The Sun.
London, England, 1852-02-17 00:00:00

THE

RAILWAY INTELLIGEN CE.
LONDON AND SOUTH-WESTERN.
The half-yearly meeting of this company was held on
Thursday, at the Nine Elms station, Vauxhall, for the
purpose of receiving the report, declaring a dividend,
electing three directors, and on general business ; the
attendance of proprietors was very large. Lord Morley,
the vice-chairman, presided, in the absence of Mr. Chap-
lin, M.P., who was prevented from attending by indis-
position.
The minutes of the previous meeting having been read
and confirmed, the secretary read the report, of which
the following is an abstract:—
" The net revenue for the half-year
ending December 31, 1851, amounts,
after deducting interest on loans and
all other preferential charges, includ-
ing an extraordinary charge of
10,0001. referred to below, to
The surplus from June 30, 1851 2,320 16 1

The balance applicable to dividends,
therefore, is
From which the directors recommend that a dividend
for the half-year at the rate of 5i per cent. per annum
be declared, amounting on 6,695,2181. to 175,7491. 95. 5d.,
leaving to be carried over to the next half-year
8,5481. Os. 9d. The revenue of the half-year ending
December 31, 1851, having received the increase due,
directly and indirectly, to the Exhibition of the Industry
of all Nations, presents an exceptional result, which
prevents it from serving as a criterion from which to
judge of the progress of the ordinary traffic. Its prin-
cipal features are, briefly, an increase of receipts as com-
pared with the corresponding period of 1850, of 69,113/.
Is. 5d.; an increase of expense of 10,8021. 9s. ld. The
number of passengers, in comparison with the number
in 1850, has been as 1,827,870 to 1,370,788. The num-
ber of train miles run as 1,126,498 to 951,029. The
greateri portion of this additional business occurred in
the three months of July, August, and September. The
continental traffic formed an important item in the in-
crease arising from the Exhibition, the numbers of con-
tinental travellers reaching nearly 1,000 per week
during such period. The increase of numbers daring
the same period on the main line was about 216,011, and
on the Windsor line about 241,072. The increase in the
goods and live stock traffic during the last half-year, as
compared with 1850, has been, it will be seen, at
the rate of about 831. per week, or a total
of 4,2861. lls. sd. The receipts from season
tickets have improved as 2,9551. to 4,1441, and
the number extant has largely increased and is increas-
ing. It is satisfactory to find that the reaction in the
regular traffic, which was anticipated as a probable re-
suit of the cessation of the excitement produced by the
Exhibition, has not yet been appreciably felt by this
company; the receipts, counting from one month after
the closing of the Exhibition to the present time, having
been better by 4,736/. than for the corresponding period
of 1850—the same number of miles being opened during
each period. The passenger tax on the excursion pas-
sengers carried during the Exhibition, at end under Id.
per mile, in first and second class carriages, has been re-
tained by this company on the ground of such receipts
being legally exempt from the tax. The claim of the
Inland Revenue Commissioners for payment of duty on
this item is, nevertheless, being prosecuted at law, which
the directors cannot but regard as an inequitable and
unfair proceeding, when it is considered that it was by
means of these excursion trains alone that the mass of
the people were enabled to visit the Exhibition, and that
such trains afforded the very accommodation which the
Act providing ;or the drawback of the tax on tares at
and under Id. per mile, was framed to encourage—viz ,
the securing to the poorer class of travellers the means
of traveling at moderate fares and in carriages protected
from the weather. In connexion with the subject of
plant or carrying stuck, the amount under this head
has reached the total set down in the estimate of
February, 1850, as the limit to be charged to capital—
viz., 570,160/. The capital account for plant, in accord-
ance with the pledge given, having been closed at the
sum above stated, the additional plant required for addi-
tional traffic, will have to be defrayed out of revenue by
successive instalments spread over five years, and a re-
serve account has been opened to liquidate the cost of
such plant. To this reserve account 10,000/. has been
carried from the revenue of the last half-year. Persuaded
of the importance of making the nearest practicable ap-
proach to the object so much wished for in railway
management, and us yet found so difficult to attain—the
closing of the capital account, tho directors propose
that the principle of the reserve fund, commenced for the
first time this half-year, to provide for additional work-
ing stock, be extended to such future additions to sta-
tions and sidings as are found to be necessary for the de-
velopment of traffic; and that the expense of such addi-
tions, instead of being charged to capital, according to
the practice sanctioned by commercial usage, be also by
this company from this time forth put to a reserve ac-
count, and paid off by revenue, by means of instalments,
spread over a given number of years. The directors
know no other way of practically closing the
capital account, as regards lines opened for traffic,
the business on which is increasing; and it is in this
conviction that they adopt the course in question.
