The Sun.
London, England, 1852-01-24 00:00:00

- _
f JANUARY 24 'pro

most of the descriptions of yarn and cloth, which are to
any extent in demand, have assumed more firmness.
These include 20's to 30's Water twist, which are in con-
sidorable request for China, and India numbers of mule.
Buyers of cloth for Chins have taken wide shirtings
to a fair extent, and. 40-inch goods of this description,
60,reed, 8 lbs. weight, sold flreely to-day at 7s 9d per
piece. For printing cloth and long cloth there is a good
demand, except for the lighter descriptions, such as are
chiefly made at Blaaburn. Fustians are not in much
ripest, but cords suitable to the Irish markets have a
good sale. On the whole, an averagry business, perhaps
bus been done this we, k, but the contracts Or the future
&livery arc not so considerable as they were a month
back.

•
-COAL. MAU ti.t.,T.— YESTXRDAY.
Prices of Coal per ton at'the close of the market:—
Bite's West Hartley.. 13s 6d Hedley ....... .... i ..... 158 6d
huddle's W. Hartley.. 138 6d Eden Main ..... .. 16a 6d
'Burnhope . l2s. Od Belmont l6s 6d
Carr's Hartley ..... ..: 13s 6d Braddyll
'Chester Main l4s adifietton
Dean's Primrose
Howard's' W. H. Neth. 2"3s 6,3- Keepier les 6d
Longridge'sW.Hartley 13s 6d Whitwell
North Percy Hartley.. 13s 6d Caradoc .....
Newcastle Hartley.... 13s 6d Hunwick
• Rayensworth'sW. Hart 13s 9d Haigh Hall
Tyne-Main.
•• i oilfield Moor ......... 13s 6d Nsrth Hartlepool l3s 9d
ranffeld Moor Butea... 13s 3d Whitworth
Walker's Primrose ... 12s Od Brown's Deanery lss, Od
Wall's End, Eao. C wpm Hartley
Acorn Close
Gosf6rth •.. .. :158.6d Cardiff

Barton
Harvey Wylam Gas l3s 3d
Ships at market,

Sidney's Hartley
Bynea handpkd. steam 18s 6d
84. Sold, 54, -

RAILWAY INTELLIGENCE.
BRIGHTON. '

The half-yearly meeting of the proprietors of the
above company was held yesterday, at the Bridge-house
Hotel, London-bridge. Mrs Laing Was in the chair.
The advertimment by which the meeting had been con-
ereard baviug been read by the secretary,
The CHAIRMAN" said he supposed the report might, as
le led, be taken as being read.—(dear.) Ile would !m-
-ecca, then to move that the report be adopted; and in
icing so, he should trouble them with a very few chser-
ratioes upon one or two topics which seemed to him to
bo likely to be interesting to them. The first and most
important question, end which, perhaps, they might teel
en e.irpecial interest iu, was how far the Great Exhibition
might have affrieted the large increase of the traffic
daring the past half-yeer. When they saw that they
bed had during the last three years an increase of
131,6781. in the income of the company, of which up-
wards lof 50,000/. had been obtained m the last year,
1851, of course they could not but all feel considerable
anxiety as to whether this very large increase might be
of a permanent character, or might he attributable to a
temporary cause like that of the Great Exhibition.
They would observe that in the report the directors ex-
przescd the opinion that although some of the increase
of the past year might be attributable to that cause,
the larger portion of it was of a permanent charac-
ter. Of course it must be conjectural in a great
measure, how much of the increase might be attribu,ecl
to this Great Exhibition. There was no doubt that they
had had a considerable accession of traffic arising from
that cause; but it hail been by no means so great as in
the case of other railways, which connected larger
masses of the population with the metropolis; that was
a result reasonably to be anticipated. A very great ad-
ditional attraction being established in London, it was
only to be expected that a line like the Brighton,
ebich only connected London with the population of a
single country, should not reap such a rich harvest from
that cause as other railways like the North-Western and
Great Western, which connected, perhaps, a third or a
fourth of the entire population of the kingdom with
London; and, accordingly, such had been the case. The
total increase, he found, of passenger traffic during the
year 1851 over the year 1850, had been about 42,0001.;
while the average increase for the two preceding years
had been about 18,000/. According to that it would ap-
pear, therefore, as if upon their passenger traffic they
had obtained rather more than the natural increase of
two years; but it must be recollected that the progres-
sive development of the traffic of the line, while the
country continued prosperous, must have been expected
to bring a large increase of traffic, inde-
pendent of any extraordinary cause. lie had
got the figures out of the amount of ex-
cursion trans—and other extraordinary traffic, as
they might call it, which had been booked at the various
stations on the line to London at reduced rates; and he
found that in the year 1851 it amounted to 17,7151.,
during the time the Exhibition was open, being an in-
crease of 15,6961. over the corresponding period of 1850.
