The Sun.
London, England, 1847-02-19 00:00:00

Cbtrb Vibition

SUN OFFICE, Seven o'Clock.

MONEY.MARKET—LATEST NEWS.
CITY, FRIDAY.
Consols opened at 91i buyers for this Account, but
some largo sales being made for Money and Account,
And rumours respecting the intended measures of the
Chancellor of the Exchequer, Consols gradually fell to
94 buyers, but after the regular hours of business they
became sellers at 90*.
It was reported that there would be a loan of six
millions &id a funding of IliKchequer-bills of six millions

LONDON, BRIGHTON, AND SOUTH
COAST RAILWAY.—(THIS DAY.)
'The ordinary half-yearly meeting of the proprietors in this
compare was held this day in the Board Room, London-
bridge, for the consideration of general business. Charles
Pascoe Grenfell, Esq., occupied the chair.
The advertisement calling the meeting having been read
by Mr. Buckhorn, the following report (which embodies the
subject-matter of the proceedings of the meeting) was sub-
mitted to the shareholders:--
• "The present is the second ordinary meeting of the London
and Brighton Railway Company, since its late amalgamation
with the London and Croydon Railway Company has united
their interests together.
" It was to be expected, that the advantages to be derived
from this fusion of interests, in the reduced expenditure of
working the traffic, could not yet be proved; and more
especially under the circumstances, that the development of
the atmospheric principle may be considered as having been
incomplete, rendering necessary on the Croydon line the double
expense of locomotive and atmospheric means for the purpose
of accommodating one traffic. Your directors have had their
espeeial attention directed to the atmospheric portion of this
expenditure; and, from a desire to determine its amount,
and at the same time with a view of testing practically the
three of the system, they proposed, and have, in fact, en-
tered into an arrangement with Mr. Samuda, for working the
atmospheric mode of traction upon a contract for a fixed sum,
and a certain period, which will do away, for the future, with
the necessity of a double expenditure for carrying out the
same object.
"Tour directors further call your attention to the fact,
that, in the course of the last six months, you have nearly
doubled the extent of your line. An increased expense was
necessary to meet this new traffic; but as the development
of traffic is gradual, it has not necessarily been concurrent
with the expenditure ; and, therefore, your general working
outlay has swelled to an amount which, after the whole line
is completed, will bear with less burden upon your gross re-
ceipts. It may be satisfactory here to state, that a contract
has been entered into for maintaining the permanent way on
*e main line, on terms which will insure a very considerable
reduction in the expenditure under that head.
The gross revenue for the six months ending
' :31st December, including the reserve of
1,8481.95. ad., was £218,059 17 2
' Wolfing and ether expenses 90,836 6 9

• Leaving a disposable balance of
Which enables your directors to recommend a dividend of 3i
per cent. for the half-veer, upon the consolidated stock of
the company, and of i.)Ss. upon the Fifth Shares, whereon
01. had been paid up to the 31st December.
" In referenoe to the lines in progress, the contractor for
fire Epsom Branch is under penalty to complete the same
for opening by the 31st March next. The Portsmouth Ex-
' tension, by the report of our engineer, will be opened from
Chichester to Havant on the let March, to Cosham the Ist
Apvil, and finally to Portsmouth in May next. It may be
right here to remark, that by an agreement eutered into with
the South-Western Company, the stations and lin e from Cosham
to Portsmouth, are to be constructed at the joint expense of
the two companies. A Bill to legalise this arrangement is
before Parliament in the present session.
' ' "The Horsham, Kevmer, and Newhaven lines, are ex-
• pectiri to be completed in the course of the summer. Your
• directors look forward with much confidence to the increased
traffic which the two latter branches, in connexion with the
-Steam Packet Company, will bring upon our main line.
• " Your directors have been compellei to enter into a large
expenditure during the past half year, for the improvement
and extension of your works at Brighton ; and, further, in
the increase of the working stock. This was rendered
necessary in consequence of the great addition to the mileage;
and while it is the desire of the directors to limit, as far as
possible, all additions of this kind, it is indispensable to your
• Interests, and that of the public, that nothing should be
• spared to give full efficiency to this branch of their duties.
• " With respect to the Kentish lines, your directors believe
that they have a case for Parliament far superior to that of
their opponents; and although they thought it right to make
c ;..all necessary preparations, they did not finally commit them-
selves to the present course, without having first tried every
means in their power to effect such an arrangement with the
South-Eastern Company as would combine the interests of
the public with those of the proprietors. Moving failed in
this attempt, they have, at length, appealed to the county in
• support of their present schemes, and are happy to say that
" .they have received an almost unanimous concurrence in their
favour.
" A resolution will be submitted to the meeting, for the
conversion of the fifth shares into stock. A resolution will
also be submitted to the proprietors for raking the residue
of the consolidated capital of the company, amounting to
307,5951.
" Two vacancies have occurred in the direction, one of
which has been filled up by the appointment of John Nix,
Esq., one of the directors of the Portsmouth Direct Line ;
' but it has not been deemed expedient to recommend that
the other vacancy should be filled up, a clause having been
inserted in one of the Bills now before Parliament, for re-
ducing the numbers of the board.
" Four of the directors, Charles S. Crowley, Leo. Schuster,
Joseph Thompson, and Edward Watson, Esqs. retire, pur-
suant to the Act of Parliament, but are eligible for re-
election, and offer themselves accordingly."
The statement of accounts (of which the following is a
sammary) to 31st Dec., 1846, was then read to the meeting.
RECEIPTS.

By amount received from various 50urce5...X5,012,680 13 3

EXPENDITURE.

