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

LUC LIeIILISU LraIIIC
(WWII to Hastings, and also the
traffic over the Reading, Guilford, and Reigate line, which
will be 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 bowing 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 conduct 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 is
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 it ill see the Gravesend and Rochester
line is not taken, into our calculations, but I will give
you 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 comment, 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 Gree.nwiCh
line, and if we have competed successfully in A case of 3i
miles, how much greater is our chance of seccessful com-
petition when we have a line to (iraWst)nd and Rochester,
32 miles in length. I BIM; the facts I have stated
carry a complete answer to this question. It via be
seen we have introduced a paragraph announcing that
we havo QOlllO to an understanding tej,th, the Great
Northern of France Railway. WQ endeavoured to
come to an arrangement with the directors of
the Boulogne and Anakena Railway, but we
failed to do so, and you will therefore not
receive those advantages font the opening of that railway
which we had been led to expect. The Boulogne and
Isenlens Company send all the traffic they can, goods espe-
cially, by water to London; we have, therefore, been obliged
to Make friends with the cireat Northern Company, who
will do all in their power to, bring tratge on the Qouth-Eastern
line.—(Hear, hear') But, gentlemen, the Boulogne and
Amiens line eannet qekst without us; it is naturally a con-
tinuatien of Our line, hut If they will not meet us fairky, 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 shares, 15s. M. en the No. 1, and 1 ls. Bd. on the
No. 2 shares.—(j ee4 applause.) If, however. you should
think fit tp reetkie only a dividend of 10s.—(No, no)—we
are in your bands. But we have the fullest confidence in
the hue, and we 'recommend you to divide the guinea.—
( Applause.) We have no want of confidence in the resources
of the South-Eastern line. Wktle some, we all know that the
South-Eastern line has heela an object of pity, on the ground
of want of extension i hut we have pursv,ed a different sys-
tem, and ii 141tevie we shall rise becaus,e we have avoided that
R.YsWil of amalgamation under wWeela so many lines are des•
fined to fall.—(Cheers.) Ives, gentlemen, we have always
had a great aversion to 41*,*alAatiCARA, on the principle that
it was ruinous to ralleev property. We have steadily car-
ried out our NteVS% and we have avoided ruinous amalgama-
tions, And, gentlemen, if the House of Commons had re-
steeeei an old order, and had called on railway companies a
year or twu ago to prove their traf4c, not one-fourth of the
Bille which have been sanctioned would have become the
law of the land. When the Legislature were at a loss for
means to stop the gent of railway speculation, had they
put this law in force, they would have been enabled to throw
eqt seven-eighths of the Bills which they passed, and thus
WPM 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, Aldertnatt 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 ordera of Parliament been put in force, any
great number et Dille would have been prevented passing,
there having been a strong desire to force capital into such
sPecniatione 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 anti assistance, and which, if it had not been for
the prudence of the engineers of the various companies,
amosgat 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 be 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-
uomical management, would continue so.—(Cheers.)
Mr. LEVY, having known the whole of the North Kent
district for the last half century, could bear his testimouy to
its value, and when the traffic was properly developed he 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
capitalwould be required to be called up ; but the directors
were doing everything they could towards closing the capital
account, and he 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 carried, autho-
rising the directors to give the shareholders the option of
paying up the (No. 2) stock created on the 10th of Novem-
ber, 1843, in anticipation of calls, and such shares so paid up,
to participate in dividends with the other paid up stock of
the company.
Mr. Josiass 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. lie 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 SALOMONS seconded the resolution, which
was carried by acclamation.
Messrs. Jones, Levy, Cooke, Wright, Wilson, Salomons,
and J. 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 Mr. 11PGregor, the meeting separated, after giving
hree 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 SECRETARY (Mr. Buckton) read the report of the
directors.

The CHAIRMAN then rose and said—Gentlemen, it now
deceives 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 100,000!. 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-
counts anything relating to the advance of this
100,0001. ?" My answer is—" It was in the general
assets of the company ; it constituted a debes t; it
was was not
stated in so many words." Another qution the
following ;—" Was there any hint given by which the share-
holders could discover it ?" I replied. "Certainly not." To
the question, " Did anything take place in the precedin
half-year?" My reply was, " We have never altered it
since the injunction, when, of course, the thing had
become
Perfectly well known. It appears as a debt; it is a
db eb t,
point a fact, due to the proprietors of tthi&cmopmapbavn,y,
which we, proprietors of the Steam-boa fit
haveir
been all along individually liable." I need not tell
tors of this company that the debt is very
we
priell isheceuirireod-.
dwhich the sub-
the business of the meeting in the or
der in e
first
point
is
that which relates to the South- proceed to take
—(Hear, hear.) I shall now, Gentlemen,
E
jects stand on the face of the reaspotertr.n lagreement.h I wish
general meeting of this ccm-
were not authorised by
we state that delay was unavoidable. We
to explain why
of A 1 That was the time
panyto venter inttboe nleBg tion
prtaobtiawii.th the. South- Eastern
Companywhen the report which embraced this subject was brought
before the proprietors; the agreement being finally con-
cluded on the 12th of July. lam sure I need not tell the
meeting that, considering the complicated nature of the
details involved, the time thus occupied was by ne means
thrown away. We had repeated interviews with the directors
; s wef
of the South-Eastern Company ; and, at various tim
certainly were under the expectation that, after all, it would
come to nothing. That was the opinion not only of myself,
but also of my colleague who sits on my left (Mr. Crowley).
about
tee the of
The negotiation terminated, however, eventually in the
establishment of a permanent bond of friendship between
the two companies ; and it will always be a
satisfaction to me that I had a hand in bringing

