The Sun.
London, England, 1839-03-15 00:00:00

LONDON AND GIMENWICH

RAILWAY.

• A General fleeting of the Shareholders of this Com-
pany took place yesterday at the London Tavern, at
o'clock. There was a very full attendance of
Proprietors, and great interest appeared to be excited
in the proceedings. •
`W. SthanitoLT, Esq. took the Chair.
The Report was 'then read. It was to the following
effect
• The Directors hare much satisfaction, in conveningthe
present meetin' g, for they feel them4elves enabled
to call your attention to a material improvement in the
position end prospects of the Company, and they have only
creferred this meeting for a few weeks longer than they had
intended, in order that they might announce to you the
conclusion of some important arragements on which they had
been engaged. It will be rememb,red, that on entering on
the management of affairs in last August;the preent arectors
pointed out, as their first and paramount object, 'the abso-
lute necessity of obtaining funds to'raise the Company from
its cnabaraised situation, and to carry out and complete the
Railway ; and that, on the faith of their/ engagement
that they could procure money for that, purpose, they
became Directors of this Company. In meeting the
Shareholders now, the Directors have the pleasure
of pointing- to the fulfilment of that pledge, and of the ex.
pectations which they had led you to entertain from it.
The Railway was completed, and opened to .Greenwich on
the 24th of December last, and the results are Most satis-

factory, as will seen on reference to the comparative
table of receipts appended to the geport. Ode or the
first objects of the Directors was to subject all the
books and accounts to a careful examination, and me.

