The Sun.
London, England, 1846-03-10 00:00:00

Cbtrb %Wiwi

SUN OFFICE, Seven o' Clock.

LONDON and CROYDON RAILWAY.
(THIS DAY.)
A half-yearly general meeting of the proprietors of this railway
was held, at one o'clock this day, in the large room at the London-
bridge Terminus, for the transaction of the ordinary business of the
Company ; W. A. Wilkinson, Esq., occupied the chair.
The CHAIRMAN said the meeting had been made special for the
purpose of obtaining the approval of the proprietors to a Bill for ef-
fecting the amalgamation of the London and Brighton Company
with the London and Croydon Company, but, as he understood
from the solicitor that it was necessary to give four consecutive
weeks' notice of their intentivn to hold such a meeting, and as they
had not been able to comply with this regulation, the business could
not be entered upon at that, but at a subsequent meeting, of which
due notice would be given.
The advertisement announcing the meeting having been read, and
the seal of the Company affixed to the register of proprietors,
The Secarrasta (Mr, Young) read the report of the directors,
which stated that the receipts had been greater than those of the
corresponding half-year by 5,423/. Is. 2d. Of this the increase upon
traffic had been 4,4601. 10s. Id., and of tolls, 9621. 15s. Id. The ex-
penses had, however, been much increased, particularly in the main-
tenance of way. The directors observed with satisfaction the steady
increase of the shoft traffic, and attributed its increase, in a great
measure, to the low charges and increased accommodation afforded.
They were also of opinion that a beneficial result would attend a still
further reduction of fare, and they only await the means,
which they hope soon to have at their disposal for affording
a greater amount of accommodation; -and effecting t .
further reduction. The Bill for the amalgamation of
the Company with the Brighton Company, is before Parliament.
The Portsmouth Bill, in which they were so much interested,ame
upon which a favourable opinion has already been expresse y
Committees of both Houses of Parliament, awaits the decision of onetre
branch of the Legislature, ou the justice of which desist the d
tors confidently relied. In the last report the ireorslisiveere
formed of the plans proposed with respect to the Kentitsolsestur
pro-
moted by this Company, anti the desire of the Board
blish a
separate fund for the execution of this scheme. It was considered
desirable to afford everyeencourarement to this undertaking, which
was not to depend entirely upon the Croydon
of proprietors for
its means, and accordingly, under the terms
passed at the feet general meeting, ' a !guarantee was gitoventbilye
he directors that, in the event of failure, the expenses
Kent proprietors should not exceed 10s. per share. In return for this
guarantee the directors of the Kent Atmospheric line have entered
into an arrangement with this Company as to toll, of a similar. cha-
racter to that which was formerly assented to, although afterwards
rejected by, the South Eastern Company. Circumstances, however,
have rendered it advisable for the Kent Atmospheric Company to
snake arrangements with the North Kent Company, by which such
'portion of the scheme of the former as competed with that of the
latter has been abandoned. The remainder was, in the opinion of
the directors, so superior to the corresponding plan of the
South-Eastern Company, that taking into consideration the
fair claims of this Company to its execution, they rely with Con-
ildence upon the judgment of the Legislature in their favour. The
directors had made arrangements fur possession of a large wharf
and dock, adjoining her Majesty's Victualling-yard at Deptford, and
within a mile of the railway, and a Bill Is now before Parliament to
enable this Company to construct a line from thence to New Cross,
by which a very advantageous coal and goods trade will be secured
for all the lines making use of the Croydon trunk. By means of this
short branch, and the passing of the Portsmouth and North Kent Bills,
and the Reigate and Dorking Bill of the Brighton Company, a direct and
unbroken line of railway communication will be effected between the
Government yards ane docks of Deptford, Woolwich, Sheerness,
Chatham, and Portsmouth. The locomotive arrangement of the three
• companies at New Cross had finally terminated, the Brighton and
Croydoa Companies having agreed to - purchase the South-Eastern
Company's share of the premises. Since the 19th of January one-
half of the line had been worked by atmospheric traction, and tak-
ing into consideration the novelty of the process—its junction with
the locomotive system, upon a line with a large traffic, running
trains each way every hour throughout the day—this had been effected
with very little interruption. The interruption which had occurred
had mainly resulted from the inadequate strength of the moving parts
• of the engines, and the inellicient working of the air-pump valves. Means
had been taken for remedying these defects as soon as practicable,
and avoiding their recurrence for the future, and when they shall be
remedied, and the system put into entire operation, the directors are
persuaded that all the advantages which have been anticipated
would be derived. It had been found impossible in so short a time
and with so imperfect an application to institute any practical com-
parison of the expense of working, but enough had been done to prove
the perfect truth of all the evidence which was given before Parliament
In favour of this system in every other respect, arid the fallacy of much
that was alleged against it. There could be little doubt, therefore,
that in regard to cost also it would equally, bear out the evidence
of its supporters. The progress of the Epsom line had been very
much delayed by the difficulty of obtaining possession of the land—
the works were, however, in active operation, and the Directors
confidently expected their completion in the ensuing autumn. The
profit and loss account for the half-year showed a balance in favour
of the Company of 22,8121. 11 s. 9d., out of which the directors re-
commend a dividend of 10s. per share to be declared.
