The Sun.
London, England, 1852-08-03 00:00:00

RA.ILWAY INTELLIGENCE.
LONDON,BRIGUTON, AND SOUTFI COAST.
The half-yearly meeting of this company was held
yesterday at the Bridge.house lintel,
London-bridge;
Mr. S. Laing, M.P., in the chair.
The report, en abstract of which has already ap-
peared in The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the re-
port, said that the matter which was of the greatest
importance to them at present was the reconstruction
of the Crystal Palace at Sydenharn, and as the whole
matter had been fully discussed and explained to the
proprietors on two former occasions •it was unneces-
sary to occupy the time of the muting with any
it showed a
further observations upon the subject. As to the
traffic of the past half-year, he thought
satisfactory result, and being the first half of the
year, it would be unnecessary to enter into any
detailed statistics with regard to it. It was only the
result of the twelve months' traffic: that could be
compared with preceding years, therefore it could
not be possible to enter into details as to the probable
result of the year. The traffic for the past half-year
was about the same amount as that of the corres-
ponding period of 1851, and when it was considered
that this company gained about 2,0001. by the Exhi-
bition traffic, and that there was no diminution shown
in the traffic of the presentyear in consequence of that
increase, the result was satisfactory; particularly as
and also the unfavourable state
the opening of the Tunbridge-wells and Hastings
line in the early part of the year had effected the
sons races,-bp which latter
wtoesaibmeerllexut;iti;st,,xp
event the lost 2,000/, in having less than
usual traffic to that amount. The general election
also had affected the receipts, having the tendency of
torfatft
keeping people at home instead of going about as
usual. The directors considered that under these
circumstances it was satisfactory that the receipts of
the pub half-year had kept on a level with those of
the corresponding period of 1851. With regard to
the expenses under the bead of repairs and renewals,
it would be found that they were about the same as
in 1850, those of the corresponding period of 1851
being unusually light in consequence of the fire at
New Cross, which destroyed a quantity of the work-
ing stock which was fully insured, and had to be re-
built at the expense of the insurance company. As
regards compensation for accidents, they had to pay
3,5001. in respect to an accident which happened some
time ago, and of which they knew nothing at the
time. It may not be right of the directors to com-
plain of the laws of the country, but they
thought it a great hardship that railway
companies should be called upon to pay
large sums for accidents over which they had
no control, and which did not result from any false
economy on the part of the company, but purely from
accidental causes over which they could have no more
control than they could over the tyre of a wheel
flying off, ore fl Ish of lightning striking the train. It
appeared that railway companies were made insurers
h.r all casualties that may happen on their railways.
There were no such penalties on any other company
for what they could not control ; for instance, steam.
packet companies. There was the case of the Aina-
zen which belobged to the Royal Mail Steam Packet
Company, that company was not held liable for the
consequences of that catastrophe, which probably
arose from the negligence or want of caution of some
ono on board the ship. The directors had done their
best to provide the ship with everything, but, owing
to the negligence of some one, the ship took fire, and
serious consequences to numerous individuals was the
result. In respect to the accident on their line, for
which they had to pay damages 3,5001., it so happened
that a man was sent down the line in a fog to show a
red flag, but, instead of that, he showed a
green flag, both of which he carried with him.
The consequence was that a slight collision took
place, and it was so slight that it did not appear
at the time that any one was hurt ; however
they found that proceedings had been taken against
the company nearly twelve months afterwards to
compensate persons whose nerves it was stated had
received a shock. From the length of time that had
elapsed since the accident happened there was diffi-
culty on the part of the company in bringing evi-
dence of a contrary nature to that adduced at the
trial. The matter, however, was very different with
the Royal West India Mail Company, for they got
great credit for;having subscribed 100 or 200 guineas
towards a fund, forethetesurvivors, whi ha ieli eyed,
Pla-traikav nonatuattittrot.istroredit. , Ting
paid 3,5001. amages. There was n . ln 4.--- *3---
matter at present ; it was the existing state of the.d
law. There was no doubt that the reserve runh
might be available for such contingencies, but
thate
(the chairman) and the directors were of opinion
the whole amount of compensation mentioned should
be charged to revenue, and they bad done so,
being
anxious to preserve the reserve fund for the purposeto
intended. The policy of some companies wes
keep a balance over from one half-year to equalize.s
that of the other, but on consulting the wishes
of the Brighton shareholders on the subject', .thee
majority had expressed themselves in favour
of the present .system. lie did not find fault
with that arrangement, because, in attempting F3l
equalize the dividend of the two half-years, a certain
amount would have to be reserved from one half-Yes('
an
to increase that of the least productive half-year,
the result would be that people would expect a regu-
lar dividend of 4 or 44per cent., and in order to me.tt,e
that expectation, efforts might be made to fulfil s
which would lead to "cooking the amounts," and tuua
"making things pleasant." The present plan
..tith:s. ,
simple, and after deducting the necessary amount
the
expenses, &c., the balance was divided among s
shareholders every half-year. With regard to thea
year, be
dividend of the second half of the present
for themselves. They would have to reserve 10,0001.
