The Sun.
London, England, 1849-01-25 00:00:00

fl ENERAL STATEMENT of the POSITION
vl/4_W and PROSPECTS of the' SOUTH-EASTERN RAILWAY
CO3IPAN Y.
Ti .e Directors proceed, after mature consideration, to present to
the troprietors of the South-Eastern Railway a General Statement
of the position and prospects of the Company. The directors need
bar( ly point out that, in the course of the statement, It will be re-
quisite for them to base upon estimates the conclusions at which they
arrive as to the amount that is yet required to be expended on ca-
pital acceunt, whilst the return of revenue, which that outlay, com-
bined with the capital already expended, will produce, may, after
the views of the directors have been stated, be calculated by each

jar oprietor himself.
And although the directors have delayed the publication of the
statement, to ensure the vestest possible accuracy, and have availed
-hemselves of theilexperience of estimates of the cost of works, they
still feel that, not any criticism, but the future alone, can test the
correctness of their views.
It will be the study of the directors, interested as they are, and re-
gOnsible as they have bean for the policy adopted in the management
of the cempay's affairs in times of extraordinary difficulty and emer-
gency, to treat the whole subject with impartiality.
Under their management it has been the good fortune of the, com-
pany to escape the evil effects of competition, imprudent amalgams-
liens, and a reduction of tolls which would have made the attain-
ment of prosperity barely practicable.
'For this the company is indebted, not alone to that justice which
Varliament has, at each successive costly contest, awarded it, or to
a series of happy accidents in the rejection and suspension of the
:Ras ifhad promoted, but also to the perseverance with which kg •
gression on the company's just rights has been resisted by the pro-
prietors.
These rights were recognised in the preamble or the first Ac t of the
:Legislature incorporating the esmpany, passed on the 21st of Julie,
1836, wherein it was stated that " this railway would be productive
of great public advantage, by opening a certain and expeditions com-
lnunication to Dover and ether towns and districts on the south-
east coast, and also of facilitating the communication between Lon-
don and the Continent of Europe ;" and it is matter for deep re4ret
That, -to preserve the rights thus recognised as attaching to tte
owners of the capital embarked in an adventure admitted to be of
great public advantage, so enormous an expenditure in Parlia,
inentary contests should have been necessary ; although at the s •
lime it must be acknowledged, taking every surre -
:stance into consideration, that in the end these contest„,
the directors believe there is no likelihood of a repetition, have b,
attended with a not unfavourable result.
The directors are satisfied that, with reasonable skill and eco•
romy in the management of the Company's affairs, there is every
ground for belief, that on the completion of the South-Eastern lines
et' Railway in progress of construction, and a fair development of
'their traffic, of the Continental traffic, and of that of the Enc.'s al-
Toady in use, the company will possess sources of revenue adequate
to secure to the proprietors, permanently, a satisfactory dividend.
The length of the lines of railway and branches now used for
traffic by the South-Eastern Railway Company is as follows:

ig cireu

of will(

Miles cb.
87 25

Vile Main Line from London to Folkestone and Dover
The Folkestone Harbour Branch .. .. ••

"Ilte'Bricklayers' Arms Branch
The Greenwich Lice ••
*The Maidstole Branch • • • • ..
The Tunbridge and Tunbridge Wells Branch
Ashford, Canterbury, and Ramsgate Branch
e Ramsgate and Margate Branch • • • •
Minster and Deal Branch • • • • • •
The Canterbury and Whitstable Line • • • •
Tho Gravesend and Rochester Line . • •
"raking 163 miles and 47 chains of railway. This includes the
lireenwich Railway, and the Canterbury and Whitstable Railway,
iaeld on lease, and also 13 miles and 22 chains of the Brighton Rail-
‘ray,-being a portion of the distance between London and Reigate,
re: which the South-Eastern Railway Com pan,. by agreem en t wi th
London, Brighton, and South Coast _Railway Company, has a
lightto run toll free.
And it should be stated that the London, Brighton, and Senile
Coast Railway Company has the tight to run toll free over so much
cr the Greenwich Railway as forms part of the main line to Reigate,
over the six miles of the Soutb-Eastern Railway between Croydon
Sad Reigate, and over the Bricklayers' Arms. Branch.
Befo.re proceeding to treat of the prospects of the Company, it
itial be well to call to mind the relation of the different capitals to
eath other, mar their rights to the earnings now in course of receipt.

