The Express.
London, England, 1852-09-06 00:00:00

SOUTH EASTERN RAILWAY.

The report of the directors to be presented et the
approaching balf-yearly meeting has just boas published.
It Mates :-
8. That the receipts for the half-tsar ending on the 31st
of Jule, 1852, have hoe, 349,2131. 12,. Id., including 9221.
6s. Bd. received of the Brighton Company for toll ; and the
working eapensite and restewels, 128,7821. 14t. 7d. The
not of 6,2161. 14s. Bd. has been laid aside fur renewal of
t way. The rates, taxes, sad tolls amount to
ran ra
t 3d.; the government duty to 11,7431. 13s. 6d. ;
the nuts of the Greenwich, Canterbury and Whitstable,
and Reading, Guildford, and Reigate Railways to 44,6311,
16e. ; which sums, in addition to the interest on the snort.
gage debt and guaranteed stock of the company, 61,7261.
10s. 10d., 111 'kg a total deduction from the gram earnings of
264,4001. 9.. ed. The profit and loss account shows a credit
of 4,4381. 16s. 2d., after providing for the last dividend, and
is debited with the sum of 2,770/. 2s. 64. for parliamentary
expenaes, and 7021, being one-third of a loss sustained by
fire at the company's works st Ashford leaving a balance
available for dividend of 93,7801. 16e. 'the passenger traffic
returns show a decrease on the main line and branches of
6,3111. 4s. 3d. as compared with the corresponding half
year of 1861, and an increase of 29,0301. 4.. as comporel
with that of 1860; on the North Kent line an Lactase* of
3711. 13e. 7d. over 1861, and of 7,982!. 4.1. over 1850; en
the Greenwich branch a deereme of 8801.175. 2d. under
1861, and an Increase of 2,0621. oe. 4d. over 1850. The
goods traffic returns show an increase upon the main line
and branches of 4,4671 lls. ed. over 1861, and 11,013!.
4s. 7d. over 1850; North Kent line, an increase of 1,2311.
18s. Id. over 1861, and of 2,6101. 6s. 11d. over 1850; total
increase of goods traffic over 1861, 5,7021. 9e. 10d.; over
1860, 13,623 i. 10.. 6d. The total increase in traffic for the
last half year, as compared with the corresponding half
year, ending 31st July, 1851, is 3161.2.. 6d. ; the through
traffic to and from London and Folkestone and Dover and
Ramage,' and Margate for the half year ending on the
31st July, 1850, was, to and from Folk -
stone and Dover £61,477 12 6
31.1 July, 1861, ditto
31.1 July, 1852, ditto

Decrease under 1831.... £21,488 1 0

Increase over 1860 £2,008 4 8

slat July, 1840, to sad from Roommate sad
Margate
31st July, 1861, ditto
Slit July, 1862, ditto

Increase over 1861 £2,738 12 2

Increase over 18.50 £2,146 12 6

For the first three months of the half-year, there was an
iaIIININO in the traffic receipts amounting to 14,8831. 94 Ild.,
with the corresponding quarter of 1861. This
up to the time at which the comparison began
whit the sseeipte of the Exhibition traffic. The total do.
ewer of pearrenger trellis during the last half-year, ems-
rrwith the corresponding half of 1861, being 8,3111.
i., and the decrease of the through traffic to Folks-
Moe sad Dover being 21,4081. Is., it is °brimes that the ha-
mar of the general paueuger traffic of the limo and
breashos &nisi' the haltyear has been 16,1741. 18a. 9d.
The total increase of the traffic last half-year, compared
with the same period of 1850, is 63,1111. 71. fid. The whole
management of the collection and delivery of parcels, es
well as goods, bus been in the hands of the company since
the lot of April ; between that day and the 31st of July
thin was an increase of 15,830 in the number of parcels
euried, compared with the same time last year. It will
be satisfactory to the proprietors to learn that a profit has
been derived upon the collection and delivery of goods and
parcels, whilst the directors can state that the Meares is
tarried on almost without complaint on the part of the pub-
lic ; this cannot be better evidenced than by the fact that the
whole amount of chi an against the company during the half
year on a traffic amounting to 69,2421. has been only
1911 Is. 6d. The directors believe a more favourable re-
sult in regard to management cannot be shown by any
carrying establishment of like magnitude in the kingdom.
A progressive increase is taking place in the French goods
traffic, though the receipts hardly keeLptzportionate pace
with the increase in the number of pas . The compe-
tition is great for French goods traffic ; ut the daily cer-
tain communication by way of Folkestone and Boulogne

