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

LONDON, FRIDAY EVENIN

RAILWAY INTELLIGEATCE.

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. RIISSEIi, 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 convening 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. is. 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
204,604/. 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
6,812/. 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 1,096/. 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. 61d. 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 more 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
3,2211. 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. ld. 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 19,046/. 13s. id. chargeable against revenue for
the maintenance of the lines and works during the half-
year. Of this amount the sum of 10,102/. 18s. 6d.
has been expended upon the repairs to the road.
The cost of maintaining which has, therefore, been
at the rate of 411. 11s. 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 5,2461. 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. id. ; 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. 78. 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 head of miscellaneous working expenses
for wages in the comparativehalf of last year. In the goods
department there is an increased charge of 663/. ls. for
the collection and delivery of goods and parcels (the ton-
nage 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. 6d. to 71,1241. 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 1,4601. ss. lid.) ; of 6991.175. id, for port dues on
goods at Boulogne, and of allo-.vance for the depreciation
in the value of horses. The company owns 225 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 5611. is. 7d. The electric
telegraph showed a profit for the half-year ending the
31st July, 1852, of 1,9061. 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 9,5331. Os. id. The remaining sum of 1,5031.
14s. 9d. is made up of 1,391/. 9s. 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 and such 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 connected 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.
11s. 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-
ble of the responsibility which attaches to them to econo-
mise to the very utmost the company's F:roper:;y, and to
perform the service with which they are intrusted in the
most economical manner consistent with good policy. On
the other hand, they are perfectly aware that in exact-
ing from any portion of the staff of the company an ex-
travagant length of attendance they would not be doing
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under this head can be expected at present. It is cheer-
ing, however, to state that the sources of traffic appear
inexhaustible, and promise to meet all fair expectation.
The mortgage debt of the company, which stood at an

interest of 4,259 per cent. oktbe Ist of August, 1852,
now stands at a charge of 440748 per cent. In the
profit and loss account there is an increased charge of
6751. for the rent of branch likes,
chiefly arising from
the increase in the Greenwielt4nt ; of 1,384/. 14s. id.,
for interest on guaranteed stock; the whole of which is
now bearing interest; and of 6,1801. 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 'lBs2—a decision which
the directors cannot but ccsrlider a most erroneous
one. The directors sought to set aside the award
by an appeal to the Court of Qneen's Bench, but with-
out effect. These sums make a total excess of charge of
8,2401. Bs. ld., diminished by of 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 whole 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 tra' their dealings with the
numerous parishes through which railways pass,
or to
unjust and
avoid a large annual expense in opposing
extortionate demands. The South-Eastern Railway
passes through upwards of twii hundred parishes, and
the business of watching and arranging the different
assessments is itself an important and expensive one.
Gentlemen, I shall have the ;honour, of proposing a
resolution, authorising the directors to raise on deben-
ture' the sum of 500,000 This will provide
the means of paying for, the Canterbury and
Whitstable Railway, which xou have contracted to
purchase, and which is now leased by the com-
pany at an annual charge of 50581. 10s. Any imme-
diate saving, by_ this purchase will arise from the sum
necessary for the payment (about 100,00.00 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 Continentak Steam-packet Company.
The result if 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,
99,406/., and on the value of tie plant ashore, and to
leave a surplus which will come: to this company, 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 • but 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 let 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 116,4751. as. Bd.
last year, showing an increase in six weeks of 11,6981.
14s. 6d., and thus affording a further earnest of improve-
ment. I beg to move that the report of the directors and
statement of accounts be received 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 is so low a
tone of voice, and his remarks elicited such frequent 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
readinglud
something in so melancholy a tone, that he cone_
he was alluding for something unhappy—. hb t
(a laug ) u
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 bus
Airiness w.
Hamouldilton
be got through most rapidly by hearing

out.
Mr. HAMILTON then raised his voice and proceeded
was nter
to read the. statement, referred to, which
spersed with strong personal observations. He said
i
that capital had been debited to the extent of 12,000/.
that half-year 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 L, was all that was applicable
to dividend ; which was a very small modicum of bread
for all Falstaff 's quantity of sack. The low-priced 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 Dover. The
company also ran a train on their North Sent 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. He 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 ought to be brought before a public meeting ?
(Cries of "No, no.") In the course of that gentleman's
remarks, he (Mr. Smith) had heard his own name men-
tioned. He had once offended Mr. Hamilton, and he
would tell the shareholders how. (Cries of " No, no.")
Mr. MORGAN rose to order. He trusted 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. Hamilton. The way he
had offended that gentleman was this. When he
(Mr. Smith) was on the committee of inquiry relative to
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 he 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 individual pro-
prietors, the highest holder only having 1,600 shares,
and the lowest 300. Yet these five proprietors, banded
with rival steam companies, went to Parliament,
enabling Lord Monteagle and others to oppose the
bill on the ground that it was not supported by all
the proprietors—(shame, shame)—and it was a mere
chance the bill was' not lost. He would throw the
gauntlet down to Mr. Wilson, who always opposed
the directors on every question, right or wrong—(laugh-
ter)—to gainsay his statements. Mr. Hamilton said
that the directors overpowered 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 became a proprietor, having pur-
chased his shares merely as an investment. (Cheers.)
He was not afraid to oppose directors if he deemed them
in error, but he always stated his opinions freely and
broadly before the shareholders. (Cheers.) He trusted
he had not unnecessarily trespassed upon the time of the