The Sun.
London, England, 1853-03-18 00:00:00

[PRICE sn.

Maidstone line is estimated, with a new station at Strood
—much wanted there—to cost 50,000/. The directors
consider this line to be one which should not longer be
postponed making. In the month of October last no less
than 13 separate railways, some with extensive ramifica-
tions, were projected in the south-eastern districts, and
affecting our interests, and we saw the necessity of lay-
ing before you measures which we thought might, under
the circumstances, be demanded for the protection and
advancement of the company's interests, and among them
was the project for extending the line from Lewisham to
Bromley and Croydon, which we proposed should be in
joint account'veith the Brighton Company. The directors
of the Brighton Company gave their assent, but subse-
quently, without notice or communication to this company,
negotiated with the South-Western Company for amalga-
mation
with them, and on the last day for the purpose
of Parliamentary notices, there appeared the notice of the
Brighton and South-Western Companies bill to amalga- '
mate. Much correspondence necessarily took place.
We objected to that amalgamation, thinking that the
natural alliance of the Brighton Company to make was
with ourselves, the South-Eastein Company—not with
the South-Western Company. The Brighton and South-
Western Companies since have determined to withdraw
the amalgamation bill, and the present state of affairs is
that the Brighton Company propose now the withdrawal
of the Lewisham, Bromley, and Croydon bill also. It
will be for you, gentlemen, to consider whether this is
the wisest step to take under the circumstances, or
whether further attempts should not be made to settle '
now, either with the Brighton Company, or on our ac-
count, the question of communication between the me-
tropolis and Bromley, which, while unsettled, may ever
be a source of contest. The estimate for this line is
24,0001. It is right I should state that no bills contain-
ing powers for a combination of interest between railway
,companies can be read a second time this session till
after the 11th of April,' or until after the report of the
committee of the House of Commons now sittnik on fir
way amalgamation and future railway lagislation shall
have been made. I earnestly trust that railway pro-
perty will be benefited by the inquiry which is taking
taking place before the distinguished persons constituting
that committee, convinced as I am that the interests and
safety of the public never can be promoted by a reckless
competition in the construction and working of railways.
I have the honour to move that the report of the direc-
tors and statement of accounts, as now read at this meet-
ing, be received and adopted.
Mr. JOHN HAMILTON, after complaining that the com-
pany had not yet got a tenant for the Lord Warden
Hotel at Dover, and that the directors were going to an
unnecessary expense in the erection of some ornamental
iron railing at the hotel at Folkestone, proceeded to
censure the general system of management, which he
contended was not such as to develop the traffic of the
line in a proper manner. Having censured the conduct
of the chairman with respect to some transactions in
shares, he addressed himself to another matter, and ob-
served that out of 288 miles of railway belonging to the
company, not less than 165 miles consisted of branches.
Those branch lines had cost 4,078,0001.; and 118 miles
of those branch lines, which had cost 2,809,000/., did
not pay the expenses of working. The 28 miles between
Tunbridge-wells and Hastings, which had cost 724,0001.,
were in the same position, and the passenger traffic on
that portion of the line for six months was something
under 6,0001. The company therefore had 146 miles of
railway which did not pay the expenses of working.
The total cost of that quantity of mileage, including
300,0001. for locomotion, was 3,833,0001. The only 88
miles which paid a dividend were constructed before the
present chairman came into office. All the branch lines,
with the exception of the Maidstone branch, 10 miles,
and the Canterbury branch, 14 miles, had been made
since the present chairman came to the board. Such
management as that accounted for the shares being at
only 481. He trusted he had stated sufficient to show
that the construction of branch lines should not be left
to the board, and moved that a committee of ten gentle-
men should be named by the body of proprietors to con-
fer with the board on the subject of branch lines, and to
report thereon to a special meeting.
In answer to a question by a PROPRIETOR,
The CHAIRMAN said that, at the last meeting, a cor-
respondence was submitted to the proprietors, between
Lord Sondes, Mr. Lushington, and the directors, with
regard to the Chilham line, and the directors distinctly
intimated that, on looking at what had occurred in pre-
vious years, and considering the expectations held out
that the North Kent line would be continued,
they did not recommend the proprietors to offer
any opposition to that line, provided the points
of junction and the plans and sections were approved
of. • But it had been found necessary to oppose the
bill on the standing orders, because it contained clauses
seeking powers to run over the South-Eastern of so
unsuitable a character that the directors considered they
should have been guilty of a gross dereliction of duty if
they had consented to the granting such powers. The
objections of the bill were unanswerable ; but the com-
mittee resolved to allow the promoters of the bill to pro-
ceed, on depositing a fresh plan and amending their
errors. The bill had been read a second time, and there
the matter now stood. He would now state the objec-
tion to the line itself. There was a line called the
Chatham and Canterbury line. The line of Lord Sondes
formed a junction with the South-Eastern line at Strood,
crossed the Medway, and formed a junction at Chilham.
To that the South-Eastern Company offered no objec-
tion, but they differed as to the way of forming the
junction at Chilham, because the gradients were bad,
and it set out a fork of six miles running parallel with
the South-Eastern line to Canterbury. With regard to
the other bill, he did not think there was the least pro-
spect of its passing. It was intended to come up from
the South-Eastern Company's station at Chilham, and
stop at Chatham without crossing the Medway. He
did not think the Legislature would pass any line except
on the principle of its being a continuation of the North
Kent line from Strood downwards. Now, with respect
to the accusation made against him, of having con-
structed all the branch lines of the company. On the
day when, contrary to his will and wish, he was placed
in the direction, he found projects in existence for the
extension of the South-Eastern line much more expen-
sive than those which had been constructed ; and the
first measure against which he set his face was a propo-
sition which was absolutely carried by the directors, that
if the South-Eastern Company constructed the North
Dent line, it should pay to the Croydon Company for
its assent a perpetual toll, collected at the rate of five
miles of running over the North Kent Railway. With
respect to the other charge made by the honourable
proprietor, he positively denied the statement that he
had, either alone as an individual or in conjunction with
any body of men, ever done any act to enable any man,
or any company, to sell shares for the purpose of realis-
ing high prices, to the prejudice of the affairs of the
company.