Uf that, 15,000/. or 16,000/. represented the direct in-
crease of excursion traffic derived from the Exhibition;
there probably was some other increase upon the ordi-
nary traffic to London; but, on the other hand, there
was a decided falling off in certain branches of the local
traffic; and on the traffic from London he thought on
the whole they had lost quite as much as they had
gained from superior attractions of the Exhibition
in London keeping people in town. There was one
rather interesting and remarkable phenomenon attending
our Exhibition traffic this year. They hal been in no
hurry to adopt the system of low fares; they retained
their ordinary fares for the first two months of the Ex-
hibition; and he thought the result had proved most
conclusively that they had got no increase of traffic
whatever from that cause until they lowered the fares
very considerably, so as to place within the means of
the mass of the population the opportunity of gra-
tifying their curiosity by visiting London. During
the month of May the Exhibition affected their
traffic in passengers but slightly compared with
other lines; they then adopted the policy of grant-
ing by their usual trains and other trains return tickets
at considerably reduced fares; and they had a very large
increase of traffic from the middle of July or the begin-
ning of August until the close of the Exhibition in Oc-
tuber. Since then they had been suffering slightly, but
only in a slight dsgree, from the reaction naturally
resulting upon the decrease of that traffic. On the
whole, however, he should say, though the result of that
test must be conjectural, his own opinion was that
they might in this one year anticipate the natural in-
crease of two years; and if in the year 1852 they could
keep their receipts on a level with the receipts of the
year 1851, they ought to he perfectly satisfied with the
result.—(Bear, hear.) There was one very gratifying
feature about the increase of their traffic. It they re-
ferred to the table in which the comparative receipts of
the last three years were given they would see that the
largest increase of all had been in the amount of the an-
nual and season tickets. Now that increase certainly
showed a steady and progressive development of traffic
on the different branches of the line,:and represented in a
great measure the increase of buildings, and the in-
creased number of residents, arising from the great advan-
tages and ;facilities offered by the lino to people to live
at Brighton, and in the vicinity of the different stations
on the line, and to come up to London to their business
instead of residing in London. As regarded the next
question to that of receipts, the question of expenditure,
he would just make this remark to them, that in 1849,
they might recollect, he hazarded an estimate of what
the expenditure might probably be upon a given amount
of income in future; and they found the actual result cor-
responded very closely;iudeed with that estimate. The
estimate in 1849 was based upon the supposition of a
traffic of 500,0001. a year. Exclusively of casualties,
white was a separate item, it would require 210,000/.
expenditure to earn an income of 500,0001., and 25 per
cent. upon any additional receipts beyond 500,0004
Now that estimate would have brought the expenditure
for the year 1851 to the amount of 242,4441.; their
actual expenditure in 1851 bad been 233,7191., to which
if they added the reserve fund of 10,0001., it would
make the amount of 243,7191., or within less than
1,500/. of the estimate which was given more than two
years ago. He would like to observe, however, that in
giving that estimate it was based upon the supposition
that an increase of traffic beyond the 500,0001. a year
would arise from the progressive development of the
ordinary sources of traffic. He, no doubt, then had
in view that which had been the actual fact—that
a large proportion of the increase had arisen from
goods traffic and excursion traffic, for which traffic they
had had to do an extra quantity of work, or he would
hardly have ventured to give so large a figure as twenty-
five per cent. for the additional stock and expenses
necessary to enable them to obtain those increased re-
ceipts. And they must recollect that while their income
had increased thirty per cent., the amount of work,
whether measured by the number of miles run, or by
the number of passengers carried, had increased about
fifty per cent., showing that a large portion of their_inne-
crease had arisen from the traffic attracted to then
by extra exertions in running trains at low fares,e byarad._.
