The Sun.
London, England, 1868-08-27 00:00:00

HALF YEARLY MEETING.—(THIS DAY.)
The ordinary half-yearly meeting of the share-
holders in this company was held to-day, at the
offices of the company, Victoria Station ; J.
Hilliard, Esq., in the chair.
The report having been taken as read,
The CHAIRMAN rose to move the reception and
adoption of the report and accounts, and explained
the various items in the revenue accounts of the
company. He then proceeded to refer to the proposal
to raise the new A Stock, which he said would be a very
wise proceeding to consent to. The payment of
the interest was quite a certainty, because they had
an increase of income of £70,000 to pty interest
on the stock, which would amount to about £36,000.
It would have been a great assistance had the direc-
tors received the consent of the mortgagees, because
the creditors would readily take the new stock. It
was, however, thought that it would not be right
to issue it until the form of consent sent to the
shareholders had been returned, and he must say
that the directors would not use the consent unless
they got a large majority. He then proceeded to
notice what he said was called an increase of fares,
and said the tone the public ha 1 adopted was most
unreasonable. If the company found they were
running trains at less than they could afford he
contended they had a right to raise them. The
public, he admitted, had the right to object
to such a proceeding, but that was all, and
he did not think for a moment it was to be ad-
vanced that because the company had been
running at too low fares the company had no right
to increase them. He did not say that public opi-
nion and feeling were altogether to be overlooked,
because if they refused to use the railway the share-
holders would be the sufferers ; but what he did
say was that the public had no right to call upon
the directors to run trains at unremunerative
rates. (Hear, hear.) The accommodation they
afforded to the public was in every way most con-
venient, but hitherto the fares charged had been
found to be unremunerative, and he thought the
directors in the course they had adopted had
acted entirely for the benefit of the shareholders,
because it was but reasonable that they should look
for some return for the large amount they bad in-
vested in the undertaking. (Hear, hear.) It was
quite a commercial question, and the directors were
watching closely the revenues, and if they found
the fares now adopted did not pay they would at
once take the matter into their consideration. He
contended that in what had been done au equalisa-
tion of fares had been made, and nothing more ;
and if the directors had not taken the course they
had they would have neglected the interests of the
shareholders. With reference to the letters that
had appeared in the newspapers on the subject, he
should not say further than that he had received a
great many, most of which told the directors their
third class were too good. (Oh, oh.) He must
say he was very much of that opinion. He did
think their accommodation to certain parties had
been too good, and that they had in a great mea-
sure spoilt the public. The directors were taking
the most active steps to get the priority question
settled, and he might conclude by saying that the
property was in a sound and good condition.
Mr. WARTEII seconded the motion, and said that
whatever had been the waste and extravagance
twelve millions of money had been spent on their
railway, and the fares hitherto charged did'nt pro-
duce sufficient to pay interest. The conduct of the
public was most unreasonable in objecting to the
directors endeavouring to get enough to pay interest
on the capital laid out for the debenture-holders.
Mr. Ilacircocic. said the fares hitherto charged
by the directors was not shoe-leather price, and he
was surprised that there should have been such au
outcry when the directors attempted to remedy the
matter. He thought the directors would be weak
to give way at the present moment. He felt
certain that after a little while the matter would
settle down—(hear, hear)—and quiet would soon
come about. The letters only came from a few
grumblers, who would grumble at anything, and
if left alone the dissatisfaction would soon die out.
With respect to the omnibuses running iu compe-
tition that would also die out, and when the public
wasted a good ride they woad I come back to them.
(Hear, hear.) He thought the directors had only
done justice to the shareholders in raising their
fares—(hear, hear).—anl the talk about their
charges being increased 100 per cent., was all
nonsense. (h ear, hear.) The secret was their pre-
sent fares were not too high, but they had formerly
been too low. (Hear, hear.)
Mr. BILLINGS said it was a matter of the highest
importance to all concerned that there should be no
dispute about railway fares. He was not for high
fares, because the time for levying them had passed,
but he thought the new arrangement with respect
to certain classes was most unjust. The ordinary
admission and railway tickets to the Crystal Palace
remained at the old figure, but the fare charged to
the holders of season tickets had been greatly in-
creased. Such a proceeding was most unfair, and
would be attended with great loss to the Crystal
Palace Company. He had in his own case given up
attending the Saturday concerts in consequence of
the high fare now charged, and many others had
done the same, so both companies lost revenue.
Ile thought the arrangement at present in existence
with respect to workmen's trains required revision,
as it was a great hardship that one set of workmen