The line from Farnham to Alton is satisfactorily proceed-
ing to completion, and will be finished in the course of
th present half-year. The North and South Junction
Railway, 3i miles long, connecting this line with the
London and North-Western line, and the railway system
of the north and east of England, and the port of South-
ampton with the docks and warehouses of London, is
expected to be ready for opening in the autumn of the
present year. Ia consequence of two proposals made to
your board during the last summer by the landowners
and other influential persons locally interested in the
extension of this railway westward, the directors found
it necessary to call the proprietors together on the 16th
December last, in order to submit these proposals to
them, and after a careful consideration of the subject
they recommended that the company should sanction en
arrangement with the promoters of the central lino pro-
ject from Salisbury to Exeter, which was almost idens
tical in design with that line for which this company, in
1848, obtained powers to construct, and for which object
the proprietors of this company then entered into most
onerous engagements. This arrangement did not in-
volve any subscription from this company to the capital
for constructing the new line, nor did it involve
any absolute guarantee. The recommendations of
this report were not, however, accepted at that
meeting, but a committee of shareholders was then ap-
pointed to examine into the proposals of the central and
coast schemes of extension. The report of that com-
mittee, of the 22d of December, was adopted at ad-
journed meetings on the 23d and 31st of December.
This report contained the recommendation that the pro-
posal of the central scheme should not receive the sanc-
tion of this company, and went on to say that the pro-
posed extension of the coast lino from Dorchester to
Exeter, would add materially to the value of this pro-
perty, and that it deserves every encouragement and aid
which the proprietors individually may be disposed to
give it.' The promoters of the coast line have subse-
quently to this period submitted proposals to your board,
but from the nature of these proposals, and the wording
of the shareholders' report, the board did not consider
themselves authorised to treat upon them; they will ac-
cordingly be submitted to the meeting of this day by
the promoters. Your directors have made arrange-
ments with Mr. Brassey for completing the works from
Basingstoke to Andover as a single line, and at a re-
duced cost—viz., 74,000/. The works are therefore re-
commenced. In regard to the remaining portion of the
line between Andover and Salisbury, the directors are
pursuing the inquiry recommended in the committee's
report as to obtaining the lowest estimate at which the
works between these places can be completed."
The CHAIRMAN, in moving that the report be received
and adopted said—Gentlemen, I think you will all agree
with me in congratulating ourselves upon the success of
the traffic during the last six months; and although we
may certainly, in a great measure, attribute the vast in-
creaseyepeontegsnsitngiexelosuwiets
et—irhonlbi
nifc(pttihcoihyeonirhhnuhmeatkaechassrl
enostweas)tgneek—hrdteee,
bnmraetet
but,
traffic
bat:
fiuteuc:seseentol
fairlyto the
congratulateG re a t Exhibition,
ourselves
wehneaeeovt
hfi
mnreteguhecsecotmt
Exhibition
orndxaoehrikinyb, satisfactorytittotihhoteenhretesr
it
ifhnffiaaceeest
pe
the thator
been a satisfactory increase as compared with the same
period last year.—(Cheers.) When we look at the
number of houses building along the whole course of
our line, I think we must be satisfied that, according to
the ordinary nature of things, this increase will go on
and continue; and, when we look at the fact that our
station at Waterloo-bridge is the most central, and there-
fore the most convenient, of any terminus in London,
we cannot but feel that that circumstance must operate
upon those who prefer living at some little distance
from the metropolis.—(Loud cheers.) In alluding to
the traffic arrangements for the Great Exhibi-
tion, it is impossible too highly to praise the zeal and
activity of your servants on that occasion.—(Hear,
hear.) They all, from the porter upwards, exerted
themselves to the utmost, and it was owing to their ju-
-dicious arrangements, and the ability with which they
carried out those arrangements, that we have been
enabled, under the guidance of Providence, to carry the
thousands and thousands of persons who flocked to
our line, not only without any fatal accident, but without
materially interfering with our ordinary local traffic.—
(Cheers.) The directors have given a gratuity to each
of the servants who were engaged in this traffic during
the Exhibition, accompanying that gratuity with a
letter expressing their thanks for the zeal and assi-
duity with which their duties were performed at a
time of very great pressure.—(Applause.) The direc-
tors have borne in mind the frequently expressed wish
of the proprietors that the capital accounts of this com-
pany should be closed, and they have accordingly di-
rected that for the future all the plant, all the increase
in the stations, and any additional sidings, which may
be required shall be transferred from the capital to the
revenue account.—(Cheere.) This will of course mate-
rially facilitate the object we have in view of closing the
capital account altogether. The auditors have approved
of the suggestion, and I flatter myself that the manner
in which you' received that announcement shows that it
iseitteutseteseeeeytltnstoyi
_aoirudrooaf.pHpreoablathti,on.—(Loud cheers.) An allusion is
made in the report to the fact that we were obliged to
_build new offices for our clerks and officers. It is abso-
lutely
etdh,aytentdh that should be the case, for the
ffitH ces are perfectl unfit for. the purposes for which
yarethe medical officer of
manentudbsuil
shall be determined to (Hear, hear.)manner as
A PROPRIETOR—Is that
to bring
ttoh assuresperwoeeaetde r
with
10 aiot
Waterloo-station,
thatttahtai
otn newbuwhenever offices
areit
The
them into
will be Fonsttirounct
wedithinthseucphera.
