The Sun.
London, England, 1853-06-22 00:00:00

RAILWAY INTELLIGENCE.

SOUTH-EASTERN.

A special meeting of this company was held yesterday
at the Bridge-house, Hotel, London-bridge, to consider
four bills now before Parliament ; Mr. Jas. MacGregor,
M.P., in the chair.
Mr. Herbert, the secretary, having read the notice
convening the meeting,
The CHAIRMAN said, they.' had to ask the sanction
of the proprietors to the measures promoted by the
company in Parliament. They had already passed the
House of Commons, and were now in the House of
Lords. It would be useless to occupy their time in
alluding to the approximation of the station at Reading,
without having to pass over a distance of some half mile,
as at present, nor to other matters referred to in the
first bill he had to submit for their approval. The bill
was for continuing permissive powers to the South-
Eastern Railway Company to become the purchasers of
the steam-ships of the South-Eastern and Continental
Steam Packet Company, for working the ferries be-
tween Folkestone and Boulogne and Dover and Calais ;
and it was inconceivable that any opposition should be
offered to a bill for a purpose so necessary to their pros-
perity ; but the united influence of the steam-ship asso-
ciations of Great Britain, and of numerous parties in-
terested in steam navigation was brought to be bear
against the bill in the House of Commons. The whole
passenger traffic between England and France last
year was 167,074 persons, of whom 108,220 passed
by Folkestone and Dover ; 29,793 of that num-
ber used the Government packets, and 78,427
the steam-ships of the South-Eastern and Con-
tinental Steam Packet Company. It was most
desirable that the steam-ships !employed in the ferry
should be under the control and direction of the railway
company, and that the railway company should be at
liberty to use them legally for all proper purposes ; and
the Government steam-ships of England and France,
and those of the South-Eastern and Continental Steam
Packet Company, afforded the only means of communi-
cation at Folkestone and Dover between the coasts.
The bill dissolved the Canterbury and Whitstable Rail-
way Company, and authorized the necessary capital to
purchase it, and it enabled the raising of 300,0001. for
the general purposes of the company. They were in-
debted to the Committee of Propnetors for setting forth
at length the objects of the application of the 300,0001.
The next subject to which he had to refer was the ex-
tension of the North Kent line from Strood to Maid-
stone, and it might be said to involve the whole policy
of the company. A bill for the completion of this rail-
way, the junction link from the existing line at Maid-
stone to that of Strood, passed the House of commons
in 1847, was read a second time in the Lords in that year,
and then suspended. Its obvious utility was seen on the
map, whether they looked to the traffic on the North
Kent line of railway between London and Strood, which
averaged 4,6251. per mile per annum ; to the present
traffic between Strood (which was, in fact, Rochester
and Chatham) and Maidstone ; to the amplification by
railway facihties of the commerce of those places ; or to
the general incidents of traffic on the lines of the com-
pany, and the directors unanimously recommended the
completion of this portion of the South-Eastern Railway,
which would average as much as the general earnings of
the line. To understand their present position it was
necessary to refer for a moment to the past, and to re-
collect that the original act for constructing the main
line to Dover and the Continent passed in 1836. It
provided for a capital of 1,850,0001. In 1840 power
was got to enlarge the station at London-bridge, and to
raise a capital of 120,0001. In 1842 1,066,0001. more
was found necessary for the original works ; and in 1843
266,6001. beyond that. In 1843 149,3001. was also
asked f, and got for the present Maidstone branch, and
177,7771. for the Bricklayers' Arms branch and station.
In 1844 533,0001. was granted by Parliament to make
the Canterbury, Ramsgate, and Margate branch, and
266,6001. for the Folkestone branch and harbour and
general purposes. They would, therefore, observe that
a company, the capital of which was fixed in 1836 at
1,850,0001., had obtained in 1844 power from Prlia-
ment to expend in railway works in the county of
Kent 4,429,2771., viz. :-3,183,2001. in the works,
which it was supposed at first would be constructed for
1,850,0001., and 1,246,0771. in new and additional
works. It then appeared to Parliament that the gigan-
tic character of railway undertakings and their import-
ance to the country required peculiar watchfulness and
direction on the part of the Legislature ; and hence the
reference of projects for railways to the railway depart-
ment of the Board of Trade. The report of that de-
partment showed that a very extensive and comprehen-
sive system for the accommodation of the South-Eastern
district was proposed by the company, while, under the
speculative mania of the times, schemes, as large, but
not so perfect, were suggested by other parties. He
called attention to the fact that the sanctioned outlay of
capital in 1844 was 4,500,0001. They hoped then to
have been shielded from all further Parliamentary con-
tests, and to have been permitted to pursue in peace the
objects they had before them, to secure the traffic of
the south-eastern district by the gradual extension of
their system of railways in Kent. Guided by those
views, in 1844, the company made the most liberal
propositions to Lord Dalhousie for the extension of
their lines, and were received in like spirit by that
nobleman, whose decision was in favour of a south-
eastern system of railways in Kent ; and, in equivalent,
they offered to his lordship the guarantee of the capital
which they had then embarked to construct large works
—some much valued for the service of the State, and
