The Sun.
London, England, 1855-02-10 00:00:00

RAIL WAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.—THE
DIVIDEND.
We stated yesterday that the dividend to be declared
for the past half-year will be at the rate of 5 per cent.
per annum, with a considerable surplus. We now learn
that the surplus to be carried forward to next June ac-
count will be between 70,0001. avid 80,0001.

LONDON AND SOUTH-WESTERN,
The following are the statements of account, and re-
port, for the half-year ending Dec. 31, 1854, to be pre-
sented to the general meeting, to be held at the offices
of the company, Waterloo-bridge Station, on the 15th of
February, 1855 :
Cash at bankers' £60,444
Cash lent at interest through bankers
Stores, coals, and sleepers in stock 37,294
Traffic (31st December, 1854)
Salaries outstanding
Outstanding amounts due to the company
on the 31st December, 1854 26,775 2 8
Interest on calls in arrear 77 14 7
Bad-debt account in course of liquidation,— 3,221 7 0
Suspense account— plant
Extension of stations and sidings—suspense
account

2 7
0 0
.1 1
1 11
1 2

31,008 16 3

£338,039 7 1

£68,327 16 10
171,945 8 5
3,231 17 6

Balance of capital account ...
Ditto, revenue account
Dividends unpaid
Outstanding amounts due to sundry trades-
men and other persons, brought into ac-
count, but not paid on Dec. 31, 1834
Payments of deposits on shares not subse-
quently taken up by allottees, and over-
payments
south-Western Steam-packet Company—
capital account
Insurance fund
Steam-packet working account...
Steam-packet renewal fund

58,353 17 7

13,925 9 9

3,334 15 5
5,852 15 3
10,567 6 4
2,500 0 0

£338,039 7 1

AUDITORS' REPORT.
" We have examined the half-year's books and accounts;
they correspond, and are correct.
" The amount of the expenditure in the 6 months car-
ried to the debit of the suspense account of extension of
sidings and stations has been 17,4891. Os. 4d., and the
amount carried to tho debit of suspense account of plant
has been 20,7111. 11s. The total amounts at the debits of
suspense account, sidings, and stations is now 31,008/.
16s. 3d., and tiat at tie debit of suspense account of plant
is 44,778/. 9s. 10d.; and these two sums will be recom-
mended by the directors to be carried, with the sanction
of the shareholders, to the debit of the proper accounts in
the capital ledger.
" The balance of the cost of relaying a portion of the
line—viz., 7,4971. 17s. 3d., alluded to in our last report,
has been charged to the current revenue, as well as the
usual proportion of the outstanding bad-debt account.
" THOMAS CLOSE.
" ALEX. IIoTES.

" Feb. 6, 1855."

" -
REPORT.
The half-yearly accounts now submitted
show a net revenue for the six months
ending December 31, 1854, after de-
duction of interest on loans, and all
other preferential charges of £171,748 1 2
Add the surplus at June, 30th, 1851 197 7 3

Balance available for dividend
From this sum, the directors recommend
that a dividend for the half-year, at the
F rate of 5 per cent, per annum, be de-
Kclared, amounting on 6,771,2891.105. to 169,282 4 9

171,945 8 5

Leaving ,to .be carried over to next half-
-79". _ _

£2,663 3 8

The dividends for the last five years haVe been, in
each year, at the following rates per cent. :-1850, 3i ;
1851, 4# ; 1852, 31 ; 1853, 4i ; 1854, 4g.
" The increase in the gross revenue for the half-year,
over the same period in 1853, is 3,3711. Bs. 6d.
" The following table shows the actual and relative
values of the traffic for the two periods :

Half-Year ending 1
!Increase Decrease
Dec., 1853. Dec., 1354. in 1854. in 1854.
Miles open.. ..... . ~. 251 267 15
Miles run 1,221,938 1,316,002 94,064
£ £ £ £
Passengers 297,579 295,465 2,114
Goods 82,578 87,648 5,050
Sundries. . 7,113 7,549 3436
Total receipts 387,290 390,662 3,372
Working expenses 138,213 143,691 5,478
Taxation 20,002 20,575 573
Net revenue 229,075 226,395 2,680

