The Sun.
London, England, 1845-08-12 00:00:00

TTI
_STN, LONDON, TrESD'A MORNING, AUGUST it INA

2. An Account of the Balances of the Public Money remaining in the
ended the SA-1 Day of July, 1845 ; the Money applied towards the
Works, &c., with the Difference accruing thereon; and the Balances

exchequer on the sth day of July, 1844; the Amount of Money raised by the Additions to the Fund
Redemption of the Funded or paying off Unfunded Debt; the Total, Amount of Advances and 1
at the Exchequer, on the sth day of July, 1845.

X a. d. £ s. d. £ s. d. ISSUED. £ d. £ s. d.
BALANCES in the EXCHEQUER on the sth day of July, 1814
To the Commissioners for the reduction of the National
Debt, to be applied to the redemption of the Public
Debt
MONEY RAISED IN THE YEAR ENDING THE STH DAY OF JULY, 1845, BY
By issues per Act 10 George IV., c. 27 2,647,471 17 9
By interests on donations and bequests 9,214 4 6
THE CREATION OF FUNDED OR UNFUNDED DEBT.
2,656,686 2 3
Exchequer-bills 18,407.3001., charged on Supplies, per Act 7 Victoria, Deduct sum applied not in redemption of Funded
c. 14
• 556,686 2 3
To the Paymasters of Exchequer-bills for payment of
Exchequer-bills, 9,379,6001., charged on Supplies, per Act 8 Victoria, Unfunded Debt :
... . 9,269,600 0 0
c. 23
18,294,500 0 0 of Public Works, West India Relief, and Shan-
non Bills
Exchequer-bills for Public Works.—Great Britain (charged on Conso- Money out of the Consolidated Fund, to pay off
lidated Fund), per Act 3 Victoria, c. 10
in full of 2 000,0001., granted per Act 6 and 7
Victoria, c. 87
Exchequer-bills, West India Relief, per Act 2 and 3 Victoria, c. 125.
to payment of Supply Bills
Exchequer-bills issued for payment of Supply
Exchequer-bills, West India Relief, per Act 6 and 7 Victoria, c. 87
108,500 0 0 20,321,300 0 0
18,415,500 0 0 Total amount of advances for Local Works, &c.,
under authority of various Act of Parliament ... 1,445,768 19 4
Ditto of re-payments, ditto 1,391,156 1 7i
Excess of Income over Expenditure ••• ••• . 3,471,120 14 7 Excess of advances over re-payments 54,612 17 81
Balances in the Exchequer on the sth day of July,
..• ••• 1845 6,641,519 1 101
-
27,574,118 1 101 27,574,118 1 101

Whitehall Treasury Chambers, July 30, 1845.

RAILWAY INTELLIGENCE.

which their cause had been referred. It appeared that
the legislative measures of last session had left them
with all these inferior tribunals, instead of the one, to

surveys, he would say nothing of them until their en-
gineer, Mr. Locke, had an opportunity of seeing their
plans to judge what they might be. It was very clear
that the trade from south t') north was much over-rated,

LONDON AAD SOUTH-WESTERN

RAILWAY.
The half-yearly general meeting of the Directors and
Shareholdt-rs in] this Company was held on Saturday
at one o'clock, in the Board-room, at the Nine Elms
Terminus, Mr. Chaplin, Chairman of the Directors,

presided.
The SECRETARY having read the advertisement ctil-
ing the meeting then read the report, of which the fol-
lowing is an abstract
The total balance available for distribution is 86,7331.
ld., out of which the Directors recommended a dividend of
375. 6d. per shire, subject to income-tax, being an advance of
ss. a share, or 14 per cent. on the dividend declared in

August last.
The Guildford Junction Railway, which has now become the
prverty of this C..mpiny (subject to its future probable amal-
4amati,na with the intended line from Guildford to Chichester
and P,rtstriouth), has been in working since the beg:nning of
May last, and the traffic upon it has realised the expecta-
tions of the Board.
The Act for extending this railway to tlie Waterloo and
Hungerford BrPges, and for improving its river-side accom-
modation at Nine-elms, had received the royal assent. In
connexion with it, the Directors cannot omit to congratulate
the Proprietors on the passing of the Act for making a railway
to Richmond. Friendly reLvions have been established be-
twevn this Company and the Richmond Railway Company,
and arrangements have been airelity matte for working the
Richmond line by this Company, upsn mututily satisfactory
terms. The Bill introduced into Parliament by the Brighton
Company for estabiidling a junction between the Brighton and
South-Western tines was rejected by the Committee in the
H _we of Commons ; but the Directors hare reason to believe
that the applivatitna will be renewed in the next session, and