admitted to be unremunerative. Between that period
(1844 and 1853) they had expended between 5,000,0001.
and 6,000,0001. of money in the construction of these
works. There had been no pause on their part in pro-
moting in Kent and Sussex the completion of that rail-
way system to which they had pledged themselves. The
rival projects since suggested by other parties had ema-
nated from an impatience of the county of Kent for an
extension of the North Kent line from Strood to Chil-
ham. The position in which the sanction to the projects
now submitted would place the company was this ?
They had expended a capital of 10,630,0201., liable
to reduction by the realisation of surplus property
to the sum of 10,379,3751., exclusive of the cost of
the Strood and Maidstone branch of the Reading Ex-
tension, but including the payment for the Canterbury
and Whitstable line and the steam-ships, and the outlay
of the 300,0001. additional capital. The gross earnings
of the company last year were 773,7711., or 14,8801.
per week. The outgoings were-346,289/. working
expenses, 197,1731. fixed charges, 7,4301. Parliamentary
charges—in all 548,9921. The working expenses and
Parliamentary expenses were 45'726 per cent. Assuming
the 500,0001. which was to pay for the Canterbury and
Whitstable Railway, the 100,0001. for the steam-ships,
and the 300,0001. to close the capital account, to be
raised at 4 per cent. per annum, it would require
15,455/. per week air the same percentage rate of expenses
as last year to pay the dividend paid last year, which
was 18s. 6d. per 301. stock, or 3/. is. Bd. per cent.
Since the Ist February the receipts to the 18th of June
amounted to 261,8861. or 23,4521. more than at the
corresponding period of last year, and which showed an
increase of 1,172/. 12s. sd. per week. The earnings of
the s:,:-.am-ships, the saving of part of the Canterbury
and V-hitstable rent, and the rentals to be derived from-
portions of the further outlay of 300,0001., which might
be taken at 3,0001. per annum, would be an addition
thereto, and would, they trusted, aid in producing
better results. He concluded by moving a resolution
approving of a bill for enabling the completion of the
purchase of the Canterbury and Whitstable Railway,
and the steam-ships of the South-Eastern and Continental
Steam Packet Company, and the raising of additional
capital for those objects, and for the general purposes of
the company.
Mr. RENSHAW seconded the motion.
The Solicitor read the heads of the bill.
A PROPRIETOR wished to know whether any of the
profits of the railway company had been devoted to the
steam-packet company, and if so, how much had been
given them.
The CHAIRMAN said that sums had been voted to the
steam-packet company for special services to promote
the traffic on the railway. Towards these special ser-
vices the Boulogne and Amiens, the South-Eastern, and
the Northern of France Railway companies had con-
tributed, and he bel'eved the contributions amounted
together to about 15,0001. The service between Dover
and Calais did not pay the steam-boat company, and the
Northern of France and the South-Eastern Railway com-
panies had voted money towards the expenses. In reply
to other questions he stated that the number of passen-
gers conveyed between England and France was 167,074,
and of this number 108,220 had passed over the South-
Eastern Railway, and 78,000 over in the South-Eastern
steam-boats, and 29,000 by the Government boats. The
proprietors of the South-Eastern and Continental Steam
Packet Company were also proprietors of the South-
Eastern Railway ; and on undertaking the service, with
a view to promote the traffic on the railway, they were
told they would be guaranteed 5 per cent. on their out-
lay. The boats had been valued by the surveyors at
Lloyd's at 90,0001., and that was the sum the South-
Eastern Company would have to pay if they purchased
them, which sum was about 20,0001 less than they had
cost the steam-boat company. He would like to know
how the 108,000 passengers in the year were to be
secured to the railway company if they had not had the
steam-boats under their control. It was quite natural
that the other steam-boat companies should be opposed
to the railway company having steam-boats of their own.
The matter had undergone the careful consideration of
a committee of shareholders, and they had approved of
the whole of the measures promoted by the directors.
Mr. HAMILTON then proceeded to read a long state-
ment he bad prepared for the occasion, amid confusion
and cries of " question." It stated, in reference to the
increased expenditure for rolling stock, that, with the
exception of about 12 miles of the Tunbridge Wells and
Hastings line, it was nearly two years since any addi-
tional line had been opened belonging to the company.
In the first six months of those two years 65,4811. was
expended in the purchase of 20 new engines and 40
carriages to meet the Exhibition traffic. In the second
six months of 1851, 41,1851. was charged to capital for
working stock, besides an additional sum on the same
account placed to the debit of revenue. In the second
half-year of 1852 the further sum of 6,3911. was
charged to capital on the same account, making the
total charge for additional working stock in the two
years ending 31st January, 1853, 113,057/. The gross
traffic for those two years exhibited an increase, com-
pared with the previous two years, of 353,000/., but with
no increase in the amount applicable for dividend beyond
3d. per share. He complained that they were running
express trains throughout the year, 101 miles, from
London to Margate, at about ld. per mile, and 67 miles,
from London to Reading, under id. per mile, for first
class passengers. After making some personal observa-
tions on the chairman, which were received with con-
siderable disapprobation by the meeting, he concluded
by stating that the moneyed interests knew that the

