The Sun.
London, England, 1848-08-23 00:00:00

line. From this railway ire expect a considerable accession
to our traffic. There is a railway already to Hastings, via
Brighton, but we calculate on receiving the whole of
the. Kentish traffic down to Hastings, and also the
traffic over the Readin--, Guilford, and Reigate line, which
will ba an important feeder to this branch, as well as to the
main line, for we shall get the Irish and Scotch traffic, the
passenger traffic, or those who wish to go to the Continent
without coming first to London. When we have opened to
Hastings, and the traffic has been partially developed, we
will meet our neighbours the Brighton, and agree with
them as to a division of the traffic, and in the same spirit
we shall continue to coeduct the affairs of this company
towards our neighbours, and render no injury to railway
property.—(Cheers.) Gentlemen, I put down the receipts
from this railway, from our Parliamentary estimates, which
will amount to 24,0001. per annum. The next railway i$
the Ashford and Hastings, which will complete a coast
communication, and unite the watering places on the south-
eastern coast from this branch. We expect a large traffic
in cattle, fish, &c., to this railway. I should ob-
serve, that you will see the Gravesend and Rochester
.line is not taken into our calculations, but I will give
von our reason for not taking it into consideration.
The Gravesend and Rochester line is not open for the benefit
of the company just now; it is open on public grounds. At
present omnibuses compete successfully with us, for our rail-
way does not go far enough into the town, so we have no
traffic worthy of eomment, compared to what will be the
case in a short time. But you will, no doubt, say that we
shall have a powerful rival and competitor in the water. Why,
we have the same sort of rivalry in the case of the Greenwich
line, and if we have competed successfully in a case of 34
miles, how much greater is our chance of successful com-
petition when we have a line to Gravesend and Rochester,
32 miles in length. I think the facts I have stated
carry a complete answer to this question. It will be
seen we have introduced a paragraph announcing that
we have come to an understanding with the Great
Northern of France Railway. We endeavoured to
come to an arrangement with the directors of
the Boulogne and Amiens Railway, but we
failed to do so, and you will therefore not
receive those advantages from the opening of that railway
which we had been led to expect. The Boulogne and
Amiens Company send all the traffic they can, goods espe-
cially, by water to London; we have, therefore, been obliged
to make friends with the Great Northern Company, who
will do all in their power to bring traffic on the ''outh-Eastern
line,—(Hear, hear.) But, gentlemen, the Boulogne and
Amiens line cannot exist without us; it is naturally a con-
tinuation of our line, but if they will not meet us fairly, then
in defence of your interest we must look elsewhere.—
(Cheers.) The next question is as to the amount of
dividend to go to the proprietors. There is a balance of
108,000/. for this purpose. This will enable us to pay 21s.
on the old abates, 15s. 9d. on the No. 1, and lls. Bd. on the
No. 2 shares.—(Loud applause.) If; however. you should
think fit to receive only a dividend of 10s.—(No, no)—we
are in your hands. But we have the fullest confidence in
the line, and we recommend you to divide the guinea.—
(Applause.) We have no want of confidence in the resources
of the South-Eastern line. With some, we all know that the
South-Eastern line has been an object of pity, on the ground
of want of extension ; but we have pursued a different sys-
tem, and I believe we shall rise because we have avoided that
system of amalgamation under which so many lines are des-
tined to fall.—(Cheers.) Yes, gentlemen, we have always
had a great aversion to amalgamations, on the principle that
it was ruinous to railway property. We have steadily car-
ried out our views, and we have avoided ruinous amalgama-
tions. And, gentlemen; if the House of Commons had re.
stored an old order, and had called on railway companies a
year or two ago to prove their traffic, not one-fourth of the
Bills which have been sanctioned would have become the
law of the land. When the Legislature were at a loss for
means to stop the current of railway speculation, had they
put this law in force, they would have been enabled to throw
out seven-eighths of the Bills which they passed, and thus
have prevented a great portion of the disaster which has
fallen on railway property. Gentlemen, I now beg to con-
clude by moving that the report be received, adopted, and
circulated among the shareholders.
