The Sun.
London, England, 1864-01-29 00:00:00

London, Brighton, and South-Coast Railway,

HALF-YEARLY MEETING.-(THIS DAY.)

The ordinary half-yearly meeting of the directors
and shareholders of the London, Brighton, and
South-Coast Railway was held this day, at the
International Hotel, adjoining the stat!on. LEO
SCHUSTER, Esq., chairman of the board of direc-
tors, presided.
The report, which has already appeared in the
columns of The Sun, having been taken es read,
The CHAIRMAN, in moving its adoption, referred
to the falling of of the receipts, and remarked that
the gross revenue for the half-year had been
£537,160, showing a diminution of £43,401 when
compered with the same period of last year.
It could hardly have been expected that the
revenue would equal that period, inasmuch
as it was an exceptional period owing to the Inter-
national Exhibition. Another circumstance was
that the reduction which had taken place in their
fares since the Ist of August last, and which had
not yet made an adequate compensation, for which,
of course, time must be allowed, as he felt the usual
satisfactory results of a diminution of charge
to the public would in the end be attained.
He regretted the present reduction of dividend,
but he was confident it would be but temporary,
and that it presented no ground for uneasiness,
inasmuch as the object of the course pursued would
undoubtedly be realised, and the permanent interest
of the company would be thereby promoted and
secured. The balance for dividend had been much
reduced by compensations for accident, but that,
he trusted, was another cause which in future
would entirely disappear. It was exceedingly
satisfactory to find that notwithstanding the diminu-
tion of revenue, the number of passengers had
greatly increased, and this fact formed the best
proof that the reduction of the rates and the subur-
ban extensions had partly realised the expectations
entertained by the directors. The increased work-
ing expenses were entirely owing to the additional
mileage run by the opening of the Palborough and
Ford and the Croydon and Balham lines ; but on the
whole the directors considered the expenditure was
not excessive when the increased work per-
formed was taken into consideration. The works
on the South London line were making satisfac-
tory progress, and the directors entertained the
most confident hope that the works would be so far
finished that by the end of the present year the
line would be so advanced that, in conjunction
with the widening of the Greenwich Viaduct and
the enlargement of the London Bridge Station, it
would be ready for the carrying of passengers.
The contest during the late Parliamentary session
had been severe and expensive, but it was some
satisfaction to know that they had as far as they
had gone been suceessful. With respect to these new
works;they were with one exception confined to small
matters, the proposed suburban communications
being necessary for the completion of their system.
The matter which he could not class with the small
ones he had just referred to was the agreement they
had entered into with the London, Chatham, and
Dover Company, the reeult of which would
be to give them a third line into the
Victoria Station, which the immense traffic
at that point most urgently required. The
terms were highly beneficial, and while a great
want was met a large expense was not incurred.
There were some propositions relative to the con-
struction of two new lines, viz., one from Chichester
to Midhurst, and another to connect Steyning, but
the directors would have nothing to do with the
making of those lines, but if they were constructed,
the directors of course would not refuse to consider
the terms for working. After alluding to several
other minor details mentioned in the report
the chairman resumed his seat by making the for-
mal motion for the adoption of the report.
This having been seconded,a discussion arose upon
the costs of these contests in the last session of Par-
liament, the redaction of their dividend, and on
various other matters, but eventually the report
was adopted.