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

AUGUST

arrangements will be entered into to book through from Paris
to London, and vice versa, and thus bring on the South-East-
ern Railway :.i traffic which has hitherto gone by water to
London.

The two years, 1846 and 1847, present a remarkable di-
minution upon nearly all kinds of commercial traffid of the
year preceding. This diminution was probably caused by
the commercial crisis which existed in England, and which
sensibly affected all other countries.

In conclusion, your directors have the pleasure of per-
ceiving that, notwithstanding the disastrous effects which
the French revolution has brought about, the traffic of the
South-Eastern Railway has maintained a comparison of
mileage with the same period of last year that must be sa-
tisfactory to the proprietors.
The engineer's report states of the
Noirrn KENT LINE.—The construction of this portion of
the company's lines has not progressed so much as it other-
wise would have have done, arising from the unavoidable
delay in obtaining the land for the deviations already men-
tioned. The whole of the land between Plumsteadand Graves-
end is with little exception, in the hands of the contractors.
and also the principal portion between London and Charlton.
hi the district of fifteen miles between Woolwich and
Gravesend the works are far advanced, the tunnel and the
principal cuttings being so near completion that this
portion of the line may be opened for traffic by Christmas
with ordinary exertion, at a further expenditure not ex-
ceeding 50,000/. in works. In the upper portion, between
London and Charlton, the two principal works are the
Greenwich viaduct, or widening, and the Blackheath tunnel
of 1,700 yards; the former of which is fast approaching
to completion, seven-eighths of the brickwork being
finished, and the latter having the arching turned on
above one half of its entire length, and is pro-
ceeding very satisfactorily. The other intermediate works,
which are comparatively light, are at the same time
progressing rapidly, and the whole will be finished in six
months, with fair exertion on the part of the contractor. The
line may then be opened, with the exception of two miles
through Woolwich, the traffic on which may be temporarily
carried on by omnibuses, with so little loss of time that the
greater portion of this traffic will be secured.
BRICKLAYYRS' All3lBJuxe-non LlNE.—This branch forms
a connecting link between the North Kent and Greenwich
line and the Bricklayers' Arms station, not merely for the
purpose of the goods traffic, but will yield also a considerable
revenue from passengers. It commences at the crossing of
the Surrey Canal under the Greenwich Railway, and
descends by a gradient of one in 125 to pass under the Croy-
don Railway, and again ascends by a gradient of one in
140, forming a junction with the existing Bricklayer's Arms
branch at Corbett's-lane. The principal work on this branch
is the brick viaduct from the Surrey Canal to the Croydon
Railway, which is complete; there only remains to be
executed the bridge under the Croydon Railway, which is in
hand, and the small embankment on the west side, the
earthwork of which is obtained from the excavations of the
North Kent line.

ASHFORD AND HASTINGS LlNE.—This line, which com-
pletes the south coast railway communication, commences
at Ashford on the main line, and terminates by a junction
with the Tunbridge Wells and Hastings at Whatlington ;
the last seven miles of which latter railway is common to
the direct and coast communication. By this advantageous
arrangement, the expensive portion of the original Ashford
and Hastings line through the forest ridge is avoided, and
the coast line will be rendered complete without a tunnel,
aed practically with a diminution of distance from the supe-
riority of :gradients. The Ashford and Hasting line, as
now under execution, is a very favourable line as to works,
and the twenty-five miles between Ashford and Whatling,
ton will be completed for 10,0001. for a double line, or
8,000/. for a single line and double works. On the :first
16 miles of the line between Ashford and Rye (where the
only works deserving of notice occur), so much progress has
been made, that the line may be opened in six weeks or two
months to Rye, on the eastern side of the river Rother,
where a swivel bridge is required to be constructed, which
has caused some delay, but which is now approved of by the
Admiralty, and is in the course of construction.
TUNBRIDON WELLS AND HASTINGS LINE.—The works
under contract extend from Tunbridge Wells to Roberts-
bridge, 15i miles, or two-thirds of the entire line, and
include the heavy work of this branch, to which the efforts
of the contractors have been principally directed, and in
which the most satisfactory progress has been made. The
grove tunnel is entirely complete ; and a waggon road
heading has been formed through the summit tunnel at
Wadhurst, which proves of the most favourable material ;
and the brickwork is proceedingly rapidly, and at a cost net
exceeding 351. per lineal yard. There is also executed
320,000 yards of earthwork, and 7,000 yards of brickwork,
with a proportionate amount of other work.
READING, GUILDFORD, AND REIGATE LINE.—The works
of this railway, which forms a part of the South-Eastern
Company's lines under lease, are proceeding very rapidly ;
and I refer with satisfaction to my report on the details, as
well as to the statement made by the chairman, Mr. Alder-
man Salomons, at the general meeting, as to the experience
enabling him to state that the ultimate cost of this work
proves less than had been previously estimated, and that
151. per share, or three-fourths of the share capital, will be
sufficient for the completion of the work.
Attached to the report is a statement of accounts, which
shows on the

