The Sun.
London, England, 1848-08-28 00:00:00

making of new lines of railway had perhaps gone on a little
too fast. In this country, in 1843, there were 1,952 miles of
new railwayin operation. In the year 1848 the number of
miles of railway was 5,016, including what would be com-
pleted during the present year—an increase much greater
than any proportionate, increase of traffic that could be
reasonably expected. The directors could not, however,
have restrained the extension of new lines. Parliament, a
year or two ago, regarded favourably the doctrine of
competition, the shareholders naturally desired to increase
the number of new shares upon which tkey anticipated
receiving high premiums, and then the fear of losing
districts into which competitors were hastening, com-
bined with all these causes to make railway companies
go faster on with their extensions than the traffic could
accumulate which was to make them remunerative. Seven •
years ago a combination of circumstances caused a like
depression in railway undertakings, but they had enjoyed
a very high degree of prosperity since that period, and they
might reasonably expect that brighter days would shortly
occur. In the year 1841 they had 251,460 passengers over
-78 miles of their main line, no branches having then been
opened. In 1848, now that they had extended their opera-
tions over 101 miles, the number of passengers was 1,058,734.
So that while in 1841 they carried 3,608 passengers for each
mile, in 1848 they conveyed s,s42.—(Applause.) These
results afforded ground to the proprietors for believing that
their undertaking was thoroughly sound, .and that their
traffic would go on steadily increasing and developing itself.
--(Hear.) Having explained that the delay in opening the
Waterloo extension was not attributable to the directors or
to their engineer, the Chairman congratulated the share-
holders on the increased facilities now afforded to the public
by so central a station, with the results of which, as far as
the interests of the company were concerned, the directors
had every reason to be satisfied. He also expressed the
satisfaction felt by the directors in having succeeded in
carrying on their line to Windsor. The directors an-
ticipated a considerable increase of traffic as soon as their
loop line through Brentford could be opened, seeing that
the population of that neighbourhood was very great,
and that 1-3Gth of the exciseable duties of the
whole kingdom (say 380,000/.) was paid in the district of
Brentford. He explained and defended the policy of the di-
rectors in their Parliamentary contests for their western ex-
tensions, and also in their steam-boat projects. The com-
pany had Southampton upon which to depend for all time,
with its packets, docks, and mails, and if they considered the
steamers which left that port for the East and West Indies,
Constantinople,,Bremen, and the United States, they would
feel the great desideratum of having a large supply of con-
tinuous traffic brought to Southampton, of increasing it by
establishing tributary streams, and by offering every faoility
in favour of the concentration of the mail packets at South-
ampton. The directors had sought for the power of estab-
lishing steam-boats, because of the economy with which they
could be worked and repaired in conjunction with their rail-
way, and also because the railway and steamboats were
parts of the great and comprehensive undertaking by which
they were to arrive at a combined and satisfactory result.
Their line now presented unequalled means for pub-
lic amusement and recreation. Among the retreats
they had to offer were Richmond and Hampton'
Court. The latter place had had this year, not-
withstanding the unfavourable weather, 209,404 visitors
and they might expect a great increase of traffic when their
41ampton Court branch was completed. Then they had
Chiswick and Kew, where 38.000 persons visited the grounds,
awl 64,000 the Botanic Gardens. The number of visitors to
Windsor Castle were 27,142, to say nothing of Virginia
Water and the Isle of Wight. The directors might have
been going on too fast, but if they now only held their
hands a little, and T7ere enabled to call upon the proprietors
as little as possible, by borrowing money and economising
their expenditure as. much as possible, he was convinced
their affairs were in a very satisfactory condition, and they
could afford to wait for better times before they attempted to
complete the remainder of their projects.—(Hear, hear.)
The Andover and Southampton line, and the London-bridge
Extension, could afford to wait for further consideration.
Their total share capital was 6,209,9351. The experiment of
reducing; the fares had not been so successful as was antici-
pated y some persons, and some increase in the fares would
be necessary to make their undertaking properly remunera-
tive to the proprietors. The Chairman concluded by moving
.that the report be read, adopted, printed, and circulated
among the proprietors.
In reply to questions from a SHAREHOLDER,
The CHAIRMAN said the directors had no intention of
going to Parliament for any more extensions. They were pro-
gressing fast as they could to the closing 01 their capital
accounts, but he did not see how it was practicable to accom-
plish this immediately.
Mr. BAKER moved, as an amendment,
"That a committee of shareholders be appointed to confer
with the directors on the presentstate and prospects, and the
future liabilities of the company; and that such committee
'.be required to report thereon to a general meeting of the pro-
prietors."
.Mr Baker proceeded at extreme length to complain of the
administration of the company's affairs, and was followed by
Masses. Hoyes and Puncher.
They were replied to at great length by the CHAIRMAN,
and as his explanations appeared to be entirely satisfactory to
the great body of the meeting, and as the amendment was
eventually withdrawn in deference to the general opinion of
the shareholders, it will be unnecessary to advert in detail to
points raised in the discussion.
• Mr. LooK.E, the company's engineer, suggested that the
two auditors who were to be elected that day might examine
the company's accounts, as the dissentient shareholders
complained of the impossibility of understanding them, and
report whether they could be kept in any better mode. The
auditors might also investigate the expenditure, so far as it
came under their notice, and if they would suggest any
measures of additional economy in his department of expen-
diture he would gladly avail himself of their assistance.—
(Hear, hear.) The fact was, however, that the locomotive
expenses of the South-Western line were less than on most
other railways. The experiment of reducing the fares had
been tried, and what had been the result?
A SHAREHOLDER—A 6 per oent. instead of an 8 per cent
dividend.—(Applause.)
Mr. LOCKE agreed that the reduction of fares had been
one of the causes that had produced this result. The first
class fare to Southampton used to be IL Is. ; it was now
only fourteen shillings. He would recommend that the fare
be raised to the maximum rate now permitted by Parlia•
ment (16s. Bd.), for it was clear that to keep up the dividend
to which the proprietors were fairly entitled they must keep
up the fares.—(Hear, hear.) He would also recommend
that the practice of sending third-class carriages by th e
fast trains should be abandoned, and that third-class car-
riages should always form a train by themselves, and not to
be attached to first and second-class trains."—(Applause.)
He defended the making of the extension lines westward,
but for which they might have seen a broad gauge line to
Southampton.
The motion for the reception and adoption of the report
was then carried unanimously.
The CHAiamAs then moved—

"That a dividend at the rate of 61. per cent. per annum
subject to income-tax, be declared on the consolidated stock
of the company, and that the said dividend be paid en and
after the Ist of September."
The resolution was agreed to unanimously.
Resolutions were also passed, without dissent, authorising
the directors to perfect the amalgamation of the Southampton
and Dorchester Railway, and approving of the agreement
for working the Richmond and Datchet portion of the
Windsor, Staines, and South-Western Railway for one year
at a rent of 51. per cent. per annum, on the paid-up capital of
the latter company. Powers were also given to the directors
to make arrangements for the execution of the proposed
Datchet and Windsor Extension Railway, and for the sale or
lease thereof.
In compliance with the general wish of the meeting, it was
understood that the directors should forthwith raise the fares,
and take off the third class carriages from the first and
second class trains.
A long discussion took place respecting the appointment of
auditors, which was at length terminated by the election of
Mr. Close, of Nottingham, and Mr. Alexander Hors, of
Southampton.
After a vete of thanks to the Chairman and directors, the
meeting adjourned at half-past six o'clock.