The Sun.
London, England, 1853-03-16 00:00:00

stable Railway, and for the purchase of the steam-boats,
permissive powers for the company to raise 500,0001. are
included. Nearly 100,0001. of this sum is required for the
purchase of the Canterbury and Whitstable Railway,
99,4061. for the purchase of the steam-boats, and 300,000/.
for the general purposes of the company. These subjects
will come before the proprietors for consideration at
a special meeting, which the directors will call for the
purpose, at such time as the proprietors shall de-
termine, and as shall be consistent with the rules
of Parliament. The state of the money market in the
autumn, and the speculative tendency which was
thereby induced, led to proposals for the construction of
various railways in Kent, interfering with the interests of
this company, and the completion of the railway system in
that district, and hence the suggestions contained in the
letter to the proprietors of the 13th Nov. The proprietors
at the special meeting which will be held, will no doubt
decide on these projects, not only with regard to their ab-
stract fitness at any time, but also with regard to the im-
mediate effect which their execution would have on the
company's position and interests generally. No further
communication has passed between the directors and the
promoters of a line from Strood to Chilham and Canter-
bury since the last meeting, except that the noble chairman
of that company called for a statement from the chairman
of this company whether the report in the Times newspaper
of what passed at the general meeting of the South-Eastern
Company, held on the 9th of September last, were correct,
and he was answered in the affirmative. The directors
have felt it to be their duty to appear as opponents to that
project in Parliament, and it will be necessary for the com-
pany to continue in the attitude of opponents in order to
prevent the company's interests being compromised. The
directors earnestly hope that the position of railway pro-
perty, and of railway proprietors, may be beneficially affected
by the measures which result from the labours of the com-
mittee of the House of Commons now sitting on the sub-
ject of railway amalgamation, and future railway legisla-
tion. The amount at the credit of the profit and loss ac-
count, 136,4641. Os. 5d., will allow of a dividend of na. per
301. stock, and will leave a balance of 1,5201. 12s. ld. The
increase which took place during last half-year in the do-
mestic traffic of the South-Eastern Railway gives the direc-
tors confidence in the position and prospective resources of
the company."

The following is the report of the committee of pro-
prietors of the South-Eastern Railway and the South-
Eastern and Continental Steam-packet Companies asso-
ciated with the directors to negotiate terms for the con-
solidation of the interests of the two companies :
" Your committee have to report that at their first meet-
ing, held on the 14th of October, 1852, an account of the
origin and history of the South-Eastern and Continental
Steam-packet Company was laid before them, and it was
resolved, That the chairman and committee of Lloyd's be
requested• to appoint the surveyors of Lloyd's register of
shipping to examine and report the condition of the hulls,
materials, and machinery of the steam-packets now the pro-
perty of the South-Eastern and Continental Steam-packet
Company, and their present value.' The chairman and
committee of Lloyd's accordingly instructed Mr. Martin.
and Mr. Courtenay to carry (tut the wishes of the com-
mittee, and these gentlemen furnished the following
report :
" Lloyd's Register of British and Foreign Shipping,
" London, December 6, 1852,
" 3, White Lion-court, Comhill.
" ' This is to certify that the undersigned surveyors to
this society did, at the request of G. S. Herbert, Esq., secre-
tary to the South-Eastern Railway Company and to the
South-Eastern and Continental Steam-packet Company,
dated the 26th of October last, and' in obedience to the
committee's commands of the same date, proceed at various
times to Folkestone, " for the purpose of ascertaining the
present state of efficiency of the eight steam-ships hereafter
mentioned, and their fitness for the purpose for which they
are intended, viz., plying between the ports of Dover and
Folkestone and Boulogne and Calais, in the service of the
South-Eastern Railway Company, also their present value."
We,-the undersigned, having thoroughly examined the said
vessels, with their engines and equipment, are of opinion
that, when the inconsiderable repairs now in progress are
completed, the said eight steam-ships named at foot will be
in an efficient state, and we consider them well suited to
the service for which they are intended, and we estimate
their aggregate value at the sum of ninety-nine thousand
four hundred and six pounds (say 99,4061.), including hulls,
machinery, furniture, boats, and stores complete, also the
necessary repairs above-mentioned—Princess Mary, of 212
gross tonnage; Princess Maude, 233 ditto; Queen of the
Belgians, 216 ditto; Queen of the French, 216 ditto; Prince
Ernest, 247 ditto; Princess Clementine, 288 ditto; Princess
Helena, 302 ditto; Lord Warden, 308 ditto.

