The Sun.
London, England, 1846-09-10 00:00:00

A- cv tit
'5'114 PA rt " 14)
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MONMOUTHSHIRE RAILWAY.
(THIS DAY.)
The first general meeting of this Company, after re-
ceiving their Act, was held to-day, at one o'clock, at
the Company's offices, 2, Moorgate-street.
The Hon. W. E. FITZMAURICE having taken the
chair, called on the Secretary to read the advertisement
convening the meeting.
The SECRETARY then read the report of the committee
of management. Ater congratulating the proprietors
on obtaining their Act of Parliament, which received the
royal assent on the 13th of August last, it referred to
the present state and the future prospects of the Com-
pany. One of the objects with which they had started
was the purchase of the Monmouthshire Canal Company,
which, besides its own course, had a connexion with
some fifty or sixty miles of tramway travelling
throughout the district. This canal had been pur-
chased by the committee at 2001. a share; and the traffic
on it was such already as to guarantee to the company at
least 5 per cent.; but, besides this, the tramways already
alluded to, and the Newport and Pontypool Railway,
afforded every prospect of a greater development of
traffic, more especially to the north, to Liverpool,
Birkenhead, and other manufacturing towns in that
district —acountry the railway travelled through, and
which had never yet been opened up. Among the conditions
of purchase it was left to the Canal Company to take
shares in the railway in lieu of the purchase money, to
the amount of 2,080 shares, which if taken, being viewed
as paid upon in full, would reduce the amount to be paid
to the Canal Company by about 52,0001. The Canal
Company had not yet given notice of the number of
shares which it might be their intention to take, and
therefore the committee could not inform the proprie-
tors what some for the purchase would have actually to
be paid.

The CHAIRMAN, when the report had been read, said,
on that occasion he had little more to state than what
he had said before—that he had great confidence in this
railway as a good line, and his confidence since he had
last met them was greatly increased. The sources
whence he drew that he would shorty state to
them. The Monmouthshire Canal, which they had
purchased, returned an increase of income last
year of 10,0001., and that included no passenger
traffic. It should be also remembered that wages were
nowhere so high as in the district through which the
canal passed. In Taff Vale alone, without any passenger
traffic, there had been an increase of 10,0001. in one
year ; of course, then, it was to be expected that the
Monmouthshire line would yield very much more.
Anothe r consideration should not be lost sight of; that
hitherto Monmouthshire had only cultiva:ed the sea traffic,
the exports and imports by sea ; but the inland
trade would be opened up, and developed by the various
lines in connexion with this Company, up to Liverpool,
Birkenhead, and even Hereford, whence a large increase
might be looked for. Situated as they were he had
already had overtures made to him; these were not in a
state sufficiently advanced that he could state to the
meeting the nature of them, or their probable result; but
he would express the assurance he felt that large compa-
nies would look upon this line as of great importance, and
he anticipated an alliance with other extensivecompanies.
He then moved that the report read be adopted, and the
directors authorised to take such measures with the
Monmouthshire Canal Company and others, as they
might deem necessary to promote the interests of the
proprietors.
The Hon. I. H. litiox seconded the motion, which was
carried unanimously.
William E. Snow, Esq., and John Allan, sen., Esq.,
were appointed auditors to the Company, at a remuner-
ation of ten guineas each.
Resolutions also were severally moved and passed,
electing the nine members of the committee of manage-
ment to be directors of this Company, and allocating
6001. per annum for their remuneration, exclusive of
travelling expenses t• and 3001. a year as, the salary of
the secretary of the Compuny.
Mr. CHAPMAN, one of the directors, in making a
statement of the cash accounts of the Company said,
as they stood at that moment, that statement could
not be very definite; but be this as it might, the proprie-
tors, he was sure,would feel that they had a boncifide scheme,
not great in the world, but great, most certainly, in the
railway world. A gentleman who had taken 100 shares
in the Newport and Pontypool Company said to him
the other day that if they would not meddle with their
line for a twelvemonth, he was sure a company, which
he could not name in that meeting, would give them
101. a share premium for it. Mr. Chapman then stated
that the receipts from deposits paid up, and exclusive of
shares taken by the Canal-Company, were 25,0471., and
that the preliminary expenses would be somewhere
about 13,0001.

The Hon. I. H. KNox then moved a vote of thanks to
the directors for their past energy and zeal in the affairs'
of the company, and to the chairman for his conduct on
that occasion.

