The Sun.
London, England, 1847-03-15 00:00:00

RAILWAYS BILLS.

The following is the first report of the Commissioners
of Railway Bills on the South-Eastern (Mid Kent and
Direct Tunbridge), Lewisham to Tunbridge ; 'South-
Eastern (Lew;sham to Croydon, with Branch to Brom-
ley); South-Eastern (Maidstone to Great Chart); South-
Eastern (Strood to Maidstone); South-Eastern (Strood
to Chilham), in Group No. l ; and South-Eastern (North
Kent and Bricklayers' Arms Tunction); South-Eastern
(Widening of the Greenwich Bailway); South• Eastern
(London-bridge Station Enlargement), in Group No. 3:
" The Commissioners of Railways, in commencing
their report, consider it proper to quote the resolutions
of the House of Commons, under which their reports
are made:—
" Resolved, That all railway Bills, in the present ses-
sion, be referred' to the Railway Commissioners, for their
report to this House upon the following points, previously
to such Bills being considered in Committees of the
House.

" 2. Resolved,—That every report so to be made upon
each Bill, shall state the amount of the capital proposed
to be raised, and of the loans proposed to be authorised
by the Bill; and if, under the provisions of such Bill,
any powers are to he given to any company already in•
corporated of raising Rather capital or loans, or of
making alterations, branches, or extensions of their
existing lines, or of purchasing or leasing any other
lines made or to be made, or to subscribing to the capi-
tal, or guaranteeing the capital of, or amalgamating
with, other companies ; such report shall also state the
powers granted by any former Act or Acts to such com-
panies already incorporated for any of the above pur-
poses, and of the manner in which, and extent to which
such powers have been exercised ; and the report shall
further state the opinion of the Commissioners thereon,
and also their opinion as to any special provisions with
which it may, in any case, be expedient to accompany
the grant of any powers for any of the above-mentioned
purposes.
" 3. Resolved,—That every such report be referred to
the Committee of this House, appointed to consider the
Bill to which the same may relate.
" In the performance of the duty which has thus been
assigned to them, the Commissioners have called for such
returns from the different railr'ay companies as appeared
to them to be necessary for the object in view; and after
examining these returns, they have proceeded to obtain
such additional information and explanation as might be
necessary to elucidate the subject.
" It is, of course, impossible that the Commissioners
can be th, mselvea responsible for the correctness of such
information as could be obtained only from the companies
themselves; but the greatest readiness has been shown
in the present instance in supplying them with the requ-
site answers to their inquiries, and they see no reason to
doubt their accuracy.
" The eight Bills above mentioned have been applied
for by the South-Eastern Railway Company. The fir-t,
for the Mid Kent and the Direct Tunbridge line, would
Live to that company power to raise 1,130,0001. addi-
tional capital, and to borrow 376,0001.; by the second,
for a line from Lewisham to Croydon, with a branch to
Bromley, it would obtain powers to raise 180,0001., and
to borrow 60,000/. ; by the third, for a line from Maid-
stone to Great Chart, to raise 311,2501., and to borrow
103,750/. ; by the fourth, for a line from Stroud to
Maidstone, to raise 275,000/., and to borrow 91,6001. ;
and by the last, for a line trom Strood to Chilham, to
raise 724,500/., and to borrow 241,5001.
" By these five Bills, being those comprised in Group
1, the company would be enabled to increase their ca-
pital stock by 2,620,750/., and to borrow 872,8501.
" By the sixth of the Bills, to which this report re-
fers—viz., the North Kent and Bricklayers' Arms
Junction, the South-Eastern Railway Company would
receive power to raise a capital of 55,000/. and to
borrow 18,300/.; by the seventh, for the widening of
the Greenwich Railway, to raise 150,0001., and to
borrow 50.000/. ; and by the eighth, for the London
Station Enlargement, to raise 200,0001., and to borrow
66,660/. By these three Bills, being those comprised
in Group 3, the Company would receive power to in-
crease their capital by 405,000/., and to borrow 134,960/.
" The eight Bills applied for in the present session
will, if passed, give to the South-Eastern Railway Com-
pany power to raise additional capital to the extent of
3,025,7501., and to borrow 1,007,8101.
" By former Acts of Parliament, twenty in number,
the first of which was passed in 1836, this company has
received power to raise a capital of 6,415,033/., and to
borrow 2,218,710/. By these Acts it is empowered to
convert the loans at maturity into capital, and thereby
finally to create a capital stock of 8,633,743/.