whose opm6ns, it appeared, they paid no attention ;
and ho himself did not disguise the truth, that he had
calculated, with much satisfaction, on the probable effect
upon the Committee of the decision of the Board of
Trade ; and although a gentleman on the last occasion
twitted him with too great a submission to the Board of
Traile—cand he must confess that that gentleman was
more correct in his prophecy of the result than he (the
Chairman) was —he was prepared now to assert that
such a controlling power as the Board. of Trade was ab-
solutely necessary to the preservation of railway inte-
rests. Without such a controlling power, the general
interests of established Companies would be subjected to
unity, competition, which the imperfect tribunals esta-
blished last session would not do away with. Yet one
would suppose that five able gentlemen would have
cooducred matters with more judgment than a Commit-
tee of tift.-en would, but the bye should be acquainted
with the general necessities of railways, and with the
particular I,,cality to which the line before them had re-
Erence. But in Parliament the reverse was the fact.
me:&iers of Committees were chosen because they

because or that traffic very little returned south again;
and when they saw the lines projected by the Great
Western Company, he almost doubted if this line would
repay the projectors. He had nothing more to add,
but would be most happy, as far as in his power, to
answer any question put by the Proprietors present.
Mr. UPCROFT thought that the report was a very satis-
factory one, inasmuch as their past,enger traffic was
steadily increasing, and he for one was glad to see it. He
would second the adoption of the report.
A PROPRIETOR was of opinion that it would be desi-
rable to hold out friendly terms to the Manchester and
Southamp:on Company. He thought that some sort of
coalition would be of service to both companies.
Mr.SNow said that if the proposed railway ran directly
into the town of Southampton, they (the South-Western)
could hare nothing to do with it, but if they proposed
to use their station, he thought that feelings of a friendly

character ought to be cultivated between them. He
thought, however, that this meeting was not called for
the mere purpose of receiving that report, mid his own
opinion was, that a retrospective view of their struggles
i❑ the last session would be useful as a guide to their
conduct in the time to come. But nothing had been said
by the chairman of their treaty with the Great Western
Company. They had heard, indeed, that the Company
was unpopular in the towns of Portsmouth and South-
ampton. In .►is opinion, of all the inconsistent people
in the world, those of Southampton were the most in-
consistent. He held in his hand a report of the pro-
ceedings in the Southampton Docks Bill, and he found
that the town council opposed, at last, all to which at
first they had given a ready sanction. He (Mr. Snow)
thought that the increase in the goods' traffic, and in
the amount received for the half-year—namely, 28,5641.,
and 41.—bore no proportion to the reduction which
had been made in the charges, and he thought that if
they were further reducing those charges to Id. a mile,
they would, in his opinion, increase the traffic to nearly
double. He would recommend that the whole table of
fares be revised for the purpose of reforming it. They
might at least try a reduced scale for six months, and it
it did not pay, they could at that period resort to the old
charges.

