The Sun.
London, England, 1853-01-27 00:00:00

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duty to attend the ,meeting of shareholders to ex-
press his deep regret that his official position as solicitor
to the Corporation of London rendered his retirement
necessary, in consequence of their having entered a for
mal dissent from the company's bill. He had originally
proposed this project when a member of the Common
Council. He had promoted the measure in conformity
with the express resolutions of the Common Council pro-
nounced twice in its favour, after an interval of some
years, by that body. The measure had received the direct
testimony of approbation of the press and the public, and
it was not, he trusted, an unworthy feeling of regret he
felt when he looked down upon the promised land un-
folded as it were at his feet, and found he was not to be
permitted to lead his fellow-labourers into progression.
He, however, would not dwell upon the subject, except to
correct two misapprehensions which appeared to exist
upon the subject. In the first place, Mr. Deputy Lott
had by a letter in the newspapers charged him with hav-
ing said that the corporation were clearing the ground
in Victoria-street for the reception of the railroad, when
they were clearing it for a totally different purpose. Mr.
Lott ought to have gathered from the contents of the
report from which he drew this statement that, so far
from having made such a declaration, he had expressly
stated that the corporation were clearing the ground not
for the railroad but for the new street. The other mis-
apprehension of a member of the Common Council was
that he had originally proposed that the project should
extend into Farringdon-street, whereas he had now
withdrawn that plan, intending that it should be limited
to the north of Haborn Valley. This was the last op-
portunity he should ever have of appearing before them.
He should, therefore, avail himself of it to express, in
plain and unmistakeable language, his reasons for be-
lieving that the traffic resulting from the short line would
be prouctive of a large dividend at a very early period,
and that within a very few years, by means of cheap,
speedy, punctual, and frequent trains, an enormous
revenue would be produced, sufficient to remunerate the
capital required, and yield a large sum for the enlarge-
ment of the streets in 'the adjoining locality. (Hear,
hear.) He desired no credit for the details of the plan,
either in its construction or arrangement. Except as
an important auxiliary of street improvements, it was of
little moment whether it advanced a few yards in one
direction or in another. The principle upon which he
advocated the measure was plainly this. The citizens
of London, paying high rates and taxes, both for their
places of residence and their places of business in the
City, had a better right to railroads to carry them
backwardrand forwards every' day than' the inhabit-
ants of districts occupied by a scattered population,
who did not quit their homes half a dozen times in
as, many years. The laws which governed commerce
and manufactures ruled more completely in regard to
railroads than in any description of commercial under-
taking. (Hear.) Where no raw material was used
and the working charges were so small as in passengee
trains, it was manifest that quantity ought to rule both
as to the quality and price of railway travelling. It was
a well-known fact that the lowest priced goods were
made by the most costly machinery. (Hear.) If an old
woman wanted a cheap machine for making a pair
of stockings she would provide herself with a pair
knitting needles, at the cost of one halfpenny; or if
she wanted a cheap instrument of manufacture, his great
grandmother's spinning-wheel, value five shillings,
would meet her wishes. But if you wanted cheap
hose and shirts the aid of the power-loom and the
tall-chimnied manufactory must be called in aid at a
cost of ten, twenty, 'fifty; or a hundred thousand
pounds. (Hear, hear.)- Railroads and railroad travel-
ling formed no exception to this general law of
commercial mechanics. Except in a few cases which
might be easily accounted for by circumstances not
affecting tha general principle, it would be found that
the most costly lines, though running frequent trains at
low charges, produces larger profits and paid better
dividends than those lines where the opposite; conditions
prevailed. (Hear, hear.) The Blackwall and Green-
wich and South-Western Extension Railways might be
supposed, upon a superficial observation, to be standing
evidences that this proposition was not well founded in
their case. But they were all clearly exceptional cases,
from the peculiarity of their position. It was true, they
were all costly—very costly, and paid poor, very poor
dividends ; but they were all river board lilies. The
Thames both starved and robbed them. Having a river
boundary on one side they had only half a country to
feed them, instead of having the population on both sides
to pour in its tributary streams. (Hear, hear.) This
was a serious drawback upon their prosperity ; but, it
was not all, for the river robbed as well as starved
them. It ran cheap penny and halfpenny boats in
competition, particularly during the spring and
summer and autumn months, when railroads are expected
to make play, and compensate for the deficiencies of
other seasons. (Hear.) The Blackwall and the Green-
wich lines were parallel, and if it were not for the river
between them, either line would have sufficed for the
district ; but they were parted by the river, and thus two
capitals had become necessary to perform the functions
of one line. (Hear.) The South-Western extension was
placed under equal disadvantages as far as local traffic was
concerned. If it were not for the separation of the river,
this railway might have sufficed to carry the Pimlico,
and Chelsea, and Fulham traffic, as well as the Vaux-
hall, Wandsworth, and Putney passengers. The rail-
way promoted by this company, however, was sub-
jected to none of these disadvantages. It opened
up or led to a magnificent country, where they had
no river to separate them from your passengers, or
to deprive you of your summer traffic. Omnibuses were
their only opponents, and of course they could not
stand in competition with the cheap and expeditious tra-
velling which it was the privilege of railroads to confer.
