The Sun.
London, England, 1842-03-18 00:00:00

THE SUN, LONDON, FRIDAY EN/ENING. MARCH. 18, 1842.

tended this• undertaking throughout, from the want of some effi.
cent person, in the capacity of Secretary or Accountant, or by what
other name he may have been designated, who should have
arranged the whole accounts upon a weil-digested plan. The Corn.
mittee are informed that the present mode of keeping the accounts,
was originally adopted by the late Secretary, assisted by the party
who was then the Company's accountant; but, in the opinion of
your Committee, a Board of Directors, consisting chiefly of gentle.
men engaged in. commercial pursuits, should have had the accounts
conducted upon a good system, the necessity of which, an exami-
nation of the accounts would have fully showed.
Your Committee, in compliance w.th the suggestions of the
Chairman and Engineer, and accompanied by them, made a journey
over the line, on the 14th and 15th itltitno. The parts of the line
where the chief additional expense had been incurred were
pointed out; and as the heavy embankments had contributed largely
to this result, the Committee were glad to learn that the settlements
had been inconsiderable, during the preceding two months. Va-
rious difficulties which had been met with, in the construction of
the works, were stated at considerable length, as the Committee
passed from point to point along the line ; and in order to prevent
any misconception on their part, they requested the Engineer to
embody the substance of his remarks in a written communication,
which he has accordingly. done, and from which they make the
following extracts :-
Ist. The earth-work was originally calculated as the price of the
day, but immediately afterwards a general rise of wages took place,
and consequently a greater price was required for it.
2d. The quantity °fear tit work was increased to a very considera-
ble extent, by the slopes in most of the cuttings having been made
flatter, it being ;impossible to ascertain the exact nature of the soil
at such great depths below the surface.
3d The slippery nature of the materials with which the em-
bankments were made, occasioned such very great slips, that the
quantity of material to make the same good and increase the slopes,
as well as the faggctting, draining, pounding and puddling, occa.
sioned a large additional expenditure.
4th. There was a very . great preportion of the materials (het
came out of the cuttings, that was originally intended to have been
made use of to form the embankments ; but the experience ef the
use that had been made of material of the same quality, in ether
parts of the work, demonstrated that it was perfectly unfit and un-
safe to be made use of for that purpo-e ; the consequence was, that
this bad material was obliged to be rein out to spoil, and an equal
quantity procured from side-cuttings ; and in all these instances
doubling the quantity of earth-work.
sth: The quantity of the brick-work in almost all the bridges,
retaining_wails, &c , was obliged to be increased to tire that ad.
ditianal strength, which the slippery nature of the earth, both in
the cuttings and in the embankments, rendered necessary. Great
additions were made to widen several of the bridges, and in other
places bridges were demanded that had never been contemplated.
6th. The stone of the country was calculated to have been made
,use of; but comparatively little could be found that was of a suffi-
cient degree of hardness, or that would stand the weather, and
therefore stone was obliged to be had that came from other coun-
tries at a great extra exeense.
7th. The weights of the rails and chairs, and their appendages,
were all considerably increased; the experience of other railways
having convinced the Directors that it would be most economical
to add to their strength, as all other railways then in course of exe-
cution were adopting the same measures.
Bth. The sleepers were not calculated to be keanized in the ori-
ginal estimate.
9th. The number and extent of the bridges and viaducts has
been considerably augmented.
10th.—The Tunnels, and their Culvert Drains and Adits, have
cost needy three times the original estimate, those through the
chalk being originally calculated to require brick.arching only
over the top ; whereas they have required to be bricked though-
out with an extra thickness of brick-work ; and a considerable
portion set in Roman cement. No water was ever expected to he
found in the Tunnels, whereas during the winter seasons the
water very much obstructed the operations and progress of the
works, and-on several occasions stopped them altogether for short
periods.
Ilth. The extent and dimensions of the culverts through the
tunnels, and in the deep cuttings in the chalk formation, were
never anticipated to have Leen necessary, but fortunately they
have been executed in such an efficient manner, that they have
been of the most eminent service during the late season, and could
not possibly have been dispensed with.
