The Sun.
London, England, 1858-09-06 00:00:00

THE SUN, LONDON, MONDAY EVENING, SEPTEMBER 6, 1858.

but the certificates by which impartial examination
will advertise it to the public, if master and

scholar deserve it.

We have frequently referred to the enormous and
oppressive charges by \which railway proprietors

and shareholders are oppressed. It is not merely
the interest of the heavy outlay for litigation and

the purchase of land, increased to a least tenfold its
ordinary price when required for railway purposes,
nor is it that on the sums expended in defending
the territory which they had acquired against un-
warrantable aggression, and saving, or rather
striving to save, even the invaders from what

must inevitably prove serious losses. They are
still subjected to most unfair and inequitable taxa-
tion, and, as was recently happily remarked, where
taxation ends, " rating begins." Between the
two, more than 20 per cent, of the net profits
of the undertaking are absorbed, and the
shareholders, while mourning over disappointed
hopes and diminished dividends, have at least
the satisfaction of thinking that they contribute

Largely to the exigencies of the National Ex

chequer, mad save the inhabitants of every
parish through which the line is carried nearly
three-fourths of their parochial burdens, besides in-

creasing the value of the holdings to an almosl

abulous extent.

The Hon. JAMES BYNG, at the meeting of the
South Eastern Railway Company, clearly and dis-
tinctly pointed out several of the grievances to
which the railway interest is liable, and
of which it has just cause of complaint. The
case was temperately stated. He brought forward
stubborn facts and figures on every point, starting
from the very commencement of the undertaking,
and showing the changes and variations in the
Legislative mind, all of which have told heavily on
the profits of the shareholders. The first falling off
was occasioned by matters wholly beyond the con-
trol of the directors. It was a diminution in what
has properly been termed the long traffic, amount-
ing to no less than £15,900 on the half-year, the
greater part whereof would have been available
for dividend. It is almost unnecessary to say that
this was chiefly occasioned by the difficulties sub-
sisting with France in the commencement of the year,
and the additional restrictions introduced into the
passport system, the truculent addresses of the
French Colonels, ostentatiously paraded in the
columns of the Moniteur, the speech of M. DE
MORNY, the despatch of Count WALEWSKI, and
even the opinions promulgated by M. DE PERSIGNY
—a known friend to the English alliance—all de-
terred parties from visiting the Continent, and thus
abstracted money from the coffers of the Company.
It is, however, gratifying to know that these causes
have been nearly, if not altogether, removed, and
that the Continental traffic of the Company's rail-
way and steamboats has again almost risen to the
former standard•
But although this shows that the evil has ter-
minated, it does not enter into the ac-
counts submitted to the meeting of Thurs-
day last. It will tell materially on the
next dividend, although it was excluded
from that just declared. There was, however,
" balm in Gilead," even during the season of
depression. The increase in the home traffic fully
counterbalanced the decrease in the Continental,
so that they were enabled to announce, doubtless,
to the very agreeable surprise of the shareholders,
the same dividend as that paid at the correspond-
' ing period of last year. Considering the general
depreciation of railway property, arising from the
monetary crisis, the-enhanced rate of interest, and
the commercial depression, this was an extraordi-
_
congratulate themselves.
However gratifying the statement of the chair-
man must have been to the shareholders, he
enunciated some wholesome truths in reference to
the grievances to which the South-Eastern Com-
pany had been subjected in common with all the
other companies. The nation had certainly not
exercised a paternal care over the vigorous infant
that was rapidly rising to maturity. On the con-
trary, they were regarded as fair game, on which
all could prey. They were of the greatest benefit
to all classes of the community, but in place of
being sustained and supported, every possible dis-
couragement was offered to railway enterprise.
We shall not now allude to the restrictions
imposed on the undertaking in the first
instance, or that they were not permitted.
to carry out their original intentions, although
what was originally considered as a fatal objection
was made the ground for introducing a competing
line, which can only pay by abstracting a portion
of the company'q traffic. We look to the present
burdens—the taxes last year amounting to no
less than £62,500, more than 10 per cent. on the
company's profits, and the rates to £59,800, the
aggregate being 20 per cent. on its nett gains.
This should be altered. It only requires a few
such statements as that of Mr. BYNG, pointing out
the extent of the injustice to which the railway
interest has been subjected, to ensure redress.
We cannot conclude our article relating to
the South-Eastern Company without expressing the
deep regret with which we have to announce the
lamented death of Mr. JAMES M`GREGOR, M.P. for
Sandwich, and formerly chairman of the company,
a situation which he filled with ability, fidelity, and
zeal during circumstances of extraordinary diffi-
culty. Mr. M`GREGOR was in the prime of life,
having been born in 1808, and consequently in his
50th year. The death was painfully sudden, a few
hours only having elapsed between the attack and
its termination. We pay the tribute of cordial
respect and admiration to his useful and honourable
career, and tender our earnest sympathy to his be-
reaved and mourning family.