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

AIL WAY. 1 RELATIVE CLOSING PRICES OF
RAILWAY SHARES

SOUTH-EA

The eighteenth half-yearly meeting of the South-
Eastern Railway Company was held at one o'clock yester-
day, at the London-bridge station.
The chair was taken at one o'clock by Mr. M'Gregor,
the Chairman of the Board of Directors.
After the usual preliminaries, the Secretary read the
report of the Directors, which was to the effect that-
., The accounts of the South-Eastern Railway Company,
for the half-year ending on the 31st July, 1845, show that the
gross receipts upon the South-Eastern Railway and Greenwich
Branch, have, during that period, amounted to 160,402/. 14e.
93. ; that the working expenses have been 53,5611. 2s. 4d. ;
that the rent of the Greenwich Railway, the rates, Govern-
ment duty, and toll to the Croydon Company, amount to
40,317/. The, 1 Id., making the gross expenditure on the
revenue account 93,578/. 183. 3d., and the balance
carried to the profit and loss account 66,5231. 16s. 6d.
A comparison of the traffic of the half-year with that of the
corresponding half-year of 1844 will show an increase in pas-
senger traffic of 13;457/. 6s. 73. The change in the mode of
conducting the merchandise department, which commenced on
the Ist February last, has been attended 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 7,819/. 3s. lid. in the
corresponding half-year of 1844, to 16,103/. 14s. 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 prat, and the latter, although
still unconnected with the beanches of the South-Eastern Rail-
way, and therefore not yet in a position to have its resources
f tidy 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 cost of con-
re ruction of the twelve miles of railway between Croydon and
licheate has been amicably terminated. It will he in the recol-
lection of the Proprietors, that the sum of 326,1371. 2s. 3d. ster-
ling was invested by the South-Eastern Company in the Three
per Cent. Consols in the year 1842, to meet the Brighton Coin-
pariy'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 385,791/. Is. 3d.
The compromise provided, that the Brighton Company should
r ease ve 340,0001., and that the balance of 45,7911. Is 3d.
:.:odd revert to the South-Eastern Company. The
ieinal investment with the dividends thereon amounted to
t 158,5741. 43. 10d., so that after discharging the claim of the
Brighton Company there remained a sum of 18,574/. 4s. 10d.
to revert to the South-Eastern Company, in diminution of the
sum invested by them for the construction of the twelve miles
of the joint line. The Directors have added to this sum the in-
terest accruing upon it during the three years it was invested,
amounting to 1,6711. 133.: I. and the total 20,245/. 18s. has
been credited' to the general construction account. The ba-
lance which has arisen from the profit of the invest-
ment amounts to 25,396/. ss. 4d. and is placed to the
Reserved Fund. The total disposable balance presents a sum
of d 5.3221. Is. 9d. ; out of this the Directors recommend that
a dividend be declared of 163. per share (less the income-tax)
upon the paid-up Shares, and of the proportionate amounts of
4s. upon the No. 1 shares, and 2s. 2d. upon the No. 2 shares.
This will amount to 54,9501., Red will leave a reserved
fund of 30,372/. Is. 93. to be carried forward 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, but that it will not be completed
before the end of the year. In the meantime, however, a divi-
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 control of that Company,
in whose service they are 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 Croydoa 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 Account under its proper
head. During the last session of Parliament the royal assent
was given to the following five 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 most 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
Wessel 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
snore complete development. This has been done, and the
su. veys .are in an advanced state. The projected lines will
afford the most direct and perfect communications from
Hmigerferd and Waterloo Bridges through North Kent, and
every inseortant town in that district, to Canterbury and
Dover, with a branch to Sheerness. There will be a direct
Lee 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.
"Tire Act for making a branch from Tunbridge to Tunbridge
Wells received the royal assent on the 31st July last ; and the
line will be opened for public traffic on the 20th instant. The
experience which the Directors have had of the difficulty of
working to advantage a single line is not such as to
warrant their recommending the adoption in future of
lines of that description. They have, therefore, given
directions that the Canterbury, Ramsgate, and Margate
Branch shall be converted from a single to a double line.
Ti:' 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 advantagee 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 connexon 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-
ihrnent of 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
b-en formed for the construction of lines of railway, commencing
at Reigate, and termina ins at convenient points of junc-
tion with the South-Western, Great Western, and the
London 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 them co-operation and support to
projects, which, when properly matured and carried out, must
prove highly advantageous to the South-Eastern Railway
Company.
" she Directors are happy to acquaint the Proprietary that the
South-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 Frames
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
far 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,
awl will have no difficulty in conceiving that this will be at-
tended with an immense increase of travelling in each country,
asel with a corresponding benefit to the South-Eastern Rail-
svay, 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-Dig the Proprietors present
wieh 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
dietrihnted earlier.
The CHAIRMAN said that the delay should be avoided in
fitture.-( Hear, hear.) Ile congratulated the Company
seperi its increased prosperity. The receipt: of the last
lalfeyear exceeded the receipts of the corresponding half-
year.io 1834 by 13,457/.-(Hear, hear)-of which 8,1871. were
derismil from the increase of traffic u pon the Greenwich branch
( Great applause.) The opening of the Great Northern line of
Fr.ioce would add greatly to the prosperity of this Company,
an•l would realise t'he most sanguine expectati us of
the Proprietors. Indeed they might calculate upon an
inc,eesee of revenue from every improvement in rail-
way communication in the northern and western
part of the Continent. The Honourable Gentleman
then went through the details of the report, his com-
ments upon which were very much applauded throughout.
A Pm:irateroe said, that betbre the report was agreed to,
he wished, with the permissioa of the Proprietors present, to,
offer a• suggestion which he thought to be ve; ye?
ar
rega
et ifruo
rptohr
e-
t ince. Much complaint was made of
the high
A small pwaarcsecl,
earsiage of parcels.-( Hear.)
which would
thatarg e charged Irs?.d4h de:
charged but 61 for carriage by poet,
by the railway.-(llear hear.) He wee, sureh
popularity of
tine of the charge would' not only increase the
the )inpany, but add to the revenue.(Hear.) He did
not wi :;)1. any discussion, but only threw out a suggestion.
eer J. K.'inietetew then addressed the meeting, and ex-
hl Ihosel, amidst much applause, that the only reason for
is 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 Brighton 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. lirteeoN 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
separated in very high spiriti,

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