After moving the adoption of the report,
TheCUAlllMANproceeded to comment on the different paragraphs in
it. He said, although the weekly expenses during the past year had
been considerable, in order to accommodate the increase of traffic, he
was confident that they would reap great advantage in the end, in-
asmuch as a misdirected economy could not fail to keep their traffic
at the lowest ebb, and oblige them to keep up a high rate of
charges to meet the current expenses of the line, without
offering that accommodation to the public and those low
fares which would increase their traffic and their dividends.
Those expenses had been so considerable as to prevent them from
proposing the payment of a much higher dividend than the one de-
- eland at their last meeting, namely, Bs. per share. The increase
of the dividend to 10s. per share, which they now proposed to pay,
did not, however, arise from the inereased receipts of the line, but
from profits derived from other sources, such as interest on capital
and from the purchase of shares. The increase of traffic was the
main thing to which they had to look for their profits, but in main-
Veining this increase there must, of course, be a gradual reduction
of expenditure, as the accommodation which they would, in
the first instance, be called to afford, would not require to be
renewed, except a further accession of traffic took
place. The capabilities of the line were more and more
in the course of development, and they were therefore strongly of
opinion that a further reduction of fares would tend greatly to their
advantage ; and with the same view they had recommended the
adoption of short lines, in order that the traffic of the larger lines
might not be interfered with. They had possibly heard of an asso-
ciation which had been recently established in London for improving
the dwellings of the working classes. A very intelligent member of
that association considered that it would be an error of judgment to
improve the habitations in London, and had repeatedly urged the erec-
tion of suitable tenements within five or six miles of London, in order
that they and their families might enjoy the pure air of the country.
He considered further, that this plan mignt be effectually carried out
by the means of railways, and a proposal had been made to the
Board by ass eminent architect, who, in his zeal for the industrious
classes, proposed to construct a railway for the purpose of carrying
out his plan with greater effect. But, in the first instance, he cause
to the directors to ascertain if they would take these people home
and back again at a cheap rate. And he (the Chairman) considered
that they might effect the desired object if they could carry these
people *sit' they were goods, and at as cheap a rate as goods were
conveyed. This gentleman's proposal was, simply to build
villages in the vicinity of London, to charge an ad-
ditional rent upon them, which should be paid to the Company,
whether the people went by the railway or not, or whether the
houses remained full or empty. If they, therefore, could carry live
lumber at the same rate as dead lumber—(Laughter)—and not to
start the trains unless full or paid for, he saw no reason why they
should not accept the proposition, and bring= additional amount of
traffic on their line —in fact, make it a perfect street—thus increas-
ing their profits and conferring great advantages on the industrious
classes of the community, by removing them from the moral efflu-
vium and the physical effluvium, tf he might so speak, gene-
rated in all large and densely populated cities—afford them
better houses, better water, better lighting, and, in short,
almost a change of existence. All the consideration was,
whether they would derive profit from the adoption of this plan or
not. Ile then alluded to the amalgamation with the Brighton Com-
pany, and stated that everything had been arranged, and that the
two Companies were now on the best terms.—(Hear, hear.) After
referring to some of the other paragraphs in tire report, he proceeded
to notice the system of traction adopted on the line. The locomo-
tive arrangements had been broken up. There had been a consider-
able increase in the expenditure on this account, but the greater
portion of that expense had been incurred in maintenance of the
way, as tire rails laid down in the first instance were extremely
light, and the increased rate and power of the engines placed on the
line from time to time, had materially worn these rails, and rendered
their removal extremely frequent, and of course expensive. They
proposed ultimately to relay the whole of the rails, but, acting under
the advice of Mr. Cubitt, whose abeence he regretted, they had de-
ferred dolug so until the proposed extensions had relieved the main
line of some of its traffic. As they were no doubt anxious
to know the state of the atmospheric system, and the
opinion of the directors upon it, he would next address them
on that point. He did not know whether, in the prosecution
of their mode of traction they had met with more of those trials -and
difficulties which persons attempting anything of a new character
generally encountered, but he felt perfectly satisfied in saying that
nothing which they had met with in tire way of interruption, and
there had been some, had shaken their opinion of that system, or of
the tenefits which it would confer on the shareholders. Nothing
had happened which could be traceable to causes which could have
been forseen ; but he thought that they should know all
that had taken place with respect to it—nothing would be con-
cealed in order that the anxiety of the shareholders might be
allayed as to the result of the atmospheric system. The snore he
saw of that system the more he was confirmed in the opinion
which he had frequently expreesed, that not only would all that had
been anticipated of it be realised, but that it would ultimately super-
sede tee present mode of traction. This result might not be brought
about immediately, but as the desire of the community for rapid and
cheap communication increased, the old system could net fail
to give place to the atmospheric. He had no doubt they
had committed a mistake iu employing Mr. Samuda
to make and be answerable for all the atmospheric apparatus on the
line. They thought his talents ane energy would best accomplish
that object, and so far he believed they had acted wisely ; bat then
they thought that Mr. Samuda had not such means at his Command
as an engineer as were possessed by ethers in this great city, and had
altered their determination. They said, "We will make Mr. Siunuda
answerable for every'part of it, and as we know what englee-
making is, we will go to the best engine-makers in Loudon, that we
may have the best engide which can be made." They went to
Messrs. 3laudslay and Field, than whom there were not more
eminent engineers In London, and stated their desire. Mr. Field went
to Dublin, and engines such as they considered they:required were sup-
plied, tut the result had shown that either Mr. Field or some of them
had not had sufficient eonception of what was best to be done. The
engines which they had furnished were excellent in their way, but
they were more calculated to pump air than for the purposes de-
signed, as five had broken in several parts —in the
, crank axles, and in the connecting rods, whilst
six only could be used. They thought they would effect a great im-
provement by malting the valves, watch were very deficient, of wood
instead of iron, in order to lighten then-, to a few ounces, but, llll-
fernMalely, dirt ani grease had iutereered with its operation*, and
they had consequently been unable to pump the line sufficiently.
