The Sun.
London, England, 1849-09-21 00:00:00

SOUTH-EASTERN RAIL WAY

The usual half-yearly general meeting of the
proprietors of the South-Eastern Railway was held
yesterday, at the Bridge-house Hotel ; Mr. James
Macgregor, chairman of the board of directors, in
the chair.
The advertisement convening the meeting having
been read, and the minutes of previous meetings
confirmed, the following report was submitted to the
shareholders :
"In presenting the accounts of the South-Eastern
Railway to the proprietors for the half-year ending on
the 31st of July, 1849, the directors have to state that the
revenue account for that period excludes all charges not
applicable to its traffic, and includes all charges that are
applicable to it.
"In pursuance of the principle recommended by the
committee of investigation, the directors have charged
the revenue of the half-year with a sum of 3,750/., for the
formation of a fund for the renewal of the permanent
way; of 4,1541., to meet deterioration of the rolling
stock; 6001. for the renewal of the waggon, van, and
horse stock, belonging to the goods department; and
2,4001., to cover the amount of accounts not rendered, so
that the future revenue may not be burdened by any
charges relating to the past.
" Had the directors acted solely on their own convic-
tions, they would have delayed commencing to provide
this fund until all the lines and works of' the company
were completed and opened for traffic, which will probably
be the case in August next year.
" The receipts of the South-Eastern Railway for the
half-year ending on the 31st of July, 1849, two been
220,208/. Os. 9d.
"The amount of working expenses incurred during
the half year has been 78,6301. 7s. 6d. The rent of the
Greenwich Railway and the Canterbury and Whitstable
Railway is 22,012!. 10s., and the rates and Government
duty, 22,8841. 9s. 10.1., making the expenditure on the
revenue of the hal-year 123,5271. 7s. 4d., and the
balance to be carried to the account of profit and loss
96,6801. 13s. sd.
"A systematic course of watching the assessment of
parochial rates, and resisting the frequent attempts of
the parishes to increase them, is pursued by the direc-
tors. In those parishes in which the amount of assess-
ment is the highest cases have been referred for adjust-
ment, but no final decision has yet been obtained. Every-
exertion will, however, be made by the directors to pro-
tect the company's interest in relation to this most
important question.
" The account of profit and loss, after paying the last
half-yearly dividend, was in credit, 2,911/. 16s. Bd., and
there now appears in this account, after debiting it with
interest on the mortgage debt of the company to the 31st
of Jaly, and with the charge for renewal of the perma-
nent way and working stock, a disposable balance of
61,2951. 13s. 9d.
" On the 4th of July, 231 miles of the Reading,
Guildford, and Reigate Railway were opened for traffic,
viz., eight miles from Redhill to Dorking, and 16f miles
from Reading to Farnborough. On the 20th of August,
20} additional miles of this railway were opened, viz.,
10i miles from Dorking to Shalford, and 10 miles from
Farnborough to Guildford. The connecting link that
still requires to be completed is miles between Shal-
ford and Guildford, which is constructed by the South-
Western Railway Company, the works on which the
directors believe to be now finished, the sanction of the
Railway Commissioners being only required to open the
whole line for traffic.
" The accommodation for goods traffic on the Reading,
Guildford, and Reigate line is not yet constructed. The
directors do not hesitate to express their belief that when
the line is open throughout, and the usual facilities for
each description of traffic are proeided, it will yield a
satisfactory revenue. The traffic from the 14th of July
to the 16th of Sept. produced 2,787/.
