The Sun.
London, England, 1845-09-12 00:00:00

Imo'"

SuUTH-EA,STERN RAILWAY:

,-
Tht eighteenth half-yearly meeting tae South-
pastern Railway Company wro Vial done o'clock yester-
day, at the London-ht-td '^ 'station.
The chi Wa4 ttlAcen at one o'clock by Mr. M'Gregor,
the Chairman of the Board of Director..

After the usual preliminaries, the `secretary read the
report of the Directeree which was to the efflet that—
" The acteeeMti of the South-Eastern Railway Company,
for the half-year ending on the 31st July, 1845, show that tlee
gross receipts upon the South-Eastern Railerey and Greenwich
Branch, have, during that petered, ittnetinted to 1ff0,4r222. 14s.
9d. ; that the working expenses hare been 63,5611. 2s. 4d. ;
that the rent of the Greenwich Reil*ay, the rates, Govern-
ment duty, and toll to the Croydon Company, amount to
40,3171. 15s. led,, making the gross expenditure on the
revenue account 93,1781. las. 3d., and the balance
carried to the profit and loss accetnet 616,5231. 16s. 6d.
A comparison of the traffic of the half-year with that of the
corresponding half-year of 1844 will show an increase is pas-
senger traffic of 13,4571. 63. 7d. The change in the mode of
conducting the merchandise department. whieli commenced on
the Ist February last, has been eliended with complete
success. The public have received the advantage of
fixed and moderate rates of carriage, while the Com-
pany's gross receipts have increased from 7,81 e/. 3s. lid. in the
corresponding half-year of 1844, to 18,1031. 14e, 3d. in the last
half-year, and the additional expense to the Company has not
amounted to more than 5361. 10s. 7d. The Directors have to
congratulate the Proprietors upon the result of the leasing of
the Greenwich and Whitstable lines: the former of these has
already produced a considerable profit, and the latter, although
still unconnected with the branches of the South-Eastern Rail-
way, and therefore not yet in a position to have its resources
fairly developed, has yielded a small net surplus beyond expenses.
The Directors have much satisfaction in reporting that the dis-
pute with the Brighton Company respecting the coat of con-
struction of the twelve miles of railway between Croydon and
Reigate has been amicably terminated. It will be in the recol-
lection of the Proprietors, that the sum of 326,137/. 2s. 3d. stet.
ling was invested by the Seuth-Eastern Company in the Three
per Cent. Consols in the year 1842, to meet the Brighton Com-
pany's claim ; arbitrators were subsequently appointed under the
provisions of the Act of Parliament, but as the settlement
of the question, in strict accordance with the terms of that Act,
seemed hopeless, it was finally adjusted by a compromise under
authority given to the Directors of the two Companies by their
Proprietors. The sum originally invested had been by the
accumulation of dividends, and the profit arising from the in-
creased value of the Consols, augmented to 385,7911. ls. 3d.
The compromise provided, ;hat the Brighton Company should
receive 340,000/., and that the balance of 45,7911. is 3d.
should revert to the South-Eastern Company. The
original investment with the dividends thereon amounted to
358,5741. 4s. 10d., so that after discharging the claim of the
Brighton Company there remained a sum of 18,5741. es, lOd.
' to revert to the South-Eastern Company, in diefinution of the
sum invested by them for the construction of the twelve meet
of the joint line. The Directors here added to this ewes the in-
terest accruing upon it during the three years 4t ryas invested,
amounting to 1,6711. 135.2 1. and the total 20,245/. 18s. has
been credited to the general construction account. The ba-
lance which has arisen fetem the profit of the invests.
ment amounts to 25,3 6r. ss. 4d. and is placed to the
Reserved Feint!, The total disposable balance presents a turn
of ,:35,3221 is. 9d. ; out of this the Directors recomneerei that
a dividend be declared of 16s, per share (less the income-tae)
upon the paid-up Shares, and of the proportionate amounts of
4s. upon the No. 1 shares, and 2s. 2d. upon the No. 2 shared
This will amount to 54,9501., and will leave • fekeerved
fund of 30,372/. Is, 9d. to be carried fierier :a to the credit
of the next half-year's account. The Proprietors are aware
that the dissolution of the present Joint Locomotive Committee
has been determined upon, 'out that it will not be completed
before the end of the ;ear. In the meantime, however, a eiee
sion has been made among the three Companies of the loco-
motive engines and carriages, and the men in these departments
have been placed under the esseettol of that Company,
in whose service they 6111 employed. None of the en-
gines ordered by the Directors for the exclusive use
of the South-Eastern Company have as yet been
received; but their early delivery is now certain, and the Di-
rectors will then be provided with a sufficient stock for opening
the branch line from Ashford to Canterbury and Margate.
The difficulties arising from the possession of a joint property
were found to be so great that the Directors had
no hesitation in disembarrassing their position with
regard to the Bricklayers' Arms Branch and Station,
by purchasing from the Croydon Company the right of that
Company to a third share in it. This purchase was completed
on the 10th July, and the amount paid to the Croydon Com-
pany appears in the Construction Aecoent under its proper
head. During the last session of Parliament the royal assent
was given to the following live Acts, viz. :—An Act for the per-
petual Lease of the Greenwich Railway to the South. Eastern
Company ; an Act for the widening of the Greenwich Railway ;
an Act for the construction of a line from Tunbridge to Tun-
bridge Wells; an Act for the Construction of a line
from Ashford to Hastings and St. Leonards ; and an Act
for the construction of a line from Minster to Deal,
which includes also powers to the South-Eastern
Company to purchase the Canterbury and Whitstable Railway
It is must satisfactory to the Directors to be enabled to state,
that of the projected schemes for new railways inimical to the
interests of the South-Eastern Company, which were brought
forward in the last session, not one has been successful. The
Directors have re-considered the measures to be taken in regard
to the projected lines of railway to be brought forward in the next
session of Parliament, and they recommend only such extensions
as appear to them to be legitimately connected with the existing
lines of the South-Eastern Company and the Branches which it
has powers to construct, and as they believe are most likely to
work to the public advantage in their hands, under one system
of management. They feel confident that in adopting a
liberal and comprehensive policy, and in supplying to the
public the utmost amount of accommodation, they will best
promote the true interests of the Company, and that these
views will receive the cordial support of the Proprietors.
After the decision of the Committee on Group A, in the
past session, they instructed Mr. Robert Stephenson to
review the entire scheme, and to offer any suggestions
which he might think desirable for its improvement and
more complete development. This has been done, and the
surveys are in an advanced state. The projected lines will
afford the most direct and perfect communications from
Hungerferd and Waterloo Bridges through North Kent, and
every important town in that district, to Canterbury and
Dover, with a branch to Sheerness. There will be a direct
line through the Crays to Maidstone and Tunbridge, and
through Maidstone to the main line near Ashford, with a
connecting line from Maidstone to Rochester ; a branch line
from Reigate to Dorking, and an extension of the Tunbridge
Wells branch to Hastings, where it will join the Ashford and
Hastings line.

