The Express.
London, England, 1862-03-01 00:00:00

BOUTS SAJVW WLWAY.

The report of the directors, to be presented to the
half-yearly general meeting on Thursday, states that the
reveone receipts for the half-year ending the 31st January,
1882, have been 591,6461. Bs. 2d., es compared with
624,3501. 9s. lid. in the corresponding period of the preceding
year. The statements of expenditure on revenue account
show that the ordinary working expenses during the six
mouths have been 2'24,0141. as. ; the rates, taxes, tolls, and
government duty, 34,6051. 17s. 10d. ; sad the expenditure
on the ateampacket service, 18,073/. 15s. 11d., or • total of
276,0931. 18s. 9ii. After providing for the Axed charges fur
rests of branch lines, interest on loans, annuities, dividends
on guaranteed stack and preference shares, &c., there
remains • net balance of 187,441/. Bs. sd. available for divi-
dend on the ordinary consolidated stock of the company.
A dividend of 15s. per 301. stock, or at the rate of 51. per
cent per annum, will absorb • sum of 185,8421. 10s., leaving
a balance of 1,5t181. 18s. sd, to be carried forward to the
next half-year ; arid this dividend the directors recom-
mend to be paid on Thursday, the 13th day of March next.
There has been • des:ream in the passenger receipts during
the half-year amounting to 32,2521. 18a. Id. This has been
occasioned almost entirely by the opening of the competing
line between London and Dover in July bat, inzledieg a
decrease (about 2,5001.) of receipts derived from the con-
veyance of troops ; though a considerable portion is attri-
butable to the falling off in the receipts upon the North
Kent lines* well as at other points where the fares have
remained unaltered and no competition has existed. Tleli
opening of a new railway through Kent, running aimed
parallel with the main South Eastern line, at aa mune
distance from it of about twelve miles, and hers
the North Kent Railway of about five miles as hr
as Btrood, must necessarily have operated silvers*
on the half-year's receipts of this company. It
was felt that at the important pointa of Btrood,
Canterbury, and Dover, where the new comma! had *stab.
limbed eteitions, • certain portion of the traffic formerly
carried by this company must have been abstracted; while
at other points, the tendency of the lower farm axed by the
new company would be to divert traffic, tea oonsiderable ex-
tent, from Intermediate stations on the Bouth•Eastern male
line. Under these circumstances it became oeceemar7 to

revise and equalise the intermediate fares of the main line,
and the new tariff came into operation on the 15th of
August last. After six months' experience of its working,
the directors have no hesitation in stating that the result
has fully justified the policy of the measure. It may be
briefly explained that the modifications adopted
bare bad the effect of preventing the diversion
al mock of the company's traffic to other routes;
that the number of peamengers carried has been
largely lac:reseed; and that the increase in the receipts
at certain points has served in some measure to
reduce the loss occasioned by the inevitable competition
above referred to. This company has continued to labour
under considerable disadvantages with reference to its
West-end traffic; but this disadvantage the director+ hope
will beeffeetually remedied by the completion and opening
of the Charing-cross itailwsy and terminus early next year,
when this comp ray will be placed in pOSICOSIOD of the most
convenient and accessible West-end station in the
metropolis. There bas been a demean of about
5,000/. in the receipt. derived from the convey-
ance of bullion, which is explained by the exception-
ably large export of gold in exchange for silver, to supply
the requirements of the Bank of France, which occurred in
the corresponding period of last year. This falling off has,
however, been more than made up by the incremi receipts
from the carnage of merchandise and parcels, both of which
branches of traffic exhibit a satisfactory increase, the one of
6,4434, the other of 1,3694, during the half-year. The loco-
motive and carriage expenses exhibit an increase of 2,3971.,
which is entirely due to renewals of worn-out stock in the
carnage department, 87 new vehicles of an improved des-
cription having been added to the effective carrying stock of
the company during the past hall-year. The locomotive
expenses, per se, show a decrease, although the train mile-
age bas been unavoidably increased for the due ac-
aonimodation of the traffic. The cost of repairing
and renewing the permanent way and works exhibits
• decrease of about 2,000/. in the prat battier, ;
but it will be observed from the report of the en-
gineer that they are in good condition and have been
efficiently maintained during that period. The expenditure
ander the bead of capital Account during the half- oar has
been 42'48281.4x. 9d., leas 1,6874 194. Id. ralised by the
sale of surplus leads. The principal portion of the capital
thus expended has bees in ripest al the railway between
London-bridge and Charing-arose, the works of which are
now advancing towards onsapietion. A contribution of
42,0001. bas alas bre paid under the authority ggraranted by
the proprietors to subscribe funds fir the al
the Cis Terminus in Csanosetreet. It hasbeen eonsidired
' to proceed with that past of the
undertaking,
g
with • view to the Carson -start elation bring
for nee by the trains of the South Isetswa Railway before
the present terminus at London-bridge is interfered with,
sad the works will emcee*be prosered without delay.
A further expenditure of 4,21114. Os. Id. hae bar maned
extendingthe sew pier 4 Folkeetone, V order to render in
better available for use by the company's steer ramie.