The Sun.
London, England, 1839-03-09 00:00:00

ING EDITION

O_CDON AND CROYDON RAIL-

WAY COMPANY.

The Seventh Half-yearlYMeeting of this Company
was held yesterday, at the London Tavern. E.
Illoxos, Esq., in the chair.
From the Report it app; a-ed that the works were in
a very advanced state of progress generally. The
Itiilway was proceeding at the rate of 1,600 feet per
About the commencement of the year, owing
t the unfavourable weather, there were only 480 men
work, but the number had since been increased to
1,032, exeludve of smiths, &c. The opening of the
Rdlaay might be expected in May next. It was in-
ten:!ed to apply to Parliament for an Act to vary the
newer which had. been granted to the Company as to
the mode of raising money.
The CHAIRMAN said he was not aware that there
was anything requiring explanation. The principal
point to which the attention of the Directors would
be turned was, that the station at Tooley-street
should be ready by the time the Railway was com-
pleted ; and it was the wish of the Directors that the
whole of the works should be so constructed as to re-
quire as little future disturbance as possible.
A SHAREHOLDER inquired what was the object of
going to Parliament for fresh powers ?
The CHAIRMAN said that in the early stag, of
railways Parliament only granted power to raise m, :icy
on the security of bonds,and that had been the case ,it.ll
this Company's Act. But as the works were no.: so
near completionPft had been thought mcessary to n; ply
to Parliament for those additional powers which were
usually granted to such companies at so adva: ed
stages. After the railway was completed, perhaps -a a
few years some further powers might be required to
raise capital for improvements or extensions ; and it .vas
as swell to have those powers, in case they were wan:ed.
Those additional powers were not required for the
completion of the present works, but they might be
required for some future extension.

A SHAREHOLDER inquired what sum it was intended

to raise ?

The CHAIRMAN said that was not yet decided upon.
A SHAREHOLDER asked what would be the expense
the Act of Parliament?

The CHAIRMAN said 300/. or 4001. he believed. Of
curse the consent of the Proprietors must be obtained
any extension, whatever Act of Parliament was ob-
i. At present the Directors saw no ground for
ztension of the Railway, but the Greenwich RAil-
ny did imagine that an extensbn might be
the abundance of traffic to Greenwich and
ton and South Eastern Line.
HAREHOLDER—Any future Act must come be-
a special meeting of the Proprietors.
ile CHAIRMAN—Yes.
lr. tOODALL—Have the Directors any intention
increasing the scrip ?
The CHAIRMAN—We do not see any necessity for
:loiag at present.
r. GOODALL—Then where is the necessity for this

1, •
1/11!?:

Act?

The CHAIRMAN—In case anything arises to prevent
raising of the sums required on bonds, we should
:a require fresh powers, which the present Act does

of give us.

A SHAREHOLDER—Are the funds voted sufficient ?
The CHAIRMA N—Yes ; but the funds raised are not.
Mr. GooDALL—As it appears that the works ❑ow
3structed are competent for every necessary purpose,
I do not see the necessity of going before the Legisla-
re for an additional Act. It would not be fair to
original shareholders, who perhaps adapted their in-
2.:its to their capital, to force upon them an addi-
quantity of scrip. The principal amount of our
traffic will not come upon the:Railway for a year and
a half.

The CHAIRMAN said it was a matter of precaution
rarely, which the Directors would have neglected their
duty in not attending to.
A SHAREHOLDER—In what position will the lenders
of money upon bond be placed ?
The CHAIR➢QAN said the principle of all bonds vir-
tn,ily was that the amount should be paid at a certain
day, or the Railway come into the possession of the
bondholder. But the great point with capitalists was,
;:hat the interest every half-year should be duly paid ;
and by the Act the interest was compelled to be paid
before any dividends could be declared.
A SHAREHOLDER—In case of non-payment, do the
Londholders take possession of the Railway, or of the
tolls?

