The Sun.
London, England, 1849-01-30 00:00:00

No. 17,581.] LONDON, TUESDAY EVENING

Rochester, and the result will show that the capital was adequata to
the purpose.
Tne line from Gravesend to Rochester is on a different footing ;
the company were authorise 1 by their Act to purchase the railway
and canal, and to fill up the canal, and double the line of railway,
so as to form a part of the South-Eastern North Kent line, but ne
prevision was made by Parliament far the payment of the purchase
money, nor any authority given to raise money for that purpose.
Parliament had, however, previously recognised the principle and
necessity of a grant of power to raise money for the purpose of exe-
cuting the works, by authorising the Gravesend and Rochester Rail-
way and Canal Company to raise 85,000/. by the creation of shares,
and 56,6661. by mortgage, and all the powers of the Gravesend and
Rochester Railway and Canal Company were vested in the South-
Eastern Railway Company by the Act of Parliament authorising
them to purchase the railway and canal.
The South-Eastern Railway Company purchased the Gravesend
and Rochester Railway ant Canal for the sum of 310,000/. ; paying
31,0001. in cash, anti giving bonds for 279,0001., payable, with inte-
rest at three and a half per cent. per annum, in the year 1851, and
application will consequer.tly be made to Parliament to raise the
sum of 3.58,98.41., for payment of the purchase-money and interest.
The filling up of the canal, and doubling of the lino of railway,
has b .en executed I,y the South-Eastern Railway Company ; and
the line was opened by them for traffic as a double line on the 23d of
August, 1847.
In addition, the proprietors authorised the payment of interest on
the No. 3 and No. 4 Shares ; but they did not provide any specific
fund for such payment. the amount paid up to the Ist instant it
159,1661. 175., and the further amount that will he payable under this
head is dependent in some me-is'ire m the time of opening the new
lines—it may be taken at 205,016/. 6s. 60.
Had this payment of interest on the No. 3 and No. 4 Shares not
been made, it would have bent out of the power of the company to
maintain, as they are doing, full faith with Parliament in construct-
ing those lines, to the completion of which Parliament itself looks,
and justly, with considerable interest.
The additional sum of 350,9851. will make the whole paid-up
capital of the company 9,466,360/., which will represent 296 miles of
railway open for traffic, and a locomotive and carrying stock of the
value of upwards of 600,0001., free from mortgage and other debt,
earning revenue, and subject only to the deduction of the working
expenses, rates and taxes, and of the rents of the Greenwich, the
Reading, Gulld:ord, and Reigate, and the Canterbury and Whitstable
Railways, and the proportionate toll over the 6 mites and 40 chains
of the South-Western Railway.
The revenue produced by the lines open during the last year,
162 miles and 66 chains in length, was 449,7251. I Is. Id., or 2,7631.
per mile.
The policy of the company for the last four years, that they should
themselves be the carriers of goods on thoir own lines, has been
adopted with entire success : the receipts from goods, which aver-
aged weekly 6081. in 1844, amounted to 1,810/. per week in 1848 ; or
in the former year to 61. 12s. per mile per week, and to 121. per mile
per week in the latter.
This policy the directors believe will be still more successful
when applied to the traffic of the whole South-Eastern system of
Railways, and will then produce more than a corresdonding increase
of receipts.
The proprietors will take into consideration, in estimating the ad-
ditional revenue to be obtained when the whole 296 stiles of railway
are open, the anticipated improvement of the continental-traffio in
passengers and merchandise, the return` to b 6 derived from the
North Kent line, the Bricklayers' Arms Junction, and the other
railways in progress, as well as the general prospects of the country,
and the hope of a greater development of the existing traffic of the
South-Eastern district, and they will probably arrive at the concbz-

ASSITS.

Cash at bankers
Sundry credits
Calls in course of receipt
Cal s to he made ..
Shares unallotted
Share capital not raised
Mortgage powers not exercised
Mortgage debt not capitalized
Surplus land and property .. .
Amount to be raised by authority of Parliament for
payment of theputchase-money of the Gravesend
and Rochester Railway, and interest thereon • •

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sion that the permanent dividend to be derived from their property is
not likely to be less than 6 per cent. ; ant if the proprietors have not
erred in the antici ations on which their original investment was
made, still greater advantages are to be expected.
The South• Eastern Railway Company holds, from its natural posi-
tion, the key to the land traffic passing from Europe into Great Bri-
tain, and cannot be dispossessed of it; and while it would be of no
advantage to speculate on the results which must attend this situa-
tion, yet It would be improper not to express the opinion of the di-
rectors, that this position must be of great importance and advan-
tage to the company.
At the moment, however, when the railway from Boulogne to
Paris was completed, the French revolution took place, and lrom
that time to the present there has not been as much eolith ental
traffic as there was before the opening of the French lines of
runway.
The disruption of the political relations of Europe, by which corn-
inerce generally has suffered, has naturally been visited on the South-
Eastern Railway, as the great highway to the continent.
Iu the last twelve months only 44,110 passengers crossed to and
from Folkestone and Boulogne by tke steam-ships, and in the pre-
ceding twelve months, when the French lines were not opened, the
number of passengers was 49,514.

