The Sun.
London, England, 1868-05-15 00:00:00

rt sting part of their history would shortly be re:

(laced to union and pease.

For year 3 they had

been involved i❑ disputes awl Parliamentary con-
tests, which had reduced an excellent dividend of
per cent. per annum to one of about 3 per cnt.
They were now going to do what they should have
done years ago—co-operate with others to serve
the public better and to improve the dividends of
the k hare o ider s. His first connection with the
company was against his own wish, bat at the
strenuous request of friends. He had to go abroad
for a few months soon after, and during his absence
the board had deposited a bill for the line toßrighton,
the abandonment of the power to make which he
would that day ask their sanction. •The bill was ob-
tained to check the aggressive policy of the Brighton
Company. He had instituted a negotiation with Mr.
Schuster, the chairman of the Brighton Company,
to bring about au arrangement for fusing the two
concerns. He was sorry to say that that endeavour
had been thrown over by the influence of certain
parties in the Brighton Company, by means of
something like a conspiracy. He would go further
into that matter at the next meeting. The princi-
p

al Bill they had before Parliament was for estab-
lishing a working union of the South-Eastern and
London, Brighton, and South Coast Railway Com-
panies,—for affirming an agreement of the compa-
nies in that behalf, and for authorising the admis-
sion of the Loudon, Chatham, and Dover Company
into the union. The South-Eastern Company's ca-
pital account was now practically closed, and their
new line, which had been so long delayed, was now
in full operation ; their tidal and express trains
passing over it rapidly was a great advantage to the
public and comfort to the passengers. The com-
pany had just completed an expenditure of
£5,000,000 to accommodate the public and to de-
velope the traffic. He trusted that by patient and
quiet management they would not only be
able to restore the old rate of dividend, but to
accomplish a higher rate. A copy of the Union
11'111 had been sent to every shareholder, and it
would depend on Parliament as to its being passed.
The Bill had been most carefully gone through by
Mr. G. Leeman (who was not only a very experi-
enced lawyer, but well acquainted with railway mat-
ters), Mr. Eborall, their general manager, and
himself. At present.the bill extended to 95 clauses.
Although it had been so carefully prepared he
would not advise them to accept the bill if toll
clauses were so much interfered with in the Lords.
Ile wished to give the shareholders full power of
voting out directors, and of giving the joint com-
mittee power to vote out members if deemed expe-
dient for the interests of the undertaking, but some
alteration had been made in that clause. There was
power to make agreements with the London and
North-Western and Great Northern Railway Com-
panies for using the lines, provided they would
grant similar facilities to the united company. He
then went minutely through every important clause
in the bill, which had been 28 days before the
Commons Committee, during which 14 petitions
had been presented against it. The bill of costs
would be made out and submitted before the share-
holders would be asked for their final vote, Each
'member of the joint committee would be required
to hold £2,000 ordinary stock and .€3,C00 other
stocks in the company represented by him,
making £5,000. The South-Eastern Company
would have five members, the Brighton five
members, and the Chatham three members, making
together 13 as the number of the joint committee,
and they intend that each cotupany should pay the

cost of obtaining the Union Bill in that proportion.
There was power to revise the proportions of traffic
on each of the old lines at any time, instead of
waiting till the end of five years, as origi►aally pro-
posed. The debenture interest would be paid into
the bank every week, and would be audited con-
tinually by Mr. Waterhouse, and kept as a separate
department. There would be no capital expendi-
ture without the mutual assent of both Boards. A
provident savings-bank would be instituted for the
companies' men, and 4 per cent. interest allowed on
deposits. He then described bow well this system
had worked in another company for the advantage
of all parties. It was proposed to change the name
of the company to the " Southern and Continental,"
but Mr. Bibby, one of the directors, had suggested
that the united company should be called the Great
Southern. The dates of making up the accounts
would be the 30th of June and 31st of December
in each year, instead of, as at present, in the South-
Eastern, to 31st of January and 31st of July in
each year. They proposed that the joint working
with the Chatham Company should commence on
the Ist of July, 1869. They had settled the matter
in dispute with the South-Western Comp:►ny by
agreeing to build a station in the Waterloo-road to
accommodate passengers from that railway on the
Charing-cross and City line. They intended to
extinguish the debenture debt of the company
(14,000,000) by means of a debenture stock, to be
called up in four or five years, or as the debentures
fell due, and he hoped the ordinary stockholders
would take it all up. He concluded by formally
moving the approval of the bill.
The Hon. J. BYNG seconded the motion.
Mr. G. SMITH hoped they had turned the corner
with regard to their affairs, the rolling stock and
permanent way were in the best possible order, and
the line was well managed and worked by Mr.
Eborall and other officers of the company. lie
therefore did not want to part with anything for
the union of the other companies. Ile believed the
Chatham Company were bound to pay £3,000 a
year to one official for seven years, which, together
with commissions, amounted to £7,000 or £B,OOO a
year, and that this company were to contribute a
portion of that extravagant sum.
Mr. MORPHET regretted there should be any fur-
ther postponement with regard to the bill, as the
object of it had been already fully considered. Ile
thought the " United Southern Railway" would be
a better name for the united company.
Mr. RAwSON approved the clauses of the bill, and
he had no doubt that the united. working would be
beneficial to all concerned, but he would decidedly
object to any adverse revision of the tolls. No other
company was in so favourable a position as to finan-
cial matters, and be thought that the value of the
property must increase.
The CHAIRMAN, in reply to questions, stated that
with a view to prevent accidents it was not intended
that the South-Western trains should run over the
Charing-cross line. The station at Waterloo would
cost £7,000, and would be paid for in two years out
of revenue. It could be built iu two months. The
company had a valuable estate independent of traffic
that would eventually add per cent. to the divi-
dend. The arches in Cannon-street had recently
been let on long leases for £B,OOO a year. They
would adopt Mr. Wrigley's plan of keeping capital
and revenue under separate management. The
joint undertaking would be saddled with £3,000 a
year till 1874, in respect of the Chatham engage-
ment alluded to by Mr. Smith. It was intended to
stipulate that Mr. Eborall's agreement should be ex-
tended from 1871 to 1874.
It was then agreed that the meeting should ad-
journ to the 28th inst.
On the motion of the CHAIRMAN, seconded by
Mr. MELLOR, " a bill for the abandonment of the
railways authorised by the South-Eastern and Lon-
don, Chatham, and Dover (London, Lewes, and
Brighton) Railway Act, 1866," was unanimously
approved, and the proceedings terminated.