The Express.
London, England, 1864-01-29 00:00:00

LONDON, BRIGHT
ON, AND
DAY.) SOUTH COAST
RAILWAY.-( THIS

The half-yearly meeting of the proprietors wan
Idd at 1 o'clock, at the Tennis= Hotel, London-bridge ;
Yr. LEO SCHUSTER in the chair.
The report, which was published ernes' days ego, having
been taken as read,
The Cumnisalr, moving the adoption of the report and
~,coolita, said he certainly came before the meeting
..tder rather peculiar circumstances. He would conummes
at the most interesting point, namely, the reduction of the
revenue in the pea year. That reduction was owing, as
am suited in the report, to many circumstances. No
,!, übt a portion of it arose from the reduction of the fares
bear)—but he could insure them that that robo-
t:co before it was dented had the very attentive consider
a
nof the directors, who acted under such advice as a
l,,ard ought always to take, situated as they were at that
Nnod. Of course the redaction of fares told on the receipts,
shilit the benefit must be looked for chiefly in the future.
is the whole, he believed the reduction was • wise act both
;„, respected self-preservation and future dividends. Every
,niniercial concern mast have periods of difficulty. Finance
-clusters had told them that a redaction of taxation most
be followed by increased cousumption, and he believed that a
similar result might be exerted in their own oar. There
we already an increase of 1,113 additional periodical ticket.
holders, ranging an increase of 6.0001. in the receipts tundra
that heed. The number of pareores in 1863 as compared
veh the Exhibition year of 1862 showed an increase of
; though the money receipt. diminished. In the last
rear there were 14,304,000 passengers, including the holden'
ai periodical tickets, on the line ; while, during
the year 1862, there were 13,600,000, making the
computation in the same manner. The new branches on
the coast also manifested the redolency to development.
That Ise was not a commercial, but a pleasure line, and
was much effected by the weather. They lost, owing
bad weather, 5,000/. on the Derby day, and
sboat the same amount in the Whitsuntide week.
He dated these facts to show that the new tariff
was not the only cause of reduced receipts. To the losses
ire mentioned should be added 22,0001. for compensation,
'and that 11,000 f. was carried forward to the present half.
The reduction was not madeto increase their rename
Lot to ware their position, and although they had lost a
portion of the revenue in coasequersoe, be was convinced,
after 18 years experience of the line, that the reduction
(.4 the tariff would ultimately not only coatribute to their
warity, but also tend to improve their dividend. (Hear,
bear.) The redaction of dividend was a sore 'abject, but
he celled upon the shareholders not to take a narrow view
of the matter. They all knew what they bad to encounter
at the hands of speculating engineers sad solicitors. They
were rain threatened with a peat scheme of corepetition.
He had no fears as to the result, comiderun the
decision of the committee last year, after • long and
imtiene investigation ; but it wee necessary to be on the
alert The dint measure of their opponents after their de-
feat was &combination of the Loudon, Chatham and Dover
Company with the South Eastern Company to raise their
fares 18 per cent. That showed what the public hod to expose
from unnecessary competing aompaaiee—(hear, bear)—and
be hoped parliament would be wise enough to reject the asw
scheme without indicting on the London and Brighton cam.
pry the expert, low of time, and anxiety of defending
their interests as they did last year. (Cheers.) HS then
directed attention to the route of the South London
which he said completed all the communisation required on
that side of the metropolis, and would be finished by the
rod of this year, affording accommodation to a population
of half a milhoo. Other arrangements had been made with
the Loodoa, Chatham, and Dover Company to secure a more
satisfactory working of the suburbia traffic He afterwards
explained the London and Brighter scheme for the prone•
roe of the company in Feat Sussex, by which the routes to
Heiman and Eastbourne are considerably shortened, and
mil that it embraced everything that could be required in
tba district.

Mr. Scow (deputy chairman) seconded the motion.
Mr. Rrtc wished to know whether in giving a parliamen-
tary pledge to make a reduction of feces the board acted
rrto Nuto. or in obedience to the suggestions of counsel.
He would fur the present assume the latter hypothesis,
which he believed was a correct one ; and doiog
so he must say he did not view the future with
apprehension. What had been done had, he believed.
placed the company on a solid basis for the future. (Hear,
hear.) The reduction of dividend could not, in reference to
;be parliamentary contests, have come at a more opportune
p.n.], their opponents hawing taunted,therowith the payment
eta uniform dividend of 6 per cent., as if they had thereby
robbed the public. If anything were neededto help them
irfore parliament, this temporary reduction would sup-
;ly it. (Hear.)
:The meeting was proceeding when our report left.]

>CO7TISH AUSTRALIAN INVESTMENT COM-
PANY LLVITED).(THIS DAY.)

