The Sun.
London, England, 1853-09-16 00:00:00

LONDON, FRIDAY EVENING, SEPTEMBER 16, 185 a

RAILWAY INTELLIGENCE.

interest of 4.259 per cent. on the Ist of august, 1852,
now stands at a charge of 4.0748 per cent. In the
profit and loss account there is an increased charge of
6751. for the rent of branch lines, chiefly arising from
the increase in the Greenwich rent ; of 1,3841. 14s. id.,
for interest on guaranteed stock, the whole of which is
now bearing interest ; and of 6,180/. 145., being the
amount of an award made against the company for
rates on the Reading, Guildford, and Reigate line
for the years 1850, 1851, and 1852—a decision which
the directors cannot but consider a most erroneous
one. The directors sought to set aside the award
by an appeal to the Court of Queen's Bench, but with-
out effect. These sums make a total excessof charge of
8,2401. Bs. Id., diminished by a less charge of 2,2161. on
general interest and Parliamentary expenses. The net
sum available for dividend is 100,2391. 16s. 9d., which
will admit of a dividend of Bs. per 301. stock, and leave
a surplus of 1,1231. 16s. 9d. It is impossible to take
leave of the question of rating on the Reading, Guild-
ford, and Reigate branch, and generally, without ob-
servations. It has been declared by the Lord Chief
Justice of the Queen's Bench that the whsle question
needs fresh legislation ; and nothing short of that will
bring it into a compass which will enable the managers
of railways to secure justice in their dealings with the
numerous parishes through which railways pass, or to
avoid a large annual expense in opposing unjust and
extortionate demands. The South-Eastern Railway
passes through upwards of two hundred perishes, and
the business of watching and arranging the different
assessments is itself an important and expansive one.
Gentlemen, I shall have the honour of proposing a
resolution, authorising the directors to raise on deben-
ture the sum of 500,0001. This will provide
the means of paying for the Canterbury and
Whitstable Railway, which you have contracted to
purchase, and which is now leased by the com-
pany at an annual charge of 5,0581. 10s. Any imme-
diate saving by this purchase will arise from the sum
necessary for the payment (about 100,000/.) being raised
at an interest below 5 per cent. ; it will also provide, if
the proprietors see fit to complete that transaction, for
the purchase of the eight steam-ships and stores of the
South-Eastern and Continental Steam-packet Company.
The result of last half-year's working of those ships, as
stated in the report, is to pay 4 per cent. to their present
proprietors on the valuation of Lloyd's surveyors,
99,4061., and on the value of the plant ashore, and to
leave a surplus which will come to this comeany, with
the boats, of net profit of 2,7611. Bs. The balance of
the 500,0001. is required for the general purposes of
the company, as set forth in the balance-sheet. The
amount necessary for completing the extension of the
Reading station to that of the Great Western at Reading,
will also be raised by debenture. The capital required
for the construction of the Strood and Maidstone line
the directors do not propose for creation on this occa-
sion • bet they suggest that the arrangement for raising
it should be delayed to a subsequent meeting of the
company. This delay need not cause any, obstruction
in proceeding with the requisite arrangements for the
construction of the line, and the directors trust that the
state of the money market will at a future time be more
favourable for the operation of raising 250,0001.—the
amount required—than it is at the present moment.
The opening of the line from Paris to Bordeaux, 365
miles, is a very important feature as affecting the com-
pany's interest, and the directors continue to look for-
ward, as they have so long done, to complete railway
communication to Marseilles, as one of the occurrences
likely to affect the through traffic of the company to a
great extent. That railway is requisite to bring the di-
rect Indian and Eastern traffic upon the South-Eastern
line. The liberality with which the French Govern-
ment has always treated those subjects assures the direc-
tors that arrangements will be made, on the completion
of the line, for the transmission of the baggage of Indian
passengers through France, without examination ; and
the same liberal measures which have permitted the
examination of the baggage of passengers coming
from France at the London-bridge terminus, on the
part of the Treasury and the Custom-house autho-
rities in this country, are a sufficient earnest that all
that is requisite will be done to secure to the Indian and
Eastern traveller the great advantages of the South-
Eastern direct route to and from Marseilles and Malta,
without unnecessary Custom-house annoyances. (Hear,
hear.) It is impossible that the vigilance and alacrity
of the Custom-house officers at Folkestone and Dover
can be excelled ; but the facility to the night-train tra-
velling from Paris to London, of having baggage examined
at the London-bridge terminus, has been rendered nuga-
tory by the local privileges at Dover, which confine the
right of landing baggage, and carrying it to the Custom-
house, to a privileged body of porters, whose adroit-
ness in avoiding to give effect to a general chain of rapid
communication has been most distinguished. I may
here observe, that since I submitted the statement I am
now laying before you to my brother directors I have re-
ceived a communication from the town clerk of Dover,
which leads me to believe that the difficulties will be
allowed no longer to exist, and that, from the Ist of
October, the baggage of passengers by the train alluded
to will be at once brought through for examination in
London. [The hon. gentleman here read the letter re-
ferred to. It stated that the Dover porters had agreed
to land and place on the Customs waggons all luggage
at 3d. per package, large and small, and had further
offered to extend the arrangement to all through trains.