idairngas regards the health of our officers.—
into conyanc
account?
the completion of the Waterloo The CHAIRMAN—No. htoreoor
teshbteea
proposals
erection
putencos,
;if
amot
tonah
dee theeat
opaatophsrr
ateet
riv
portion
revenue
that sum will be applicable fo
oflices,—(Hear, hear.) Some
willo be sub-
mitted to you by the proprietoisre
It wall be for you to decide upon those proposals.

The directors did not think they were justified by
the wording of the report of the committee which
you sanctioned, to take those resolutions into their con-
sideration, because the encouragement to the scheme
which is given in that report is merely given in this
way, that the shareholders should encourage it indi-
vidually.—(Hear,hear.) It does not go beyond that,
ed by your directors that the coast
a nd it
was
presut
12
scheme was preferred to the central scheme, because in
the one case there were ao guarantees or stipulations de-
manded; and in the other case such guarantees were
required.—(Hear, hear.) The matter is left entirely in
your hands to deal with as you please.—(Hear, hear.)
The directors have taken the same view as the report
of the committee, with reference to the completion of
the line between Basingstoke and Andover, and they
have entered into a contract with Mr. Brassoy to com-
plete a single line at as small an expense as possible, and
supersedes one of a much heavier nature,
previously in existence.—(Hear.) The di-
twhheicchonwtraasct
rectors do not think the vast interests embarked by the
South-Western shareholders would be secured if that
line were to be in the hands of an independent party,
so as to be sold to the highest bidder.—(Hear.) With
regard to this line, when we were discussing the merits
of the central scheme and the coast line, the expenditure
required for the completion of the line was one of the
great objections to the central scheme. The directors
were fully aware at the time that it was essential for
the interests of the company that this line should be
made, and they only wished that the traffic of the cen-
tral line should come over it in order that it should pay
better then it is likely to do.—(Hear.) From what
has occurred since we discussed the merits of these two
ones—the fact that we are compelled to com-
plete lino and the fact that stipulations are
the coast company more onerous than
h
dhdesedemandeded by the central, may open your eyes to
dttheoems reaentason why the directors preferred the one line over
the other.—(Hear.) I have great pleasure in informing
you that your chairman is gradually recovering from the
severe illness under which he has been labouring—
(Cheers)—end I trust that in the course of a short
time we shall again have the benefit of his advice
and assistance at the meetings of the board.—(Cheers.)
One word with respect to the candidates offering
themselves for re-eleetion. Of course it rests entirely
with the shareholders whom they will elect, and it will
only be for the directors to support those candidates,
whom they think most competent to fill the situation.
So far as I am myself concerned—and I believe I speak
the feelings of each individual member when I say that
we shall regret most exceedingly the loss of any of the
three directors with whom we have been acting, who have
m important duties and trusts confided to them—(Cheers)
—Io s tcrud al o
that
h s
will be conducted without any personal vitupera-
tion, tion, and without that confusion, and disorder which
al, conscientiously, and ably discharged the
the contest, whatever may be its result,
YI
regret to say has been so frequently the characteristic
of our meetings.—(Cheers.) Our first business will be
z
the adoption of the report; our next the declaration of
the dividend. The different candidates will then be
moved and seconded, and if the minority should demand
a poll, it will commence immediately after the show of
hands and continue till eight o'clock. It will then be
transferred to the York-road, and cuutinued on Friday
and Saturday from ten o'clock till five. On Monday
and Tuesday the poll will be in the hands of the scruti-
neers, and on Wednesday at two o'clock we propose to
make the final declaration.—(Hear, bear.) The Noble
Chairman concluded by proposing that the report be
received and adopted.