out of the,traffic towards the extra expenditure on ca.
pital account for , accommodating the increasing
traffic, which amount was the same as that reserved
in 1850 and 1851. They would thus be able to
the a.se
ascertain the dividend by watching traffic. -1-""
thought it probable that they would
sustain a loss ru
the traffic as compared with the periodcorresponding.dnot
of 1851 from the causes mentioned, but be choir
think it would exceed 15,0001. The falling" on
their line would be comparatively light us compared
lines, 10
with the falling-off on the other metropolitan
consequence of the Exhibition at the corresponding
period of 1851. He concluded by moving the adop-
tion of the report.
Mr. SCHUSTER seconded the motion.
R the "el
'
Mr. HERAPATH wished to know where
dent happened for which they had to pay
hhs ?01.?
The CHAIRMAN CHAIRMAN said the accident in question a s
euth-
pezed at New-cross, in consequence
Brightonuf trains
Eastern train running into one of the
during a fog.
with regard
Mr. lIERA,PATH asked some questions
vv.
to the accounts, and which were answered, and how
, bor-
rowed was that a sum of 5,000/. had been recently
being in
rowed at 5 per cent., that rate of interest,
these days most extravagant ? , been bor-
rowed CHAIRMAN explained that it bauo the lender,
rowed four years ago, with the option t
~,e. it for three
at the expiration of that time, of renew: 7R it for the
years at 5 per cent., instead of lendini3e hail whole term term of seven years, which 003° for a term of
cised, having refused to lend the money
seven was her-
seven years. These terms, when the t They'were now
rowed, were considered good;
they could borrow
decidedly bed for the company, as 'f. 195,000/ which
money at 3i per cent. The sum asp
f 9195,0001.
the 75,0001. for
they proposed to rail© would inclu ,t of 26,000/.
the Crystal Palace traffic, and the balancewid above the
which had been expended over
7,200,0001. at which the capital account was to be
closed.
an explanation of the
Mr. lIERAPATEI wanted .-
t relating to the statement of of the auditor's report
property,
chase of the residue of a lease of thee-Harley
and what the latter consisted of r
y
The CHAIRMAN said that the prop The Property referred to
property be-
longed the tea-gardens at Anerley.
and, at a former
longed to the Croydon Comp 4
etsernYeeackinaster, at 1001.
period, they leased it to a ah. f this lease to run,
ears °
a-year. There were eight 31toown that the Crystal
and, before it was genera
enham, the company
Palace would be removed to Ito of eight years for
residue purchased the unexpired A 800/., the valuation of
2,500/. as compensation, an- l'w could get 3,500/. for
fixtures, &e. The company
rr Director said, there
what they paid 2,5001. 'that the property would
were 12 acres of hind, and that
B.year.] They wanted
now let for more than "tt. tt,a Exhibition, and there
the land for the purposea tea ' 0
1 h worth a great deal
could be no doubt it would gave for it.
more to the company Wane; thought they had paid
Mr. lIERAPATH Said
theu
residue of the term. He
ample compensation for
chairman that the present state
quite egreed with the
t ilthav compa '
_JUGS
IDS, rt i . 4of the law worked out as ren
most extraordinary and oppressive results. Tee; e
Public interests sheuld be
could be no doubt that the
en,
f t t and it was evidently
protected to the utmost ex„enies to do in
the interest of railway companies
la- ,when everything
accidents, tcau. ee they
their Power to avoid ace'
occurred the companies werens not only mulcted of
abut they were se-
enormous sums for compensation,
uent loss of traffic. The
verely injured b the em y y'le q tin every case to fine or
Proper remedy would he
punish the servants through whose cbrelessness the
accidents took place as heavily as possible,—(Hear.)