The half-yearly meeting was held at noon at the
lindon Tavern, Mr. W. H. DICKSON in the

The report Said that the gross profit realised in the
colNir during the half-year sedan; 30th June, 1863,
vas 15.9724 41. 4d. ; to which must be added the
mu of 781. 15s. 7d., reesirred in London for Interest
and milder fees, making • grow profit, for the six
months, of 16,0301. 19e. 11d. A comparison of the
vcounts with these issued in the last three reports showed
that there had been, during the two years ending at the
::.uh June, 1863. • gradual increase is the net profits of the
company, those of the half year ending at that date baring
reseeded the net profits of the corresponding six months
1.42 by the sum of 1,523/. Is. It would also be satisfactory
to the proprietary to be informed that the whole
ni such increased profit bad been derived from
the ordinary sources of the company's revenue, viz., rents,
''terest sod commissions. The directors proposed a divi-
dend, payable on Wednesday, the 10th dAy of February
next, on the ordinary stock of the company, 200,0001., at
the rate of 10 per cent. per annum, lees income tax, which
v.',l require 10,0001., and leave 2611. 9.., to be carried to
the credit of the reserved fund. The amount of that fund
will be 7,343/. Lie.
_ .

The CIUHLAN, in moving the adoption of the report, mid
be considered the state of the concern very satisfactory.
There was now a coesiderablederneed for mousy in queens-
and if the board eould obtain an adequate supply at
'• per cent., there would be 5 per cent. profit on it. There
were at the dates of the last accounts, 2,000 sheep and
:Vaal heed of cattle in the colony and be bad no
doubt that the latter had now increased to 10,000.
loxka were going to be ametructed in connexion with
tie company's land, and that would cause the land to be
tadt upon. The tendency of that was .manifeatly
factor..

SHAItrEOLDga thought it desir►ble to lame additional
stock before borrowing more money, the borrowed money
sow amounting to 60 per cent. of the whole amount em-
rloved.,_

The Cuant.m.ta said that was a question which had so-
g.ged the attention of the board for some time, and they
h sot yet come to any decision. A large profit, it should
he remembered, was made on the money raised by deben-
tures. No atop would be taken for raising new capital
without coureeing or consulting shareholders.
The report was adopted unanimously, and a dividend at
the rate of 10 per cent. per annum declared.
The ratifies directors having been re-elected, the pro.
embus, terminated.

THE WESTMINSTER HOTEL COMPANY
(LIMITED).-(THIS DAY.)

'nil, afternoon the thirteenth ordinary general
meeting of the above conspany was held at the West/siren
Palace hotel, Victoriarreet.
The report stated that the gross receipts for the half year
ended December 31,1063. have bees 12,9721. lets. Id. ; the
expenditure rabies 9,630/. 10s. 9d., and there remains as
net profit 3,212/. is. 4d., which, after deducting 731 f. 3s. 2d.
interest on debenture boat, 2141. I.oa. 9d., • lees
on sale of Madras Railway stock, and also after
charging the amount of the respective reserve funds, viz.,
!41/. ld. will, with the amount carried over after
paying the lest dividend, leave to the credit of profit and
bin account as available for dividend 2,1721. ld. Out of
this amount the board have resolved to recommend •
dividend at the rate of 3 per cent, per annum, clear of
income-tax, and to carry over to the next half-year the
L dance. viz, 2221. 3a. Id. This dividend, added to that
bt the previous half year, will make • nett divi.
lend of 5j per cent. for the whole year. The accounts show
that although there is • decrease is the expenditure, there
i% elan a falling off in the receipts to the extent of 5,5161.
as compared with the corresponding six months
et led December 31, 1,261 • this diminution in attributable,
in the opinion of the directors, to the competition to which
the hotel is subjected, and also to the general depression
in business which has prevailed during the past half-year.
rue directors state that the business as at the present
tame transacting in the hotel is of so improved a character
to justify them in anticipating a return of that pros.
I..rity which the company has hitherto enjoyed.
The report was adopted.

CCRIOCS ROBBERY IN IRELAND.—A robbery, !
which savours more of the daring of Italian brigandage
en orelioary Irish affair, has taken place at Rocking..
Ea•ii House, the seat of Lord Lorton. This superb mansion
teautifully situated on Lough Key, about two miles from
county Roscommon, and is of lonic architecture,
~th tohle portico of six colossus, on each side of which
t..r facade is decorated with six other columns of the same
b.r. and oe the north is also a colonnade of six logic
ions, on the alit is the grand entrance, through an
orangery. The grounds, 2.000 acres. tastefully planted, are
l"-tr led by drool; walls and thick-set thorn fences, with
lr crawl entrance lodges. It is the very last pleas iota-
:: made for so extensiae a robbery to have taken place. The
r have been literally stripped of sheet lead and leaden
several toes in weight. Two persons were detected
~,Pen day leisurely driving a cart with 5 cwt. of the Iced
in :t. The constabulary found about 2 cwt. more in a pit
'l:4 in the garden, and other pieces concealed in various
I.Aces. It appears the greater part of it has been carted
way already. No other of the parties implicated have'
...ten detected. _

Nevera.ririzee bave been offered for competition
arn,rig the studeuta of the art schools at the South Kee-
.ogtoo Museum by Mr. Trebel., of Ludpte•hal, for the
Lest designs for oomm-nut maim and kemptulirmu door cloth.