"The capital stock has been created by 252,500 whole
shares, varying in value. from 25/ to 50/., and amounting,
if fully paid up, to 8,191,000/. ; but as 95,000 shares of
30/. each have been divided into thirds, the number of
transferable shares is 442500. On these the company
have received 4,290,075/ Bs. 10d., and 3,656,420/ ss.
remain to be paid. When fully paid up the company
will have received from them 7,946,495 L 13s. 10d., or
244,504/. 65.2 d. less than the capital they represent, a
loss to that extent having been sustained on the shares
first issued, in consequence, it is stated by the company,
of the forfeiture of shares, which, when sold, in many
instances did net realise the amounts due upon them.
" No nominal addition has been made to the capital I
of the company as compensation, or bonus, or under any
other denomination; but the holders of shares of less
value than 501. receive equal dividends per share with
the holders of 501 shares, which arrangement appears to
have been made under the authority of 5 Victoria, c. 3,
s. 5.
" The borrowing transactions have ,amounted to
2,014,1771; 1,348,844/. has been obtained on mortgage ;
and 665,3331. on loan notes, by sums varying from 500/.
to 1,0004, and at rate of interest varying from 311 to 5
per cent., the higher rates applying to the earliest loans.
No special provision was made in the acts of the com-
pany to authorise the issue of loan notes; but these which
had been thus issues were legalised (as in the case of
other companies) by the 7 and 8 Victoria, c. 85, by which
Act the future issue of such notes was prohibited.
"Loans to the amount of 358,2201. have been paid off
and converted into capital by the issue of shares; and
the remainder is to be paid off between July, 1847 and,
January, 1853, as the periods of the several securi-
ties expire, be calls on the shares not paid up. These
securities amount to 1,655.957/, being 2,000,463/. ss. less
than the amount remaining unpaid on the shares created;
and as a power remains under the present acts to issue
additional shares to the amount of 442,743/, it appears
that 2,443,206/. ss. is at present available to the South.
Eastern Railway Company, and will, it is stated by the
company, be actually required for the works in progress.
This company have not subscribed tt wards the capital
of any other company, nor given any guarantee in favour
of any other company. But under an Act passed 16th
of May, 1846, they have purchased the Gravesend and
Rochester Canal and Railway for 310,000/. Under an
Act passed 10th of February, 1844, they have taken a
lease for fourteen years of the Canterbury and Whit-
stable Railway, at a rent of 1,200/. for the first year, to
be increased by 300/. per annum, until it amounts to
3,000/, which is to be contiuued to the end of the term.
Under an Act passed September 10, 1844, they have
taken a lease of the London and Greenwich Railway for
999 years, at a rent of 36,000/, for the first year, to t e
increased by 1,0001. per annum, until it amounts to
45.000/ per annum. And under an Act dated July 16,
1846, they have agreed to take a lease of the Reading,
Guildford, and Reigate Railway in perpetuity, at a rent
amounting to 4i per cent. on the cost of the line, as-
sumed at 600,000/, with an equal division of profits,
which has been commuted for 5i per cent, without such
division. Under an Act dated July 19, 1839, they have
purchased one moiety of that part of the London and.
Brighton Railway which lies between Croydon and Red-
hill, with the right to pass over the other moiety with-
out payment of toll for 340,000/. Under an Act passed
August 10, 1846, they contributed 101,662/ 103. sd. to
the construction of the joint station at London-bridge.
Under an Act passed June 27, 1843, they purchased the
o
Folkestone harbour for 18,000/. ; and under an _
the
Act
passed July 4, 1843, they purchased the share
Bricklayers' Arms branch and stationposnsefsse
1
by the London and Croydon Railway company for
82,8771. 7s. 11d., and thus became the sole proprietors