12th. Circumstances have required the stations to be made of a
much more extensive nature than could ever have been thought
necessary; and, at all the-stations on the line, quadruple lines of
rails have been laid down, so as to keep the main line always open,
and land has been taken at the stations on the line for the use of
traders, both for coal and merchandise, of which I expect a large
traffic; for, unlike all other railways, there is no other commu-
nication that can compete with this railway, besides a multitude
of other circumstances that it is almost impossible to enumerate.
13th. In the original estimate there was not anything set down
for locomotive engines ant! tenders, first and second class passenger
carriages, vans, trucks, horse boxes, carriage-trucks, coaLwaggons,
cob e-waggons, goods-waggons, cattle-waggons, engine-houses, co .ch-
houses, passenger-sheds, offices, warehouses, wharfs, at Shorehem,
coke-evens, coal totes, both at Shoreham and Brighton, and all the
paraphernalia of the fitting-up and furnishing the same, &c. &c. &c ,
as all these articles and things were considered as belonging solely
to the carrying department, and for which an estimate was origin.
ally made. •
14th. In fact, the original estimate for the London and Brighton
Railway was made out upon the same plan as two-thirds of all the
railways that have been made were calculated upon.
15th. That is to say, for a railway with two lines of rails from
terminus to terminus, with a crossing from one line of rails to the
other, at every ten or twelve miles, with a small portion of land
for stations.
16th. In the same manner as all the canals in the country have
been made, namely, a canal from terminus to terminus ; now, the
costs of these works is the capital of the Company.
17th. The carriers upon the canal making and providing all their
own wharfs, docks, warehouses, cranes, offices, boats, horses, &a.
Now, the cost of all these establishments is the capital of t he carriers
. 18th. On a railway, if the Company are to Lecome the carriers,
they of course must provide themselves with the necessary means of
carrying on the traffic, as enumerated in the 13th paragraph, and
this capital ought to be considered as a separate and distinct capital
from the railway capital.
Your Committee feel assured that their opinion on the works,
considered as evidences of engineering skill, will not be expected by
the meeting ; their magnitude and variety arc well known, and
their execution has called forth the strong commendation of the
Government engineer, but however admirable the works, or difficult
their execution, it is not in such a light alone that the
Railway can be viewed by your Committee as individual
Proprietors, and still less so in their capacity as a Corn-
mittee of Enquiry ; they must necessarily regard it as an
investment of capital, the profitable employment of which was
calculated on the basis of the estimates ; and as these have proved
inadequate to the expenditure, a circumstance which led to their
appointment by the Proprietors, the necessity recurs to your Corn.
mittee that the causes of excess should be explained with as much
detail as possible. The works on the line are generally known,
as stated by the engineer, to be of difficult construction, and the
increase of cost so far more excusable than in many other-instances
where similar excess has occurred ; but it cannot be forgotten that
the estimates were revised at leisure', by two engineers so eminent
as your own and Mr. Locke, and that, consequently, great reliance
was placed upon their accuracy.
Your Committee are aware that the expense of engines and
carrying establishment is not usually included in railway es-
timates, and that their cost must be deducted from any excess
that has occurred; but from the want of such exceptions
being specified, many Proprietors are liable to form an opinion
that the estimate comprehends every thing requisite for work-
ing as well as constructing the Railway; and thus dissatisfaction
is caused, which an explicit statement would have prevented.
Some of the observations necessarily made with respect to the
engineering estimates, apply equally to those of land, which in our
case, as in other railways, have been considerably exceeded.
The Committee may be expected to say something on the future
outlay of the Company ; It is a subject on which the meeting
must be aware that they are not capable of forming an opinion, but
they hope it will be satisfactory to state that the works, for which
the additional expenditure was required, has been represented by
the engineer to be capable of correct calculation, and to have been
fully provided for.
The Committee applitd to the land.surveyor of the Company
with reference to the value of your surplus land, which was stated
in the last Report of the Directors to amount to the sum of
60,000/., and he has confirmed the statement.