" 'JAMES MARTIN.
" ' PETER COURTENAY.'

"Your committee have resolved to recommend, for the
adoption of the proprietors of the two companies, the fol-
lowing resolutions, viz.: —That the sum of 99,4061., being
the valuation made on the 6th December by the surveyors
appointed by the committee of Lloyd's on the eight steam-
ships belonging to the South-Eastern and Continental
Steam-packet Company, viz., the Princess Mary, Princess
Maude, Queen of the Belgians, Queen of the French,
Prince Ernest, Princess Clementine, Princess Helena, and
Lord Warden, be the price at which, upon the passing of
an act of Parliament enabling the South-Eastern Railway
Company so to do, the steam-ships and other property in-
cluded in the report and valuation be taken over from the
South-Eastern and Continental Steam-packet Company.
That to facilitate the settlement between the two com-
panies, the working of the steam-ships from the Ist Aug.,
1852, to the 31st January, 1853, shall bo considered to be
on account of the Steam-packet Company, and that the
sum of 99,4061. and the amount of the valuation of the
plant and stores on shore on the 31st January, 1853, shall
bear interest at the rate of 41. per cent. from the Ist
January, 1853, until three months after the passing of the
act. That the proprietors of the Steam-packet Company
shall then have the option of receiving the amount respec-
tively due to them in cash, or in a debenture of the
South-Eastern Railway Company, at five years date,
bearing 4/. per cent. interest per annum, and that at
the end of the five years, the steam-packet proprietors
shall have the option of receiving payment of that deben-
ture, or of converting it into the ordinary stock of the
South-Eastern Railway Company at par, provided three
months' notice in writing of such option bo given, expiring
prior to the termination of the five years. Your committee
have every confidence that this proposed arrangement of
the relations of the two companies will be deemed by both
a fair and honourable compromise and settlement."
The report of the auditor says :

"The capital expenditure of the half-year is 199,066/.
lls., the character of which may be thus indicated :—Main
line and Bricklayers' Arms extension : Now sidings, tim-
ber cranes, turntables, approach roads, passenger sheds,
coal stores, and stabling at stations. Proportion of cost of
converting timber viaduct into an embankment, substitu-
tion of iron for wooden bridges, strengthening roof of the
station, cost of new weighbridge and paving, additions to
the carrying stock in the goods department, land purchases
and cost of apportionment- of tithe-rent charge, and pre-
paring for sale of surplus property.—North and Mid Kent
lines, Greenwich widening and London station enlarge-
ment : Balance of Mr. Brogden's contract, and legal ex-
penses attending the same. Land purchases, apportion-
ment of the rent charge, redemption of land tax, extension
of sidings, ballasting of new roads, erecting new sheds and
stabling, timber cranes, turntables, bridges, signals, elec-
tric telegraph, erection of waterworks and engine house,
asphalting and paving, and architect's charges.— Ashford
to Canterbury : Land purchases settled. New turntables
and waiting rooms.—Ashford station enlargement : Erec-
tion of gasworks, waterworks, foundry, .carriage sheds,
cottages, and making new roads.—Tunbridge Wells and
Hastings : Balance of contracts for construction, extension
of sidings, approach roads, timber cranes, weighing ma-
chines, waiting rodnas, and goods sheds, alteration in in-
clination of cuttings, and apportionment of tithe-rent
charge.—Ashford, Rye, and Hastings : Final settlement
of contractor's accounts. Land purolsases and costs. New
schools at Ashford, cottages at Hastings and St. Leonards:
Apportionment of tithe rent charge and redemption
of land tax.—Reading, Guildford, and Reigate : Parlia-
mentary and law costs of amalgamationof the two compa-
nies. Approach roads, fencing, electric telegraph, cranes.
Apportionment of tithe-rent charge, redemption of land
tax, preparing for sales of surplus land. Locomotive de-
partment : The expenditure under this head is chiefly on
account of 179 new waggons in course of construction, and
which will form an addition to the working stock. A pro-
portion of the salaries of the engineer in chief and staff is
allocated to capital, in consideration of the superintend-
ence required by the lines and.works in course of construc-
tion. The reserve fund, for the renewal of permanent way
and works, has been increased by 5,5251., being the value
of old materials (principally rails) applied for new sidings,
and charged to capital—and has, in addition to ordinary
renewals, borne an expense of 6,3631. 13s. 3d. for works to
Gravesend basin and locks, proportion of conversion of
Bricklayers' Arms viaduct into an embankment, the con-
struction of bridges and platforms, for damage done to the
embankments and the Strood tunnels by the heavy rains,
and for repairs to Dover sea wall. The sum of 5,1381. 6s.
has been expended in promoting the five bills now before
Parliament, referred to in the directors' circular of 15th
November, 1852 ; this sum, pending the consent of the
proprietors and the decision of the Legislature, stands on
the credit side of the balance-sheet, with a view to a proper
distinction being preserved between the present and any
new capital which the company may be authorised to raise.
As to the closing of the capital account, we desire to reite-
rate the opinions we have previously expressed in reference
to that subject. The attainment of that important object
will be facilitated by the estimates which, by resolution of
the last half-yearly meeting, the directors were requested
to prepare, and upon the approval of which it appears to
us that the exact limits of the capital expenditure may be
finally determined, subject only to reduction by means of
the proceeds of surplus lands and property."
From the engineer's report it appears that—.

