The Sun.
London, England, 1842-08-27 00:00:00

SOUTH EASTERN RAILWAY.

(From the Railway Times.)
We have of late published several letters having re-
ference to the serious depression which has within the
last two months befallen South Eastern Railway
Stock, and as our space will not allow us to insert a
vast number of other communications on the same
subject, we take this opportunity of offering a few
general remarks upon the position and prospects of the
•
Company.
The depression which has given rise to so much
comment we have heard attributed to a variety of
causes. Amongst others—
lst. That the Directors purpose abandoning the
line from Folkestone to Dover.
2d. That further capital will be required to com-
plete the railway even to Folkestone, this supposition
being based upon the fact that the whole of the last
capital being under notice of call due in January next
(month:, before the line can possibly be finished),
could only be called for either because it would be
absorbed immediately, or months at least before other-
wise it ought to be required.
3d. That the traffic has not equalled expectation.
4th. That the fares are too high.
sth. That the fares are too low.
All these rumours we will briefly touch upon • and
in order to do so with accuracy, we have applied for
every information we could obtain from the most
undoubted sources.
To the first of the imputed causes of depression,
the supposed abandonment of the line from Folkestone
to Dover, we need only reply by publishing the fol-
lowing return of the numbers of men and horses em-
ploy‘d one day each for the last week between Head-
corn and Dover, viz. :
Men

21,267
__orses 2,804
Of these 1,851 were employed in the Shakespeare
tunnel, and 1,163 in the construction of the sea-wall,
of the progress of both of which and the other heavy
works there, we shall be enabled to give a most satis-
factory report in a few weeks from a gentleman con-
nected with this journal, who will then be sojourning
in that district.
To the second point, as to further capital being re-
quired, we make this reply, that at the time the last
capital was subscribed, the assets of the Company con-
sisted of—
Then subscribed..

E 700,000

The remaining amount under the
amended Act, but not then raised
First mortgage
Second ditto
Joint Station Act ..