(Hear, hear.) Since the commencement of the present
half-year the traffic has proceeded satisfactorily ; the
earnings from the Ist August to the 10th September
have been 128,1731. 18s. 2d., against 116,475/. 3s. Bd.
last year, showing an increase in six weeks of 11,698/.
14s. dd., and thus affording a further earnest of improve-
ment. I beg to mere that the report of the directors and
statement of accounts be ieeeived and adopted. (Cheers.)
Mr. HAMILTON then proceeded to read a written
statement, which he had prepared, challenging the
general policy of the directors ; but he read e° lowa
tone of voice, and his remarks elicited such fro:11167" in-
terruptions from the meeting, that it was almost im-
possible to catch the purport of his observations. He
was proceeding to say that the directors had never ven-
tured to refute any of the charges which he had brought
against them, when
Mr. SAINTSBURY rose to order. It was irregular for
an honourable proprietor to read any document without
first obtaining the consent of the meeting to his doing so.
(Hear, hear.) The honourable gentleman was reading
something in so melancholy a tone, that he concluded
he was alluding to something unhappy—(a laugh)—but
certainly it was impossible to hear what he said with any
distinctness, and he therefore could not be replied to,
The CHAIRMAN had no doubt that the business would
be got through most rapidly by hearing Mr. Hamilton
out.
Mr. HAMILTON then raised his voice and proceeded
to read the statement referred to, which was
inter-
spersed with strong personal observations. lie said
that capital had been debited to the extent of 12,00/.
that halfeeear for rolling stock, and yet they had
not a single engine or carriage more than they had
before. They had obtained an increase in their receipts,
as compared with the same half-year of 1852,
amounting to 36,000/. ; but of that increase only 6d.
per share, or about 6,000 t., was all that was applicable
to dividend ; which was a very small modicum of bread
for all Falstaff's quantity of sack. The low-yriced trains
which the company ran to Ramsgate and Margate were
most unprofitable, and had the effect of drawing away
the better paying passenger traffic from Pover. The
company also ran a train on their North lent line at
an absurdly late hour at night, and the only reason he
could see for running it was that their chairman lived
17 miles down the line, and the train started late to waft
him from his senatorial labours. (Cries (of " oh, oh,"
and confusion. Mr. Hamilton concluded by attributing
many of the misfortunes of the company to the ambition
of one man, who wielded too great an influence over its
affairs.
Mr. GEORGE SMITH rose with some warmth, and said
that he thought the company had now arrived at that
position that the proprietors ought to unite to endeavour
to benefit their property. He had not had the good for-
tune to hear all Mr. Hamilton's remarks, but he could
scarcely help thinking that it was hardly fair to allow
that gentleman to read to them the contents of a pamph-
let, whilst others only spoke upon the points before
them as they rose. lie was sure he was always happy
to hear any proprietor make remarks upon the position
of their property ; but were the remarks of Mr. Hamil-
ton such as might to be brought before a public meeting ?
(Cries of "No, no.") In the course of that gentleman's
remarks, her. Smith) had heard his own name
men-
tioned. Head once offended Mr. Hamilton, and he
would tell the shareholders how. (Cries of "o, no.")
Mr. MORGAN rose to order. He trilsted that they
were not going to have a debate of personalities.
Mr. SMITH had stood in the proud position of a Lon,
don merchant for 27 years, and he felt it due to his own
character that he should be allowed to defend himself
against the insinuations of Mr. Hareiltoti. The way he
had offended that gentleman was this. When he
(Mr. Smith) was on the committee of inquiry relative tb
the amalgamation with the Steam packet Company, &c.,Mr. Hamilton wished to inveigle him into a compact
to second a motion that Mr. MacGregor should not pre-
side at the meeting of proprietors, With which lie refused
to have anything to do. As regarded the steam-packets,
he thought a most beneficial arrangement had been en-
tered into ; but it was opposed by five indibidual pro-
prietors, the highest holder only having 1,600 shares,
and the le:7-est 300. Yet these five proprietors, banded
with rival steam companies, went to Parliament,
enabling Lord Montieagl4 and others to oppose the
bill on 'PIA 06ancl that it was not supported by all
the proprietors—(shame, shame)—and it was a mere
chance the bill was not lost. lie would throw the
gauntlet down Mr. Wilson, who always opposed
the diteetors on every question, right or wrong—(laugh-
ter)—to gainsay his statements. Mr. Hamilton said
that the directors OVertiowered the shareholders by
the introduction into their half-yearly meetings of parties
to whom they had given shares. Did Mr. Hamilton
mean to insinuate that he (Mr. Smith) had had shares
given him for any such purpose ? (No, no.) If so,
he threw his insinuation back with scorn. He held
3,0001. stock in the company, and he had never sold a
single share since he because a proprietor, having pur-
chased his shares merely as an investment. (Cheers.)