Captal Account. —A receipt of 7,668,6491. 18s. 10d., and
an expenditure of 7,389,322/. 9s. 3d., leaving a balance in
hand of 279,3271. 9s. 7d,

Revenue Account.—Receipts, 219,3651. ss. Gd. ; expen-
diture, 106,6451. 7s. sd. ; leaving a balance in hand of
112,7191. 18s. Id.

The CHAIMIAN then said—Gentlemen,in the present state
of distrust in railway property, I consider it my duty to lay
before you the financial position of the company ; and would
also desire to call your attention to the prospect we have of
a return for the capital expenditure. I will, in the first
place, call your attention to the statement of our capital ac-
counts, which you have in your hands; you will there find
the following items :

Balance on-hand
Calls, &c., in course of payment
Call due yesterday on No. 4, about

Total £1,002,000
I hold in my hand a statement, carefully drawn up by Mr.
Barlow, showing that the amount required to complete the
whole of our works is 825,0001. You will observe the
825,0001. is deducted from the sums called up and sums due,
and that it leaves a balance of 175,0001. in hand. Gentle-
men, the directors would rather have postponed the last
call on No. 4 shares, but the fact is, that on the expiration
of our Parliamentary powers for purchasing land on the
Ashford and Hastings, we are obliged to complete all our
engagements on that line, and, in order to push forward
the North Kent, we have been obliged to pay large sums
of money for the valuable property through which we pass
Within the last fortnight no less a sum than 132,00u1 .
has been paid, and within the next month we shall have
completed the purchases of the greater part of land required
for the whole of our scheme. The calls which are noted on
the face of the accounts as being in course of payment at
the first blush appear large ; but, gentlemen, they are coming
in in the most satisfactory manner, and when we consider
the pressure that has been of necessity put upon the proprie-
tors, you will agree with me that the calls have been rapidly
and well paid up. Our capital, when the whole of our works
are finished, and the bonds paid off, will amount to 8,191,0001.,
or thereabouts. I speak without book, but I believe lam
correct.. Gentlemen, if from the sum of 8,191,0001. you de-
duct 4,546,0001., there will reman a sum of unproductive ca-
pital, amounting to 3,645,0001. ; and new, gentlemen, comes
the most important question. Will the lines which repre-
sent this large amount of capital produce an adequate return
to the proprietors? I have given a statement of our produc-
tive capital, or that which pays dividend, for the enemies of
the South-Eastern Railway, by insinuation and inuendos,
have through some portion of the press attempted to cast re-
flections on the directors, that we have paid and continue to
pay dividend out of capital. Gentlemen, before you hear this
read, I will make it perfectly plain and clear that we do no
such thing. I recollect what was said some time ago by
parties who were no great friends to this undertaking. They
said, ‘. Wait until a loan comes, and then see where your re-
venue will be." We have had, we have, a French revolu-
tion equal to a war, vet our traffic has stood its ground, and
can compare with that of the best railway in the kingdom.
—(Cheers.) Here, gentlemen, is a statement of our present
productive capital and capital stock, 140,0001. I will now
give you a statement of what our present productive capital
amounts to, viz.:—

Ist capital
2d capital 700.000
8d capital (No. 2's) ......
4th capital (No. 3's)
Bonds, about

