The Sun.
London, England, 1844-02-08 00:00:00

•

this meeting, viz.—Capiain Kelly, R.N., Joseph Thomson, and
Edward Wigan, Esquires, who, being eligible for re-election,
offer themselves accordingly.
" The Directors, in conclusion, cannot avoid congratulating
the Proprietors upon the progressive increase of the traffic on
the line, and the general prospects of the undertaking."
The CHAIRMAN said that as the report entered into
considerable detail, his observations need not be very
extended. The expenses of the line were 26 per cent.
The smallness of the amount arose, in a great degree,
from the circumstance of a large portion of the line
running over those of other companie.. The two main
objects in the report were the amalgamation of their
working expenses with the Dover and Croydon Railway
Companies, and the leasing of the two lines. On these
subjects he was not prepared to make any definite state-
ments • the general economical result could not be
doubted. Another important point was the leasing of
the line by the South-Eastern Company. With respect
to the offer of 100,000 L, in order to enable them to form
an opinion as to the propriety of accepting or re-
jecting it, he thought it best to refer the Share-
holders to the results of the last half year,
with a view of ascertaining what was likely to be the
amount of their ultimate profits.—(Hear, hear.) The
receipts of the last half-year
.exceeded those of the
corresponding period in the previous year by eleven and
a half per cent. The interest paid in the year 1843 on
the balance was 56,9721.; the surplus remaining at the
present time was 37,6661. This left a clear net receipt
of 94,6001., from which they had to deduct 1,080/, being
the difference between the surplus balance of the Ist.of
January, 1843, and the dividend on the South-Eastern
money, which was credited to that half-year, leaving a
clear net income of 93,5001. He would put it to the
meeting whether, under such circumstances, it was de-
sirable to accede to the offer of the South-Eastern Com-
pa ny.—(lrear, hear.) The two projected lines of railway
afforded an additional argument in favour of retaining
possession of their own line. These two lines had
undergone a good deal of investigation on the part of
the Board. Traffic cases had been obtained from persons
conversant with the subject, and the results were before
the meeting. 30,0001. was the amount of the existing
coach traffic, not taking into account posting, goods, or
casual sources of profit, or that augmentation which all
railway companies expected to occur. It was encou-
raging to know, that in spite of all that had been said
about the Brighton Company having no country beyond
it, the traffic had been doubled within two years. He
would be happy to give any information as to the traffic
cases of the two companies. With respect to the esti-
mates, whilst they would guarantee them, they would
not give any guarantee with respect to anything of a
contingent nature—(lleac, hear)—but he thought, after
what had been said on that subject, there was not
likely to be any ground of complaint. —(Hear, hear.)
The account of the South-Eastern Company was now
delivered,- and he trusted that the matter would be
brought to a satisfactory settlement. At the last meet-
-ing considerable discussion took place with reference to
the amount of 11,6001., charged for ballasting. It was
satisfactory to find that a reduction of 3,000/. had since.
taken place.—(Hear, hear.) With respect to the income
arising from this line, it should be observed that, while
20s. per share was the amount of the dividend, the re-
sult of the business would afford 245. per share.—
(Cheers.) It had been thought desirable to retain a
surplus of 2,500/., lest there should he a falling off in the
next half-year. It was a cheering circumstance that the
business of the last half year had been carried on with-
out any accident, and that public confidence in the line
seemed perfectly restored.—(Cheers.) They must all
be acquainted with what had recently been said
in Parliament in relation to railway accommodation.
He felt confident that whatever might be the dia-
-1 position of certain parties, the Government would give
Railway Companies fair play. lie believed that no
complaint could be made against this Company as re-
garded third class passengers.—(Hear, hear.) The
fares for second class covered carriages, were lower in
amount than the fares formerly charged by coaches for
outside passengers. The third class passengers are
generally persons of considerable hardihood. lie be-
lieved that the complaint of insufficient accommodation
originated, not with the class of persons for whom third
class carriages were intended, but with persons who,
judging from their appearance, could afford to pay a
higher fare, and who wanted first class accommodation
for third lass fare.—(Cheers and laughter.) At the
last meeting it was stated that they had made an
arrangement with the Croydon Company for carrying
out the proportion of toll. The advantage of the arrange-
ment which they had made was,that they might alter their
fares if they pleased, without suffering any loss in con-
sequence. In conclusion, he begged to say, that he had
already intimated his intention of resigning his situation
as Chairman of the Board of Directors. That step he
felt to be absolutely necessary, on account of the pres-
sure of the duties which he had to perform. He had
consented to retain his position for the present, but only
until a successor could be appointed. Various rumours
had been circulated to the detriment of,. the Beard, but
he thought it best to treat them with the contempt
:which, in his opinion, they merited. . lie would be happy
to answer any question which might be put to hiai pre-
vious to the adoption of the Report.
Mr. THOMSON said there was no allusion in the Re-
port to the suit pending between that Company and Sir
Isaac Lionel Goldsmid.