He was not afraid to oppose e directors if he deemed them
in error, but he always st Med his opinions freely and
broadly before the shareholders. (Cheers.) He trusted
he had not unneoesearily treopssed upon the time of the

SHREWSBURY AND CHESTER.

The following letter was addressed to the chairman of
the above company, yesterday, by the chairman of the
Great Western Railway Company :
" Great Western Railway, Paddington Station,
15th September, 1853.

" Sir, —I am requested by my colleagues to commu-
nicate to you, without delay, their intention to tender
to your shareholders the same terms and conditions for
the permanent amalgamation of the Shrewsbury and
Chester Railway Company with the Great Western Com-
pany, as were conceded by this board to the shareholders
of the Shrewsbury and Birmingham Railway Company,
at the general meeting held yesterday in London.
" We feel it to be due, on every account, to your
board of directors that we should, unsolicited by any
one, tender through you these improved conditions at
the earliest moment, notwithstanding the previous ac-
ceptance and confirmation of the agreement.
"The Great Western board have consented to make
this sacrifice under the persuasion that it will terminate
all contentions, and leave the three companies to prose-
cute their application to Parliament with the best chance
of success.

" It is expressly understood by us that these improved
terms are to be carried out, without prejudice to the
rights of any of your shareholders who may still prefer
to adopt the terms submitted to your special meeting
and ratified.

"We confidently rely that the half-yearly meeting
will adhere to the policy of supporting the Great Wes-
tern alliance, avoiding any conflicts or disputes calcu-
lated to endanger the much-desired object of obtaining
for your company an early and certain return in the
shape of dividend on your shares.
" May I beg you to circulate this letter without loss
of time among your shareholders, expressing to them
our sincere desire that they should co-operate with the
board in carrying the agreement into complete effect.
" I remain, my dear Sir, yours very faithfully,

" C. RUSSELL, Chairman.
" To John Williams, Esq., Chairman, Shrewsbury
and Chester Railway Company, Chester."

SOUTH-EASTERN.
The half-yearly and a special meeting of this com-
pany were held yesterday, at the Bridge House Hotel,
London Bridge, Mr. Jas. MacGregor, M.P., presiding,
Mr. G. S. HERBERT, the secretary, having read the
advertisement conveninc, the meeting, the report, which
has been already published' in The Sun, was taken as
read.
The CHAIRMAN then rose, amidst loud cheers, and
said—Gentlemen, the statement of accounts submitted
to you with the half-yearly report of the directors shows
an amount of receipts on revenue account for the last
half•year of 382,9261. ls. 7d., which is larger than the
amount earned in the comparative half of last year by
the sum of 33,702/. 9s. 6d. The balance of profit is
204,6041. ss. 7d., which is larger for this than the com-
parative half of last year by the sum of 15,2341. 17s. sd.
The working expenses, renewals, and reserves, on this
occasion having exceeded those of the comparative half
of last half year by the sum of 19,5671. 7s. Bd. whereof
6,8121. 19s. 9d. is incurred in locomotive and carriage

and waggon expenses, 3,2211. 7s. 6d. in the mainten-
ance of permanent way, and 9,5331. Os. id. under the
account called miscellaneous working expenses. The go-
vernment duty and rates are less last half-year by the sum
of 1,0961. 15s. 7d. It will be my duty to submit to you that
the increased expenses have been legitimately and neces-
sarily incurred. And first with regard to the locomotive
and carriage and waggon expenses, which show an
increase of 6,8121. 19s. 9d.; of that sum 3,5521. 3s. 9d.
is accounted for in the extra cost of coke. The directors
made a favourable contract for the coke not manufac-
tured by the company, which has still a good while to
run, viz. :- at 18s. lid. per ton ; but notwithstanding
that, the average cost of coke last half-year has increased
from 17s. Qd. per ton to 18s. 11 2-sd. per ton over the
whole quantity consumed : 2,3741. Bs. lid. is the extra
outlay upon the carriage and waggon stock, and the
balance is wages. The result of the running of the en-
gines shows that, although the cost of the coke con-
sumed has been decimal-• 3123 per mile snore than in
1852-being 2d. '4891 per train mile against 2d. 1768
per train mile, the actual running of the engines stands
at a charge of decimal -290 less than last year, or 7d.
-977 per train mile against Bd. -267 per train mile. The
extra expense in the maintenance of permanent way is
3,221/. 7s. 6d. It is accounted for in the report of the
engineer. The total sum expended during the half-year
in the repairs of the way, works, and. stations, has been
17,6841. 3s. Id. upon 243 miles of railway now main-
tained by the company, to compare with 13,1221. 15s.