Brighton Railway Company to June 30 £2,438,356 11 9
Croydon
Miscellaneous charges to Dec. 31
Branch and miscellaneous charges ... 1,915,093 11 11

£5,109,666 16 5
leaving a balance of 9t1,456/, N. 3d. in favour of the com-
panies.
The ertAlitliAN then proceeded:to say that, before he moved
that this report be received and adopted, he would feel it his
duty to make a few observations with reference to what had
parsed between themselves and another company. The pro-
prietors would be aware that within the last few days a meet-
ing had taken place between Mr. Schuster and himself on
oar side, and Mr. bi‘Gregor and two of his friends on the
other. He (the Chairman) had entertained a hope that this
meeting would have led to a peaceable and satis-
factory termination. (The Chairman thea proceeded
to detail the result of the interview with the deputation
from the South-Eastern Company in the same, or nearly the
same, words as Mr. M'Ciregor in the meeting of the South-
Western Company (for which see our yesterday's impression).
Mr. Schuster, ani he begged leave to retire, to consider the
suggestions made to them, and they at once decided that
with respect to the rent for the use ier the Brighten line, that
should not be Va Pertained for a moment. They, however,
did propose some improvements upon the draft given
in the first instance, which did not meet the
requirements of the other parties, and the interview came to
a termination without anything definitely being settled.)
They still entertained every hope that some arrangement
woard be come to, but if such a consummation could not be
arrived at they had armed themselves for a contest in Par-
liament, and they thought that a Committee of the House
would decide, as would the public, that they gave to the
• county of Kent greater advantages than did their opponents;
for instance, they supplied the more important towns which
• the South-Eastern reached by branches with a main line,
so convinced were they that their lines were better laid
out for the accommodation of the public, that they
Were willing to leave • the entire matter to the
arbitration of the Board of Trade. He would leave them to
draw their own conclusions from this statement, at the
same time doing Mr. APGregor the justice to say that be
• expressed himself most anxious to come to a peaceful ter-
mination. It was never too late to do a good thing; but
one thing ke could assure the proprietors, that he would,
while honoured with his present position, never neglect the
• duties he owed to them, or fail in furthering the interests of
the Brighton Railway.
_ After a very protracted sitting, in which the expenditure
incurred in testing the atmospheric principle was much
deprecated by Mr. Cowen, and the propriety of supporting a
line of steam-packets to the Continent was advocated by
Captain Hotham, the following resolutions were put and car-
" rieu unanimously
1. That a dividend of 3i per cent. for the half-year upon I
the coneelidated stock of the company, and of 28s upon the
fifth shares whereon 401. had been paid up to the .31st Dec.,
be declared.
2. That all the shares, called fifths, created 7th August,
1845, be now converted into capital stock, to be divided
amongst the proprietors according to their respective interests
tberdin.
3. That the sure of 307,525/. be raised by the creation of
shares of 50/. each, bearing interest in perpetuity at the rate
of 5/. per cent. per annum, from the respective times of pay-
ment of Mae deposit and call aftermentioned ; such interest
to be payable on the 15th August and 15th February in each
year, unless the proprietors thereof shall elect, on or before the
31st December, 1848, to forego such interest, and to rank as
ordinary shareholders of the company; in which case they
shall be entitled to participate in the general dividends of the
company, from the 30th June or 31st December, prior to their
taking such election, as the case may be. And in the event
Of any holder of such shares, electing to participate in the
general dividends of the company, previous to the 30th June
next, interest will be chargeable from the let January last,
to the periods when the deposit and call became payable.
4. That suck shares shall be offered to the present pro-
prietors of the London, Brighton, and South Coast Railway,
set the proportion of one-fifteenth share, of 3/. 6s. Bd. each, to
every 501. consolidated stock, and to every share now regis-
tered in the books of the company, except the shares of 9/.
each,, called Croydon thirds • and any surplus remaining after
• such distribution, shall be disposed of by the directors for the

benefit of the company.
• ' - S. That a sou of these resolutions shall be sent forthwith
..to each proprietor; and if any proprietor shall fail to accept
,the shares offered to him on or before the 6th day of March
' next, except such proprietors aa may be out of the kingdom,
"4. t!apeet of whomday the time k extended to 6th of
ItPrit next, he shall forfeit his right thereto. the
6. That 21. •:1 be -
mi.
i.j, t__..ort
thethis kingdom, 19th o: March next, by proprietors resident
who are abrowriti, and on the 19th of April, by proprietors
and
any
proprietor
rien a receipt will be given for the same ;
within Vie preBcribewpo. shall not have paid such deposit
tire si;all forfeit all right
sham allotted to Vila,. to the
peyable en the 2enk of M he call for the residue will he made
~ That nu subscriber ,or, *ren.der of, said new shares, shall
be registered a-5 a prOptitrt'oOr . divilewi : tbe books of the company, or
be entitled to any
interest, or other privilege in
reveet of any 1058 amount than
a 501. share, for each of
r. oc ertifiCate in exchange
n
for the receipts for the
which iO/. shares he shalldeposit
elpa.
fifteen fifteenths. 11 the entire number of
s. That illeil new shares shall he registered on or before
the 15th day of May next.
9. That in case of non-payment of the whole, or any part of
the call doe. in respre.t of such shares, on the 28th da v i•
of
May, the holder shall iorfeit all interest on the deposit
from
11
the jaid 28th Slay, up to the time when such call
5 ali be
paid, and he shall be chargeable with interest at Si. per cent.
per annum on the nail so in arrear.
10. That the holders of such shares shall not be entitled
to any of the privilegts of shareholders, but only to interest
' at 5/. per cent., until they shall have elected to participate
in the general dividends of the company.
Thanks were then voted to the chairman, and the meeting
broke up.