The Chairman his assured your Committee, that the amount re-
ceivable from the South Eastern Railway will be an available asset
at your disposal.
It is considered by your Committee that the duty of making
any remarks, except on the subject of the accounts, or inci.
dental thereto, does not devolve upon them ; but as many
Shareholders may expect them to offer some suggestions
on the subject of the Board of Directors, they submit to the con.
sidcration of the meeting, that the number should be considerably
diminished ; and as the Directors are divided into Committees,
with defined duties, that the names of the Members of each Corn
mittee should be entered in a book, to be open to the inspection of
any Shareholder ; and they urge upon the Proprietary, the ex.
ercise of an independent judgment with regard to the re.election of
Directors going out by rotation.
The Committee, in concluding their Report, beg leave to offer
the following recommendations:—
In the first instance. That the books of the Company should be
re-constructed from their commencement, and upon a proper
system, under the direction of a competent person ; and be so con.
ducted in future.
Secondly. That the payment of money on account shall cease,
except uti delivery of bills.
Thirdly. That payments of money, raised by the Company,
should be made to the bankers only, as far as the same is practicable.
Fourthly. That all bonds sboald in future be signed by at least
two Directors, and that the seal of the Company should not be
affixed to any instrument in the presence of a less number.
Lastly. That three Shareholders should be nominated at the ge-
neral meetings as Auditors, one or two of whom should be changed
every year, and lie ineligible for a period to be determined by the
meeting.
The Committee beg to tender their best acknowledgments for
the uniform courtesy anti willingness to give information, which
they have experienced throughout their inquiry, from the Chair.
man, Engineer, and other officers of the Company.
J. PARSONS.
J. LEWIS.
• 0. E. SHUTTLEWORTIL
C. J. BROWN.
J. THOMPSON.

-----
Sir I. L. Cot.nsatin said, as no gentleman had risen to
more that the Report abould be received, printed, and circu-
lated among the Proprietors, he would take the liberty of doing
so. There could be but one opinion in that meeting with
respect to the labours of the Committee—( Hear, hear)—for
they were deeply indebted to those gentlemen for the pains
they had taken.—( Hear, hear.) He was quite certain that
the meeting could not take the var'ous subjects of that Report
into their consideration then, and he therefore hoped that they
would be of a unanimous opinion that time should be Oren for
its consideration. Pe was quite sure that this Report would
be looked for with great anxiety by the people of Liverpool and
Manchester, as it would not only guide them with respect to
the future prospects of the Company, but it would guide them
in similar undertakings of the last importance. The motion
he had to subm t was, that the Report be printed and circulated
amongst the Proprietors, and that that meeting do adjourn for
a fortnight or a month to take the .subject into its consideration.
Mr. AMORY seconded the motion,
The CHAIRMAN said he shou:d be exceedingly sorry to
throw the slightest imped meet in the way of the motion being
carried, but he could net help feeling that no good could result
from the meeting being adjourned to that day fortnight, as they
could at once &sews all its points. He was quite aware that
whenever adjourned meetings took place, particularly. under
circumstances like those in
which they had that day met, an
adjournment always carried ei:h it dissatisfaction, and he
thought therefore that it was best at once to a !opt the Report
of the Committee. If anything arose out of that Report they
would have time to consider it. Their next general meeting
was not very distant. He hoped they world agree to tke
Report, and not adk.urn the meeting.
A PROPRIETOR wished to know it the Report was agreed to,
whether the Direction wou'd pledge itself to carry out the re-
commendation it the Report.
The CHAIRMAN said if that Report was received and adopted,
it would become their duty to carry it out. He hoped they
would believe that he did not endeavour to throw impediment
in the way of inquiry, for hit was exceedingly glad that that
Committee had Leen appointed.
Sir I. L. GOLDSMID said he had no objection to the adop-
tion of the Report, but he wirhed to have farther time for its
consideration, and he wished to see it promulgated. He did
not imply dissatisfaction, he wiahed inquiry.