Mr. Alderman SALOMONS begged to second the motion,
and to congratulate the shareholders and the directors on the
satisfactory state in which their property then was. He,
however, did not altogether agree with the chairman that,
had the standing orders of Parliament been put in force, any
great number of Bills would have been prevented passing,
there having been a strong desire to force capital into such
speculations as should afford employment to the people.
That desire was strengthened by theories in favour of the
direct lines, to which Sir Robert Peel lent the sanction of
his name and assistance, and which, if it had not been for
the prudence of the engineers of the various companies,
amongst whom the much lamented George Stephenson stood
foremost, the country would have brought those lines to a
stand, as a monument of the folly of the Legislature and the
shareholders. He was happy to see by the address of the
chairman that a good understanding existed with the
Brighton Company, though he could have wished that it
had been sooner brought about, as a great deal of useless ex-
penditure would have been saved. He was happy to say
that the directors were conducting the line with economy,
though he was no advocate for cutting down the wages of
their servants to the minimum point, as he held that every
man was entitled to a fair day's wages for a fair day's labour.
When they were in prosperity, they were told that, "it was
all very well during a time of peace, but let them wait till
there was a war, and then they would see what their
traffic would be." Well, they had had a French revolution,
which to them was worse than a war, and yet their traffic
was going on prosperously, and, he had no doubt, with eco..
nomical management, would continue so.—(Cheers.)
Mr. LEVY, having known the whole of the North Kent
district for the last half century, could bear his testitnouy to
its value, and when the traffic was properly developed lie had
no hesitation in saying that,in his opinion, the South-Eastern
would be the first line in the kingdom.
Some further conversation ensued, in the course of which
the CHAIRMAN stated that every precaution would be taken
to prevent pressing upon shareholders by calls, but they
must be made whenever the exigencies of the company re-
quired them. Their debentures would not all expire until
1852, so that they had to that time before the whole of the
capital would be required to be called up; but the directors
were doing everything they could towards closing the capital
account, and lie trusted theirs would be the first company to
do so.— (Cheers.)
The report was then adopted—the divided recommended
by :the directors declared—some by-laws relative to Folk-
stone Harbour confirmed—and a resolution curried, autho-
rising the directors to give the shareholders die option of
paying up the (No. 2) stock created on the 10th of Novem-
ber, 1813, in anticipation of calls, and such shares so paid up,
to participate in dividends with the other paid up stock of
the company.

Mr. Just is WILSON said he felt deeply the debt of
gratitude they were under to the directors for the way
in which they had managed the affairs of the company.
It was exceedingly easy for the shareholders to do as they
had hitherto done, give them a vote of thanks for those
services ; but he thought that the time had arrived when
they should consider the propriety of giving them some
more substantial acknowledgement. The directors on that
line had for a considerable time past been acting
without remuneration, and when they considered that
instead of paying 1,0001. or 1,2001. a year, for a super-
intendent of the line, and only meeting once or twice a
week themselves, the directors tock the whole of the duty
upon themselves, they would see how much they were
entitled to the consideration of the proprietors. He knew
that the chairman (and he was sure they had all heard it
with regret) was now laid up by illness brought on by his
exertions in the service of the company; and the deputy-
chairman, Mr. Pritchard, was to be found at the office of
the company morning, noon, and night ; and he had heard
that during the time of the French revolution, when it was
necessary somebody should be in the way to superintend the
telegraph and prevent the receipt of false information, those
gentlemen had their beds sent to the station, that they might
be called at any moment. He therefore begged to move that
a Committee, consisting of seven of the largest proprietors,
should be appointed to consider the amount of remuneraition
tobe given to the directors.
Mr. Alderman SaLordoss seconded the resolution, which
was carried by acclamation.
Messrs. Jones, Levy, Cooke, Wright, Wilson, Salomons,
and Dean were then appointed a committee.

The CHAIRMAN returned thanks; and it having been re-
solved that a letter of condolence on his illness should be for-
warded to ➢lr. M'Gregor, the meeting separated, after giving
three cheers for that gentleman.

