The Sun.
London, England, 1839-05-09 00:00:00

SOUTHEASTERN RAILWAY

COMPANY.

The fifth half-yearly meeting of the Proprietors of
the above Company was held yesterday at the Com-
pany's office, 10, Coleman-street, at one o'clock, Thomas
W. Tyndale, Esq , in the chair.
The CHAIRMAN commenced the proceedings by re-
questing the Secretary to show that the meeting had
been regularly convened, who accordingly read the
notice convening the meeting, and produced different
newspapers, in which the advertisements had been in-
serted, in order to prove that the meeting had been con-
vened in accordance with the Act of Parliament.
The Chairman then requested the Secretary to produce
the register of the Proprietors, and moved that the
common seal of the Company be affixed thereto, which
having been agreed to unanimously, it was affixed by the
Chairman accordingly.
The CHAIRMAN then moved that the Secretary do
read the report, which being carried, the Secretary pro-
ceeded to read it. It commenced by referring to the
report of the 30th of November, 1838, and stated that
since the presentation of that report the works had con-
tinued to proceed satisfactorily ; that two contracts had
been entered into for the works at the Shakspeare Tun-
nel and the works at Abbott's Cliff, which works were
nearly completed ; that the works at Beachborough had i
been commenced ; that further purchases of land had
been made, and that the Directors were treating for the
purchase of the whole of the residue ; that 40 miles of
road were already under contract ; that an arrangement
had been entered into with the London and Brighton
Railway Company, which would be submitted to this
meeting-for their approval, the terms of which were that
when the Brighton Company should have completed
their line from and to Croydon and Earlswood, the
Brighton Company shall sell to the South Eastern
Company at the cost price, and with interest charged
thereon the lower half of the line, each Company re-
taining the privilege of passing over the whole line
above stated without payment of toll. That a Bill
was before Parliament for effecting a junction with the
Line at Redstone Hill. The report then alluded to
the progress of the works at Penshurst, and stated that
there were 4,367 Shares on which the second call re-
mained unpaid ; that the Resolution of the last Gene-
ral Meeting had been carried into effect in declaring
those Shares forfeited on which the first call had re-
mained unpaid. The Financial statement was then read,
from which it appeared that the gross receipts of the
Company amounted to 170,664/. 11s. 7d., and the
gross disbursements 140,216/. 18s. I Id.
The CHAIRMAN, in moving that the Report be re-
ceived, adopted, and printed, said that he should have
little to add to it, as the Directors had in the fullest and
most candid manner laid before the Proprietors the state
of the affairs of the Company in that Report. Since
he had been connected with them he had never known
the affairs of the Company in so satisfactory a state,
and he believed that shortly they would come out with
the greatest possible success. It was only a question of
time, and that was a question that could only be
answered by themselves. If they were true to them-
selves the road would be opened in a comparatively
short period of time. Since the last half-yearly meet-
ing they had taken an opportunity of opening a com-
munication with the Brighton Railroad Company,
relative to the portion of the line the ownership of
which was in dispute, and had come to an arrangement
with them, the terms of which were on the table,
and although that arrangement had been one of
entire concession on the part of the South Eastern
Company, yet he felt satisfied that the terms
of that agreement were for the mutual advantage of
both Companies. Upwards of 9,000 shares had re-
mained on hand, all of which had been disposed of, ex-
cept 1,827, which had been declared forfeited by the
meeting in November, and concerning which the fol-
lowingdifficulty had occurred, which had prevented the
disposal of them. Under the Act of Parliament, when
shares were forfeited on account of non-payment of the
calls, the Directors were to sell such shares, either by
public sale or private auction, and to pay up the calls
with the produce, handing over the surplus to the sub-
scribers, and they were not to sell more than would be
sufficient to pay up the outstanding calls. Now this
question had arisen, whether, seeing the Company were
liable to make good the surplus, the holders were
not liable to make up the deficiency—under these cir-
cumstances the Directors bad determined on holding the
shares, and these were the only shares that remained
undisposed of. He would not allude to the proceedings
in Parliament at present, inasmuch as after the general
meeting he should have to request them to remain for
a few minutes and constitute themselves into a special
general meeting, in order to consider of these proceed-
ings. It was necessary to do this, in order to comply
with the standing orders of the House of Lords. He
concluded by moving that the Report be received.
Mr. lloncrisoN seconded the motion.