' g goods
will increase the quantity co by that route, and the
extension of the continental system of railways will add to
the portion of the business in which certainty and celerity
is the great object, which is sure to be acquired by this
company. The directors have constantly in view the pro
priety of providing bonding warehousts connexion with
the French goods traffic at the London-bridge terminus;
they have hitherto been prevented accomplishing
this object by impedimenta which are almost sur-
mounted. [A list of the trains in connexion
with the continental service is then given.] The
economy which the directors solicit sted by enforcing
• rigid scrutiny into the consumption of stores has been
realised. The consumption last half year was 2,0991. 1511.94.
against 4,0601.35. 10d. in the comparative half of last year,
showing a saving of 1,9601. Bs. Id., and the directota see GNI
means of continuing the management of this department
still more to the advantage of the proprietors. The ex-
pected economy on the Greenwich branch, by working
three trains an hour instead of four, ham not been found to

answer, and since the lit of the prisent month the trains
have run every quarter of an hour, which seems to be an
amount of facility which the traffic requires. In the half-
year ending on the 31st July 1851, the number of miles an
the engines was 1,186,62 i; the consumption of coke wee
14,126 tons, being an ge of 26.66681 be. per mile, at a
cost of 2.8571 d. per mile ; the total riot being 14,1261. 12e.
Daring the last half-year the mileage run by the engines
was 1,221,840; the quantity of coke consumed was 12,655
Seas, the g consumption being 23.2011 lbs. per mile,and
WM total cost 11,0821. 10e., or 2.1768 d. per mile. It thus
El3that, although the engines ran last half-year
lila more than in the corresponding half of the pre-
par, the terries was performed with a less consump-
MOS sf coke by 1,471 tons, effecting a saving in the
OM of Wu during the half-year of 3,0441. 2s.
TIN Mail of the engines shows an average cost of
SAM pat mile, the cost of repai.'s and renewals being
1.962. per mile. The carriage and waggon stock of the
1111•11pany is in better order than it ever was at any preceding
Ewe. The whole cost of repairs and of the renewal of new
he worpout stock replaced during the half-year is charged
lie revenue. The charge to capital account is exclusively
Re additional stock. The directors carried out the instruc-
limn eamtained in the resolution of the last half-yearly meet-
ing.' the company, to offer to the proprietors pew rota the,
ENO purchased by the company at 201. per 30iF. The
111111 1111 Mat of stock held by the company was 1 and
the meant taken by the proprietors upon the are to
its i=
tons 1.4801. The stock not taken by the
, 41 ~ the director were instructed by Ir
Ike ft by public tender. The directors sampled tee
WtNam male which was 751. per 100 f. illnek, OltWt.
. per 301. stock,
and so elos,d the account. The di.
sedum have no doubt that, whether an amalgamation takes
*au between the London and North-Western and Great
Western Railways or not, the narrow rugs will be brought
dews to deathsg sad there joined to the rails of the South
briers Osapeare line, whisk is ereada le the develop
mast Me seesseese, as thud* Pellesseetss sad Doves
IMMI biome Ilis shippiag pols_lir 111 Pal Phil frost
Of Illbobbestar to the aftdleee is the delivery
it mlllek eyed Is en object. The Ossiterbory and Whit.
Oils Ifaffase sad Harbaule bell ea lase by the lest
N_l-
r.obttelipasy r
and M
and a him gum
1644 Ise 48.11=ter,