Mr. UPCROFT seconded the motion.
Mr. KAY wished to ask a question with respect to the
Bodmin and Wadebridge line. From the accounts it was
impossible to ascertain the cost of that line, and ho was
desirous of knowing the actual expense which had been
incurred. He wished also to receive some explanation
with respect to three items connected with the Steam-
packet Company. There was a charge against the re-
venue account of 2,000/ ; a charge for steam-packets
working account of 4,752/. 9s. 11d.; arid a charge on the
capital account of 2,1031. I Is. sd. These three items
amounted to nearly 8,000 per annum, and the inference
he drew from the accounts was that this was an actual
annual loss to the company.—(Hear, hear.)
The CHAIRMAN said with respect to the steam-packet
company, the two last amounts referred to by the honour-
able proprietor were actually on the credit aide—
(Laugh ter)—aud the 2,0001. was interest upon a debt of
50,0001—(hear.)
Mr. UZIELLI said the expense of the Bodmin and
Wadebridge line had been 35,9261. 16s. 3d. There was
still a small payment to be made in liquidation of the
advances made by the commissioners several years ago,
about 1,000/.
Mr. KAY—What is the profit? Mr. UZIELLI—I
don't see any.—(Laughter.)
A PROPRIETOR complained of the law expenses of
the company, which during the last halt-year amounted
to nearly 8,0001. He thought a great portion of the
legal expenses would be saved by the appointment of a
law clerk, with a fixed salary.—(Hear, hear.)
The CHAIRMAN skid the subject now broached was
considered some time ego by the directors, and very
fairly and honestly met by the solicitors to the com-
pany, but as the Parliamentrry expenses were then
about closing, it was not thought desirable to make any
alteration.
The SOLICITOR to the Company explained that a con-
siderable amount of the conveyancing bills paid during
last year were applicable to a period some time previous,
and he believed the sum referred to included a large
amount of vendors' costs for conveying the land.
Mr. LOCKE, M.P., said that in 1850 the estimated lia-
bilities of the company amounted to 640,0001., and
at that time he was most anxious that some state-
ment should be laid before the proprietors, showing
how those liabilities were to be provided for. In-
structions were given to the auditors to report every
six months upon the expenditure of capital, in order
that it might be seen whether the estimates were ex-
ceeded or not. At the first meeting which took place
afterwards it appeared that out of the 640,0001. the sum of
280,0001. had been expended, and at another half-yearly
meeting the expenditure was reported to have reached
399,3001. In the present report there was not one word
from the auditors on the subject, and be suggested that
the report should be amended in that respect. He also
complained of the omission of the usual statement with
respect to the mileage and the locomotive carriage de-
partment, and suggested an addition to the report on
that point also.—(Hear.)
Mr. ALEXANDER HOYES, one of the accountants, said
the complaint of the honourable proprietor was in some
respect well founded.—(Hear, hear.) He could not say
the matter had been forgotten, but he and his colleague
had not thought it necessary to report on that subject
on the present occasion. Of the 640,0001. there
still remained a sum of 180,0001. before that
amount would be exceeded. In some cases, no
doubt, the amounts estimated had been exceeded, but in
others a saving had been effected. He held in his hand
a full detail of those matters, which it would be impos-
sible to state without making a voluminous report.
Perhaps the honourable proprietor would be satisfied
if a complete report should be made next half-year.
The SECRETARY said it had been found impossible to
complete the table referred to by the honourable pro-
prietor. in consequence of the suspension of one of the
clerks for misconduct. The information with respect to
the locomotive engines was now ready, and might be
added if the report was to be sent round again.
After some further discussion the subject dropped, and
the report was unanimously adopted.
A dividend at the rate of 5/ per cent. per annum was
then declared, subject to the income-tax, to be payable
on and after the 28th of February.
The meeting then proceeded to the election of three
directors. The three retiring directors nominated were
the Hon. F, Scott,
-I 13-, Mr. H. C. Lacy, M.P., and Mr.
W. Reed; the new candidates were Mr. Sergeant Gioia-
lee, Mr. T. W. Help, and Mr. C. S. Mortimer.
The candidates having severally addressed the pro-
prietors, a show of hands was taken, which the chair-
man declared to have fallen on the retiring directors. A
poll was then demanded on behalf of the other candi-
dates.
Mr. Alexander Hayes was unanimously elected audi-
tor of the company.