Making a total of £4,546,000
Now you often hear people say we cannot make out from
your accounts what amount you pay upon. It is as clear in
the official accounts as it possibly can be, to any person who
understands figures. We pay dividend on the original
shares, that is tolerably clear to all who receive it ; we pay
dividend on the No. 1 shares, that is equally clear; and that
we pay on No. 2 shares is also clear. We have to pay
interest on 850,0000. borrowed money, applicable to the
main line, showing 4,516,000/. productive capital, which,
deducted from 8,191,000/, I find leaves us 3,615,000/., for
Which we have to find traffic to meet the dividend. Now
we come to the.most important question; will the lines re-
ferred to yield an adequate return for the outlay ? The first
and most important of our lines is the North Kent Railway,
and I will claim your attention for a short time while I go
through the prospects of the traffic in-the district. You are
aware, gentlemen, that it is a continuation of the Green-
wich Railway; the first place we come to-is Lewisham. From
this wealthy and populous district we expect a large acces-
sion of traffic, and when opened to this point it will bring into
use the Bricklayers' Arms junction for the west-end traffic,
which is at present used as a goods station only. and which
has cost the company upwards of 300,009/. This is a large
sum for unproductive capital, but it is included, as•you will
see, in our statement of productive capital, and forms a large
addition to that capital. From' Blackheath the line pro-
ceeds to Woolwich, where we intend to have quarter-of-an-
hour trains, the same as on the Greenwich Railway, and' no
one can deny that the traffic to Woolwich is not likely to be
very productive. From Woolwich the line proceeds through
Pluinstead, where we get the traffic from the populous dis-
tricts of Welling, Bexley, and Wickham, and from thence
to Erith, Craford, and Bexley heath, Dartford, Green-
'lithe, and Northfleet, and from thence proceed to •
Gravesend. The present traffic from London to
Gravesend is greater than the traffic was from Lon-
don to Greenwich before the opening of the Green-
wich Railway, the number of passengers that liaised
within the last two years, over the two piers at Gravesend,
amounting to four millions, two millions annually. This is
a traffic disconnected with the local traffic of the popular
places I have just named ; and now, gentlemen, 1 would ask
whether it is unreasonable to calculate on a return equal to
the mileage of the Greenwich branches, though, ffir tnv Own
part, I think it will exceed it ; but we will tale it at the.
present mileage of the i ireenwich !lady, ay. It must, how
ever, be recollected that you go threis,gh wealth, districts
along the whole line, containing a population of 189;000
prisons, and that when we are at Gravesend, we get the
l:ir7e additional tratlii• I have named. Now as to the
prospects of the Gravesend traffic. it may be said that 'v
have water competition—to that I answer, we have the
Greenwich boats against us, but the traffic by these boats is'
greater than before a railway to Greenwich was made ; and
yet the Greenwich Railway carries three millions
of passengers annually.—( Hear, hear.) Therefore, I
think this fact fairly yields this conclusion, that the
North Kent line will realise the same mileage as
the London and Greenwich line. For my own part I
say unhesitatingly, that it will far exceed it.—(Cheers.)
give my individual opinion on this point; you can form
your own judgment ; you can look at all the facts, and draw
conclusions for yourselves. For the exercise of your judg-
ment I have allowed a wide range. Take off from this as-
sumed traffic a large deduction, and you vet leave the South-
Eastern Railway one of the first lines for traflic in
.the
kingdom. No doubt we have the water to compete with ;
so we have to Greenwich ; but if we put down the
rnei‘deenaigmt:
of that line at, say 15,0001. 'iel
per mile, it will uk
of 494,0001. for passengers, and for goods aboutd.so,ooo/. I
only give you the facts. I state the premises, and you stay
draw your own conclusions. We have no wish to conceal 4,r,
exaggerate anything; we only desire to lay all the facts
fairly before you, that you may form your own judgment
on them. Well.-the aext in importance to the South-
Eastern line is the Tunbridge-wells and Hastings branch