:hodical arrangement, and having separated those ac
counts, which were mixed together, they made up an
exact balance of all accounts owing to orby the Company,
and they have adopted it as a true statement of your affairs,
and contained the account upon the sarde basis to:the 31st
of Dec. last. They hive now to submit to you a full and
particular statement thereof as determined by the balance
struck:on that day, and it will be satisfactory for you to
know that the re.,l assets of the Company are amply suffi-
cient to liquidat6 all claims upon it. There ia one ac-
count which was not allowed by the creditors, no explana-
tion of it having been furnished to them, and, iciri which
Your Directors would not hare felt themselves
justified in passing without your sanction. 'lt con-
sists of a loss of 1.6001., which, from information they
have obtained from the former Directorp, appears to have
arisen from an expenditure' which they deemed necessary,
and incurred with a View of promoting the benefit yf the
Company. With this impression, and under the peculiar
circumstances of the case, your Directors feel it desirable
to recommend that you should give them directions to pass.
this account. There is, also a sum of 5,a501. due to'
the Company for unpaid calls: on certain shareS, which,
although they. had been standing in the names Of other
parties, by whom they were long ago transferred, it ap-
peared they originally belonged to Mr. Walter, who, in
his account, defivered in 1837; made himself debtor to
the Company far- such unpaid Calls, but. at the same
time sent in 'Claims against the Company for 9,1001,
claiming a balance of 4,1501. Your Directors may here
mention, that on entering upon their ditties, sthey found
that one action had been brought egaiest. the Company by
Mr. Walter, and was then pending, whereby he sought to
recover 95,e411., subsequently reduced to 14,2861 a, and
they now find by a circular he has issued that he claims
15,541/: Your former Directors were advised that he
had no legal demand, and instructed your solieitor to resist
the action which 'has long been in a- situation to be
tried if proceeded with by Mr. Walter.' The reference
of the claim to arbitration has been produced, but
hai been ref used both by your present and former
Directors, because. they consider a , Court , and
a Jury the most proper tribunal for the trial of
such.a demand. Having in a great measure overcome the
difficulties in which your affairs were involved from want
of funds and a clear statement of the accounts, the progress
of the works was resumed and carried on by your Directors
with as much expedition as circumstances allowed, and the
railway would have been eompleted ulna' cailier had they been
able to obtain the necessary'machinery fee the drdeforidges
over the Raivensbeton. Their immediate attention was directed
likeiviie to the state of the locomotive power, and the car-.
riage department. When they came into office nearly all
the engines were in very bad order, and. the :repairs
had formed a heavy . item •in the expenditure. .of.
the last six 'months'. They have now sudceeded
in bringing them into a state of 'efficiency, they hive in-
creased their force by the addition of One new engine, and
they are in daily expectation of another. The carriages
were also in a most unsatisfactOry state, and the amount ex,
pended in repairing them. Was excessive, though
their - -appeareece and condition was any thing
but creditable to. the, Company. In order to
place this department in a state -of complete cf-
ficiency, and to avoid the former heavy expenditure of see
doing, your Directors considered 'that the most prudent .
course was to contract for the use of 'Carriages; arid they
have great 'plea-sere in' announcing the completion of a
contrect, With a very experienced and responsible, coach-
Wider, *he figs taken
,the whole stock of carriages;
,
to his Own account, and contracted to repair them,;and to
Simply such new ones sof a very superior, construction as
may be requircd.to keep the whole in order.. Some of the I,
new carriages Will be on the Line at Easter, and
the terms of the contract are. such as to'-'establish
an identity of interest' between the contractor and the ,
Company, and ,the' Directors entertained no doubt
that the arrangement wilt be beneficial both to the Com. I.
piny and to the public. The iinportanee of securing to
the Railway the traffic from places in the Vicinity of Green.- '
wieh, induced your Directors to enter into an engagement '
for that purpose with an extensive proprietor of omnibuses
and other, carriages, and had granted bim the privilege of
stationing his vehicles on the Company's ground, on con-
dition of his providing a sufficient number of good and
well-appointed carriages to be under their control, and to
communicate regularly with the trains on their arrival, 'on
fixed and moderate charges, and there is every yeason to
believe, that much additienal traffic 'will be obtained by this
arrangement. AnxiouS te. reduce the.engagements the
Company, the Directors haitc used their best endeavours to
render thesurplue property available for that purpose,add Con--
siderable sums have: been raised by the sale of that propeety..
Nor have theybesitated to give their Own, pecuniary as-
sistance to attain this desirable .object, having theMselece
taken up the greater part of the unappropriated' shares,
which, as theyscoald nototherwise Mille been disposed of:
at par, Would have remained unavailable. fly these means
the liabilities of the-Company have been materially,
nished,•and further talcs of lead are now in progrees but •
as there is a leag6 portion of the property which itlsiould
be most unadeisahle to part with•at preseet, loekinetVe'' the
incrensed mess-an-iodation which . will be requirCA by
the,. Brighton and South .Eastern, . and other Rail-;
way Companies, ready
.to use this 'line,' your Directive,
cannot avail themselves of these 'means to a greater
extent. Such being the case, they have hurried
their attention to' other means of carrying out the remain-
dercif. the wail:; epential to the undertaking. It is part
of the'crigagernepe With the coateactoreefer _the supply-of
carriages, that the Company should erect sheds at tbeestae
tions, for the pi otectiou and accommodation of passengers.
It is likewise el Ole grratest.importanee. that an- enguee-
house should be coustructoct at Deptford as early res,itos,
sible—that the station at Greenwich should be completed
-.:.that some alteration.
Lion---and thatTertaiti property should be purchased,
-become so.COnsiderablep that
a cipPot;: tf: be made inth e London std.
which
ought not to be postponed beyond the simmer. The IC.
set apart for thaw pur.
poses. But although this, might noG be objected' to, by. 4
tbo holders of .w shares,
olia sbe
yet the original Shareholders
might have cause to complain, especially as their interests
of per cent. ceased s'nee the 24th Dee:, in consequence
cien tiro
inig Chtmr.. 9rn have'
of the railway being opened to Greenwich. The funds,
however, might be raked by other means, so as to fall
more equally on both-classes of shareholders. The Direc-
tors, therefore, recommend that on application be Made to
Parliament in the present-Session, for an Act, the preli-
minary steps to which have alreaay been taken, to obtaiii
poWer so raise the sum of 60. 000/..for these purposes, in
such manner as may be deemed, most desirable ; and they
hoped the meeting would concur with them in the propri.
ety of this proceeding, The Ra'irray being comp!eted
and opened to Greenwich, your Directors have considered
the contract of Camel
:Landmann so.ftir a:s to re-
lease him from Vepatlaer furthdr plans mad sueefintending
the.erettion of the buildings centemplated, which,belongs
mere properly to tile department or your architect, and as
the extension of the Railway. has been unfortunately so*
much protracted in consequence:a the difficultiee which
have occurred; your. Directors did not tiiihk proper to with,
hold any longer. from Col. Landmann the fair remuneration
agreed on. At the same time they have secured hie seeeiees
as conoalting-engincer, and they cannot close this part of
their report without taetifying.• ee te the toli4iey ref the
weeks wider lite LUrcdion, and considering that the, trains
'have already performed nearly 100.000 journies,. they think
that all the rumours about the instability of the worki may
be iegarded as finally disposed of. The total receipie-for
1837 were ethoegie, and:tor 183 S, 41,2861. -The redepits
for passengers alone were, from Dec.. 24, the date Of the
,:opening. to Greenwich, 1837, to March the same year,
were 6:2861. ; for the same period in 1838 the amount was
6.428/. ; and for the sett period in 1839 it was '9731/.-
The Directors would refer to the approaching opening of
• the London and 'Croychin Railway, anticipating, as they.
did, a great accession of. income from .their engagements
Will that Company, and they Ole esrected to raise. a rental
from the arches ender the Railway. The-Company was now
at , the expense of maintaining an additional 'station at
Gresneieh, and they'had increased the tffieiency of their
service by the substitution 'of aestiperier class of men ;• but
toteiithstandieg- all this, the at-event' or itelies. 'is per
cent. less than the average slate the line tt'a2 opened to
DePtford. .
The Directors are convinced that • a rigid attention to
economy, anal to the comfort ter passengers, ate objects of
the first importance in an undertaklng of this kinde and
they nasore the Proprietors that to ac'tlion snap be want-
in, on their-part to secure,, the advantages with which this
important entereeise now promises to be attended l and
they-have rely, in conclusion, to express their conviction
that all 'the predictions which have been held forth as to
the t c-.WU of 'enterprise will be amply fulfilled, and they
trust that at the next general meeting they shall be able to
preduuesiihstautial proofs of theateetireey of their vieWs..
It :sees moved, seconded,' and carried-by acclamation,
that this "Report lie received, adopted, end printed. • ;

The cordial tl;aulzx the •Shttreliolderfl were imani-
mouzly voted to the Diteetorts• VIII the' triOetir!tg,eqpiirited.