A PROPRIETOR said that. the Committee had made every
exertion, and every in'ormation that had been sought had been
given in the Report, and he hoped the recommendation it con-
tained would be acted upon. He begged to move as an ame:\ d-
merit to the motion submitted, that the Report be received,
adopted, and printed for circulation.

TORY INCOME TAX.
FROM THE MORNING PAPERS OF THIS DAY.
TIME S.—No small number of letters will be observed in
another part of our paper beat ing on the subject of the pro-
posed income-tax ; but we can assure our readers that these
form but a very small fra-tion of that flood of communica-
tions by which we find ourselves overwhelmed on that most
touching subject; nor can we expect any diminution of the
terrest. Sir R. Peel complains of the applications for Con-
sulships, and suggestions of financial panaceas, by which his
time is occupied; but we suspect even his composure would be
startled into some dismay at the mass of letter-paper with
which the flattering energy of our correspondents has piled our
table. Additional attention will to-day be di awn to the subject
by Lord Brougham's able, though somewhat over-comprehen-
sive speech in the House of Lords last night, and the important
opinions which were elicited, or rather urged, at the meeting of
the Bank of England Proprietors which took place yester-
day. The point which was there discussed was that
which occupied the most important practical place in the
speech of Lord Brougham—:viz., the injustice of applying the
same rate of taxation to permanent as to temporary and per-
haps uncertain incr mes—to annuities—leases at will—profits
of trade—professional income, and full property in fee. It
will be seen by our City article that the meeting above alluded
to, with scarcely a dissr ntient voice, determined to memoria-
lize Sir Robert-Peel on the propriety of making a distinction
in his assessment between terininable and permanent annuities.
And this is obviously but one instance, and that an inadequate
one, of the general principle which was ably enforced by
Lord Brougham. That Noble Lord most emphatically dis-
claimed any intention of withdrawing temporary incomes
from the operation cf the tax. He denounced as not only
unjust, but merciless, any dishonest endeavour to saddle
its exactions on the holders of laud or funds alone ;
he urged most strongly the principle that those, and all
those, should contribute who have the ability—and ac-
cording to that ability. hit he, like tee Bank proprietors--
like ourselves—like every sensible man—strongly protested
against measuring that ability by the mere annual profit which
each year produces, without reference to the sources of that
profit. And this is the point against which Sir R. Peel will
find that the popular voice will be raised invincibly, because
with justice. 'The inquisitorial nature of the tax is a grievous,
most grievous evil in itself even greater than any un-
fairness in the actual assessment of the imposts. But people
must be aware that if there is to be any tax of this nature at
all, inquisitorial it must be. Whether a man's interest is to be
measured by his actual receipts dining the current year, or by
a general average of several years, or by a calculation of the
gross value of the business which he is carrying on, a certain
extent of exposure he cannot avoid. It ma be made more
or less oppressive by a more or less well-arranged sys-
tem of inquiry, but exist it must. A man must disclose that by
which alone the amount of his payment can be regulated; and
the Government will probably think it necessary to demand,
not only his general assertion, but some of those more detailed
s atements which may cock or corroborate it. All this, we
repeat, may be done with more or less offence and oppression.
Ho v it will be done remains to be seen, and we reserve oar
judgment on that matter till the details of the Ministerial plan
are before the public ; but something like it must belione
somehow. It is necessary, and it is on account of that ac-
knowledged necessity, that the present tax must be ever stig-
matized as an odious impost—not to be borne, as Lord
Brougham truly contended, one year, one month, one day,
or one hour, beyond what the pressing necessities of the
State compel. Not so, however, this additional unfairness,
which, from the first, and to the la't, it has been, and will
be, our business to expose. It cannot be necessary—
it would be a reductio ad absurdunt of the whole tax
if it were necessary—that the Government or Parliament, after
its investigation into all the individual incomes of the nation in
their minute details, should resolutely shut their eyes to every
difference but that of the current yearly receipts—should per-
sist in confounding produce of labour with produce of property,
repayment of outlay with mere profits of investment, the
limited interest of an annuitant, and still more the precarious
income of a profession, with the steady and certain receipts of a
-capitalist. It is nonsense to talk of the difficulty of calculating
all these varying interests—the mistakes, the deceit, or the un-
fairness, which would result from the attempt to do so. The
calculations would be found made to their hands for the most
part in the books of an Insurance Company ; and giving
them the utmost allowance of mistakes that the most
blundering commissioner could perpetrate, we would
defy them to equal the unfairness which would be
the necessary, and, in such cases, universal consequence of the
proposition as it now stands. It would be waste of words to
enforce here what we have already urged—what every one
around us is feeling, and what is in itself so obvious. Nor do
we expect that it will be necessary. 'I he proposed memorial
of so influential a body as the Proprietors of the Bank of
England—a body not standing alone in the grievance of which
they complain, but only being the first to protest against what
is the subject of discontent to a whole host of interests and in-
dividu able, active, and influential—is of most unusual im-
portance ; and we are inclined to think that the ice being
broken, this feature of the intended Bill will be met by a mass
of remonstrance which we cannot doubt will be effectual.