carrying a great portiou of their traffic at reducede Les
last
The principal increase of expenditure during
of
Lo-
, ro the
year, they would observe, was under the heade f m
and
comotive Power," which had arisen, of course,
ran,
increased number of miles which had
renewals which
from the larger amount of repairs and
that would be
had been effected in order to keep theefs
condition. He believed the best test
was
reeek up in good
If
afforded by the punctuality of trains.theichthe
directors:piqued
one point more than another on which
themselves—if he might so express is—it was upon the
Brihton Railway,
be directorstraffi e wmight feel s sual -t
punctuality of the trains
dissatisfied on COM.
lie confessed, although they,°al
tisfied, some proprietors migh.
s eae that he would rather
paring the results of themEuxsh.
on other lines; but he
nereasuebdli
traffic, and retain
undisturbed by an
himself have a moderate inciriety,
their reputation for punctu!l is_temonf
a great
enor-
mous accession of
accession for one year, accompanied with the loss of
excursion traffic, than have
slity with the
their character for p
0 and the i
uinthetureference to the') expression,clie
might observe, also, we-0g
toe increase of their
1311
er, that they expendi-
ture for locomotive
pplonwciple of runningwere going sys-
tematically thernecessary more trains per-
-53 strictly at the
present moment
haps than w
for the requirements of the traffic, with a view to afford
accommodation to the public, and to assist in the future
of their traffic. For
development instance, between
London and Brighton they were running three express
trains daily .
eachway. Now, very probably two
express trolls might tWcounuodate the existing

traffic, and there might be no material falling off, in
the first instance, it they reduced those three express
trains to two ; but, on the other hand, he
had not the slightest doubt that it was the best policy
they could pursue. If they look to an extended period
of five, or six, or eight, or ten years, it would be found
that there could be no more judicious expenditure of
money than in conneding Bliglaton with London at a
very high rate of speed, so us to make it the most con-
venient point of access from the metropolis; and the
SUMO observations would apply to the trains on the short
lines—to Croydon and Epsom—where they were running
trains from an early hour until half-pesttevelve at night,
mainly with a view to encourege residence in the vicinity
of the line. He would now come to that which he
thought by far the most important point connected with
the present report. Teat was the question of providing
for the additional outlay for permanent objects, which
were rendered necessary by the large increase of traffic.
In asking for further outlay fur those objects, it seemed
right, in the first instance, that they should give them
some account of their stewardship in regard to the past.
They would recollect that in October, 1848, an estimate
1177,s sent round by the directors to the proprietors,
with regard to the final state of the capital account.
-t that period the utmost amount of income which
they ventured to ground their estimate upon was
450,0001. a year. They had then liabilities to the extent
of 390,000/. to complete the diffdrent works which were
then in progress on the line, and assets to realize to the
extent of about 145,0081,,- aad on that
they ventured to estitnete that the final umeuntt.Elteof of
things
capi-
tal would not exceed 7,200,0004 Sines t hat periodai
l
the works which were then in contemplation ad been
completed, and about 100,000/. worth of additiouul works
executed, in increasing their stock and in enlarging sta-
tions, which had bron done beyond anything included in
those estimates. Haying done that, and having doting
that period seen their traffee increase from 450,000/. to
535,000/. a year, the directors came to them end showed
that the limit of 7,200,000/. had not yet been exceeded,
but is'approached within a very small margin; end that
this increase of traffic rendered necesper„ya further ex-
penditure, which might be roughly estimated at about
120,0001., in order to provide the necessary accqmino-
dation for traffic oa, the line. He thought no one
who was at all acquainted with the nature
of railway business could expect, for one mo-
ment, that such -a large increase of traffie as that
to which we had referred could be-carried on with any
thing like the same fixed establishmeut of working
stock and accommodation at the stations as was ler-
merly sufficient. The husiners of a railway company,
in many respects, might bo compared to that of' a large
carrying establishment, like that of Messrs- Pickford
and Co., or Messrs. Chaplin and Home. Every one
who was at all conversant with business must know that
if the business of Messrs. Pickford and Co., or Messrs.
