The Sun.
London, England, 1842-03-11 00:00:00

„telt
ihm4
justified in acceirting, but it was properi a the ritcng ehouTtt
be told what that offer was. Mr. Young would, therefore, read •
the correspondence that had taken place on the subject.
The SECRETARY then read the communicationl containing
the offer, on the part of the Brighton Company.
et
t stated
notthe
inconvenience of having portions of the line
ianewhi
under the control of one Company, and offering to leasecr the
Croydon linefor a term years, terminable by a four years' notice.
The Croydon Company to cease to convey goodsand passengers,
and their carriages to be disposed of to the Brigton Company,
who undertake the maintenance of the works, and permanent
way, and to have the sole use of the stations ; all rates and ex-
penses to be borne by the Brighton Company. The reply of
the Croydon Company pointed out that the chief inconvenience
complained of by the Brighton Company was the detention
• of their trains, and the difficulty of forming their time tables ;
thii the Croydon Company contend could not be attributed to
the present mode of conducting the traffic on the line, hut arose
in great part from the inaccuracy of the Brighton trains them-
selves, and would still continue, were the control placed in any
other hands. It concluded by stating that they could not re-
commend their Proprietors to accept the sum offered, since it
was less than the toll at present paid by the Brighton Company
alone, independent of the advantages of the Croydon traffic.
The CHA/RMAN said he could not help thinking that they
had got hold of a good concern, since he saw other parties so
anxious to obtain possession of it. He had formerly opposed
a similar offer from another Company, and now they had an offer
from the Brighton Proprietors. It appeared to him that they were
in the position of the man who was exposed to the operation of
the wind and the rain, trying which could fleet make him take
off his cloak. At the period he first alluded to, the wind blew
from the south-east—(Laughter)— but now it blew more from
the south. But he thought they ought to try arid keep as much
as possible in their present position. It was most natural that
the Brighton Company should desire to possess the Croydon
;ins ; he was not at all astonished that they had made the offer,
but he was astonished at the manner in which it was made.
They expected that the Croydon Company, after having waited
for seven years, having received no profit, and having paid
during that time, five per cent. on the money borrowed,
should hand over all their perpetual advantages for the
sake of five per cent. for their money. Ile appre-
hended that they were in a position to gain much
more than that; if they were in an hopeless position it
would be very well to take the offer, for the sake of
getting out of it. But though they had met with disasters and
misfortunes, yet in all the main lines of their policy they had
gone on progressively improving up to the present moment.
He could not see why they should make a bargain in the dark.
To do so would not effect the only object which they could
have in view, namely, economy. By the arrangement which
they hail entered into they had effected that object, and that
was sufficient. With respect to the tolls ch ,rged by the Com-
pany to the Brighton Company, the latter had made a propo-
sition to them of having those tolls lowered upon third-class
ear-lieges, which they meant to run on their line. The Corn-
eery had refused to accede to that proposition, on the ground
that the charges of the Brighton Company fur pas-
sengers did not bear a fair proportion to the tolls
charged. He would next call their attention to an
offer made by the Directors to the Greenwich Company on the
subject of the tolls charged by that Company. 7n (weer that
they might better understand the matter, he would request Mr.
Younge to read the gorresponde ce which had passad between
the two Companies on this subject.
Mr. YOUNGE then read the letters referred to. The
purport of them was that the Croydon Company, having in con-
templation the constantly decreasing traffic on their line, lir erd
desirous to try the exp riment of lowering the rate of fare, they
felt it impossible to make that attempt if the toll of 3d. for each
passenger was still charged by the Greenwich Company, much
less could they make the attempt in the face of the proposed
toll of eid. on each passenger. They therefore offered that,
for the next five ycars,there should bee fixed payment of 6,000/.
a year made by them to the Greenwich Company instead of 4id.
on each passenger as toll. The Greenwich Company, in reply,
stated that they were net now in a position to accede to the
proposition of the Croydon Company, inasmuch as, on the faith
of the toll which they required being paid, they had incurred
large expenses lately.
