The Express.
London, England, 1850-01-21 00:00:00

LONDON AND BRIGHTON RAILWAY.

The following is an ►bstract of the rtport of the directors
to be submitted to the meeting of the proprietor., to be bold
on the 29th inst.

The capital expended amounts to 7,046,1681, and the di-
rectors repeat the assurarcts given by them in Octobtr, 1818,
that the sum of 7.209,0001. will be amply suffici, nt ter all
the company's undertakings. There has been an increase in
the traffic, since the corresponding period of last year, of
24,3701. Of this sum of 11,000!. was on paecger troth:. :end
8.3701. on goods traffic. The expenditure had been sliflitly
diminished, though the mileage of the railway has been in-
creased bye few miles. On the othe r hand, owing to the reduc-
tion in the number of traios, the number of nries run during
the half-year has been less than that in the corresponding
half of last year. Tho amount of earnings for the calf-year
was 187,9701., of which 60,7701. has been set apart for in-
terest on leans and dividendiou prefer.nce stock. Then it
is proposed, in accordance with the report of last half-year,
to set apart a reserve fur.d of 15,0007., which will leave
112,2001. available for dividend, out of which the directors
proposed a dividend of 2s. 85. per cent. for the half-year,
which will have a balance to the account of the current half-
year of 1,4161.
The direotcrs recommend that the reserve fund and the
interest accruing thereon, should be invested, from time to
time, in the cumpary's debentures, or other approved secu-
rities, and kept quite distinct from the other secounts of the
company ; and that no transfer from the reserve fund in aid
of any account, should be permitted without a rpecial reso-
lution el a meeting of the proprietors.
The total prevision against depreciation, made in the year
1819, including the sum actually expended and that pro-
posed to be set aside as • reserve, well amount to 34.9271.
ice line is in good order, and the working stock is larger
red more efficient than at any previous period.
It has been suggested by some large proprietors, that in
addition to !eking the referee fund cut of the revenue of the
last half:year, it would be desirable to carry forward such a
rest as would equalise the dividends of the two half-years.
This course, which is adapted by most of the leading rail-
way companies, is considered convenient for permanent
investors, and calculated to give additional stab:lity to the
property. and to obviate a frequent sourer: of m.sapprthen-
'ion on the part of the public, arising out of the very dif-
ferent rate of net earnings in the two hallyears. The
directors feel that this is • point upon which they ought to
be guided by the general wish of the proprietors, and that
ample previous notice should be given before any change is
made in the usual practice. Accordingly, they propose to
take the opinion of the proprietors, at the ensuing general
meeting, es to the expediency of adopting the propesed
change in regard to the dividend earned i.e the halt-3 ear
ending 31st December, 1850, and they will be glad if any
proprietors who are unable to attend, will signify their
opinion to the secretary, before the meetieg.
The question of audit has been the subject of much consi-
deration on the pert of the directors. They have abstained
from sending round a circular en the subject, as has been
done by several other railway companies, because they felt
that it was premature to ask the proprietors to cc mmit them-
selves to any opinion until the rerolutions emanating from
the meeting of railway delegates had avowed a more definite
shape, and until the directors were themselves prepared to
state their views, and explain the course which they have
adopted.
The directors have felt that it was essential for the inte-
rests of the property entrusted to their management, that all
the accounts should be subjected to a thoroughly independ-
ent and efficient audit. They have also fel; that such an
audit wu in the highest degree desirable for themselves pier-
tonally ; and that, in fact, in the present state of public feel-
ing in regard to railway management, a body of gentlemen
administering a trust of this magnitude hid a r;ght to require
the existence of an independent authority, whose verdict as
to the fairness and honesty of their aceeunts w Add be be-
yond suspicion.
To secure an efficient audit, the directors La....eyed it to be
essential to make arrangements for !using that audit con-
tinuous; and to secure its independence, they endeavoured
to induce a high commercial authority, such as the governor
of the Bank of England, to undertake the task of nominating
• professional accountant to act in conjunction with the other
auditors. Failing in this, they had no alternative but to
make a p ovisional appointment theme...yes, and they
accordingly selected Messrs. Quitter, Ball, Jay, and Crosbie,
as combining professional eminence with experience in rail-
way accounts, giving them a general instruction to audit the
, accounts of the current Lalnyear in precisely the same
manner as if they had been appointed by an independent
committee of investigation. This audit has been in progress
during the half-year, and Messrs. Quilter and Co. will report
to the meeting the result or their labours.

un,hmichr.thaeudson ; ietnolp.:oarykaliffthatintwg:
DIRECT MANCEISTLR, LEEDS, AND Tons.—The wind-
ing-up of this company's affairs came on Saturday, beforo
the Muter in Chancery, 13roughece, at his court in South-
ampton-ouildinge, Chancery-lane, on the petition of Mr. U.
Dawson, barrister, who states that the company was pro-
jected with a capital of 800,0001., in 40,000 shares, of 901.
each, and that shares were alloted, but, in consequence of
the panic, few deposits were paid. Mr. H Harris, cn be-
half of several contributories, opposed pro:receding with the
matter altogether, aid the master decided en adjourning
the question for three months, to give the parties time
for considering whether they should not petition the court
to rescind the order for winding up, since he was of opinion
that it was a case in which no order for the purpzse was
necessary, and that it was apparently got un for costs.
lie had been given to understand that the liabilities had
bees paid off and applications ;of the kind could not
' be countenanced by the court.
Yong, NEWCASTLE, AND HIEWICK.—PTITITION AUAINST
Ma. HUDSON, M.P.—A petition to be presented to. the
House of Commons in connexion with the affairs of thin
personal
snatol and
end
company is in course of signature, setting forth that the de-
preciated value of the property of the undertaking has im-
:gennvdeeriuraletshgeoudfffthmfiesinnlagyieinmehdii:inurtidanals, and caupseeeltitgiorneaut
committee of the House of Commons may be appointed in
aniesrtietallaiintyanuythreoegfarc*iieseeths cause, can be
he may be expelled the hone*, or each other measures adopted
tirceittrastiteilswellna'yst:oPiprmgriPpuerop4crakafiduct on the putt of the late chairman,
as may be expedient.—Lads Hermit.

ME LATE QUEEN Dowa.oan.—The general mourn-
ing for her late Majesty the Queen Adelaide mated yesterday.
Her Majesty and the whole of the members of the royal
family remain iu mourning much longer.

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