7d. expended during the corresponding half-year of 1852
upon 216 miles of railway. To this amount there has
to be added the sum of 1,3621. 10s. for 271 miles of the
Tunbridge Wells and Hastings branch maintained by
contract, and charged against revenue, at the rate of 501.
per mile for the half-year. There is, therefore, a total
sum of 19,0461. 13s. Id. chargeable against revenue for
the maintenance of the lines and works during the half-
year. Of this amount the sum of 10,1021. 18s. 6d.
has been expended upon the repairs to the road.
The cost of maintaining which has, therefore, been
at the rate of 411. lie. 6d. per mile, being an increase
of 81. ls. 9d. per mile for the half-year as compared
with the similar expenditure in the half-year ending
31st July, 1852. The cost of maintaining the works has
been 5,246/. 4s. 2d., being an increase of 2,3191. 3s. 3d.
in the expenditure under this head ; but in this sum is
included all the cost of repairing the damages done to
the works during the winter, not included in the ac-
counts for the half-year ending 31st of January, 1853.
All these repairs have been substantially executed, and
the entire cost of the damages done to the works, which
may be calculated at 5,0001., is now defrayed. There
has been a decrease in the cost of upholding stations to
the amount 6031. 15s. 9d. The increase under the head
of miscellaneous working expenses has been 9,5331.
Os. ld. ; of this sum of 9,5331. Os. ld. 4,1981. 16s. 6d.
has been paid in wages, in excess of! the amount paid
for the corresponding half of last year--viz., to police-
men, signalmen, and watchmen, 3091. 16s. 4d. ; to
guards, porters, and ticket collectors, 1,6171. 13s. 6d. ;
to station-masters and clerks at stations, 4821. 14s. 6d.;
to managers, clerks, and porters in the goods depart-
ment, 1,4261. 12s. 4d. ; to clerks at the London office,
1291. 7s. 10d. ; making a total sum paid in wages during
the half-year of 4,1981. 16s. in excess of the sum paid
under the same bead of miscellaneous working expenses
forwages in the comparativehalf of last year. In the goods
department there is an increased charge of 6631. Is. for
the collection and delivery of goods and parcels (the ton-
nac'e carried over the line in the half-year ending 31st
July, 1852, was 163,977 tons • last half-year, 193,391
tons; showing an increase of 2:9414 tons ; the earnings
increased from 57,1031. Os. ed. to 71,124/. 125., and the
number of parcels increased from 140,673 to 185,606,
showing an increase of 44,933 in the number of parcels,
and 1,460/. ss. ; of 690. 17s. ld, for port dues on
goods at Boulogne, and of allowance for the depreciation
in the 'aluc of horses. The company owns 226 horses ;
22 new horses were purchased during the half-year at a
cost of 8731. 45., charged to stock, and a deduction made
from the total value at which the stock of horses stands
in the books at the rate of 20 per cent. per annum, to
meet depreciation in value, In the item of compensa-
tion there is an increase of 561/. ls. 7d. The electric
telegraph showed a profit for the half-year ending the
31st July, 1852, of 1,906/. 19s. lid., but in the pre-
sent accounts it forms an item of outlay to the extent
of 1,3501. 16s. 2d. It is not possible to over-estimate
the value of telegraphic communication in conducting
the service of the company, and I am glad to be able
to state that a system of joint signalling of trains is
about to commence, the wires having been erected
for the purpose on the part of the Brighton and South-
Eastern Company between Redhill and the terminus.
Gentlemen, I have thus accounted for 8,0291. ss. 4d. of
the sum of 9,533/. Os. ld. The remaining sum of 1,5031.
14s. 9d. is made up of 1, 3911.95. 2d. French agency which
included 4991.85. furniture for the Paris office. The direc-
tors consider it essential to the company's interest to have
an office of its own in a prominent situation at Paris, seeing
that so many andsuch important railways to the south and
east likely to bring traffic to the South-Eastern lines, con-
verge in that city, and viewing it to be needful to have
there an effective and reliable means of circulating time
and tide bills and other information competed with the
South-Eastern service. 1,2441. 18s. 6d. is the additional
cost of advertising and stationery, 4921. ss. 7d. survey-
ors' and solicitors' bills, 1041. Bs. light gold, and 4861.
lie. 4d. postages and incidental expenses-making a
total of 3,6951. 9s. 5d., which is lessened by 2,1491.145.