"It will be observed that the increased revenue arises,
principally, under the heads of goods and sundries, there
being a diminution in the receipts from passengers. The
extraordinary amount of traffic, and unusually large re-
ceipts, however, attributable to the camp at Chobham and
naval review, during the first eight weeks of the corre-
sponding' period of 1853, will at once account for this
smaller receipt from the passenger traffic.
" For it will be remarked, that in 1853 the six months
revenue to December exceeded that of 1852 by no less a
sum than 53,2951. A comparison- of the revenue from
June to December, 1854, with the corresponding period of
1852, will therefore afford a more fair criterion of the
steady, progressive improvement of the company's condi-
tion and prospects. The result of such a comparison will
show, that the gross receipts of that half-year in 1854 ex-
ceeds those of 1852 by 56,6671. It is true that the line to
Andover, 15 miles, has been opened during the last six
months, but the traffic on that line hay hardly yet been
developed, and the additional receipts are, as yet, not
of an amount materially to affect this increase.
" The working expenses of 1854 exceed those of 18 3 by
re47B/., which is attributable to the continued higher rate
of wages and rise in price of the various articles of con-
sumption ; and the locomotive accounts show the number
of 94,064 additioral mils iun during the same period.
"In comparing the sums charge 1 under tire head of
working expenses, from June to December, 1854, with
those of 1852, the excess at first sight appears to be large
—viz., 28,6921. on 56,6671. improved receipts, or about 50
per cent. ; but, on referring to the accounts, it will be seen
that in the items of coals and coke alone the increase from
the rise in price is upwards of 9,0001. and 7491. 17s. 3d. is
charged in 1854 for renewal of part of the permanent way,
while no item on such account appears in 1851%
" The directors have debited the revenue account for the
last half-year with a sum of 2,5001., under the head of
steam-packet renewal fund,' and they recommend to the
proprietors that a sum shall be charged against revenue in
each half-year for the future, to form a fund out of which
the steam-packets may be kept up in an efficient state.
"The works between Andover and Salisbury are pro-
ceeding in conformity with the contractor's engagements.
i
The directors, however, have found t necessary for the
completion of the line to renew the company's compulsory
owers of purchase, and have introduced a bill into Par-
liament in the present session accordingly.
"The improvement of the company's wharf frontage at
Nine-elms, and the extension of the goods station there,
have for borne time past appeared to the board most de-
sirable. But as these objects could not be effected without
farther Parliamentary powers they have been postponed
until those powers could be obtained, as they now may be,
without special expense. The directors have, therefore,
comprised within the bill powers for accomplishing these
purposes.
" They have availed themselves of the same opportunity
to consolidate into stock the amount paid on the 7 per
cent, preference capital, and to repeal the power of issuing
more of those shares, and of calling more money on those
already issued.
" Provisions have also been inserted in this bill for de-
claring and simplifying the ordinary share and loan capi-
tal of the company; but as these, and all other provisions
in it, must come under the consideration of the proprie-
tors at a future meeting, the directors feel that no more
than this general notice of them is now necessary.
"In the report to the shareholders in August last the
dire ctors called their attention to the state of the locomo-
tive and carrying stock account, and also to the account
for stations and sidings.
"In each of these departments considerable sums had
been expended since the shareholders' vote in the Fe-
bruary proceeding, rendered imperatively necessary by the
greatly-increasing traffic of the company. The directors
then recommended that, as such outlays were legitimately
charges against capital, they should for the future be so
charged, until the rolling stock of the company and the sta-
tions and sidings be made adequate to the requirements of
the traffic. With this objectit was suggestedthat the directors
should lay before the shareholders fullparticulars of those re •
quirements, that a vote might be taken at the next half-yearly
meeting for such an amount as might be deemed ne-
cessary.
" The directors have attentively considered this subject,
and as regards the working stock of the company have
carefully gone into the question with reference not only to
the existing traffic and the requirements from its probable
increase, but also on a comparison with the principle acted
on in other companies in their mode of dealing with the
same subject.
" The question is one of considerable difficulty, and as
to new taking a precise sum at which the directors could
undertake to close that account, they are of opinion that
such a statement, although made on the best possible data
now attainable, could not be satisfactorily relied upon.
"The directors, therefore, now recommend that the
sums expended during the year 1854, and standing to the
debit of the two accounts,`suspense account plants,
44,7781. 9s. 10d. and extension of stations and sidines
suspense account,' 31,0081. 16e. 34., should be charge'd
against the capital of the company. .And they suggest,
that, for the future, the directors should take a vote as to
a? 7 txtrther sums, which, on a proper explanation of the
commaces, the directors may deem it advisable to re-
chard tutlttehe shareholders should in like manner be
sek., eforrin capital account of the company.
meeting of stetee:he report of the directors to the special
to the North De;etael'irsY. en the 25th of October 1850, as
will be recollecteAll'e (then entitled the Taff Vale), it
the sum of about 70,000itiw as stated that if in addition to
7,080 shares held by the oc, then already paid up on the
was paid, the North Devoranrw'anV. a further sum of 30,0004
pieta their line, and thus renVer4tha in
a position to corn-
• entire investment of
tlie company a remunerative one. lett special meeting
ance with the terms
sanctioned the course recommended b
payment of the 30,000/. ; and in accorTl e board as to the
has been
of the proposed arrangement that sere has sin
counted for to the North
tDeetrenshCoarraehp.a.indy since beeu ea-
from time to time reported
"It was estimated at the time that thiTa.rrangenaent
was made,
that 131. 10e. per share, paid up, would
n ; but the
to complete the line enable
North Devon C01131)3
ultimate expenditure having exceeded this estimate, fur.
21 10 per share, completing the
sing to
Cher calls, amounting • 5.
authorised, have since been made, but
entire 161. per share
which calls have not been pail on the 7,080 shares.
1 he North Devoneveral month
line has now been open s
"
d to it, a dividend mass
y
and a fixed rent being guarantee
be expected to be declared at the ensuing half-yearly meet-
• ing of that company. To enable the company to receive
•
their share of this dividend, it is necessary that the calls
due on the shares held by them be paid up, and the lirec-
tors will, therefore, propose a resolution to the meeting,
authorising the payment of the amount.
" The directors have recently entered on negotiations
with the Brighton and South Coast Company, having for
their object the giving to the company the advantage of a
west-end terminus, and also for accommodating the traffic
of the West-end and Crystal Palace Railway Company.
" Believing that these negotiations may result in an
r agreement beneficial to all parties, the directors have joined
• in the promotion of a bill before Parliament, so framed as
to Authorial the three companies to carry into effect all