"The Act for making a branch from Tunbridge to Tunbridge
Wells received the royal assent en the 31st July last ; and the
line will be opened for public traffic on the 20th instant. The
experience which the Directors hare had of the difficulty of
working to advantage a single line is nut such as to
warrant their recommending the adoption in future o
lines of that description. They have, therefore. given
directioTis that the Canterbury, Ramsgate, and Margate
P:anch shall be converted from a single to a double line.
The expense of this will be comparatively moderate, as land is
purchased and the works are designed for a double line. The
works on this branch are reported by the engineer to be in a
forward state; it is expected that the line from Ashford to
Canterbury will be opened by the end of this year, and from
Canterbury to Ramsgate and Margate in a few weeks after-
wards. The Directors have it seriously in contemplation to
lay down a second line of rails on the Maidstone branch,
to make it also a double line. The electric telegraph hav-
ing been laid down between Tunbridge and Maid-
stone, the Directors have had an opportunity of appreciating
the advantages which may be derived from such a means of
communication, and have come to the resolution of having it
laid down over the whole of the South-Eastern Railway. The
use of propelling engines is forbidden on every part of the
South-Eastern Railway. The Directors attach great
importance to a connexion being made between the
South-Eastern Railway at Reigate and the other parts of
he railway system in England. As a step towards the accom-
plishment •f this object, the Directors projected the Reigate
and Dorking Line, and will be prepared to proceed with it if
necessary. The importance of a connexion through this district
has not, however, escaped public notice; and companies have
been formed for the construction of lines of railway, commencing
at Reigate, and termina ing at convenient points of junc-
tion with the South-Western, Great Western, and the
Lond .n and Birmingham Railways. The Directors are in
close communication with the respective Committees, and
have no doubt that such satisfactory arrangements will be made
as will enable them to give their co-operation and support to
projects, which, when properly matured and carried out, must
prove highly advantageous to the South-Eastern Railway
Company.
" The Directors are happy to acquaint the Proprietary that the
So:eh-Eastern and Continental Steam Packet Company has
been formally established and registered, and is now in active
operation. Four steam-boats, of the most improved construc-
tion and unexampled speed, are now plying between Dover,
Folkestone, and the Continental Harbours. A fifth boat has
been built, and its arrival is daily expected, when it will be
placed upon these stations.
" The execution of the Great Northern Railway of France
is proceeding rapidly, and the concession of the lease has, pro-
bably, by this time, been obtained. This will enable the
Great Northern Company to adopt the most energetic measures
for opening it for traffic. The Proprietors cannot fail to
have observed the great extension which the railway system is
now receiving, both in Great Britain and on the Continent,
and will have nu difficulty in conceiving that this will be at-
tended with an immense increase of travelling in each country,
and with a corresponding benefit to the South-Eastern Rail-
way, which forms the direct line of communication with the
Continent."