The CHAIRMAN—Of the tolls. But supposing the
I Railway to fail into the possession of the bondholders,
le they can only exercise their power, as a Board of Direc-
tor=, compesed of honourable men, by keeping the Rail-
way in proper repair, which must in fact be done before
i any profits can be realized.
I Me. CAPELL, Chairman of the Committee of Inspec-
- itil , 4en read the report of that Committee, from
4a
Niik: erranaeeleeateniations, both as to cost and time ; and the
Committee had called in the assistance of Mr. Cubitt,
an eminent engineer, and the result of the inquiries
1 .4,„„,1„ A.,,,,,-,---etrat the—aseppointments to which the
i Proprietors had been subject, in respect to
.increased cost and delay, bad arisen from the insufficient
and inaccurate estimates of the Company's engineer
(Mr. Gibbs), and to the too great confidence of the
Directors in his calculations, and to the want of atten-
tion on the part of the consulting engineer. Mr.
Cubitt had given his opinion as to the excellency of the
works which had been already completed, but stated
i that the railway could not be opened till June. And
in consequence of the " slips" at Forest-hill an ad-
ditional expense of 5,0001. or 6,0001. would be required.
Mr. CUBITT said four questions had been submitted
to him by the Committee. The first was, as to what
remained to be done. Now, he believed that about
;000/. would be rendered necessary to be added to Mr.
6.1,1.,5's estimate for the completion of the work. Theo
• ' ye the time, he did not think it possible that the
eeiway could be opened before the latter end of
;ley Or beginning of June ; and he recommended that
•I') part of the land should be opened until the
,:erne should be entirely finished, because there would
—ways be enough workmen required on the works for
• the necessary repairs, without encumbering the Rail-
way and incommoding the traffic by workmen employed
ce uncompleted portions. The work appeared to be
goveg on very well. The drainage was admirably pro-
a' d;:, fur ; and he had never seen works better exe-
eated,—(Hear, hear.) He was bound to add, that
eetllieg was more difficult that to calculate when a work
er t:.'s Hind would be finished, as it was impossible to
foresee the verioue accidents that might occur.
Mr. GOODALL inquired of Mr. Cubitt what his
opiniee was as to the station-houses ?
Mr. CUBITT said his attention had been particularly
(lieeeted to that of London Bridge, the formation of
which had been brought up to the level of the Green-
wich Railway. The work was done in a most substan-
-041 manner. The plan made the most of the ground,
looidng to the traffic which must hereafter be
xpectad ;'and by archwerk there was an area of equal
( eteut secured under the station for traffic which might
it a future period arise.
Mr. GOODALL wished to know if the Railway, as at
esent designed, was competent for the traffic Celt
eae expected ?
Mr. CUBITT said that it was.
. A SHAREHOLDER inquired if Mr. Cubitt was of opi-
i :on that the Company had full value for the money
which had been expended ?
Mr. CUBITT said, as far as the operative party was
concerned, he thought there was full value for the money
which bad been expended. There was no trace of ex-
travagance in any part of the works.—(Hear.)
A SHAREHOLDER desired particularly to have Mr.
Cubitt's judgment as to the station at New Cross.
t Mr. CUBITT said he confessed that sometimes
i in passing that station, before he examined the
Railway, he had beer, tempted to wonder what
I 'whimsical kind of building was being erected. But
lafter examining into it, he was surprised at the great
skill displayed in its construction.—(Hear, hear.)
1 There was a building admirably calculated for the pur-
pose of giving those repairs to the engines which they
I would constantly require—ethe space was well econo.
raised, and there was every necessary accommodation
furnished.—( Hear, hear.)
I In answer to a question from a SHAREHOLDER,
I Mr. CUBITT said he considered the wharf one of the
most valuable portions of the work—forming a most ex-
cellent communication, through the medium of the canal
and of the Railway, from the Thames to the lid, ,le
I Weald of Kent.—(Hear, hear.) Mr. Cubitt further
i stated, in answer to another question, that he belie-, ad
l the works would be completed simultaneously, thoteh,
lif the "slips" had not occurred at Forest-hill, the :ea-
I tion at London-bridge might have been comple ;al
I before the rest of the work.—(Hear, hear.)
1 Mr. CUBITT also said that he was perfectly satis'ed
I with the mode in which the Railroad was construct d,
I there being transverse sleepers close together, and lei;
1 gitudinal beams for rails—and lie again repeated that
I the workmanship was excellent.
A SHAREHOLDER inquired if there would be any dif-
. ficulty from the inclination on one part of the Railw: y.
Mr CUBITT said no doubt inclinations were to be
I avoided on Railways as much as possible, but the in( li-
t n ition from New Cross to the Dartmouth Arms was
l only 1 in 100, which was much less than in some parts
! of the Liverpool and Manchester Railway.—(Hear.)
I The CHAU:MAN said, with regard to the delay which
had occurred, no blame could be attached to the Di-
zvors. It was to be recollected that this Company
twohle,,t4stwr:uge a long steaeggle with a Corporate Body—
}ggle was not concluded till 1836. Then as
1 _,, , the first contract, the original tender was 56,0001.
"A;ltpoywaiting,
the Directors bad reduced it to 36,000 h
! any,uefideiiffieneenyttii
neswhich had been created by a tem-
porary 4 upon that subject.—.!!
funds, he would not say a word
ect.—(Hear hear.)
it
Mr. el. Sane. -
esestoenen said be believed the only fault of
positior:." was, that he was of too sanguine a dis-
t (muAseSoifiatahse increase
said he was at a loss to know the
e in the original estimate.
, ~,,,Mr.. CUBITT would refer the Hon. Proprietor to the
1 auctot nature of the soil on which a great part of the
e nbankment had been constructed.

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