The Sun.
London, England, 1849-01-17 00:00:00

No. 17,570.]A LONDON; WEDNESDY -71' 1-
4-
;

Rochester, and the result will show that the capital was adequate to
the purpose.
The line from Gravesend to Rochester is on a different footing;
the company were authorised 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 no
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 auth 'rising the Gravesend and Rochester Rail-
way and Canal Company to raise 85,000/. by the creation of shares,
and 56,666/. 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 an I Canal for the sum of 310,000/. ; paying
31,0001. in cash, and 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 consequently be made to Parliament to raise the
sum of 350,9851., for payment of the purchase-money and interest.
The filling up of the canal, and doubling of the line of railway,
has b •en executed by 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 is
159,1661. 175., and the further amount that will he payable under this
head is dependent in some measure on the time of opening the new
lines—it may be taken at 205,0161. 6s. 6d.
Hail this payment of interest on the No. 3 and No. 4 Shares not
been made, it would have been out of the power of the company to
maintain, as they are doing, full faith with Parliament in censtruct-
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 9,466,3601., which willsepresent 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 Greenwiela.the
Reading, Guildford, and Reigate, and the Canterbury and Whitstable
Railways, and the proportionate toll over the 6 miles 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. ld., 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 their own lines, has been
adopted with entire success : the receipts from goods, which aver-
aged weekly 6081. in 1844, amounted to 1,8101. 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 corresponding 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 traffic in
passengers and merchandise, the return to be 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 conclu-
sion that the permanent dividend to be derived from their property is
not likely to be less than 6 per cent. ; and if the proprietors have not
erred in the anticipations 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 whieh rnust 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 from
that tune to the present there has not been as much Contirental
traffic as there was before the opening of the French lines of
railway.

The disruption of the political relations of Europe, by which com-
merce generally has suffered, has naturally been visited on the South-
Eastern Railway, as the great highway to the continent.
In the last twelve months only 44,110 passengers crossed to and
from Folkestone and Boulogne by the steam-ships, and in the pre-
ceding twelve months, when the French lines were not opened, the
number of passengers was 49,514.
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 tile ordinary extent of communica-
tion with this country; and it will be a solitary exception in rein-
way experience, if the means now existing of reaching Paris daily
in twelve hours from London, by the t4outh-Eastern route, have
not the effect of increasing graatly the number of travellers.
The directors have always looked 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 traffic, it is essential that the
short sea passage from Folkestone and Dover to Boulogne and 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 =We 3,433 passages without a single accident
—the time occupied in the voyage of 2G miles from Folkestone to
Boulogne varying from one hour and three-quarters to two hours
and a quarter.

The revenue of the London, Folkestone, and Dover line, depend-
ing, to an important extent, on the facilities and certainty of (puck
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 performed 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 inerchandize between Folkestone and Boulogne, by which
the South-Eastern Railway Company has hitherto benefited but
little, than the steam-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 passengers 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 sufficient to provide eight splen-
did steam-ships for the daily service to France.
With regard to the disputed claims on the company, alluded to in
a previous half-yearly report, and which are all referred to arbitra-
tion, comprising the claims of the contractors, engineers, surveyors,
and solicitors, amounting to 196,8001., the directors believe that they
will be settled for the sum set apart to meet them, viz., 138,0401.,
which has been invested ter 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 60,1,001.
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.
Lion that great improvements will continue to be made under
this head. -

the eAtortlonatis .parochial.-aSsiaisinelfts t 0,.). c 13114 this conPanY
lr iftrbjeeted,--and ,1/21,1tfelt it WO itoMpenbi, tor 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-
velopment of a great commercial institution, are not so striking,
but are properly to be considered, and taken into account in attempt-
ing to arrive at any fair estimate of its value.
The directors trust that the unabated confidence which they en-
tertain in the South-Eastern Railway will be shared by the proprie-
tors ; and it will be the study of the directors to promote the inte-
rests of the company to the best of their abilit

JAMES MAC'Gk

:GOR, Chairman.

A 34.—Capital authorized by the Acts of

Parliament.

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

Works, land, stations, permanent materials and
Electric Telegraph • • •• • . • • ••
Loaometive engines and carrying stock for new
lines .
Interest cm No 3 and No. 4 Shares • • • . .•
Mortgage debt falling due from the year 1840 to
to the y‘mr 1856 . • • .
Accounts in dispute of contrac-
tors, engineers, surveyors, and
solicitors, and which are pre-
ferred to arbritation and to be
taxed •• • • . • • •• 19b,0.,
Amount invested in South-Eastern
Railway shares to meet the above 138,054 0 Oj

••• • X s. d.

1,132,721 0 0

108,900 0 0
205,016 6 6

.. 1,201,227 0 0

.. 196,800 0 0 r

ASSETS.

•• £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

£2,647,867 6 6

Cash at bankers
Sundry credits
Calls in course of receipt
Calls to be 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 the purchase-money of the Gravesend
and Rochester Railway, and interest thereon • •

350,985 3 5

£2,647,867 6 6

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NATIONAL MERCANTILE FIRE
INSURANCE SOCIETY,
POULTRY, MANSION-lIOUSE, LONDON.
Capital—Quarter of a Million.
TRUSTEES.

Orlando Crease, Esq.
George Moore, Esq.

James Peek, Esq.
Peter Rolt, Esq.