I line. from this railway we expect a considerable accession
Ito 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 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 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 conduct the affairs of this company
towards our neighbours, and render no injury to railway
property.—(Cheers.) . Gentlemen, I put down the receipts
front this railway, from our Parliamentary estimates, which
will amount to 21,000/. 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 Is ill 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 litre 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 Greenwich
line, and if we have competed successfully in a case of 3i
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 Ive
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 bringtraffic on the south-Eastefn
line.—(Hear, hear.) But, gentlemen, the Boulogne aid
Amiens line cannot exist without us; it is naturally a co
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 lot
108,000/. for this purpose. This will enable us to pay 21s.
on the old shares, 15s. 9d. on the No. 1, and 11s. Bd. on the
No. 2 shares.—(Loud applause.) If, however, you sbot4
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 resourees
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 1 believe we shall rise because we have avoided thnt
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 thy
put this law in force, they would have been enabled to thrthv
out seven-eighths of the Bills which they passed, and thirs
have prevented a great portion of the disaster which Is
fallen on railway property. Gentlemen, I now beg to co -
elude by moving that the report be received, adopted, and
circulated among the shareholders.
Mr. Alderman SALoaroxs begged to second the motion,
and to congratulate the shareholders and the directors on the
satisfactory state in which their property then was. Hi,
however, did not altogether agree with the chairman thai,
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 peopl .
That desire was strengthened by theories in favour of t
direct lines, to which Sir Robert Peel lent the sanction f
his name and assistance, and which, if it had not been f
the prudence of the engineers of the various companie
amongst whom the much lamented George Stephenson stoo
foremost, the country would have brought those lines to
stand, as a monument of the folly of the Legislature end 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 whet 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 Norta Kent
district for the last half century, could bear his testincouy 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. i
Some further conversation ensued, in the course of which
the CHAIRMAN stated that every precaution would be take
to prevent pressing upon shareholders by calls, but the
must be made whenever the exigencies of the corn-luny re
quired them. Their debentures would not all expire until
1852, se that they had to that time before the whole of the
capital would be required to be called up; but the ClrectorS
were doing everything they could towards closing the capital
account, and he trusted theirs would be the first company tq
do so.—(Cheers.) i
The report was then adopted—the divided recomnendeci
by :the directors declared—some by-laws relative tc Folk-1
stone Harbour confirmed—and a resolution carried, autho-{
rising the directors to give the shareholders the o9tion of
paying up the (No. 2) stock created on the 10th of I,lovem-,
ber, 1843, in anticipation of calls, and such shares so paid up,
to participate in dividends with the other paid up dock of
the company.
Mr. JOSIAH WILSON said he felt deeply the debt off
gratitude they were under to the directors for tie way
in which they had managed the affairs of the company.
It was exceedingly easy for the shareholders to do a they
had hitherto done, give them a vote of thanks for. thosel
services; but he thought that the time had arrive! when!
they should consider the propriety of giving then some,
more substantial acknowledgement. The directors )n that
line had for a considerable time past been acting'
without remuneration, and when they considerel that
instead of paying 1,0001. or 1,200/. a year, for a super-
intendent of the line, and only meeting once or twice a
week themselves, the directors tock the whole of Oar duty
upon themselves, they would see how much thee 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 ;.eputy-
chairman, Mr. Pritchard, was to be found at the iffico of
the company morning, noon, and night ; and he had heard
that during the time of the French revolution, wher 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 the) might
be called at any moment. He therefore begged to more that
a Committee, consisting of seven of the largest proprietors,
should be appointed to consider the amount of rernuntraition
tobe given to the directors.

Mr'''. Alderman SALOMONS seconded the reiolution, which
was carried by acclamation.
Messrs. Jones, Levy, Cooke, Wright, Wilson, Sabmons,
and J. Dean were then appointed a committee.
The CHAIRMAN returned thanks ; and it having bran re-
solved that a letter of condolence on his illness shouldbe for-
warded to Mr. M'Gregor, the meeting separated, aftergiving
three cheers for that gentleman.

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

The SECRETARY (Mr. Buckton) read the report of 01
directors.

