The Express.
London, England, 1863-02-20 00:00:00

SOUTH. EASTERN RAILWAY.

The report of the directors, to be presented to the
proprietors at the helf.yearly meeting on Thursday, shows
that the grow; receipts for the half-year ending January 31,
amounted to 659,6861. 6e. 2d. (iuclaing 31,9041. 6.. Id., the
receipt@ for steamboat traffic), as compared with 594,6461.
8.. 2.1, for the corresponding period of 1861-2 ; being an in.
crease of 65,0391. 18e. on the past half.year. The ordinary
working expenses during the haler amounted to 251,7391.
71. 10d. ; the rates, taxes, tolls, and government duty, to
35,7531. 14s. 11d. ; and the working of the steam-packet
service to 16,855/. 6c 7d. After providing for the charges
in respect of rents, interest, annuities, preference dividends, i
fr., there remains a net balance of 224,1471. lls. 3d. avail-
able for dividend on the ordinary stock of the company. A
dividend of 18e. per 301. stock, or at the rate of Si. par cent. ,
par annum, Will abeorb a sum of 223,0111., leaving a balsam '
of 1,1361. lis. 3d, to be carried forward; and this rate of
dividend the directors recommend to be paid on Thursday.
the sth day of March next. There has ben an increase d
37,8391. Is. 4d. in the general passenger receipt. for the
baffler. Part of this (9,8951.) is attributable to the in-
mere of continental traffic arising from the late Interna-
tional Exhibition • but the greater pert (27,9441.) has been
derived from the steady increase of the local traffic. Whea
the existence of competition between London and the conti-
nent, on the pert of the London, Chatham, and Dover Rail-
way, during the whole of this period, is taken into account,
this result, as respects the continental traffic, cannot but be re-
garded as satisfactory ; whilst the increase of local traffic
drowsthatthereneral resources of the undeataking continue to
rest upon& solid foundation. The directors have for some time
had under their serious consideration the position in which
this company has been placed with reference to through
traffic by the opening of the London, Chatham, and Dover Rail-
way between London and Dover ; end with a view to the
avoidance of injurious competition and the economising of
working expenses in the conduct of the continental
traffic me Dover and Folkestone, an arrangement has
been concluded with that company, the result of which,
it is believed, will be found beneficial to the proprietors.
There has been au increase of 16,9881. in the receipts for
merchandise during the half-year, and it is satisfactory to
add that this increased result has been obtained at an in-
crease in the goods train mileage run of only 1,943=
and in the merchandise expenses of only 4791. The
traffic also continues to make satidactory progress, there
being an increase of 4,C231. under this bead daring the hot
six months. The company's ships have been well main-
tained during the half-year and performed their voyages
fern port to port with their accustomed regularity. The
new steam ships, the Victoria sad Albert Edward, have
proved of great service in the conduct of the Increased con-
tinental traffic of the last season ; the average speed main-
tained in the voyages made by them in all weathers having
been 17.863, or nearly 18 statute miles an hour. The com-
pany's new pis at Folkestone, now nearly finished, has
proved highly serviceable in the landing and disembarking
of passengers at more convenient hours than formerly, and
in enabling the steam packet service to be conducted with
greater economy and despatch. The works have satisfac-
eerily withstood the recent unusually heavy storms, by
which they were severely tried. The locomotive and car-
riage expenses exhibit an increase of 6,61 W., principally
arising from the increased mileage (65,977 miles) roe
by the company's engines and carriages for the them:l:mock-
rep of Exhibition and excursion !milk during the past season.
The way and works have been efficiently maintained at ea,
increased expenditure of 17,013/., ten miles more road
having been re-laid with new materials that la the corm-
@ponder period of last year. The outlay on capital remount
during the half-year Ins been 74,0001. Ile. 7d., lees the sum
of 824/, 16s. 10& realised by the sale of surplus lands. The
principal items of expenditure have been on recount of
land required for station enlargements at Bricklayers' Arms
(23,6181. 155.), new sea works at Dover (1,5851. 17s. Id.),
new steam easels (5,0921. 10s.), and the Tunbridge and
Dartford lines (28,5451.105. Id.), now in course of construe.
tioo. The expenditure on theme several accounts
has already received tbe sanction of the pro-
To provide far the due accommodation of the increasing
traffic, and to furnish the new rolling stock which will be
required on the expected opening of the Charine.cror Rail-
way in the course of the ensuing summer, the directors
have to request the sanction of the proprietors to the fol-
lowing further expenditure on capital account :—Reeding
striae, engine shed for joint use with South-Western Rail-
way Company, and aiding., 9,0001. ; additional stabling at
Bricklayers' Arms, Woolwich, Woleingham, and Idaidsteme,
3,5201. • additional sidings at North Camp (Aldershot),
Ramerite, Canterbury, Reigate, Little Hungerford and
Tunbridge Wells, 6.21001. • additloual carriage stock,
50,0001. • 250 large goods wagons and 150 bal-
last trucks, 29,0001. ; 6 locomotive engineer, 15,0001.
The anticipated early completion of the Charing-cross Rail-
way has led the directors to consider the arrangements
which will be rendered necessary by the opening of that
important extension of the South Eastern Railway to
Charing-cross. On a careful consideration of the position
of the undertaking, it appears to the directors essential that
all the working arrangements of the new line should be
made with a view to the development of the South &YAM
Isaac and the greater convenience of the public requiring to
travel by the South Eastern Railway; and it appears to
them that the time has arrived for more closely identifying
the interests of the two companies than it is possible to do
under a mere working agreement. The directors have
accordingly requested the Charing-cross Company to
apply for the necessary permissive pewees in their cartel
bill now before parliament to enable this company to lease
the undertaking or to amalgamate it with this company, as
may hereafter be found most expedient ; and in the mean-1
time the directors request the sanction of the proprietors to
their taking all such steps as may be neeessary to facilitate
the paring of the bill, and to propose a scheme for submis-
sion at the proper time for the accomplishment of which-
ever of these objects may seem bar for the intereets of this
company. Resolutiona will be submitted for the approval
of the proprietors at the special general meeting to be held
at the conclusion of the ordinary busioesa, for the oorolida.
Hon into stock of such of the five per oant, and four.end-a-
half per cent. shares recently created as hays been fully
paid up, as provided by the company's acta.

