The Express.
London, England, 1867-08-10 00:00:00

LONDON AND SOUTH WESTERN RAIL if AY.

The report of the directors of this company has
been issued. The half-yearly accounts to the 30th June,
1867, show the net revenue for the six months, after de-
ducting interest on loans and all other preferential charges,
to be 145,1771. 15a. ; add the surplus at December,
1866, 2,213/. lila. 94- ; balance available for dividend,
147,4011. 14s. 4d. From the above sum the directors re-
commend that a dividend be declared at the rate of 3i per
cent, per annum, payable on the 2nd September, amount-
ing on 7,772,6411.46.5 d. of paid-up capital to 145,737/.oe. 5d.,
leaving to be carried over to the current half-year
1,6641. 13s. Ild. The grow revenue for the half-year
ending 30th June shows • slight increase as wavered
with the amount for the corresponding half-year of 1866.
The passenger traffic during the past half-year has been
very unsatisfactory, from causes which have affected the
traffic of nearly the whole of the railways in this country,
and the general contraction of trade has also been felt in
the goods traffic, the increase in the receipts in that de-
partment being less than what, under ordinary circum-
stances, would have been realised. The average rate of
interest on the mortgage debt has been but slightly in-
creased, it standing for the last half-year at 4.40 per cent.
as compered with 4.31 for the corresponding period of 1866.
On comparing the accounts of the two half-years it will
be seen that the anticipations of the directors in August,
1866, of effecting a reduction in the expenditure, has been
partially realised, and would, indeed, have been to a still
larger extent but for the unavoidable increase in wages,
which has told unfavourably on the working expenditure
of the half- year. The train mileage in the half-year will
be found to have been reduced by 128,140 miles, notwith•
standing the increased length of railway (2l mile') worked
by the company over the half-year of 1866. The whole of
the details of the locomotive and carriage expenditure will
be found in the superintendent's report annexed hereto.
The permanent way has been maintained in good working
order, and materials have been provided for relaying por-
tions of the main line in the London district and on some
of the branches. Steel rails are being introduced near
some of the stations and on portions of the line where the
traffic is heaviest, as experience has Amen the advantage
of their adoption in such localities. The doubling of the
line between Whitchurch and Andover, and between
Porton and Salisbury, is being steadily carried on.
The earthwork and bridges are completed, and the
line is partially ballasted to receive the permanent way.
The new goods shed on the site of the old locomotive
shopa at Nine-elms has been finished, and is now ready for
the goods traffic. The engineer reports that on the Ken-
sington and Richmond Railway the contractors have nearly
completed the works between Kew and the Iliunmeramith
and City Railway at Hammersmith. Between this point
and Kensington the work has necessarily been delayed by
the negotiations which have been pending, but are now
completed, with the Great Western and Metropolitan
companies. The works on the Aldershot Railway and on
the Kingston and Wimbledon Railway are progressing ; on
the latter line they will be complete► by the time the
traffic can be earned over the Tooting, Merton, and Wim-
bledon Railway, with which this railway is in connexion.
The Tooting, Merton, and Wimbledon line is nearly com-
pleted ; but the finishing of a short piece of railway be-
tween the junction with the new line of the Brighton Com-
pany and Knight's-hill is necessary before the traffic can
be commenced. These works have for a time been SUS-
peoded by the Brighton Company, but they are about to
be resumed, and on their completion, together with • short
connecting line between Knight's hill and the Chatham
and Dover-line at Herne-hill, this company will be enabled
to make full use of the Chatham and Dover Railway from
the main line as well as from the loop line at et
worked via Clapham Junction. The Seaton and Beer
Railway, connecting Seaton with this company's Exeter
line at Colyton, the construction of which has been under-
taken by an independent company, is nearly ready for
inspection. As the advantages to be derived from the
opening of a new watering place in connexion with this
line cannot be disputed the directors have entered into
working arrangements with the company, upon terms
which they believe to be satisfactory, and which involve
no outlay of capital. The line is 4i miles in length,
and is to be worked at 55 per cent of the gram
receipts after
.payment thereout of government duty.
A resolution in reference to these arrangements
will be submitted to the proprietors. The directors
have little to report respecting the proceedings in
parliament daring the session which is now closing.
The company, as was announced in the last half-yearly
report, were at the commencement of the session promoters
of one bill only, which comprised but one new work,viz., a !
short railway near the Wimbledon station, and this, in
consequence of the decision come to at the Wharocliffe
meeting in May last, has been withdrawn. The bill has
subsequently passed, but brings the company under no new
engagement. Its principal objects are the better definition
and regulation of the company's existing capital and lbw.
rowing powers ; further powers foe enabling the compUy's
earlier exercise of the running priviletes, which in 1865
were purchased of the London, Chatham, and Dover Com-
pany, and the extensions of time for executing such por-
tions of new railway as the company were authorised, in
the session of 1865, or previous thereto, to execute.
The Ilfracombe Railway has been • subject of frequent
report to the proprietors, this company being, since 1864,
under engagement to provide half the capital for its execu-
tion, and the Devon and Somerset Railway Company the
other half. The latter company had, in fact paid nothing,
and under these circumstances the Ilfracombe Company
applied to parliament in the present session to extend the
time for making their railway, whilst the Devon and
Somerset Company made application to be relieved from
their engagement respecting it. The committee to whom
the bills were referred considered that the Devon and
Somerset Company were unable to find their share of the
capital, and ought to be relieved from their liability upon
paying or satiafactorily securing the payment of half the
past and future expenses of the Ilfracombe Company, and
that the Ilfracombe Railway acts should ins future session
be repealed. The Ilfracombe Company's bill for an exten-
sion of time was hereupon withdrawn, and there is no reason
to doubt that in the next session en act will be passed for
putting an end to this company's Ilfracombe engagements.
In their report to the last half-yearly meeting the direc-
tors brought under the notice of the proprietors the suc-
cessful progress so far of negotiations between the Great
Western, the Bristol and Exeter, and the South Devon
Companies on the one hand, and this company and the
Devon and Cornwall and Central Cornwall Companies on
the other, for the establishment and statutory recognition
of relations from which mutually advantageous results
were anticipated. The proprietors approved what was
then submitted to them, and gave the directors large dia-
-1 cretionary powers with reference to these very important
arrangements. A hill had at that time been introduced
into parliament at the joint instance of the Associated
Broad Gauge Companies and this company, by which it
was proposed to place the whole arrangement under the
sanction of parliament, but it was understood that any of
the companies might call for the withdrawal of the bill, if
it shout l appear to them expedient to do so. The Bristol
and Exeter Company having made demands on this com-
pany (not part of the arrangement included in the bill)
which the board could not approve, and having, on this
board's refusal to accede to them, decided that they would
proceed no further with the quadruple treaty the whole
came to an end, and the bill respecting it was withdrawn.
There is no doubt that the contemplated arrangements
comprised much that would have operated beneficially,
and it may be hoped that the day is not far distant when
the negotiations may, to some extent at least, he renewed
and brought to a successful termination. In the mean-
time their suspension will not have been without benefit
to this company, inasmuch as the directors are of opinion
that the terms which had been provisionally settled were
in some respects less beneficial to this company than those
which on any resuming of the discussion ought to be in.
sided on. No new railway or other work opposed by this
company has received the sanction of parliament in the
present session.

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