Tie bans are that the Seath Eaetse
IDempaay *all pay • sam of 3,0001. per animas
as rent, and also the interest on the bond debt of the
Canterbury sad Whitstable Railway. The effect is, that
the South Eastern Company are liable to a rant of
10581. 10s. per annum for this railway and harbour daring
the contisuance of the lease. There is • provision in the
agreement that the South Eastern Company shall have the
optics, by giving six months' notice, of purchasing the
esllwe sad buboes by paying to the proprietors of the
Can sod Whitstable Company a sum of 60,0001.,
and eta liability of the bond debt of that com-
tes
piny, whisk sheet O,NOI. The period for giving such
note wail lave egisal ea
_the 26th of March last, but
the Caseuelmry red MiNeUble Railway Company have
entered Ms ea with this companyto extend the
period kr sunk seise es the 29th of the present
month of liepersber. sad It i the ditty of the directors to
take the suss of the repreiters as to the way is which
this agreement is mow te be dealt with. The proprietors
amid sew mime the messy for paying off the capital and
dole el the Oemleebsey sad Whitstable Railway at 31. per
esal. pa mum, sad se this rate there would result •
dissimilates of the Ae on the revenue account of
Il the limpsy of 2,0001. per annum. The trifle on
ate Caneerbary and W itstahle Railway presents a BUB.
abet smesst of net profit to do more than indemnify the
he each reduced rent. If the purchase be not
Seeth.Bastera Company will continue to pay
per =num, until the expiration of the lease in
sllls.
par 18611. The parliamentary Gausses charged in the
sessionto were incurred in opposing • bill promoted by the
British Electric Telegraph Company, seeking compulsory
powers to erect telegraphs on the South-Bittern and all
other lines of railway ; an set to enable the Eastern C,outi-
ties and Bleckwall Railway Comp/cries to construct a sail-
andwith branches to Tilbury (Gravesend) and Southend,
to provide steam accommodation with Gravesend; and
also in preparing to oppose • projected railway from
Wandsworth to Croydon, the bill for which sought
potion for reusing over the whole of the South-Eastern
lines. The company was successful in each Mature.
The amossat due to the company from proprietors in arrear
deals on the 31st January was 117,9561. 11$. Bd. In pur-
suance of the resolution of the progrietwe at the last half-
yearly meeting, the directors forfeited the shares in arrear,
and gave notice thereof to the holders. During the halt-
year, 29,1841.64.8 d. of calls has been paid, leaving a balance
due to the company, on the 31st July last, of 88,7721. 5%.
The directors will submit resolutions to the ensuing meeting
for confirming the forfeiture of all shares then in arrear and
of ordering their sale. The directors anticipate no leas to
the company. The directors have felt it to be their duty to
make the ensuing meeting special, in order to enable the
proprietors, if they see At, to take steps with regard to capi-
talising the whole or any part of the bond debt of the com-
pany. It will be observed that, during the past half-year,
the sums of 116,6001. of debt, previously raised at 6 per
cant. per annum, 134,4001. at 4} per cent. per annum, and
108,0001. at 4 per cent. per annum, have been paid off-
-41,0651. having been renewed at the rate of 4 per
lest. The Moisten have, however, to observe that
Ids eammed of that amount at 4 per cent. bed
bow at a previous period. The directors lep
pogektors in March, 1861, that the capital 1111.
Mot eta knopany for its present lines and works would

