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

G3NERAL STATEMENT of the POSITION
and PROSPECTS of the SOUTH-EASTERN RAILWAY
COMPA'N Y.
The Directors proceed, after mature censideration, to present to
the proprietors of the South-Eastern Railway a General Statement
of ehe position and prospects of the Company. The directors need
hardly point out that, in the course of the sta•ement. It will be re-
quisite for them to base upon estimates the concipsions at which they
arrive as to the amotvit that is yet required to be expended on ca-
pital account, whilst the return of revenue, which that oatlay, corn-
bitted with the capital already expended, will produce, may, after
the views of the directors have been stated, be calculated by each
Pr oprietor himself.
And although the directors have delayed the publication of the
Statement, to ensure the g eatest possible accuracy, and have availed
themselves of theirlexperience 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-
sponsible as they have been 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 has been the good fortune of the corn-
PanY to escape the evil effects of competition, imprudent amalgams-
tions, and a reduction of tolls which would have made the attain-
'tent of prosperity barely practicable.
For this the company is indebted, not alone to that justice which
arliament has, at each successive costly contest, awarded it, or to
a series of happy accidents in the rejection and suspension of the
Bills it hail prometed, but also to the perseverance with which ag •
greselian on the company's just rights has been resisted by the pro-
prietors.
These rights were recognised in the preamble of the first Act of the
Legislature incorporating the eampany, passed on the 21st of Jane,
1836, wherein it was stated that "this railway would be productive
Of great public advantage, by opening a certain and expeditions com-
nlnoieation to Dover and other 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 regret
that, to preserve the rights thus recognised as attaching to the
owners of the capital embarked in an adventure admitted to be of
great public advantage, so enormous an expenditure in Perlis-
MentarY contests should have been necessary; although at the seine
time it must be acknowledged, taking every surrounding circum.
stance into consideration, that in the end these conteste, of which
the direotors believe there is no likelihood of a repetition, have been
attended with a not unfavourable result.
The directors are satisfied that, with reasonable skill and eco-
n°ln3" in the management of the Company's affairs, there is every
ground for belief, that on the completion of the South-Eastern lines
Of Railway in progress of construction, and a fair development of
their traffic, of the Continental traffic, and of that of the lines al-
ready 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
'rattle by the South-Eastern Railway Company is as follows :
. Miles ch.
Tice Main Line from London to Folkestone and Dover .. 87 25
he Folkestone Harbour Branch .. • • .. GI
'et:he Bricklayers' Arms-Branch •• •• •• •• 156
The Greenwich Line .. 3 GO
The Maidstone Branch .. • „ .. • • • • 977
The Tunbridge and Tunbridge Wells Branch .. 5 22
The
Ashford, Canterbury, and Ramsgate Branch • • .. 30 10
Ramsgate and Margate Branch •• .• • • 3 56
fine Minster and Deal Branch • • • • •• „. .. 867
The Canterbury and Whitstable Line • • •• •. 578
:4° Gravesend and Rochester Line .. • • .. 15
'leaking 163 miles and 47 chains of railway. This Includes the
Greenwich Railway, and the Canterbury and Whitstable Railway,
held on lease, and also 13 miles and 22 chains of the Brighton Rail-
waY, being a portion of the distance between London and Reigate,
Over which the South-Eastern Railway Company, by agreement with
the London, Brighton, and South Coast :Railway Company, has a
tight to run toll free.
And it should be stated that the London, Brighton, and South
Coast Railway Company has the right to run toll free over so much
of the Greenwich Railway as forms part of the main line to Reigate,
over the six miles of the South-Eastern Railway between Croydon
and
Reigate, and over the Bricklayers' Arms Branch.
Before proceeding to treat of the prospects of the Company, it
e_ be well to call to mind the relation of the different capitals to
other, and their rights to the earnings now in course of receipt.
