The Sun.
London, England, 1861-08-30 00:00:00

THE SUN, LONDON., FRIDAY EVENING. AUGUST 30, 1861.

SPURTING INTELLIGENCE.

colts, Bst 71b ; and fillies, Bst Sib. The second to save
his stake. One mile and a half. 7 subs.

Mr. O'Hara's Ivanhoff, Bst 121 b (in. 51b ex.) (Aldcroft) w.o.

RAILWAY INTELLIGENCE.

SOUTH-EASTERN.
The half-yearly meeting of this company was
held yesterday at the Bridge-house Hotel, Lon-
don-bridge ; the Hon. J. Byng in the chair.
Mr. S. Smiles, the secretary, having read the
notice convening the meeting, the report, an ab-
stract of which has appeared in The Sun, was
taken as read.
The CHAIRMAN, in moving the adoption of the
report, said they had not on that occasion the
pleasure they had in previous half-years of congra-
tulating them either upon an increased traffic or an
increased dividend. But when the various circum-
stances were taken into account which had affected
their traffic during the past summer they would
find that they had really no reason to be dissatisfied
with the result. In the first place their traffic hal
been affected, like that of most other railways, by
the unfavourable harvest of last year, and especially
by the failure of the crop on wnich Kent more
than any other county in England depended—he
meant that of hops. (Hear.) There had conse-
quently been less money in the district to spend on
railway travelling and in other ways, the country
people having expended so much less on coals that
during the six months their receipts from that
traffic showed a decrease of more than £l,OOO. In
the corresponding period of last year there was
the Agricultural Show at Canterbury, which in-
creased their receipts by apwards of £4,000 from
passengers alone ; so that they had a large item of
exceptional income to compare against. (Hear.)
But in addition to those circumstances, they had
also had an opposition railway to contend against,
which had necessarily taken a portion of their traf-
fic between London, Strood, and Canterbury. The
falling off in that branch of traffic had, however.
been principally in receipts, and was the result of
the low fares which they had been obliged to adopt.
'When they took into account these three circum-
stances—the agricultural depression in the districts
served by their railway, the agricultural show of
last year, and the competition of a rival line—pro-
bably they would concur with him that the fact of
their having been able to maintain their gross re-
ceipts so well as they had done, showing a decrease
of under £l,OOO, was by no means an unsatisfactory
result of the half year's working. Any falling off
which they had experienced from those causes had
been made up by the increase in the local traffic at
other points, both in passengers and goods, which
he hoped and believed would continue to follow the
efforts which they made to improve the accommo-
dation and conveniences afforded by their railway.
The working expenses had increased during the
half-year, This had been occasioned principally by
the increased rate paid for the freight of coal and
coke used upon the railway, the increased cost of
forage for the horses at the Bricklayers' Arms and
other stations, and the increased mileage run as
compared with last year, which had been 142,000
miles. This increased mileage had been rendered
necessary, partly to give accommodation to the in-
creased local traffic at certain points, and partly in
connection with the new mail and tidal services.
The mileage had also been increased by the compe-
tition at Strood and Canterbury, and the necessity
which existed for maintaining the services at those
points in the highest efficiency. An item of £2,210
was charged in the accounts for repairs of streets
in the goods department, or nearly £2,000 beyond
the amount charged last year, swelling the ex-
penses of that department in an exceptional degree.
The result of the half ;year's working was that
they were enabled to recommend a dividend at the
rate of £4 3s. 4d. per cent, per annum. (Hear.)
It was true this was a less dividend than they paid
under the peculiarly favourable circumstances of
last year ; but, excepting only that dividend, it
was higher than any they had paid for more than 10
years past ; and, such being the case, he thought
they had no grounds for complaint. (Hear.) He
then referred to the further sums which they pro-
posed to expend on capital account. The principal
item consisted of estimates for additional locomotives
and carriages. At the present time they were con-
siderably hampered for want of carrying stock, and
they could readily understand that the number of
passengers they could carry was limited by the
number of locomotives and carriages at their dis-
posal. The reduction in the rates caused by the
competition which had been forced upon them had
already led to a large increase in the number of pas-
sengers conveyed upon their lines, and they might
expect to experience a still further large increase..
Under the present circumstances it was only by
carrying a much larger number of persons that they
could expect to maintain their dividends, and he had
no doubt whatever that they would have passengers
enough to fill their proposed new carriages. In
illustration of this he might mention that during
the first 26 days of this month they carried upwards
of 100,000 more passengers than in the correspond-
period of last year. (Hear, hear.) Besides this
addition to their local traffic, they must be prepared
to carry the large number al continental passengers
expected next year during the period of the Exhi-
bition, and which it would be their interest to ac-
commodate in the most satisfactory manner. The
additional workshops at Ashford, for maintaining
and repairing the various additions made to the
company's stock, had long been in contemplation,
and their execution had been postponed from time
to time until it could no longer be delayed. They
therefore requested the sanction of the pro-
prietors to expend the capital required to provide
those and the other necessary additions to sta-
tions, as set forth in the half yearly report. The
special business to be brought under their notice
was connected with the completion of the
Charing'crOss undertaking, with the object of
placing this company in its proper position with
respect. to terminal accommodation in London.
He need scarcely inform them that the company
with 'which they were in competition was pro-
vided With :a :West end terminus at Victoria Sta-
tion, and had obtained powers to construct a city
station in Farringdon-street. The capital they had
to protect and render productive was too great to
permit them to be passive or inert under such cir-
cumstances. They were bound to secure the best
terminal accommodation which it was possible, un-
der the circumstances, to secure ; and he considered