be virtually closed at the common "merit of the last half.
yeas ; and at the meet' •g in March lett the directors come
municated to the proprietors the result of the estimates
laid before them of the amounts to be received and ex-
pended, and accounts to be settled un capital account, so
far as they were capable of being ascertained. The result
submitted was, that the ultimate capital might be fixed at
9,699,3761., which would be represented by the share ea-
pital, 7,433,7001., the guaranteed stuck, 481,3001., and a
mortgage debt of 1,7134,3761. The directors further stated
to the proprietors that no new works beyond those in pra-
grans, and those included in the estimate, and the comple-
tion of the goods warehosses and other building. on the
linesjust opened would be undertaken without their sanction.
The action OW Dover end Deal Company has been de-
cided in favour of this company, and the amount paid into
court, 10,1861., has been received back since the 31st July.
The directors do not prejudge the opinion of the proprietors
on the subjot, but they submit it as well worthy of their
attention to consider whether term, could not be agreed on
between this company and the South Eastern and Conti-
nental Steam Packet Company alike beneficial to both,which
would terminatethe present anomalous position of the Steam
Packet Company, occupied exclusively in the service of the
South Eastern iHailway, and essential to its traffic, and
would make the steam ships the property of, and a valuable
adjunct to, the lines of the railway. As far as the directors
are informed, the only project for railway extension in Kent
at present demanding' attention is that of the North Kent
lane from Strood to Maidstone. The amount at the credit
of the profit and loss account, 93,7801. 165., will allow of a
dividend of 7s. 61. per 301. stock, making, with the pre-
vious dividend of 10s. 6d. pit. 30/ stock, a return of 3 per
cent. for the last year, and will leave a balance of Mi. tic
The directors are sanguine that the receipts of the present
half-year will be, at least, equal to these of the haltyear
ending on the 31st January last."
A number of accounts are added, hut their substance is
stated above.

MANCHESTER, BUXTON, MATLOCK, AND MIDLANDS
lilsortow HAlLwAv.—Return of tr :EU for the week end-
ing August 29, 18.52: Passengers, merchandise, ikc,
2081. 9a. Bd. Corresponding week last 71111., 2241.135. 3d.
BELFAST AND COUNTY Dowx RAILWAY. The
haltyearly meeting took place on Tuesday, in Belfast. The
revenue account showed a balance of 3a79i. 18s. Hid., after
deducting working expenses; and a dividend of hYa. per
share was declared. • sum of 6601. was placed at the dia-
. papal of the directors, .ho had received no remuneration
sines the formation of the company ; 601. of the said sum to
go to the remuneration of the auditors. The vacating di-
gesters and auditors ware re-elected. •
DUNDEE, PERTH, AND ABERDEEN JUNCTION.—
The half-yearly meeting of this company was held at Dun-
dee on Tuesday, Lord Kinnaird in the chair. The report
stated that the traffic for the hall-year amounted to 16,4771.
and the expense* to 6,7821., leaving a balance of 9,6961. Out
of this awn is deducted 4,9461. tor interest, &c., on loans,
and 1,9591. interest on floating debt, leaving, with the
balance from the former account, a disposable sam
of 3,0891. The dividend on the 1.1,137 preference
quarter shares will absorb 2.3661. of that sem, and
leave 7241. The directors regret that they cannot point to
any great increase in the traffic of the line during the past
half-year, but they view with satisfaction the contemplated
formation of branches to Blsirgowrie and Kirriemuir, as
likely to have a very beneficial effect on the revenue of the
line when they are opened for traffic —The chairman, in
moving the adoption 14 the report, said the directors
were its the habit of periodically investigating everything
in the establishment with a view to reduce expenses as
much as poesible, taking care, however, to make ample
provision for the efficient working of the line. The whole
of the plant was kept in the most complete working
order. They were in hopes that the Edinburgh,
Perth, and Dundee Company would see the advan-
tage of bringing the goods traffic over the Dundee and
Perth Railway. lie had no doabt that the former com-
pany would save considerable ripens° by so doing, and
that the latter company would also gain thereby from the
increase of traffic on their line. 1a would in fact be mu-
tually advantageous to bath companies. He had no doubt
that if the trade of Dundee wee to improve, the would
have an increase in their truffle from that source. He con-
cluded by moving a resolution to the t•ffect that the report
be received and adopted, and that the usual dividend be
paid on the preference shares. After a few observations
with respect to the affairs of the company the motion was
carried unanimously, end the meeting separate I.
SCOTTISH GRAND JuscrioN.—A meeting of the
shareholders was held at Cillugow, on Tuesday .sat, to receive
a rapport from the directors and auditors on the state of the
company's affairs, and respecting the distribution of the
funds in band. The report stated that the surplus funds
would admit of a final dividend of 6.. 9J. per share. Tho
report was unanimously adopted, and the directors were
authorised to make the distribution in accordance with the
recommendation of the report. The meeting then aerie-