The Sun.
London, England, 1866-01-30 00:00:00

THE SUN, LONDON, TUESDAY EVENING, JAISUARY SO, 18811

and from Brighton worked at a cost of 55 percent.
of the receipts, leaving about £114,000 net for the
traffic between London and Brighton. On the pro-
posed new line from Beckenham there would be
13,000 yards, or 6i miles, of tunnels, with gradients
of 1 in 120 against those on the existing line of 1 in
264. They would have to stop at four or five places on
the new line, and if they could take away from them
one-fourth of the existing net traffic, or £20,000 a
year, it would be a very small return for an outlay
of £4,500,000. The Brighton Company had been
asked why they did not take advantage of the faci-
lities of the Cannon-street and Charing-cross stations
of the South-Eastern ; the answer was that there
was no means of getting in and out of them unless
they were widened by other lines of rails being
added. When the Victoria station at Pimlico was
first made there were only two lines of rails avail-
able, but they had since found it necessary to in-
crease the number to six lines of rails. It was there-
fore impossible for them to use the Cannon-street

station until it was widened. He was sorry their
neighbours intended to lay out so much capital un-
profitably. There were 600 proprietors iu the
Brighton Company who had also shares in the South-
Eastern Company, so they would be in the position
of fighting the left hand pocket with money taken
from the right hand pocket. He contended that the
Surrey and Sussex line was in the Brighton Com-
pany's district, and that they had a perfect right to
make it for the protection of their Hastings traffic.
He thought, on the whole, the Brighton Company
would run no great risk of losing traffic even if the
new Brighton scheme should be sanctioned. But as
it had been rejected in the sessions of 1863, 1864,
and 1865 by Parliament, he thought it would also be
rejected in the ensuing session. He then alluded to
the bills promoted by the company, none of which
would injure their neighbours. One was for a line
from Croydon to the Banstead and Epsom line at
Banstead ; another was for making an independent
station at Hastings ; and another for a high-level
line to the Crystal Palace, and station there, about
five miles in length. Ile could assure the proprietors
they were quite ready to shake hands with all their
neighbours, as it was their wish that the shareholders
in every railway company should have a proper re-
turn for their outlay.
Mr. J. SCOTT, deputy- chairman, seconded the mo-
tion for the adoption of the report.
Mr. WY,trr stated that the proposed Worthing
Direct line from Reigate to Worthing did not go near
a single town, and would never pay anything. The
magistrates and inhabitants were against the South-
Eastern and Chatham scheme to Brighton ; but, if
carried out, he suggested that the Brighton Com-
pany should extend their line to Folkestone harbour.

Mr. LEVY thought the Brighton scheme would be
rejected by Parliament. He should be glad if some
arrangement could be come to, so as to put an end
to the present unseemly contest between the two
companies.

Mr. MOORE complained that the company's pro-
posed extension to Kemp-town, Brighton, had not
yet been commenced, although it had been sanc-
tioned by Parliament in 1864.

After some observations from Mr. Wilson, Mr
White, Mr. Lewis, and Mr. Langdale,
Mr. COIIEN said the consumption of fuel on their
line was 401 b. per mile, while on the Great Northern
and other lines it did not exceed 271 b. per mile. He
proposed that the company should publish a list of
shareholders annually.
Mr. LEVY seconded the motion ; the list should
be sold for a sum not exceeding 2s. 6d. per copy.
Mr. WiLsoN thought the proposed line to Brighton
was a mere bugbear to frighten timid shareholders.
It would do the Brighton Company no harm, but
might benefit them.

The CHAIRMAN said he considered the Worthing
a mad scheme, and must prove ruinous to the pro-
moters. The Steyning line would be doubled to
Worthing, and when the new junction line was
opened the Worthing people need not come to
Brighton as at present. The scheme from Becken-
ham to Brighton had been rejected in three succes-
sive sessions by Parliament, and he had no doubt
I that Parliament would also reject it in the session
of 1866. The cost of the proposed line from Croy-
don to Banstead would be £150,000. They had paid
£13,000 for the land to Kemp-town, and had agreed
for the purchase of nearly the whole of it. The con-
tract had been let to a respectable contractor, who
would commence operations so soon as the weather
permitted, and the line would be ready by the end
of next year. The company had reduced its fares
and rates 20 per cent. over the whole of their lines to
take away all claim for an opposition line to Brigh-
ton, and the consequence had been to reduce their
dividend, which they were now endeavouring to re-
cover by the increased accommodation to the public.
The greater consumption of fuel arose chiefly from
using coal instead of coke. They had run 239,000
train miles more than in the corresponding period
of 1864, and there had been a reduction in
the cost of fuel per mile. As to printing annually
a list of shareholders, it would be very little use, as
they were constantly changing, as shown by 3,200
transfers in the year. He mentioned that only five
applications for lists of shareholders had been made
in the course of six years. There were 7,000 share-
holders.

The report was then received and adopted ; the
proposition for printing a list of the shareholders
annually was rejected by 47 against 28 ; and a divi-
dend of 3-1- per cent. for the half-year on the ordi-
nary shares and stock of the company was declared.

Formal resolutions were then unanimously passed,
confirming the forfeiture of six £5 ordinary shares,
for converting the 41 per cent. paid-up preferential
shares into 41 per cent. preferential stock ; the paid-
up 5 per cent. preferential shares into 5 per cent.
perferential stock ; re-electing Col. Barttelot, M.P.,
Mr. W. Coningham, and Mr. P. N. Laurie, the re-
tiring directors ; and also Mr. J. Filcher, the retiring
auditor.

On the motion of Mr. MicnELL, the remunera-
tion of the two auditors was increased from £2OO
to £3OO rer annum.

The meeting was then made special, and the di-
rectors were authorised to raise under various acts
£337,000 by the issue of 5 per cent. preference
shares, or by the issue of ordinary shares or both,
at the option of the proprietors ; giving the holders
of the new 5 per cent. preference shares the option
at the end of four years of changing the preference
shares for ordinary shares ; and also authorising the
directors to exercise the borrowing powers in respect
to the additional share capital. Another special
meeting was then held, and the agreement with the
Horsham and Guildford Company was confirmed.

The proceedings concluded with a vote of thanks
to the chairman and directors.

DUTCH RHENISIL

The receipts for the fortnight ending January 15
amounted to £10,660, and for the corresponding
period of last year to £9,016, showing an increase
of £1,644. The receipts since the commencement of
the present book year, on May 1, 1865, including
the above, amounted to £222,908, showing an in-
crease, as compared with the corresponding period
of the preceding year, of £25,650. The working
expenses incurred for the fortnight amounted to
£5,097, or 47.81 per cent., and for the correspond-
ing period of last year to £4,171, or 47-33 per cent.,
showing an increase of £926. The working ex-
penses from May 1, 1865, to Jan. 15, 1866, amounted
to £83,957, or 37.21 per cent., and during the same
period of the year 1864-65 to 37.13 per cent. of the
receipts.