.&nd, to do this, it must be stated that in accordance with the
Unns of the resolutions passed by the proprietors on the 11th of
E ptember, 1845, no dividend is payable in respect of any of the new
Clues then created, viz., the No. 3 Shares, until six months after the
day to which a dividend has been declared on the then existing
C=ares of the company, next following the opening for traffic of Ihe
.attest in point of execution of the following lines of railway and
Nvorks authorised by the several Acts passed during the preceding
lictssion of Parllament, viz. :
The Branch Railway from Tunbridge to Tunbridge Wells.
The Branch Railway from Minster to Deal, and Extension of the
evrterbury, Ramsgate, and Margate Railway.
The Branch Railway from Ashford to Hastings, and

The widening of the'London and Greenwich Railway.
And all profits accruing from any of the new lines wholly or par-
.."4ltir opened before such day, are divisible among the proprietors of
i'eA then existing shares.
..,_And also that no dividend is payable in respect of any of the new
'mares then also created, viz.; the No. 4 Shares, until six months
alter the day to which a dividend has been declared on the then ex-
'ling shares of the crinpany, next following the opening for t traffic
or the latest in point of execution of the following new lines of rail-
'Way and works, viz.:—
The rOway,from the London and Greenwich Railway to Graves-
eied,
The railway from Tunbridge Wells to Hastings,
the railway from the town of Rye to Rye Harbour, and
The additional station at Ashford,
to be constructed by means of the additional capital to be raised by
the same No. 4 Shares; and that all profits accruing from any of
'II, new lines, wholly or partially opened before such day, are divi-
Zle among the proprietors entitled to share the profits of the other
es and-works of the company.
So that, according to the resolutions referred to, until all the
.hen
now in progress are completed, the holders of the Shares
!en existing, viz., the original and the No. 1 and No. 2 Shares, reap
ad Vantages beyond those earned by the specific capitals upon which
the dividend is,payable.
£he branches which have been opened for traffic and contributed
Moir earnings to the advantage of the original and the No. 1 and
=''lo. 2 shares are —The Tunbridge and Tunbridge Wells Branch, 5
miles in length, which wits opened on the 20th of September, 1845 ;
lb, Minster and Deal Branch, 1% miles in length, which was opened
(211 the Ist of July, 1847; and tae Gravesend and Rochester Line,
ti miles iu length, waich was opened as a double line on the 23d
Of August, 1847.
A regard to these facts, which have always been before the pro-
Meters will sufficiently evince how far they have affected past di-
Via ?.,nds.