Chaplin end Hoene, were to increase 30 per cent. in
three years, a very large increase of outlay indeed
I would be required by them in providing working plsnt,
warehouses, and so on, in order to conduct that traffic.
The number of passengers, as they would sea by the re-
turn, which had been carried over the lino had increased
by upwards of one million, or by 50 per cent. over the
whole number carried in 1848 ; and the mileage and
tonnage of goods increased in the same proportion. Of
course every additianal passenger who was carried re-
quired additional room to carry him ; and every addi-
tional ton of goods required additional waggons, and
additional warehouse room, and additional room for sid-
ings at the different stations, and every other precaution,
both to accommodate the traffic, and to prevent the risk
of accident arising, as they increased the number of their
trains. That some further expenditure must take place
from time to time, as the traffic increased, was, he thought,
a matter which stood to reason; and he was sure that no
more ruinous policy could be adopted by railway directors
and railway shareholders than to attempt to shut their
eyes to the inevitable facts; to shirk the call upon them
for further outlay, and to attempt to go on for a year or
two with insufficient stock and insufficient accommoda-
tion, and to incur the displeasure of the public, and the
risk of serious accident upon the line, which would be
the inevitable consequences of such a course of conduct.
Although upon this line they had been very fortunate
during the past year, notwithstanding the increase of
traffic, in escaping any serious accident that could be at-
tributed to any want of precaution, yet they could not
shut their eyes to the fact that a great many serious aced-
dents had occurred upon railways, and that a great deal
of public excitement had existed upon the subject; and
it was clear that if many accidents were to occur upon
railways of a description which could fairly be attributed
to the want of due precaution, or to a penny-wise and
pound-foolish economy ou the part of railway proprie-
tors, in refusing to grant the necessary funds, they
would both risk the certainty of being fined enormously
ia the shape of compensation for injury, and also risk
the great probability of very stringent interference on
the part of the Legislature, very likely leading in its
result to great inconvenience and damage to railways.
He confessed himself that he had a very strong feel-
ing that the charter, if ho might so express it, un-
der which they held their property, was that of
doing the best in their power to secure the public
safety upon the line. Ho thought if they were, under
the influence of false reasoning, or any other motive, to
shirk the necessity of increasing their working estab-
lishment, and of providing all the precautions which the
most advanced state of science could suggest for securing
the public safety, they would very soon feel the bad
consequences of it, both in the falling off of „their traffic,
and very possibly in the shape of legislative interference
with railway property.—(Cheers.) That feeling led the
directors in the autumn of the past year to direct a very
minute examination of all the different points of the line,
by their different officers, the resident engineer, the
traffic manager, and the locomotive superintendent, in
order to ascertain whether it was possible, at any points
on the line, to introduce any additional precautions to
secure the public safety; and whether the large increase
of traffic did or did not suggest the necessity of altera-
tions and enlargements at the different stations for ac-
commodating the traffic. They had a report from
them recommending a variety of different works, every
one of which was gone through carefully, and those
only were adopted which the board were fully ccnvinced
would ultimately be necessary in order to secure the
safety of the public on the line. He believed their adop-
tion could not have been postponed without very great
injury to the permanent interests of the company. Oae
of the points upon which additional outlay was need-
ful, as mentioned in the report, was a new goods
yard, with an approach from the main line
practicable for locomotive engines, and the enlargement
of the goods stock, in order to place it upon a level with
the requirements of the large increase of traffic. The
only point which admitted of a question with regard to
that outlay was not the necessity of that outlay (for he
was sure the more they looked into it the more they
would find that that outlay was necessary and indispen-
sable), but the mode in which it was to be supplied, and
that raised the broad question whether it should be pro-
vided out of the capital or out of the revenue. Upon that
point he had nothing to add to the reasons which were
given in that report. He did not like to commit himself
to opinions upon abstract questions of principle as to
whether expenditure of this sort ought, as an abstract
question, to be provided for out of capital or out of
revenue, or how it ought to be provided for in the case
of other buildings which might be differently circum-
stanced. It was suillaiant for him to say that in the
case of the Brighton Railway, at the present momethre
he had a very strong opinion, in which he believedet:denry
directors universally participated, that it would be very
ruinous their
ruinous and suicidal policy if they were to
capital account, and resort to capital d cheers.)
