The Sun.
London, England, 1854-09-08 00:00:00

and also from the kind and gentlemanly expressions
which fell from the lips of Mr. Forster's honourable
friend, Mr. Dillon, at the same meeting. Then with
respect to the Manchester committee, where a numerous
and important section of our proprietors reside, I can
only say that if a delusion was not practised upon them it
looks very much like it. That committee nominated Mr.
Jonathan Mellor—a gentleman well and favourably
known to them all, in whom they bad reason to place the
greatest confidence ; and they also might expect that
unper his able supervision their dividends might be in-
creased, no people in the world appreciating per centage
more than the gentlemen of Manchester. But if they
had known that Mr. Mellor's powers would have been
at the eleventh hour delegated to a gentleman of London
of whom they knew little or nothing, and whose know-
ledge of the concerns of the South-Eastern Company
was in similar proportion, as he became a proprietor only
a very short time before the meeting—as, in fact, did
the other two new members of the board—l say that
they (the Manchester proprietors) also might have paused
for the same reasons. The first act, therefore, of the
three new members joining the three who had formed
the minority of the board (two of whom, be it known,
had not very long before given their signatures to an
unanimous vote of confidence in the late chairman) was
to displace the chairman, and substitute Sir John Camp-
bell, who, whatever might have been his qualifications
in other concerns, had but little knowledge of this. The
newly constituted board soon made many changes, and
some of the faithful servants of the company were dis-
charged, It is proverbial that new brooms sweep clean,
and it is equally known, without a proverb, that they
frequently kick up a devil of a dust. However, some
of the railway press have trumpeted forth great savings
that have taken place, and increased receipts have been
set forth, arising from improved management ; just as if
the almost unprecedented fine weather during the Easter
and Whitsuntide holidays, and the crowds coming by our
line to proceed to the Crystal Palace had nothing to do
with the increased receipts. And now behold the as-
tounding result in the shape of an increased dividend of
6d. per share ! And even this bonus is not sanctioned
by your auditors, there being no reserved fund recom-
mended in the report, nor anything like sufficient for the
proposed insurance and renewal fund for your steam-
boats. Had the recommendation of the auditors been at-
tended to, who know, I believe, as much of your affairs
as some of your directors, I apprehend the 6d. would
have been reduced to a fraction small enough to puzzle
the promoters of the decimal coinage, say the one-ten-
thousandth part of one of the pennies. Therefore I hope
you will excuse my taking the liberty to advise you
instead of spending your sixpences, rather to form a
little reserved fund of your own, in case it should be
wanted as an addition, or to make up your next divi-
dend. However, your affairs are no joke, their present
position is far from being comfortable, whatever may be
thought by gentlemen, some of whom I am told have
not been very successful in the management of their own
affairs. The extension of the Bromley line has been
made the stalking-horse—and one of the riders who has
been more accustomed to walk the deck of a merchant
ship than to manage locomotive power, will understand
that judicious extension is even advisable in other
things besides railways. The finest ship in the British
Royal navy, the Royal Albert, has been extended by
competent judges, not for the sake of the outlay, but to
add to her safety and efficiency. For the very same
reason it was proposed to add six miles to your 300, or
1-50th part in addition—not for the sake of increasing
your capital, but to increase the efficiency and safety of
your line, but more especially to protect your outworks,
which have been so unwittingly abandoned to our oppo-
nents. Now, although the proxies which were obtained
in the manner pointed out have had the effect of pro-
ducing this disastrous result, it is well known to be the
character of Englishmen that when they have made a
false step—especially if any individual is injured by it—
their sense of justice, liberality, and fair play, induces
them to make amends ; and it is for this reason that I
have strongly urged my friend the late chairman to re-
main in the direction, at least until the next general
meeting, by which time you will be able to judge
whether or not it would be to your benefit to restore him
to the position which he has so zealously and so ably
fulfilled in all its duties. Such a recommendation from
absent proprietors would of course meet respectful at-
tention from their special representatives at this board,
and might be the means of preventing further disasters.
(The hon. gentleman sat down amidst mingled cheers
and hisses—the latter predominating.)
Mr. Bell said he had listened with great attention to
whathad fallen from Mr. Macgregor, notwithstanding that
the observations of that gentleman were conveyed through
the medium of a written paper, which in itself was ob-
jectionable, but the majority of the proprietors, he be-
lieved, were ready to waive their objection, because of
the exceptional position occupied by the late chairman.
He did hope, however, that for the future the strict rule
of public meetings would be applied, and no gentleman
allowed to address a meeting of the proprietary from a
written speech. Mr. Bell then drew attention to the
enormous amount of legal expenses that had been in-
curred by the company, and suggested that, as auditors
in general had not legal eyes, legal referees should be
appointed to look into the lawyers' bills. The hon. gen-
tleman then entered into a lengthened examination of
the] various schemes which have been promoted since
1846 for supplying Mid-Kent with railways, and took
occasion to introduce to the notice of the meeting the
history of the Strood and Chilharn line, of which he was
the solicitor, and which he believed, had a guarantee
been given it by the South-Eastern, would have averted
most of the complications in which they now found
themselves involved.
