The Sun.
London, England, 1852-03-05 00:00:00

MARCH is 18111?

SOUTH-EASTERN RAILWAY.

The spring half-yearly meeting of the proprietors of
the South-Eastern Re;lway was held yesterday at the
Bridge-house Hotel; Mr. James M`Gregor, chairman
of the board of directors, in the chair.
The advertisement convening the meeting having
been read by Mr. G. S. Herbert, the secretary, the re-
port was submitted to the proprietors, which has already
been published in The Sun.
The CHAIRMAN then proceeded to address the meet-
ing as follows:—As you have been pleased to take the
accounts and report as read, I shall ask your permission
to make some few observation on them, and to state that,
in my humble view, the position of the company as
therein pourtrayed is a satisfactory one. The increase
in last half-year's receipts, compared with the corre-
sponding half of the preceding year, is 58,1781. 3s. ld.—
(Hear.) I admit that we all expected a greater result
from the last half year's traffic with the continent, seeing
that the Great Exhibition was a paramount attraction, but
the competition for the continental traffic was severe, and
although no other route presents to the traveller so much
comfort or so much expedition as that by the South-
Eastern Railway, the difference in price in the fares
charged by our route compared with the rates charged
by other inferior means of transit was great, and many
passengers to whom economy was a greater object than
comfort, and to whom time was unimportant, were ab-
stracted from us—(Hear, bear)—and, besides, we must
in justice remark that the Northern Railway of France,
after having made a compact with us for express through
trains at reduced rates for return tickets, made a
still further reduction in their rates by other
routes.—(Hear, hear.) The whole continental traffic of
the year 1851, between Great Britain and the ports of
Antwerp, Ostend, Dunkirk, Calais, Boulogne, and
Havre was 317,104 passengers, of which number 170,966
travelled by the South-Eastern Railway.—(Hear, hear.)
The gross increase of receipt for through traffic earned
last year, compared with the half-year ending on 31st
January, 1851, was 23,000/., a small sum under the cir-
cumstances of the half-year, an increase, indeed, that
might have been expected from the facility given by the
tidal trains, ensuring every day a journey to and from
London and Paris in twelve hours, without other attrac-
tions.—(Hear, hear.) lam persuaded that the expedi-
tion and the comfort which was secured to continental
passengers by the south-eastern route, and by which
the service was performed, without a single failure, will
ensure its being known and availed of to a greater ex-
tent, year by year.—(Hear, hear.) Gentlemen, you
will notice, .with great satisfaction, the increase of re-
ceipts upon the main line of 18,000/. ; upon the North
Kent line, of 5,0004 ; upon the Reading, Guildford,
and Reigate, of 16,0004; and upon the Greenwich line,
of 1,9001., from domestic passenger traffic—an increase
which will, I trust, be maintained heereafter.—(Cneers.)
The increase in the goods and coal traffic has been
gradual and satisfactory. Last half year it was 11,115/,
upon the main line and branches.—(Hear, hear.)
I venture to submit to you the particulars of
goods and coal traffic, as it is shown from the
year 1844 to the present time. For the half-year end-
ing 31st July, 1844, the earnings from goods traffic,
when the South-Eastern Railway had 89 miles open, was
871. per mile. For the half-year ending January, 1852,
with 270 miles of railway open, the earnings were 246/.
per mile. Of coal traffic the same comparison shows in
1844 the quantity carried to be less than 50 tons per mile
of railway open, and now, with the increased mileage,
it is 157 tons per mile of railway open.—(Hear, hear.)
I make this statement in earnest that time and
careful attention will enable us more skilfully and
more successfully to meet the competition by which
we are surrounded, to increase the comforts and facilities
given to the inhabitants of our district, and to insure a
greater return to ourselves. The accounts submitted
present to you evidence of economy in the management
of the company, in regard to the points which are within
the control of the directors.—(Hear, hear.) The con-
sumption of coke is diminished—the improvement in
engines has lessened the quantity of coke used—with a
greater amount of traffic and mileage run, and larger
earnings, we have burnt a less quantity of coke.—(Hear.)
We have run 168,300 mote train miles, and consumed
650 tons less coke.—(Hear, hear.) At the same rate
per mile as the charge for the halt-year, an economy of
1,750/. has been effected.—(Hear, hear.) Gentlemen,
you will observe that, from the commencsment of the
present year, we have contracted for a supply of coke,
in excess of what is manufactured by the company, at
one out of three sets of ovens, at an economical price.
We are to pay 17e. 4d. per ton, instead of 20s. 3d., the
charge last half-year.—(Cheers.) There is also a pros-
pect of this cost being further reduced, by the establish-
ment of a more economical mode of transit from the
coal pita to the coke ovens, by the use of iron screw-
steamers.—(Hear, hear.) We have taken mea-
sures to economize the consumption of stores.
—(Hear, hear.) An' improved system of superin-
tendence during the latter months of last half-year
enables me to say that the advantage thus gained will
be continuous, and that further economy will appear in
our next half-yearly report.—(Hear, hear.) I esti-
mate the saving in coke and stores during the
ensuing year at 4.000/. to s,oool,—(Loud cheers.)
Gentlemen, you will observe that the accounts presented
to you, which have been verified by the auditors, and
by Messrs. Qailter, Ball, and Co., the accountants em-
ployed by them, show that you may declare a dividend
at the rate of three and a half per cent. per annum, or
108. 6d. per 30/. consolidated stock, and that a surplus
will remain of 4,2691. 12s. 10d.—(Hear, hear.) I have
to submit to you, on the part of the directors, their esti-
mate of the amount at which the capital account will be
closed. Gentlemen, assuming that theeegineer's estimates
for the completion of the works in progress will cover
the outlay requisite for that purpose, and that the asses
set forth in the company's balance-sheet to 31st Ja-
nuary, 1852, and the surplus property will realms the
SUMS at which they are respectively estimated, and of
which the directors have satisfactory evidence, the pre-
sent means of the company are sufficient for the closing
of the capital account, at the total sum of 9 692,3751.,
which will be thus represented:—
Consolidated 5t0ck,,,,,,,,,,,,,,, £7,433700
4i Guaranteed 5t0ck,.,,,, 481,300
Bond Debt ........................ 1,784,375