LONDON, BRIGHTON, AND SOUTH COAST.
The half-yearly meeting of this company was held on
Friday, at the Bridge-house Hotel, London-bridge. The
chair was taken by Mr. J. M. Parsons, deputy-chairman of
the board.

The SECRRTARY (Mr. Buckton) read the report of the
directors.

The CHAIRMAN then rose and said—Gentlemen, it now
devolves upon me to address a few words to you before pro-
ceeding to move the adoption of the report. Before speaking
of the general affairs of the company, I must advert to cer-
tain resolutions which have appeared in the newspapers, and
which were passed by a section of the proprietors who assem-
bled at the Hall of Commerce. Those resolutions reflect
upon our late chairman, Mr. Grenfell (who is now abroad),
on account of the statements which he made in the House of
Commons. He was, in our view, justified in what he there
stated. The steam-boat question, to which the resolutions
have reference, had been repeatedly mentioned in reports of
the directors; and not only was allusion made to them in
four different reports, but on one occasion 100,0001. were
granted towards the object. In justice, therefore, to Mr.
Grenfell, who is absent from this meeting, I may say that
we think he was quite justified in everything that he
stated. With regard to the statement in which lam impli-
cated, in connexion with my examination before the House
of Lords, I beg to say that I was under examination five or
six hours, and that, although during that time four counsel
endeavoured to perplex me, I think they did not succeed.—
(Hear, hear.) No answer which I gave bears out the state-
ment referred to in the resolution, that I had represented to
the proprietors that the steam-boat money had been stated
in the accounts. I was asked—" Was it known to the body
of the shareholders that there had been this advance until the
Committee of investigation had been appointed?" The answer
which I gave was, " I am sure it is impossible for me to tell
whether the proprietors at large knew it. The fact of the
injunction having been obtained was very public and well
known, as all these cases were reported in the papers, and
railway companies' affairs are never kept particularly secret."
The only other questions put to me which bear upon this
matter—that is, so far as I can discover from reading the
evidence hastily, not having had much leisure—are
those which I will read. " Did you enter in those ac-
ac-
counts anything relating to the advance ofthis
100,000/.2" My answer is—" It was in the.
113.5.0.6 of the company; it constituted a debt • it was not
n was the
stated in so many words." Another quelisitclho the share-
following :—" Was there any hint given by w
holders could discover it?" 1 replied, "Certainly not." To
the question, Did anything t,a,k_e_oplhaaceleinthe never preceding
altered it
half-year?" My reply was, W
se the thing had become
since the injunction, when,
perfectly well known. , It aopipecaerusr'a; a detbhy, iotoims apadoevhhi)nr
point of fact, due to the proprietors of .
which we, proprietors of the Ste,arn-boat Company. have
1 need not tell thebeen all along individually
liablheedebtisvery well secured.
pro-
prietors of this company that
_Wear, hear.) I shall, tnil:•itv,tGentlemen, proceed to take
in the order in, , which. the
the business ot, the meeting
The first point is
sub-
jects stand on the face of the report.
that which relates to the South-Eastern agreement. I wish
to explain why we state that delay was unavoidable. We
were not authorised by a general meeting of this ccm-
pany to enter into negotiation with thi South• Eastern
Company until the ISth of April. That was the time
when the report which embraced this subject was brought
before the proprietors; the agreement being finally con-
cluded on the 12th of July. lam sure 1 need not tell the
meeting that, considering the complicated naturei mean,oftlie
details involved, the time thus occupied was by
thrown away. We had repeated interviews with the director,
of the South-Eastern Company ; and, at various time
certainly were under the expectation that, after all, it N:0,111v1de
come to nothing. That was the opinion not only of
but also of my colleague who sits on my left (Slr
Crowley)myself;
The negotiation terminated, however, eventuallyinte.
establishment of a permanent bond of friendship between
the two companies; and it will always be a source of
satisfaction to me that I had a hand in bringing
about the

- -
arrangement. The advantages arising from the agreement
are stated generally in the report; but there is one subject
to which I desire more particularly to draw your attention—
namely, the proposal to distribute among you the toll
receivable from the South-Eastern Company. If the
agreement had not been made, we should have received the
former amount of toll, and have had it to distribute among
you; we should have had no right to exclude it, if this
proposal of an agreement had gone oft: Now, we have at
present participated in none of the benefits of that agreement.