I

The establishment of a settled Government In France, and the
continuance of peace throughout Europe, may fairly be expected to
be attended by a resumption of the ordinary extent of communica-
tion with this country ; and it will be a solitary exception in rail-
way experience, if tile means now existing of reaching raris daily
in twelve hours from London, by the South-Eastern route, have
not the effect of increasing greatly the number of travellers.
The directors have always look, d to the extension of the railway
system on the Continent and to the completion of the lines pointing
to the Mediterranean with peculiar interest.
To do justice to the Continental tramc, it is essential that the
short sea passage from Folkestone and Dover to Boulogne anti Calais
should be performed at hours to suit passengers, and by the best
class of steam-ships, and this, it is well known, has been admirably
effected by the steam-ships of the South-Eastern and Continental
Company, which have mace 3,438 passages without a single accident
—the time occupied in the voyage of 26 miles from Folkestone to
Boulogne varying from one hour and three-quarters to two hours
and a quarter.
The revenue of the Loudon, Folkestone, and Dover line, depend-
ing, to an important extent, on the facilities and certainty of quick
passages to and from Boulogne and Calais, the directors are of opi-
nion that it is desirable that the South-Eastern and Continental
Steam-ship Company should be merged in the South-Eastern Rail-

way Company, as the sea service requires to Le pc, formed more with
reference to its advantage to the railway than to that of the proprie-
tors of the steam-boats.

It is requisite that greater facilities should be given for the con-
veyance of merchandize between Folkestone and Boulogne, by which
the south-Eastern Railway Company has hitherto benefited but
little, than the ste on-boat proprietors as an isolated company can
afford to provide; and, although the case might be met by a general
guarantee from the railway company on all the passetwers and mer-
chandize carried by it and the steam-ships, there would be greater
simplicity, and more effective combination, were the two undertak-
ings united. _ _ .

It has been shown that the ultimate capital of the railway will be
9,466,3601., whilst 130,0001. has been suffleie,t to provide eight splen-
did steam-ships for the daily service to France.
With regard V, the disputed claims on the company, alluded to in
a previous half-yearly report, and which are all referred to arb;tra-

comprising tlie claims of the contractors, engineers, surveyors,

„
and solicitors, amounting to 196,8001., the directors helieve that they
will be settled for the sum set apart to meet them, viz., 138,0401.,
which has been invested for that purpose in the stock of the South-
Eastern Railway Company, as offers have been made to the
directors to compromise the principal claims on a reduction of up-
wards of 60,. 001.

The directors consider that the science of working railways with
economy is still in its infancy, and can be only attained by care
and great experience; and they have the most confident expecta

don that great improvements will continue to be made under
this heel.

The extortionate parochial assessments to which this comlany
has been subjected, and to which it was compelled, for many rea-

sons, reluctantly to submit, during the pressure of Parliamentary
contests, are now systematically resisted, and will soon, so far as
the existing law, which bears very hardly on railway companies

permits, be, the directors trust, equitably adjusted.
The proprietors will not fail to observe that the difficulties at-
tendant on the commencement and completion of an undertaking
like the South-Eastern Railway are apparent to every one; the
_ _

prospective advantages which follow the full establishment and de.

N•e 1 o Fnent of a great commercial institution, are not so striking,

but are properly to be considered, and taken into account in attempt
ink to arrive at any fair estimate of its value.

The directors trust that the unabated confidence which they en.
:ertain in the South-Eastern Railway will be shared by theproprie.

tors ; and it will be the study of the directors to prothote the into-

rests of the company to the best of their ability.
JAMES MACGREGOR, Chairman.

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C.—Statement of the Liabilities and Assets of the Company en
Capital Account, Ist of January, 1849.
LIABILITIES.