DIRECTORS.
DAVID WADDINGTON, Esq., M.P., Chairman.
ROBERT WILCOXON, Esq., Deputy Chairman.
Charles James Jones, Esq. (William and Thomas Jones and CO.)
William Lawson, Esq. (Trower, Lawson, and Trower.)
John Esq. (John Mair, Son, and Co.)
James Peek, Esq. (Peek, Brothers, and Co.)
Giles Redmayne, Esq., New Bond-street.
Ilananiah Teape, Esq. (Wiggins, Teape, and Loder.)
BanKEits—lNfessrs. Glynn, Hallifax, Mills, and Co.
SECRETARY—Jenkin Jones,
This Society is established for the general Insurance of Buildings,
Furniture, Merchandize, Stock in Trade, and other descriptions of
Personal Property, against loss or damage by Fire, and offers to the
public the following advantages :
I. A subscribed capital, amounting to a quarter of a million ster.
ling, securing to the insured an ample fund for the payment of losses,
and no responsibility of partnership.
2. Rates as low as is consistent with safety.
3. Each case submitted to this Office will be taken at a Premium,
ac x•sling to its risk, without reference to tariffs which are binding
on other societies.

4. Policies of seven years are allowed an abatement of one year's
premium and duty.
5. Policies for a shorter period than twelve months can be effected
more favourable terms to the insured than in any other office.
t;. Insurances are granted for loss of rent during the period of re-
Instatem, nt of damage by fire ; and a reasonable allowance will be
made tor the removal of goods in time of danger.
7. A'_ claims, when admitted by this Society, are immediately
without deduction or discount.
S. Ad the permanent and solid advantages conferred by Companies
of a similar character are lecured by this Society. -
JENKIN JONES, E.T.A., Secretary.

NATIONAL LOAN FUND LIFE ASSU-
RANCE SOCIETY.

26, CornhilL London.
Capital £500,000.
Emp•wered by Act of Parliament.

This Institution embraces important and substantial advantages
with respect to Life Assurances and Deferred Annuties.
Policies issued by this Society have a twofold advantage :—provi-
sion for the family of the Assured, and an augmenting pecuniary
available resource to himself, if needful, while living. The Assured
has, on all occasions, the power to borroiv, without expense, or for-
feiture of the Policy, two-thirds of the Premiums paid.

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

ANWELL COLLEGIATE SCHOOL.
Principal—Rev. J. A. EMERTON, D.D.
Twelve Years Curate of Hanvrell.
" It would be interesting to get at the secret history of this trans-
action. Dr. Emerton is the head of one of the most successful Col
lelliate Schools in England ; let him persevere, and his past disinter-
estedness will be recompensed, if not by the Bishop of London, by
better and more honourable patrons."—Extract from a Public Journal.
Vacation closes the 23d instant.
Prospectuses, with full parthulars, en application.

ALONDON AGENT WANTED for a
COUNTRY FIRE OFFICE, of 25 years' standing, which
Is about to extend its business to the metropolis. A Liberal Com-
mission allowed.

Address, R. 0., Chelmsford

FOGS AND DAMP AIR.
BARCLAY'S ASTHMATIC CANDY has, for
many years, been proved an effectual preservative from the
ill effects of the Fogs and Damp Air, which, in the Winter Season,
are so prevalent in this Climate. Its effects are to expel Wind, to
preserve the Stomach from the admission of Damps. and to relieve
those who suffer from Difficulty of Breathing. Prepared only by
Barclay and Sons, 95, Farringdon-street, London ; and sold retail,
by their appointment, by Sanger, 150, Oxford-street ; Gifford, 104,
and 11. Bartlett, 180, Strand ; Johnson, 68, Cornhill ; Hallow; 2,
High-street, Islington ; and all respectable Medicine Venders in
Town and Country.
Observe :—None can be genuine, unless the names of " Barclay
and Sons" are on the Stamp affixed to each Lica.

TIC DOLOREUX CURMILE.—TOOTHACIIE.
JAMES' CELEBRATED ASTILIAN TINC-
TURE FOR THE TIC DOLOREUX,
will prove an invaluable medicine to those suffering from this most
excruciating and hitherto-considered incurable complaint. A know-
ledge of its surprising efficacy has induced the proprietors to bring it
more extensively before the Public than has hitherto been done, and
thus confer a blessing upon thousands now labouring under that
distressing malady; the first application not only easing the patient
of all pain, but effecting in almost every case, a lasting cure.
As a remedy for Toothache, the proprietors can confidently recom-
mend it as one that cannot be surpassed.

This medicine is also a certain specific for Spasms, however violent,
especially in the stomach or bowels, and from its perfect freedom
from anything of a deleterious character, may be administered under
any circumstances with entire safety.

Prepared by CARSON and Co., Liverpool, sole Proprietors, and
sold wholesale, for them by Barclay and Sens, Edwards, Sutton,
and Co., Butler and Harding, I. Sanger, Dietrichsen and Hannay,
London ; Routhall Brothers, Birmingham; I. and R. Raimes and
Co., Edinburgh; Bolton, Blanshard, and Co., York ; Clay and Har-
vey, and E. S. Rogers, Liverpool ; and retail by the following
Chemists :—Collins, 54, Piccadilly; Woolridge, Bath-place, New-
road ; Fisher, Crawford-street ; Holmes, Spring-street, Sussex-
gardens; Emery, Notting-hill; or any respectable Patent Medicine
Vendor throughout the kingdom.
Price 2s. 9d., 4s. ed., and in Family Bottles, I Is. each.