The Sun.
London, England, 1867-03-01 00:00:00

THE SUN, LONDON, FRIDAY EVENING, MARCH 1. 1867.

companies extending over 4,000 miles of railway in
England. They also were prepared to make ar-
rangements for the conveyance of parties of 250
each, second and third-class-365. and 245. respec-
tively—by the night service, so that all classes
might be accommodated. He then referred to what
he considered the unfair and unjust competition
which Parliament had established against their com-
pany by granting powers to the London, Chatham,
and Dover Company to invade their district. The
South-Eastern had paid for the line in solid sove-
reigns, while Parliament bad authorised the com-
peting line to be made by capital raised in all sorts
of ways, and by that means took away a great deal
of their traffic, and compelled the company to make
most costly stations in self-defence to protect the
remainder of their traffic. The competing line had
already deprived them of a great amount of traffic.
On comparing the traffic of the company in 1862,
before the Chatham and Dover was opened, with
that of 1866, he found that about 40 per cent. of the
whole traffic then existing had been abstracted ; so
that with the ordinary increase of traffic in four
years they had only just arrived at an increase of
£2,630 in 1866 over 1862, and that, too, notwith-
standing the new stations and everything they had
done to protect and develope their property. So
that after fouryears of great expense and labour they
were enabled to resume the position they were in when
the competition of the Chatham andDoverline com-
menced. They had lost about £200,000 a year of
their revenue by that competition, which they now
would have had if Parliament had not sanctioned
that competing scheme. They were in hopes that
their short line to Tunbridge would have been
opened on the Ist of March, but owing to delays
from bad weather he feared it could not be opened
before the Ist of June next, when there could
be a saving in distance of 13 miles to Tunbridge
and Hastiags, and also to Dover and other
places on their lines. In October last the Brighton
Company opened a line to Tunbridge-wells, and
made a reduction in the fares of 18 per cent. Con-
sidering,:the increased cost of labour and materials
in working railways, he remonstrated with the
Brighton Company in competing with them ut re-
duced rates ; the .latter refused to charge the same
rates, and, after some consultation, the South-
Eastern Board resolved to maintain the old rates,
as if there was no competition. The result was that
they only lost 227 passengers and £B3, and if they
had reduced the rates to the level of those charged
by the Brighton Company they would have lost a
great deal more. When all those questions were
settled, the object would be to get the greatest
amount of money out of the smallest number of
trains. The company had now to expend about
£85,585 on works to clear up the completion of lines
in progress. They were prosecuting a bill in Par-
liament to define the whole of their powers for rais-
ing money on shares and loans, and also the position
of the various stocks ; to enable them to abolish
temporary loans, and to place the whole of their
capital and position on a sound basis. The surplus
property of the company had been estimated, and
was altogether worth £1,070,000, which they could
use for the purposes of the company when the pro-
per time arrived. The capital of the company would
be £19,700,000 when the lines were completed, and
for which they would have 350 miles of railway,
while the capital of the London, Chatham, and
Dover would be £17,000,000, for which they would
have only 100 miles of rail. It was the most expen-
sive railway for its length in the world, and never
could pay on all its stocks. It was proposed that
the South-Eastern and Brighton should work the
traffic of that line, but that would depend on cir-
cumstances. ;,11e then explained the efforts he had
made to bring about, a satisfactory arrangement
with the Brighton Company, so as to avoid compe-
tition in future, and to establish amicable relations
between the two companies, suggesting that the two
companies might be worked on the principle adopted
by the North-Eastern Railway Company, by a
division in certain ascertained proportions of
the joint net receipts, working the two lines as
one united undertaking. lle then alluded to the un-
founded attack that had been made upon him some
time ago as chairman of the company; but having,
with some difficulty, traced out the offender, legal
proceedings were being taken against him. lle spoke
in high terms of the valuable services of the four
directors who retired by rotation, and he trusted
the meeting would unanimously re-elect them.
Mr. TEULON, in alluding to the proposed agree-
ment with the Brighton Company, warned the
chairman to be particularly careful how he made
a new agreement with that company, contending
that it should be as comprehensive and full as pos-
sible, so as not to admit of a doubt. He grounded
his advice on the experience he had had as a former
director of the South-Eastern Board. One of those
agreements had been violated in two days after it
was made. He had, in fact, very little confidence
in any arrangement with the Brighton Company,
although he would be glad to see a proper and work-
able one established as proposed. He believed the
company's new line in Tunbridge would be of great
advantage to the company when open for traffic.
Mr. PUNCHER, after quoting statistics of traffic,
showed that in one half -year when 293,000 more
passengers were carried the receipts were £7,375
less. In another case, where 1,100,000 additional
passengers were carried, the receipts were £B,OOO
less. He hoped they were not going to carry people
at fares to Paris that would not leave a profit.
They should rather increase fares than reduce them
—and in any arrangement with the Brighton should
endeavour to get their share of the Croydon traffic.
Mr. LEVY also hoped the company would not
work at a loss, and he thought it the duty of the
directors of all the railways in England to endeavour
to obtain a modification of Lord Campbell's Act in
reference to compensation for injuries. He sug-
gested that if Parliament would not remedy the
existing injustice of its operation they should charge
passengers an additional amount for the purpose of
accumulating a reserve fund to meet these excessive
charges.
The CHAIRMAN agreed with Mr. Levy that it was
the duty of the directors and shareholders of railway
companies to act together on the subject of Lord
Campbell's Act. The directors had no intention to
reduce the fares, but rather to raise them where ne-
cessary to meet the increased charges of working.
He had great confidence that an equitable arrange-
ment between them and the Brighton Company
would have the effect in a few years of greatly bene-
fiting the property of both companies.
Resolutions were passed adopting the report, de-
claring a dividend at the rate of 3 per cent. per an-
num on the consolidated stock of the company, pay-
able on March 15 ; re-electing the retiring directors
Mr. N. Buckly, Mr. J. Bibby, Mr. J. Stuart, and
Mr. J. Whatraan, M.P., and also Mr. Child, the
retiring auditor.
The CHAIRMAN gave notice that at the next ordi-
nary meeting be would propose the election of au
audit committee on the plan adopted by the London
and Northern Western Company.
On the motion of Mr. DAVIDSON a resolution was
unanimously adopted, expressing the confidence of
the meeting in Mr. Watkin, the chairman of the
company, after the cowardly and unfounded attack
that had been made upon him.
It was agreed to allow the directors their travel-
ing expenses, and a vote of thanks to the chairman
and directors concluded the proceedings.