LONDON DISTRICT TELEGRAPH COMPANY.

The half-yearly ordinary general meeting of share-
holders was held yesterday st thecompsay's aloes ia Casino--
street ; Mr. IL. TaY.L9F is the chair.

The report, of which we haws already published an ab-
stract, was taken as read..

The CHAIRMAN, in moving its adoption, said that although
there was not a great deal of room for congratulation in
the half-year's accounts, he did cot think there was any
room for despondency. One of the reasons why they had
not succeeded better than they had done was the general de-
preesion of trade during the half-year, sad it appeared from
a parliamentary return that this company had programed
more than any other telegraph company at present in exist-
ence. Some question might be asked with regard to the
sum of 2,3941. 3s. 15d. doe to sundry creditors. To meet
that it would be perceived there was 1.7041. 10a. 3d. doe
from sundry debtors, and cash at bank, 9471.95. 5d.; making
together 2,5511. 19s. &l.; but the debts might all be takes as
good, and indeed a greet deal of the amount had come in since
the accounts were made up. The reale and taxes of the com-
pany's premises amounted to 2001. less than in the corres-
ponding half of last year, and in the present half-year there
would be a still further reduction, other rooms in the
house in Cannon•treet having been recently let under satis-
factory arrangements. It was the earnest desire of the
directors in the present state of the company to reduce the
expenditure se much as possible.
Mr. EAMES seconded the motion, but while giving every
credit to the directors and manager for the manner in which
they had conducted the affairs of the company, expressed
considerable disappointment with the result of the last half -
year's operations, which he feared did not promise any
great success.
The CHAIRMAN explained, that during the last halfear
the receipts had been affected by the distress in Lancashire,
which had reduced the business coming to them from other
oompanies. He stated that the price of their shares had
advanced in the market. and that purchases were being made
under the impression that their lines must in time be almost
universally used, and that the undertaking must ulti-
mately pay.
The report was then adopted, the retiring directors, Mr.
W. Austin and Sr C. Bright, end the retiring auditors,
Meese. Chubb and Sandell, were re-elected ; and the usual
vote of thanks to the chairman terminated the proceedings.