100,000
450,000
266,600
120,000

£1,636,600

Deduct, then raised of the 450,0001. of
the first mortgage

52,000

Total
So that the whole sum the Directors had to depend
upon to pay the Brighton Company and carry on the
works was actually the 700,000/. then subscribed ;
for, seeing how slowly money up to that period had
been tendered on loan, who could say with certainty
that one shilling more would be offered ? and as the
joint station powers, and those for raising the remain-
ing 100,000/. had and have not been called into operation,
who can say that it was other than extreme wisdom to
make the calls as they were settled by the knowledge
and consent of the Proprietors when they voted
the new capital, and not •by after arrangements of
the Directors ? Happily money became easy and
confidence great; the consequence, we have reason to
believe, has been that the borrowing powers of the
Company have, since the last half-yearly statement,
been in most active operation, and hence not only has
the large sum of 326,000/. (more by nearly 50,000/.
than the whole amount of the two instalments paid on
the scrip) been invested in the Brighton account, but
the works have from Tunbridge to Dover been in a
state of the greatest possible activity. Whether the
Directors will he able to relieve the Proprietors by
postponing either of the remaining instalments
must depend upon a variety of circumstances,
of which they are the best judges ; and with them
we leave the question, satisfied that they will not on
the one hand suffer the works to be delayed from any
Stock-Exchange trick, nor press needlessly upon the
Proprietors if they can avoid it. This we think, whilst
it explains why the calls were settled as they were,
will also be a complete reply to rumour No. 2.
Nos. 3,4, and 5, resolve themselves into the im-
portant question of traffic. In respect of that, we
have taken some considerable trouble to make our-
selves acquainted with the real facts.
The amount of receipts may in round numbers be
set down at 900/. per week. Let us examine how
this has been produced, and under what circumstances.
The position of the South-Eastern line is peculiar.
To go to Tunbridge you travel 40 miles by rail, the
coach road being but 30 ; the first place it ap-
proaches where anything like business is to be ex-
pected (for we throw Croydon entirely overboard) is
Reigate, where the Brighton Company is a compe-
titor ; you theri pass on to the other stations, cross-
ing great public thoroughfares, and until Tunbridge
is reached, touch no place of consequence, but leave
many of consideration, as we shall by-and-bye show,
to the right and left of the line, where also the
distance by road to London being less by
coach than rail, coaches have been able to compete,
not only without lowering their own fares, but in time
also. The result has been, that independent of the
weekly earnings by rail, there travelled in the week
ending 21st July, by road coaches, no less a number
than 4,380 persons, as the following return, taken on
the spot by an experienced and trustworthy party,
will prove ; and the chief portion of these travellers,
we will undertake to show, would, and will at low
fares, take to the rail. lVhat will seem extraordinary,
and but for the high fare by rail hardly credible, in
this return, is the number travelling through and to
Tunbridge by coach, having been not less than 4,380
during the week ending July 21, 1842.
Thole who are not conversant with Kent have no
conception what a moving mass the population con-
sists of. They are ever astir, each sturdy yeoman
making it his business, even with present facilities, to
attend the London markets. There is no district in
the kingdom equal to it in this particular—for, gene-
rally speaking, the agricultural class seldom extend
their journeys beyond the neighbouring towns on
market days ; but here, where the land is divided into
small farms, in a county from its fertility and high
cultivation proudly and justly denominated the garden
of England, the ease of reaching the metropolis via
Gravesend has taught the farmer the importance of
attending himself to his own concerns, an advantage
which the railway will place within in his grasp,
more certainly, more cheaply, and more speedily, than
the river ever has done er can do. We know that
many farmers who now frequent the hop and other
markets, and make their way to London by the river,
are compelled to be on the road by three o'clock in
the ihorning!
Having shown that there is at this moment a large
existing traffic which low fares alone can tempt to the
railway (besides which there is a business in posting
of an amount that would scarcely be credited, which
high fares have not only kept from the railway, but fos-
tered and cherished by road), and that Hastings, Rye,
Cranbrook, and other places in the very route of the
line, have from the same circumstances given but par-
tial support to the railway, we have a fair right to
assume that with the wise, the politic, and liberal
course the Directors have pursued in giving publicity
to a tariff of fares without example for cheapness on a
metropolitan line, and establishing no fewer than six
third-class trains (three each way), by which the
poorer classes can travel, most important benefits must
result from this bold and highly judicious experiment.
Since writing the above we have heard that the
Croydon and Dover Companies have agreed to an
arrangement by which the latter Company has been
enabled to reduce the fares to the extent advertised.
We are not in possession of more than this general
outline of the arrangement, but the principle so long
contended for by the Croydon Company with the
Greenwich Company, of a toll proportionate to the
fare, is the basis of the agreement—thus proving, on
the one hand, the honesty of the Croydon Board, that
they ask no more than they are willing to concede;
and on the other, that the Directors of the Dover
Company have availed themselves of an arrangement
which must eventually prove of extreme benefit to
their constituents, to the Croydon Company, and to
the public.
The agreement is, we understand, of a temporary
character only, but such that, if found to answer in
practice, the Dover Company have the power to make
it permanent. Each Comp Any is as free and inde-
pendent in its management as if no agreement existed,
the Croydon Company having no right to interfere
with the fares of the Dover Company; so that whether
very high or very low, the latter, after making an
allowance (to what extent we are not informed) to
cover the working expenses over their line, can claim
only their proportion. The only restricted point is
Croydon ; and there, we understand, tin Dover Com-
pany are prohibited, most properly and equitably, from
carrying at lower fares than the Croydon Company
themselves charge.
We have now arrived at that point at which oui
readers are entitled to our opinion as to the real cause
of the depression in the value of this Company's
stock. It is readily given, and is comprised in one
word—Speculation.
We shall watch the traffic with much earnestness,
but no anxiety, satisfied that a great and glorious re-
sult will be the consequenee of the alteration in fares
we have so long advocated, and which we hail with
increased pleasure, coming as it does from so impor-
tant a line.
We may just add, that the line from Tunbridge to
Headcorn will be inspected early in the week by the
Directors and General Pasley, and partially opened
on Wednesday, the 31st, thereby strictly keeping faith
with the Proprietors, Mr. Cubitt having promised the
opening early in September.