The Sun.
London, England, 1863-08-27 00:00:00

SOUTH EASTERN RAILWAY COMPANY

MEETING THIS DAY.

The fifty-fourth half-yearly meeting of this company was
held at the Bridge House Hotel this afternoon ; Mr. Byng
in the chair. The report, which has appeared in The Sun,
was taken as read.

The CIIAIRMAN, in moving its adoption, remarked upon
the satisfactory way in which the company's business had
progressed. There had been an increase in the receipts. for
the past half-year over the receipts of the correspond ing
half of the year 1862, notwithstanding the latter was the
Exhibition year. The company would, however, be under
the necessity of 'expending £30,000 in carriages. Com-
peting lines had forced the company to reduce their
fares, and although the traffic had been augmented by SO
doing, the revenue from such traffic was not equal to what
it had formerly been at the higher fares with less tra:ffic.
The company's contract, in conjunction with the London,
Chatham, and Dover Company, to carry the mails betty een
Dover and Calais, which had been taken out of the ha nds
of Mr. Churchward, had proved both remunerative to the
company and to the Post-office author Lies. The direc-
tors will lay before the shareholders a plan for their
approval, so soon as the Charing-cross line shalt be
completed, for the working of that line in conjunction
with the South Eastern system. Some statements Thad
been made by the chairman of the Brighton Company re-
specting a proposition for opening up railway acconaraoda-
tion between Uckfield and Tunbridge Wells, which required
contradiction. The South-E astern directors, it was staled,
would not listen to such a proposition, and consequently the
Brighton Company were obl.ged to abandon the project.
But the fact was, the
proposition originated with the South-
Eastern directors, and, on conferring with the Brighton
Company, their directors expressed their opinion that no
such line was required, and that their company should have
nothing to do w.th it. The chairman then adverted to
other disputes the directors had with the Brighton Com-
pany, but apprehended that the shareholders had nothizig to
fear from the opposition, especially when the advantages
that the South -Eastern' s new termini would offer were taken
into consideration. There was one other matter to which
attenti.,n must be called, the proposition to purchase, the
Mid Kent Railway. This line properly belonged to the
South Eastern Company. It was a remunerative lino. The
argument for its purchase would bo submitted to the stare-
holders at the proper time, at a meeting specially called for
the purpose, when the requisite powers would have to be
obtained.

Mr. THOMSON seconded the motion.
Mr. COLESCHILD stated that from an investigation he had
made of the books of the companyyesterday he found that
although the directors paid a large dividend, they had not
earned more durin g the past half-year. He found that X 10,231
for the same works were carried over to next half-year as un-
paid,pending the result of an action against the contractors.
For this no provision had been made. He thought there
should have been, and that the expense of the dividend for
the half-year. He noticed also an item of £1,590 for Par-
liamentary expenses carried to the next half-year; and also
an item which he was very sorry to see, for opposing the
Eastborn and Tunbridge Railway Company in the name of
a third party. He was no shareholder in the Brighton
Railway Company ; but he very much regretted this. In
conclusion, he moved an amendment to the motion, that
the clauses 12 and 13 in the report be not adopted.
Mr. ADAMS said he wanted to know from Mr. Mellow
whether he was not working for tho interest of his friend
Sir Morton Peto to get just about double the price for a
certain place called the Steelyard, required by the Charing-
ci oss Company for carrying out its projects. He believed
they wanted about £150,000 for it, though it had been
bought a short time sgo for £75,000.

Mr. TENLON stated that this matter had been referred to
arbitration.

Mr. ADAMS objected to that course, and said the proper
course was to refer the matter to a jury. He continued by
obj acting to the facilities given to the London, Chatham, and
Dover Railway ; and said that there was evidently a sinister
Lancashire connection working on the board that had pro-
duced this result, so inimical to the progress of the company.
in reply to Mr. Adams,
Mr. MELLOW stated, that the
purchase of the Steelyard was referred to arbitrators, and as
to his transactions with Sir Morton Peto, he had never
known him in any business transaction whatever.
The CHAIRMAN stated that every penny of the dividend
paid had been earned during the past half-year, and the
accounts so specifying it had been authenticated by the

auditors.
The amendment to the report of the directors was then
w put and carried unanimouor.
put and negatived by a large majority; upon which the
original mcnion as
A dividend of 41" i per cent. aeon the ordinary stock of thecompany was agreed to and t COLIC:14140. by
vote of thinks to the chaftrilan,