The Sun.
London, England, 1850-01-30 00:00:00

THE SUN, LONDON, WEDNESDAY EYINING,

upon the main line,*and the result was highly satis-
factory; the worst of them, namely, the Newhaven
branch, yielding a return of 3 per cent. on the cost of
construction. The excursion traffic during the past
half-year had greatly increased, and the result of an
inquiry which the directors bad instituted into the
effect which the excursion trains had upon the ordi-
nary traffic, had satisfied them that it diminished it in
no degree whatever. It must, therefore, be highly
gratifying to the shareholders that the company had
been enabled to afford so much pleasure to the indus-
trious classes of the metropolis, not only without loss,
but with a respectable profit, while an increase in the
accommodation given to the public on the Epsom
branch, by a reduction of the fare and an increase
of trains, had certainly resulted in no loss to the
company, if it had not secured a profit. The ex-
penditure was so fully gone into in detail in the
report, that it was only necessary to point to the
general result. It was shown in the report,
that the saving in expenditure over the year 1848
amounted to 15,0001., which had been expended in
the renewal of working stock and adopting the prin-
ciple of a reserved fund, which was recommended at
the last meeting; he saw no difficulty in the way of
their ultimately closing the capital account and
charging everything to revenue. The amount ad-
vanced to the Brighton and Continental Steam
Packet Company had been repaid, the directors con-
senting to forego the claim of this company for in-
terest; and when he looked at the legal difficulties
which must have stood in the way of their recovering
the money at law, he felt that the conclusion which
had been come to was highly advantageous to them-
selves.

A PROPRIETOR wished the Chairman to state the
result of the working on the Horsham line.
The CHAIRMAN was glad his attention had been
directed to that branch. It returned a profit of 51.
per cent. on the cost of expenditure. A mistaken
impression prevailed out of doors that this line had
been ruined by its branches, the fact was these
branches were all of them remunerative. With re-
gard to the question of Government audit he would
simply mention these facts. No less than a million
of money had been expended by the company in Par-
liamentary contests, while the line itself was taxed at
the rate of 40,0001., and were it not for the interest
they had to provide for this useless and unproductive
expenditure, the company at this moment might be
dividing six per cent. Upon the matter of future
prospects he did not like to indulge in predictions,
but with the increase that was going on in building
property in the various coast towns which the line
accommodated, he saw no reason why their receipts
should not go on gradually progressing. The ex-
press trains to Brighton had greatly accelerated
bringing that town within forty instead of fifty miles
of the metropolis. This accelerated speed had not
been obtained by an increase in the cost of working,
it was produced by diminishing the stoppages, and it
was likely to prove as remunerative to the company
as it was advantageous to the public. He concluded
by moving the adoption of the report.
In reply to questions from Captain KELLY,
The CHAIRMAN said he could give no estimate of
the value of surplus land, but it yielded a rental of
4,0001. a year. His impression was, that it was
worth about 40,0001. As regarded the number and
description of the rolling stock, the shareholders
would find a statement upon that head in a former
report of the company. The directors, however,
had under their consideration the propriety of giving
more detailed information in their accounts ; and he
hoped the improvement would be brought into opera-
tion next half-year. He proposed to recommend the
proprietors to put aside 15,000/. a year until such a
sum was accumulated as would enable them to pro-
vide for all new works and contingencies, without
making calls upon the proprietors. The company
had Parliamentary powers more than sufficient to
raise, either by loan or shares, one million four
hundred thousand. The Portsmouth station, in
round ;numbers, would cost 50,0004, of which the
company would contribute one half, and the South-
Western the other half.

Mr. LETT objected to the reserved fund. All the
earnings ought to be divided amongst the share-
holders of the day, and leave all contingencies to be
provided for by loans or calls. But if they must
have a reserved fund, why should not the preferential
shares contribute to it ? Just let him put this case.
They paid the chairman 1,5001. last year. Now,
suppose they said to him this year, " Mr. Laing, we
will give you 8001., and the balance of 7001. some
other time. You managed very well last year, but
you may have contingencies next, and we keep the
7001. to provide for them." Well, that was just the
case, and he hoped they would have no reserved
fund.

Mr. Alderman Wlmom moved as an amendment
that the report be adopted, with the exception of the
paragraph relating to the depreciation fund, and that
the 15,0001. be iltvided amongst the shareholders as
far as it was divisible.
Mr. WOOD seconded the amendment.
Mr. Ssairrn wished to know hew long they were to
set aside the 15,0001. a year ?
The CHAIRMAN could not tell at present.
A PROPRIETOR asked if a vote would be taken
every year upon the question of the reserved fund ?
The CHAIRMAN replied in the affirmative, adding
that when the proprietors thought the fund was
getting too large they could stop it.
After some further discussion the amendment was
put and negatived by a large majority, and the report
adopted in its integrity.