This, no doubt, was a great mistake, and they had thought it ad-
visable to put the whole matter in tine hands of Mr. Samuda, turd
called upon him to report to them what alterations would be neces-
sary to put these engines in good working order. Although accidents
of this nature had occurred, they confidently anticipated that the
time was not far d'stant when all the advantages of the atmospheric
system would be fully realised. Ole then read a report from Mr.
•t t Samuda, setting forth the injuries which the engines had sustained.)
eer h the atmospheric apparatus passengers could be carried at the
rate
of seventy miles an hour, without any increase of expense on
working. It had • also been demonstrated that trains could be takers
into and out of the tube in two minutes, and it could be so arranged,
if required, as to stud a train every floc minutes With all the dis-
advantages that had taken place in the working of the atmospheric
principle, there had been proof of its great economy over the
ordinary system of traction. Hon. Gentleman then quoted from
the report of the
,G,aorutgeeaCbcny.nTission, to show the great danger of ac-
cidents on 1: ocentive eughies as compared with
lines worked by stationary
principle. Accidents on locorm.nortnitv4nee: er upon the atmospheric
lines principally arose front
high rates of speed, and by
cost
we,express trains, end for this
heavy engines and increased
high velocity would be realised front
; whereas all the
ed from the atmospheric
advantages of
system, without the danger associated°.withthe
the ordinary railroad,
attainable
and Croydon
or an increase of cost. They had
e on the atmospheric
• realised the highest rate of speed yet attain!
yet be able to
portion of the line, and he had no doubt they
Tile
recently
run•trains throughout to Dover on this prineplew,°authtlhe higheat rate
peech
of speed and without danger or increased erefre
that gen-
tleman tletnan sail Ire would next call their attention to
delivered in the West of England by Mr. Brunel, inassvhi
declared himself perfectly satisfied with the practicability
the atmospheric system shown in the working of it on theaLitirioietYd of
line. Ile concluded by reading the extract in question, and by. eT
caring his firm persuasion that the system, notwithstamisiengasalLthbee.
d'fficulties they bad met wit In could be brought to work,
Completely and perfectly successful.
In answer to questions put by several props ictors,
The CHAIRMAN replied that there was no intention of doing away
with the Croydon station, but only to remove it about three or four
hundred yards from its present position ; that the increase of tolls
was not so great as expected, but this was partly attribatable to tire
rates of toll charged on the London and lirigintou, and the Croydon lines
being In proportion different to what they were in the previous half-
year; that the directors, with regard to reduced fares, would act in
the best way to serve the interests of the company, and would not
run lreedlong into low fares without tire prospect of a population to
make It advisable and remunerative; that the Directors expected
the whole line would be open to the junction with the Greenwich
Railway in two or three months, and if the latter would not allow
them to go upon their line with the atmospheric principle, then tire
directors would do their best to get to London-bride by sonic other
means ; that there was no doubt but that the amalgamated Com-
pany would even give more accommodation ror short distenees than
at present, as it would be the clear interest of tire Brighton directors
to do so ; and that the gross receipts of the Company the last year
had been 76,0001., of which tire whole expenses were 46 per cent.,
34% per cent. being for working expenses, and the remainder for
rates and taxes, which were very high, and toll to the South Eastern
Company.
The report, after some further explanat'o•is, of no material
nature, was received and adopted, and the' resolutions agreed
to, declaring les. per share on the 44,400 old shares, the new shares
created at last meeting not being included. Mr. Janes Whiekin was
re-elected a director
The meeting, heelers passed a vote of thanks to tie Chairman,
then broke up.

PRICE OF SALMON IN TUE NoRTEI.—TIie Duke of
Richmond's salmon on the Spey are selling at the high price of 2s. Gd.
to 3s. a pound in the neighbourhood of the fishing grounds. Sir 11.
Peel's late tariff has in no way tlludinslied the value of this noble
fl3h.—lnvernen Courier.