The Express.
London, England, 1868-02-22 00:00:00

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Mutt his fallen was atielhwealsle $ bit howleroloosil
toads fee the ceipreselee stem so wwwatoroond
made himself liable. Haled la. Bd. • day an ems el 1
blajeaty's hod, geed.
Mr. Trebel .° opposed for • loan society.
The bankrupt aat.l be had bean very ni-treated by the
lean sesiety, who had swept away his goods, although ho
h.,1 pad bas instalments • month I. advance.
171timately an adjournment was ordered.

ft Li?t4.IIIIFAT, ItTELLIGENgP..

LONDON, ONAMAN, AND DOVER.

The report Of the directors, with etatemente
acomat fur the half-yeariaidmg net December, 1867, to
he submitted to the balfryeerly ordinary meetings of sham-
holders and mortgagees, on the 27th and nth Fehremsey
iost., has Leen Memel The gross reosipts upon all sys-
tems worked by the company, including the Mearateata,
have auroasted fee the half-year to 360551. 4a. 7d.,
which. compared with 320,7 M. 19s. 10d., the geese re-
ceipts for the corresponding period of 1866, tamers an in-
creme of 47,615(. 4s. 91, or 14.84 per mat. The gross
expenses Incident to the revenue of the lest half-per (in.
altulaug 14,8011. di, 10d. expended on renewal of the per-
uremia way, and 5,0001. charged towards the legal sad
parliamentary expanses), have been 213,7141. 2a. 7d. as
compared with 2•N1,,,Mi. Ila. Cal in 1666, showing a de-
creme of 19,6411. Ss. lid. The net result of the traffic for
the half-year is a balance of 154,6411. 2a., earned at a per-
centage of 58.01 for working expenses, as compared
with a net balance of 94,3641. 8.. 4.1 fur the 00T,
!pending period of 1866, earned at 70.57 per cent.
The tabular statemcuts give analysis of the gram receipts,
as earned on the different parte of the system, and the
working expenses properly attributable to each ; with a
oompat non in detail of the receipts for the corresponding
periods of 1865, 1866, and 1967. The result of the half-
year's working must, the directors say, be coneidered
satisfactory, first as regards the absolute reduction of
working expenses. and next, when it is borne in mind,
that during the whole period all direct cornannication
with the Great Northern Railway has been wholly closed
fee passenger traffic, and partially for goods. A muside.
table part of the increase in the receipts is no doubt attri-
butable to the feria Exhibition, though the traffic from
this 'mires has net realised the expectations formed of it.
The directors 7.lre ,n re gratified to assure the proprietors
that the increase in the passenger traffic has arisen in a
great measure from natural development, as proved by the
weekly returns throughout the winter, and down to this
time, while no excepticual sources of revenue exist. The
goods traffic is not in a oath/factory state, and for
months past has shown no material increase. This
traffic, could be considerably increased by a judicious
but moderate expenditure of capital. At most of the
stations on the Metropolitan Extension' although
ample provision has been made for passenger traffic, there is
no adequate accommodation for goods, and more especially
for the Goal traffic.. Leckie:" to the district which this
railway creams south of the Thames, it is evident that a
large coal traffic could be carried on if there were only con-
veniences at the stations to receive it. The directors have
no powers to divert the revenue for these purposes, but as
soon as any of the new capital authorised to be raised can
be to applied, they bops to obtain a considerable return
en it. The new hoes lately opened by the Metropolitan
Railway, between Farringdomatreet end King's -mom, will
effort' this company increased accommodation for inter-
Mange of traffic with the Great Northern, and for better
falfilling its eagagements with that company, unfettered
by the impedimenta which existed before the communica-
tion waa interrupted in July last. The connection with
the Midland system will be completed early in the spring.
Those lines, affording the meet direct and continuous
communication between the Northern systems and the
South of England, and the continent, must be
of great benefit to this company when proper
sidings and other accommodation for coal traffic on the
south of the Thames hare bees provided. The directors
much regret the unsatisfactory position of affairs with the
Kent Coast Company. Under the proceedings instituted by
that company, the Court of Chancery has declared that
this company is not justified in carryieg out the alleged
agreement with the Kent Coast Company, and has prohi-
bited any further working under the agreement. The
Vice-Chancellor's decision is under appeal ; and pending
the appeal, this company, with leave of the court, is, m
asconlance with the award of Captain O'Brien, working
the Kent Coast traffic between Faversham and Eammate
at 50 per cent. of the gross receipts earned upon the Kent
Coast line. Before the Vimhaocellor's decision this
board endeavoured to niche an equitable adjustment or
modification of the Kent Coast agreement, but that com-
pany declined to trees for any modification, and insisted
on the absolute fulfilment of the terms of the agreement.
In regard to the sum of 5,0001. assigned as the proportion
of legal and parliamentary expenses to be borne by the
half-year's revenue, it will be at once seen that until the
suits not stayed by the Arrangement Act shall have been
disposed of It is almost impossible to 'one any reliable esti-
mate of the ultimate amount of the legal expenses, or out
of what fund they will ultimately be payable. With a
view of reducing this heed of expenditure as
much as posiible, Mr. Cleather, who produced high testi-
monials, and has had extensive experience in railway
business, was appointed the Raw clerk in Novenas.? last.
The directors have been unable hitherto to provide the
accommodation works which are essential for the increase
