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

\

Londou:'
The two years, 1846 and I 847;. present a remarkable di-
minution upon nearly all kinds of commercial traffic 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
NORTH KENT LINIS.—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 Plumstead and Graves-
end is with little exception, in the hands of the contractors.
and also the principal portion between London and Charlton.
In 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-
cescing 50,0001. 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 this arching turned on
above one half of its entire length, and is pro-
ceeding very satisfactorily. The other intermediate works,
which are comparativelS• 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
t'crough 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.
BRICKLAYERS ARMS JUXCTION LlNE.—This branch forms
a connecting link between the North Kentiand Greenwich
line and the Bricklayers' Arms station, not merely for the
purpose of the goods traffic, but will yield also a conside*le
revenue from passengers. It commences at the erozsing uf
the Surrey Canal under the Greenwich Railway, and
descends by a gradient of one in 1114 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
Itailwa, which is complete; there only remains to he
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 corn-
pletes the south coast railway communication, commenceA
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 titpel,
and practically with a diminution of distance from the sUpes
riority of gradients. The Ashford anti Hastings 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/. fur a single line and double works. On the :drat
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.
TUNBRIDGE WILLIS AND HASTINGS 144,NP1---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 ill
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 fiat
exweding 351. per lineal yard. There is also executed,
320,080 yards of earthwork, and 7,000 yards et igickwukl
with a proportionate amount of other work;
READING, GEILDFOUD, hii:4oll4 1-4Pist.—The works
of this railway, which thane a part of the South-Eastern
cotnrefer with satisfaction
taw's lines under lease, are proceeding very rapidly;
and 1
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
W. 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
Capital Account. —A receipt of 7,668,6491. 18s. 10d., and
an expenditure of 7,389,322/. 9s. 3d., leaving a balance in
hand of 279,327/. 9s. 7d.
Revenue Account.—Receipts, 219,3651. ss. 6d. ; expen-
diture, 106,645/. 7s. sd. ; leaving a balance in hand of

112,7191. 18s. Id.
The CHAIRMAN 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 I 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 fiud
the following items :
Balance on hand
&c., in course of payment
Call due yesterday on No. 4, about .... 338,000

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 825000/. You will observe the
825,0001. is deducted from the sums called up and sums due,
and that it leaves a balance of 175,000/. iu 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 ray large sums
of money for the valuable property through which we pass
Within the last fortnight no less a sum than 132,00 1.
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 t,n
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 8,191,000/.,
or thereabouts. I speak without book, but I believe lam
correct. Gentlemen, if from the sum of 8,191,000/. you de-
duct 4,546,0002., there will reman a sum of unproductive ca-
pital, amounting to 3,645,0001.; and now, 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 pad 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, yet our traffic has stood its ground, and
can compare with that of the best railway in the kingdom.
—(Cheers.) here, gentlemen, is a sta•ement 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 £1,400,000
2d capital 7OO 000
3d capital (No. 2's) 672,000
4th capital (No. 3's) .
Bonds, about 850,000

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 850,000. borrowed money, applicable to the
main line, showing 4,516,000/. productive capital, which,
deducted from 8,191,0001., I find leaves us 3,615,0001., 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 300,0001. 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
Plumstead, 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-
hithe, and Northfleet, and front 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 passed
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, I would ask
whether it is unreasonable to calculate on a return equal to
the mileage of the Greenwich branches, though, for my own
part, I think it will exceed it ; but we will take it at the
present mileage of the Greenwich Railway. It must, how-
ever, be recollected that you go through wealthy districts
along the whole line, containing a population of 189,000
persons, and that when we are at Gravesend, we get the
large additionall traffic I have named. Now as to the
prospects of the Gravesend traffic. It may be said that we
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. )
I give my individual opinion on this point; you can form
your (m it 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 yet leave the South-
Eastern Railway one of the first lines for traffic in the
kingdom. No doubt we have the water to compete with;
so we have to Greenwich ; but if we put down,the mileage
of that line at, say 15,0001. per mile, it will yield a revenu!!
of 494,0001. for passengers, and for goods about 50,000/.
only give you the facts. I state the premises, and yen mayo
draw your own conclusions. We have no wish to conceal r
exaggerate anything; we only desire to lay all thd facts
fairly before you, that you may form your
to j
on them. Well, the next in importance the
b=ath-
Eastern line is the Tunbridge-welle Hag/DS Dau