Captain MOORSOM, as a proprietor, and as the repre-
sentative of a committee which had made a proposition
to the board and the proprietors calculated to serve the
interests of the company as well as their own district,
proposed the following resolution:—
" That this meeting, in carrying out the recommen-
dation of the committee of proprietors appointed on the
16th December last, so as to secure the construction of
a coast line in connexion with the lines of the South-
Western Railway Company, request the directors now
to make such arrangements with the provisional com-
mittee of the coast line as would effect the object co -
sistently with the beat interests of this company."
Mr. BUCKINGRAYr seconded the motion.
After considerable discussion, in the course of which
several amendments and alterations were suggested,
Mr. LocKE moved that the proposal of the promotors
of the coast line be remitted to the consideration of the
directors, and that they be requested to consider the
same without delay, and also any new proposals of the
promoters of the central line, and report to a future
meeting, or take such other means of communicating
their opinion as they ABM think fit.
Mr. KAY seconded the motion.
After several amendments had been moved and divided
upon, the motion of Mr. Locke was agreed to.
The proceedings terminated with a vote of thanks to
the chairman and directors, which was briefly ac-
knowledged.

THE FATAL ACCIDENT AT THE BRIGHTON PA..
YGIZT —The inquest on the body of Miss Michelson, of 11,
one
of Parade, Brighton, who was killed by the falling of
the
gates of the Brighton Pavilion, in a storm on
i ht Tuesday
last, was resumed at the Town Hall on Wednesday
night,
111r"d' by
adjournment, again on Thursday night, be-
fore
of • F. R. Gell, one of the coroners for the eastern divi-
sion
__ Sussex. The unfortunate lady, who was unmarried,
38 years of age. After a long consultation, the jury re-
turned a verdict of " Accidental death-" They added an ex-
pression of opinion that a similar accident was to be appre-
hended at the other gate in consequence of the hinges being
of cast iron, and the recommended that the present hinges
be replaced by hinges of wrought iron, or that such m
eas
ures
be taken by the local commissioners as they may de na-
cessarY to protect the
this morn-
public from any recurrence of susuchac-
cidents. Miss Langridge, who, although bruised, rot
wose
seriously injured, is recovering; and Mr. Sheriff wh
c"regarded as very precarious, lit!s,
ing had some refreshing sleep, and his recovery is now confi-
dently anticipated.
EXTENSIVE SMUGGLING —On Fri-
day thirty-two IN LIVERPOOL.
tierces, entered as containing pork and ham,
were landed in the Albert Dock, Liverpool, from the ship
Charles Sanders, recently arrived from America. On Satur-
day the Customs had them examined. Five tierces were
opened, and out of the live four were found to be almost
tilled with leaf tobacco. The remaining tierces and the vessel
were then seized. The Charles Sanders belongs to a Liver-
pool firm, who deny that they had any knowledge of the
transaction. ,

FRANCE

A portion of the property belonging to the
heirs of the late King Louis Philippe was put up
to sale on Saturday in the Civil Tribunal of
First Instance of the department of the Seine,
with all the formalities required by the law. The
property was composed of three lots, namely,
what is known as the Pavillon de Wurtem-
berg and its dependencies ; a house, situate at Neuilly,
and an orchard appertaining to the great park of
Neuilly. The first was sold for 95,000 f., exclusive
of charges ; the second, 9,000 f. ; and the third,
7,050 f., The sale attracted a considerable
number of persons, no doubt in consequence
of the decree of confiscation of the 23d •f
January. It may be right, however, to observe, that
the sale was without reference, and may be said, not-
withstanding that decree ; and the fact of its not
having been arrested by the law officers of the Govern-
ment in consequence ofthat decree has appeared strange,
and in fact inexplicable to the friends of the Princes of
the Orleanz family. The sale was decided on before
the decrees in question, indeed, in virtue of an order
of the Tribunal of First Instance of this department,
hearing date the 12th of April, 1851, the 23d of
July of the same year, and the 10th of January,
1852, and at the request of the heirs of Louis
Philippe ; and it would appear as if the execution of
that order took place in order to try whether the
decree of confiscation would be attempted to be
carried out by the Government. No opposition, how-
ever appeared, though the sale had been previously
made known, and the Procureur of the Republic
was present. It is not, however, believed by the
friends of the Orleans family that the absence of
interference on the part of the Government is any
indication that the wrong committed by that decree
is intended to be remedied by its repeal; but they
declare they believe themselves unable to explain
the fact of nothing having been done or said to put a
stop to the proceeding. The orders for carrying the
decree into execution have not yet been transmitted
by the proper officer to the party charged with the
management of the property.