of that branch and station.
ghave in the following
"It appears that the company
manner complied with the stand u orders of the Houte
of Commons requiring
a deposit either of a subscriptioncontract to the amount of
three-fourths of the estimated
expense, or of a declaration that the work is to be exe-
cuted by sums of money to be raised on the credit of
present surplus revenue. For. the capital required for
the works to be authorised b.) two of the Bills, namely,
No. 49 and N 0.54,
„
amounting to 1,035,7501., a declare-
•
tion as above has been duly deposited. For the capital
required for the works to be authorised by the six re-
msining Bills, being 1,990 0001., subscription contracts
to the amount of three-fourths of the different sums,
each signed by eight directors, have been deposited, each
director having thus signed for the amount of about
186,0001. The deposit of one-tenth, amounting to
14),250/., has been paid gut of the funds of the company,
and it is clearly understood that the directors have
signed only on behalf of the company, and that they are
not to be called upon for the sums for which they appear
as liable under their contract deeds.

" The Commissioners, in remarking upon these trans-

actions, have no view of imputing any peculiar blame to
the South-Eastern Company, who have only followed ts
i course which has in numerous instances been adopted by
other companies, and which may, perhaps, be, considered
As having received the tacit perm;sston of Parliament.
They cannot, however, but regard the system itself as ob-
jectionable, and, though it may be technically considered
ecampliance with the standing orders, as involving se
violation of their real spirit and object. there MI
be no doubt that the object of Parliament in requiring
the deposit of a subscription contract was to be satisfied
of the existence of bona fide subscriptions to three-
fourth of the amount of the estimate, which subscription
might and would be called for in the prosecution of the
undertaking. But when the subscription contract is
sign'd only by the directors, who are themselves the
promoters of the Bill, and when their signatures are
given only on the distinct understanding amongst them-
selves that the subicriptions are never to be calk(' for,
and that the works are not to proceed unless the re-
quisite funds can be obtained from other sources, it is
obvious that the intention of Parliament is frustrated,
and that by such a subscription contract no additional
security is obtained for the execution of the work, or
for the bond fide character of the undertaking.
"In such a case either the surplus revenue of the
company is considered a sufficient guarantee for the
undertaking, or no such guarantee is offered. If the
surplus revenue be such as is considered sufficient, this
ought to be shown either by the deposit of a declaration,
or in such other manner as the House of Commons may
hereafter determine. If, on the other hand, the surplus
revenue be insufficient, it is submitted that no additional
security is obtained by the deposit of such subscription
contract as has been described. It may also be a
question bow far railway companies are justified in
snaking the Parliamentary deposits for new Bills out of
funds,which have been authorized to be raised for other
purposes.
" The Commissioners have considered it their duty
to take the earliest opportunity of submitting this sub-
ject for the consideration of the House of Commons;
and they would respectfully suggest that, whatever
course in regard to this question it may be thought
proper to adopt with reference to the Bills of the pre-
sent session, means should at all events be taken, before
another session of Parliament, of revising the system
under which an evasion of this kind has been per-
mitted.

" One of the pecuniary transactions of the South-
Eastern Company requires particular notice and expla-
nation, namely, the issue on various occasions to their
proprietors of shares which were of a lower pecuniary
amount than their original shares, but which were,
nevertheless, entitled to equal dividends. It appears
that the company, having, in the year 1836, raised
their original capital by means of 28,000 shares
of 501. each, foud themselves, in 1842, under
the necessity of raising rUrther capital; and their ori-
ginal shares being at that time at a considerable
count, it was impracticable to raise additional shares
on the same terms ; and the company accordingly ob-
tained an Act authorising them to issue new shares at
such a price and with such advantages over the other
shares as the company, with the consent of three-fifths
of the proprietors present at a general meeting, might
think fit. The result was that the company issued
28,000 new shares of 25/. each, entitled to the same divi-
dends as the original shares of 501„ one such 251. share
being allotted to each holder of a 504 share. There
appears to be no injustice in the arrangement, inasmuch
as any additional advantage conferred on the 251. share
was at the expense of the 50L share, which was the
property of the same person. A- similar system was
pursued under subsequent Acts by the creation, at dif-
terent times, anew shares of 321., 334 6s. Bd., and 304,
with similar privileges. The interests of the public
appear to have been not materially affected by these
transactions, provided that in any future calculation of
profits, with tho view either to the revision of fares, or
to the sale of the railway under the provisions of 7 and
8 Victoria, c. 85, the different shares are reckoned at the
amounts at which they were respectively issued, and not
as 50L shate:, as they have sometimes been erroneously
termed in share lists.