Bd., saving during the half-year in lighting stations, on
stores, steam-boat service, salaries, and wages in store
department and minor items. If any observations are
becoming in me on the subject of a possible saving in
the company's outlay, they must have reference to this
head of miscellaneous working expenses. I am bound,
however, to state that a careful analysis of the cost of
the company's establishment, and of the staff required to
conduct the public service in which it is engaged, bring
me to the conclusion that, regarding the number of sta-
tions and the amount of work to be done, it is not in the
power of the directors, or of any body of managers, to ef-
fect any present reduction. The directors are deeply sensi-
blemmp e
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travagant length of attendance they would not be doing
last half-year had a serious. effect,wouldan d industryhas
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ployment in other branches
shorten the hours for w'nich some of thehave done so, to
directors, if no higher motives
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The question
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The mortgage debt of the company, h wh. lc stood Man

a....................
meeting, brit he felt bound to give this explanation, I a further call to the extent of 200,0001. more did not
feeling that the statements of Mr. Hamilton arose remain to be paid up by the shareholders of the Reading,
from a miserable personal pique against the chair- Guildford, and Reigate Company, for the completion of
man. (Cheers.) their line ? If that were so, he also wished to know how
Mr. HAMILTON explained, in answer to Mr. SMITH, much of that 200,0091. had been expended, and in what
that he had been friendly to the amalgamation with the manner, as he was given to understand that correct in-
steam-boat company, but had wished to see the arrange- formation on that point would show that there had been
ment effected upon fair and honourable terms. an improper expenditure of this money ?
The CHAIRMAN, in reply, said that there was one state- Alderman SaeomoNs : Which of the two companies
meat in Mr. Hamilton's address from which he thought do you mean has improperly spent it ?
the meeting might judge of its whole contents and tenor. Mr. Joshua WILSON : The South-Eastern Company :
Mr. Hamilton's address, he must say appeared to him to and he thought that the directors would act wisely if
be one tissue of personalities. (Hear, hear.) That gen- they assented to a resolution to the effect that the andi-
tleinan had had the presumption to state to them that tors be requested to examine into the manner in which
the directors of that company suffered a train to run on the amount paid up upon the call of the Reading, Guild-
the North Kent railway at an unusually late and useless ford, and Reigate Company bad been expended after the
hour, and for what purpose ? For his (the Chairman's) contract had been entered into for the purchase of that
individual accommodation. Now, if Mr. Hamilton had company. He repeated his conviction that the want of
exercised his great talents for investigating matters of confidence in one man had caused all the depression
that kind, and bad looked at the time-bill of the Brighton under which the South-Eastern Company had suffered.
Railway Company, lie would have found that during The CHAIRMAN : And that one man had the right to
August, 1853, a train of' that company left London at stand up at that meeting, or before any body of En.-
exactly the same hour as the train of the South-Eastern lishmen, and give a flat denial to the statement which
Railway ran, as Mr. Hamilton, said for his private Mr. Josiah Wilson had dared to make. During his
accommodation. After discharging the duties of a nine years' connection with the directorate of that com-
director of that company now for a period of nine years, pany, the support of the numerous body of shareholders
he would not attempt any justification of himself; in that room and out of doors had been given to him
but he must say that a train leaving London-bridge from a confidence in his integrity and his devotion to
at half-past twelve at night would be of very little the interests of the company—(cheers and some marks
use to him after the termination of his parliamen- of dissent)—and he defied Mr. Wilson, or any other man,
tary duties. (Hear, hear.) What he did do after to adduce one single fact to invalidate that statement,
the termination of those duties was to return to the or to affect his character. (Renewed cheers.) He de-
terminus of the company and repose in a chamber there spised the hon. gentleman's accusations, and he won-
until he resumed the labours of the next day. As to dered that
Lord Torrany man— (Interruption, and a voice,
the alleged inutility of the half-past twelve train, he in-
" in
entleman surely ought to be closed with regard to that
would see how absolutely incorrect his statement was,
nobleman at a moment when they all knew that he was
because that train was much used by persons residing
now bowing under a dispensation of the Almighty, and
at Lewisham, Blackheath, and other parts of the line, mourning the loss of an only child. (Hear, hear.) Lord
Company had been
and the same engine which took that train down re- Torrington was the devoted servant of that company,
turned early the next morning with a load of fish from as the proprietors of a former day knew well. The
Gravesend for Billingsgate market. With regard to the honourable proprietor talked also as if something could
accounts, they appeared before the proprietors not only be done with the Reading, Guildford, and Reigate lease ;
with the sanction of the directors and a private accoun- but the thing was absolutely done and finished, and no
mßienadedinga,ndGualuldthfoerndt,imanteddßheyigate Comp
taut, but stamped with the authority of the auditors human power could now undo it. All the accounts of
Theßeading,Guildford, and Reigate Company
had
which had beenspent 600,009/. on their line, and their debts
aanmdinaepthubemlic. acActouthnteansatmwehotimhade
there
en
wemasploonyeedittoemexof- theexa
for engines, carriages, and waggons,
1 . amounted, he believed, to 79,000. The t' ques ion was,
capital, and which admitted of further exp, a
charge on the half-year, namely, a sum of 5,000/. odd Ball.
placedto how they were to raise the requisite sum to extricate
they had engaged
to complete. If Alderman Salomons
the company during the past half year ; but then there
aced •
works ten new had in the same spirit as Mr. Wilson had evinced,
true that no additions had been made to the stock of themselves from that debt, and finish the works which
nation than appeared in the accounts. It was perfectly
were building at the company's Ashford
of .