" The North Kent line to Lewisham, Blackheath,
Charlton, Woolwich, Erith, Dartford, Greenhithe,
Northfieet, Gravesend, and Strood, for Rochester and
Chatham, 25 miles in length (connecting the London
and Greenwich Railway with the Gra% esend and Ro-
chester line), was opened for passenger traffic through-
out on the 30th of July, and the receipts for seven weeks
---
amounted to 17,3501. Total £8,504"
" The proprietors will observe that the receipts have The report of Mr. P. W. Barlow, the engineer, states:—
hitherto been almost exclusively from passenger traffic, " With regard to the Nort Kent line, the contract es-
as time has not permitted the completion of the stations timates, as previously stated, are 636,800/. ; of this
and other facilities required for the goods traffic. amount the sum due, and certified by me, does not
" The directors may remark, that on the opening of amount to 400,000 l.; and the works are so nearly coca-
the North Kent line, they felt it their duty to give ex- plated that there is little more to certify.
tended accommodation to the passenger traffic by run- " I desire especially tQ remark, that these reductions
ning trains for each class from the London-bridge station have been obtained without injuring the efficiency of the
to and from Woolwich every half-hour, and to and from line; but, on the contrary, the deviations have improved
Gravesend and Strood every hour. It will be the study the gradients, and have removed some of the worst of
of the directors, as they acquire a knowledge of the re- the curves; and brick constructions have been substituted
quirements of the traffic, so to regulate the accommoda• where the timber gearing had not been commenced.
tion as to give the most ample facility for the passenger " ASHFORD AND HASTINGS LINE.—On this line the
traffic, continuing to run such trains as meet those re- progress made in the unfinishe d portion between St.
quirements. fesouards and Rye has been principally in the tunnels,
" The North Kent and Bricklayers' Arms Junction of which there are four, amounting in the aggregate
Railway, which is 60 chains, or three-quarters of a mile length to nearly two miles. Some further reduction
in length, was opened for traffic on the Ist of September. may be expected beyond my estimate in January; in
Trains are run from the Bricklayers' Arms station at fact, the works on the portion from Rye to St. Leonard*
intervals of a quarter of an hour, from 7.10 A.M. to 10.10 will be executed for less than one-half the previous esti-
!' M., to and from the junction station with the Green- mated contract amount.
wich and North Kent lines, thereby giving a west-end "TUNBRIDGE WELLS AND llAmteas LlNE:—This
terminus for every train to the North Kent and Green- branch has not been pressed forward so rapidly as the
wich traffic. Ashford and St. Leopards, but in all the heavy works,
" The receipts for goods for the half-year ending on between Tunbridge Wells and Withernden, and between
the 31st of July, 1848, were 35,4981. 17s- 51., for the last ltobertsbridge and Whatlington, every exertion has been
half year 36,926/. 11g. 2d. made. There are four tegnels, via., the Grove. Hall's
" The trade in fish and fruit during the last half-year Hole, Wadhurst, and Montfield, making an aggregate
has been deficient, and has affected the receipts; but the length of 2.128 yards.
directors are of opinion that the South Eastern Rail way " PERMANENT WAY.—I have recently examined the
will gradually acquire its due proportion of all the state of the permanent way, and am enabled to report
goods' traffic of the district it serves. They are aware that it is in very good concha' n.
that the facilities affsrded, and the punctuality with " The maintenance accounts, cmnprising the repairs of
which the business is conducted, give general satisfaction, works, stations, fences, &c., and which include also the
" The directors have much pleasure in stating, that renewal of sleepers, do not exceed 1101. per mile per
the importation of goods at Folkestone from Thulogne annum."