And, to do this, it must be stated that in accordance with the
4n/is of the resolutions passed by the proprietors on the 11th of
Pteniber, 1845, no dividend is payable in respect of any of the new
shares then created, viz., the No. 3 Shares, until six months after the
ul3' to which a dividend has been declared on the then existing
stareshetes Of the company, next following the opening for traffic of the
in point of execution of the following lines of railway and
a
Wore-t
„e_r authorised by the several Acts passed during the preceding
eese. on of Parliament, viz. :
Branch Railway from Tnnbridge to Tunbridge Wells.
he Braech Railway from Minster to Deal, and Extension of the
-fe!e• terborY, Ramsgate, and Margate Railway.
The Branch Railway from Ashford to Hastings, and
uThe widening of the London and Greenwich Railway.
tiattid all profits accruing from any of the new lines wholly or par-
te,7 oPened before such day, are divisible among the proprietors of
e then existing shares.
lsodatyhat no dividend is payable in respect of any c2f the new
1-7,4ree the►also created, viz., the No. 4 Shares, mull six months
L81;11'11:
to which a dividend has been declared on the then ex-
erleg shares of the company, next following the opening for traffic
ee the latest in point of execution of the following new lines of rail-
ay 'works, viz.: --
ena, e railway tram the London and Greenwich Railway to Graves-
The
railway from Tunbridge Wells to Hastings,
to
The railway from the town of Rye to Rye Harbour, and
additional station at Ashford, bee
the constructed by means of the additional capital to be raised by
th hsame Na. 4 Shares ; and that all profits accruine from any of
rible env' lines, wholly or partially opened before such day, are divi-
lines 'fliong the proprieters entitled to share the profits of the other
So
and works of the company.
vee"that, according to the resolutions referred to, until all the
4:hae,n:exntosterinn, progress are completed, the holders of the Shares
viz., the original and the No. 1 and No. 2 Shares, reap
the dividend
beyond those earned by the specific capitals upon which
The
is payable.
leln, ranches which have been opened for traffic and contributed
iseen.
_e..ernings to the advantage of the original and the No. 1 and
82. shares are : —The Tunbridge and Tunbridge Wells Branch, 5
0, e_
ties length, which was opened on the 20th of September, 1845 ;
o'see ulster and Deal Branch, lee miles in length, which was opened
CesTees lat of July, 1847 ; and tee Gravesend and Rochester Line,
oil° in length, which was opened as a double line on the 23d
`logost, 1847.
T to these facts, which have always been before the pro-
Pnetoegard
eidenarss, will sufficiently evince how far they have affected past di-
bo,et Wa.s
thee that any benefit would be given to the
ri•
des of No. 3 and No. 4 Shares until the lines of railway and
tremB for which those capitals were created had been opened for
evene; those shares were issued at 301. per paid up share, to be
on 441 Y on a par with the original and the No. 1 and No. 2 Shares,
e,zi" Leh the average payment will be 321. 19s. per share ; but the
geneies of the money market, which defied all calculation, made
et. ztleilMbent on the directors, in order to insure the prompt payment
Do2e calls on the No. 3 and No. 4 Shares, which was of vital im-
%eq....knee to the Company, to call upon the proprietors to empower
ea„T,' to pay interest at the rate of five per cent. per annum out of
petal, until the holders of the No. 3 and No. 4 Shares should be-
Mite entitled to dividend. This power was granted by the proprie-
weelsgih of February, 1847.
theeeent the directors confidently submit that this measure, soundcieliier3ea.bettitrind sanctioned by the propriet re, was dictated by
meet the unequalled difficulties of the times, it is obviously
e or the company to terminate the payment of interest out of
ceee•
e'" which necessity alone justified, by proceeding vigorously to
expeeinete the works, and thereby to render the whole of the capital
torlt nd•d o.
e eval t e well, before proceeding further, to remind the proprie-
44;1.fthe terms on which the Greenwich Railway, the Reading,
Itee,,,iti, and Reegate Railway, and te Canterbury and
Th 'l.l are held by the South•Easternh Railway CompanWhitstabley.
