The Sun.
London, England, 1870-08-26 00:00:00

SOUTH EASTERN RAILWAY.

Tae sixty-eighth half-yearly general meeting of the
proprietors of the above railway was held yesterday at
the City Terminus Hotel, Cannon-street, London, under
the presidency of Sir E. W. Watkin, chairman of the
board of directors. There was but a moderate attendance
of shareholders. The report exhibited a decrease in the
gross earnings of £2,717 Os. 7d., as compared with the
corresponding period of last year, and a decrease of
£13,263 14s. 6d. in the working expenses, leaving
an increase of net profit of £10,546 4s. lid.
After providing for the interest and dividend
on all the loan and preferential capital, the amount
remaining applicable for a dividend on the consolidated
stock was £118,452 54..7d.. wilich was equa1.4.4,44.1i,44.4144
at the rate of 3 per cent. per annum. Considering the
state of affairs on the Continent, the directors, however,
recommend the payment of a dividend at the rate of 2i
per cent on the consolidated stock, or 5 per cent. on the
preference stock, leaving a balance of £22,996 15s. 7d. to
be carried forward to the current half-year's account. The
company had opposed the diversion of the Metropolitan
District Railway to the Mansion House, on the
ground of breach of faith, the Metropolitan
Company being under parliamentary obligation to
construct an interchange station at the Cannon-street
terminus of the South Eastern. With the view of im-
proving the condition of Woolwich and Deptford, which
places had suffered much by the closing of the dockyards,
the company had run workmen's trains between those
places and London. Those trains being used. by persons
other than workmen' the company had endeavoured to
insert in their Act of this year a clause limiting their lia-
bility for compensation in case of accident to a sum not
exceeding £lOO. But the company failed in that
object, owing to the opposition of the Vice-
President of the Board of Trade, who de-
manded that the trains should be run under com-
pulsion, thus taking from the company all control over
the abuse of a privilege voluntarily given. The chairman,
in proposing the adoption of the report, said the share-
holders had met in the midst of a serious European crisis,
affecting of necessity their traffic and trade. Whether
the present terrible war would be of long or short duration
would baffle the calculation of all; but it seemed to him
impossible to assume that it would take at a very early
date a peaceful solution, when they remembered that it
was a struggle between great Powers, neither of whom was
likely to succumb without a desperate effort. They must,
therefore, reconcile themselves to what must undoubtedly
result in considerable loss to them. They had been carry-
ing stores and medicine for the assistance of the sick and
wounded of both belligerents over the line free of
expense ; and if the shareholders desired to give a sub-
scription towards the same object the directors would
readily assent to the proposal, many of those engaged
in the great conflict, especially of the Prussian army,
having been habitual customers of theirs. (Hear, hear.)
Certain sensational paragraphs had recently been pub-
lished in the newspapers, alleging that large quantities
of contraband of war—breechloaders and bayonets
-had been conveyed over the South-Eastern
Railway, for the use of one or the other of the belligerents.
but he was not aware that the company had done any-
thing of the kind. (Hear, hear.) With one exception,
they had not even had any tenders for the carriage of
weapons. That tender was for arms to France, but the
company asked such a rate as prevented weapons from
going over the railway at all. (Hear, hear.) Through
the instigation of the Home Secretary, Colonel Hender-
son had made special inquiries, it having been reported
that a great number of heavy cases, endorsed " books,"
but really containing breech-loaders, been transmitted
to Folkestone. On inquiry, however, it was discovered that
the cases contained Biblessent by some benevolent persons
in England for distribution amongst both armies. (Applause
and laughter.) The hon. baronet then proceeded to shew
that the company had continued to carry the public
safely, to conduct the service efficiently, and to work the
concern economically. They had carried nearly ten
millions of passengers without a single accident. (Hear. )
He strongly condemned the present law with respect to
compensation for accidents, and contended that the pay-
ment ought to bear some proportion to the fare.
(Hear. ) Capt. Warren seconded the resolution,which, after
some discussion, was carried. Certain by-laws having
been submitted, the meeting was made special for the
purpose of authorising the exercise of the powers con-
tained in the 33rd and 37th sections of the South-Eastern
Railway Act, 1870, 'as to agreements with the Charing
Cross Hotel Company and the City Terminus Hotel Com-
pany.
A vote of thanks to the chairman and directors termi-
nated the proceedings.