The Sun.
London, England, 1860-08-30 00:00:00

FREE HANDICAP.

Codicil
The Don
Philomel 3
HALDON :PLATE.

Codicil
Reynard
The Dan

SOUTH EASTERN RAILWAY COMPANY.

HALF-YEARLY MEETING.-(THIS DAY.)

The ordinary meeting of the proprietors was held this
day, at the London Tavern, Bishopsgate-street.
The chair was occupied by J. Byng, Esq.
The CeAIRMAN in moving the adoption of the directors'
half-yearly report said he intended to refer but very briefly
to the document, as he felt satisfied that the shareholders
would find it clear, explicit, and satisfactory. (Hear.)
The revenue account showed an increase under every head,
and he felt extremely gratified in announcing that, owing
to this circumstance, the proprietors were entitled to a much
larger dividend than was usual. With the exception of the
Agricultural Society's Exhibition at Canterbury, there had
been no special circumstance to account for such increase;
and when it was considered that they had to contend
with the late wet weather, it was satisfactory to
find that the increase was entirely owing to local
and ordinary causes, although the return to the company
was yet inadequate to the large sums invested in
making their line, yet it was highly encouraging to find
that they were now beginning to receive a better return for
the great amount they had laid out. The chairman then
proceeded to refer to the accounts in the report, which stated
that the revenue of the company for the half-year ending
the 31st of July exhibited an increase of £38,532, the gross
receipts for the period having been £563,450 as compared
with £524,919 in the corresponding six months for 1859.
The ordinary working expenses during the half year
amounted to £213,024; the rates, taxes, tolls, and Govern-
ment duly, to £33,642; and the working of the steam
packet service to £16,021. After providing for the fixed
charges in respect of rents, interest, annuities, preference
dividends, there remained a net balance of £176,827 avail-
able for dividend on the ordinary consolidated stock of the
company. A dividend of 14s. per £3O stock, or of £4 13s. 4d.
per cent. per annum,which would absorb L 173,453, and leave
£2,374. With respect to the Charing-cross station he
thought it would be highly advantageous to the company,
and bring a large increase to their traffic. It
was certainly true that their station at London-
bridge was a moat cousinOdiona and convenient ono,
and that was all very well for the city, but cer-
tainly it did not afford those facilities for the west end
of the town, at which a large number of persons who tra-
velled by the South-Eastern Railway resided. On the
completion of the station at Charing-cross a large increase
of business must take place, and would yield a return
which would more than cover the additional capital taken
by this company. Applications had been made from the
Charing-cross board with reference to the capital of the
company remaining unsubscribed, and the opportunity
thus occurred of increasing the interest of the South-
Eastern in the undertaking. They directors therefore re-
commended that they should be authorised to subscribe a
further sum towards the construction of that railway. Of
course such a determination would render it necessary toap-
ply to Parliament for the requisite powers ; but in the mean-
time the directors wished to be invested with such powers as
would enable them to push forward the works, so that the
line might be completed with the least possible delay. The
hon. gentleman concluded his remarks by formally moving
the adoption of the report.

Mr. THOMPSON seconded the motion of the chairman.
Mr. ADAMS said, before the motion was put to the meet-
ing, he wished to say that he did not think so highly of the
Charing-cross Railway as the chairman, and he could not
help thinking that it would tend to diminish their now
increasing dividend.
Another PROPRIETOR was of quite the contrary opinion.
He thought it a most important undertaking, and one
which would be attended with great success to the South-
Eastern. Railway.

Several proprietors having complimented the directors
as to the admirable manner in which the accounts were
kept,

. .
The CHAIRMAN rose to put the resolution for the adop•

tion of the report, and stated that the directors were deter-
mined never to recommend the expenditure of a single
shilling without it was for the benefit of the compan3
(Cheers.)
The motion was carried unanimously.
A resolution empowering the directors to pay the dividend
on the 6th of September was also agreed to unanimously.
A cordial vote of thanks to the chairman and directors
terminated the proceedings.