I have before me a statement, drawn up by the superinten-
dent of our goods department at New-cross, from which it
appears that the saving in respect of, the charges of the last
half-year would have been 2,2001., besides a large increase
in the goods' traffic consequent on the facilities afforded for
carrying such traffic to the Bricklayers' Arms, instead of
leaving it at such a distance as New-cross. Our superin-
tendent is of opinion that our goods traffic, in consequence
of this arrangement. will be benefited to the extent of at
least ten per cent. I have chosen to take a smaller figure.
If the increase be ten per cent. so much the better for all of
us; if it be no!, the proprietors will not have been lcd to
indulge in too sanguine expectations. I have, therefore,
taken seven-and-a-half per cent.. ; and at that rate the result
would be to give us this halt-year an addition of 3,7501.
Another reason which has induced the directors to recom-
mend, as they do most strongly, that this toll should be
placed to the debit of the capital account is this, to present
the first example of a railway company diminishing the out-
lay of capital by paying for capital out of revenue. We have
commuted this toll by the sacrifice of the present proprietary
for the sake of those who shall succeed them. If we had not
made this agreement, irrespective of a large outlay at Lon-
don-bridge—irrespective of the carrying contrivance by means
of a lift—we should have had to pay for the land at the Brick-
layers' Arms, or else we should have to go into an expensive
Chancery suit to litigate the question, and, in all probability,
we should have had to pay a large amount, as well as tile
costs of the suit. By the present commutation of tolls, the
proprietors are saved from that evil. Undoubtedly, we might
have recommended you to distribute the toll over a large
number of years, instead of placing it all at once in the debit
account of the present proprietary. But there were difficulties
in the way ; and, under all circumstances, we thought it
much batter to cut the Gordian knot in the manner that we
have. In future, the amount will be regularly deducted from
the halt-yearly receipts which are presented to you.—(Hear.)
The next matter to which I shall allude is one in reference to
which, 1 trust, every proprietor will feel the greatest satisfac-
tion—l refer to the amount charged in our account for unpro-
ductive capital. You have here only 3,060/. charged under
that head. I have no hesitation, therefore, in saving
that you see your position in its most depressed light.--(4p-
lause.) You have come to that point to which other rail-
way companies assuredly must come.—(Hear.) This com-
pany has been the first to set the example.—(Hear, hear.)
This has told heavily on you ; and I am sure I need not say
hew much it has told on us. We have carried on to the
debit side of the revenue account the charge for every line
from the first moment that it has been opened; and I need
not tell you that when that is done, even in good times, a
dead charge is often times brought to bear for a time against
the returns of a railway. Who is there that, on carrying
his mind back for the last ten years, is not reminded of illus-
trations of this? We all know how—at least my experience
has taught me, not only here but in other companies in
which I am concerned, being greatly interested in railway
property—that this evil has been largely increased by the
system of competition which originated, I will not say with
existing railway companies, but by that system of concocting
schemes in all directions which prevailed in 1845 ; and let
ins say this, if this had been met by the Government in
the manner that it ought to have been, many of us would
have been saved from our present responsible positions, and
from a vast extent of anxiety to which the loss of mere
money cannot be said to be equal. One line, however was
projected after another; and, on looking back, I cannot but
feel some satisfaction that, while it has always been said by
the opponents of the Brighton line that it is one of the lines
most open to competition, by means of a parallel line, we are
free from that competition, although many of the main lines
of the country have had it imposed on them. Therefore, I
say, that although the outlay of capital now placed to the
debit of the revenue account presses at the present time, yet
this renders the future position of the company secure and
solid; and we have not to anticipate the cost of two lines run-
ning parallel to each other. In this report I am sure all the
proprietors now present must feel deeply interested. The con-
traction of the capital account on all lines is really and truly
the thing on which must rest the chance of emancipation
from present difficulties.—(Hear, hear.) This company has
only eight miles and a quarter of new line in progress; and
short as that distance is, they were stopped in September
last, because otherwise the difficulties of the directors and the
proprietors would have been considerably augmented.
