The Sun.
London, England, 1841-11-25 00:00:00

already forms a most perfect security to the foot of the
Cliffs against which it is built; both by protecting
them from the actiou of the sea in front, and perfectly
draining them (by means of culverts built in for that
purpose) from the land and spring waters at the back ;
besides the important object for which it is being exe-
cuted, that of forming a railway, 12 yards wide, at its
top and within a prrapet formed by the whole thickness
of the wall."
The CHAIRMAN said, before he moved that the Report
be received, he thought it desirable that ho should make
some comment upon the last paragraph but one, which
spoke of unabated confidence in the soundness of the
undertaking. Lest it should be supposed that those
words were, like the Queen's Speech, a matter of
course, he thought it desirable to state that the Direc-
tors continued to feel the greatest confidence in the
undertaking. Having been for the last twelve or fourteen
years been much connected with railways, he had .gene-
rally found that the cost per mile had greatly exceeded
the estimates. When he first became a Proprietor of this
railway a statement was put forth that they would require
a capital of 1,400,0001., with a power of borrowing
450,0001., thus making a capital of 1,850,0001. Every
thing which had been done at present satisfied the Board
that the estimates would prove to have been correct, or
at all events would not vary more than ten 10 or 15 per
cent. In great works of this kind it was necessary to .
allow such a margin. There were railways which after
being estimated at two millions had cost two millions
and a half. In looking at fifteen different lines of rail-
way, he found five had cost from 20,000/. to 30,000/. per
mile ; two from 30.000/. to 40,000/. ; two from 40,0001.
to 50,0001. ; and six from 50,0001. to 60,000/. He con-
fidently believed that the South Eastern and Dover line
would come within list No. I.—(Hear.) In the course
of the autumn he had met a very influential gentleman
at Derby, who was a proprietor in the York and North
Midland Railway, and in the North Midland. On this
gentlemen asking him whether his confidenee in this
railway continued, he referred to the fact that the shares
in the former, which had cost about 26,000/. per mile
were at a premium, whilst those in the latter. which had
cost 36,000/., were at a discount.—(Hear, hear.) His
contience, therefore, in this line continued to be un-
abated, and if it were not, he would candidly state it to
the meeting. He would not trouble this meeting any
further upon the subject, but would propose " that the
Report of the Directors now read to the meeting be re•
ceivesl and adopted, and that the same, together with
the Report of Mr. Cubitt, be circulated among the
proprietors."
The question having heen put that the Report be
adopted,
Mr. TYRRELL said, that before the Report was
adopted, he wished to make a few observations. The
accounts were made out in a very plausible manner; but
he was of opinion that they ought to have been laid be-
fore the Proprietors in a more satisfactory manner. He
found that 38,702/. had been stated as the value of cer-
tain shares. Now, he did not think that the shares
could be put down at that price ; and they might never
receive that sum. They could come to no conclusion as
to the amount of loss liable to be sustained upon the
shares from the estimates then before them. Again,
he found that there was a certain sum put down for the
inspection of works. Might he ask who the inspectors
were, and how the expenses had been incurred ?
The CHAIRMAN could not state the details of those
expenses, but he could assure the Hon. Gentleman that
he had not received a farthing of the sum.
The SECRETARY said that he would take an opportu-
tunity of replying to the whole statement of Mr. Tyrrell
at the same time, rather than answer detached questions.
Mr. SMITH thought that it would be better to answer
the question at once, not that he felt that any particular
courtesy was due to Mr. Tyrrell.
The SECRETARY said that if it were the wish of the
meeting he should at once state that the half-yearly ex-
penses for inspection amounted to 143/. These were the
travelling expenses of the Directors along the whole line,
in their examination of the progress of the works.
Mr. TYRRELL called upon Mr. Smith to explain, or to
withdraw certain expressions which he had used.
Mr. SMITH said that he had stated that the meeting
and the Company owed nothing to Mr. Tyrrell indi-
vidually, but at the same time, he felt that he should be
treated with all due courtesy, and that his questions
should be answered.
Mr. TYRRELL wished to ask next, what was the salery
paid to the Secretary?
The CHAIRMAN would put it to the meeting, whether
the question should be answered.—(No, no.) He thought
it would be invidious to call upon the Directors to name
the salary of the secretary individually.
Mr. TYRRELL wished that the salary should be stated.
—(Hisses.)
The CHAIRMAN then put the question that the Di-
rectors should inform the meeting of the amount of
salary paid to the Secretary. The motion almost una-
nimously rejected.
Mr. TYRRELL said that as his questions were treated
in that way he soould make no further observation.
The SECRETARY said, with respect to the accounts
that had been submitted to the meeting, an allegation
had been made that the Company had taken credit for a
sum of 38,0001. as assets in the hands of the Proprietors.
All he had to say with respect to that was, that if the
Hon. Proprietor, who had made that allegation, had
looked to the debit side of the account, he would have
found that the 38,000 shares, which constituted the whole
shares of the Company, were placed on that side of the
account.—(Hear, hear.) The Company were therefore
entitled to an equal sum per share on the credit side of
the account.—(hear.)