Mr. TERRELL said there appeared to be a deficiency
of 65,0001. on the shares issued.
The CHAIEDIAN said that• it had. been-stated at the
meeting in March that 9,000 shares had been issued at
3 discount.
Mr. TERRELL-What had bee* the loss thereon,
and why had it not appeared in the accounts?
The CHAIRMAN said there had been no loss, they had
merely omitted to receive. The fact was in accordance
with the resolution of that General Meeting ; these
shares had been sold at 31. per share instead of 151. per
share, and if this proceeding was wrong it was the fault
of the General Meeting, and not of the Directors.

The SECRETARY stated that the whole of that defi-
ciency was not owing to selling these shares at a dis-
count, because there were certain shares on which the
call of 2/. made in August last, still remained unpaid.

Mr. TERRELL asked if all the shares were forfeited
on which the calls had not been paid up ?
The CHAIRMAN—AII that were ordered to be de-
clared forfeited by ,he meeting in November.
Mr. TERRELL stated that the shares of some of the
parties had been declared forfeited, while other parties
had receieved letters from the Solicitor of the Company
on the subject.
The CHAIRMAN said the forfeiture applied to those
who had neglected to pay up the 5/. call. The letters
were sent to those who had neglected to pay up the 2/.
call.

Mr. TERRELL inquired why the holders of shares on
which 2/. were due had received their letters from the
Solicitor instead of being forfeited.
The CHAIRMAN-It does not follow that because I
choose to forfeit a share when 5/. is due I should do so
when 2/. is due.

Mr. TERRELL inquired why this deficiency of 65,0001.
did not appear in the balance sheet.
The CHAIRMAN—Because it has never been re-
ceived ; therefore it cannot appear in the cash ac-
count.

Mr. TERRELL wished to know how the statements o

the Report and the statements of the letter of the solici-
tor were to be reconciled. The letters of the solicitor
stated that they could not give credit for the 11/. per
share, but only for the 3/. which had been paid, while
according to the Report, it appeared that the contrary is
the case—were they to abide by the report or by the
letter ?

The CHAIRMAN would ask the meeting whether this
had any thing to do with the business before it ?

Mr. CARVALllo—Certainly ; it is of consequence to
know whether these Shareholders have credit in the
Company's books for LW. or for only 31. as has been
stated by the legal adviser.

The CHAIRMAN requested the letter might be read.
The letter was then read by Mr. TERRELL, and it
stated that the Directors would not give more credit for
more money than had been paid.
A PROPRIETOR—The question is, have they credit
for 3/. or for 151. in the Company's books.
The CHAIRMAN—No doubt they have had credit
given to them in the Company's books for the 11/. No
further call will be made upon them for the difference
between 15/. and the amount they have already paid.
Mr. CARVALHO wished for an explanation of the
difference between the statements of the Chairman and
the solicitor.

The CHAIRMAN—We never take credit for more
money than we receive, because that would falsify the
the books—but no purchaser of these shares will be
called upon to pay more than 35/. per share, in addition
to what has been paid already.
The SECRETARY—The fact is, the share has credit
for I.sl—the person for 31.
Mr. TERRELL said, that the estimate had been divided
under three heads. Formation of the line, &c., Bal-
lastry, &c., and Expenses of Management. He would
like to ask Mr. Cubitt to arrange the account presented
under these three different heads. _

Mr. CGBlTTbegged the Hon. Proprietor to explain
his meaning a little more clearly.
Mr. TERRELL said the expenses of management had
been estimated by Mr. Cubitt at 43,6541. and they had
already cost a great deal more ; he had no motion to
make, but he did not like to see the Directors so re-
luctant to afford information.
The CHAIRMAN said, he was ready to answer any
questions that might be put to him.
General HODGSON thought that the Directors were
willing to afford every information.
Mr. TERRELL would ask the Chairman to class the
expenses under these different heads and compare them.
The CHAIRMAN said he was not used to compare
unlike things with unlike. There was not a gentleman
present but what was as capable of finding this matter
out for himself as he was for him.
A PROPRIETOR would ask if this sum of 43,0001.
would cover the expenses of management ?
The CHAIRMAN said it would more than cover what
would be required, from the time that this estimate was
made.

Mr. TERRELL believed that this estimate had been
for the purpose of showing the correctness of the former
estimate.

