The Sun.
London, England, 1852-03-04 00:00:00

-'..litrti Mitttan+

SUN OFFICE, Seven o' Clock.

TATTERSALL'S-THIS EVENING.

SIX O'CLOCK.

The only bets w -re 50 to 1 (to 501.) agst HobV.,o
Noble; 12 and 13 to = 1501.) agst Orelio; and 2to
1 (to a pony) agst Lapidist.

SOUTH-EA.STERN RAIL WAY.
(THIS
.DAY.)
The spring half-yearly meeting of the proprietors of
the South-Eastern Railway was held this afternoon at
the Bridge-house Hotel; Mr. James MacGregor, chair-
man of the board of directors, in the chair.
The advertisement convening the meeting having
been read by Mr. G. S. Herbert, the secretary, the re-
port was submitted to the proprietors, which has already
been published.
The CHAIRMAN then proceeded to address the meet-
ing as follows :—As you have been pleased to take the
accounts and report as read, I shall ask your permission
to make some few observation on them, and to state that,
in my humble view, the position of the company as
therein pourtrayed is a satisfactory one. The increase
in last half-year's receipts, compared with the corre-
sponding half of the preceding year, is 58,178/. 3s. Id.—
(Hear.) I admit that we all expected a greater result
from the last half year's traffic with the continent, seeing
that the Great Exhibition was a paramount attraction, but
the competition for the continental traffic was severe, and
although no other route presents to the traveller so much
comfort or so much expedition as that by the South-
Eastern Railway, the difference in price in the fares
charged by our route compared with the rates charged
by other inferior means of transit was great, and many
passengers to whom economy was a greater object than
comfort, and to whom time was unimportant, were ab-
stracted from us—(Hear, hear)—and besides, wo must
in justice remark that the Northern Railway of France,
after having made a compact with us for express through
trains at reduced rates for return tickets, made a
still ' further reduction in their rates by other
routes .—(Hear, hear.) The whole continental traffic of
the year 1851, between Great Britain and the ports of
Antwerp, Ostend, Dunkirk, Calais, Boulogne, and
Havre was 317,104 passengers, of which number 170,966
travelled by the South-Eastern Railway.—(Hear, hear.)
The gross increase of receipt for through traffic earned
last year, compared with the half-year ending on 31st
January, 1851, was 23,0001., a small sum under the cir-
cumstances of the hale year, an increase, indeed, that
might have been expected from the facility given by the
tidal trains. ensuring every day a journey to and from
London and Faris in twelve hours, without other attrac-
tions.—(Hear, hear.) lam persuaded that the expedi-
tion and the comfort which was secured to continental
passengers by the south-eastern route, and by which
the service was performed, without a single failure, will
ensure its being known and availed of to a greater ex-
tent, year by year.—(l.leer, hear.) Gentlemen, you
will notice, with great satisfaction, the increase of re-
ceipts upon the main line of 18,000/. ;
_upon the North
Kent line, of 5,0001, ; upon the Reading, Guildford,
and Reigate. of 16,000/.; and upon the Greenwich line,
of 1,9001., from domestic passenger traffic—an increase
which will, I trust, be maintained heereafter.—(Cheers.)
The increase in the goods and coal traffic has been
gradual and satisfactory. Last half year it was 11,115/,
upon the main line and branches.—(Hear, hear.)
I venture to submit to you the particulars of
goods and coal traffic, as it i 3 shown from the
year 1844 to the present time: For the half-yea: end-
ing 31st July, 1844, the earnings from goads traffic,
when the South-Eastern Railway had 89 miles open, was
87/. per mile.. For the half-year ending January, 1852,
with 270 miles of railway open, the earnings were 246/.
per mile. Of coal traffic the same comparison shows in
1844 the quantity carried to be less than 50 tons per mile
of railway open, and now, with the increased mileage,
it is 157 tons per.edle of railway open.—(Facer, hear.) '
I make this statement in earnest that time and
careful attention will enable us more skilfully and
more successfully to meet the centratition by which
we ate surrounded. to increase the comforts and facilities
given to the inhabitants of our district, and to insure a
greater return to ourselves. The aecounts euhmittee
present to you evidence of economy in the management
of the company, in regard to the points which are wiihin
the control of the directors.--(Hear, hear.) The con-
sumption of coke is diminished—the improvement in
engines has lessened the quantity of coke used—with a
greater amount of traffic and mileage run, and larger
earnings, we hove buret a less quantity of coke.—(Hear.)
We have run 168,300 more train miles, and consumed
650 tons less; coke.—(Hear, hear) At the came rate
per mile as the charge for the halt-year, an economy of
1,7504 has been effected.—(Hear, hear.) Gentlemen,
you will observe that, from the commencement of the
present year, we have contracted for a supply of coke,
in excess of what is manufactured by the company, at
one out of three sets of ovens, at an economical price.
We are to pay 17e. lid. per ton, instead of 20s. 3d., the
charge last nalf-year.—(Cheers.) There is also a pro-
spect of this cost being further reduced, by the establish-
ment of a more economical mode of transit from the
coal pits to the coke ovens, by the use of iron screw-
steamers.—(Hear, hear.) We have taken mea-
sures to economize the consumption of stores.
—(Hear, hear.) An improved system of superin-
tendence during the latter months of laet half-year
enables me to sly that the advantage thus gained will
be cantieuous, and that further economy will appear in
our next half-yearly report.—(Bear, liter.) I esti-
mate the saving in coke and stores during the
ensuing year at 4,000/. to s,oool.—(Loud cheers.)
Gentlemen, you will observe that the accounts presented
to you, which have ben verified by the auditors, and
by Messrs. Quilter, Ball, and Co., the accountants em-
ployed by them, show that you may declare a dividend
at the rate of three and a half per cent. per annum, or
10s. 6d. per 30/. consolidated stock, and that a surplus
will remain of 4,2694 12a. 10d.—(Hear, hear.) I have
to submit to you, on the part of the directors, their esti-
mate of the amount at which the capital account will be
closed. Gentlemen, assuming that the engineer's estimates
fur tae completion of the works in progress will cover
the outlay requisite for that purpose, and that the assets
set forth in the company's balance-sheet to 31st Ja-
nuary, 1852, and the surplus property will realize the
sums at which they are respectively estimated, ucd of
wnich the directors have satisfactory evidence, t'ee pre-
sent means of the company are sufficient for the closing
of the capital account, at the total sum of 9,692,3751.,
which will be thus represented:—
Consolidated Stock £7,433,700
4:s Guaranteed Stock 481,300
gond Debt

