The Express.
London, England, 1849-07-26 00:00:00

RAILWAY MEETINGS.

LONDON AND BRIGHTON RAILWAY COMPANY.
The half-yearly meeting of the proprietorswas held yes-
terday at the Bridge Honer Hotel, Loudon-bridge, S. Lento,
Esq., the chairman of the board of directors, presiding.
The report of the director* states that the amount of
apnea toned to the 80th June, 1849, is 7,065,0671. The
amount of additional capital expend. d dune g the put ball.
year is 120,0001., of which 35,0001. was for the London.
bridge station enlargement, and which, sou to be capable of
accommodating any amount of waffle that might be soda-
p ited, would cost 150,0001. Tee directors pledge therunlyse
that no capital beyond 7,200,0001. shall be raised withrut
the special sanctiou of the proprietors. A resolution will be
submitted at the meeting, authorising the directors to nice,
by loan, 186,9011, imputing the remaining 6 per cent.
not to be issued, in order to bring the capital up to
the amount of 7,200,0001. Apr vula would also be
brought forward to build cottages for the six hundred
workmen I. the comrasy'e employment at Brighton,
where lodgings are very dear, and a sufficient number of
which might involve an outlay of 30,0001. The groin re-
c ipts for the half-year, ceding 30th June last, amounted to
214,0621., as against 194,8052 in the corresponding half year
of 1848, with only 71 additional miles opened, so that the
increase of 19,2571. .as almost entirely owing to the de-
velapment of meet on existing line. The economical
charges and accommodation carried out on the Croydon and
Epsom line had othalioned an inertias., of 13 per cent. in the
receipts. The total expos.. for the half-year amounted to
91,9071., or a diminution of expenditure for the peat halt.
year, as compared with the eorrespandir g ens of 1848, of
9,0001., while the increase in the ordinary traffic over the
same Period bad been 17,3491., or 9 per cent., being an ave-
rage lacrosse of 6671. per week. The net amount at the
credit of the revenue account for the half year ii 123.3861,
whereof is appropriated for interest on loan capital 27,9681,
for dividend on preferential capital 27,8201. teal, 65,7881,
leaving 67,4971. available for dividend on 4,615,6341. of
ordinary apical, out of which the directors recommend a
dividend at the rate of 11 9e. per cent. kr the half-year, or
of 14s. 6d. on the former 501. shares, amounting to 66,9271.,
leaving a balance to the credit of the current half-year of
6701. The directors have come to the conclusion that, in
addition to meeting all charges out of revenue, it would be
advisable to form a mauve fund, to give stability to the pro-
ps rty, and obviate injurious fluctuations in future dividends,
and intimate that they consider 16,0001. will be a proper
sum to set aside for the present year, and that they will re-
commend it at the next hall-yearly meeting. A supple-
mental report recommends the proprietors to increase the
sum voted for direction by 7001. a year, appropriating 1,5001,
as remuneration to Mr. Laing, the managing director, and
8001. to the other members of the board. The number of
fist-class puling/re carried during the half-year was
232,807 ; of second-class, 483,502; third-class, 417,189; Intel,
1,133,498.
From the statement of capital accent it appeared that
the total amount of capital expended to 30th June, 1849, was
6,502,5991. 15t, including 88,5621. 55.9 d. in the half year
just terminated. Under the head of revenue account were
the following items of expenditure:-Maintenance of way,
13,2091. 15e 3d. ; locomotive power, 24,30.51. Is.; oath and
waggon repairs, alterations, and renewals of stock,
10,3382 16s. Id.; working (including salaries, dth ),
13,5061. ela. 9d. ; goods, salaries, wages, stores, des,
6,3661. 9.. 9d. ; office charges, Notaries of seas.