The CHAIRMAN said that the shit in question was not
now proceeding.
A PROPRIETOR inquired what would be included 'in
the intended amalgamation with the Croydon and Dover
Line, and when the amalgamation would take place ?
The CHAIRMAN said it would include all moveable
plant; baggage, stock, engines, and everything else would
be put under one management on the Ist of March.
Mr. WISHAW complained of the falling off in the profits
requ-`iced tie serion's trftentiblis'ilriV Al'Acbe,thought
respect to the general profits of the Company,
,consider-
ing the splendid weather of the last half-year, and the
visit of a portion of the royal family to Brighton, he be-
lieved that they had arrived at the maximum number of
passengers.—(Cries of " No, no," and laughter.) •
Mr. W. CASH suggested the propriety of a still further
reduction in the rate of fares.--(clear, hear.) The ad-
ditional amount received was, he believed, greatly owing
to the reduction which had already taken place, and he
believed that with judicious reduction this railway would
carry thousands where it now carried hundreds.—(hear.)
Mr. 11. COOPER called the attention of the meeting to
the state of the steam communication with France.
They must not rely too confidently on the promises of
the Steam Navigation Company. In his judgment, this
Company ought to take the matter into their own
hands.

Mr. P. TAYLOR spoke of the necessity of increasing,
the number of Sunday trains. If the Legislature were
either not able or not disposed to pass a Sabbatarian
Bill, to restrict the power of the people to leave the
metropolis for pleasure on the Sunday, no directors of
railways had a right to accomplish that object by a side-
wind.—(Hear, hear.) He hoped Sunday trains would
be established to the full extent of the public wants,
Coupled with the interest of the 0-isepany.
The CHAIRMAN observed that the . Dover Railway
provided precisely the same amount of accommodation
on Sundays as the Brighton railway. With respect to
the question of carriage, he begged to observe that they
already carried all the goods between Brighton and
London. He could not at all agree with the gentleman
who thought that they had reached the maximum num-
ber of passengers. He believed that the increase in the
last half year was not in the least degree attributable to
the royal visit, which had been referred to ; he thought
the augmentation arose from permanent trains.—(Hear.)
The Report was then adopted by the meeting.
Mr. GRENFELL proposed the following resolution:—
" That this meeting do approve and confirm the deci-
sion of the Board of Directors, declining the offer made
by the South Eastern Company."
• Mr. ALLFREE seconded the resolution, which- was
carried unanimously.
Mr. NASH moved:—" That the Directors have power
to take a lease of the projected Hastings Railway, at
the rate of four per cent. upon the cost of construction,
provided such cost do not exceed 475,0004, upon the
terms proposed by the Directors in their resolution of
the 16th of January last."
Mr. WIGAN seconded the resolution.
Mr. Wisuww proposed, as an amendment:—" That it
is not expedient for this Company to agree to the pro-
posal of the Directors for taking a lease of the proposed
line by Lewes and Hastings, unless a condition be at-
tached to the arrangement, that a guarantee be given
that one line only to Hastings be sanctioned by the Le-
gislature."
The amendment having been seconded,
The CHAIRMAN pit the question to the meeting, and
the original resolution was carried, with two dissentients.
Captain KELLY proposed the following resolution:—
" That the Directors have power to- take a lease of
the projected Chichester line at a rent of four per
cent. per annum upon the cost of construction, provided
such cost do not exceed 300,0001, upon the terms pro-
posed, by the Directors in their resolution of the 19th
of January last." He would only observe, in reference
to this resolution, that they had had applications for
three times as many shares as there were to be dis-

tributed."—(Cheer;.)
Mr. CROWLEY seconded the resolution, which was
carried unanimously.
Mr. ROWLAND DILL moved a resolution empowering
the Directors to adjust the differences of the Company
with the South Eastern Company, in relation to the sale
of the joint portion of the line in such manner and upon
such terms as they might think fair and reasonable.
Mr. KING having seconded the: resolution, it was
passed without a dissentient.
It was then moved by the CHAIRIifiN, and afterwards
seconded, " That a dividend of twenty shillings per
share, deducting the income-tax, be and is hereby de-
clared payable on the 15th of March next."
The retiring Directors were re-elected.
A vote of thanks having been given to the Chairman,
the mee;ing separated.