The Sun.
London, England, 1866-08-30 00:00:00

South-Eastern Railway—Meeting This Day

The ordinary general half-yearly meeting of this com-
pany anY was held to-day at the Bridge House Hotel, Lon-
on-b Mr. Watkins, M.P., Chairman of the company,
presiding.
The report was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said that he would have to enter into explanations which
that document could not contain. The increase in their
?file during the past half-year amounted to £23,025,
the cost of obtaining that result being £5,226. It would
be thus seen that on the increase of traffic they had ex-
Pended only 25 per cent
or, in fact, for every five shil-
fi,ngs they l .7
aid out they earned fifteen shillings. (Hear,
hear
tra
Tffilice. re had arisen circumstances during the past
half-year which prevented a still further development of
In the first place there was the war on the
Continent, and the existence of the cholera in this
farfort which seriously affected their passenger traffic,
kreigners were afraid of visiting this country during
the prevaleno of the epidemic. They had also to contend
With tha effects of the cattle disease, which operated inju-
riously on the cattle traffic ; but then they have an increase
in the transit of dogs and horses. As regarded the appre-
hension of foreigners of coming to this country during the
cholera, he mentioned the case of one gentleman in Spain
*llO had to visit this country twice a year, but this year
he
sent his wife., (Laughter.) Tho decrease arising from
ote cattle disease as regarded the transit of sheep and
her cattle used for consumption amounted only to about
44°0. In accounting for the increase in the expenditure
theY had to take into consideration the increase in wages,
materials, and fodder, which amounted to a considerable
tau; but which could not be prevented. As regarded the
quaStion of compensation, which was a very serious and a
fiery important one, he had a few observations to offer.
With the exception of one claim for compensation,
all demands arising from that source had been
mottled last year, and the one which remained
Ganged during the past half-year. Considering the
far of compensation, he thought the time had arrived
joint action on the part of the railway proprietors. In
:it: ease this company took two passengers at a fare of £2,
43" :of them, a gentleman, was unfortunately killed.
-2 action was brought against the company for £28,000
°°,,..ialPeusation, but the claim was resisted and the amount
-.:4nced to £7,000, which he considered was far too large
amount for the company to be called on to pay, consi-
:ring that the fare received was only £2. (Hear, hear.)
.`,.fleY had also received a bill from a respectable solicitor,
hun had conducted the case, for a sum of £5OO, which
ad been reduced to £3OO odd; and in the cases of
solicitors' bills, which they had successfully disputed,.f
the._
had succeeded in reducing the amount claimed in
B°lno instances to one fourth. Having referred to different
Pointeit in the report, he said that on the Ist of next month
the
would open their station in Cannon-street, and also
',ne Dartford line. Twelve months ago he had proposed
that they should adopt the exceptional course of lending
t Cannon-street Hotel Company £40,000 with a view to
enable them to expedite their works, so as not to throw
any unnecessary delay in the opening of the station. The
,b
"xis of the restaurant would notbe finished for a month,
tittliat the company could not avail themselves of it for
dPeriod. However, it was considered advisable not to
:inY opening the station. The results of that station
heed necessarily yield the company a large increase in
traffic, and as it would be mainly worked by
ellle of their present staff the profits might be
eteel to be very large. (Hoar, hear.) They
eWould complete the short line to Tonbridge, which was
eerhPeeted would prove very remunerative. As regarded the
'aring-eress station, although it had considerably ox-
eieeLeled in cost the amount originally estimated, it was to be
the re to in reference to the great development it afforded of
a Whole of the Company's system. He went into statis-
tics
to prove the increase that had taken place in the
;I,i'afne since the opening of the station, and contended that
kith this station and Cannon-street, which was not
f to be duplicated, the company possessed the
:ant door of London for the purposes of the corn-
-1_41% leaving only back doors to other companies.
4 reference to the London and Brighton, he said
that at the conclusion of the Parliamentary proceedings
of last session a correspondence initiated by him had taken
between him and the chairman of that company, the
2ct being to promote "friendly feelings instead of con-
f;tl Ind economy instead of ruinous extravagance in Par-
ent." (Hear, hear.) That correspondence resulted in
memorandum being signed between them, by which they
;re reed on the part of their respective companies not to
Iriin!li?te any scheme before Parliament for twelve months
len would have the effect of infringing the territory of
-"eh other, or of aiding any undertaking by a third com-
Pbri having that object 'a view. (Hear, hear.) Ho then
be;t°thred into a comparative statement of the results realised
to e company and their future prospects, which he con-
,l4l_,ed placed them in a very favourable position as re-
garded other railways.
JThe report, having been seconded, was adopted unani-
AaslY, without any discussion.
1,?'" dividend at the rate of £2 17s. 6d. per cent. per annum
an agreed to.e .
bb,Th meeting was then made special for the following
Poses :--To consider and approve the heads of the
i`o eetnent between the company and the London and
;r rth-Western, and the North-Western and Charing-
Pa Companies, set forth in the schedule to the North-
ItiZ3tern and Charing-cross Railways Act of 1866, and
I" to submit to the approval of the meeting between the
hi°:aden and North-Western and South-Eastern Compa-
°teal for an interchange between their respective systems
railway.
thlteesolutions agreeing to these objects were carried, and
to v!toceedings terminated with the usual vote of thanks
4a
chairman and board of directors.