had no interest in railways, and because they knew
walling of the particular pert of the country that they
were to decide upon. In such a case, if an active-minded
man got into the chair, ten to one that (even supposing
him to be prejudiced in a particular way) the whole affair
would be decided by him. But those decisions were now
made, mind it was of no use to revert to them. Such were
the coatingencie ; of appealing to the present tribunals
established by..the House of Commons, that he would
leave any one in that room to judge whether any men,
unless indeed they were raised above the failings of
human stature, could give a satisfactory deci-
si rn, considering the many conflicting interests that
were involved. It seemed as if Providence had intended
their defeat as a lesson, lest they should get puffed up,
and be too vain in future. He did not mean to say a
word against the Chairman of the Committee, for from
all he could learn he was a high•minded and honourable
man; but he believed Viscount Canterbury had been
elected by the House of Lords to act as chair-
man, but unfortunately his decease took place a
little before the Committee met, and they were,
therefore, left in the hands of Lord Hardwicke.
He would repeat that he did not mean to impugn the
conduct of that Noble Lord, but he went in advance of
justice from a desire to get the business finished, and
they (the South-Western Company) did not therefore
overtake that quality, until they had passed his ordeal,
and got within the House of Lords.—(Hear, hear.) But
he was perfectly convinced, from what had taken pla3e
chore, that they should get on better in the next session
of Parliament. But he could not leave these Committees
without one other word. On one or two occasions they
spoke of putting down monopolies. They said that that
Company was unpopular at Portsmouth, and they would
therefore take care to throw the traffic open to other
companies. He would, for the benefit of those members
who were at a distance, as also for the sake of their new
me übers explain the cause of this unpopularity. At
first starting, it was the general opinion that it would be
impossible te carry on this Company, and part of its
capital was raised at 50 per cent. discount. They had
hail a maximum rate of carriage established, which had
however never been reached to, and on two trains they
had reduced the rates twenty per cent„ and what were
they doing ? They had got a Bill for the extension of
the railway from Nine•elms to Hungerford-bridge, and
then they calculated on carrying it on to London-
bridee. 'The whole of this extension could be effected
nor a million of money, and their charges to these points
weeld be somewhat under that which was now charged
from Nine elms to Southampton. Then, again, they had
reAuced the goeds' charges to 10s., and this, too,
included loading and unloading ; he had not
yet heard of any railway carrying at lower rates than
these. Now when they contemplated these reductions,
when they contemplated a million of money laid out to
accommodate the public, he hoped and trusted that the
putilie would give them credit for making a tender use
of their monopoly. They frankly admitted that some
irreeu!arity had taken place in the times of running the
trains, but in the three months that the fares had been
reduced tney h id increased their passenger trade by
52.1(15 persons; and they had also increased their goods
traffic, in consequence of the reduction, by 15,179 tons.
Then they had worked the Guildford Junction, which
that Company were anxious to dispose of to them, and
if the Sharehollers but considered this, and the increase
on tleir good; and passengers, they would, believe that
it had pressed very hard on their working stock, for
owing to the increased demand not only in this country
but abroad, it was scarcely possible to get engines at
their command as they would wish to have. Then with
espect to the station at this end, it was self-evident
that it wits too small, and if they expended any money
upon it, it would only be sheer wastefulness, because
they wanted an extension to the Thames. As it was at
present the marshalling of the trains took up a con-
siderable time, and this affected in some degree the time
and regularity of starting them. But with all this the
Directors were entitled to some credit, for with
one exception they had never had an accident upon the
line. But another remark upon their monopoly. It
was fit that the Proprietors should know the effect the
reduction of the charges had upon their funds. The in-
crease in passengers then had been 52,105 persons, and
they had only netted 5,3751, and from the increase of
15,179 tons in goods, they had only netted 1,75 1.,
which would hardly pay for the loading and un-
loading at either end. Thel real cause of the outcry
which had been raised against the Company
arose out of the jealousy existing between the towns of
Portsmouth and Southampton. The first of these places
complained that they were ruined for want of railways.
And the last said exactly the reverse, for they com-
plained that they were ruined by the facility of railway
communication.—(Laughter.) They said that the rail-
way did no good to the hotels and other places, because
passengers were at once whisked through the town with-
out stopping ; and such was the feeling that pervaded
them that they proposed, in a line projected into Dor-
setshire, to have a separate terminus in order that they
might make something by the transfer of the passengers'
luggage from one point to another. He could assure
them that their Directors were as anxious as any set of
men could possibly be to promote the public convenience,
and with this view they had lately effected some little
change in their executive, Mr. Stovell having been ap-
pointed to the superintendence of the traffic department,
thus allowing Mr. Martin to be released from details, in
order that he might exercise a necessary surveillance
over the whole thing. It was also their intention forth-
with to publish to the world their time bill, and that the
whole of ;he short traffic, including the Guildford trains,
should be independent of the long trains, thus obviating
the nu ces'ity of all the passengers, to whatever place,
being subjected to the inconvenience of stopping at the
several stations between Woking and Lopdon. There
was a railway spoken of between Manchester and
Southampton; but not being yet acquainted with their