the South-Eastern Company would have been saddled
locomotive engines, besides a large number carriages,
•which had yet to be delivered rate of 52 per cent, per annum, but he had consented
these engines and carriages, raise the 200 0001. on a short mortgage at 4 per
for the service of the line. (Hear, hear.) There was to
and this sum of 5,000/. odd represented the outlay upon with theianaount of this further call of 200,0001. at the
cent. in effect on ;ccount of the South-Eastern Company,
one question which Mr. Hamilton had raised that was
had on the wholeout ay of 800,000/. from 5i per cent., the
and dispassionate discussion than that gentlemanand rate named in the contract, to n per cent., the rate
a very important one, and which deserved a mor calm so as to brin downl the interest which they had to pay
given to it, namely, the value of railway property .
payable.
December, 1852,
referred to
had
Now, it had been decided in the last session of Parlia- balance-sheet. .. _
whichwas
now
wthelst
the changes and fluctuations which took place in it.
ment that railway legislation should henceforth be con
Brown,
- been duly audited by Messrs. Chitele, Morgan, and
by Messrs. Quilter and Ball, they
would find that, after paying the whole expenses con-
more certain basis ; and he thought that the great rail-
nettedwith the Reading, Guildford, and Reigate line
ducted upon a more comprehensive, and probably a as well as
way companies were much indebted to his right honour- necte
for his exertions in this matter, and for the recom-
mendation count of the company.
there was 34,4611. carried to the general capital ac-
able friend Mr. Cardwell, who once sat at that table,
of the parliamentary committee with re- Mr. Alderman SALOMONS said that before the act of
spect to future legislation, that all plans of rail- amalgamation was passed, the accounts of the Reading,
way extension should be referred to one committee Guildford, and Reigate Compan Co.,
such were subjected to an
of the House of Commons, which should determine audit by Messrs. Quitter and as no other
the principle on which such extensions should take company had undergone. He complained that in the
place. Another recommendation of that committee accounts of the present half-year there was an item of
which was based upon the principle of justice, would 6,0001. placed as though it waste
it loss on the Reading
prevent the enormous expense to railway companies of line, which it ought not to be,
ought to be taken
vexatious Parliamentary contests, because it would fix from the 34,000/. in hand brought from the accounts of
upon persons bringing forward' schemes, interfering the Reading to those of the South-Eastern Company.
with the interests of existing companies upon insufficient The CHAIRMAN explained that the 6,0001. being for
pleas, the expenses of both parties in the contest. (Hear.) rates, belonged to profit and loss, and had nothing to do
With regard to the assertion that an assembly of English- with capital. The line was opened, and they had resisted
men representing so large a body as the proprietors of the amount at which they had been rated, but now hay-
twelve millions of property, was liable to have its de- ing had to pay it, they brought it into the accounts. He
cisions affected by the presence of one or two of the did not know that they would have brought it all in the
servants of the company who were holders of their stock, one half-year, had it not been for the receipt of 5,0001.,
the thing was too ridiculous to merit a reply. (Hear, made as interest on the shares sold, also coming into the
hear). Again, Mr. Hamilton had thought proper to accounts this half-year, so that one nearly balanced the
speak contemptuously of the smallness of their dividend ; other. With regard to the expenditure in opposition to
but did he think he could increase it a single sixpence by the East Kent line, it was for the protection of their pro-
disparaging its amount ? Let him attend before the pertyy and therefore he thought fairly chargeable to ca-
board, and make any practical suggestions which he pital, the more especially as they had succeeded in pre-
thought calculated to advance the interests of the corn- venting that company getting running powers over the
parry, and the directors would be happy to consider whole of the South-Eastern lines, an advantage well
them, and make that reply which his recommendations worth the whole money. It was, however, quite an open
deserved—(hear, hear)—but these extravagant state- question, and if the shareholders wished to have a less
ments couldin no way add to the respect due to the hon. dividend than that which they had earned, they could
proprietor, and certainly could do no good to the pro- do so.
perty of the company. Mr. Hamilton accused the di- Mr. WILSON moved, as an amendment, that the report
rectors of heedlessly and fatuously running trains to be received, with the exception of that part authorising
Ramsgate and Margate, which were wholly unremune- the payment of the expenses of the opposition to the East
rative ; but if he would only turn to the printed accounts Kent line from capital.
he would find that the return derived from these trains Mr. HAMILTON seconded the amendment.
