The Sun.
London, England, 1847-08-11 00:00:00

UGUST 11, 1847.

LONDON, BRIGHTON, and SOUTH
COAST RAILWAY.
The half-yearly general meeting of the share-
, , holders of this company took place yesterday, at the
London Tavern. Charles Pascoe Grenfell, Esq., M.P.,
took the chair shortly after one o'clock.
The advertisement calling the meeting having been
' read, and the usual forms having been gone through,
The SECRETARY read the following report of the
directors :
"Your directors, at the half-yearly meeting in
February last, gave a statement of the condition of the
various lines then in progress ; they have now the plea-
sure to announce, that the Epsom line was opened on the
10th of May ' • and the extension from Chichester to
Portsmouth throughout, on the 14th of June. It would
be premature, from so short an experience, to attempt to
judge of the advantages to the general concern which
these new lines offer in prospective ; but your directors
have every reason to believe, that the development of
the traffic, under the two heads of passengers and goods,
will fully justify the expectations with which these un-
dertakings were recommended to the proprietors for
their approval. The arrangements for the goods traffic
are yet incomplete, and the stations at Portsmouth and
Epsom unfinished.
" The engineer reports, that the lines to Lewes and
Newhaven are nearly completed. The first, by shorten-
ing the distance between London and Lewes and Hast-
ings by eight miles, and avoiding the Lewes incline
altogether, will afford great facilities to the direct inter-
course with those towns ; while the Newhaven Extension
from Lewes will enable this company, by means of the
very superior vessels employed by the Brighton and
Continental Steam-packet Company, to secure a full
share of the Continental traffic. The sea passage-will-
be made in about four hours ; and the railway
from London to Paris will be shorter, by
seventy miles, than by the route by Bou-
logne. It were almost unnecessary to call the
proprietors' attention to the great benefit their railway
property will derive from this rapid communication be-
tweeu the two coasts; not less as regards the Paris and
general Continental traffic, than in reference to the
manufacturing and trading population of the important
districts of which Rouen is the capital, as well as to the
beautiful scenery of Normandy and the southern pro-
vinces of France, which hold out every inducement to
the tourist.
" The line to Horsham will be opened in about a
month; the works on the Hailsham and Eastbourne
branches are progressing favourably, and will be finished
in the spring of next year. Steyning now occupies your
engineer's attention, and the remaining branches will be
proceeded with in succession.
" It is important to add, before leaving this part of
the subject, that the second line of rails upon the whole
of the coast from Hastings toPortsmouth, is now complete.
" The Bill for legalising the agreement between this
company and the South-Western Company has re-
ceived the Royal Assent. Powers have also been ob-
tained for a division and enlargement of the Landon-
bridge Station—a measure of the highest importance, as
the increasing traffic renders the present accommodation
wholly inadequate to the wants of the public. Your
directors regret that their application to Parliament for
the purchase of the Direct Portsmouth Line has not
been successful; the steps necessary to be taken in con-
sequence will receive their closest attention.
" From the insufficiency of power, by atmospheric
traction, to work the Epsom, in addition to the
Croydon traffic, your directors, by the advice of their
consulting engineer, and with the sanction of the Rail-
way Commissioners, have substituted locomotive power.
The atmospheric apparatus has been in part disposed of.
The third line will greatly add to the facilities for work-
ing the general traffic.
" In submitting the accounts for the half-year ending
in June, your directors think it right to state, that the
very large expenditure in the locomotive department
arises from the high price of fuel, the increase of wages
for mechanics and others employed in the workshops,
and the greater number of miles travelled by your
engines, consequent upon the opening of the lines to
Epsom and Portsmouth. It is, however, satisfactory to
state, that the gradual increase of working power will
soon enable your directors to reduce the expenditure
under this head, and to work the extended lines more
advantageously.
" The maintenance of the whole of the permanent way
and works is now under contract to responsible parties ;
which will secure economy, as well as efficiency.
" A motion will be submitted to the meeting for the
conversion into stock of the fifteenth shares, whereon the
5 per cent. preference interest has been abandoned.
" The revenue for the past half-year has been affected
by the pressure of the times ; but it is not too much to
indulge the hope, that an abundant harvest, and restora-
tion of confidence in the commercial and trading classes,
will revive the general traffic, and promote the develop-
ment of the many miles of railway recently opened,
which, in connexion with your main line, cannot fail to
ensure improved results.
The gross revenue for the six months
ending the 30th June, including the
reserve of 1,0741. 7s. 91, was £184,072 14 3
Working and other expenses

Leaving a disposable balance of ... £85,232 6 10
Which enables your directors to recommend a dividend
of 2 per cent. for the half-year.
"Messrs. Wilkinson and Baines have resigned their
seats at the board since the last meeting, bat _ your
directors do not propose to fill up these vacancies."