.The,CHaramaar- then, rose and said—Gentlemen, it no.
develves upon me to address a few.words to you befoe pro,
ceeding to move the adoption of the report. Before sreakim
of the general affairs of the company, I filust 'advert o cer
taro resolutions which have appeared in the new spaprs, am
which were passed by a section of the proprietors whoissem.
Wed' at the Hall of Commerce. Those resolutions reflect
upon,our late ,chairman,- Mr. Grenfeli (who is now oroad)
on account of the statements which he made in the louse of
Commons. He was, in our view, justified in what le. then
stated: The steam-boat question, to which the reslutionl
have reference, had been repeatedly mentioned retorts res o
the directors; and not only was allusion made to ,hem irj
four different'repOrts, but on one occasion 100,0014 wero
granted towards the object. In justice, therefore; to Mr
Grenfell, who is absent from this xaeetirtg, I may sy tha
we think he was quite justified in everything hat hi
stated. With regard to the statement in which lan impli
sated, in .conne*m with my examination 'before tin Hous
of Lords, I beg to say. that I was under examinaticl five o
sikhours, arid thit,' althotigh- during that time foul counse
endeavoured to perplex me, I think they did not steceed.—
(Hear, hear.) No answer which I gage bears out tile state
merit ;eferred to in the resolution, that I had repreantedt
the proprietors that the steam-boat money had' beer state,
in the accounts. I was asked—" Was it known to he bod;
of the shareholders that there had been this advance intil tit
Comniittee of investigation had been appointed?" Tin answe
which :I gave was,, "I am sure it is impossible for ne to tel
whether the proprietors at large knew it.' The fart of.th
injunction hiving been obtained was very public end wet
known; as all those cases were reported in the paters, an
railway companies' affairs are never kept particularlysecrat.
The only other questions put to me which bear nen thi
Matter—that' is, so fir as' I can discover from reining th
evidence hastily; not: having bad much leistre—iii
those which I will read. " Did . you .enter tlose a
counts" anything relating to 'Die advance of this
100,0001. ?" My answer is—" It 'was in the gener#l
meets of the cumpany ; it ouJtitttted a debt; it was licit
stated in matte word,- Another ettestitm 5'5 11 c:
Waitltere,anyhint giStert tfit•
holders could disouvg it?". 1 replied, "t •ertairily 414.? F.
the question," anything take place iu the pwcediijg
balf-yeari" reply We have never atered
it
since the injunction, when, of course,, the thing becei e
Perfectly well known. 11 appears a debt; it is a debt, pi
point of feet, due to the proprietors of this conqauy,
which we, proprietors of the Steam-boit Compaiy, have
been all along individually liable:" I need not tell the pro-
prietors of this company that the debt is very well secured.
—(llear, hear.) I shall now, Gentlemen, proceed' to take
the business of the meeting in the order in which the sub-
jecta stand on the face of the report. The first point is
that which relates to the South-Eastern agreement. I wish
to explain why we state that delay was unavoidaide. We
were not authorised by a general meeting of this com-
pany to enter into negotiation with the South-Eastern
Company until the IBth of April. That was the tiiae
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 I need not tell the
meeting that, considering the complicated nature of the
details involved, the time thus occupied was by to means
thrown away. We had repeated interviews With-the directorsts
of the South-Eastern Company ; and, at various
certainly were under the expectation that, after al hill"'
we
come to nothing. That was the opinion notonly of myself;woilki
but also of my colleague who sits on my left (Mr. Crowley ).
The negotiation terminated, however,
eventually in the
establishment of a, permanent bond of friendshipbetween
the two companies; and it will always be , a .source
of
satiutfaction to me that I had a hand in bringing about the