Ist °f Greenwich Railway is held on lease for 999 years, from the
*ill lucre 411'3' 1815. The rent parable this year is 40,000 e, and it
*lien the maximum yearly rent of 45,000/. will be payable.
white, Perpetuity
Guildford, ani Relgate Railway is agreed to be
whio, Perpetuity from the time of the completion of the works,
et tl is to take place in August next. The rent is to be payable
is II trea, eof five aid a halfper cent.' per annum on the cost, hich
tera 9e:he: rente' alitteorb6oo,oool.; the rental will, therefore, be 33,000/. per
Canterbury and Whitstable Railway is held
,on lease for the
hn Years, commencing from the 29th of eeptember, 1844.
andreseitiePaYab'e for the remainder of the term is 3,000/. per annum.
seh,e"en e 0 interest on the mortgage debt, amounting to 44,2211 ,
esezeeeen_ is 2,2111. Is. per annnm. The South-Eastern Railway
che4enee has the option, before the 29th September, 1812, of pur-
-011 eel,7sliree on payment of 60,e001. as the purchase money, and
e The so tig the mortgage liability of 44,2211.
'Mae, rs,°,th-.Eastern Railway Company have relaid this line with
!station:ea since it was leased to them, and they have removed the
;eoreeta engines with which It was worked, in order to substitute
%etre alse:e Power for the purposes of the traffic ; and as coke works
neen " °earl built by the company at Whitstable, and money has
diree.„-_Pe, tiled by them in the improvement of te harbour, the
Theseeee-e their
it will prohably be for the interest of the company to
0 iee„„ option of purchase.
rnetioe 1;.y...1 of the lines of railway and branches in course of con-
vene-, . and to be leased to, the South-Eastern Railway Com-
'. id 3 miles,
-

Miles. ch.
TlIZ"°1.111 Rent line from London to
IcGravesend
Railway Woolwich, Dartford,
•• .• .. 25 4
ItYe,
orth Kent Greenwich, and Bricklayers' Arms June-
Ilastil;gs, an; St. Leonard's Branch
To'eench from Rye to Rye Harbour •• •• ••
tnnbridge Wells and Hastings Line, and Branch to
31
14
Thealr'cla it" • • • ..
. 45 68
`each e • "
„ ne, Guilford, and Reigate Line • •
tire.to'n! Reading, Guilford, and Reigate
.Railway 6 miles 40 chains
the Made by the South-Western Railway Company; and for
to pace of this part the South-Eastern Railway Company will have
Tile ProPertherefore, ionate toll.
Will length, tof the line of railway and branches which
tont '
—eqr be used for traffic by the South-Eastern Railway
".1.13. will be 296 miles and 47 chains.
lbofuwe,dll be seen in the Statement A. that the capital already an-
The n3' the Company's Act of Parliament is 9,11,0, al.
„ amount of caital exended by the company to the
.Ist of
De B":_rY, 1849. is 7,890,5321., as shown in Statement B. ; and it will
enetril that of this amount 6,649,305/. has been paid up by the pro-
14k1 res, and 1,21)1,227/ has been advanced to them on mortgage,
Thremained due at that date.
e works in progress of construction are :
et,"
'e enloreement and division of the London-bridge station, and
dam
ng or the Greenwich line.
otoy,ortli. Kent line, from London to Woolwich, Dartford, and
"14'
Xorth Kent, Greenwich, and Bricklayers' Arms Junction line.
trlaaLiceehji,f4shnhfoferdtdl,ocryeo,tive station and works.
Rye Harbour, Hastings and St. Leonard's
The Tunb
ridge Wells and Hastings line.
theseamountar of capital that will have to be expended to complete
for ee,,,orka, to pay for the land not yet in the company's possession,.
teio permanent materials, and for the erection of the electric
Aran on the new lines is 1,132,724/.