(Mr. Pearson then exhibited a tabulated paper, containing
statistics of the cost, takings, and diVidends of the
cheapest, the dearest, and the average railways of the
kingdom, showing the general correspondence between
costly lines, populous districts, low fares, and large divi-
dends.) They would observe by the table that the Dub-
lin Railway, which had the lowest fares, and cost the most
money, paid the largest dividend. When that line was
first proposed, its spirited projector was deemed insane
for suggesting that a line from Dublin to Kingstown could
ever pay. The elements of prosperity which attended the
Dublin line existed to a far greater extent in connection
with this undertaking. The population of the English
metropolis was much larger and richer, and more loco-
motive, than the inhabitants of the Irish capital • and
he believed the revenue available for dividend would be
far, very far, beyond the 10 per cent. which that com-
pany paid. Mr. Pearson then entered into various ex-
planations as to the number of persons who daily en-
tered the city by omnibusses, cabs, railways, and steam
boats, to show that the 15,000 he had assumed as the
number of daily passengers to the City, was much below
the number upon which they had a right to rely. The
raising of the Holborn Valley was an object of deep
importance to the interests of this great city, and a grand
new street intersecting the metropolis from north to
south, would be an object worthy of the greatest sacri-
fices, but when coupled with the benefits and blessings
which the railway would confer on all classes, rich and
poor, upon the trade and commerce of the City, upon
the health of the City, and the convenience of the City,
the project in his judgment challenged the support of all
well wishers to its best interests. If the Government
and the corporation would give their countenance to the
project in the manner suggested by the railway commis-
sioners, it might be promptly and efficiently executed
with honour to the citizens, with advantage to the share-
holders, and without inflicting injustice or injury on any
portion of the community.
On the motion of Mr. Krug, the retiring directors
were re-elected.
Mr. B. J. ARMSTRONG, in a complimentary speech
moved,—
"That this meeting sincerely regrets the retirement
of Mr. Charles Pearson from its direction, and sincerely
hopes that circumstances will speedily enable him to re-
join it." (Cheers.)
Mr. Deputy PEWTRESS seconded the resolution. He
could not help thinking that Mr. Pearson had not been
fairly treated, and that his scheme had not received the
consideration it deserved. He had know Mr. Pearson a
long time, and he had rarely, if ever, known any of his
plans turn out ill. (Cheers.) He remembered his ex-
ertions when the cholera first broke out. Mr. Pearson
had, in fact, laid the foundation of the Board of Health,
and all those sanitary improvements to which they owed
their health, and perhaps their lives. He (Mr. Pearson)
never held a railway share in his life till the formation of
this company, and then he had bought 100 shares out of
pure self-defence. The ward in which he lived (Grace-
church-street) was so overloaded with traffic that it was
absolutely necessary for something to be done. They ,
had been obliged to put on foer additional policemen for
the sole purpose of keeping the streets clear • but in
spite of all their efforts, stoppages frequently took place
by the half hour at a time. He himself had been de-
tained 35 minutes on London-bridge, and the traffic ap-
peared to be increasing every week. (Hear, hear.)
The resolution was carried unanimously.
Mr. PEARSON returned thanks. He was as sorrow-
ful as any man could be at being compelled to retire
from the board ; but he could not agree with the
gentleman who seemed to think that it had been
caused by any jealousy of him on the part of the
Common Council. There might, it was true,
be some gentleman- who thought that, as he had
received so much solid pudding, he had no right to ex-
pect any empty fame ; but such persons were very few.
As a general principle it was quite true that no gentle-
man receiving a considerable salary for his official duties
ought to embark in an extensive private undertaking
and it was quite true that the work and the
sleepless
nights which this scheme had cost him, had in some
manner exhausted those energies. This,
the Commonis, he believed,
was the true reason why gentlemen of
Council objected to his retention of hisesenlatai y
aotlitthe bofoa trhcle.
(Hear.) If he had believed that teh
alousy
or envy, or
Common Council were actuated by
from his office as
any bad feeling, he would hatrafeasi
City Solicitor. He had said. aedgeneral rule it was
improper for a person in. ti ruttohebheacdosnone:otned.
with a private undertaking
ehlisikesitth
request of the Common
netted himself with Nevertheless if he had
at
the
Council, and therefore le
lleaadr.t)hot that this was an
exceptional case. (Ere'ri'
an able successor in Mr.
Ayrton, he shou
not known that biehwaayse
leaving
nnin much doubt which mas-
ter to serve ; andl at
all events he would not have left
his project to time chance of becoming a wreck for want
of proper care and watchfulness. (Cheers.) Though
e had left the board, nothing should prevent him from
often talking to Mr. Ayrton on the subject ; though, of
course, if he had to be a party to any negotiation on the
part of the corporation, he should certainly do his best
to make the best bargain he could for the City. (Hear,
hear.) He begged now to move a vote of thanks to the
directors. (Carried unanimously.)
Mr. Sheriff CROLL returned thanks.
Mr. PEARSON then moved a vote of thanks to Mr.
Ayrton, which was carried unanimously.
Mr. AYRTON briefly acknowledged the
compliment,
and the meeting broke up.