and development of traffic, owing to the unavoidable
delay in raising capital by the issue of "A " stock.
Meanwhile, they have applied revenue by way of
loan, to be replaced from the capital ea soon eel
raised, for purposes of the mint pressing importance. One
Mstaece may be mentioned, namely, a payment of
122,5291. 2s. to complete the purchase of land at Battersea,
' ea which the company's extensive works have been built.
The vendors' rights over that land were excepted from the
Arrangement Act, and under a peremptory decree the
land would have been forfeited if payment had not been
made on a fixed day. The directors rely upon their acts
in such cases being approved by the shareholders and
mortgagees. With respect to the amounts submitted with
the report, the directors direst attention to a balance of
revenue over expenditure on all sections of 114,7391.
16s. lid., and to the manner in which the expended
portion of this balance has been applied. Some of
the items are not of a nature to occur again;
but in order that there may be uo misapprehen-
sion as to future revenue available for debenture
or shareholders' purposes, the directors think it
right to any that unless provided for out of the
capital authorised by the Arrangement Act, there will
have to be provided out of revenue the deferred instal-
ments of the original cost of rolling stock, and some
ether item. The totals of these payments are as follows :
—lB6B, 33,8391. Is. Bd. ; 1869 29,602/. ls. ; 1870, 33,1031.
Oa. sd. ; 1871, AWOL 13s. Tit ; 1873, 16,6041. 14s. 10d. ;
1873, 4,9461. Oa. Si. There is also a weekly payment of
5151. 18e. 11d., with arrears from let July last, ordered by
the Court of Chancery to he paid into court by the oom-
pany as rent of the rolling stock assigned at the suit of
auditors. This payment will oontinoe until the rolling
stook is redeemed under the provisions of the Arrangement
Ast. Thedireeteracongratulate the proprietors oc the steady
Manses in the continental traffic. During the Paris Exhi-
bition the number of travellers vii Dover and Colds was
far in excess of any other route ; but the increase specially
referred to is in the ordinary hafts, as exhibited in the
returns of the last three months, and there Is reason to
believe that this is growing increase. On this *abject
it willies interesting to the proprietors to have the statis-
tics of the continental traffic agreement with the South
Eastern Company. Under its provisions this company is
entitled during the current year to 41 per cent. of the
whole continental traffic carried by both companies (in-
cluding the South Eastern service via Folkestone and
Boulogne and the local traffic between London and Dover
sad Folkestone), as against 39 per cent in 1867. The
agreement Is dated in 1863. The gross continental traffic,
Dver and Calais, and vie Folk atones and Boulogne,
and including mail subsidies, and the local traffic' between
London and Dover and Folkestone, has amounted :—ln the
year 1863, to 337,4571. • in the year 1864, to 358,4534 ; in
the year 1865, to i 65,6071. ; in the year 1866, to
352,077/. • and for 1867, to (estimated) 450,0061.
These fig:trot show a steady annual DUDDY* for the first
three years. The traffic fell slightly in 1866, owing, no
doubt, to the disturbed date of foreign polities, the com-
mercial distrems and the cholera. In 1867 the receipts
were largely Increased, owing doubtless in some measure
to the Paris Exhibition. Therefore the figures for 1866
and 1867 will not fairly admit of comparison. The rte.
terns, however, for the lad three months, give a lame
ere over the nding three months of
A weals! service at reduced farm was ertablished for tho's
Pleb Exidbition, and during that time an extra boat was
employed far the purpose. This service is still continued
foe the aeeommedarisn of mooed and third class pas
senews who are conveyed by the ordinary trains, acrd lm
We in Dover mei Chia, by the regular mail heats. Is
yews the pose traffic is to be divided se under
the Chatham, and Dover Company,
44 semi.; to Ike flosib &stern Company, 50 per oast.
teMeLemben. and Dover Company, 46
W ; thellenth Amplant ,54 per cent. Is
1121, to the Lae*" ilbathem, and Dover Company, 48
we sent. • to
the fent& Eastern Company, 52 per sent.;
audin 16/2,voned libeneeforward, BO pee oent. to each cow-
.ln Impend working un, presently referred
compeny ninethave credit for its rights under the
endl--tall eigesesset, which, if the union takes effect,
ell Weems menged is the aggregate receipts. Irurpeo-
tive
d Me peepessi =be, it is manifold!, to the interest
of beak mummies te blend the working of the continental
trailicom as to rodeos the heavy charges to which it is
liable, and whisk might be saved to a great extent without
Wary to the melee.

&Me in the anima revel= "stlittentmf, k., 38,2815 E
theaters sele fee Tilbury *raffle fee the ball.
M Of tn. Tht Payola* referred twin
I repot, Ass
at Thames ffinven aid other
mein enameled is idsi, hawing demi the
capital aoouunr, the present statement of that amount
(km the mine remit as on the gOth June lain, &bowies the
babies, in bend to bet 3,K31. Os. bd. The oemetruotien of
the bnusch line to the North London Railway has been
delayed, owlet to difficulties in obtaining the land, bet
tenders tor the weeks home now bees advertised for, and
the directors hope that at the next meeting they may be
able to report that the line is nearly essuipleted. The
directors deem it expedient that the proprietors should
avail themselves of the provisioes of the Railway Com-
panies Act, 1867, which authorises the debentures into
debenture Meek, and with that eiew the parent meeting
has been made special, to enable the directors to obtain
the requisite authority from the proprietors to create Rad
lune debenture stock, bearing interest at the rate of
4/. 10s. per (return per annum, as opportunities for so
doing may offer. Resolutions fur that purpose will mooed-
tasty be proposed et the meeting.