The Sun.
London, England, 1853-02-17 00:00:00

towards effecting an amalgamation with the Brighton
company. The report to this meeting was issued on the
sth instant, under the expectation that the Brighton
company intended continuing their application for powers
to effect such an amalgamation. On the 7th instant,
at the request of the Brighton board, an inter-
view took place between a deputation from this
board and a deputation from the Brighton board.
At that interview it became known, for the first time, to
the directors, that there existed impediments, not arising
from any difference of opinion between the two com-
panies, or affecting the merits of the question, but which
were sufficient to render the withdrawal of the bill for
the present expedient. The bill will, therefore, not be
proceeded with. This being the case, and there being
no intention at this meeting to do more than call the at-
tention of the proprietors towards the prospective attain-
ment of an object certainly desirable, under due limita-
tions, the directors have only to express their satisfac-
tion at the continuance of amicable relations with the
Brighton Company, and to renew their assurance that
no further steps towards altering their relative positions
will be taken, without due notice, and without the ex-
press sanction of the proprietors obtained at a special
meeting convened for the purpose.
The CHAIRMAN said, before he moved the adoption of
the report, he felt it his duty to make one or two obser-
vations, but in doing sake had to claim the very favour-
able indulgence of the meeting on two grounds. In the
first place, he followed a chairman who had presided
most ably over the affairs of the company, and who was
fully conversant with all railway matters ; and in the
next, it was to be recollected that they had lost their
secretary and their traffic manager, which had necessarily
thrown great responsibility and additional labour on the
board and on himself personally. It had been said that
the directors were afraid to compare the company's re-
ceipts of 1852 with those of 1851. Such, however, was
not, he begged to say, the case, although it was
thought by the directors that it was only fair and
just to contrast ordinary traffic with ordinary, and
not with extraordinary traffic ; and it should be
remembered that 1851 was altogether an exceptional
year. The receipts of 1851 exceeded those of 1850 by
something like 70,0001., and those of 1852 by more than
42,0001. The amounts in the respective years were as
follows :-1848, 481;500/. ; 1849, 530,8771. ; 1850,
559,1131. ; 1851, 656420/. (being an increase of about
100,0001.) ; and 1852,...611,2411. It would be found
that, compared with 1848, the receipts of the last year
had increased nearly by the sum of 130,0001. On the
whole, therefore, the state of their receipts could not be
looked upon as otherwise than favourable. It was not
unfrequently supposed that the directors had an object
in blinking certain questions ; but as long as he had
been on the board, he had not only not shrunk or flinched
from any inquiry, but had wished, and even courted,
the closest and most searching 'investigation upon all
matters. He was also anxious to give the fullest infor-
mation to the shareholders, and, if possible, to satisfy
any doubts which they might entertain. In that room,
and at the Nine Elms, • there had been witnessed
scenes which • all must have regretted, and he hoped
would never be again renewed. It was the basis of all
commercial and mercantile undertakings, and a primary
necessity to their success, that there should be entire
confidence between the managers and the parties whose
capital they had invested in these undertakings. In
order to attain that end, nothing was more desirable
than a clear and lucid statement of their whole proceed-
ings. (Hear, hear.) This he wished the shareholders
to have, and he admitted that the reports of this corn-
Pant' were not so exactly prepared as that he who ran
might read ; but others were of a different opinion, and
it was, after some discussion, decided by the board that
they should be kept in their old form. He now came
to the closing of the capital account. (Cheers.) No
one was more willing than himself to join in that cheer ;
but he must observe that, while it was very handy to
close the capital accountsof docks or canal s, itwas extremely
difficult to close those accounts altogether in connection
with railways. He thought that the purchase money of
the Belmont property was very properly charged to
capital. It would give the finest river side property in
the metropolis for goods traffic, and would confer con-
siderable advantages upon the company. As to the
charges to revenue there was a very ugly item in the
shape of defalcations and bad debts, which were chiefly
occasioned by the conduct of the traffic manager. There
was an old Scotch saying " let bygones be bygones,"
which he hoped would be observed on the present occa-
sion.. He sincerely trusted this item would not again
appear so prominently in the charges to revenue. As to
the future state of the company he did not intend to
deceive the proprietors by drawing a highly-coloured
picture. He wished all to judge for themselves but he
could not help 'saying that he was inclined to think that
the prospects of 1853, and of succeeding years, were not
of a gloomy character. If he looked especially to what
was now going on at Southampton, there were
many grounds for congratulation. That port was
now occupied in preference to Plymouth by a
great steam-boat company, whose ramifications ex-
tended to the furthest parts of the globe. The South-
Western Railway formed a link in that great chain of
communication which commenced at London and belted
the world, and it would derive the greater portion of the
traffic which annually came to Southampton. The Pe-
, ninsular and Oriental Company had doubled the number
of their boats sailing beyond the Isthmus of Suez, the
General Screw Company had extended their lines of ves-
sels to Australia, and the Royal Mail Company were
only waiting for a canal through the Isthmus of Panama to
send their boats across the Pacific as well as the Atlantic.
He was happy to state, also, that there had just been opened
a short branch on the South-Western, Which would link
together Southampton, which was undoubtedly becoming
the port of London, and the great manufacturing dis-
tricts -of the North. Ve alluded to the junction with
the North-Western Railway. Various rumours had
been circulated/as to the reasons which led to the con-
struction of the branch. It was but justice to the late
chairman, to say that he persevered in advocating the
making of it at a time when it was most unpopular,
owing to unfortunate dissensions among the sharehold-
ers, respecting the further outlay of capital. There
could be no doubt that this branch would materially
California
wealth
augment the traffic to the main line. But in their future
prospects there were shadows as well as lights. If in-
creased ibrought wnetearlctbourtsoe
thorn,
itA uwstorualfdia
to others, and if money became plenty, they might
rely on haying to encounter a good many
also andbring
competing schemes. He, therefore, trusted that the di-
rectors would so conduct the business of the company
as to obtain the confidence of the proprietors in regard
to what measures they should support and what oppose.
(Hear, heal%) A delay, even of only a few hours, or the
calling of a meeting was prejudicial to the success of un-
dertakings and 'negotiations, because it awakened. alarm.
He, however, personally, wanted no more power than
he now possessed. He was forced into the chair, with-
out expecting or even desiring the honour, and he did not
care how soon he quitted his present position, for there
was no more unsatisfactory office, or one less attended
with reward than the chairman of a railway company.
(Hear and laughter.) Yet, he considered that a man
might feel a just and honourable pride in being solicited to
preside over a body of men either in political or commercial
undertakings, but he hoped he would have an opportunity
of relinquishing the post for a more able and experienced
man ; for to speak the truth, he had put up with a great
amount of inconvenience, and to undergo much slavish
toil day after day, and sometimes night after night.
(Hear.) The South-Western Railway was said to be a
"slow line," but they might congratulate themselves
that it was at least a safe one for travelling. Every pre-
caution had been taken to secure the safety of passengers,
and the directors had already put into operation a sim-
ple invention for a communication between the guards
and the engineers of the trains travelling along the rail-
way.. During 10 years not a fatal accident had hap-
pened to a single passenger, though two millions of miles
were run over in the course of every year by the trains.
Great praise was therefore due to the officers of the
company, for it was chiefly to them they were indebted
for this comparative exemption from accidents. The
chairman concluded by moving that the report be adopted.
Mr. UPHAM complained that the frauds and irregu-
larity of the servants of the company had become a gene-
raljGecrteatot NsVucebstecornndnucotr NororltolissNeVsestrntiCieorapaprtanioefs
their
matter of reproach against the managers. Neither
on
sthube
employers. He thought the office of treasurer, who, it
was reported, received 1,000/. a year, should be abolished,
as he did not appear to operate as any check against
losses. He desired to know if the temporary share loans
to the late Mr. Chadwick had been repaid ? -
The CHAIRMAN said the accounts of fraud by their
servants that had got abroad were very exaggerated.
Mr. J. HIBBARD, the deputy-chairman, observed that
the treasurer, Mr. Morgan, only received 4501. a year,
and no gentleman could be more zealous or indefatigable
in the discharge of his duties. As to the 3,5211. owing
from the late Mr. Chadwick, it was secured on land, and
would most likely not appear again in the accounts.
Sir R. JARVIS complained of the want of accurate
information in regard to -the steam-boats of the corn