arrangement. The advantages arising from the a '7 feey
are stated generally in the report; but there is on 4,4 , eel .;
to which I desire more particularly to draw your at 'KIVU
namely, the proposal to distribute among yo
receivable from the South-Eastern Company. \<„
agreement
agreement had not been made, we should have recei d tfi _ '-
former amount of toll, and have had it to distribute egeongse • sV4
you; we should have had' no right to exclude it, kitt;iii "
proposal of an agreement had gone off: Now, we have at
present participated in none of the benefits of that agreem en t.
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 2,200/., besides a large increase
in the goods' traffic consequent on the favilities afforded for
carrying such traffic to the Bricklayers' Arms, instead of
leaving it at such a distance as New-crosse 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 touch the better for all of
us • if it be not, the proprietors will not have been led to
indulge in too sanguine expectations. I have, therefore,
taken seven-and-a-half per cent.; and at that rate the resul t
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 the
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 better to cut the Gordian knot in the manner that we
have. In future, the amount will be regularly deducted from
the half-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 saying
that you see your position in its most depressed light.—(Ap-
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 1 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 is 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 oiae
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. Moreover 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 aide 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 700,000/. I think
that, when you consider all I have stated, you must come to
the conclusion that we shall derive front 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 lino. We have now 161 miles open, all
points of which will be supplied from the Thames; and es
freight is much cheaper to the Thames than to the south
coast, we shall :have upon oar line, as far ae Hayward'she
Heath, the whole of the coal traffic to thedistrict.
among the pro-
prietors—namely,been the subject of angry liscuStir_n.
We state in our
next subject which I shall enter upon is one which has
the Steam-boat
__
We regret this very much,
report that the Bill is lost.
because the Newhaven
vet mainly, with reference
with
communication if
onwinthotFrsaonlecley;
and wethe co
at
of now to debit the revenue co.t
of that line, without reaping any of the benefits which
branchto e 0 wasnlm made,
were expected front A.—Ulcer, 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
now dwell upon the matter. As the report tells you, the Bill
is loste;--the beats will be sold. The Newhaven branch is a
loss to the 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 front them, the letter having been sent a
we have received
degree
militate least
fortnight ago. The secretary and sonic of the directors are,
I believe, abroad.' The opposition which
from that company .will not in the.
maybe
militate against anyroarrangements‘N.ith which
the opposite
made to promote the t affi
company. We shall
• • or any other
Navigation Company
always have done ever since I
continue to promote it, as we
The next question
shore ley means of the boats of the General Steam
report is the Portsmouth Bill. This Bill
touched upon in the
regard the loss of it as a serious dis-
hes been lost, and
•ill any —(hear, hear.) The view
dis-
couragement to this co
became connected with this company.
thenotstate • our views with reference
the Committee. We could
There
fully to the proprietors. are matters
to that more
taken of the matter byP board. of directors was stated to
you must confide to some person—you confided this
matter
aliteter to the committee of Investigation. In the appoint-
went of that committee we had no voice; anti yet the com-
mittee cordially concurred in the policy which had been
pursued in reference to that ..line.—( hear, hear.) 1 leave
you, therefore, gentlemen, to consider how far it was the
intention 'of this 'board to dee/tee a large' amount of capital
to the Postemetith line. The:: ,tmitutittek; ;AN you .are.
that Ott., vApildi of the
le. hunted a)• t.o the, ;Nettld not
has r Made th, reeemeleit',ltifisei tlie .11d, bail the. not felt
tin AP that what the. reootnittemled %a.
to the being. of this e..jiipany. It' any evil
hall evetitti,lly arise trout what has bttii dont. it will not
he ,our :fault. I ,trough recommen the payroprietors not to
w here.— ( Hear, hear.)
pre-. the matter, lievati,e, what suits here m I.ot ,itit elss-
We have opponent* in the rail%
world; we have had conflicts in Parliament; and those
gentlemen who are conversantiwith such subjects:will appre-
ciate what 1 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 first convened. With that
assurance 1 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 captandtan, but because of my real con-
victions in reference to it. There is one other subject, I say,
to which 1 will advert before I sit down—l mean theogbee-
neral condition of our traffic. Exclusive of the twoll to
deducted, the proprietors may wish to
.ktno
irrespec-
tiveis the amount of increase, on the receipts
been an inc
the accounts extend, there has
you consider that the
ex-
clusive of the toll, of 4,1241..
of the toll. From June 30, the date
.upsreatosew,hichWmhaesnsured on the authority
present Brighton season is., as
1 'tech (and I doubt not that
many years, and when you
canN confirm the statement), the
d
remember,f those
too, that this line has always been eollsi ere a
worst
:ntv
tthl
heo, na iske nbn
owno the room
known
line, and that without pleasure traffic it cannot
pleasure Brightonfor

thrive, you must feel that the result obtained is very satis-
factory. I will not go into the traffic figures of other lines;
but any gentleman may compare for himself their traffic, as
given officially, with our own. What will be the state of
the Brighton traffic when prosperous times have returned,
and the whole of the traffic from Weymouth, in Dorsetshire,
on the one side, and Hastings on the other, is developed,
when such is the traffic under the present state of depres-
sion ? Having made these observations, I have to request,
in conclusion, that any proprietor will put to me any ques-
tion that he pleases, and to assure you that I will answer it,
if by so doing I should not compromise the interest of this
company. I know of no question but one which should be
avoided on that ground. Ido hope that if any proprietor has
anything to urge against the directors, individually or col-
lectively, he will have the manliness to do it here; and I
shall be ready to give him an answer.
Mr. CROWLEY (a director) seconded the motion.
Mr. LEVY begged to propose that the cordial thanks of the
proprietors be given to the chairman and his colleagues.
The motion was carried by acclamation.
The CHAIRMAN returned thanks, and the meeting then
broke up.