The Sun.
London, England, 1842-04-29 00:00:00

SOUTH EASTERN RAILWAY.

A meeting of the Proprietors of the South Eastern Railway
was held yesterday, at tour o'clock at the London Tavern, to
take into consideration the means of raising additional capital,
for the purpose of completing the undertaking. The meeting
was very numerously attended.
The Chair was taken by Jos. BA XENDA LE, Esq., who,
having called on the Secretary to read the usual notices of the
meeting, opened the business by giving a brief outline of the
present state of the Railroad. It appeared, from the statement
of the Chairman, that the promise made at a former meeting
that the line would be opened to Tunbridge in the month of
May, would be strictly kept. The cost of the line had been
30,0001. per mile, which, taking a margin of 10 or 15 per cent.,
was not greater than they had a right to calculate upon, in a
work of such extensive character. The sum already expended
was 1,075,0001., of which 44,000/. was paid for interest un-
connected with the Railway. . From the engineer's estimate it
appeared that a further sum of 800,0004 would be re-
quired. They had bought land, not yet paid for,
to the amount of 25,000/., and they bad yet to pay for
the joint station of the Brighton Railway at London-bridge
woo's., and for the twelve miles of joint railway of the same
Company. Their ways and means were 70,00 j. cash balance,
arrears 35,0001., debentures 360,000/. They proposed to raise
700,0001. by new shares, which would give them the power to
borrow 260,0001., while under the London-bridge Station Act
they could raise I'o,oool. The Chairman then stated, that
under the Act of Parliament, the Dover line was required to
pay the Brighton line interest on halt the sum expended, till
they had paid the balance, and if they had not paid it on the
opening of the Dover line, the Brighton line would also claim
a toll on each passenger in addition to the interest. It was,
therefore, of considerable moment to get rid of the toll by pay-
ing off the balance at once. It appeared that the Brighton
line had objected to take bonds, and would require cash
The distance on the line that would be opened in May would
be forty miles, and a distance of twenty miles further in
August, with an additional twenty miles; that included twelve
miles ot the Brighton line; all the works were under contract,
and there being no portion not let, they could speak with con-
fidence of the time of opening. He concluded by reading the
resolutions it st as intended to move.
Mr. J. MoxoN asked if it was intended to issue scrip with
respect to the shares?
The Cirainsraw replied in the affirmative.
Mr. Nostril expressed his opinion that from the appearanee
of affairs the line was likely to be eminently successful.
In reply to another question, the CHAIRMAN stated that the
new shares about to be created would be entitled to a dividend
at the same time as other shares. There were no preference ,
shares.
Mr. LEVY said it appeared that a great expense had been
incurred at London-bridge, and he had heard that a new station
was contemplated in the Grainge-road. He thought this station
unnecessary.
The CHAIRMAN said that the present meeting was called
for a specific purpose, but there would be another meeting in
a fortnight, at which the worthy Proprietor would have the op-
portunity of introducing the question.
Mr. Levi said that a great deal of money was spent at the
London-bridge station, and he did not thing that it would be
wise to make another station at the Grainge-road. It was a
mistake to suppose that was nearer to the West-end than
London-bridge.
The CHaißaHAsr said that heilid not think he should be per-
forming hit duty if he did not inform the meeting that his
opinion was that the London-bridge station, in consequence of
the interference of the other Companies, and the traffic they
xpected, would not be sufficient, no matter what expense they
were put to. But none of the money required to-day would be
applied to the GrainAe-road station.—( Hear. )
A Pitoreirroa wished to know, if the whole amount was
paid, would they be allowed any juiciest or discount?
• The CHAIRMAN said that the Hen. Honourable Proprietor
would perceive, by the resolution, that five per cent would be
paid on the money advanced.
A PROPRIETOR. wished to know the sum of money raised
under the former Act by way of loan.
The CHAIRMAN-360,0001.
A Noe:sirroe asked %ilia was the use of interest, if they
were to pay the Income-tax ?
The CHAIRMAN said that he could assure the Hon. Pro •
priel or that the Income-tax did not escape them As they went
on, they should stop the interest.
• Mr. 'f RREr. asked how was the present resolution conform-
able to the Act of Parliament?
The CH-AIRMAN said the matter was left entirely to the dis-
cretion of the Directors.
The first resolution" That from and after the 31st of
October the interest payable on the shares of this Company do
cease, and that the 'hares now created do not bear interest."