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' Arnie, 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 not, the proprietors will not have been led to
indulge in too sanguine expectations. 1 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 recent -
mend, as they do most strongly, that this toll should lie
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
ll
u stepa yourd
of
to distribute
placingetar .
Bi t u
att
heaetrt
eoo3l
cdaeeeenoin‘eil
t'nueedhcrritott
tue,andege
auilalfatltertrowbigei large
Brick-
layers' Arms, or else we should have to go into an expensive
e
Chancery suit to litigate the question, and, in all probability-,
we should have had to pay a large amount, as well as the
numberh
accounte have recommended
costs of the suit. By the present commutation of tolls, the
oo fftyhe
ea presentrsyears,
i
proprietors are saved from that evil. Undoubtedly, we might
s
n
Tmile
ht
alilue:te:cheehhnh.ea:blwxflle-natt3tyt, r
umee
future,ar'ar
trust,
to ncdut,
thunder
Go
unanrl
tdl
Gordian
knotubm sr circumstances, eahsl
half-yearly •
matter
receipts
every
whichpptsrowphr jecthora shallrwe presentedallllfuedeel tish eo
one
e greatestyt no you.—(Bear.) .
references(altii
se
ta,
artc.o).
tion—l refer to the amount charged in our account for unpro-
ductive capital. You have here only 3,0601. charged under
that head. I have no hesitation, therefore, in saying
that you see your position in its most depressed light.—(Ap-
lease. ) 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
how 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 1 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
me 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 lam 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 120,0001. 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 of 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 head of expenditure. You have
now before 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 paying 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 of the engines, there has
been an alteration for the better. This is the reason why
you perceive a great diminution in the locomotive ex -
penses. Moreever there is charged to the debit of
the revenue account 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 me 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 who
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 traffic 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
of that company, in his recent speech, was 700,0001. I think
that, when you consider all I have stated, you must come to
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's
Heath, the whole of the coal traffic to the district. The
next subject which I shall enter upon is one which has
been the subject of angry discussion among the pro-
prietors—namely, the Steam-boat Bill. We state in our
report that the Bill is lost. We regret this very much,
because the Newhaven branch was made, if not solely,
and we have now to debit the revenue with
fits which
yet mainly, with reference to communication wthithtFhreanocoest;
of that line, without reaping any of the benefits
here state
were expected from it.—(Hear, heara.) t
asl
known ibis company, ever since the year
as speedily as pos-
sible,generally, with regard to myself, tb
en-
deavoured in every way to bring about,
yolo,wthilel
Bill
tl
1811104n3g, I" have paceen -
now dwell upon the matter. d A
The Newhaven branch is a
is lost—the beats will be sol.
we do not consider ourselves
communication with thes othpeporseipteorct
left reminds
me My colleague on my
otasellts.
in any way responsible.
ofthe
Steam written a letter to the directors
me that we
Navigation Company, urging upon them the supe-
riority Steam
loss to the proprietary for which
commu-
nication with the opposite coast. At present we have of Newhaven to Shoreham in reference to
re-
ceived no answer from them, the letter having been sent a
fortnight ago. The secretary and some of the directors are,
I believe, abroad. The opposition which we have received
from that company will not in the least degree
militate against any arrangements which may be
made to promote the traffic with the opposite
shore by means of the boats of the General Steam
Navigation Company or any other company. We. shall
became connected with this company. The next
,
question
continue to promote it, as we always have done ever since I
loss of it as a serious dis-
hes been lost, and we regard the
Hear hear.) The view
touched upon in the report is the Portsmouth Bill.
.1 his Bill
couragement to this company.
state our views with reference
the Committee. We could not
There are matters
to that more fully •to the proprietors.
taken of the matter by the board Of directors was stated to
person—you confided this
matter to the Committee of
we had no voice; and yet the Investigation.some In the appoint-
i:tl°ecommittee being, as you are
wmleinicthefyotuhamt
committeeust
com-
mittee cordially concurred confide
in the policy which had been
pursue 1.--(llhear, hear.) I leave
you, therefore, gen consider ow far it was the
intention of this board to devote a large amount of capital
to the Portsmouth line.
very desirous that the capital of the
d in referencteletmoenth,
all aware,
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 from 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
world; we have had conflicts in Parliament; and those
gentlemen who are conversantiwith such subjects:will appre-
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
further will be done in the matter in any way whatever,
without the proprietors being tint 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
bring it forward ad captandum, but because of my real con-
victions in reference to it. There is one other subject, I say,
to which I will advert before I sit down—l mean the ge-
neral condition of our traffic. Exclusive of 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 which
the accounts extend, there has been an increase, ex-
clusive of the toll, of 4,124/. When you consider that the
present Brighton season is, as I am assured on the authority
of those who know Brighton well (and I doubt not that
many gentlemen in the room can confirm the statement), the
worst that has been known for many years, and when you a
remember, too, that this line has always been considered
pleasure line, and that without pleasure traffic it cannot