The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1858-02-16 00:00:00

LONDON AND SOUTH WESTERN.

On Friday afternoon the usual half-yearly meeting of
the proprietors of the above railway was held at the
Waterloo Stationl; Mr. William Chaplin, chairman of
the board of directors, in the chair.

The report has already been published in the Dorset
County Express. The half-yearly accounts, made up to
the 31st of December, 1857, showed that the net revenue
for the half-year, after deducting interest on loans, and
all other preferential charges, amounted to £i95,630
28. sd. From that sum the directors proposed that a
dividend should be declared for the half year, at the
rate of 5i per oent, per annum, which on £7,176,969
16s. 641. of capital would absorb £188,395 9e. ld., leaving
£7,234 13e. 4d. to be carried to the next account.

_ ...... _
The Chairman in moving the adoption of the report
observed that there was no novelty in the proceedings of
the last half-year. The experience of 1857 clearly proved
the exceptional character of the increase in the traffic of
1856. That increase arose entirely out of the war, but
he pointed out at the time that on the return of peace
the line would still enjoy a large traffic. Unfortunately,
however, there had been no real return of peace, as no
sooner had our troops got home from the East than the
Indian mutiny broke out, and that lamentable event had
tended to divert traffic from the South Western line.
As compared with 1865, there was last year a large
increase in the receipts; but owing to the opening of
the line from Andover to Salisbury, which had yielded
no profit whatever, there could be no increase in the
dividend. This result of the opening only showed the
absurdity of the scheme for making a third line on the
broad gauge from Southampton to Andover, to join the
Great Western Railway, and ought to convince Parlia-
ment of the unreinunerative prospects of the entire
proposal. Negotiations had been pending with the
Brighton Company for extending the Waterloo station
so as to accommodate the west end traffic going to the
south coast; but he was sorry to say the Brighton
company had preferred to select the Pimlico scheme,
and the negotiation was now at an end. The South
Western were at peace with both the Brighton and
Great Western companies, but he could not say the
same as regarded the South-Eastern Company, who
were conducting their Reading traffic upon most un-
remunerative terms. However, the directors yet hoped
that the South-Eastern Company would see the folly of
their policy, and that by the next meeting the South.
Western would be holding amicable relations with all
its neighbours. (Cheers.)
Mr. Helps made some remarks upon the accounts,
and asked if there was any intention to convert a por-
tion of the debenture debt into a permanent four per
cent. stock?

The Chairman said the proprietors had already an-
thorized the directors to take that step ; but as yet only
£3,800 had been converted. The directors, however,
hoped now that the money market was easier that they
would be more successful with the conversion,

Mr. Herapath asked for .so—m—e—exign;:tronS. as to the
expenditure on the main line. He was glad to hear that
this company was on good terms with the Brighton and
Great Western ; but out of doors it was said that the
Brighton looked upon the South. Western with sus-
picion, and as a supporter of Mr. Leeke's line from
Horsham to Shoreham.

The Chairman declared that the company had no con-
nexion either directly or indirectly with that line. The
expenditure on the main line was for work of absolute
necessity. As for the Yeovil and Exeter contract, it
had been let to the parties who made the lowest
tender.

Mr. Errington, the engineer of the Salisbury and
Exeter line, stated that the contract referred to was
£20,000 below any other offer.
Mr. Herapath had certainly heard that this com-
pany was not on good terms with the Brighton.
The Chairman then you certainly know more than
other people. (A laugh.)
Mr. Herapath—l don't know ; there are secrete in all
companies, but, above all, in railway companies.
Mr. Henderson drew attention to * charge in the ac-
counts for marshalling trains at the Waterloo station.
What did it mean t The city marshall was • useless
and expensive officer, but in point of coat he wall a too

to this particular marshal, (A laugh.) He also Wished
to urge upon the directors the expediency of attaching
smoking carriages to the trains, and improving the
character of the second-class carriages, or putting on
more third-class.

The Chairman replied that marshalling the trains was
clearing the station. The other points referred to
should have attention, but as regarded the last, the
directors were now considering a proposal for increasing
the accounnodation on the line. The smoking question
was one of great difficulty.
The report was unanimously adopted, and the divi-
dend declared payable on and after the 20th inst.
The retiring directors were then re-elected, and the
proceedings closed with the usual compliment to the
chairman.

RAILWAY TRAFFIC RECEIPTS.—The traffic returns of
railways in the United Kingdom published for the week
ending February 6 amounted to £384,280, and for the
corresponding week of 1857 to £383,470, showing an
increase of £3lO. The gross receipts of the eight rail-
ways having their termini in the metropolis amounted
to £159,644, and for the corresponding week of last year
to £160,618, showing a decrease of £974. The decrease
on the Eastern Counties Railway amounted to £274;
on the London and North-Western, to £3,751; on the
London, Brighton, and South-Coast, to £354; and on
the London and South-Western, to £791; total, £5,170.
But from this must be deducted £2,698, the increase
on the Great Northern ; £582 on the Great Western;
£B7 on the London and Blackwell ; and £829 on the
South-Eastern; together, £4,196, leaving the decrease
as above, £974. The receipts on the other lines in
the United Kingdom amounted to £224,636, and for the
corresponding period of 1857 to £222,852, showing an in-
crease of £1,784 in the receipts of those lines, from
which must be deducted the decrease on the metropo-
litan lines, leaving the total increase £BlO, as compared
with the corresponding week of 1857.