The resolution was then put and carried unanimously.
A PROPRIETOR wished to know what was the number of
registered shares?
'l'he CHAIRMAN said 28,000.
A PROPRIETOR wished to know what was the whole amount
raised by loans and shares ?
The CHAIRMAN said the total amount was 2,936,000/.
A PROPRIETOR said he understood that at the last meeting
2,300,000/. was considered sufficient.
The CHAIRMAN said that was so, bat he left a margin cf 10
or 15 per cent., which, considering the magnitude of the works,
he did not think was too much.
• A PROPRIETOR--What is the loss?
The CHAIRMAN-235,0001. up to the first of April, but it
should be recollected that, what they took out of the right
rocket they put into the left. The cost of the Railroad was
estimated at 30,000/., from which they had not deviated a
single fraction.
A PROPRIETOR said that he thought it was said at the last
meeting that 20,000/. per mile was too much.
The CHAIRMAN—And perhaps it may be so still; but when
they knew that railroads, the expense of which, was calculated
at 1,000,000/., cost 2,000,000/., he thought it right to make
sure, and for that purpose he lett a margin of ten or fifteen per
cent. When they considered the country through which the
line passed, and the communications they were likely to have
wilh the Continent, and when they looked to what was going
on in France, he thought they were building on a tolerably
sound basis.—( Hear, hear.) If he thought the line would cost
more than 30,000/. per mile, he did not think he would he deal-
ing fairly with the Proprietors if he concealed that fact front
them.—( Hear. )

Mr. 'l'v aft El. said that, at the last meeting the Chairman
said that 28,000/. per mile would he sufficient. And now, it
was that P. 0,000/. wag what would be necessary.
, The CHAIRMAN said he never said ally such thing, and re-
ferred to the Report of last meeting, in which it was stated, that
he calcu!a.ti'd 30,000/. as the cost per mile.
Mr. TVltliEl. wished to know whether the 200,000/. loss
was included in the 30,000/.

The CIIAIRMAK was as distinct as possible in answering
that question before; he had stated that they should require
the money in hard cash, and at the same time he stated, that if
the Proprietors chose to take the money out of one pocket and
put it in another, that they must be aware that it did not go to
the Itailway.

Mr. PA KSONS observed that the Chairman had stated that
in
,the 30,0001. a mile, none of the costs of the London-
bridge station was included, lie thought it he looked into the
matter he would find that upwards of 50,000/. was included.
The CstA iitmAll then put the next resolution, the purport
of which Was, that the Company should have power to raise an
additional capital, not exceeding 700,0001., by 8,000 shares,
at the nominal value of 251.

Mr. Moxom wished to know whether it was in the contem-
plation of the Board of Directors that the bonds should be pay-
able after the issuing of the scrip, or otherwise,
The CHAIRMAN said that they had suffered so much from
pursuing a mild, or half and halt course, that they were now
determined to pursue a bold one. They were particularly
anxious to pay off the Brighton Company, because he was
satisfied, if they (lid not, they would exact all they could, and
!tie Directors of the present Company were determined to do
tite•same.—(Cheers.)
Mr. MoxoN suggested that the Proprietors'should be allowed
to apply for more shares than those proposed in the resolution.
Tha CHAIRMA >I said that the preceding resolution pro-
vides! for that.

'The resolution was then carried unanimously.
The CIIA ißma 1.7 then put the next resolution, the object of
which was to provide for the payment in anticipation of calls,
which, if done, interest was to be allowed at the rate of five
percent. That upon payment of all such instalments, the shares
Mould he issued and registered, but in case of default for 14
days, the installments paid should be forfeited. After a short
colloquial diseustion; the resolution was put and carried unar.i-
whusly.

The resolutions empowering the holders of registered shares
on the 7th Alai, to purchase the new issued shares, and giving
the Directors the power of issuing such shares, were then put
and carried, after considerable conversational discussion, with-
out opposition.