The CHAIRMAN Then shortly-addressed the meeting.
He felt convinced that those who viewed the proposed
dividend in a proper light would feel, looking to the
pressure that had taken place in the money market,
that the directors had done all they could for the pro-
prietors. He believed that the famine in Ireland, and
pressure on the money market, was the sole
cause why the directors had not been able
to keep up the promise with respect to the dividend
which was held out at the last meeting. Added to
this, they had large amounts to pay upon unfinished
lines, which, though not at present, would ultimately,
he had no doubt, pay excellent dividends. The
worthy Chairman having gone, in considerable de-
tail into the working statistics of the company,
stated that although the engines of the company had
travelled upwards of 100,000 miles more than they
did last year, the company had lost upwards of 10,0001.
by passenger traffic alone. In some of the under-
takings of the directors he was sorry to say they had
not been supported as he thought they ought by the
proprietors.— (Hear, hear.) He alluded espe-
cially to the steam communication which the
directors had adopted between this country and
France.—(Cheers.) Notwithstanding they had not
received that support, the directors were determined
to persevere. Many reports had gone abroad with
respect to the management of the concern that were
totally untrue, and some of them were now
the subject of proceedings in the courts of
law. The reports with respect to Mr. Clarke
and Mr. Kirtley were based upon untruth, and he
had no hesitation in saying that no company had two
more efficient servants than those two gentlemen.—
(Cheers.) The worthy Chairman concluded by
stating his readiness to answer any questions that
might be put to him by any of the proprietors. He
concluded by moving the adoption of the report.
Mr.WinsnAw had entered that room certainly with
gloomy forebodings, which had been in a great measure
removed by the statements of the Chairman. He
was sorry that so many accidents had lately occurred
on the line, and he was afraid that they had in some
measure limited their passenger traffic. He was
anxious to know how the two companies, the Brighton
and the Direct Portsmouth, stood to each other.
After some observations from Mr. FLOOD with
respect to the mode of keeping the accounts, which
were repeatedly met with cries of " Question,"
Mr. PARSONS, in answer to the Hon. Proprietor,
said, that this company had not issued any stock in
payment of mortgages.
After some discussion with respect to the accounts
of a desultory character,
The CHAIRMAN said, the directors were most wil-
ling and anxious that the proprietors should have
every information with respect to the accounts. As
to the observations of Mr. Whishaw, he was anxious
to say that no accident had happened on the main
line of the London and Brighton Company. The
only inquest that had taken place arose from an
accident to an engine on the Chichester branch, where
the engine run off the line and caused the death of
the engine-driver ; no accident, however, had oc-
curred to any passenger. As to the question
with respect to the connexion of this company
with the Portsmouth Direct Line, he hoped the
proprietors would excuse him from giving any expla-
nation. If the proprietors did not think the
inego-
tiations safe in the hands of the directors with
respect to that subject, they knew what course to
adopt. As to the atmospheric line, he thought by-
gones should be bygones, and the less that was said
about them the better.—(Laughtar.) Though he was
fo
ready to confess
their hi
the Brighton
in theirrightonCo connexion
Company had
withpaid too
much the
Croydon Company, yet he was not without hope that
the whistle would play a good tune at last.
a dTivhiedernedpoorft
t's2vpasertheeenntu.nfaonrimthoeusllay agreed
sthol half-year,
ar,s waspa;
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able on the 27th instant.
A PROPRIETOR wished to know whether the
directors intended to proceed with any new lines
this year. He alluded particularly to the Wands-
worth Branch.
The CHAIRMAN said the directors certainly did in-
tend to proceed with the Wandsworth Branch, as
they felt convinced it would be for their benefit to do
so ; and he might add they were determined not
proceed with any line that not tha4_, objectl
Resolutions empowering the directors ~o raise, by
the issue of shares, the sum of 82,0571., and also to
convert the 15th shares, into which the five per cent.

preference interest had been abandoned, into stock,
were also unanimously agreed to:
The common seal of the company was affixed to
the new bye-laws approved of by the Railway
Commissioners.
Mr. John Young was appointed auditor, in the
room of Mr. Ricardo; and a vote of thanks having
been uuanimously adopted to the Chairman and di-
rectors, the meeting separated.

WEST CORNWALL RAILWAY,
The half-yearly meeting of the proprietors was
held, at one o'clock this day, at the offices of the com-
pany, Broad street-buildings ; Edwin Ley, Esq., of
Penzance, in the chair. The report stated that the
Bill which was brought before Parliament, for the
construction of a branch railway to St. Ives, and for
wharfs and quays at llayle, had not received the
sanction of the Legislature. Scarcely half the call
due February 22 had been paid up, and they
did not think it, therefore, prudent to enter into
any contracts for the construction of the line until
they had ample funds at their disposal. With refer-
ence to the pecuniary difficulty, the directors had
entered into an agreement to dispose of the unappro-
priated shares to Mr. Mowatt, subject, however, to
the consent of the shareholders. The number of un-
appropriated
shares was 5,000, and Mr. Mowatt
agreed to take them up at a discount of 51. per share,
such discount to be payable when 151. per share shall
have been paid up, either in cash or by debentures of
the company having three years to run. Mr. Mowatt
agreed to pay forthwith the deposit and call, being 41.
per share on the 5,000 shares. The directors had
not been enabled to close an account of the liabilities
of the company up to the period orthe Act receiving
the Royal Assent, in consequence of the solicitor's
accounts requiring their opinion and revision. The
report concluded by stating the resignation of Mr.
R. F. Gower as a director of the company, and the
election in his place of Mr. Francis Mowatt. The
receipts to 30th June were 48,0971. 10s., and the
balance in hand 6,196/. 9s. 4d.
The report was adopted, and ordered to be circu-
lated among the shareholders.
A resolution, to the effect that the agreement entered
into with Mr. Mowatt should be confirmed, was pro-
posed by the Chairman, and seconded by Mr. Barlow,
and, after a short discussion, unanimously passed.
A vote of thanks having been passed to the Chairman
and directors, the meeting separated.

READING, GUILDFORD, AND