.09,699,375
We suggest in the report the propriety 01 converting the
bond debt into a permanent guaranteed stock, and look-
ing forward to effecting that measure at the rate of 3i
per cent. per annum, there would he a reduction on the
outgoings of last half-year of 8,7371, or 17,474/. per
annum.—(Cheers.) Gentlemen, I will not occupy your
time by alluding at present to the lease of the Reading,
Guildford, and Reigate Railway, as that subject must be
discussed at a special meeting when this general meeting
is over.—(Hear, hear, and loud cheers.) At this meet-
jog one of the auditors, Mr. John Morgan, and three
of the directors, Mr. Renshaw, Captain Warren, and
I, retire by rotation. The directors were alive
to a sentiment entertained by the proprietors that the
system of re-electing retiring directors should not pro-
ceed without exception, and in deference to that send-
ment we submitted to you a proposal that on the present
and future occasions one retiring director should not
offer himselt for re-election,—(Hear, hear.) The pro-
position so submitted to you has met with universal ap •
probation. By agreement among the directors, my
honourable colleague Captain Warren does not offer
himself for re-election on this occasion. The directors
respectfully submit to you that in their humble opinion
it will be for the interest of the company to elect Mr.
Rich, the Member for Richmond, who is one of the Can-
didates soliciting your suffrages as a member of the
board. They believe that by ouch an election the influ-
erica of the direction and the interests of the company
will not be dirninishFcl.—(Cheers.) The Chairman con-
cluded by moving that the report of the directors and the
statement of accounts be received and adopted.—(Hear.)
The DEPUTY-CHAIRMAN seconded the motion.
In reply to Mr. LEVY,
The CHAIRMAN said the reduction in the cost of coke
was upwarda of 2,0001. compared with the preceding
half-year.
Mr. LEVY wished to know how much the company
had been robbed of this year in the purchase of coke?
The CHAIRMAN did not like a proprietor using such
an expresbioo. If any gentleman would look to his
household accounts, he would see that there had been a
great difference, in the price of coal since the Great
Northern Railway had been opened.
Mr. LEVY said he knew well what ought to have been
the proper cost for coke.

The eIIAIRKAN said the directors did not put forward
the rcduottou ea one showing great merit on their part.
They only relieved the revenue of a portion of a heavy
charge in consequence of a reduction taking place in the
price of coal.—(flear.)
Mr. GEO. SMITH regretted that the smallness of the
dividend, compared with that given by neighbouring
railways, called from him an expression of disappoint-
ment kind dissatisfaction—an expression which he he-
lievpd would be entirely shared by other proprietorfis.
If he wanted to bring forward a vote of want of
bcuotnhe
dence in the direction, he would do so manfully;i
hesitated doing so. What was their situation
3 per
after the
flourishing year of 1851? Why they had g
cent. for the year.
A VOICE—No, for the half year.—(oh,
tobbeDwas
satis_
Mr. GEORGE beirni wished it was se, e bwuhoi, year, but
fled that it was only 3i per cent. for
etnorrect,
ho believed
if their system of management werfor
the half-year.—
the dividend would be 3} per cenos,
opeek nt consisted in
(Hear, hear.) The defective
irrs wore put into first-
this, that second-class p epassengers into second-
clali carriages, and thoirtd:scstlea:soS"
third-class carriages had
class carriages; a lamr, he contended, was wrong, be-
tha.;ol in carriages without light.
also been refused,
shall have you in, shan't
cause no man
~idi, trav©1
rut we
Mr. Lic"—ran Bee what your system of management
we? then
shall
be better or worse.—(Laughter.)
is. It willwe:!
'hoped it would be better;
passengers to Carr
but while
they
Mr. Surf— system which drove
tolerated a
i le'lthem, the directors had got rid of thye
candles w-t the remedy for a light • gave rise to, of set-
by making the carriages uncovered.
danger whichfire,
set-
ting strain
--(Cheers.) He thought when they .
had an opportunity
of electing new directors they should send men to the
board who would look to their interests, and
on whom
they might depend.— (Hear, hear.)
Mr. LEVY said the public voice was in favour of new
blood being introduced into the board. Now though he
thought it desirable to have new blood, he wouldnever
pander to such an appetite.—(A laugh.) It was a de-
praved appetite. If there was any good blood in the
board—and he did not think there was much—he thought
r they ought to keep it. The proposition of the board
with regard to the appointment of new directors was
nothing more than a job, but it was wrapped up well.—
(Laughter.) The beat man, Captain Warren, had been
turned out of the board.—(Hear.) He was a British
sailor, who had done much for the company in France,
and he was the last director who ought to have been
ousted.—(llear.)lHe should be gl,kd to know if he could
not give his vote for Captain Warren's re-clecion.
The CHAIRMAN told Mr. Levy that, as an indepen-
dent proprietor, ho was at liberty to propose his re-
olectiQue--(Cheers.)