The CHAIRMAN—On the contrary, it shows that the
former estimate is vilely incorrect.
Mr. TERRELL asked if the Act did not prevent their
borrowing money until half their capital had been
paid up.
The CHAIRMAN—Yes.
Mr. Boveorcrit said the object of the 'Hon. No-

THE .'.4IN, LONDoN. TIL R DAY, MAY !', 1 ;se)

prietor was evidently to produce an impression that the 1
purchasers of shares at 31. were still liable for 431. per
share. Now it was very important that the Chairman
should state that the holders of those shares were only
liable for 351., in addition to the deposit they had al-
ready made.
The CHAIRMAN reiterated his assurance that such
was the case, that they would never be called on for
more, and expressed his surprise that any one could
suspect the Directors would have been guilty of such a
gross fraud.
A PROPRIETOR would go further and say they could
not call upon them until the old Proprietors had paid
up the full amount of 151. per share.
The CHAIRMAN said he did not like to state as
much, but such was the intention of the Directors.
A PROPRIETOR said that the Act required half the
capital to be paid up before they could borrow any
money.
The CHAIRMAN—The Act says half the capital, not
half the amount of each share ; and when half the ca-
pital is paid up we shall have power to raise money.
Mr. CIJBITT begged to state that he had been applied
to to give an estimate of the expenses of making the
line, not according to the original plan, but according to
the deviations which had hen subsequently determined
on, and his estimates had hitherto been fully borne out
by the results.
A PROPRIETOR asked what extent of the line was at
present under contract?
Mr. CUBITT said from 12 to 15 miles of the most
expensive part of the line--the cut at Penshurst for in-
stance. The works at Dover had been undertaken
first, because some persons had declared that it was im-
possible they could ever be completed ; but now there
was every prospect of those works being completed at
less than the estimated cost. The Shakspeare tunnel
would, in all probability, be completed by next winter.
In answer to various questions, the CHAIRMAN
then stated that the contractors were bound to
complete the works within two years, that no
delay had taken place in consequence of any
deficiency in the funds, but that whenever the con-
tractors had applied for money they had been supplied,
provided they produced a certificate from Mr. Cubitt.

A long conversation then ensued with regard to the
forfeited shares, but nothing new transpired respecting
them, beyond what the Chairman had stated in his
opening address.
In answer to a question from a Proprietor,
The CHAIRMAN said that the balance at present due
to the Solicitor was by no means a large one.

A PROPRIETOR asked if another call had not been
made ?

The CHAIRMAN—Yes, the payment of which is due
this day.
The motion was then put and agreed to.
The CHAIRMAN then stated that Messrs. Baxen-
dale, Mills, and Boswortbt had :been balloted for to go
out of the Direction.

These gentlemen were then proposed, seconded, and
unanimously re-elected as Directors.
The SOLICITOR, then read the agreement between
the South Eastern and Brighton Railway Companies,
the substance of which will be found in the report
above.

A PROPRIETOR asked why, when the Act gave them
a right to the whole of the line, such terms had been
acceded to.

The CHAIRMAN said, in the first place, he had always
thought that clause hard on the Brighton Company, and
that it would not do for two Companies so closely allied
to be in a state of hostility ; and in the next place,
the Company saved an expenditure of 200,0001. by the
arrangement.
The question was then put that the agreement be
confirmed and the common seal affixed thereto, and
passed unanimously.
The question as to the forfeiting the shares was then
resumed, when
Mr. DAVIES said he considered it highly inexpedient
to declare any shares forfeited, and exonerate the holders
from any further payments thereon if there was the
least chance of getting the money from them. He would
therefore propose a resolution to the effect that the Di-
rectors should not declare any more shares forfeited,
but forthwith adopt measures to enforce payment of the
calls, and when they deem it prudent to suspend taking
such measures, they shall make a special report on the
subject to a general meeting.
Mr. TERRELL seconded the resolution.

A PROPRIETOR said the question depended on
whether the holders of these shares were men of straw
or men of property.

The CHAIRMAN—The Directors will ascertain that,
and if they are not worth sueing, of course, that will be
matter for a special report.

The resolution was then put and carried unanimously,

Mr. TERRELL then attempted to induce the meeting
to investigate the truth of certain charges which had
been brought against the private character of two of
the Directors in the " Paul Pry," as we understood, but
was obliged to sit down amidst loud cries of " Paul
Pry.”

A PROPRIETOR asked if the attacks had any thing to
do with their official capacity, and if they were' amotry-
mous ?

The CHAIRMAN said they were not attacked in their
official capacity, and the attacks were anonymous. If
the Proprietor would avouch for these attacks on his own
responsibility, then the meeting would go into them, but
not otherwise.

