The Sun.
London, England, 1852-03-19 00:00:00

duties of citizsns? But Lord Derby's intentions are
avowedly, though perhaps: more avowedly than really,
dependent on his power. He may possibly find next
July, or next October, as the case may be, that ho can
command a majority for Cap revival of Protection, but
cannot command a majority for a merely Conservative
and remedial policy. In that case the blind sentiment
of honour which has already seduced him into antago-
nism with the general interests of his country may once
more lead him to an enterprise far more perilous
than any he has yet attempted, for such the
revival of Protection, on the strength of a Parlia-
mentary majority, would undoubtedly be. On "a
bare majority" he has assured us he will not act; and a
fixed duty of a few shillings he has spoken of with utter
contempt. But he may have a decided majority, de-
manding,at least some definite measure of Protection.
Should he attempt to comply, be will bring ruin on him-
self, degradation to his party, calamity to the State, and
Confusion on all who have recommended forbearance.
We are persuaded • that he will do nn such thing; but,
though we are easy on this point—vz., as to what Lord
Derby will not do, we are by no means easy as to what
he will do. What liberty of patriotism will his country
supporters allow him? Will they permit him to do more
than re-adjust their burdens. talk against democracy, and
deal with sanitary questions? It must be confessed that
hitherto between Lord Derby's professions and the
actual wants of the country there has been a fearful gap,
which even his eloquence has not been able to disguise;
and, as long as that is the case, it is evident that, though
we may forear, it is impossible to confide.— Times.

SOUTE-BASTERN AND CONTINENTAL
STEAM-PACKET COMPANY.