The CHAIRMAN said, that the offer which they had thus
made to the Greenwich Company, washy no means an extrava-
gant one ; but, on the contrary, an economical one. If the
Company remained as it was, they would have the same num-
ber of passengers without an increase of toll. If they lowered
the rate of fare the number of passengers would be increased,
and in consequence, the amount paid for toll would also be
greatly increased. The Greenwich Company were, he thought,
wrong in refusing their offer, for it was clear that, by keeping
the rate of fare as at present, the Croydon Company could
keep the amount of toll within what it was in former years,
which was considerably under the sum of 6 000/. It would be
remembered that in the autumn of 1839, a select Committee,
appointed for the purpose, had made a report on the Greenwich
and Dover Railway, which showed that that line was not suf-
ficient for the purposes for which it was made. The necessity
of remedying such a state of things was urged upon the Direc-
' tors of that Company, but they had refused to do anything ;
whereupon the Company addressed the two other Companies,
and entered into arrangements with them to go to Parliament
on the subject. For this tkey were called robbers by the
Greenwich Company, and that Company' was obliged to go to
Parliament, and they asked for leave to levy a toll commensu-
rate with their own ideas of what they wanted. They thought
they would be able to get 9,000/. instead of the 6,0001. which
was offered them. They were told that the toll they sought
was excest.ive, and that it would injure themselves. The toll
was 3d., arid they wanted to raise it to 41,4 d. The case was
argued by their talented Counsel before the Committee with
great ability. The Croydon line would be rendered useless to
the public if the additional toll were required. The Proprie-
tors of the Greenwich line would, if they persevered, very much
deteriorate their own line. As long as the Brighton Railway
Company could not become possessed of their line, and as long
as the Greenwich Railway Proprietors could not get more than
they ought, they would have disputes with them ; but however
anxious they may be to dip their hands into the pockets of this
Company, he did not accuse them of any conspiracy—they would
be defeated if this Company was true to itself.—( Hear, hear.)
They were in a different position with the South Eastern Rail-
way, because that Company did not require more than was just.
and that this Company was ready to give them.—( Hear.)
With respect to public opinion, he would show that it was in
favour of this Company, because, on the 22d of October,
shares on the Greenwich line stood at 14, while those on the
Croydon ..sere 9; but, on the 26th of, February, shares on the
Greenwich line stood at 61, and on the Croydon at 1 1
Cheers. ) He hoped the meeting would express its satisfac-
tion at the course pursues! by the Directors on this subjects.
An 110 N. PROPAIETOR wished to know whether the offer of
6,000/., to the Greenwich Company, in lieu of toll, included
the traffic from passengers on both the Brighton and Croydon
lines, or on the Croydon line alone ?
The CHAIRMAN said that hail not escaped the attention of
the Directors. If they were to reduce the rate of fares, it
would, in his opinion, reduce the traffic. It would be utterly
impossible for them, or any other Company, to compete with
others who had a power of levying atoll of ls. 44d. if they
were to reduce their fares.
MI. LEVY thought. the Proprietors must be perfectly satis-
fied with the answer which the Directors had returned to the
proposition of the Brighton Directors. It was monstrous to
think of such a proposition.—( Hear, hear.) But they ought to
give the Greenwich Directors the same credit that they took
to themselves. Why should the Greenwich Company be ex-
pected to accept 6,0001. a year before they knew .what would
be likely to be the amount of the increased value of their line
in consequence of the improvements which they had made.
He was himself a Greenwich Proprietor, and WAS acquainted
with many of the Directors. He knew that the great body
of the Greenwich Proprietors would not be inclined to accept
the 6,000/. a year, and therefore they ought to allow those
Directors the same credit which they took to themselves, Ife
felt convinced that the Greenwich Company would consent to
any reasonable terms.