ThlCitatioutx said that before the meeting separated it
might be desirous to hear the opinions of Gentlemen connected
with France on the subject of French Railroads.—( Hear. )
Mr. MottLEY, from Calais, then said that he was glad to be
able to inform the meeting that the line of railroad from Parts
to Calais was very likely to be completed, though not imme-
diately, which would open a line of communication through
Belgium and the rest of Europe. The Chamber of Deputies
was bringing the utter into discussion, but the Ministry were
undecided between the Calais and Boulogne lines. The former
line would open the communication to Belgium, and such was
the desire of the French people to have railroads that nothing
could prevent their being established. He therefore thought that
if a line were carried to Dover by the South Eastern Company,
it. would add 20 per cent. to their profits.
The CHAIRMAN said that he believed the opinion of the
Direct Ors was already intimated, that they preferred the
Calais line. So far as he was concerned himself, he would
much prefer to travel by the Calais line.
• Mr. Mciar..Ev said, he hoped the Chairman would be able to
travel from Calais to Paris in the year 1849 by railroad.
The CHAIRMAN said he hoped so.—(Laughter.) He
would now inform the meeting that Colonel Paisley travelled
on the line as far as Tunbridge, and expressed much satisfac-
tido at the niotie in which it was carried on.
Mr. pARSONS said, that Mr. Stephenson, and Mr. Vignolle,
had both expressed themselves favourable to the Calais line.
A vote of thanks was then unanimously carried to the Chair-
man and Dii ectors, and the Meeting broke up,

•
SALE AT STRAWBERY HILL.
Yesterday the sale of books was continued, and the disposal
of this portion of the property will not be completed below
the end of the week. The Hale was interesting as it included
the works, printed at the private press of Horace Walpole, at
Strawberry-hill. These were divided into 27 lots, and realised
2091. 10s. 6d. The price each individual lot obtained was
about four times what they usually realise. Horace Walpole's
own copy of the Anecdotes of. Painting was purchased by Mr.
Boone for 33/. 125.; and lot 144, "Unwires du Comte de
Crammont, illustrated with prints, drawings, and manuscript
4to, 1772, bound in calf, was knocked down to Mr.
Strong, for 15 guineas. Lot 150. A complete set of all the
detached and small pieces, printed at the press at Strawbery..
bill, boards, and also a tract, containing a correct list of every
book, printed at this press, was, after much competion, secured
by. Mr. Thorp, for 15/. Lot 151. A description of the
Villa at Strawbery by Horace Walpole, 4to, the first
edition, illustrated, 1774, bound in calf—by Mr. Bohn, for
Mr. Beckford, la/. Lot 157, and the three following, being ca-
talogues of the pictures of King Charles 1., edited by Horace
Walpole, . from tato manuscripts of George Vertue ; of
pictures of King dames 11., anti Queen Caroline;
of the pictures of George Villiers, Duke of Buckingham, for-
merly that of Sir I'. P. Ruben,, and the cataioguis of Sir P.
LOy, and a complete catalogue of .the works of W. Hollar, all in
4to , and boun.l m vellum, were purchased by a gentlernan for
2,2. los. Lot 166. Tile Castle of Otranto, first edition, calf,
ion, With. drawings of the Castle,
and ditto the second edit
calf, a/. los. The other portion of the sale was chiefly.com-
po=ed of classical books. 'l'hests 561,1 generally at very high
prices, viz.—Lot 108. Xenophon de t.Jyri Institutione,
Oxonii, Sheldon, folio, in morocco, and Martiale's Epigram-
mats, was purchased by 11. _
,I.
-Bohn
_ll n for the large suns of
14/. Lots 81 to SS, comprising :5 of the Classics, in
red morocco, were sold for 4I i. '1 he amount realised by this
day's sale was npwards of 500/.

DR.ItEID'S LECTURES ON CIIENIISTRY.--Dr.lif-id
delivered a lecture at Exeter Hall, on Wednesday night. Tho
time was occupied chiefly in explanations on the nature and
variety of gasps, and-in a brilliant series of experiments tending
to prove a principal fact, that the internal eolumb of a flame of
gas did not possess the property of igniting substances, but that
it was the partieles existing in the outward cylindrical flame
that alone were combustible. Experiments also on the diverse
colours of flame, and the causes of these variations, from the
richly luminous and lurid tint to the feebly pale and blue, gave
a pleasing diversity to the lecture. The large room was; as
usual) crowded.

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