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

SOUTH-EASTERN 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 Macgregor, 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. 10d. This amount, as compared with 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 Dover and Calais expired on the 31st July last;
bat 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.
" After deducting the working expenses, 7,398/. 12s.
10d.; the cost of repairs and renewals, 4,6271. 6s. 5d.;
and the port dues, 2,8231. ss. 6d., there remains a balance
of 10,335/. Os. Id. at the disposal of the proprietors, out
of which the directors recommend that a dividend be de-
clared at the rate of 51. per cent. per annum, free of in-
come-tax, which will amount to 2.861/. 12s. 10d., and
that the remaining balance of 7,4731. 7s. 3J. 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 21,6451. 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 helf-year wading
31st January last, and to certify that the 'Jame, being
duly vouched, have been passed by us in cunFormity.
" We think it right to call your attention te the item
following, viz.:—
"In the capital account of the last four half-years the
entry of coals and ship and.engiue stores has varied from
9001. to 1,7004, 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 workshops and the btores in the
boiler-house at Folkestone Harbour, under.the valuation
of two competent persons. The amount of stores, ma-
chinery, and tools, so transferred, was 4,0671. 10s._5d.
" Die 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 wit efficiency and regularity.
46 e are, gentlemen, your obedient servants,
(Signed) 4‘ EDWD. HARDING, / Auditors."
" ED WARD 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 each 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
from both of those porta.

Mr. WRIGHT wished to ask the chairman if they could
not have a higher dividend than the ene proposed with
such immense earnings ?

The CHAIRMAN said they were under a moral gua-
rantee to the South-Eastern Railway Company, and he
thought their position would be strengthened by re-
taining a largo portion of their capital.
Mr. WRIGHT, after adverting to the original agree-
ment will the South-Eastern Railway Company in 1844,
said ho 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 for 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 hew much longer it was to he 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, 31i,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
had given them the most determined opposition, by a
system of reduced fares, and a farther reduction on per-
sons taking return 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, which 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,
It was then proposed that a dividend of 5 per cent. be
declared according to the recommendations contained in
the report.
A SHAREHOLDER moved, as an amendment, that the
dividend be six per cent., as that proposed was not
one-third of the earnings of the company for that period.
The CHAIRMAN said this had been a subject of consi-
deration with the directors, who believed the state of
prosperity that the company now enjoyed would be best
protected by a small dividend. No less than 317,000
persons had come to England during the last year, and
a further number, he doubted not, would come year after
year. It was true that they would notbut havestill the Great
Exhibition during the .present year, he ex.
petted a greater increase than had hitherto taken
place. A low dividend in the present positionofthe
company was the most safe, for by retaining a largo
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-
fitment between the company and Lb,: Sou,h-E,1.6t, in
Railway Company, and the general opinion appeared to
be infavour of a dividend of 5 per cent. in
with an undertaking to replaree the boats whenperpetuity
worn out
but no resolution was come to upon the subject.
Mr. MacGregor was re-elected chairman for the ensu-
ing year, and the retiring directors, with Mr. Rich,
nr., 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
theiffavour, in addition to the handsome teatimonal
presented to him.
A vote of thanks to the chairman was passed, and the
meeting was dissolved,