Lary, aecountaat, and clerks, 1,6181. lh. 2d. ; di-
rectors and auditors, 82.51. ; stationery, advertising, and
printing, 1 3871 9s. 6d.; seiscallaneouscharges, 7451.55. Ild.;
law charge., 1,0011. 65.; total working expenses and re•
newels, 73,3051. la. 6d.; taxation expenses-bond end
ether Wimps, 3061. 2s. 3.1. ; rates and taxes, 11.021/ Os. 34.;
government duty, 7,2761. 7s. 11d.; total. 18,6021. 10s. Sal. ;
total order both heads, 91,9071. Ils. 101. The total or.
ninny traffic of the half year amounted to 210,7591.13. 61,,
which amount was ihereased by fees and rents to
214,062/. 4s, 7d., applicable, as stated in the report, to a
dividend or 141, 6.1 per share on the 501. shares, leaving a
balance of 6701. for next half year.
The CHAIRMAN, after at great length going over the
various portions of the report, showed that an increase of
traffic had taken place to even a greater extent than
he had ventured to anticipate. Comparing the earnings
and expenditure of the half.year with these of the
correepanding half-year of 1848, and deducting from the
earnings of the latter half-year the toll received from
the SouthZestern Company, which had erased to exist, the
comparison stood as follows : total earnings in the past
halt-year, 214,0621., as against 194,8051. in 1848 ; expendi-
ture, 91,9071., as against 90,2261. ; in other words, there
bad been ea infuse* in the actual earning.. k f the line of
nearly 20,0001 Although the directors had to provide this
half-year few 6,945,0001., whereas in the corresponding half-
year of 1848 they had to provide for then what less than
6,800,0002, yet the increase of traffic enabled them to de-
clare a divialend of 141. 6d., which was 2s 6d. per share
more than was earned in the first-mentioned period, taking
into account the cessation of the payment of the South East-
ern toll, This pre:rottenly' increase of traffic was to his mind
extremely satis'ectory. In adverting to the late audit
bill, the Chairman said he bad had some experience
both as a government officer and as a railway director;
end his experience. led him to the conclusion that, h.d
railways hum under government control, they would at
this day be crawling along at a maximum speed of 20 miles
an hour, and at a minimum price of 24. per mile. (" Hear,
hear," and laughter.) At the same time, with regard to the
audit question, he drew a broad line of distinction between
security fry the publishing of proper ethanol& and govern-
ment interference with the management. The former
object it was desirable for the interest of railway
shareholders, if possible, to attain-(hear, hear)-and
had the bill been confind to the nomination of a public
accountant, to act in connexion with the auditors of the dif-
ferent companies, he, although on public hrounds he was
not quite sure that the principle of government interference
even to that extent was correct, yet, being satisfied that
such an enactment would have been beneficial to their pro-
perty, he for one would have been pled to see such a bill
pass. (Hear, hear.) Other gentlemen, however, differed
from him on that point, and therefore he declined to act
upon the committee. Some such alteration as be had men-
tioned would have the effect of restoring confidence and
obviating the necessity for more direct government inter-
ference. He would move, " That the report now read be
received awl adopted, and entered on the minutes." (Cheers.)
This motion led to a lengthened discussion upon the pro-
posed expenditure of 30,0001. for the erection of cottages for
the workmen in the company's employment at Brighton,
and upon tit- recommended arrangement for working, at a
rental of 3 0001. a year, about four milesof the Direct Ports-
mouth Railway, vie., frem Epsom to Leatherhead.
An amendment for the adoption of the report, with the
exeeption of the part referring to the erection of cottages
for the workmen at Brighton, was put and carried by a con-
siderable majority.
Anothei amendment for the rejection of the portion hav-
ing reference to the arrangement for working at a rental the
line between Epsom and Leatherhead, was lost by a small
ens
The report was then carried unanimously.
The " supplemental report," the object of which was to
increase the salary of the chairman 1,5001. a year, was
next submitted and adopted.
A motion was made " that the company do forego the
repayment of the money advanced towards the purchase of
the steam-boats." This led to a debate, in which all the
argentine that have been used pro. and eon. some half-dozen
times were reiterated. The motion was lost by a large
reenrity.
So to fermi resolutions for converting certain shares into
stock were pseud, and a dividend of 14e. 6d. per share
having been declared, a vote of thanks was given to the
chairman, and the meeting broke up.