The Express.
London, England, 1861-08-24 00:00:00

SOUTH-EASTERN RAILWAY.

The report of the directors to be presented at the
fiftieth =if -yearly meeting en Thursday next, and the an-
nexed *Wausau of income and expenditure for the half-
year ending the 31st of July last, show that the gross re-
ceipts for that period have amounted to 562,730/. 6s. 4d.
(including 2:1,025/. 19e. 6d., the receipts for steam-boat
traffic), sa compared with 563,450 f. 14s. 2d. for the corre-
sponding period of 1860, or • decrease of 720/. 7s. 10d. on
the past half-year. The statement of expenditure on re-
sume account shows that the ordinary working expenses
dining the half-year amounted to 220,730/. 14s• 9d. ;
the rates, taxes, tolls, and government duty, to 34,7971.
4.. sd. ; and the working of the steam-packet ser-
vice to 16,4511. 12s. After providing for the fixed charges in
respect of rents, interest, annuities, ference dividends,
do., there remains a net balanes of 8041. be. 6d. avail-
able for dividend en thereedtainy sae= ef
company. A dividend of 12a. 68. per 301. Flock, or at
the rate of 4/. 3s. 4d. per cent. per annum, will absorb
a sum of 154,368/. 15a., leaving a balance to be carried
forward of 995/. 10s. 6d., and this rate of dividend the
directors recommeni to be paid on Thursday, the sth of
September next. Though there has been an increase of
204,719 in the number of passengers carried during the
hslf-year,. there has been a decrease of 3.9851. in the re-
ceipts, arming from the falling off in first and second-
clam passeagers. The increase in the receipts for
goods during the half-year has been 3,8531.,
arising partly from local and partly from coati-
mental merchandise =le. The other items of increeas
and decrease under this head will be found slated in
the revenue account. There has been an increase of 4,463!.
10s. 13. in the charge for locomotive power and rolling
stock ; arising principally froai the increased mileage run,
the enhanced price of coal and coke (owing to the advanced
rate of freights), and the greater amount expended on car-
rime repairs for the purpose of maintaining the stock in a
satisfactory condition. The decree's under the head of main-
tenance and renewal of way and works is 5,6061. The
annexed report of the engineer states that the way and
works have been well maintained during the half-year, and
that renewals of timber bridges continue to be made
in materials of a more permanent character. Four-
teen miles have been Maid with new rails, chairs, and
sleepers ; and the line is reported to be in good condition.
The outlay under the head of capital account during the
half-year has been 198,8471.18*. 7d., lees 1,1131. 195., real.
lied the sale of surplus lands. The principal items of
expeadloy iture have been on account of additional carriages
and waggons, 17,1651. 15s. 3d. • new steam Teasels, 28,88. W.;
and 130,000!. towards the undertaking of the Charingerees
Railway. The expenditure on these several accounts has
already received the auction of the proprietors. The two
sew steamships building for the company by Samude
Brothers and Samuelson and Co. are now far advanced
towards completion, and are expected to be ready for ser-
vice in the course of next month. They will be
of the most commodious description, and highly
useful in enabling the company to conduct, with
the greatest despatch, the exhibition traffic of next year.
The new pier at Folkestone Harbour is now ready for use,
and it will be possible to land and embark passengers there
in all states of the tide. The economy is conducting the
service thus secured, and the increased convenience to the
public crossing the Channel, will fully justify the expendi-
ture which has been incurred in carrying out this work.
The directors request the sanction of the proprietors to the
following further expenditure on capital account, rendered
necessary for the satidactory accommodation of the traffio
and the proper repair of the company's carrying stock.
Eight locomotive engine., estimated at 20,000/. • 100 pas.
meager carriage. (60 second class, 20 compositni, and- 20
third clan:, estimated at 25,0001. ; =claims' workshops at
Ashford, estimated at 15,0001. ; additions to station
accommodation at Paddock-wood, Harden, and Heid-
i:aro ; Dartford, Northfieet, Gresnhithe, and Strood ;
Reigate, North Camp, Aldersbott, and Reading ,•
Tunbridge Wells and Rye Harbour • and Ashford
Schools, estimated at 6,820 f. As ealorised by the
proprietors at the half-yearly meeting held on the
30th of August, 1860, the directors have obtained the neces-
sary parliamentary powers under the South Eastern Railway
(Capital Arrangementa) Act, 1861, to enable the company to
subscribe to the further extent of 350,000/. in the under-
taking of the Charing-crew Company, and they now request
the proprietors to authorise them to complete such sub-
scription accordingly. The directors also recommend that
Authority be given them to subscribe to the extent of
250,000/. towards the City Railway and Terminus of the
same cumpany, under the provisions of the " Charing-cross
Railway (City Terminus) Act, 1861." The directors eon.
untie to be persuaded of the essential importance to the
interests of the South Eastern Company of ',teeing itself in
the best possible position with respect to its London ter-
minal acoommodatiou, on which so much of its continental
traffic, as well as the local traffic to and from the various
stations on its main line and breeches necessarily depends.
Should the proprietors sanction the adoption of these mea-
sures, resolutions will be submitted to the special general
meeting of the company, to be held immediately after the
ordinary business hen keen disposed of, authorising the
creation and issue, for the purposes of the first.meutioued
subscription, of five per cent. preference shams, redeem-
able at the end of ten years, to the extent of 350,000/., and
empowering the directors to borrow on debentures to the
extent of 200,000/. for the purposes of the second.meationed
subscription, as provided by the " Charing-croas Rail.
way ((city Tenniaus) Act, 1861." The directors
have hitherto charged directly to current revenue the half-
year)s interest paid on the preference shares created and
under the subscription to the Charing-cross under-
taking. As this capital will, however, be unproductive
during the construction of the new hues, the directors pro-
pose, for the future, to carry the interest so paid to a sus-
peer* account until thou lines have been opened for
trail, after which it will be charged as heretofore. A re-
solution will also be submitted for the approval of the pro-
prietors, autheriaing the directors to exercise the borrowing
powers conferred by "The South Eastern Railway (Capital
Arrangements) Act, 1861," to the extent of 80,5001.,
for the general purposes of the undertaking. The
directors have felt themselves under the necessity
of appearieg before parliament in opposition to the
Ramsgate Extension of the London, Chatham, and Dover
Company ; as well as the Biekley and Beckenham line of
the same company ; both of which nseasnres have, how-
ever, received the sanction of the legislature. The direc-
tors, with a desire to improve the service of the tidal trains
to Folkestone Harbour, promoted a bill in parliament for
that purpose ; but after having passed the House of Com-
mons, it was thrown out in the lords. The directors pro.
poise to repeat the application fur a bill with the same ob-
ject, should they so determine. The directors regret to
have occaxion to report that since the last hilt-yearly IDIOM •
ieg their number has been reduced by the death of their
much respected colleague, the late Mr. Serjesnt Cross. The
directors have sot thought it desirable at present to fill up
the vacancy thus occasiooeci."