The Sun.
London, England, 1841-11-26 00:00:00

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 parapet formed by the whole thickness
of the wall."
The CHAIRMAN said, before he moved that the Report
be received, he thought it desirable that he 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 for the last twelve or fourteen
years been much connected with railways, he had gene-
rally found that the cost per mile bad 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 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 L to 30,0001. per
mile ; two from 30,000/. to 40,000/. ; two from 40,000/.
to 50,000/. ; 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 confidence 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 36,0001., were at a discount.—(Hear, hear.) His
confidence, 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-
ceived 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 38,7021. 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-
nity 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 salary
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 was almost
unanimously rejected.
Mr. TYRRELL said that as his questions were treated
in that way he should 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 38,000/. 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 Company were entitled to an equal sum
per share on the credit side efthe 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-
cially 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 feelinc, among the
persons who had the management of that department of
the folly of decorations. He thought it was very likely
the Loudon-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. CUBITT 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 respect 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. The
road, which was finished, was three miles, and it had
been worked over for the last two months, and he should
'say'iliat 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
stink 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-
vinced that this road would not cost 30,0001. 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 dune 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
he had expressed an accurate opinion on the subject.
Mr. BL-rrs 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 the railways throughout the kingdom.
The CHAIRMAN said it must be very satisfactory to
find that the South Eastern and Dover Railway was nut
SO much behind the rest of the world. He was about to
put it to the Meeting that the Reports be adopted, when,
lines, or whether h
Croydon
•
ie
C
Mr. I.Evcocx wished to ask whether or not the first
r,, i,on of the railway was to be a joint property of both
tlCoommppaanny , Company
would,
if purchaseso,w h
whether
share ,
the payment
interest ? would be immediate or delayed, and bear
The CHAIRMA
N said he could hardly answer the ques-
tion at present.,purchase the butof l
thei
he thought the Company would not
half
Mr. ELLIOTT hopedine.
would go forth to th that no exaggerated statements
believed that a greaet itlublic, as he was one of those who
from
of mischief was done in this
way. But he Wlieved
laic
the statements he had heard
made, that exaggeration
not been resorted to. He
begged to ask whether additional capital would be re-
The CHAIRMAN Said it wps not in his
that question. He hoped the statement power to answer
made would induce parties possessed ofthat had been
money to come
forward, and he was sure they would, after
look at that line of railway in a different
light to what
they bad hitherto done.
Mr. CUBITT said that perhaps the Chairman would
allow him to answer the questions of Mr. Elliott.i The
cost of the engineering department would be about
21,0001. per mile, and that department which did not
belong to the engineer would amount to about 6,0001. or
7,000/. more ; therefore the Chairman was right when he
said the expenses would not exceed 30,0001. 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 than
two-thirds of the whole line.
1 In reply to a question from a Proprietor,
The CHAIRMAN stated that the railway was 78 miles
1 in length.
1 Mr. CUBITT, in reply to a question from a Proprietor,
i stated that the sleepers were being liyanised.upon the
high-pressure principle ; and expressed his belief that it
would have a most beneficial effect in prev'enting decay
from vegetable substances.
1 The CHAIRMAN said, before the question was put, be
Wished to say a few words in reference to the loss of