it fortunate indeed that by means of the Charing-
cross Company, with which their interests were so
closely identified, they would shortly be enabled to
provide, without exception, the most convenient
terminal accommodation of any railway in London.
It was quite unnecessary for him to point out the
immense advantages which the Charing-cross Rail-
way would secure to this company, and the certain
large increase of their traffic which must follow its
completion. It would give them a station close to
Charing-cross, and another close to the Bank of
.England—almost in the heart of the city. Fur-
nished with such metropolitan termini their inte-
rests would be more effectually protected than by
any other method which could possibly be devised,
and with the most perfect confidence in the sound-
ness of the policy they were pursuing in this mat-
ter, he asked their sanction accordingly to the mea-
sures which they recommended, for the purpose of
carrying them into effect. (Cheers.)
Mr. G. Tnomnsort, Deputy-Chairman, seconded
the adoption of the report.
Mr. G. SMITH called attention to an error in one
of the tabular statements in the report, which
showed an increase of £11,036 under the sidehead
of net receipts for the half-year, instead of a de-
crease of £11,036, the net receipts for the past half
year being £281,629, against £292,665 for the cor-
responding period of 1860, showing the decrease of
L 11,036. •

Mr. BEVIS congratulated the shareholders that
they were in no worse a position. He, as a practi-
cal farmer, could bear out the chairman's statement
as to the failure of the crops in Kent last year, and
that no doubt was a reason why their receipts were
not greater. He was glad to see the increase
in the third-class passengers, and thought more
attention ought to be given to the accommodation
of that class of passengers. If they could work the
traffic for 45 per cent. of the receipts, instead of at
50 per cent., it would make a difference in their
dividend of 1 per cent.
Mr. ADAMS thought it was hardly of any use to
say anything about their extensions. Their West-
end and City schemes could not cost less than
£2,500,000. He hoped the shareholders would not
hereafter blame the directors for the outlay if it
should not be so profitable as anticipated. He
thought the county of Kent could never pay them
for the outlay on their terminal stations in London.
He did not see what use there was in carrying more
passengers if they did not get any more money for
it. If the competition should involve increased speed
they must be prepared for heavier expenditure on
the maintenance of the permanent way and rolling
stock.

Mr. EVANS said all they had now to do was to
carry out what had been decided upon at former
meetings. It was not to be expected that their
working expenses would diminish when they had
to compete with a rival company ; he thought, how-

ever, that the dread some people seemed to enter-
tain of competition was far more than the result
would justify.
Mr. G. SMITH thought they had no reason what-
ever to despond; they had a valuable property, and
must make the most of it. With regard to the pro
posed new carriages, he hoped they would carefully
examina the whole of the atoek, and see what they
could do with what they had, so as not to buy one
more than was wanted for the traffic. He wished
to know whether the company still adopted the plan
of signalling every train from station to station, so
as not to let a train pass a given station until the
one before it on the line had passed the next station.
Mr. FYLDS said it was generally understood that
increased demands for new rolling stock indicated
increased dividends. He never felt more confidence
in the ultimate success of the undertaking than he
did at present. He hoped that a portion of the
Charing-cross line would be opened before the Ex-
hibition of /862.

The CHAIRMAN said, if the passengers continued
to increase at the rate they had recently, there
could be no doubt they would require additional
carriages very soon. He hoped a portion of the
Charing-cross line would be opened in time for the
Exhibition. The usual precautions were of course
adopted to insure the safety of the passengers and
the regularity of the trains.
The report was then unanimously adopted ; and
a dividend of 12s. 6d. per £3O share, or at the rate
of £4 3s. 4d. per cent. per annum, for the past half
year was declared payable on the sth of September.
The meeting was then made special. and the di-
rectors were authorised to subscribe a further sum
of £360,000 towards the Charing•cross line, and to
raise additional capital to that amount on 5 per
cent. preference shares of £lO each, redeemable at
`par at the end Of 10 years, the deposit to be £1 per
share. The directors were also authorised to sub-
scribe £250,000 towards the construction of the
City Terminus line tt. Cannon-street, and to borrow
the amount on bond or i4ortgage. They were also
authorised to borrow £Bo,htn► for the general pur-
poses of the company.
The proceedings concluded with a vote of thanks
to the chairman and directors.