" A statement on this subject, by the secretary of the
company, will be found in the appendix, No. 4.
" Amongst the different pecuniary transactions in
which the South-Eastern Railway Company have been
engaged, cne of the most peculiar is, perhaps, the pur-
chase of the harbour of Folkestone. The Commissioners
think it right to state, that had this transaction been
now pending, or had it been proposed to take power to
authorise such an arrangement by any of the bills of the
prosent session, they would have considered it their duty
to report fully upon the subject. As, however, they
find the purchase to have been duly completed under the
authority of an Act of Parliament, they have thought it
necessary to extend their inquiries further, and they
only allude to the subject at present, as affording an
example of one of those transactions to which, in their
opinion, the attentim of Parliament ought in future to
be specially directed.

- By order of the Commissioners of Railways,
FREDERICK W. A. BRUCE, secretary.
March 10.

LONDON DISTRICT LETTER

C R RIEItS

A numerous meeting of the Lenion district letter-carriers
took place on Friday at the Pied Horse, Chiswelbstreet, for
the purpose of hearing a communication from Mr. Rowland
Hill relative to their salaries, &c., and to consider the pro-
priety of laying their claims before the Lords of the Treasury.
In the London District Post-office the number of letter-
carriers (including 60 supernumeraries) is 903; the wages
of the supernumeraries are 19s. per week; those of the
regular letter-carriers 20s. a week, which, after a servitude
of 15 or 16 years, is increased to 255., and there is no rise
above this sum. In the General Post-office they enter at
235. a week, and after a time rise to 255., which is again
Increased to 30s. The object of the district letter-carriers is
to obtain the same rate of wages as the general post car-
riers for their duty of 22 deliveries and 9 collections a
week. The general postmen have but six deliveries a week,
with the exception of the junior carriers, and no collections.
The district letter-carriers walk from twenty to twenty-five
a day in the performance of their official duties alone. Mr.
John Richmond, a letter-carrier of fourteen years' standing,
presided at the meeting last evening, and stated the object
for which his brother officers had been called together. Mr.
F. W. Clifton, the secretary, a carrier of sixteen years' stand-
ing, explained how their grievances had been pointed out to
Mr. Rowland Hill, who had said that he considered the
district letter-carriers insufficiently paid. The deputations
appointed to confer with Mr. Hill had expressed to him
the willingness of the carriers to work hard, at the same
time they wished for better pay. The condition and priva-
tions endured by the body generally were fully laid before
Mr. Hill, who thought their case was a very hard one, and
assured them it should be inquired into and remedied. The
chairman stated that he had been before Mr. Smith, the
superintending president of the London district carriers, upon
the subject, whom he had told that the only object for their
calling meetings of their body was to obtain better wages
for their work, and he had also told him that he did not
think the district carriers would be satisfied until they ob-
tained the same scale as the general post carriers. Mr.
Smith's advice was, that they should accept what was now
offered—that is, an increase of 2s. on the seniors' salary,
and ls. on that of the juniors, for the present, and wait
until the contemplated arrangements should be carried into
operation.—(Disapprobation.) Ultimately, a resolution to
the following effect was unanimously agreed to:—" That
the meeting was of opinion that the time had arrived for
the London district letter-carriers immediately to lay their
grievances before the Lords of the Treasury by memorial,
and that a deputation of twelve of their body, with the
attendance and assistance of two or more Members of the
House of Commons, should wait upon their Lordships, pray-
ing them to take their case into their serious consideration,
and grant them a scale of salary increasing according to
years of service, as recomme :tied by the Commissioners of
Revenue Inquiry in their eighteenth report. Also com-
pensation for their loss of extra-duty money, the General Post
letter-carriers being now in the receipt of the same for their
official losses. They trusted that their Lordships would not
lose sight of the facts that, while the General Pest super-
numerary letter-carrier commenced his duties at a salary of
235., the London district letter-carrier began with 19s a week
only, with the disadvantage of having frequently to try to
maintain two houses, in consequence of his liability to be
sent to numerous places within 12 or 13 miles of London,
to do duty at various times, which was not the case with the
former; and 140 seniors only were receiving 255. per week,
out of nearly 900 men, the remainder at 20s. per week only.
Great numbers of the seniors and juniors performing 22
deliveries per man, and nine collections for those respective
salaries, whilst many of the General Post letter-carriers
were now in the receipt of 235., 255., and 30s. per week,
for six deliveries per man; and some of the latter, in re-
ceipt of 255. per week, were only about four years in the
service, none of whom performed more than two deliveries
in the day, and the evening sorting duty, but no collection.
At the same time many of the senior London district letter-
carriers had been in the service 30 years, and some 40 year,"
Several very able speeches followed this resolution, descrip-
tive of the hardships and privations endured by the letter-
carriers in consequence of their small pay, but the proceed-
ings throughout were conducted with order and regularity,
nor was there the slightest improper ebullition of feeillirf.
Thanks having been given to the chairman and committee
for their services in support of the claims of their body, the
meeting broke up at a late hour.