t was not contemplated that any benefit 'would be given to the
holders of the No. 3 and No. 4 Shares until the lines of railway and
:yorles for which those capitals were created had been opened for
`Nate; those shares were issued at 30'. per paid-up share, to be
erenttrally on a par with the original and the No. I and No. 2 Shares,
en which the average payment will be 321. 19s. per share ; but the
exigencies of the money market, which defied all calculation, made
rtincumbent on the directors, In order to insure the prompt payment
"the calls on the No. 3'and No. 4 Shares, which was of vital im-
pprtence to the Company, to call upon the proprietors to empower
ihelivie pay interest at the rate of five per cent. per annum out of
`11)hal, until the holders of the No. 3 and No. 4 Shares should be-
eornaentitled to fiividend. This power was granted by the proprie-
"_the 18th of February, 1847.
Vailst the directors confidently submit that this measure, so au-
.."l,Trirsed and sanctioned by the propriet re. was dictated by sound
'l'6..Y to meet the unequalled difficulties of the times, it is obviously
udesirable• for the company to terminate the payment of interest out of
~P4tri, Which necessity alone justified; by proceeding vigorously to
Zuldite the works, and thereby to render the whole of the capital
-1100 ed .
ts-,r,will beproductive well, before proceeding further, to remind the nroprie-
;34eof the terms on which the Greenwich Railway, the Reading,
41dford, and Reigate Railway, and the Canterbury and Whitstable
are held by the South-Eastern Railway Company.
1.:4'10 Greenwich Railway is held on lease for 999 years, from the
Z'„ c't.January, 1845. The rent payable tills year is 40,000/., and it
;„:!' increase at the rate of 1,0301. per annum until the year 1854,
herr the maximum yearly rent of 45,0001. will be payable.
~„"the Reading, Guildford, and Re:gate Railway is agreed to be
1e1,1,_11 hi, perpetuity from the time of the completion of the works,
xt is to take place in August next. The rent is to be payable
ie. rate of five and a half per cent. per annum on the cost, which
~,,flanted to 600,0001.; the rental will, therefore, be 33,000/. per
The Canterbury and Whitstable Railway is held on lease for the
TO of 14 years, commencing tYom the 29th of September, 1844.
e;,irTit PaYab'e for the remainder of the term is 3,000/. per annum.
em-writion to interest on the mortgage debt, amounting to 44,2211,
v_hieh is 2,211/. ls. per annum. The South-Eastern Railway
elta' Tully has the option, before the 29th September, 18ii2, of pur-
e, I,B*this line on payment of 60,600/. as the purchase money, and
'assuming the mortgage liability of 44,221/.
Tito44l South-Eastern Railway Company have relaid this line with
kW"? rally since it was leased to them, and they have removed the
lee,';4larY engines with which it was worked, in order to substitute
belt power for the purposes of the tradic ; and as cake works
bee e also been built by the company at Whitstable, and money has
expended by them in the improvement of Sae harbour, the
t 4, for
thiuk it will proeably be for the interest of the company to
etrttiThlse their option of purchase.
e length of the lines of railway and branches in course of con-
en by, and to be leased to, the South-Eastern Railway Com-
.--4Yrtir 133 miles, YiZ.

