The Sun.
London, England, 1849-02-15 00:00:00

THE SUN, LONDON, THURSDAY
,EVENING, FEBRUARY l5l 1849.7

ought to bo borne by revenue is thrown upon capital, it
was proper here to state, that the accounts of this com-
pany had undergone a rigid atal lengthened inv. stiga-
don in this as in other respects, by the auditors w: o
r.e:e appointed by the proprietors at the last gee end
meeting ; and the directors we re indebted to those gen-
tlemen for several suggestions, which should be care-
fully considered. On the subject of lines for
which Parliamentary powers had been obtained,
and which were either not commenced, or only
partially constructed, the directors had merely to repeat
that in reference to such lines, the best policy was to
keep the powers intact. Every exertion would be made
for the early opening of those lines (about 20 miles in
length) which were now in progress. The Hampton
Court Branch was opened on the Ist of February.
The directors were happy to announce, that the
Windsor, Staines, and South-Western Railway
Company had made a highly satisfactory ar-
rangement with the Crown for extending the
line into Windsor ; and a Bill introduced into Par-
liament for this purpose would be submitted to the
meeting. It was proposed, in pursuance of the powers
obtained by the Act of last session, that a lease for four-
teen years be now executed to this company, of the
packets and property of the South Western Steam
Navigation Company, on such terms as would legally
secure the proprietors therein the dividend of 5 per cent.,
as well as the maintenance of their property, b nth of which
were already guaranteed by votes of this proprietary.
I'he directors had appointed Mr. Wyndham Harding to
the office of secretary of this company, in place of Mr. P.
L. Campbell, who died in September last. In connexion
with this event, and from the sen-e they entertain of the
abiliiy and untiring zeal and energy with which Mr.
Campbell's arduous duties were performed, so long as
strength lasted, the directors would submit a resolution
to the proprietors before' the clesisg of the meeting.
The directors were glad to state, that the construction of
a second railway into Portsmouth, and the other needless
expenditure likely to have arisen from competition, had
been avoided by an amicable arrangement with the Lon-
don, Brighton, and South Coast Railway Company, en-
tered into shortly after the opening of the branch to
Cosham. Under this arrangement, which was within
the scope of the Acts of the company, this
company pay 60,0001. for their half-share
of the line from Cosham to Portsmouth, which
was to be held jointly bet Ween the two companies.
proprietors would be asked to an
Theappl sanctionatapplication
t of the
Parliament. for extended powers of taking
land upon the Basingstoke and Salisbury, and Farnham
and Altou Lines. Advantage would be taken of this
application- to include in these Bills some formal
powers which would be of use in administering the
of sirs of the proprietors. To these may be added
an alteration of the scale of voting to that
specified in the Companies Clauses Consolidation Act.
The parish rates amounted in the last half-year to no less
than 10,8331.,
available for a dividend. This tax (principally consisting
or upwards of 11 per cent. on the balance
of poor-rate) amounts annually, on every adult employed
in earning the company's revenue, to 121. 10s.—the ave-
rage rates on the whole adult male population of the
country being about 30s. a head; and yet the establish-
ment of the railway company consists of persons em-
ployed at steady wages throughout the year, and there-
fore does not add in any way to the parochial burdens.
An effort would be made in Parliament to show the un•
fair operation of this tax on public conveyance, and to
obtain relief. In accordance with the suggestions of
several shareholders, a resolution would be submitted
to the consideration of the shareholders, for the
immediate conversion into stock of the New 50/.
and 401. Shares :of 1845, and the Third Shares.
The directors going out by rotation were Sir John
East hope, Bart., Colonel Henderson, and H. her Sey•
mer, M.P.; the two latter gentlemen offered themselves
for re election, and Mr. Sergeant Gaselee, and Colonel
Reid, M.P., offered themselves as candidates fur a seat
in the direction.
An akstract of the account has already been published
in the Sun.
The CHAIRMAN in moving the adoption of the report,
was interrupted by
Mr. M. D. HILL the Queen's Counsel, who, after
eulogizing the exertions of Sir J. Resthope in behalf of
the Company, for a long series of years, moved a vote of
thanks to the Hon. B .ronet, which was seconded by Mr.
'Fite, and carried unanimously.
The CHAIRMAN then proposed the adoption of the re-
any address from him might be dispensed with, but
port, and agreeing as ha did with every word it contained,
as there was a numerous array of gentlemen of the press
before him, he thought it as well to congratulate the pro-
prietors absent and present, upon the increase which
had taken place in their traffic, and upon the prospect
which was now before them of being able to ecsnomise
their expenditure.—(Hear, hear.) He could promise the
shareholders, now that their parliamentary struggles
were at an end, that no exertions should be
' wanting on the part of the directors to secure
economy consistent with the due and proper
working of the line. As an earnest of this they
had already reduced the salaries of the heads of
department, while they had made an arrangement with
Mr. Bircham, the solicitor of the company, which would
in future greatly reduce their law expenses; but he must
add, in justice to the proprietors and Mr. Bircham, that
the Parliamentary expenses would be excluded from this
arrangement. Next in rotation came the engineering
department. Of course they would always have at com-
mand the valuable services of Mr. Locke, their able
engineer-in.chiet, but only for a moderate remuneration;
while in every other department the strictest economy
would be praetised.—(Hear, hear.) He then congratu-
lated the proprietors upon the. success which had at-
tended their negoc.ations with the Brighton Company.
Had the arrangement alluded to in the report not been
come to, an independent line might have been made to
Portsmouth at an enormous expense which would have
est.blished a severe competition to their own existing
line, and served as a lasting monument of the extrava•
gant stupidity of themselves and the proprietors of the
Brighton line.--(Hear.) With regard to the Windsorline
he was sure it would be a source of satisfaction to the
proprietors to be told that the Great Western Company
had at length, after a lengthened struggle, been induced
to withdraw their opposition to it, and the extension
would be carried out with as little delay and expense a-
possible.—(Cheers.) The report had told them of the
retirement of Sir John Easthope' Bart. The dire c:ors
regretted the step much, but Mr. M. D. Hill had taken
the subject out of his hands, and he would say no
more upon it except that he heartily concurred in
the compliment which had been paid the Hon. Baronet.
—(Hear, hear.) The other two gentlemen who retired
offered themselves for re-election, and he hoped they
would be re- elected.—(Hear, hear.) With regard to
the other two gentlemen who offered themselves as can-
didates for the vacancy created by Sir J. Easthorpe he
would say no more than this—
" How happy could I be with either."
—(Hear, hear, and laugter.) He now came to the real
bone of contention amongst themselves, and
he hoped while he occupied their time upon
it he should be listened- too with patience
and good temper.—(Rear, hear.) But let him remind
them that their line commenced in the very heart of the
British metropolis and terminated at Constantinople,
the East Indies, and America.— (Hear, hear.) Moreover
the Istnias of Panama was about to be belted with a
railway, and who could say but that the South-Western
line might not eventually become the leading highway
folly it was to oppose the continuance
London to India, and China.—(Hear, hear.) Well,
iotthfetnhe would prove the salvation —ef(tlal own
what
tm
boat Company.—(No, no.) Ipnrohpiesrotyp,inainond
be trusted the shareholders would not reject the propo-
sal of the directors upon this subject.—(Yes, yes.) At
all events, if they did, he could tell them that it would
be good deal of their traffic.
largely in the Steam-boat
heldso a
because he felt desirous to
Company,
Int hpea n mye, admittedan
bs
u ofl
thatdestroyingh
ehed id
unite their line in this way with the Rouen and Havre
line. He would not detain them longer, but would
simply conclude with moving the adoption of
theeuceosruteinoptnos .
report,
a u daierx, hptr
hear.)si his readiness to answer any
putng to him on the subject of the
The motion having been seconded,
accounts.
(a
that might
u i ebe s

