The Express.
London, England, 1864-02-23 00:00:00

LONDON, CHATHAM, AND DOTER RAILWAY.

The directors report that the traffic during
pest halt-year shows au increase of 33 per cent. over that
the oomepooding period of brat year, and of 144 per cent.
over that of 1861, while the narking expenses Lave been rt.
duped by 14 inrcwt. Ma compared with those of the half.
year
ling 'JIM December, 1862, resulting in • favoural4,,
m of 1i6,8251. fis. 9d., which amount is applicable to the
penmen of, and will meet the followiog charge; namely . -
Debenture interest, 27,7661. 154. ; Western tension rent
charge (for 2 mon Ws), 6,19 N.; rent to V ictoria-stetiou, ea. ;
rent of Mid Kent Craysltailway, 1,191 X. lds. 4d. ;
of interest oe common fund capital, 6,8(171. fie. bd. ; interest
ou DoverPreimemeitharesion account), 4,61151. 12a. ; total,
55,8281. as. 9d. This improvement in the position of th,
company is the more satisfactory as it has been obtainol
notwithstanding the disadvantages arising from the nor..
completion of the passenger and goods etation at Blackfriars.
This work hoe not been finished saloon as the board bad been
led to expect, bat is being pushed on w ith unceasing vigour.
The extension of the company's works from the London
end of the bridge now constructing across the Thames at
Blackfriare to the Metropolitan Railway is progresaii%
with great rapidity ; and in order to supply the funds for
the cost of these works the directors are applying to par.
Bement far further capital, which it is proposed to nuo
upon the security of the tolls to be taken over this portion
of the line. The Great Northern Company have agreed to
assist the company is providing the neixsser7 funds by 4
loan of 300.0001. at 34 per cent in perpvtuity. The stare.
holders will remember that thecompaoy are uuderagreemeut
to ley down two additional hoes between Battersea. and
Brixton, and also between Brixton end Berne-hill, for
the use of the Brighton Company. It is also neeeesary to
construct another junction with the Metropolitan Railway,
and one with their Finsbury extension, ice order to enable
the company to avail themselves of the proposed terminus
at Finsbury Pavement. For these purposes additional
powers are neosseary, for which the directors are applying
to parliament. These hoes will require further capital,
which, by arrangement with the holder; will be mimed )an.
passe with the A shares of the Metiopohten is:tenuous,
The directors arealao applying to parliament for such powers
411 are necessary for carrying out the arrangement with
the South Eastern Company, in relation to the
Greenwich arid Woolwich and Crystal Palace lino.
In order to provide additional rolling stock neeemary for
working the Metropolitan extension, the Ramegata and
Margate, mid other lines ; for the purchase of additional
steam boats ; for the coostructioa rum purchase of the Faro.
borough Extension hem ; for enlarging and improving
the stations ; for completion of the Dover station, and the
works at Dover Harbour, and for other purpose; additional
capital will be required, which it is proposed to raise part.
passes with the ordinary Mock of the company. In order,
'menet, to render this lees burdensome to the holders of
that Mode, it is proposed by arrangement with the holders
to convert the third preference into ordinary stock, so
that the holders of ordinary stock will receive a
dividend so soon as the receipts of the company are more
than sufficient to pay interest on the second preferesee. Ar.
ranger:rota are in progress for commencing at once the addl.
timid lines at Victoria, and also the Greenwich line, for
which powers were obtained in the last session of parlia-
ment. There are • great number of bills before parliament
more or lees affecting the company's interest, to which the
board are giving their careful mender-anon. The share-
holders will remember that whoa the western extension was
amalgamated with the general undertaking, Meares. Peto.
Betts, and Crampton agreed to pay any loss that
might occur by the substitution of • net-charge
for the original working agreement during the tint
two years : the director. being of opinion that after that
time the western exteasion would be self-supporting. That
guarantee expired in October last, and the amount due
under it has been paid ; and the directors have good reason
to believe that the western extension will, in future, earn
• sufficient net receipt to cover the rent-charge. The
auditors have called the attention of the board to the neces-
sity of providing • fund for renewal of the permanent way,
and also for depreciation of the steam boats. Considerable
gams havieg been expended on the permanent way, and
alnico the steam boate during the pan half-year, over and
above the ordinary charges for maintenance, the directors
do not think it advisable to set apart anything for these
purposes at the present time, but it will be neoesemy to
provide such a fund at an early period.