X a. d

Works, land, stations, permanent materials and
Electric Telegraph • . .. • •
Lo ;omotive engines and carrying stock for new
lines .. .. .. • • •
Interest on No 3 and No. 4 Shares • • .•
Mortgage debt falling due from the year 1849 to
to the year 1856 .. • • 1 201 227 0 0
Accounts in dispute of contrac-
tors, engineers, surveyors, and
solicitors, and which are pre-
ferred to arbritation and to be
taxed • • .. • • • • 196,800 00 r
Amount invested in South-Eastern
Railway shares to rneet the above 138,054 0 OJ

.. 1,132,724 0 0

108,900 0 0
205,016 6 6

£2,647,867 6 6

•• £104,747 18 0
14,812 5 1
.. 125,160 0 0
▪ 732,657 0 0
▪ 141,760 0 0
.. 340,000 0 0
.. 231,325 0 0
.. 353,050 0 0
.. 253,370 0 0

350,985 3 5

£2,647,867 6 6

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F.:.1 ii

South-Eastern Railway, London-bridge Terminus, Jan. 15, 1849.

METROPOLITAN COUNTIES AND
GENERAL LIFE ASSURANCE SOCIETY,
27, REGENT STREET, WATERLOO-PLACE, LONDON.
INCORPORATED PURSUANT TO ACT OF PARLIAMENT.
TRUSTEES.
Spencer 11. Walpole, Esq., M.P. Richard Spooner, Esq., M.P.
I
Henry Peter Fuller, Esq. I Edward Vansittart Neale, Es 4.
DIRECTORS.
Samuel Driver, Esq., Whitehall.
Henry Peter Fuller, Esq., Piccadilly.
John Palk Griffin, Esq., Ironmonger-lane, Cheapside.
Capt. Hon. G. F. Hotham, RN., United Service Club, and
Brighton.
Edward Legh, Esq., the Limes, Lewisham, Rent.
Edward Lomax, Esq., St. John's-wood-park.
Samuel Miller, Esq., Lincoln's-inn.
E. Vansittart Neale, Esq., South Audley-street.
Sir Thomas Newby Reeve, Richmond, Surrey.
William Studley, Esq., Brixton, Surrey.
William A. S. Westoby, Esq., Hyde-park -place.
The LIFE ASSUR %NCB DEPARTMENT of the Society ern-
braces

Assurances upon single or joint lives, contingent survivorship, or
the survivor of two or more lives.
Endowments of widows and children.
Immediate, deferred, and survivorship annuities.
The payment of fixed sums to the assured at any specific age, or
to their re resentatives in case of death before that age.
Premiums may be paid yearly, half-yearly, or quarterly, or upeot
he half premium plan for the first five years.
Loans granted on an entirely ne•.v principle.
RAILWAY ASSURANCE DEPARTMENT.
All persons, of whatever class, travelling by Railway in Great
Britain and Ireland, assured in the event of loss of life by accident
whilst so travelling, at the moderate premium of 10s. per cent., La
one single payment, for the whole period of life.
Examra.z.—A person may by one single payment of SI. assure to
his family sr others the sum of 1,000/., to be paid in the event of his
losing his life by railvrayt ravelingi n Great B:1Ieln or Ireland.
F. FERGUSON CA IIIRO UX, Manager.

sTATES'S ROYAL HOTEL.
NEWCASTLE-ON-TYNE.
CHARLES STATES solicits the patronage and support of Com-
mercial Gentlemen ti the above Hotel, which is most centrally si-
tuated. The Commercial-room will be thund one of the most com-
modious and suitable, and " en suite," the Hotel, in point of accom-
modation, second to none in the North.

MR. LIONEL GOLDSMID will have -the ho-
nour to appear at the MUSIC II ALL, Store-street, Bedford-
square, in a new and entirely original Entertainment, called AT
TOME AND ABROAD, on MONDAY EVENING, February 5,
1849. For particulars, see Bills of the day.
Tickets and Places to be secured at the Hall. Doors open at Half-
past Seven, to commence at Eight precisely. Hal, 25.; Reserved
Seats, 3s. ; Private ROXC3, ii. los. and 2/. 2s.

LONDONDERRY and COLERAINE
CMPANY.
ELEVENTH CALL, beRAILWAYing 21. 10s.O upon each 121. 10s. Half Share,
making, with the amount already paid, SI. called upon each Halt
Share.
Notice is hereby given, that pursuant to a resolution of the Board
of Directors, passed this day, Shareholders in this Company are ro-
quired,to pay a CALL of 2/. 10s. upon each 124 10s. Half Share by
TWO Instalments of 1/. ss. each, the first of such Instalments to be
paid on FRIDAY. the 20th day o;' July next, and the second on SA-
TURDAY,7IIIe 20th day of October next, to either of the undermen-
tioned bankers :
London —Messrs. Hanburys, Taylor, and Lloyd, Lombard-street.
Dublin—The National Bank of Ireland.
Londonderry—The Branch of the Tilster Banking Company.
Interest at the rate of Five per Cent. per Annum will be charged
on all Calls remaining unpaid at the dates above mentioned.
Interest at the rate of rive per Cent. per Annum n ;11 be allowed
on a 1 Cal's paid in advance.
By order of the Board of Dbectors,
FREDERICK H. HEMMING, Secretary.
Offices, 5, Church-passage, Guildhall,
London, Jan. 29, 1849.

