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 (Lewisham to Croydon, with Branch to Brom-
ley); South-Eastern (Maidstone to Great Chart); South-
Eastern (Strood to Maidstone); South-Eastern (Strood
to Chilham), in Greup No. 1; 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 be given to any company already in-
corporated of raising further 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 railway 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 the mselves 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 requi-
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 first,
for the Mid Kent and the Direct Tunbridge line, would
give to that company power to raise 1,130,000 L addi-
tional capital, and to borrow 376,000/.; by the second,
for a line from Lewisham to Croydon, with a branch to
Bromley, it would obtain powers to raise 180,000/., 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 Strood to
Maidstone, to raise 275,000/., and to borrow 91,600/, ;
and by the last, for a line from 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 2,620,7501., and to borrow 872,8501.
" By the sixth of the Bills, to which this report re-
fers—viz., the North Kent and Bricklayer. Arms
Junction, the South-Eastern Railway Company would
4eceive -power to raise a capital of 55,0001. and to
borrow 18,3001.; by the seventh, for the widening of
the Greenwich Railway, to raise 150,000/., and to
borrow 50.000/. ; and by the eighth, for the London
Station Enlargement, to raise 200,0001., and to borrow
66,6601. 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
filially 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/. ; hut as 95,000 shares of
30/. each have been divided into thirds, the number of
transferable shares is 442,500. On these the company
have received 4,290,075/. Bs. 10d., and 3,656,4201. ss.
remain to be paid. When fully paid up the company
will have received from them 7,946,495/. 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 consequenc', it is stated by the company,
of the forfeiture of shares, which, when sold, in many
instances did not realise the amounts due upon them.
" No nominal addition has been made to the capital
of the company as compensation, or bjnus, or under any
other denomination; but the holders of shares of less
value than 50/. 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.; 1,348,8441. has been obtained on mortgage ;
and 665,3331. on loan notes, by sums varying from 5001.
to 1,0004, and at rate of interest varying from 3& 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 those which
had been thus issued 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 358,220/. 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, by calls on the shares not paid up. These
securities amount to 1,655,957/., being 2,000,463/. ss. less
than the amount remaiuing unpaid on the shares created;
and as a power remains under the present acts to issue
additional shares to the amount of 442,7431., it appears
that 2,443,2064 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 towards 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 1,2001. for the first year, to
be increased by 3001. 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 36,0001. for the first year, to be
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 4f per cent. on the cost of the line, as-
sumed at 600,0001., 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 101,6624 10s. sd. to
the construction of the joint station at London-bridge.
Under an Act passed June 27, 1843, they purchased the
Folkestone harbour t-or 18,000/. ; and under an Act
passed July 4, 1843, they purchased the share of the
Bricklayers' Arms Arms branch and station possessed
P or
by the London and Croydon Railway Comp y
82,877/. 7s. I Id., and thus became the sole proprietors
of that branch and station.
"It appears that the company have in the following
manner complied with the standing orders of the HOMO
of Commons requiring a deposit either of a subscription
contract to the amount of three- fourths of the
be
estimated
ated
expense, or of a declaration that the work is to exe-.
cuted by sums of money to be raised on the credit of
present surplus revenue. For the capital required for
the work' to be authorised by two of the Bills, namely,
No. 49 and No. 54, amounting to 1,035,750/., a declara-
tion as above has been duly deposited. For the capital
required for the works to be authorised by the six re-
maining 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
186,000/. The deposit of one-tenth, amounting to
141,2501., has been paid eut 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 there 41018-