Mr. HERATATH said he understood that the boats
were rented at 7,0001. a-year, and that, according to
the contract, the directors were compelled to return
them in the same state in which they were received.
The CHAIRMAN observed that the rent was 5,00 C/.,
and not 7,000/. a-year.
Mr. HERAPATH continued. If the contract was as he
stated, the company might yet have to sustain very
great loss in regard to these boats. After making some
desultory observations upon the various topics in the
repart, he said he admitted that he was on the whole
very well pleased with the document as well as with the
statement of the chairman.

Mr. 1:10yEs, auditor, said the rent paid to the
steam-boat company was at the rate of 51. per cent. on
their capital of 100,000/.—that would be about 5,0001.
a-year.

- ,
Hr. BAKER wished to know whether the boats were a
prcfit or loss to the company.
The CHAIRMAN said lie could not reply otherwise than
that they were remunerative to the South-Western
Company, but he admitted that arrangements might
be made to make them contribute more to the receipts
of the company..
Mr. CHAPLIN (director) said, Ant during the last five
years they had netted by means of these packets no less
a sum than 47,0001. He thought it would be most inju-
dicious to unfold the precise state of their relations with
the stea.m-boat company at the present moment.
Colonel HENDERSON assured the meeting, from his
personal experience of the working of the packets, that
it would be a most unwise step to get rid of them, as'
tie profit they yielded to the railway was very consi-
derable.

Captain MOORSOIf said, though he was no Sabbata-
rim, he hoped something would be done by the directors
to afford an opportunity to the servants of the company
to attend divine worship on Sunday.
The CHAIRMAN replied that the directors were not
insensible to the propriety of making some arrangement