GRAVESEND via BLACEWALL RAIL-
WAY, and STAR and BLACKWALL PACKETS.
Railway and Eoat included in one Payment.
Fares, to or London.
Fore Cabin and Second Classfrom Railway, ONE SHILLING;
Saloon and First Class ditto, ONE SHILLING and SIXPENCE.
To er from Blackwall or intermediate Piers,
Fore Cabin.. ...• • • 9d. Saloon .. Is.
No other Packets call ai the Grays o- Greenhithe Piers.
FROM TERRACE PIER, GRAVESEND.
Week Days, at 8, sli*, 9V2, 11%. 1, and 5.
Sundays, at 8%, 11% 1, 2,4, and 5.
FROM BRUNSWICK WHARF, BLACKWALL.
Week Days, at 91,i 11, 12. 1%, 3,4, and 5.
Sundays. at WSX, and 5.
The TEAINS starting one quarter of an hour before each of these
times.

Passages marked * are run direct, the Packets not being per-
mitted to stop at Piers or for Boats.
Omnibuses from Fenchurch-street Station to all parts of London
every quarter of an hour.
BOAT TICKETS.—TweIve Months, 41.45. : Six Months, 21. 15s. ;
Three Months, 11. 15s. ; to be had of the Collectors on board the
packets ; Mr. Monk, Terrace Pier, Gravesend ; or of Mr. Saunders,
Brunswick Wharf, Blackwell.
Passengers' Luggage conveyed to and from the Packets and Rail-
way, at the Brunswick-wharf, without any charge. The charge for
Porterage at Fenchurch-street is Id. for small parcels, and 2d. for
large parcels.
November 7. 1848.

Ibil of I ---,-.....,•1111,11,,.......M.11•
.-- TN consequence of the great rush of Visitors to see
-. :. .:- g ..i. BANVARD'S GRAND MOVING PAINTING of the MIS-
: I.'l'BB s c,. SISSIPPI and MISSOURI RIVERS, at the EGYPTIAN HALL,
'5.1."&--,00 ~ Piccadilly, the Proprietor respectfully announces Two Exhibitions
c.,
. ..-5,00 g every day during the holidays. This immense Painting is the t..-.. 0000
Largest in the World, and exhibits more than 3,000 miles of Ameri-
i;l 8 , :., can scenery.—The Day exhibition will commence every Afternoon,
~, ea . ,e = E...., R at Half-past Two, and the Evening at Half-past Seven o'clock;
.•,, . • • • CA -4 +1
• ** 00 0
h ,y, il 6.: 0 doors open half an hour before commencing. Admission, lower
... o 00
0 00 CO . ga. OS. g a seats, 2s. ; gallery, Is.
, g
--------------
"_. ......, g i Tll E ROYAL POLYTECHNIC
riu 61.. 07 .4 IN m n '" .C,
INSTITUTION, REGENT-STREET.
• •.5, CO h. O. g 4, . .-. sa <, i..
by G. Clifford, Esq., P ' .". . . A View in the Gold District of California is just added to the New
ii o . CAT - T .... CY . • - .
•-. 00 00CP P. . Series of Dissolving Views.—Lectures on the Cultivation of the
,ana,ndo*Fit:dbayri,ilaiatnat
--,
K Voice, and on the Art of Singing, Illustrated'
i.,
.1— with a variety of Songs, on Tuesday, Thursday, and Saturday, at a
0 Ca --1 91
Cx. I.
C. 3 0 kit r, Q :alder to Tares o'clock, and on tleiaerynaalvyttee:EnianvteeesndEinvgeslcingsh,iiad:irghhta.n--
On the Electric Light, by Dr. Bachhoffner on Tuesday, Thursday, and
1., ..o .... fil
tESaaxstE
. .`
....1 0 ..., 1
; arlarnoyr
le
an
,Et Experiments, P
witheni daily,nnEvenings.—On
effects, Od
no n Chemistry,th,cioalntd by Dr. Ryan,
.., ,-,
No aOig Quarter to Three, and on the alternate Evenings.—New Chromatrope.
C 3 (.4
Diving-bell.—Working Models explained.
,
—Microscope.—Diver and
C., 1.,. IP. t.,:, i —The Music is directed by Dr. Wallis.
. ...,
C.P C. Open daily from Eleven to Five ; and in the Evenings (including
iaturtlay) from Seven till Half-past Ten.
n Railway, London-bridge Terminus, Jan. 15, 1849. Admission, IL—Schools, Half-price.—The New Catalogue, Is.