Mr. SNOW, in seconding this resolution, said,
that having been a shareholder in the Canal
Company, he thought a property which bad
stood in the market at from 2001. to 2121, was
surely worth 2001. to a railway company, although at
that time it was at 160/. to 1701. in the market. He was
aware further, that the canal, from the want of powers
in their Act, and from:the want of capital, never could
have developed the traffic of the country. It was espe-
cially a country for railways ; there was the iron
they needed, and the best coals for making
coke. Newport, to which their line
,extended, was
also rapidly rising in importance, its capacities
for trade were as yet unknown; and it was worth know-
ing that this line, from the mines down to the port, was
all a declivity, so that they had only to set their
waggons in motion to carry them to their destination.
Thus engines were at the lower terminus to bring them
back, and there would be less back traffic from the port
to the mines' mouth. Considering all things, he had the
greatest hopes of success, and at least five per cent. by
means of the canal was already guaranteed the m.
The motion was unanimously carried.
The CHAIRMAN acknowledged the honour, and the
meeting then adjourned. •

SOUTH-EASTERN RAILWAY.
(THIS DAY.)
The twentieth half-yearly general meeting of the
proprietors in this Company was held this day, at one
o'clock, in the large room, London-bridge Station, to
take into consideration the general business of the
Company.
The meeting was most numerously attended. The
advertisement convening the meeting having been read,
and also one calling a meeting for special purposes,
The common seal of the Company was then affixed to
the registry of proprietors.
The SECRETARY then read the report, from which we
make the following extracts :
" The accounts of the South-Eastern Railway Com-
pany for the half-year ending on the 31st July, 1846,
show, that the gross receipts of the Company on traffic
account have amounted, during that period, to 193,058 L
13s. 10d.; that the working expenses have been 62,726/.
Bs.; the rent of the Greeenwich Railway and Whitstable
Railway, 19,9121. 10s.; the rates, Government duty, and
toll to the Croydon Company, 23,9681. 175.; making
together the expenditure on revenge account, 106,6071.
155., and the balance carried to the account of profit and
loss, 86,4501. 18s. 10d.; the profit and loss account shows
an amount at the disposal of the proprietors of 70,545/.
7s. 2d.

" The amount received for passenger traffic during the
half year, on the South-Eastern Railway, exclusive of
the Greenwich branch, is 119,4941. 10s. 7d., of which
45,7321. 7s. 7d. bas been paid by 106,279 first-class pas-
sengers, 44,9561. 10s. Bd. by 239,999 second-class pas-
sengers, and 28,8051. 12s. 4d. by 387,629 third-class
passengers. _ _ _ _

" r 1 comparison with the corresponding half-year of

1845 shoWs an increase, during -the last half-3 ear of
29,3131. 6s. 2d. in receipt, and of 37,653 first class, 87,712
second class, and 271,068 third class in number, in all
397,333; but the mileage travelled over has been greatly
increased by the opening of the Tunbridge Wells branch
and of the line from Ashford to Canterbury and Rams-
gate.
" The amount per mile per week earned in 1845 was
greater than that earned during the last half-yeac, not-
withstanding the increase in the amount received and of
the number of persons carried.
" This fact made it incumbent on the directors to re-
consider the scale of passenger fares, and to adjust them
as seemed reasonable after the experience gained on a
trial of twelve months at the greatly reduced rates.
" The rate that has been adopted since the Ist Sep-
tember instant is 2 75-100 d. per passenger per mile by
the express trains, and by ordinary trains 2 25.100 d.
for the first class, 1 65-100 d. for second class, and ld.
for third class—a scale of rates which will bear compa-
rison with that of the principal railways, and one which,
combined with the great accommodation which the
South-Eastern Company affords to first, second, and
third-class passengers, will be found to be just and
reasonable.

" The comparison of last half•year with the corre-
sponding half-year of 1845, shows an increase of 81,695
persons carried over the Greenwich branch within that
period, and there is an increase of the earnings on this
branch of 1,5891. 6s. 10(1.1
" The merchandise account has yielded 21,557/. od.
during the last half-year, which exceeds by 3,666/. 18F.
the amount earned in the corresponding half of last
year.
" The directors are enabled to state that the locomo-
tive department has been conducted in an efficient man-
ner ; and that the time book shows that the trains have
been worked with as much punctuality as any railway
has yet been able to attain.
" The Maidstone branch was opened with a double
line of rails in May last, and it has since then been
worked with much more ease and accommodation to the
public in connexion with the main line.
"The Ashford, Canterbury, and Ramsgate line was
opened on the 13th of April, and the extension to Mar-
gate is expected to be opened for traffic in the course of
the present month.
" The Canterbury and Whitstable branch, after being
relaid with heavier rails, was opened as a locomotive
line in April last. The change from stationary to loco-
motive power has proved economical ; and more traffic
has been carried than could have been conveyed _by the
stationary engines.
46 The extension of the Tunbridge Wells branch, from
the temporary station at Jackswood Spring into Tun-
bridge Wells, will be opened within a month. The tun.
nel is completed, and the station buildings are nearly
finished.
" The directors expect that the Minster and Deal
branch will be opened for traffic in the present year.
" The electric telegraph was opened for the public use
on the Ist inst., at a scale of charges which have been
published, and which are proportioned to the length of
the message and the distance which it is conveyed.