The half-yearly general meeting of the proprietors of
the South-Eastern and Continental Steam-packet Com-
pany.
was held yesterday, at the Bridge-house Hotel,
London-bridge, James Aracgregor, Esq , in the chair.
The SECRETARY read the advertisement by which the
meeting was convened.
The common seal was then, affixed to the list of share-
holders of the company.
The CHAIRMAN then read the following report of the
directors for the past half-year:—
"The accounts of the South-Eastern and Continental
Steam-packet Company, now submitted to the proprie-
tors, show the gross earnings of the half-year to be
25,1841. 4s. 100. This amount, as compared vrith the
corresponding half of the previous year, shows an increase
of 7991. 18s. 10d.; and an addition of 17,701 passengers
—viz., between Folkestone and Boulogne, 5,004; Dover
and Calais, 12,697. Total increase, 17,701.
" The proprietors will observe that the increased re-
ceipts are not in proportion to the additional number of
passengers, which is accounted for by the fact that the
receipts are solely the produce of the traffic, unaided by
any contribution from the South-Eastern Railway Com-
pany, or the Northern of France Railway Company,
whilst in the corresponding half of last year 5,7601. was
received from the two railway companies.
" The agreement entered into for a daily service be-
tween Doverhnd Calais expired on the 31st July last;
but as the boats continued to run between these ports till
the close of the year, the directors consider that this
company has an equitable claim on the South-Eastern
Railway Company to contribute towards the expenses of
that service.
" During the half year 26,356 miles were navigated
with unvarying regularity.
" The directors have much pleasure in being able to
report on the efficient state of the eight steam-ships be-
longing to the company.
" Atter deducting the working expenses, 7.3981. 12s.
10d.; the cost of repairs and renewals, .4,627/, 6s. 5d.;
and the port dues, 2,8231. ss. 6d., there remains a balance
of 10,3351. Os. id. at the disposal of the proprietors, out
of which the directors recommend that a dividend be de-
clared at the rate of 5/. per cent. per annum, free of in-
come-tax, which will amount to 2,8611. 12e. 10d., and
that the remaining balance of 7,473/. 7s. 3d, be carried
to the credit of the reserve fund. The property of the
company will then be the eight steam-ships, and a re-
serve fund in addition of 21,645/. Bs. sd.
" The directors retiring by rotation are Mr. Macgre-
gor, Mr. Renshaw, and Captain Warren.
" The auditor retiring by rotation is Mr. Edward
Wright?'
The following is the report of the auditors:—
" Gentlemen,—We have to lay before you our report
on the accounts of this company for the half-year ending
31st January last, and to certify that the same, being
duly vouched, have been passed by us in conformity.
We think it right to call your attention to the item
following, viz.:—
"In the capital account of the last four half-years the
entry of coals and ship and engine stores has varied from
900/. to 1,7001., whereas in the present statement it ap-
pears as 5,150/,
" The increase is explained by the fact that the com-
pany have taken over from the South-Eastern Railway
the machinery in the work-Jeeps and the stores in the
boiler-house at Folkestone flerbour, under the valuation
of two competent persons. The amount of stores, ma-
chinery, and tools so transferred, was 4,067/. 10s. sd.
" The boiler and workshops lately built by the South-
Eastern Company, and now occupied by this company,
are efficient and suitable for the purpose, and, being close
to the harbour, enable the company's works to be carried
on with efficiency and regularity.
" We are, gentlemen, your obedient servants,
(Signed) " EDWD. HARDING, "
Auditors.
" EDWARD WRIGHT,
The CHAIRMAN congratulated the proprietors on the
very satisfactory state of the accounts of the company,
by which it would be seen that they had a fund of
109,0001., having also reduced their original debt by
37,0001. There was one point in the report to which
the attention of the proprietors would no doubt be di-
rected, and that was as to their relations with the
Northern of France Railway. That company required
that they should run a boat, and also that there should
be a train on the railway at a particular hour of the
day, but the directors feeling impressed with the diffi-
culties attending any such arrangements with two tidal
harbours, had come to the determination that they
could not do their duty if they were to accede to any
such terms, as their boats were not insured, or that the
voyage could be performed, day by day, with certainty
front both of those ports.
Mr. WRIGHT wished to ask the chairman if they could
not have a higher dividend than the one proposed with
such immense earnings ?
The CHAIRDIAN said they were under a moral gna
rantee to the South-Eastern Railway Company, and he
thought their position would be strengthened by re-
taining a large portion of their capital.
Mr. WRIGHT, after adverting to the original agree-
ment wigh the South-Eastern Railway Company in 1644,
said he considered some arrangement should be entered
into similar to that of the Peninsular and Oriental
Steam Navigation Company with the Government, as a
subsidy, not for the conveyance of the mails, for that was
a matter of minor importance, but fur demurrage and
the wear and tear of their boats, and other incidental
charges. They stood in precisely the same position with
the South-Eastern Railway Company, for their boats
were at all times under the orders of the directors of the
South-Eastern Company. He found by a Parliamentary
document that he held in his hand, that the Dublin
Company received 10 per cent. and an occasional bonus,
and such being so he would ask ought any gentlemen,
having advanced their money in a speculative concern,
to be satisfied with a return of 5 per cent.? The idea
of such a thing was quite absurd. The chairman had
talked about the moral guarantee, and he should like to
know how much longer it was to be stretched.
The CHAIRMAN said this company consisted of 500 pro-
prietors, who were all proprietors of the South-Eastern
Railway, which consisted of 5,000, and he thought they
should support the board of directors in carrying out
the guarantee with that company. A Bill was agreed
to be brought into Parliament in 1849 to consolidate the
two companies, and but for other subjects then on hand
would have been obtained. During the year, 317,000
persons had travelled by their boats, and therefore they
must consider them as the right arm of the railway
company, and the result gave an increase of 17,701, not-
withstanding the General Steam Navigation Company
bad given them the most determined opposition, by a
system of reduced fares, and a further reduction on per-
sons taking i eturn tickets—which opposition was
mainly promoted by the Northern of France Railway
Company. He thought it would be impossible to exag-
gerate the advantages of the South-Eastern Steam-
packet Company, wbich were of the utmost import-
ance to the South-Eastern Railway Company. While
he was before the general meeting he should like
to know whether the shareholders would be con-
tent to receive back their capital, on handing over
their boats to the South-Eastern Railway Company;
for if the railway company met them and should say,
" We will give you 132,0001., and relieve you from all
liability." be did not think they could go further.
A SHAREHOLDER wished to know if the railway com-
pany would give them a guarantee for ten years ?
The CHAIRMAN considered it a fair proposition that
the railway company should guarantee them 5 per cent.
with an undertaking to replace their boats at any future
time.
After some other observations from Proprietors,
t. be
It was then proposed that a dividend of 5 per cen
declared according to the recommendations contained in
the report.
A SHAREHOLDER moved, as an amendment, that the
dividend be six per cent., as that prop.osed was not
one-third of the earnings of the company for that period.
The CHAIRMAN said this bad been a'subject of consi-
deration with the directors, who believeccli the
lstbaeteb of
317
oeosot
prosperity that the companydnow_
protected by a small dividend.
uls:e.onjloeys_es t_whaonu
ing the last year, and
persons had come to Englan
a further number, he doubted not, would come year -after
year'. It was true that they would not have the Great
Exhibition during. the present year, but still he ex,
pected a greater increase than had hitherto. taken
for by retainiug lar
place. A low dividend in the present position of the
ge
company was the mast safe,
surplus in hand their prospects would be rendered more
satisfactory.
The question was then put, and the dividend recom-
mended by the directors was carried by a large majority.
A conversation then took place as to the terms of set-
tlement between the company and the South-Eastern
and the general
opinion appeared to
Railway Company,
be in favour of a dividend of 5 per cent. in perpetuity
with an undertaking to replace the boats when worn out
but no resolution was come to upon the subject.
Mr. MacGregor was re-elected chairman for the ensu-
ing, year, and tho retiring directors, with Mr. Rich,
)1 p„ were elected.
A vote of thanks was passed to Lieutenant Essell, the
harbour-master of Folkestone, for his services, on his
retirement.
Lieutenant Essell returned thanks for that mark of
their favour, in addition to the handsome testimonal
presented to him.
A vote of thanks to the chairman was passed, and the
meeting was dissolved.