with more success.
An Act has also been passed, authorising the construction
of the Southampton and Dorchester line, towards which, under
the powers delegated by the Proprietors at the last helf.yearty
meeting, the Directors have subscribed 325,000/. Four mem-
bers of this beard have become Directors of that Company,
and the terms on which this Company are to become perpetual
lessees of the line, have %seen already discussed and adjusted.
By a clause is this Act the Board of Trade are empowered to
enforce proper provisions for the passage between Dorchester
and Weymouth, of engines and carriages constructed on the
national gauge, and thus the traffic of Weymouth, eastward,
and with London, will be considerably facilitated.
The Directors regret that a successful result has not attended
the application to Parliament for making the Guildford, Chi-
chester, Portsmouth, and Fareham line. The Committee in
the House of Commons decided, it is true, after a lengthened
inquiry (but by a majority of one only), against the greater
part of the scheme, but even this Committee could net resist
the justice of this Company's claim to an independent access
to Portsmouth, nor deny the imperfection of any new line to
Portsmouth, which failed to secure the advantage of this Com-
peny's access to the Thames at Vauxhall, and to the centre of
London at Waterlso-bridge. In the House of Lords, the pro.
moters of the line by Guildford deemed it their duty to appeal
from the decision of the Lower House against them ; but it
pleased the Noble Lords who formed the Committee to reject
their claim to be heard, a proceeding (be it said with perfect
respect for the right intentions of those Noble Lords) alike
widely at variance with the principles of justice and with the
practice of Parliament. 'The House of Lords have net per-
mitted this injustice to remain uncorrected, but have ordered
the whole subject to be investigated by a fresh Committee in
the ensuing session, when your Directors confide that the
strength of the case presented by the promoters of the Guild-
ford line must ensure its adoption. In the meantime, the Act
proposed by the Brighton and Chichester Company, for ex-
tending their line to Portsmouth, has been passed ; and your
Directors have reason to believe that the adoption of that mea-
sure will not be without a favourable effect on the completion
of the line to Portsmouth, by Guildford and Chichester, whilst
the construction of the coast line between Fareham and Chi-
cheater cannot fail greatly to increase the traffic passing east
and west over the lines now or about to be worked by this
Company.
The works on the Bishopstoke and Salisbury Branch have
been contracted for on satisfactory terms : great progress has
been made in their execution, and there is no cause to
roubt the opening of that line in the early part of the ensuing
summer.
The Directors intend to recommend the execution by this
Company of lines from Basingstoke to Salisbury—from the
Salisbury Branch at Ramsey to the Southampton and Dor-
chester line at Redbridge—a Branch for the accommodation
of Alton and the neighbouring district, and also a further ex-
tensisn of the railway from Waterloo-bridge to London-bridge.
The three first of these undertakings your Directors are pre-
pared to recommend for adoption, and with reference to the
last they are of opinion that the execution of such an extension
will be hishly desirable, should the closer examination which
they hsve ordered to be made as to the plan and 'he properties
to be affected justify the favourable impressions which the Di.
rectors at present entertain.
'1 hat the attention of the Directors had been invited to the
project for constructing a central railway terminus on the north
batik of the Thames near Charing-cto,s, and they have deemed
she subject worthy of mature deliberation. That they have
therefore agreed, subject to the matured approval of Mr. Locke,
and to the scheme receiving support from other leading in-
terests, that this Company should subscribe towards it. Upon
these conditions your Directors anticipate the ready concur-
rence of the Proprietors.
The Directors propo-e to provide the funds for the above
seveial puroposes out of the new shares' capital created pur-
suant to the resolutions of this Board and of the Proprietors
in December last. It is necessary that the scrip certificates
now afloat should be at once called in, and the holders registered
as shareholders. Advertisements have been already issued to
this effect, and the Proprietors will bear in mind that, until re-
gistration, they become entitled to no " dividend, interest, or
other privilege " in respect of their scrip.
The CHAIRMAN then rose and said, that in submit-
ting this report to them, it was with some degree of
partial satisfaction only at the progressive nature of the
improvement in their traffic, but their Directors contem
plated the being enabled to come before them in a
loftier position. Thvy had flattered themselves that by
securing the Guildford, Chichester, and Portsmouth
Branches, which they assumed some right to claim from
the intimation given by the Board • of Trade, and by
their friendly relations with the Great Western Com-
pany on the one hand, and with the Brighton on the
ether, they would be placing the affairs of the Company
on a more stable footing than had hitherto been the
case ; but in railway matters, as in the course of human
life, they were subjected to vicissitudes, and among the
adventitious circumstances of the times, arising from an
abundance of capital, might be reckoned the numerous
railway schemes which had in the past session come
before Parliament. It was very evident that
thatte ehhesLeegmise-
lature desired to encourage competition, for
brought forward by the Croydon Railway, called the
Direct Portsmouth, had nearly succeeded against them
(the South-Western Company), showing that the
schemes of least pretensions to usefulness had very
nearly defeated those which had a legitimate claim
upon the country. The Portsmouth Direct Railway hid
very nigh succeeded, but for their mistaken zed in
the Committee of the House of Lords. There they, to
use a sporting phrase, had over-rode the hounds.—
(Hear, hear.) Were it net for this mistaken zeal, he
repeated, they should most assuredly have been beaten
in their attempt to secure the legitimate line throogh
Citicht ster to Portsmouth. One feels a little sor,: from
t bumps and knocks received during the progress of
these matters ; but one could not look with any
is't rte
of satisfaction to the imperfect nature of the tribunals to