into.
Mr.'J. WILSON said, the steam-boats did not earn
more than 31 per cent., although they were allowed to
divide 5 per cent and called upon the shareholders to

reject the bill.
Mr. GREY, one of the committee, said that be and the
other members of it had given the subject their most
careful attention ; the directors had given them the most
unreserved access to every matter relating to their in-
quiries, and the surveyors at Lloyd's, who were inde-
pendent parties, had valued the property of the steam-
boat company. These men were employed by all the
great merchants of London in valuing vessels, and there
could be no doubt that they had valued them at a fair
price between man and man. The committee had adopted
that valuation, and they were satisfied that it was the
interest of the railway company to purchase the steam-
boats at the price mentioned, and to work them in con-
nection with the railway. (Hear, hear.)
Mr. MACLAURIN said, that Mr. Wilson and other gen-
tlemen appeared to forget that the efficient and success-
ful working of the steam-boats in connection with the
railway had had the effect of increasing the traffic on the
latter between 70,0001. and 80,000/, per annum. (Cries
of " Oh, oh !") He would ask proprietors whether there
was any sense in such expressions as " Oh, oh I" against
the facts he had stated. The opposition could only arise
from those who wished to damage the property, but he

...,... .
hoped the majority would vote in ofthebill.
Mr. C. CHILD explained that it would simplify the
accounts very much to merge the property of the steam-
boat company into that of the railway company, and to