was not inadequate for the services rendered. And when Mr. GRAY seconded the original motion, and depre-
the hon. proprietor talked of running trains to Canter- cated the waste of time of the meeting caused by the
bury, and Ramsgate, and Margate exclusively, at ruin- discussion of irrelevant and personal topics. With re-
ously low rates, he must tell him that these observations gard to the Reading, Guildford and Reigate lease, let
would have been more appropriate if they had been hon. gentlemen who objected to that as an unprofitable
made to those parties who had thought it worth their arrangement point out, if they could, how the company
while to get a bill to make a line from Strood to Canter- could honourably get rid of it. On the subject of the
bury. (Hear, hear.) With respect to the wine-glasses East Kent scheme, he wished, in the presence of Alder-
and washhand-basins supplied for the Lord Warden man Salomons, to say that if he had been in that gentle-
Hotel at Dover, to which reference had been made by man's place, he never would have promoted a bill like
Mr. Hamilton, he could only say that tenders and pat- that of the East Kent Company's, calculated, as it was,
terns had been advertised for by the company, and the to deteriorate the property of the South-Eastern Corn-
directors made their selection of the articles at the spe- parry, and diminish its dividends. (Cheers.)
cified prices, without knowing the name of the firm Mr. MORGAN (an auditor) said he was sure the p
ht
ro-
which was to supply them. The cacchinations of the perty of the company, if moderately managed, oug
honourable gentleman might be agreeable to himself, but never to pay a smaller dividend than
it did at present ;
he (the chairman) was now speaking of honourable men, and he believed that the dividend for the current half-
whose conduct deserved the support of that meeting, and year would be 11s. or 12s. per share, or at tne rate of
the respect of the honourable proprietor. (Cheers.) 5i per cent. on the present price of the shares. He
viatransaction with Mr. Smith was not initiated, nor considered that the capital account of such a large con-
the purchase of the goods effected, until after the deci- cern could not be absolutely and entirely closed, but he
sion of the committee appointed to consider the question believed that they had already seen the end of all their
of the steam-boats had been delivered to the directors
occasions for great outlays of capital and 150,000/.
and the proprietors. He would now repeat, on the part would be the only further sum which could be brought
of himself and his colleagues, that they regretted that in to share the dividend. He had replied to Mr. Wil-
the accounts for the half-year did not present a more son when the company's shares stood at 12/. 10s., at
favourable result ; but at the same time they believed which time that gentleman predicted they would go
that the sources of their traffic appeared to be inhausti- down as low as 6/.
ble. The expenditure to which they had been obliged to Mr. WILSON totally denied that he had ever made
go under the pressure of public duty, and with the pre- such a prediction.
sent great demand for labour in all parts of the country, Mr. MORGAN :Itis in print.
was, in his opinion, not likely to be greatly exceeded ; Mr. WILSON still repudiated the assertion.
whilst the traffic would go on developing in the most Mr. SMALES (a director) said he distinctly remembered
satisfactory manner, and add to the prosperity of the having heard Mr. Wilson express his opinion that the
company, and increase their dividends. Looking at the shares would not be worth 5/. or 6/. in the market.
accounts and the price of labour, he felt bound to tell (Hear, hear.) If Mr. Wilson continued in the opposi-
them that he did not think their expenditure could be tion he had hitherto offered them in Parliament, caus-
materially reduced, though he had great pleasure in ing them many thousand pounds of expense, lie (Mr.
stating that their traffic with the Continent was very Smales) could only hope that Mr. Wilson would be
satisfactorily progressing—that between Folkestone and personally visited, under Mr. Cardwell's new arrange-
Boulogne having increased one-sixth in the six months ments, with the whole of the expense, and then it would
ending 30th of June last, as compared with the corre- have to come out of neither the company's capital nor
sponding six months of 1852 ; the number of passengers its revenue. (Cheers).
standing 21,381 against 18,618. The Continental traffic The amendment was then put to the sense of the meet-
for the six months, via Boulogne, Calais, Dieppe, ing, when twelve hands were held up in its favour.
Havre, Antwerp, Ostend, and Dunkirk, amounted for The original motion for adopting the report in its en-
the six months ending 30th June, 1653, to 84,652 pas- tirety was then carried by an overwhelming majority.
sengers against 72,144 of the same period of 1852, A formal resolution was then passed declaring a divi-
showing an increase of 12,508, of which number 7,433 dead at the rate of Bs. per share in accordance with the
went through the south-eastern ports, exclusive of the terms of the report.
passengers by tne mail-packets between Do ver and The CHAIRMAN then moved a resolution authorising
OsteAd. Last year, at the same period, the total num- the directors to raise a sum not exceeding 500,000/. on
ber of passengers between Boulogne and lelkesionewas debentures to be applied to the purchase of the Canter-
-27,309 ; whilst during the past six months it amounted bury and Whitstable Railway, and the purchase of the
to 31,060, showing an increase of 3,621 passengers, of • steam-ships of the South-Eastern and Continental
which 2,063 came over the South-Eastern line. (Cheers.) S,-eam-packet Company.