Mr. DILLON rose for the purpose of seconding the
adoption of the report. He regretted, in common with
every well-wisher of the company, that so wide a diffe-
rence of opinion existed as to the policy that should
guide so large an undertaking, and that so much per-
sonal matter had been introduced into a discussion in-
volving such grave consequences. The directors had
acted under very difficult and trying circumstances, with
a vigour and honesty of purpose which entitled them to
the support of the entire proprietary. They had come
forward with an honest declaration of what they con-
sidered to be the true position Of the company's affairs,
regardless of the opinion of those whom they might either
conciliate or offend.
Mr. G. SMITH wished to say a few words before the
meeting came to a conclusion upon the vexed question
of the Bromley branch, upon which so much had been
said • and, without occupying the time of the meeting, he
would ask the meeting whether Mr. Coles Child, whose
interest in land at Bromley was very large, had used
the same endeavours to influence his (the chairman's)
opinions with reference to the Bromley bill that had
been used with respect to him (Mr. Smith) ? He would
state simply the facts. Captain Warren, a director,
stated to him that Mr. Coles Child held 300 acres of
land at Bromley, and that 60,0001. would be put in his
pocket by a iine being run over it. (Cries of " Lord
Warden.") The opposition lines would also run through
Mr. Coles Child's preperty. He wished for an ex-
planation.
Several gentlemen rose to rebut this insinuation.
Mr. CoLES CHILD said that the matter was so personal
that he must reply to it himself. He reminded the pro-
prietors that, without his seeking, and, indeed, contrary
to his wishes, and in a manner which any man might
be proud, he was elevated to the board in 1853. The
first question brought before his notice was the Lewisham
and Bromley line, and there was no doubt that if that
line had passed, it would have improved his property,
probably to the extent mentioned by the honourable
proprietor (Mr. Smith). He was pressed by his col-
leages to give a vote on the question, but he declined to
do so. At length he gave an opinion and a vote. He
believed it was the best line, but from his position he
felt bound to vote against it—that was as to the first
bill. As to the second bill, brought on by the late chair-
man, he held, in common with his colleagues, that they
were debarred from encouraging any increase on the
capital account without consulting the proprietors, and,
therefore, they withdrew their lines from the competi-
tion in the House of Commons. But the hon. proprietor
was under a mistake when he supposed that Mr.Geach's
line would do one particle of good to him (Mr. Child) ;
nor would it do any good for Bromley, for it ran a mile
away from Bromley. He had no desire to say anything
more upon the subject. (Cheers.)
Mr. HOYES would have revived the question of the ap-
pointment of the managing directors, but the meeting
booming impatient,
Mr. Dinnose again rose to support the report of the
board of directors, and said, that although he might not
assent to every paragraph in that report, still he felt that
nothing had occurred to weaken that confidence which
he had expressed at the time of their appointment, but,
on the contrary, everything that he had heard or seen of
their conduct induced him to ask from the proprietors
that support for their directors which would afford them
a full and a fair trial. He might apply the same remarks
to the auditors. At the same time such was the confi-
dence he entertained in the talent and integrity of the
directors, he with great pleasure supported the adoption
of the report.
Ie answer to a question by a Proprietor,
The CHAIRMAN said that the capital cost of the Read-
ing, Guildford, and Reigate Railway was 800,0001. ;
that the cost of working that line which devolved on the
South-Eastern Railway was 20,8501. for the half-year,
while the railway receipts for the same period were 5,0091.,
leaving a permanent loss of 15,8411. for the half year
(expressions of disapprobation).
Mr. THURSTON, as a gentleman well acquainted With
the county of Kent, and thoroughly so with the re-
sources of the district, trusted sincerely that the directors
would pause before they suffered the intrusion of a rival
yinotounat of capital.
fieldofoperation on which they had spent
such an amount
Mr. ALEXANDER BEATTIE said that on March 16, 1852,
a resolution was come to to close the capital account of
the company. That a resolution was tooved by the late
chairman, Mr. Macgregor, and vet, in disregard of that
resolution, he proceeded with the Bromley branch, in-
volving a further outlay of capital, without consulting
the proprietors. The hon. proprietor entered at great
length into an examination of various points raised by
the speech of Mr. Macgregor, and concluded by recom-
mending the withdrawal of the amendment.
After some explanation from the chairman, the amend-
ment was put, and lost by a large majority, and the ori-
ginal resolution was carried.
A resolution declaring a dividend for the half-year
ending July'3l, of Bs. 6d. for 301. stock, or 21. 16e. Bd.
per cent. per annum, was then put and carried.
Mr. BELOE (the chairman of the opposition committee)
then rose for the purpose of moving a substantive resolu-
tion to the effect that the sum of 2901. having been
entered and passed, as paid, in the accounts of the com-
pany, for proxies issued by the board of directors for the
purpose of opposing the wishes of the shareholders, the
expenses of the shareholders' committee, in obtaining
proxies to carry out their desires, should also be defrayed
from the funds of the company.
A long discussion ensued on the point raised, but it
was ultimately conceded by all parties that such a prece-
lifat, if once established, would encourage all kinds of.