On the motion of the CHAIRMAN it was then re-
solved, ".That 15,0001. be set apart towards a reserved
fund, and be invested in the company's debentures,
or other approved securities, in the names of three
trustees, and that no part of such reserved fund be
transferred without the consent of a special meeting
called for that purpose, and that the accruing interest
from time to time be also so invested."

The dividend was then declared payable on the
sth of February next.
A resolution was then passed authorising the con-
solidation into stock of such of the eighth shares D
created on the 19th of August, 1846, in respect of
which the whole of the calls shall be then paid up ;
and also to determine upon the consolidation into a
six per cent. stock of such of the six per cent. shares
created on the 27th of May, 1848, in respect of
. .

which the whole of the calls shall be then paid up.
The retiring directors were then re-elected, and a
vote of confidence in the direction, and thanks to the
chairman having been unanimously passed, the meet-
ing terminated.

THE LOSS or THE RICHARD DART TRANSPORT.—
Since the announcement of the loss of this unfortu-
nate vessel on the islands of Prince Edward, a deso-
late heap of rocks in the Indian Ocean, about 700
miles south-east of the Cape of Good Hope, with a
detachment of Sappers and Miners on board, further
intelligence has arrived confirming the fearful loss of
life that took place on the occasion. With the ex-
ception of three private?, the entire body of Sappers and
Miners on board, including the commanding officer,
Lieutenant James Liddell, was lost. The place the vessel
struck was on the north-we“ side of the island, which
consists of perpendicular rocks of great height. The men
who escaped v, ere thrown into au open cavity in the rock.
The majority of the unhappy creatures who perished were
thrown by the surf against the base of the rocks, where
escape was impossible; there they met a horrible death.
All the accounts received go to show that the master
had gone out of his course, partially in consequence of
tie hazy state of weather that had existed several days
previously preventing observations being taken. The
following list of the sufferers has been furnished us
by the authorities of the garrison at Woolwich,
to which most of them belonged prior to their de-
parture in the Richard Dart:—Lieutenant James
Liddell; Dr. Fitton, Mrs. Fitton, and child; Mr. Kelly and
assistant; Mr. Gale, surgeon; SergeantJohe Sutton, wife,
and child ; Corporal John Mulreaney ; Lance-corporal
Robert Bruce and wife ; Privates David John, Joseph
M•Lean, Robert Martin, John Scott, Charles Quigley,
James Barker, Wm. Walsh, Martin Nichmlson, Samuel
Pinch, Alex. Clark, William Cambrary Green (widower),
and three children; Robert Alexander, Nathaniel Vicory,
Samuel Porter, Richard Holt, James Furguson, William
Thome*, his wife, and four children, and William
Witcher. In addition to the above list, eleven of the
crew of the vessel perished. The Richard Dart was
quite a new ship, with cargo. The loss is said to be
upwards of 20,0001.
THB TRANSIT TRADE WITH THE UNITED STATES.

—The steam-vessel Commodore, arrived at the port of
Liverpool from Havre, has brought 634 packages of
French silks, gloves, and other articles, which are ex-
pressly stated and intended to be for immediate ship•
ment by one of the packet vessels to the United States
( f America. The whole of these goods are officially
declared to be for the purpose of exportation only, the
advantage of which is that, instead of a full and com-
plete examination of the whole contents of the packages
being made by the authorities of the Revenue, as if
they were entered fir the duties or to be warehoused in
the usual manner, a very small proportion of the pack-
ages are disturbed, or subjected to examination prior to
re-.thipment for their destination, under the regulation
of a Treasury order having special reference to the im-
portations of foreign goods in transitu to other foreign
countries.
an-
shiTrewefrlovme cocawtsinhgavtehedibetullbosn
oaf
te r fawramiwno rGt which,
Cleaning a ditch, had been thrown up into the field in
which they were castured.
Sir James Emerson Tennent, the Civil Secretary
of Ceylon, has arrived in town with Lady Tennent. It
is considered probable that Sir James will assume the
Governorship of one of our Australian colonies.— Weekly
Chronicle.

ACCIDENT TO THE REV. J. JACKSON.-00 Mon-
day, the 21st inst., a serious accident befel the Rev.
James Jackson, the worthy and much respected Rector
of Lidgate, near Newmarket. It appears, that his gar-
dener was engaged in filing a tree, and had fastened
a rope to it for that purpose, when Mr. Jackson, who
was looking on, kindly took hold of it to assist the man
in pulling it down; The rope suddenly broke, and both
fell with great violence upon the ground. We are sorry
to say, that on lifting the Rev. Gentleman his leg was
found to be broken_ Mr. Stutter, surgeon, of Wick-
ham-brook, wag immediately sent fur, and the broken
bone carefully adjusted.—Norfolk Chronicle.