is increasing, and parties using the route appreciate the The CHAIRMAN, on rising to move the adoption of the
economy it presents to them in the dispatch of goods report, was received with some slight menitestations of
from Paris to London, both in time and money. disapproval. He said he should not have much to add
" The following statement of the duties that have been to the report, but he must be allowed to direct the at-
received at the Custom-house of Folkestone needs no tention of the proprietors to the fact, that the receipts
comment:— of the past half-) ear exhibited a deficiency of 18,000/. on
From January 6to July 5, 1848 ... £3,295 the corresponding half-year of last year. It chould,
1849 ... 14 856 however, be remembered that the revenue this half-year
From March 6 to Sept. 5, 1848 ... 3,986 had been debited with a charge of 8,504/. for permanent
1849 ... 23,936 way, rolling stock, lec., which had never been done before,
" The following statistics of continental traffic during and that circumstance in some degree would explain the
the last half-year show how large a proportion of the falling off in the balance which had hitherto been appli-
whole passed over the South- Eastern Railway, and will, cable to dividend. Still the directors, although they had this
the directors think, tend further to prove, if any evi- year to grapple with a deficiency in receipts of nearly
dence were necessary, how great the importance is of 30,0001, they had full confidence in the ultimate
having adsquate provision for the steamship service success of the present system. The North
between Folkestone and Boulogne, and Dover and Ca• Kent line had been brought into active opera-
leis, so as to insure that punctuality to travellers tion since the last meeting, and the results had
which will confirm and extend the preference now proved highly satisfactory. Experiments were
given to the South-Eastern Railway. Passengers going on for bringing about a reduction in the working
to and from Boulogne via Folkestone, from the Ist expenses. The speed of the goods trains had been so
of February to the 10th of September, 1849, 30,243; reduced as to secure a saving of 20 per cent. in the con•
same period in 1848, 33,045; via London, 12,802, and in sumption of coke, and it was anticipated that a similar
1848, 8,483. Passengers to and from Ostend during the reduction of speed when applied to some of the passen-
above period in 1849, via Dover, 8,908; same period in ger trains would produce a result equally satisfactory.
1848, 12,155; via London, 7,000; and same period in With regard to the proposition contained in the report
1818, 3,928. Passengers to and from Calais via Dover, for raising additional capital, he could assure the
18,267; via London, 4,285. proprietors that the directors considered the
" The service between Folkestone and Boulogne and plan they suggested the best that could pos-
Dover and Calais, so far as it had been conducted by the sibly be adopted, and he trusted, therefore, the
South Eastern and Continental Steam packet Company, shareholders would have no difficulty in agreeing to it.
has been performed with perfect safety and matchless Now, with reference to the operations of the past half-
punctuality,
year the actual surplus of receipts in hand would enable
cfnottint`mhpThe tidal service between Dsver and Calais per- them to pay a dividend of los. 61. on the consolidated
formed
eadnr
rate
tuering the half-year at the joint expense of this stock, 93. 4rl. on No. 1 shares, and 8s 4d. on No. 2
andef tthweeNthoirrtdhseranedoteFererthcierdßareilswpaeyetCivoemlypahnays, sfehrartehs, and still. leave a balance of 5701 13s. 9d. It was
imposed a charge upon the revenue account of theßailwayhalf-year
South-
should be
ehreoprpieatiodrs tohudtettirhmianerriwvihnegtheratthaathdyivideeeeed.
1,756/. Bs. 2d.; but the directors are of opinion that in in mind that the that a t
accounts point, h a idt
been made of elusion uponmadbee
up
porniee
contributing to a general service which brought 13,355 their present form in accordance with the resolutions of
passengers on the South-Eastern Railway during the the committee of investigation and the impied wish of
past six months, they acted a wise and prudent part. , the shareholders.—(Hear.) He concluded by expressing
" The terminus of the Northern Railway of France is full confidence in the ultimate success of the under-
now opened on the pier at the port of Calais, and pas- taking. and moving the adoption of the report.
sengers leaving London by the mail train at half-past Mr. J. WILSON wished to know what the value of the
eight o'clock P.M. arrive at Paris at nine A.M. the fol- rolling stock was?
lowing morning, and at Brussels a quarter before ten The CHAIRMAN said if the Honourable Proprietor
A. 24.; the one journey being performed in twelve and a would refer to the expenditure in the capital account he
half hours, and the other in thirteen and a quarter hours, would see the value. He was happy to say that their
including all stoppages. rolling stock had been kept in such an efficient state of
" With reference to the financial statement published repair that the engineer did not think there was any ne-
by the directors on the Ist of January, wherein it cessity for a reserve for its renewal.
was shown that the estimated ultimate capital of the Mr. J. WILSON apologised for asking these questions,
company for completing all its lines and works was but he had received the report so late that he
9,466,3601,, the directors have to observe that they was compelled to put theta to understand its details. He
know of no variation that requires comment in regard wished to know if the interest on the Gravesend and
to the calculation they then made, except that Rochester line had been carried to the capital account.