LONDON, CHATHAM, AND DOVER.
The half-yearly meeting was held yesterday at the
Victoria Station—Lord Harris in the chair.

The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN said the shareholders were aware,
from the report which had been issued, that the
directors had come to the conclusion that it would
be advisable to postpone discussion on the affairs of
the company until a future date, and he should there-
fore propose a resolution adjourning the proceedings
until a future day. The directors had come to this
conclusion after considering the mat ter very fully, not
only among themselves, but also in conjunction with
the committee of gentlemen who had been intrusted
with the interests of the shareholders in the several
sections of the company, and
_they bad thought
it the most advisable course, seeing that negotia-
tiona were still going on, and looking at the many

interests involved. It would require a great deal of
consideration before any terms could be settled, and
before it could be determined what course should be
pursued, so that it would be on all points advisable
to wait, and by the time when it was proposed to
hold the meeting the views of Parliament and the
public would be expressed. The directors had been
in constant communication with the committees of
debenture holders and shareholders of the several
sections of the line, and were at all times ready to
give any explanation which might be required,
and to consult with those gentlemen as to the courses
which might be adopted for the best interests of the
company. He had every reason to believe that the
gentlemen forming those committees were in unison
with the directors on the policy of postponing the
discussion at present. Ile proposed that the meet-
ing be adjourned until April 30, at 1 o'clock.