fir. BAKER announced his intention to move an
amendment, but before he mentioned its terms
he went into a lengthened history of what he
called ~ the rise and fall of the concern."
The pith of his address, however, may be compressed
in few words. The original line from London to South-
ampton extended to 106 miles, cost 3,316,5941., and
yielded .a return of -307,0.004 per annum. Their new
lines extended to 100 miles, cost 3,731,9101, and yielded
only 1,430/. per annum. Like the fall of Rome, then,
their decline had been produced by a
" Vaulting ambition, which o'erleaps itself."
And a desire to extend their territory to districts devoid
of traffic, and yet costly in their maintenance. He de-
nounced the mixed system of carrying which existed
en their line, and ridiculed the generosity of the direc-
tors, which bad made the qualification to a seat at the
board of twenty shares, and the qualification of a com-
mitteeman to investigate the accounts fifty shares. He
attributed the ability of the directors to pay 6 per cent.
per annum now to the opening of the Waterloo-bridlestation; but he had reason to believe, from information
which had reached him, that next summer they would
not be able to pay
.even at the rate of 3i. per cent.
He did not agree with the steam-boat guarantee, and
wound up by appealing to a gentleman who held 16,0001.
worth of stock in the cowl:4l3Y, and who understood the
question, to state whether he thought the steam-boats
would ever pay.
Mr. B. J. BAKER, the gentleman appealed to, scouted
the very idea of their ever pa) itig. A twelvemonth ego
one of the captains told him that the Steam-boat Com-
pany WaS " loosing money like butter before the sun."
Mr. BAKER then moved an amendment to the effect
that the paragraph relating to the guarantee to the
Steam Boat Company be expunged fromthe report, and
a committee appointed to investigate the question.
Mr. W. CROCKER suggested that they could not ex-
punge any
e erannum.
ineuym. did
in i not to getbjeet outcd, of this steam boat affair
thing from the report ; and, therefore, they
bad better take the vote on the second part of the
amendment, which he was quite ready to support. At all
events,any nt pe if
their next dividend would not bteheartetfhoreer, rate
arf; 3
per
party
e 0
interested in the Steam-boat Company's voting upon this
amendment.
. Mr. LOCKE impugned the accuracy of Mr. Baker's
figures. He denied that so much as 3,731,9101. had been
expended on the blanches; but, at all events, no matter
what the expenditure had been in the extension, the di-
rectors were driven into them by the proprietors, and
all he asked of these proprietors was to wait till these
Western Extensions had been tested. The South
Western lines never cos t more than 25,000 per mile,
but if they added, which they ought not to do, the
cost of the Waterloo-bridge Extention and such like
works, the cost would mount up to 35,0001. per mile,
while he could promise that within a twelvemonth
there would be a reduction of from 12,0001. to
15,0001; in
the charge for maintains= of the per