It is the last feather that breaks the horse's back;
and those who are conversant with the money trans-
actions of last autumn cannot but have a vivid re-
collection of what then occurred. We have brought to
the debit of the revenue the whole of the capital, with the
exception of 120,000/. It is impossible to avoid a certain
outlay at London-bridge station. Having gone into the
matter carefully after the Committee of Investigation had
sat, we see that our estimate for the station is a good deal
lower than they state; but, knowing what contingencies are
to be provided for, we think it best to give a range which
is not likely to be exceeded. That is, we conceive, much
better than leading you to indulge in expectations which
may not be realised. If the outlay be less than the
amount stated, you will have the benefit of the reduc-
tion. With regard to general expenditure, we see no
reason to alter the figures which have been given;
although there may, in the result, be some trifling
differences, we believe that the aggregate will be found
correct. There may be some trifling variations under
certain heads, but, as far as we can judge, the sums
stated will be sufficient for the execution ot the various works
comprehended under the head of outlay.—(Hear, hear.) In
our last report we said we believed we could make very
large reductions under the bead of expenditure. You have
now betore you the results of what we have done; the figures
will speak for themselves, and are much more important
than any observations of mine. The improvement in our
locomotive department has arisen mainly from the vast im-
provement in our engines. which has been such that one
engine will now do the work formerly accomplished by two.
Formerly, too, we were paving a much higher price for coke
than we are at present. It is a necessary result that when
the engines are in better order the consumption of coke
should be less. In the cost of coke, in the consumption of
coke, and in the general efficiency s f the engines, there hoe
been an alteration for the better. This is the reason why
you perceive a great diminution in the locomotive ex -
penses. Moreover there is charged to the debit of
the revenue Lccomint a vast improvement in the loco-
motive department itself; and our general stock of engines
is in such a state of efficiency, that our engineer has de-
clared his belief that he might shut up the workshops for
two or three months without any injury to the interests of
the company.—(Hear, hear.) In reference to our lines of
railway, Gentlemen, now in progress-8i miles in length—
let inn say that there is one portion in particular to which I
wish to direct attention, otherwise it might be said that I
had avoided dealing with it—l refer to the Thames Junction
Railway. That came to us with the Croydon amalgamation
—( Hear, hear)—and there is a gentleman in the room iv ho
will be able to speak better than I am respecting the details
of it, if he shall consider it necessary for him to do so. With
the purchase of the dock, the directors of this company have
every reason to feel exceedingly well satisfied. It is on the
Thames; it has 400 feet of river frontage; there is a wharf
of 500 feet in length; 15 or 16 vessels can be discharged
there ; and the whole will bring a considerable augmentation
of our coal traffic. The railway adjoins the Government
arsenal at Deptford ; it runs side by side with it to the length
of 500 or 600 feet ; and thus, by means of our railway, which
they have a right to use, the Government will have direct
communication between the arsenal of Deptford and Ports-
mouth. We shall also obtain a large coal traflic on the line;
and, as appears from evidence given before the House of Lords,
by parties who are in no way connected with our company—
Messrs. Coles, Child, and Co.—we effect a saving of 2s. on
every ton of coke conveyed over the railway. The London
and North-Western Company have gone to a great expense
to obtain similar advantages, by means of the East and
West India Dock Company. The estimate of the chairman.