work theM 2.s one concern.
The CHAIRMAN said, he would not trouble the meeting
with any observations respecting the personal attack
made upon him by Mr. Hamilton ; but, with regard to
the increase in the working stock referred to, it was per-
fectly clear to the proprietors who understood the subject
that increased traffic would require an increase in the
working stock ; and if the traffic continued to increase,
they would have still further to increase their stock. The
increase of working stock at present contemplated would
carry them over the next three years. Their traffic
receipts amounted in 1844 to 160,0001., in 1845 to
220,0001., in 1846 to 336,0001., in 1847 to 430,0001., in
1848 to 469,000/., in 1849 to 457,0001., in 1850 to
514,0001., in 1851 to 638,0001., and in 1852 to 749,0001.
The original capital of the company was 1,800,0001. ; in
1844 it was increased 3,000,0001. and since that period
6,000,000/., and by that outlay they had effected a great ,
public service. There was a prospect of considerable in-
crease in their revenue from the gradual development of
their traffic, which, with economy in working, would
tend to increase their future dividends. The steam-boats
had cost, including various improvements, 25,0001. more
than they were to give for them. They were kept in a
perfect state of repair, and out of the receipts the Steam-
packet Company had made a reserve of between 20,0001.
and 30,0001., after paying dividends, on the average of
6 per cent. per annum. That would show whether they
had paid more than 34 per cent.
The resolution approving of the bill was then put and
carried by a large majority, 11 recording their votes
against it.
The Solicitor read the heads of a bill for reviving the
powers for the purchase of land and for extending the
London-bridge terminus ; to divert a footpath at Red-
hill ; and to substitute a level crossing for an existing
bridge over the Bricklayers' Arms branch. The time
for the purchase of land was extended for one year, and
for completion of works to two years.
The CHAIRMAN, in reply to questions, stated that
15,0001. would be expended in the construction of a
bonded warehouse at the London-bridge station, and
10,0001. in the improvement of the booking-offices and
waiting-rooms.
The resolution approving of the bill was then carried.
The bill to effect the junction or approximation of the
stations at Reading, of the Reigate and Reading branch,
and of the Great Western Railway was read, and ap-
proved of unanimously.
The CHAIRMAN then proposed. that the bill to autho-
rise the company to extend the North Kent line from
Strood to the existing line and station of the company
at Maidstone and to raise capital for the purpose be ap-
proved.
The Solicitor read the heads of the bill which provided
for the supply of water to Maidstone, and specified that
no dividend should be paid on the ordinary stock of the
company at the end of three years unless the line was
completed.
Mr. HAMILTON contended that the line would not pay
its working expenses, and that they would exceed the
receipts by 5,000/. per annum ; that the line would be
no protection to them, and that, if the object in making
it was to prevent any rival scheme from connecting
Maidstone with London by a nearer route than at pre-
sent, it would signally fail, as the distance from Maid-
stone through Strood would be 411 miles, but by a direct
line to London it would be about 32 miles.
The CHAIRMAN explained that the clauses relating to
the water were inserted in the bill to avoid an expensive
opposition in Parliament, and that the traffic between
Strood and Maidstone would be sufficient to yield 3i
per cent. on the outlay, after allowing 40 per cent. for
the working expenses, without reckoning anything for
the increase of traffic on other portions of the line. The
engines which now stood in steam at the Strood station
would have time to go on to Maidstone over the pro-
posed new line, and to return in time to convey the train
back from Strood to London. He did not believe that
the working expenses would amount to 40 per cent.
Mr. MACLAURIN thought that the estimated cost of
the line at 22,0001. per mile was excessive, and that half
the money would be ample if proper means were used to
have it cheaply constructed.
The CHAIRMAN said thattheir engineer hadinformed them
that a most respectable contractor had offered to con-
struct the line, including land, forlBo,ooo/., which he (the
engineer) considered a fair offer, but that less than he
had estimated (250,0001.) would not be sufficient to
complete everything which the traffic would require.
The works would be put up to public tender.
Mr. HAMILTON moved an amendment, to the effect
that the bill be not proceeded with, which was not
seconded, and consequently fell to the ground.
ThO resolution approving of the bill was then carried,
there being only two hands held up against it.
On the motion of Mr. MACLAURIN, the best thanks of
the meeting were voted to the committee—Messrs.
Morgan, Smith, Grey, Wilkinson, and Ivyleafe for
their valuable services, and also to the chairman and
directors.
This concluded the proceedings of the railway meeting.
The special meeting of the South-Eastern and Con-
tinental Steam-packet Company was then held, Mr. J.
Macgregor, M.P. in the chair ; and a resolution ap-
proving of the bill, authorising the railway company to
purchase the steam-boats and other property of the
company, was unanimously carried, and the meeting
separated.