The facilities of railway communication with the Conti- air. ReNsaaw seconded the motion.
nent were increasing, and he felt they had every reason Mr. HAMILTON then proceeded to read another written
to look forward to a fair increase in their traffic, and he speech, amidst the greatest confusion and uproar.
trusted also of their dividend. (Cheers.) Could they not treat the
Mr. JOSIAH WILSON said that the proprietors would tice as being totally irregular.
in the same way as they
see in the auditor's report a paragraph stating that a honourable gentleman's essays
report, namely, agree to take them
sum of 2,566/., the expenses of the Parliamentary oppo- had dealt with the
and laughter.)
sition to the East Kent schemes, had been placed to the as read. (Cheers
renewed his attempt to read his speech,
Mr. SAINTSAURY again protested against such a prac-
capital account, and which sum, the auditors thought, Mr. HAMlLtTOztrhen
' incessant, interruptions and other
ought properly to pe sharged to revenue instead of capi- but was me
sinPPs indefinitely, the honourable gentleman
purely of a defensive character. Now he (Mr. Wilson) the proceehimself determined to persevere, in spite of the
considered that it was the duty of the directors to bow declaring
tad, on the ground that the opposition in question was marks of disc probation, which threatened to protract
•
and indeed he could not see what was the use of having hearing.
The CHAIRMAN repeatedly interposed, and advised the
auditors if the directors were to set aside their.irecom
to the decision of the auditors with regard to this 2,5661.; opposition of the meeting, until he had obtained a
- b •the h t tmode ofgetting through
'on to say, as mg aor es
Ball, the eminent accountants, who acted in conjunct' .
concurred
with the the business.
with the company's auditors, had co
mendations. He wished to know if Messrs. Qui ter and meeting to allow the hon. proprietor to finish all he had
less frequent interruptions,the driftof
his remarks being
down to capital ? id that it was a complaint that the directors refused to allow the share-
auditors in thinking that this sum ought not to be set Mr. HAMILTON was at length allowed to conclude with
Mr. MORGAN, one of the auditors, said
Ball,but they certainly he also contended ought to undergo an audit. '
ranee of Messrs. Quilter and
• onion a matter of fact. The CHAIRMAN replied that the directors were in-
not necessary that the auditors should have the concur- holders to inspect the register of the proprietors which
had their concurrence in their
should be paid, and it was inspect the register of the company, except with re
The auditors il.7'd stated thetr as to the source strutted by counsel that no shareholder had a right to
e the question for them- to his own holding. A list of the' shareholders' names
es
of hd. to their dividend had been was published, with an asterisk against the name of every
ftfoorcir
thsenhievrhotphoisetotm, 102id5e6edi/d•
selves. The ine'reaSe -• •
All ; but, at least, that in- ' proprietor who held 6001. of stock, and was eligible for
derided because it '"ii sosined, the ro
- and the account of the the office of director.
crease had been fairlyel 7
aru
isid before p
p rietors. The resolution was carried unanimously, as was one
company had been honest
....._,The chairman had spoken authorising the raising a sum not exceeding 40,000/. for
Mr. J. WILSON continue a
a singular fact that ever. since he and Reigate line to the Great Western station.
of his having been a member of the board for a period of carrying out the extension of the Reading, Guildford,
nine years ; but it was
had been connected with the company its affairs had
Thetis could be no confidence in the impossible to say exactly how much this extension would The CHAIRMAN, in moving this resolution, said it was
been retrograding.
gentleman' sat at the head of the cost. The Great Western Company had opposed the
one
eious amount of salary, and sustain- extension, but the act had been carried, subject, how-
director, who directed the ever, to its being left to the Board of Trade to deter-
ing the office of iu 7
and left his colleagues without any mine in what manner the extension should be made.
board of directors, . )
control. (Hisses. They proposed to submit a very economical plan to the
power or
deputy-chairman, said that he had ' Great Western, and if that company did not approve of
Mr. ReNsuaav, the
ertion as this when it was made it the mattr must be referred to the Board of Trade.
answered the same ass. t
of
choomarpdanwyitwhladlpsr_toal7_anacring
Mr Wilson at the las meeting..
by •
that gentleman
__ear,
_ then expressed himself satisfied with his Reading, Guildford, and Reigate line was improving, it
hear.) What Mr. Wilson had ; having increased from 11,0001. in 1850, to 90,000/. in
explanation.
with (H
• t stated regardand to the chairman " directing the i 1853. This extension would still further improve their
Mr. JOSIAH WILSON continued. There were no ac-' west of England readily to get on to the South-Eastern
directors" was contrary to the fact. (Cheers.) traffic, as it would enable passengers from the north
counts inin
the Reading, Guilford, and Reigate Railway The question of the appointment of an auditor,
tare on
before the proprietors showing that the expend'- or Brighton lines...
as then
S Fitzroy
Ind Mr. Welsh had given ittheir opinion that
had been examined and audited. He therefore, wished the place of Mr. Childs, now a director,
.1v
pended upon the railway .
'the appointment could only, in accordance with the acts
tared into by the South-Tasters Company, and whether ap
when the contract was en- ! Kelly an