Mr. HAI:MIDGE. seconded the motion. He said
there were many important questions which were
not matured at the present time, and he thought
the directors had adopted a very wise course in pro-
posing the postponement of the meeting. In a short
time statements would be made in Parliamentary
proceedings which it would be important for the
shareholders to know before they entered upon the
discussion of the important questions before them,
and the postponement would enable them to come
with a full knowledge of the questions to be con-
sidered and accepted by the shareholders.
Mr. TURNER said he bad no objection to the mo-
tion, but he desired it to be fully understood that
there should be no settlement of Messrs. Peto and
Betts' accounts without the payment in full of that
firm's liabilities to the company. He held that
Messrs. Peto were answerable to the company for
£1,613,663 on the general undertaking ; £2,075,861
on the Metropolitan Extension ; £250,500 on the
common fund ; £550,000 on the City lines ;
£1,070,000 on the Eastern Extension; £154,000
on the-Victoria Station ; making a total of £5,713,523,
and with the excess of over issued debenture bonds
amounting to £127,378—a total of £5,840,901.
He moved a resolution to the effect that there be no
settlement of accounts between Messrs. Peto and
Betts and the company which did not include full
payment of all moneys unpaid in respect of shares
and debentures issued to them.

Mr. WALTERS concurred in the views of Mr. Turner.
Mr. HILLIARD said this subject had engaged the
serious attention for some time of the directors, and
he could state that the Board would take no steps
for any settlement with Messrs. Peto which did not
include the payment of every fraction the Messrs.
Peto were liable for, and the Board did not intend
taking any steps in the matter without the concur-
rence of the shareholders.
Mr. TURNER then gave notice that he would move
his resolution at the next meeting.
The resolution for adjournment was then agreed
to. A short conversation ensued with respect to the
bill of the company before Parliament, and it was
stated that 25 petitions had been sent in against it,
and the proceedings terminated.

off the hatch he saw that the large case of mer-
chandise which he had placed the previous night
against the bullion cases had been removed from its
original position, disclosing the open space which
the two bullion cases had occupied. There are two
circumstances which go to strengthen the belief
that the robbery was committed after the hatches
were put on and locked. After 9 o'clock one of
crew coiled up the guy ropes attached to the crane
on board, and so left them on deck. These guy
ropes are employed for moving the crane from over
the hatch to over the steamer's aide, so as to hoist
and flower goods. The guy ropes are never used for
hoisting goods up from the hold, but on Wednes-
day morning they were found uncoiled, and at one
part there was a kink, showing there had been a
heavy strain on it, such as would occur in lifting
the bullion cases out of the hold. Besides, the rope
is besmeared with new paint, and on examining the
inner framework of the hatch, which has been newly
painted, there are marks where the paint is rubbed
off by the rope being drawn up against it. The
other circumstance is the disappearance of the empty
lighter from alongside the steamer about 2 o'clock
on Wednesday morning, and which there can be no
doubt was used for carrying off the booty. The
lighter belonged to a lighterman carrying on busi-
ness at Wapping, who brought it alongside the
steamers the previous night with a quantity of empty
cases to be shipped on board the Waterloo, and
finding they could not be taken on board for some
time he moored her to the steamer, telling the mate
he would remove the lighter next morning. The
empty cases were afterwards taken onboard, and the
Custom-house officers have some recollection of
seeing the lighter alongside till two o'clock. After
that hour she was missed, and since then nothing
whatever has been heard of her. Mr. Superinten-
dent Evans, of the Thames police, with Inspectors
Pickman and Clerck, have caused both sides of the
river, both above and below bridge, to be searched,
but up .to a late hour last night their efforts to dis-
cover the whereabouts of the lighter had not been
successful. A large reward has been offered by the
directors of the General Steam Navigation Company
to any one giving information that may lead to the
apprehension of the thieves.

missioned officers and privates, 4 officers' wives and
6 children, and 49 soldiers' wives and 54 children.
The 56th Regiment is quartered in A, B, and E
lines, South Camp, and is attached to the Ist (Gen.
Renny's) Brigade.
Five Militia regiments, the Ist and 2d Royal Sur-
rey, the Berks, Oxfordshire, and Hampshire regi-
ments, will be stationed at Aldershot for the annual
training in the spring. It is confidently stated that
a large force of both branches of the service will be
concentrated at the camp during the ensuing review
season.