Miles. ch

The
-"•°1111 Kent Foe from London to Woolwich, Dartford,
..b44.-;1114 North Keeeeinitd Greenwich,aald Bricklayers' Mans June-
Thi4eoll Railway • • • • •
• • •
irens
the kshibrii Rye, Hastings, and St. Leonard's Bran
branch Branch.. ..
iis frome Rye es -
to Itye Harbour
a,: rda
Tnbridg e W and Hastings Line, and Branch to
.• •• • • 31 14
Ze Reading, Guilford, and Reigate Line .. ... 45 68
5 th
tee. e Reading, Guilford, and Reigate Railway 6 miles 40 chains
the be made by the South-Western R iiisvay Company ; and for
Ito b.,'se of this part the South-Eastern Railway Company w ill have
Proportionate toll.
Nrei The eligth, the refore, of the line of railway and branches which
toan a tin,
--aielY be used for traffic by the South-Eastern Railway
it eenY svill be 296 miles and 47 chaius
th,,r,WB ill be ten in the Statement A. that the capital already au-
ect by the Company's Act of Parliament is 9,1[5,375/.
amount of capital expended by the company to the Ist of
be arY, 1849, is 7,89'4,5321., as shown in Statement B. ; and it will
trie;ell that of this amount 6,689,305/. has been paid up by the pro-
m 'es, and 1,241,227/ has been advanced to them on mortgage,
-•,feniained due at that date.
lleworks in progress of construction are :
ehe--n nlargemorent and divisio f the Loudon-bridge station, and
ave
,71ilening the Greenwich liono.
"e North Kent from London to Woolwich, Dartford, and
send
-he •
orth Reat., Greenwich, and Briclayers' Arms Junction line.
4,le.Ashford locomotive station and wkorks.
Ashford, Rye, R e Harbour, Hastings and St. Leonard's
-7-ch, and
ihite Tunbridge Wells and Hastings line.
tOt:•ee amount
.t.eie.ations, of capital that will have to be expended to complete
tor „, works, to pay for the land not yet in the company's possession,
permanent materials and for the erection of the electric
T7r4Ph on the new lines is 1,132,7241.
estimates for these works are less by 465,0001. than-the prices
rekold,einal estimates, and this amount of saving of expenditure
to.' 0- effected by the revision and alteration that has been made of
ki•,-,works, and the redaction that has taken place in the price of
it and materials.
felt is estimated that a further sum of 103,9001. win eventually have
to 4 expended to increase the locomotive engine and carrying stock.
ter treet the requirements of the traffic of the new lines when opened
heel arc ; so that the total amount of expenditure under these heads
e1,_14,e Ist instant, will be 1,241,624/.
hi 07 North Kent line will, it is expected, be open for traffic by the
the at uaiY, although the works have not all been pushed forward as
Thee ors considered they had aright to expect.
14 illargetnent of the London-bridge station must be completed
Irt,lerte ter the opening of the North Kent line ; and it is clearly of
of %Nance to provide proper station accommodation for the traffic
1 he and of the other South-Eastern lines and branches.
iiae
%,,,„X°rttl-Kent Greenwich, and Bricklayers' Arms Junction
'etas' .ea Will connect the Bricklayers' Arms station and its papu-
bloya:lgishourheod with Greenwich and the North-Kent Railway,
It'edeeshPened in three mouths; and will probably be the means. of
exiS !est,ll,a, larger return of traffic to the company, compared with
any other of the works, as it will connect important
deeTeneV4inle4 ach other;
ed „ of the Ashford locomotive station and works is
lrgt Portie °f
great consequence to the welfare of the company, as
e-irred on of the future expenditure on revenue account be
To there
Ltae The
eon . •
fre,4raction of the South-Eastern Railway Company's Coast
thW`,.
_Ashford to Rye, Hastings and St. Leonard's, where It
b-„"s,t•iiiie"ntacin, Brighton, and South-Coast Railway Company's
447,4, Do!,
Folk the coast line of commuuicat ion from Ramsgate,
prC, the „,"r, estone and the other ports of Kent to Portsmouth
o;he lohedst.wawl complete, is finished between Ashford and Rye ;
(lea ,rnris in the co npany's possession, and the works will be
dote'ts meat,t as
Were
cell-7 possible
a -as -Parliament and the public to com-
tl pledged to
tit, The the autumn of 1848 ; but this they were unable
and
e'e"ellaeasonable tenders made for executing he works, au
ben ;Ally es, caused the delay; for ofthe sum of 4ti0,000/., saved
i,,oetwet,ser the works in progress, 150,000/. will be saved on the
,u,,e th,i'lAshfard and St. Leonard's.
1.,.-•`ovane,d roDertant work, of which the heaviest portions are in
11.ader -4jte, is the Tunbridge Wells and Hastings line. The
tO,ltta be pi, 4 average a comparatively small cost per mile, and
I,,telripen,,s'eeeded with as fast as the financial circumstances of
Irk ge Haste vat permit
It 41Y on thngs traffic, which, it must be remembered. came for-
3tlings line
kthgee the -0 Nouth-Eastem Railway at Staplehurst, has been loit to
keel 'if heePeaing of the Brighton Company's Hastings une on the
aellir;r 46, but the larger proportion of this traffic will be
on the completion of the South-Eastern Company's
the "Nair.
tiNciatley reties
which are at the disposal of the company to meet
‘4lal leee—gaired for the completion of the worl:s,
interest
tbe add t.
hiark "gage
e. be l-
Lootive
m theae t engines and Carrying stock, the i that
aseets me the propt.etors of the No. 3 and No. 4 Shares,
eoo ,ed C. debt, are set forth in the statement of
eapo,"'Y erailaed, on the Ist instant,Of—Cash in hand, 104,7471. ICs;
141;o 1), made,2 55. Id. ; calls in course of receipt, 1e5,1601.
gay !age732,657/. ; unissued shares, 141,760/. ; unexercised
et 3.51r10,f ci:ers. 231,325/. ; which latter sum can be capitalized- at
Ait ,1"n bY the proprietors, as can in like mariner the
~sum
.y th'el ; ane, Por:ion of the present mortgage debt not ye. ea-
eteatle beyond these sums, the company has power to raise,
a of new shares, 340,000/.
1t470/ land and other property of tit-, company is valued at
las'theS,king the aggregate of assets 2 296,862/ 3s. Id.
11.1,1110 h been shown that the companv are already empowered
100,37,, several Acts of Parliament to rai4e in the aggregate
""1•11i1Z of ""Way,
execution of their works, and to make and open all
""Way, eXeluSive oftheirline between Gravesend and

25 4

28 24
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