"ture —(llsar, an
necessity of increased expend' •
in orderr to meet the
l
There is (continued the Chairman) no doubt ofittle the•fecaboutt
that the public at large, who sknow very
gement, look at the
railway accounts and railway
result. Their confidence has li;eannatihaken by the broad
dividends paid previously
and palpable result that the
upon, from the -
to 1845 and 1846 could not be relied
.fact
of their being to a great extent eked out of capital; and,
therefore, that confidence never can be restored
until
the the public at large sees the practical working of
during a period of years in which a certain amount railways
dividend is paid without auy .12ytrhmeauent aceets3iott to the
capital account.
....(Cheers.)
ought f
at the' we assume that the
amount of expenditure present moment, as
a matter of policy, to be takenfrom revenue, the only
question remaining is over what period ought that to be
eyes shut Hera I cannotut my spread. to the fact, that
ere
to take it oat of t nne of a single year, or even to
spread it over a perio of two or three years, would be
pressing with undue hardship upon a very numerous
class of proprietfors, with a very small amount of pro-
perty; for out o the number of 4,000 holders of the
ordinary stock of the Companbe widows, or persons of y_ a very. large portion may
ender income, to whom the
amount of the dividend
is a very great considera-
tion, and I think we should feel it to be a harsh and
cruel step to deprive
have been led to expect, by
peet appropriating a large por-
tion of the receipts of any particular half-year to per-
manent improvements, the benefits of which would be
spread over a very
long period. As to the 120,000 L
which we talk of spending, the goods stock which
will be provided by it will last on the average
for ten years, and the goods yard and the line
which is to be constructed with it will last, one may an-
ticipate, for nearly a century. The other improvements
of stations will all last for a long time—more nearly for
a generation, we may say, than for the limited period of
four or five years; and, therefore, if we were to propose
that the whole of that amount should be taken out of
the dividends in a very short period of time, I think it
would be pressing too hard upon a class of our small
proprietors, and 1 should be reluctant to do so, consider-
ing that though it is of vital importance, that_ we should
not resort to capital, but should carrout the principle
of keeping our capital account closed, yet I should Le
afraid to.try to do too much, or to put the screw too
severely upon the present proprietors, by proposing to
per-centage-30 or 40 per cent.
a
appropriate to a large_
—to meet it. I think that the pressure would come,
not from the proprietors, but that the directors
to
them-
selves would be driven interfere, in order to re-open
the capital account. I think it is much better to do that
which is prudent and practicable than to attempt any-
thing which cannot be carried out in practice.
Gentlemen, as regards the security afforded to the
public by this mode of proceediug, which, after all is ,
the main question, for it is a question of cosi-
ro.
1 deuce—by the plan which we propose, in order to •

on r. 7is:j red to he raised ror the pie(oee of
eaitional ;iceoin), 10 per cent, will be taken
every near as sinking fund, and 4 per cent. for
req. Therefore, the money which is raised fot those
-pesos will be raised in the first instance eti 14 per
I think those v.-ho ere at all acquainted s nth. the
_dent state of rail Way dividend accounts must be, aware
were •so dies
of the impossibility of directors, even if they
posed. if I may call it cribbing, anything like 14 per
cent. from the expenditure, in order to eke out the divi-
dends of any one half-year. While money is raised at
4 per met., there is uo doubt an impression Upon tho
mind of the public that auditors and boards of directive;
are too fond of ;Tending out of capital instead of out of
the current receipts of the year, to some isatent,
to as to eke out the dividend—the inducement being
to make the dividend as good as possible; for I need
not say that directors always like to meet their
proprietors with the announcement of as good u.