'upon further advice they have been led to conclude The CHAIRMAN said, if the Hon. Proprietor would
that they will eventually be compelled to construct every again refer to the accounts, he would see that it was
Part of the Ashford and Hastings line as a double line charged to revenue; but he had no hesitation in stating
of railway ; and that it will be for the interest of the that it was the opinion of the directors that justice and
company that the Tunbridge Wells and Hastings line sound principle required that it should be charged to
should also be a double line. This will increase tho capital.
estimate by the sum of 140,000/. Mr. J. WILSON wished to know whether the new rails
" The directors believe that there will probably be a on the Gravesend and Rochester line had been charged
diminution of their previous calculation of the cost of the to capital or revenue?
London•bridge terminus and other works to the amount The CHAIRMAN said the question was out of order,
of from 50,000/. to 80,0001. inasmuch as the cost of these rails had not come into
"Again, an addition of 150,000/. will be required to this half-year's account
the amount allowed for interest in the statement of Mr. J. WILSON then, in a lengthened address, urged
assets and liabilities, in consequence of the continued upon the proprietors the necessity of appointing respon-
payment of 5 per cent. interest on the No. 3 and No, 4 Bible auditors from amongst their own body, who should
capital, until the completion of the lines and works for be disqualified from holding a seat at the board, and who
which that capital was raised. should be so remunerated that the duty of weekly exa•
" The whole of these variations will cause a probable mining the accounts should be required of them as a
addition to the ultimate capital of 240,000/., and thereby right. He altogether disapproved of the past policy of
make it 9,706,3601. the direction, particularly in reference to the system of
" The company will therefore have to apply to Par- placing charges to capital which ought to have gone to
liaraent for additional powers to raise, by capital or by revenue; nor could he agree with those who thought the
mortgage, the sum of 590,985/, or 240,000/- in addition recentcomtnittee ofinvestigation had done their duty, and
to the sum set forth in the financial statement. he hoped the shareholders would not reward any of its
"The directors have further to observe, with refer- members by electing them tosseats in the direction. He
ence to the financial statement, that it should have set altogether disapproved of that part of 4he report which
forth that if the cost of the Reading, Guildford, and Reis related to the raising of additional capital and issuing
gate Railway exceeded 600,000 L, the interest on the ad- preferential shares, and called upon the meeting not to
ditional sum would be a charge on this company. sanction the appointment of Mr. Smith to the direction.
"From the later communiceti Nis of the Reading, He wished to know whether the reduction in the speed
Guildford, and Reigate board the directors think that of the trains, which he understood was to fifteen miles,
the ultimate cost of the Reading, Guildford, and applied to the passenger or the goods' trains; because,
Reigate Railway, will exceed 600,0001., by about 40,000 t, if they went on reducing their speed in that way, they
which sum will be raised on the mortgage bonds of the would soon have hackney coaches running against than.
Reading, Guildford, and Reigate Company. and the in- The CHAIRMAN replied that the reduction applied to
terest thereon will be a charge on the South-Eastern the goods' trains, but it was intended to apply the same
Company, reduction to some of the passenger trains.
" The present meeting has been made special for the Mr. J. WILSON then moved, us an amendment, that
eatg.rreamph threel report,
purpose of authorising the creation of new stock to she the
ngpera
d
amount of 300,000/. to widen and extend the Graveson 1
p
and Rochester line; the Greenwich, North Kent, and The CHAIRMAN defended the course which the direo-
tion had hitherto pursued, Bricklayers' Arms Junction line; and the London-bridge pinogrt.
o t the issue of new shares be ex-
rsued, and denied that the money of
station enlargement, and for the further widening of the the company had been applied to any dishonourable pur-
Greenwich Railway. These works are already nearly poses, as some gentlemen had insinuated. He admitted
ethtat
completed out of the general assets of the company. ought ; charges had been carried to revenue which
"The amount of over-due calls on the 31st of July was
callswhe he
on Ne now
wli have been placed against revenue, but the proprietors
should bear this in mind, that all the gain of that system
237,628/ 15s. Of this sum 27,953/. 155. was unpaid
calls on No. 4 -shares, appertaining of course to shares had gone into their own pockets.