The report (which frequently elicited applause) having
expressed the regret of the Directors that Sir J. Kirkland
and Mr. C. K. Murray had retired from the Board, concluded
by congratulating the Proprietors upon the advancing pros-
perity of the Company.
The CHAIRMAN then asked—Did the Proprietors present
wish to have the accounts of the half-year read?

Several Proprietors said that it was -unnecessary, but that
they thought the copies of the accounts ought to have been
distributed earlier.

The CHAIRMAN said that the delay should be avoided in
future.—(hear, hear.) He congratulated the Company
upon its increased prosperity. The receipts of the last
half-year exceeded the receipts of the corresponding half-
year in 1834 by 13,4571.—(11ear, hear)—of which 8,1871. were
derived from toe increase of traffic upon the Greenwich branch
—(Great applause.) The opening of the Great Northern line of
France would add greatly to the prosperity of this Company,
and would realise the most sanguine expectati,ns of
the Proprietors. Indeed they might calculate upon an
increase of revenue from every improvement in rail-
way communication in the northern and western
offltohneeurraebpole Gentleman
rt,
com-
ments upon which were very much applauded throughout.
then went through the details
part of the Continent.
was agreed
A PROPRIETOR. said, that before the report to,
The
offer a suggestion which he thought to be of verygreat i
for
he wished, with the permission of the Proprietors present, to
the
carriage Iluch complaint was made of the high charge
f
be charged but 6d. for carriage by post, was charged 4d.
by the railway.—(Hear, hear.) He was sure that a rednc-
carriage of parcels.—( I fear. ) A small parcel, which woulde
tion of the charge would not only increase the popularity of
the Company, but add to the revenue.— (Hear.) He did not
wish for any discussion, but only threw out a suggestion.
Sir J. KIRKLAND then addressed the meeting, and ex-
plained,
amidst much applause, that the only reason for
his resigning the chairmanship of the Company was
that he differed from the other Directors as to the appro-
priation of the fund arising from the settlement of the Com-
pany with the lirighton Railway. He maintained still, and
should maintain for life, his personal friendship for his late
colleagues in the Directory, and he would continue to exert
himself as a Proprietor for the interests of the Company.
A series of resolutions embodying the views of the Direc-
tors as set forth in their report was, after a desultory con-
versation. unanimously agreed to.

The CHAIRMAN moved a vote of thanks to Sir J. Kirkland
for his services as chairman of the Company.
Mr. WILSON seconded the resolution, which was carried
with very great applause.
After the dispatch of some routine business, thanks were
voted to the Chairman and Directors, and the meeting
e(;parated in very high spirits.