The CHAIRMAN felt the greatest respect for many of
the Greenwich Directors, anti must bear his testimony to the
courtesy with which lie had always been treated by the Chair-
man of the Greenwich Board. He wished the Proprietors of
the Greenwich Company would seriously consider what was
the operation of a fixed toll, and if it did so, he felt convinced that
they would see the reasonableness of the proposition made by
the Croydon Company. Now he would put a case to show the
operation of the fixed toll. Suppose it took 400,000 passen-
gers at a shilling a head, that would give 20,0001. Suppose
the expenses to have been 50 per cent. they would have 10,000/.
left ; then if they bad to pay a fixed toll of 3d. a head to the
Greenwich Company, that would leave 5,0001. profit for the
Company. Now suppose that, in consequence of reducing their
tolls one half, they were to carry four times the number of
passengers, that would give them 1,600,000 passengers at 6d.,
which would give 40,000/. ; allowing 50 per cent. for
expenses, that would leave 20,0001., and then if they paid the
Greenwich Company a fixed toll of 3d. a head, that would
amount to 20,000 e, and would leave the Croydon Company no
profit eyhatevcr. What they desired was, that the Greenwich
Company should have their fair proportion of profit; that they
should have all they were entitled to, but that they should
abstain from taking that which fairly belonged to the Croydon
Company.
A PROPRIETOR said he was also a Proprietor of the Green-
wich Company, and he thought the proposition of the Croydon
Directors a very fair one, and one well worth a trial on the part
of the Greenwich Company.
A PuoratEron thought it incumbent u lon him to move a
resolution expressive of the high approbation of the Proprietors
of the conduct of the Board of Directors for the last six months.
The integrity and the firmness which they had exhibited, in
taking care of the interests of the Proprietors, entitled them to
their warmest thanks.—(Cheers.) He had at first been in-
clined to depart from the proposition for a new terminus, hut
when they considered the circurns'ances of the case, he felt
called upon to admit that he considered it a very fair and pro-
per outlay of their capital. The Greenwich Company certanly
had a right to demand a toll, but the proposition they had
made would work against themselves. With respect to the
manner in which the Directors had treated the offer of the
London and Brighton Company, the highest praise was due to
them, fur a more monstrous proposition could not emanate from
any Company calling themselves respectable. The Directors
had done all they could expect of them, and had shown them-
selves watchful over the interests of the Proprietors at large.
He, therefore, moved that the best thanks of the Proprietors be
given to the Directors for their perseverance. good manage-
ment, and attention to the interests of the perseverance,
during
the last six months.

This was seconded by several gentlemen, but it was sug-
gested by
Mr. Ilicaano that the resolution was hardly explicit
' enough ; he therefore proposed to substitute the following :
" That the conduct the Directors had rursued with regard to
the Brighton, Greenwich, and South Eastern lines, had been
highly satisfact :ry, and the meeting hereby expressed its per-
fect confidence in their management of the questions then un-
der consideration from the same Companies."
This resolution was carried unanimously.
The CHAIRMAN returned thanks for the resolution that had
just been agreed to.
After some conversation as 'o the publication of the corres-
pondence between the Croydon and Brighton Companies,
Mr. CUBITT, in answer to questions from various Proprie-
tors, stated, that the slips on the line could not have been
foreseen, nor prevented, unless by very expensive operations
of widening the banks, and draining, cutting, &c., which
would neecssitste an increased outlay of enormous amount.
They could not widen the embankments without the power of
an Act of Parliament, which when the public safety was con-
cerned would enable the Company to take land for the pur-
pose. ' That power would be given by the General Railway
Act now pending before Parliament. The slips were caused
by the nature of the sails and the heavy rains, and could
not have been prevented, by p'anting the banks with any
•species of shrub, as was suggested by one Hon. Proprietor.
In answer to a Proprietor respecting the Bill to be laid b,e-
fore Parliament for the proposed approach to the lino at Corbet f•
lane,
'll would be
The CHAIRMAN stated that the draft of the
laid before the Company as soon as convenie:rot;
Direc-
tors hail no desire to take the Proprietors by
be satisfactory to
mit them to any measure which might not pl3tlh,eo
rDci
or:
them. The object of the Bill might bep
under the consideration of
of the Proprietors
rof a desultory nature,
stage. After some further conversation dteeteoart:dabty
tOO
orinegarinlgy ita
the subject was dropped,
and the other officers of the Company,
Engineer, Mr. Gregory, .
and the meeting separated at a quarter after four o'clock.
Thanks were then voted to Mr. Cubitt, the Consulting

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1 boat, in bionic., of al te, the French a
M. Sue, the sculptor of I.lTia. antes, hasv just
traveller
its
colossal who was one of the very few Europeans that have
passed across that continent in the equatorial regions.