Mr. CARLISLE seconded the amendment, but from
shares;liable t o forfeiture;i42,2 25i.
0403100.12. tier overduerea and
d ifferent motives to those assigned by its mover. Be
24,090/. on No. 3 glares. e w there was a Lap lUDOHD4 Qf calls in arrear, and

"The mortgage debt of the company on the 31st of
July, which falls due between the years 1850 and 1856,
is 1,046,7821; this has subsequently been increased to
1,169,182/., .by the issue of bonds to the amount of
122,4001. at 4i- per cent. per annum.
" The directors will propose a resolution authorising
them to issue 300 0001. of new stock, and also 141,700/.
of unallotted stock, at a guaranteed rate of interest.
" The directors elected Mr. Francis Curwen Smith to
be a director in the place of Sir William Fielden, Bart.
" The directors, in conclusion, beg leave to reiterate
the remarks which closed their financial statement.
They 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 expectation that
great improvements will continue to be made
under this head; their own experience justifies theta in
asserting that great reductions will be made in the ex-
penditure on revenue account.
" The directors trust that the unabated confidence
which they entertain in the South-Eastern Railway will
be shared by the proprietors; and it will be the study of
the directors to promote the interests of the company to
the bast of their ability.
The statement of cipit it account shows that 8,499,052/.
had been received, and 8,666,007/. expended, including
549,0931. expended during the past half year, leaving a
balance against the company of 166,955/. Tha revenue
account for the hall-year ending the 31st of July
states that 220,208/. had been received including
164,831/. for passengers, and 38,1621. for goods and
cattle; and 123,527/. expended, including 9,4861. mainte•
melee of way; 33,0851., locomotive power; 19,9561., pas-
senger department; 9,1291., goods department; 6,6221.,
general charges; 22,0121., rent of Greenwich and Can-
terbury lines; 15,5911., rates and taxes; and 7,2941.,
Government duty; leaving a balance of 96,6811., of which :
the interest on loans will absorb 29,7931.; reserve fund
for renewal of stock and way, 8,5041.; leaving a balance,
applicable to dividend, after adding 2,912/. from last
account, of 61,296/.
The report of the accountants, Messrs. Quilter, Ball ,
Jay, and Crosbie, states—
" With the exception of the accountants', legal, and
other expenses attending the late investigation, amount-
ing to the sum of 2,0921. 4s. Id., this balance is corn-
posed entirely of items reported upon by the committee
of investigation as applicable to the revenue of perio-ls
anterior to the date at which their inquiry closed, and
of items of a similar character dealt with during the
last half-year not appertaining to its expenditure, and
therefore necessarily displaced from the half-year's ac-
count by the operation of the principle on which it is
framed.

7,856

7,115

9,322

"The total amount received to the 30th of July in
respect of No. 3 and No. 4 shares was 3,601,2561. 54.,
bearing interest on certain conditions, payable out of
capital, by virtue of resolutions of the court of proprie-
tors, hitherto at the rate of 5 per cent. per annum; it is
proper, however, to observe that the sum of 802,8551.
18s. 9d., part of the above total, having been expended
on the main line and for general purposes, would, bat for
the legal operation of these resolutions, have contributed
an addition to the general capital entitled to participate
in dividend.

"The total amount of unproductive capital at the
close of :the half-year was 2,798 400/. 6s. 3d.; by the
opening of the North Kent line on the 30th of July last
the amount of unproductive capital was reduced to the
sum of 966,1374 131. 4d.
" In reference to the audit, we venture to suggest that
it should be conducted continuously; that is, so as to
keep pace with the transactions of the company, and not
to throw upon the auditors the duty of reviewing and
vouching the transactions, in all their detail, of the
entire half year in the short interval of time which
elapses between the close of that period and the half-
yearly meeting.
" We have, in the profit and loss account for the half-
year, in accordance with your instructions, charged it
with the following sums:—
Reserve for renewal of permanent way £3,750
Ditto for renewal of rolling stocks
Wear and tear of goods department stock 600