The CHAIRMAN said that, as regarded the agreement I
with the Great Western Company he should say a few ,
words. They had made an arrangement of a friendly
character with that Company, with the Board of Trade,
for a referee; but in that arrangement they had not sacri-
ficed in any degree the interests of the South-Western.
They had entered into relations with respect to each other's
district; they had not broken that agreement hitherto. The
South-Western Company had got a Bill to make a rail-
way from Basingstoke to Salisbury; the scheme was, in
the first instance, opposed by the Great Western Com-
pany, who ultimately withdrew their opposition. There
was a Company started, with a capital of 50,0001, to
make a line from Salisbury to Yeovil, and another Com-
pany to carry it on to Exeter. Then if the narrow
gauge were recommended by the Commission appointed
operations,usivefieladswcuoumldpbareed withupeed theup
broad its
t touet
their
mrgauge,enterprise,
a intom xet
because,
the letter of' the agreement, they were not precluded from
while they held strictly to
taking advantage of such circumstances as might arise
at an after period. With respect to the Manchester and
Southampton, although the scheme was before the world,
the ground had not yet been surveyed, and he -doubted
much if capital could be raised for the purpose. Again,
in relation to the fares, the Directors had consulted on
the subject whether they should all be reduced to the
level of those trains which had already been reduced
twenty per cent. -Those trains, it would be recollected,
had been lowered because they were so very inconvenient,
stopping at every station. He thought, however, that the
Proprietors might calculate upon the future reduction of
prices. I suppose I may now move that the report be
adopted by the meeting.
Mr. GLYN wished to know, before that was put to the
meeting, whether one million would include all the ex-
penses of the proposed extension to London-bridge ?
The CHAIRMAN said it would.
Mr. Sergeant GAZELEE thought the chairman's ex-
planation as regarded the agreement very far from satis-
factory ; and ne th )ught the question might be with
great propriety asked, whether the Directors of the
South-Western had rot been outwitted by the Great
Western ? Neither did be think the report satisfactory
in respect of the increase of passengers. The Directory
in his opinion would be none the worse for having some
new blood infused into it, as energy seemed a virtue
greatly wanting. And now that they had lost their
vice-chairman. the late Mr. Humphrys, it behoved them
to select for the vacant office a gentleman of ability and
experience, who could efficiently assist the chairman in
his arduous duties. lie thought also with others of the
proprietors, that a further redaction of fares and it.-
creased accommodation to the public would add mate-
rially to their resources. He understood that the ex•
press train had waited 10 minutes for the Duke of
Richmond, who did not come after all. Was this right
to the public ?
Mr. SANGSTER thought the project of going to Lon-
don-bridge deserved to be more fully considered. He
was certain the estimates were not sufficient for the
purpose.
Mr. TAMLYN would move a resolution, after the report
should have been adopted, recommending the Directors
to reduce their fares. He would not wish to bind them
to a particular course ; but he would with great respect
suggest that 2d. for the first class; lid. per mile for the
second, and Id. for the third, be considered amply suffi.

cient.
The CHAIRMAN said that the reduction of fares was
under consideration ; and with respect to the Duke of
Richmond, he could only say that they were under very
great obligations to that nobleman, who had lately left
his seat at Goodwood, where covers were laid for 50
guests, in order to serve the purposes of that Company.
The ompany's officer bad said that the train did wait
10 minutes, but that it still arrived in London 3 minutes
before its time.--(Cheers.)
The report was then adopted.
'The following resolutions were read seriatim by the
Secretary, and unanimously adopted by the meeting :-
1. That a dividend of IL 17s. 6d, be declared upon all
the registered 501. shares in the Company, except such
of those created under the authority of the Gosport
Branch Railway Act, in respect of which the Proprietors
have elected to receive interest instead of dividend ; and
that the same be payable on the 22d inst.
2. That the discretionargyenpeorawlerms
edeetilneggaotefd
thtoe
7ththe
yearly•
DDirectorsr
last,
t theanspecialthe
ha
meeting of the 13th
February, with reference to the several projected lines
of railway therein mentioned, so far as the same remain
applicable to existing circumstances, be, and they are,
hereby continued and confirmed, with power to the
Directors to make or consent to such modifications of
the said projects as they may deem proper or expedient.
3. That the Directors be authorised and requested to