Mr. HAMILTON asked if the chairman would deny that
he had been a jobber in shares. (Oh, oh ?)
The CHAIRMAN said he would give the honourable
proprietor a flat denial face to face, and tell him that he
had asserted an untruth, and that he had no foundation
in fact for his assertion. (Cheers.) So far from admit-
ting that there was the shadow of a shade for such a
charge, he could produce evidence to show that in no
case whatever had his hands been soiled by any transac-
tion, and that he had never done anything inconsistent
with the interest of the company—that he had never
availed himself of his position to accept any shares, and
that he was now the holder of all the shares he had ever
held, with the exception of some which had been sold
under pressure, and which he had not the means of re-
taining. (Cheers.) He was no jobber in shares, and
enjoyed what he esteemed more than wealth—a character
unblemished for integrity. With respect to the Dover
Hotel, contracts had been entered into for its occupation
—and as to the ornamental rails at Folkestone, they
would be erected at a small cost, and the work had been
undertaken in justice and out of compliment to Mr.
Breach, who had paid a rental of 2,2401., and had ex-
pended a great sum of money on the establishment.
(Hear, hear.)

Mr. Jostht WiLsox accused the chairman of dealing
in shares and rigging the market, and after reading a
letter written by Mr. M‘Gregor, and dated December
2, 1847, referring to some private matters, said if the
chairman would grant him a committee of two or three
gentlemen, he would show such a statement of trans-
actions in shares as would make the boldest man's hair
stand on end. (Great confusion.)
The CHAIRMAN said the letter produced by Mr.
Wilson referred to matters which were inquired
into and fully disposed of in 1849, and he held
in his hand the report of a. committee of five gen-
tlemen appointed by the proprietors to examine
into the subjects then in dispute. With respect to
his (the chairman's) conduct, they said -.—" They feel
bound to state their conviction that, notwithstanding
errors of judgment and an undue assumption of indivi-
dinal responsibility, his conduct has been honourable
throughout, and marked by a sincere, unflinching, and—
excepting in his character of a very large proprietor--a
disinterested devotion to the interests of the South-
Eastern Company. (Cheers.)
Mr. WILSON said the committee would not look at
letters which he held in his hand. He had no con-
fidence in the board of directors of which Mx. M`Gre
' was the autocrat, and with whom he could do as gor
he
liked. (Oh, oh, and laughter.)
Mr. JAMES RENSHAW (the deputy chairman) said the
assertion made by Mr. Wilson, that the directors were
wholly led by the chairman, was not true. (
They were as independent as any other gentlemen Cheers could.) be, and the chairman always listened to their opinions,
and at times was guided by their advice.
Mr. HENRY LEWIS SMALE (a director) expressed his
concurrence in the remarks which had fallen from the
deputy-chairman.
The CHAIRMAN then put the question that the report
be a.dopted. The motion was agreed to, there being
only one dissentient.
Mr. COLES CHILD said that at the. last meeting
he ptroe-
posed as a resolution that, with a view of detsein
amount at which the capital expenditusr:
submit should
a cease,
uld
the directors should be
requested to bhr detailed
complete the works
estimate of the amount required
and lines of the company. .
teees°toimf
7aot,eo
ohor.
be re-
given, and he moved that the ehTstmaatot
ceived and adopted, and thttstede
at 10,
leon, 23,2d6 e 571 . s account
sd.,
of the original capital be 1
subject to realisation whenc
expedient of the surplus pro-
d that with the view of oon-
perty of the oomfallYo and
/