the
renewal
neaper ke:eatl,
" The total length of railway belonging to the South-
Eastern Railway Company open for traffic is equal to 2701
miles of double line. Of this lttseihntecgl hof 51brit.dgmesiolesai(%reAssmintiesil
maintained by contract, and are charged against revenue
at the rate of 501. per mile for the half-year. The length
maintained by the company is there 216 miles. The sum
expended during the past half-year in wages, ordinary
stores, engine hire and staff for the maintenance of this
length of road has been 10,1091. 14s. 4d., or at the rate of
461. 16s. id. per mile. This is an excess of the usual
cost, and was occasioned by the extra labour and woautnir
required in consequence of the extraordinary 111
company
evalansyt
tha.oe.i
autumn. B 7
fell during dthVenxgpefnoduirtusrueccthesussivienemurornetdhs,
an unprecedented The effect of the season upon the
season.
those
hi no gs e remediedfound
to a b
be
ed td he e.
introduction of a more efficient system of drainage,the
was enabled to carry on the traffic of the line tnrcaorriuogeflidtohounet
r o
substitutionroad a has ee no
creosotedfmo st severe,
sleepers
itis
forb
I Fresh ballast is at the same time being laid down
de-
cayed. .
7,246/. Bs. 9d.
wieneimtmhpooausnttyl increasing
nc
portions of the line.
such damages as exceed the na-
htrTueahnrsieeebwoesfaeiclnomrfeudixinanpdcasyliun(dle:wdgeopitranhkinesrencloogafsytimnogafivnlatinOinOscagPepcirditeaoltsooatttehde
t The sum of 3,2321. 17s. Bd.
in the maintenance of the works. This
has been expended
sum is also large, and the excess is due to the same cause.
The sum of 2,5961. Os. 2d. has been expended out of the
therteba
iscsi cuttings.
et
pit nhagre st
ordinary
eirai 1,1. e s worksnrrent
expenditurewill be
oherfaenewal fund hascredit
and a proportionate quantity of chairserthaendGortahveer materials.
Upwards Upwards of five miles of additional sidings have been laid
down at various stations with the materials so replaced.
fvTfßou
nahrrl
aeudtns
ehecaehersidingsf:statthhmheeee .
repairshavepaTr
b ae
materialsbl
oae trneubendeec chargedused, and
reconstruction
taruonrdke
the completion of the earth-work deepeningon the Bricklayers'
minor expenditure."

BIRMINGHAM, March 14.—We are this week enabled
to announce a rather satisfactory turn in the metal mar-
ket. The holders of tin and copper have at length let
out these essential articles of our manufacture, although
at ruinously high prices,—Arin Birmingham Gazette.