dividend as possible. It is pleasanter to meet the
body of proprietors with a good dividend than with a
bad one; and with capital raised at 4 per cent. no doubt
there is tin opening for assisting your revenue to same
extent out of your capital; but when you come to pay
14 per cent. upon your immediate outlay, as will be the
cese now, unless you suppose gross and palpable dis-
honesty on the part of the directors, and equally gross
and palpable supineness on the part of the bitiaretioMere,
it would be utterly impossible to conceive that the effect
of this arrangement could be to enable us to pay better
dividends than, had been honestly and legitimately
earned. This, then, is the recommendation, and I
think that recommendation will be distinctly understood
from the report; it is that 10 per cent. upon any addi-
tional outlay beyond the 7,200,0001 is to be taken at
the end of ecla year as a sinking fund, in addition
to the currant interest which would he payable on
that amount. I will only say oee word more to
point out. to the proprietors how that probably
may eff..et our position for the next
year or two.
We have been accustomed, as you know, to lay aside
towards the accumulation from
ieringaccumulation of a reeisree
10,0001. to 15,0001. c year out. of
(ttasru ante vterreeve •
fund. The obiect of that reserve fund WIIS always un-
derstood to be to create such a fund as might.rseet any
extraerdinary accident or unusual expenditure in any
particular year, more particularly under the bead of
" permanent way." lii case or a bridge or a tunnel fall-
ing in, or any slips upon the line occurring, or any Ile.
ceszity arising suddenly and unexpectedly. it was telt to
be important that we should have a fund in hand, accu-
mulated out of the revenue, to which. we could resort,
without beim," driven to the alternative, either of effect-
ing the workout of the dividend of any particular half-
year, or of re-opening our capital account. That re-
serviced fund has now reached the stiapunt of 36,0004
which, with interest. will soon amount to about 40,000/.
I confees, acc-Jrding'f-c-;r • -- view or the case, that
that sum may be cons •'• e- sufficient tor the pur-
pose, for which that re ae. .und was destined. I
think 40000/, is,. quite ':such as there is any like-
lihoodsof cur being called eon to spend in any perti-
cultkirsitPtale or any pe. deader year, to meet any ex-
traordinary casualties., in. the permanent way. It will
„mate ee eseeeereOW and replace quite us num% of the per •
manent way in any one year as we could do, without an
entire euspension of the whole of our traffic, and would
repair any extraordinary casualty that could be contem-
plated as likely to affect the truths.. I think, therefore,
that if a burden to the extent of 10,0001. or 15,0001. in
a year falls upon us, under the head of sinking fund, iu
order to meet the expenditure required by'our traffic, by
the time that burden falls upon us we shall be quite in a
condition to discontinue the further accumulation of a
reserved fund. The practicl eff,ct will be that we shall
continue to set aside tee sum of from 10,000/, to 15,0001.
a year out of the revenue; only, instead of setting abide
the whole as a reserve fund, we shall net aside the same
amount, either wholly or partially, as a 'sinking Iliad.
I believe, put it as you will, that it will be found
to bo the result in all railways, either that their
capital accounts cannot be closed, or they must be satis-
fied to set aside some portion of their revenue in each
year in some shape or other, either in the shape of a
sinking fund or a reserved fiend, to meet the addi clonal
outlay which it is quite certain they will be exposed to
so long as the traffic continues, as at present, to develop
itself and to increase. With an increasing traffic you
cannot have a closed capital account, unless you are pre-
pared to make some sacrifice of the revenue. It will
come to this,—are you prepared to submit to a certain
moderate sacrifice out of the present dividend, or do you
prefer tho alternative of having the capital account re-
opened? I say submit to a moderate deduction from
your current dividends—submit to set aside 10,0001. to
15,0001. a year which you have been accustomed to set
aside, and I believe the effect will be that,the value of
your property will stand very much higher after ao
doing than it would do in the alternative, even although
in doing so you were enabled to eke out your dividend.
—(Hear, hear.) Ido not know that I have anything
more to trouble you with, gentlemen. I shall therefore
sit down by moving, " That the report now read, with
the half-yearly:statement of accounts, be received."
The motion having been seconded was after a short
discussion carried with one dissentient only.
It was next resolved to add 10,000/. to the reserve
fund, and a dividend of 31. per cent. for the half-yea?
having been declared, the retiring directors elected, and
other resolutions of aeformal character passed, a vote of
thanks to the Chairman closed the proceedings.