ot that company, in his recent speech, was 700,0001. I thinly
that, when you consider all I have stated, you must come 'so
the. conclusion that we shall derive from this source a con-
siderable augmentation of our traffic. I have merely men-
tioned coal, but, of course, groceries and other things will
also come upon the line. We have now 161 miles open, all
points of which will be supplied from the Thames; and as
freight is much cheaper to the Thames than to the south
coast, we shall 'have upon our line, as far as Hayward'sbe
Heath, the whole of the coal traffic to the district. The
next subject which I shall enter upon is one whichthe
been the subject of angry disacusitoin. amongWestate in out
pro-
prietors—namely, the Steam-boat
because the Newhaven branch was solely,
verynot mne
report that the 13ill is lost. Wetregmreatdet,hiisf
vet mainly, with reference to communication with France;
and we have now to debit the revenue with the cost
of that line, without reaping any of the benefits which
were expected from it.—(Hear, hear.) I may here state
generally, with regard to myself, that as long as I have
known this company, ever since the year 1843, I have en-
deavoured in every way to bring about, as speedily as pos-
sible, communication with the opposite coast. I will not
DOW dwell upon the matter. As the report tells you, the Bill
is lost—the boats will be sold. The Newhaven branch is a
loss to time proprietary for which we do not consider ourselves
in any way responsible. My colleague on my left reminds
me that we have written a letter to the directors of the
Steam Navigation Company, urging upon them the supe-
riority of Newhaven to Shoreham in reference to commu-
nication with the opposite coast. At present we have re-
ceived no answer from them, the letter havingbeense nta
fortnight ago. The secretary and some of the directors are,
which
may
be
I believe, abroad. The opposition,which we haveleaat received
from that company will not in the degree
militate against any arrangements
with the opposite
made to promote the traffic
WeS shallarSteam
I ays have done ever since I
company.
pa General
nCeoaiun sp
promoteaon fyi t theoara
wa any other boatsalways
ef
shoreeo Navigationn i u byt( i
tsmouth Bill. This Bill
touched upon in the
became connected with thisiactohmeppaenry. The next question
report
has been lost, and we
regard the loss of it as a serious dis-
couragementn —(Hear, hear.) The visor
taken to this coma pb y.
There
taken of the matter by the board
state
feduirrevcietoz wwaitsh
stated to
the Committee. We could not reference
spermoperipeteorrsae.h—yeehreceahrehdmedatters
which yothis
u
to that more
mustful lcyontfind edit oe
matter to the Committee of Investigation. In the appoint-
nn e of that committee we bad no voice; ant yet thecom-
mitteetete cordially concurred in the policy which bad been
pursued in reference to that line.—(Hear, hear.) I leave
you, therefore, gentlemen, to consider how far it was the
intention of this board to devote a large amount of capital
to the Portsmouth line. The committee being, as you are
all aware, very desirous that the capital of the
company should be limited as far as possible, they would not
have made the recommendation they did, had they not felt
the strongest conviction that what they recommended was
essential to the well-being of this company. If any evil
shall eventually arise irons what has been done, it will not
be our fault. I strongly recommend the proprietors not to
press the matter, because what suits here may not suit else-
where.—( Hear, hear.) We. have opponents in the railway
e restamtit:
ist eibr lsivatinti
eeentts!wiriiida
pt
roes!
gentlemen ld ; .'
we
ho hhoava er
e choanave
ciate what I say when I recommend the proprietors to ex-
ercise caution on a matter of this kind. I can assure the
proprietors that no more money will be spent, and nothing
tun her will be done in the matter in any way whatever,
without the proprietors being first convened. With that
assurance I hope the proprietors will be satisfied. There is
one other subject to which I will refer; and I really do not
tiring it forward ad captandam, but because of my real con-
victions in reference to it. There is one other subject, I csay,
to which I will advert before I sit down—l mean the ge-
neral condition of our traffic. Exclusive ot the toll to be
deducted, the proprietors may wish to know what
is the amount of increase on the receipts irrespec-
tive of the toll. From June 30, the date up to whic h
the accounts extend, there has been aniriereitabaea,t
the
ex-
clusive of the toll, of 4,1241. When you
considero
the authority
present Brighton season is, asam assured
of those who know Brighton well (and I doubt not that
many gentlemen in the room can confirm the statement), the
when you
worst that has been known for many years, and
remember, too, that this line has always been considered a
pleasure line,
and that w4liout pleasure traffic cannot

. y;.