Mr. TERRELL again attempted to go on with the
subject, but was obliged to resume his scat in conse-
quence of the strong expression of indignation on the
part of the meeting.
A PROPRIETOR then proposed a vote of confidence
in the Directors, which was passed unanimously.
The CHAIRMAN returned thanks, and animadverted
on the conduct pursued by Mr. Terrell.
The General Meeting was then dissolved, and on the
motion of the Chairman resolved itself into a special
meeting, for the purpose of considering the Bill No. 2,
now before Parliament, in accordance with the Standing
Orders of the House of Lords. The Bill having been
read by the Solicitor, the Chairman explained that this
second Bill had become necessary in consequence of a
divergence of the line from the one proposed in the Bill
No. 1, already before Parliament, which divergence
was occasioned by the opposition of certain owners of
land on the line. But it was advisable they should re-
tain certain powers given under the Bill No. 1, and
therefore, under the advice of the Speaker, they had
brought in two Bills. The additional expense of the
second Bill would be about 1501. in fees, &c.
The Bill was agreed to, and the meeting broke up.

COLBURN'S NEW MONTHLY MAGAZINE AND
HUMORIST, EDITED I3t TIIEODOkE HOOK.—The spirit and
ability, with which this excellent Magazine is conducted
render it worthy of all admiration. IntkpeieNceumebnetirtifeodr
May the ingenious editor has an excellent
" A Fragment of Modern History
Phantom Ship" progress, s bravely. y" Captain Marry at's
. Perhaps the most
attractive piece in the Number, h
Trollope's " The Widow Married,"owever will be Mrs.
to which amusing
lady we would advise our readers to pay their court imme-
diately. " The Widow Married" isn acontinuation of Mrs
Trollope's " Widow Baraby.a In the
whichpresent number
she carries us through three chapter.'are filled with
sketchy and characteristic incident. The stress
Mrs. Trollope evidently elevates her abovetheprenitity"buotf
trivial airs and trumpery observations of her sex. She
handles a powerful pen. Her dishes are pleasant and pun-
gent ; perhaps they will be found to have the latter quality
in excess for those whose palates they are intended to cor-
rect. They are calculated, if properly applied, to improve
both tastes and habits; let us hope they will not fail in
their effect. These three chapters are illustrated by two
free and sketchy engravings ala Cruikshank. The Num-
ber also contains some admirable productions by Poole,
Calder, Campbell, Hon. E. Phipps, Douglas Jerrold, John
Carne, &c.—Liverpool Albion.
FIRST CARGO FROM THE EAST INDIES.—
We have much pleasure in calling the attention of our
readers to the advertisement in our columns of the present
week respecting the staled the cargo of the ship Ida, Capt.
J. Currie, direct from Calcutta, as it is the first which has
taken place in this town. We are informed that the cargo
is in moat excellent condition, and that the various goods
are of very superior quality. The undertaking reflects
great credit on the importers, and deserves the greatest en-
couragement, as it not only affords many advantages to
the trade, but cannot fail to increase the prosperity and
commerce of the town.— Tyne Mercury.
STATE OF TRADE.—There was a further
decline of ahout a farthing per pound in the price of twist
Yesterday, which had the effect of causing some rather
extensive purchases on speculation ; and the business
done was to a larger extent than for several weeks past,
but,
levlof course, at prices very far below a remunerating
In power loom cloth also, there was a decline of
Lid. to 3d. per piece • and the best 27-inch printing cloth,
which, a few weeks ago,' readily fetched 83. Ed. to Bs. 9d,
per piece, would not yesterday command more than 7s. 3d.
is decline has made the situation of the manufacture's
by power almost as bad as that of the spinners for export ;
and a considerable addition to the number of mills work-
ing short time may be expected. An engagement to work
only three days
bythe a week was yesterday very extensively
signed
Spinners and manufacturers at Ashton, Staly.
bridge, Hyde, and the neighbourhood ; and it was ex-
pected to receive the signatures of the whole, or nearly
the whole, of the extensive firms in that district. If so, it
will Cause a very great diminution in the consumption of
cotton, h kit. -u
and tend materially to hasten the ..,rea g pof
that mischievous speculation in the raw material, which
has this year proved so baneful to the trade of Manchester
and the neighbourhood.—Manchester Guardian.
The Dublin Evening Post institutes a comparison
between the punishment for libel, in the recent case of the
Times, and the still more recent one of the Pilot, in which Mr.
Barrett, the proprietor of the latter paper, was sentenced to
three months' imprisonment, although he submitted, after
the rule was made absolute. "We have always (says our
Contemporary)
been advocates for perfect equality with
England
; and we must confess that the system of dealing
with the Press in the English Queen's Bench has increased
our anxiety for a complete assimilation of the institutions
of both countries."'
AURORA BOREALIS.—There was on Sunday
night (what is not very usual at this season of the year) a
striking and beautiful display of aurora borealis. It was
particularly brilliant about eleven, when the columns of
light shot up from an altitude of about 15 degrees nearly
to the zenith.—Manchester Guardian.