The Sun. — 1854-03-11 (London, England)

TILE. SUN, LONDON, SATURDAY EVENING, MARCH 11, 1854.  have been actuated by some sinister views. They apparently forget that the passenger to Reading is conveyed by a very circuitous route, and that the only chance of obtaining traffic is by extraordinary cheapness, which may induce persons whose places of business are in the neighbourhood of the London-bridge terminus to prefer the longer journey by rail, if they can thereby save the conveyance per omnibus from Paddington to the City, and also, that the Reading traffic is subjected to the competition of another powerful Company, while that to Ashford is a pure monopoly, without opposition by rail, by river, or by turnpike. If the directors were to increase the rates to Reading or Margate (where steamboats are daily plying), how loud and fluent would be the indignant vituperation hurled against their devoted heads for that which would indeed be grievous mismanagement.  The shareholders may, from the frivolity and fallacy of that charge, form some conception of the objects of the accusers. When we find plausible but wholly untenable charges urgently pressed, we may safely assume that there is no real serious cause of complaint that can be resorted to. As to the depreciation of price and dividends, there might be some weight attached to it, if the SouthEastern Company were the only one that had met with such misfortune ; but when we consider that companies which were paying eight or even ten per cent. when the South-Eastern was only paying 5 1-3 per cent., are now paying little if anything more than that which has been so bitterly attacked ; and when we also find that few, if any, have made greater progress towards perfect recovery, aye, and eventual prosperity, than that now under notice, the absurdity of the accusation is at once discovered. Indeed, the mere comparison of 1854 with 1844 or 1845 is alone sufficient to exhibit the detractor in no very favourable point of view, and to enable the animus by which he is actuated to be fully appreciated. The same may be said of the comparison of the traffic charges in 1848 and 1853. During the former period these charges had reached their minimum. They were unquestionably very low, but so likewise were the earnings ; and if the latter have increased in even a still larger ratio than the former, the unfairness, and, what is still worse, the " malignity" of the charge, is exhibited in its true colours. Why did not the party who ventured on these frivolous and unwarranted accusations, compare the dividends and quotations as well as the cost of traffic in 1853 and 1848 ? • Simply because his object was not to elicit or advocate the truth—,to obtain judgment in accordance with the substantial merits of the case, but merely to gain a party triumph, to excite prejudice against those who could not otherwise be inculpated. But " revenons a nous moutons," we come to the direct alleged cause,the contemplated line not " from a swamp to a gravel pit," but from Lewisham to Bromley. Lord TORRINGTON has pointed out the imperative necessity of that link in the grand chain, or, as he appropriately terms it, " the wedge in the Mid Kent," which enables the company to enter into further operations " when time and circumstances permit," and which make future opposition " next to impossible !" We all recognise the accuracy of the adage that tells us that " if we desire to preserve peace we should be prepared for war." We smile at the fatuity that advocates a general disarmament ; and yet the very men who do so seriously listen to the twaddling that tells them that it is an act of true economy to avoid the construction of a line six miles long, though by making it they secure the tranquil enjoyment of their territory, and render aggression " next to impossible." And be it remembered that this is at a time when two other companies are promoting bills before Parliament, the object whereof is the construction of a line or lines to and beyond Bromley ! Surely, then, the rejection of the Lewisham branch would, as Lord TORRINGTON declares, " be an act little short of suicide !" And as this is the only tangible "cause of dispute," the teterrima causa beltii, the shareholders may easily decide on the first group of questions submitted by the Noble Viscount for their consideration.