The Sun.
London, England, 1847-09-17 00:00:00

SEPTEMBER 17, 1847.

RAILWAY INTELLIGENCE.
SOUTII-EASTERN.
The twenty-second half-yearly meeting of the
proprietors in this company was held yesterday, at
the Bridge House Hotel, Southwark.
Mr. JAMES M`Gaecon, the Chairman of the Com-
pany, presided.
The SECRETARY read the report. It commenced
with the accounts stating that--
"The gross receipts during the half-year ending
the 31st of July, 1847, had amounted to 217,8741.
2s. sd. ; that the working expenses had been 62,757/.
lls. Bd.; the rent of the Greenwich Railway and the
Whitstable Railway, 20,7121. 10s.; the rates, Govern-
ment duty, and toll of the Croydon Railway, 26,308/.
4s. Bd.; making the expenditure on revenue account,
109,7781. 6s. 4d. The balance carried to the account
of profit and loss was 108,0951. 16s. ld. ; and that
account showed an amount at the disposal of the pro-
prietors of 94,2651. 14s. 101 The comparative state-
ment of passenger traffic for the half-year ending the
31st of July, 1846, and the 31st of July, 1847,
showed a total increase of 42,800 passengers in the
latter half-year, yielding an increased receipt of
10,4921. The merchandize department of the latter
half-year also showed a considerable increase as com-
pared with 1846. The locomotive department of the
line was in a most efficient state. Several branch
lines had been opened since the last meeting, and
things were generally in a satisfactory state. The
extraordinary delay which had taken place in the
completion of the Boulogne and Amiens Railway
from Abbeville to Boulogne, had been very preju-
dicial to this company. It was stated that the line
from Abbeville to Nesles, six miles from Boulogne,
would open in October, and the remainder of the line
from Nesles to Boulogne, in January next. The
directors hoped that the proprietors of the Boulogne
and Amiens Railway would make it their business to
aoa that these prospects were realised. The directors
would not have ventured to make these remarks had
not the South-Eastern proprietors been the parties
who subscribed the capital for the formation of the
Boulogne and Amiens Company. The company had
the power, under the Acts passed during, the last
and previous sessions, to borrow the sum of
127,7091., and the directors proposed to submit a
resolution authorising them to take loans to that
extent. The directors thought it advisable that the
proprietors should sanction a resolution authorising
them to receive the 12/. per share remaining to be
called on the shares created on the 19th of March,
1844, commonly called No. 1 shares, and entitling
these shares, when such payment had been made, to
rank as paid-up stock, and to take dividend ac-
cordingly."
The reading of the report elicited considerable ap-
plause.
The CHAIRMAN then briefly addressed the meeting,
recapitulating the subject-matter of the report, and
expressing his gratification that the position of the
company's affairs would enable them to pay a divi-
dend of 21s. on the paid-up shares, 13s. on the No. 1
shares, and Bs. on the No. 2 shares.—(Cheers.) After
expressing the continued devotion of the directors to
the interests of the proprietors, the Chairman concluded
by moving the adoption of the report.
Mr. PRITCHARD seconded the motion.
A PROPRIETOR urged the necessity of great eco-
nomy in the present state of the money market, and
asked what sum was due in respect to the last call on
the No. 4 shares ?
The CHAIRMAN, after complimenting the share-
holders upon the punctuality with which they had met
all their vast engagements, stated that the whole
amount outstanding on calls of No. 4 shares was
47,858/.—comparatively speaking, he thought a small
sum.
Another PROPRIETOR inquired when it was likely
another call would be made ?
The CHAIRMAN said, if the proprietors availed
themselves of the advantage of paying up the 121. per
share remaining to be called on the No. 1 shares, and
if the company could borrow 200,0001. at 5 per cent.,
it would be a very long time before another call would
be made—not this year certainly.
Mr. LEVY observed that the shares in this company
were not in so bad a state in the market as not to sell
for a very fair price, and he suggested that steps
should be taken to enforce the payment of the 47,0001.
outstanding.
The CHAIRMAN thought, under the circumstances,
it was not necessary at present.
The report was then unanimously agreed to.
The CHAIRMAN moved a resolution authorising the
declaration of a dividend of 21s. per share on the
shares paid up, of 13s. ld. on the shares created on
the 19th March, 1844 (No. 1), and of Bs. per share
on those created on the 7th November, 1844 (N 0.2),
and the payment of the same on the 18th October
next.