No. 2, BUCKLERSBURY, CHF:APSIDE.--Fainilies whose
pq
au
Ai
quantity
ii t
yvE E R
%f\s EatEsi T . j —TEAS AT WOOLESALE PRICER,
consumption is large, and study economy, woillndeeurnivie.
considerable advantage at this establishment.
form price is affixed, by which the purchaser of a single
3 termss .
8d 754 e
~ the4tsr. trade. 5s .
pß,,ulacndkeTanean.b.t.2aiin.
sidt.73st.h,e3r4mde,
Green ......... 3s. 4d., 3s. Bd., 45., 4s. 4d., .53., 69., 7s.
Coffee ......... 9d., I Od., Is., Is. 2d., is. 4d., Is. 6d., ls. Scl.
One pound sent free to any part of town. Orders from
the country
s for
61 b forwardedwei .the e
(teasame o
only),
ya)yLitashnEedi,
carriage when
dn Co.
wholesale any part of England.—A 1
wholesale tea dAeaylerosr, 42;IBAKUICiikolenclbRuroo.
Y, Cheapside.
—A short time
since, two "navvies" called at the retail shop of a spirit-mer-
chant in Lynn, Norfolk, and inquired for a gallon of genuine
gin, which quantity was forthwith deposited in a two gallon
stone bottle brought for the purpose, and into which the men
said they had already emptied one gallon bought at another
cash
buyerd the nextbeingshop. requisite to settle the affair
seller,theoutim,,, cloudnetwiraesd demanded—
when -nded—
when these " gentlemen of the e
would
pay on the following Saturday, on receipt of their wages.
This course was objected to, when, with great sangfroid, the
worthy gentlemen stated that they had no money, and that
the " liquor," therefore, must be taken back again. The
" returning" process having been completed, and the gin-
buyers gone, it was discovered that they had put one gallon
of water into the bottle previously, thus leaving the mer-
chant the same quantity of liquor, but just deficient, by one
half, of its proper strength, whilst the water had been con-
verted into grog.
A man of the name-of Ricliaril Walter was found
frozen to death within half a mile of Shepherd's Shore on
Wednesday night. Deceased had been to the above place
with some oxen, and it was supposed had taken too much
beer, and becoming drowsy had laid down to sleep, and thus
perished.— Witts Independent.
RAILWAYS.--BV a Parliamentary return published
Yesterday morning, of the proposed amount of capital and of
the sum authorised to be borrowed, in the Railway Bills de-
poiited with the Comrnissit n_trs of Railways for, the present
session of Parliament, it appears that the amount of capital
1 is, 82,553,150/. ; amount to be borrowed, 41,314,269/.
making a total of capital and loan of 123,867,4091.