£9,699,375
We suggest in the report the propriety of converting the
bond debt into a permi.nent f_l-
.uaranteed stock, nod look-
ing f
orwarJ to eff,:cting. that. measure at the rate of 3i
per ceitt. per amine--, there weuld be a reduction °a the
eutgoings of last half-year of 8,737/., or 17,47,11. per
annum.—(Cheers.) Gentismen, I will not occupy your
titan
by altuliug at present to the lease of the Reading,
Guilthord,nd llPigate Railway, as that subject must be
diseietted a,a
is
0ver......,_ea special meeting when this general meeting
ing 0„ o.llt. ar, hears and loud cheers,) At this raCet-
ot
th.
ii:oeltzsaulldlitors, Mr. John Morgan, and three
I, reLire, ' 3ishaw, Captain Warren, and
bY rotative.r.
to a senicnentlyeentitnerta The directors were alive
ird by the proprietors that the
system of re-e retiring directors should not pro-
ced without exceptl:
t:n, and in deference to that senti-
ment WI, Abu.itect
and future cccasions proposal that on the present
offer himseli for re_eiceti retiring director should not
yooun.—(Hear, hear.) '
position so submiutt:rtierre,eo rho pro-
has met with univeriul-ap-
probation. By
thiin Warren does not
honourable colleagut, ca,,inorig the directors, my
himself for re-election on i 1 offer
respcctniily submit to you
ofd stn
- The directors
it will be for the interest of thr, their humble opinion
Rich, the Meinher for ichmond, who company to elect Mr.
didates soliciting your suffrages 4, 3 one of toe cau-
l:toy Oeiieve that by ucil a, ael member of the
board.
influ-
ence of the direction and
.the intetests election the
wid not be dicJini.:ll-n.d.--(Cheer., ) The Chairmant''e company
eluded-by moving fhet ', , report of the dir(mt( COO'
s andii the
w sat:aunt of accounts it., rccuived and,adoOt,d.
The DEPUTY-CIIAIRMAN Secf.nded the inoiioj. elit)

_
In rPpry to Mr. LEVY, . .
Tae-CuAtaxAsysaid the reduction-in the cost of „At,
was upwards of 2,00 e/ MO/Tared with. the preceding
hEitt;4„r.
•
Mr. Lit7-y.tai4hi,li to know
.now much the company
hat been lobbed of titis year in the purchase of colic ?
The CRAiax" did not, like a proprietor using such
an "Preasioe• ' If any gentleman would look to his
household accounts, he would 'see that there had been a
great differenCe iu the- price of coal since the Great
NOrthern Railway had blue opened.
Mr. LEVY said he knew
the proper cost for coke: well what ought to have been
The CHAIRMAN said she directors did not put forward
the reduction as one showing weal merit on their part.
They enly relieved the revenue of a portion of a heavy
charge in consiquerce of a reduction taking place in the
price of coal.—(Hear.) - - • ,
Mr. Gso. SMITH regretted that the smallness of the
dividend compared • with that given by neighbouring
railways, called from him an expression of disappoint-
ment and dissaTisfaction—,an expression which he be-
lieved would be entirely shared by other proprietors.
If he wanted to bring. forward a vote of want of confi-
dence in the direction he would do so manfully; but ho
hesitsted doing so. What was their situation after the
n urishinic year of 1851? Why they had got 3i. per
cent. for the year.
1,,Y-(,lcc—Ne, for the half year.—(oh, oh!) 1
fie,r.: ,ace SMITH wished it was 5,,, but he was satts-
if their t it'. we.s only 3 per cent. for the whole year; but
Via chviasYearr, of management were correct, he believed
(1-1 ar, hear,' would be 3} per cent. for the half-year.—
thi4; that
see),Zhe defective. management consisted in
class carriages, Zi passengers were put into third-
that, be contended, was wrong, be-
cause no man egould travelb in carriages without light. 1
Mr. LEvir—W.u.
set ? then we snail %Et, ut-
we shall have you in, shan't
is. It will either bet:l.llm yew. system of management
Mr. t4241T11 to it :or s.'r worse.—(Laughter.)
whizdd be better; but while-they
tolerated a system
candl..s wi'h them, the directors
passengers to carry
pir had got rid of the
danger which the remedy for- ..
carriages uncovered.
set-
ti a Brain on fire, by makii; light gave rise to, of set-
—(ebeeri.) ge t4ou-ght.'`..4l", the had an
of eiceing tiew diceetors th,y.,h,rti„opportunity
b aril -*sho would look to their ink r'e' send men to the
ill v m'gt; t depend.— (Hear, It& ar.) "5, and on whom
boar Et.) in it.vour of new,
Mr. LEVY said the ptrbtx v.;i,e'.. w , .
~
blood being introduced reio the
thouyht it desirable to haft) new `o,ucud,
hNow though he
Pander to such an appetite...7-(A laugh.) 0 17" never
prayed was any good blowodasiaa (thee-
:,appetite, If there