The resolution was unanimously agreed to.
The bye-laws of the new branches were subse-
quently adopted.
A resolution empowering the borrowing of
127,7091. was agreed to, as was another authorising
the payment of 121. on the No. 1 shares ; and, after
the transaction of some routine business, the meeting
separated.

NNiath
pany as opportunity offers. The Scottish Grand
Junction and Stirling and Dumfermline have been
sold without loss; and the Edinburgh and Bathgate
shre
been or
ifftei
srhe dßtaoi
ltwh
aexproprietorsg onsn-Lt,augr -e
tsh ielaNve or btehe
able terms, and accepted to nearly the whole amount.
In June last arrangements were made, in connexion
of the facilities of a thorough communication to Lon-
don, by the opening of the Newcastle and Berwick
line; and the directors then put on additional trains,
in order to give to the public the opportunity of
reaching the metropolis in one day from Glasgow.
'These trains are attended with additional expense ;
but, desirous to offer the largest accommodation in
their power, the directors propose their continuance
for the summer months. In the last report your at-
tention was directed to the proceedings of the Caledo-
nian in reference to the Scottish Central. The obligation
to lease attempted to be hurriedly imposed on the Scot-
tish Central by the former company, has since been re-
jected by an overwhelming majority of the Scottish
Central shareholders ; and the directors trus► that,
under the able and upright guidance of the distin-
guished nobleman who again occupies the chairman-
ship of that company, no such attempt to mislead it
from its true interest will succeed. An agreement
with the Edinburgh and Bathgate Company will be
submitted to you, by which it is proposed to apply
for powers to convert the perpetual lease of that line
into an amalgamation on of the two companies, each
251. share of the Edinburgh and Bathgate being con-
verted into a half share of Edinburgh and Glasgow,
on 21. 10s. premium being paid. As the shares given
off by this company to the proprietors are issued at
21. 10s. discount, their shares will just cost them par,
or 25/. each. The other line, an arrangement with
which you are asked to sanction, is the Wilsontown,
Morningside, and Coltness—a continuation of the
Edinburgh and Batbgate westward for about thirteen
miles—which will bring considerable mineral and
other traffic on your line, at the same time effectuall3
securing -cu from any di;-ersien •.-if that flowing fr.-nn
the country between it and your main line.
terms proposed for your sanction are eight per cent.
on a capital of 140,0001., to be wholly paid up by
September, 1849."
The report, declaring a dividend of six per cent.,
was unanimously approved of without discussion.
Mr. ATTOUN, in moving a vote of thanks to the
directors, adverted to the notice given by Mr.
at the last general meeting, of his intention to call a
special meeting of the company to consider the ques
tion of Sunday trains. What he and those who
thought with him wanted was, that the directors of
this railway should follow the example of the Cale-
donian directors, by calling a special meeting of the
company, without they, the directors, expressing an
opinion either one way or another, and with the de-
cision of such a meeting he and his friends would be
quite satisfied.
Mr. COWAN, M.P., in seconding the motion of
thanks to the directors, said he dissented entirely
from Mr. Aytoun's views as to Sabbath observance,
although he agreed with him that the question must
be settled by the public voice of Scotland.
Sir ANDREW AGNEW contended that the opinion
not only of the majority of the people of Scotland
was in favour of keeping the fourth commandment,
but that all evangelical churches in Christendom had
it as an integral part of their standards.
The CHAIRMAN could not, without consultation
with his colleagues, give Mr. Aytoun any answer is
to his question regarding the change of opinion which
Mr. Aytoun thought might have taken place. He
felt that it would be a great relief to have it settled
by the proprietors rather than by the directors, in
whose hands he understood the matter to rest ; but he
was sure Mr. Aytoun would not expect him to give
an answer either one way or another at present, to
which Mr. Aytoun assented, and here the matter
dropped.
The meeting then became special, to consider the
consolidating of the various stocks into one, and as to
the agreement with the Wilsontown and Coltness
Railway, when the resolutions proposed by the chair-
man with the view of sanctioning those propositions
were unanimously agreed to.— Witness.