Mr. PARSONS considered that it was unfair that the
present Company should be censured for the course it
had adopted in the management of its affairs, whereas
it had, in that respect, set an example to other Com-
panies.—(Hear, hear.) As to the statement of the ac-
counts, he thought them most explicit.—(Hear, hear.)
He felt obliged to Mr. Cubitt for his Report. " He had
some questions he wished to put to the Directors, espe.
chilly as to the London-bridge station.
The CHAIRMAN said, that with respect to the London-
bridge station there had been a good deal of discussion.
He believed the cost of that would amount to about
170,000/., 85,0001. of which would be borne by each
Company.
Mr. PARSONS hoped there would be no extraordinary
decorations in the station.
The CHAIRMAN said there was a feeling. among the
persons who had the management of that department of
the folly of decorations. Ile thought it was very likely
the London-bridge station would altogether be a sepa-
rate matter from the other expenses of the Company.
Mr. PARSONS wished to know whether any arrange-
ment had been made by the Directors to separate first and
second class passengers as they were going to and from
their seats?.
The CHAIRMAN was not prepared to give any answer
upon the subject.
Mr. PARSONS understood that there was only about
six miles of the work unlet.
Mr. Cunrrr observed that the works might be said to
be let all the way to Dover, with the exception of about
five miles.
The CHAIRMAN, in answer to a question from Mr.
Parsons, with respecting to the permanent way, stated
that the Directors were perfectly satisfied that the plan
they had adopted with respect to it was the best they
could pursue. He was glad to see a gentleman present
who, he thought, would give a similar opinion, and whose
judgment he had no doubt would have great weight with
the proprietors.
Mr. BETTS expressed his entire confidence in the mode
adopted on the, railway, both with respect to the sleepers
and chairs. They exceeded anything he ever saw. l'he
road, which was finished, was three miles, and it has
been worked over for the last two months, and he should
say that nearly one hundred thousand tons had been
conveyed over the rail, and this must have proved the
quality of that road, especially considering the bad wea-
ther, and if there had been any tendency to give way
this weather would have proved it. They had examined
the sleepers to prove whether they had sunk from the
effects of that bad weather, and they found they had not
sunk at all.—(Hear, hear.) He had expressed his con-
viction that this was the best road which ever had been
put down.—(Cries of "Hear, hear.") He was fully con-
•rinced that this road would not cost 30,000/. per mile,
and that future railways would all adopt their plans.
The materials were of the best quality he had ever seen.
His conviction was, that the present sleepers would be
undisturbed for 30 years, and he did not think that any
other railway company in the kingdom could say the
same.
The CHAIRMAN said Mr. Betts was the successor to
Mr. Mackintosh, and he was sure they could rely on his
statement. After that statement, he (the Chairman)
thought the anonymous letter, or letters, which appeared
in the papers, would no longer be any subject for com-
ment, nor was it his intention to have done so, but that
some Proprietors might have felt some dissatisfaction; and
he thought he should not have been acting strictly
correct towards them, had he not done so.
He
was exceedingly glad that Mr. Betts was present, as
hehad expressed an accurate opinion on the subject.
BETTS again expressed his firm conviction that
the sleeping road was the best that could possibly be
adopted, and he felt convinced that the principle would
be adopted on th railways throughout the kingdom.
The CHAIRMANSout h
E re
saids it must be very satisfactory to
find that the
Eastern and Dover Railway was not
so much behind the
the world. He was about to
put it to the Meeting thta
Mr. LAYCOCK to t the
Reports be adopted, when,
ask whether or not the first
was
to b
portion of the railway
Company
ae a joint property of both
lines, or whetheir the
would purchase their
share from the Croydon Company,n
and, if so, whether
the payment would be immediate or delayed, and bear
interest
said he could hardly answer the
ques-
tion at present, but he thought the Company
would not
purchase
The
no exaggerated statementsh
ELLetdhetlbia line.
Mr.
e
Air.ELLtheIOTT
of
would go forth'to the public, as he was one of those who
believed that a great deal of mischief was dune in this
way. But he believed irons the statements he had heard
made, that exaggeration had not been resorted to. He
begged to ask whether additional capital would be re.
quired ?
The CHAIRMAN said it was not in his power to answer
,hat question. He hoped the statement that had been
made would induce parties possessed of money to come
forward, and he was sure they would, after this meeting,
look at that line of railway in a different light to what
they had hitherto done.
Mr. CUBITT said that perhaps the Chairman would
allow him to answer the questions of Mr. Elliott. The
cost of the engineering department would be about
21,000/. per mile, and that department which did not
belong to the engineer would amount to about 6,000/. or
7,0001. more ; therefore the Chairman was right when he
said the expenses would not exceed 30,000/. per mile,
including the whole of the losses. Indeed, he (Mr.
Cubitt) thought the expenses would be considerably
below 30,000/. The works which had been completed
only averaged 22,000/. per mile, and that was more then
two-thirds of the whole line.
In reply to a question from a Proprietor,