qualified at the request ho
friends, who
thought he might be useful at the board ; and
of some
ifthe
ewould
share-
holders thought fit to elect him, h d
endeavour
' to serve
them to the best of his ability,
The show of handsbeing
against Mr. Mowbray,
Mr, John Henry Dillon was Put in
nomination, and ad-
mitted he only obtained his qualification u the 13th of last
month. The show of hands was against o
M. r Dillon.
The candidate next put in nominationt was Mr. James
Caird, the holder of 7,0001. stock, which he had‘ possessed
for nearly three years. He declined to pledge himself to any
policy other than that he would do•his best for the interests
of the company. The show of hands was in favour of Mr.
Caird.
Mr. Alderman Salomons wore . then put in nomination,
amidst loud laughter, and expressed hit
Mid-Kent line, without which this core himself in favour of. a
could never prosper. lie held 7,000/. company
ainnah.iisadoplLninon,
shareholder frem the commencement. 14 had been a
Mr, Alderman Salo-
znons was declared elected.
A poll was demanded on every name' and will
be proceeded
with to-morrow.
Mr. PARKER alluded to the Liverpool Life Assurance Office
holding a large quantity of South-Eastern stock, and asked
whether every policy on their property falling in had been
transferred to the Liverpool Office, and what was the amount
of the premiums. He only wished to know whether any di-
rector had, contrary to the statute, been engaged as con-
tractor on the line ?
Mr. SMITH thought it unnecessary to refer to the subj •
ects
brought forward by Mr. Parker.
Mr. TEULON, a director, said, with regard to the policies of
the company, some had, during the Past year, been trans-
ferred to the Liverpool Company. On one, a difference of
opinion arose as to the premium, and the Liverpool Company
did not have the policy. With regard to the question whe-
ther any director had been engaged in contracts, he believed
that upon one occasion the chairman of the stores committee
undertook to purchase sonic oats for the company, but he
had no interest in the purchase. (Cheers.)
Mr. Browne having been elected an auditor,
Mr. VANCE, M.P., thought it would 1--
..,, most ungracious
and ungrateful to allow the late chairman to retire from the
direction without giving him a vote of thanks. That gen-
tleman had spent 13 of the best years of his life in their ser-
vice, and had given up a lucrative position in life in order to
serve them. He believed that the retirement of Mr. Mac-
gregor from their service was chiefly owing, to his
views
on
the Lewishani and Bromley lino—views in which Mr. Vance
coincided. He therefore proposed a vote of thanks to Mr.
Macgregor.
The motion being seconded, was carried,, on the show of
hands, by a considerable majority.
Mr. JosiAn WILSON demanded a poll ; but
Mr. VANCE stated that the show of hands -being in favour
of the resolution, he should not think of pressing it to a poll.
Mr. JAMES MACGREGOR, M.P., who was received with loud
cheers, said it was most agreeable to him, at the end of ten
years' service, to be enabled to return thanks to the majority
of the proprietors present for the mark of confidence they had
just expressed in his favour. (Cheers.) If he had erred in
any way during the time he had been in thoir service, he
could assure them that it was owing to a want of ability, and
to a sincere desire and most earnest endeavour to secure their
interests. It was both his interest and his du,:y to promote
the welfare of the company, and year after year he had re.
ceived the thanks of the proprietors for his exertions. (Cheers.)
If, in the performance of his duty, he had at any time given
offence to any gentleman, he hoped and believed that it had
only arisen from an endeavour to do his duty towards the
company. (Cheers.) He had always endeavoured to carry
out a straightforward line of conduct in managing the affairs
of the company, and lie trusted, front the mu uerous list of
candidates placed before them that day, they would fiud scope
enough to reconstruct their board on a broil and healthy

foundation. (Cheers.) He wished them every success, and
so long as he lived he should always feel the deepest interest
in the prosperity of the company. (Cheers.)
A vote of thanks having been given to the Hon. Frederick
B,yng' for his conduct in the chair, the meeting separated,
having lasted close upon five hours.
The result of the poll is to be declared at 12 o'clock on Sa-
turday.