tIONEY MARKET

COMMERCIAL INTELLIGENCE,

TWELVE O'CLOCK.
RUCTION IN THE BANK OF ENGLAND
RATE OF DISCOUNT.
4;12,11e directors in the Bank of England have noti-
4:another reduction of 1 per cent. in their mini-
them rate of discount. The official quotation is
vifere now 6 per cent., and the satisfaction with
oo eh this announcement will be received by the
4,:lßlitaercial community will, indeed, be of the most
Ipo:Y character. Only a few weeks since the rate
th: 10 Per cent., and a reduction of 4 per cent. in
134-t charge of discount is a very considerable item ;
More particularly will this concession afford
ba°oll:ds of grateful comment, because it is entirely
eq,Z.uPen the greater power and strength of the
hle-'4Bhrnent. The gold has been very considerably
ht trLeaßed within the past week, and there has been
fro "
themesa time a large influx of notes and coin
41er 131 provinces, while the requirements of the
cantile classes have been exceedingly small.
23?1°1d to the amount of £141,000 in bars, and
14114° Sovereigns, was taken to the Bank of Eng-
-1 Yesterday.
I
totem aSt week's railway receipts, ascertained up
day, are in round figures as under :
Qre,t 1866. 1865.
gINT "" western 81,807 76,469
Irtuallarstern 131,542 127,868
Nth, Western 29,275 28,266
Blandb
k),,
55,562 51,926
Gr,,Zastern 29,303 30,032
1,1-‘4 Northern
.Noljdlac,as, ter and Yorkshire • 52,552 47,305
rth "°' and Exeter
Er _7,907
_7,803

ktith , —astern 78;089 74,551
Gre-ea_ester, Sheffield, and Lincoln 21.101 20,509
Grua Eastern
1,4(1°4 and Chatham and Dover
colhcfse returns, when compared with those of the
tt:eBnntling period of last year, are generally
tof
atisfactory character. On the Great Wes -
lif;,,,thete is an increase of £5,338, on the
00' Western of £3,674, on the South-Western
laid'°°9 ; on the Brighton of £4,026, on the Mid-
44°f X 3,636, on the Great Northern of £1,698,
07'''46 Lancashire and Yorkshire of £5,247, on the
3,1,nd Exeter of £94, on the North-Eastern
ild6, on the Manchester, Sheffield, and Lin-
the r° '595, on the Great Eastern of £3O, and on
the
~,,7117 Chatham, and Dover of £738 ; while
At an '4-Eastern shows a decrease of £729.
Iluida'n extraordinary general meeting of the rthare-
hQ:l7l of the Joint-Stock Coal Company (Limited)
was the Whittington gton Club on the 29th inst., it
ea pit ltianirnollsly resolved —" That the nominal
tho i 4 of the company be increased to £lOO,OOO by
value of 50,000 additional shares of the nominal
4114 of X 1 each, with ss. on allotment, which
Of :14 Bhall be considered part of the original capital
141sweye°111Pany, and shall rank equally with, and
IdJ:ct to, the sane provisions as those already
ene
?eser:l2
red ‘-'ll,,,elaredit Six per Cent. Loan, 1864.—The
Company are in receipt of advices
,r their agents, dated La Guayra, the 9th of
collat.'', of duties collected (and remitted) on ac-
-41,751
C°,,f. the above loan from Cuidad Bolivar,
eetit du°c. At the date of this collection the
aicladeeree of the Government had not reached
4eB olivar.
thi th :r Baring Brothers and Co. have received
LgerldE, on account of the New Grenada divi-
-4044 of%fnllowing remittances :—From Custom-
Pv4llt4 Ilartat £4,950 from do, of Car-