lIERALD.—If Government cannot so far modify their
proposal as to introduce a graduated scale of 'duties, the next
most palatable alteration would be to adopt the distinction
urged by Lord Brougham, between income derived from pro-
perty and income resulting from labour. Should this alter-
native be also refused, it will then become the duty of the
" not rich" to combine in self-defence and demand that the
minimum amount of income to be liable to the proposed tax be
raised from 150/. to 3001. a year; or that the principle to be
applied to income derived from the occupation of the soil be ex-
tended to all whose revenues are beneath 3001. a year. We
reiterate what we yesterday established, that Sir Robert Peel
has the means, in his reserve fund of 500,0001., of removing
all reasonable opposition to his financial plan, and to unite all
who are moderate in politics and patriotic in intention in sup-
port of his Government, from the well-organised attack of which
he will this evening experience the commencement.
This evening it is the intention of Sir Robert Peel, in con-
formity with a notice which stands upon the House of Com-
mons' paper, to take the opinion of that assembly upon his re-
solution authorising the imposition of a tax of 7d. in the pound,
or 21. 18s. 4d. per cent. on all the incomes of the country,
above 150/. per annum, derived from property, personal or real,
trades, and professions. It was on Friday, the 11th inst., that
this proposition was first broached to the House by the Right
Hon. Baroreet in a speech of surpassing ability, distinoiebed
also by great boldness of political conception and a manly
frankne-s of statement. To this extent, at least, even •the
political adversaries of the Premier have net withheld the full
measure of their praise of his financial address. It is obvious,
however (whatever m y be our own impressions upon the
merits or deficiencies of the scheme propounded by the Right
lion. Baronet), that it is a scheme which, as affecting the in..
come of every class in the community above a certain standard
(settled at a very low figure), is calculated iu all its political,
social, and conss ft utional relatit Ili to awaken the most jealous
investigation. We declare unhesitatingly', for our own parts,
that we can imagine no subject more likely, or more legiti-
mately' calculated, to arouse into full operation, in every corner
of the United Kingdom, the right of petitioning Parliament.
CH RONICLE.—Birt admitting that in a case of extreme
necessity the country night be induced to submit to a tax, in
its very nature the most unjust and unequal that can be con-
ceived, and which can only he raised by the most inquisitorial
and oppressive means, the country is not in such a situation of
difficulty as to render it necessary to have recourse to it. The
late Ministry undertook to raise the -money necessary for the
exigencies of the country, by means which would have at the
same time afforded relief to the peop e. We are engaged in no
great struggle for our existence, like the war with France, which
at last became a war with nearly the whole continent. We
have fitted t.ut an expedition against China, which, in all pro-
bability, will soon effect its object. The affair in Affghanistan
can never be construed into anything like a war. What, then,
is there in the state of the country which requires that we
should have recourse to a tax which can only be justified by
extreme necessity ? Admitting that tl:e deficit may at the end
of this year be ten millions, there is nothing in this surely to
drive us into a tax on income.
AD VE ItTISE R. —But the fact is, a calm
investigation of
the commercial relaxatiods contemplated by the Government,
most clearly serves to prove that it is a more mockery of con-