The Express.
London, England, 1863-02-07 00:00:00

LONDON AND SOUTH-WESTERN RAILWAY.

The directors' report and the half-yearly accounts
to the 31st of December, show the net retrains for the six
mouths, after deducting interest on loans, sod all other
preferential charges, to be 224,2241. 14s. 48. ; to which add '
the surplus atJuly, 1862, 2521. 19a. Bd., leaving a balance
available for dividend 214,4771. 14e. From the above sum
the directors recommend that a dividend be declared at the
rate of 61. per cent. per annum, payable on the 20th day
of February, amounting on 7,381,2811. 13e. 4d. of paid up
capital to 221,4381. 95., leaving to be canted over to the
current half-year 3,0391. ss. At the half-yearly meeting
in August, 1862, disczetiowary powers were conferred on the
directors for the disposal of all, or so much as they might
think tit, of the capital authoriaed to be created by the
" London and South Western Railway (Additions' Powers)
Act, 1862," and, in accerdance with each resolution,
an amount of 178,6251., ordinary stock, has been issued.
The total capital of the company at the present time stands,
therefore, thus :—Consolidated stock entitled to dividend,
7,381,2811. 13a 4d. ; pinderential stocks, 1,648,6191. ; un-
called, 321,9321. ; total, 9,361,8321. 1.35. 4d. The reduction
in the rate of interest on the mortgage debt still continues
to be effected, although the diminution is not vi n 7 large.
It tend; however, to show that the renews!, hays bees
made on favourable terms, inasmuch as the average rate of
interest has been reduced from 4.20 per cent. to 4.16. The
gross earnings of the company for the half-year exceed
those of the corresponding period in 1861 by 100,5634 This
has been earned over an increased mileage of 42 miles, in-
asmuch as during a portion of the half-year the mileage of
the North Devon and Bideford Extension lines has been
added to the compan' system, from the Ist of August,
1862. The traffic of the past half-year has been of an excep-
tional character. The excursion traffic in cognation with
the International Exhibition has operated favourably on
the receipts, and the ordinary traffic has shown a satisfac-
tory and continuous improvement. The increase in the
capital of the company has of necessity led to the allocation
of a further portion of the Gaming; to meet interest ; this,
together with the necessity of appropriating an additional
sun of 10,0001. to the re-laying account and other charges
against revenue, such as the accident account, for claims
arising from the Wimbledon accident (all of which have sow
bean Nettled and charged against the revenue account of the
pest half-year) has also further tended to reduce the sum
which would otherwise have been mailable for dividend.
The rolling stock has been kept is good condition. The
accounts of the locomotive and =Maga expenses continue
to show a favourable result, although the rate per train mile
is slightly increased beyand that shown in previous half-
years. This, however, is amounted for, inasmuch as during
the peat half-year, in addition to the usual working ex-
which have been very heavy, six engines and tenders
are been constructed and charged against revenue. An
increased distance of 203,812 miles has been run by the en-
gines over the corresponding period of 1861. The permanent
way throughout is in good working order ; portions of the
Gosport and Dorchester branches have been re-layed during
the past half.year, the re-laying of portions of the main line
has alao been proceeded with, and a sum of 20,0001. has
been charged 'garnet revenue in the peat half-year, and the
amount a the debt of the renewal of permanent way ac-
count has been reduced by the sum of 13,0001. The
directors regret that in the next, as in former sessions,
there will probably be brought wider the coosideratiou
of parliament several schemer which, if aanctioeed, would
confer no petite advaotage, and be most injurious to this
company's lumen', All these the directors will watch
with mil will not omit to Mks such measures re-
spete ncting is they may think due to the company's
inds.