11, the estimates for these works are less by 465,000/. than the prices
Xll.e original estimates, and this amount of saving of expenditure
lgj4, effected by the revision and alteration that has been made of
Wores, and the reduction that has taken place in the price of
74t and materials.
tollttie estimated that a further sum of 108,9001. will eventually have
to ~,,s'xPended to increase the locomotive engine and carrying stock,
fee-t'ryLt the requirements of the traffic of the new lines when epened
tree, ,Mic; so that the total amount of expenditure under these heads
Ist instant, will be 1,241,624/.
let of
i ofer:eo;l:rhs Kent line will, it is expected, be open for traffic by the
the dton the wor ks have not all been pushed forward as
c.sidered they had aright to expect.
111 tin, 4nlargenitnt of the London-bridge satio must be completed
14'Por-t, f°r the openine ot the North Kent (linen and it is clearly of
of this-..atice to provide proper station accommodation for the traffic
nee
of the other South-Eastern lines and branches.
1111e,;North-Kent, Greenwich, and Bricklayers' Arms Juustipeetpioun_
loos
rlwi. lett will connect the Bricklayers' Arms station and
nifty benglibnurhood with Greenwich and the North-Kentßailway,
Ar ntPheanned in three mouths ; and will probably be the means of
Its a larger return of traffic to the company, compared. with
41%. ed to be oafny
g lines with each other, other of the works, as it will connect important
deem 7 enrnpletloa of the Ashford locomotive station and works is
great consequence to the welfare of the company, as
iae„p Portion of the future expenditure on revenue account will be
Tine Ilereel there.
f."Mstruction of the South-Eastern Railway Company's Coast
itei4n) Ashford to Rye, Hastings and St. Leonard's, where it
9oest.„_e London, Brighton, and South-Coast Railway Company's
14em,f3t_Ie, making the coast line of communication from Ramsgate,
aqd iheuver, Folkestone and the other ports of Kent to Portsmouth
all th , wnestwanl complete, is finished between Ashford and Rye ;
Aroce_la d is in the co npan's posyoessien, and the works will be
Thevued with as speedily asble.
Net, ucen_mPanv were pledged to Parliament and the public to com-
-00 13 line ny the autumn of 1848 ; but this they were unable to
other
The unreasonable tenders made for executing the works, and
i.eer difficulties, caused the delay; for ofthe sum of 465,0001., saved
,000/. will be saved on the
esene-ally over the works in progress, ml
between Ashford and St. doren'as;dlsso
‘?The other important work, of which "the heaviest portions are in
ad.vanced state, is the Tunbridge Wells and Hastings line.
:nlainder will average a comparatively small cost per mile, and
Tl
the be peeeeeeed with as fast as the financial companycircumstances of
will permit.
merly.4a..,e Hastings traffic, which, it must be remembered, came for-
mfor-
-27110n the South-Eastern Railway at staplehurst, has been lost to
htice the opening of the Brighten Company's Hastings line on the
alai 01 June, 1846, but the larger proportion of this traffic will be
Hastings
acd on the completion of the South-Eastern Compeer.
iit;„line
ne resoure.es which are at the disposal of the company to meet
110' eutlaY required for the completion of the works, for the addl.
MNee?ili,l locomotive engines and carrying stock, the interest that
el "e+, Payable to the proprietors of the No. 3 and No. 4 Shares,
mortgage debt, are set forth in the statement of
T,e. Marked C.
Ineit,leY consisted, on the let instant, of—Cash to hand, 104,7471. les;
ealiV-tY credits, 14,8121. ss. Id. ; calls in course of. receipt, 125,160/. ;
nleri,„,° be made, 732,657/. ; unissued shares, 141060/. ; unexercised
lie,. 'age Dowers 231,325/. ; which latter sum can be capitalized at
ofZeriel chosen by the proprietors, as can in like manner the sum
patalihe poriion of the present mortgage debt not yet ca-
by the 4 ; and beyond these sums, the company has power to raise,
of new shares, 340,0001.
153,3V;IrPlus land and other property of the company is valued at
It `., making thaegate of assets 2,296,882/. by th,as thus been shown that the company are already empowered
bls,3et
%several Acts of Parliament to raise in the aggregate
Itiokuilet,4 for the execution of their works, and to make and open all
et railway, exclusive of their line between Grayeund and