The Sun.
London, England, 1852-09-27 00:00:00

LAITRENT'S GRAND CASINO,

ARGYLL ROOMS, Great Windmill-street,
St. James's,
Lessee, Charles Emele Laursnt, Onslow House, Brompton-road,
Licensed pursuant to Act of Parliament, 25th of King George 11.,
Are Re-opened for the Winter Season.
During the recess the Rooms have been entirely Re-decorated, by
G. S. dryer, regardless of cost.
Laurent's Matchless Band every evening. Principal Cornet-a-
Piston, M. Boulcourt.

Admission—ONE SHILLING.
Doors open at Half-past Eight o'clock. Dancing to commence at
Nine, and terminate at Half-past Eleven.

RAILWAY INTELLIGENCE.
LONDON AND SOUTH-WESTERN.

The shareholders of this company have agreed to con-
vene another meeting for the consideration of the scheme
for an extension line from Salisbury to Exeter, ninety
miles in length. The line was originally estimated to
cost 2,225,000/. as a double line, and for which Parlia-
mentary sanction was obtained in 1846 and 1847, but
the powers were allowed to expire, and the scheme was
abandoned. The landowners of the district, headed by
the former engineer of the company, who is also a large
landowner, have recently come forward with a proposi-
tion to the company, stating that Mr. Brassey and others
are ready to make the line, a single one, for the sum of
1,100,0001, or 12 2001. per mile, finding everything ex-
cept working stock, on condition that the South-Western
Company subscribe 550,0001. towards its construction,
and guarantee interest at the rate of 4 per cent. on the
other half 550,0001., which sum the landowners propose
to raise. It is believed that, if the South-Western Com-
pany agree to the proposition of guaranteeing 4 per
cent., that the la❑downers would be enabled, on
paying the deposit, to sell the shares at a
premium in the maket, and leave the public and
the company to make the h❑e, should Parliament sanc-
tion it. The estimates of engineers have been so often
exceeded that it will not be surprising if they are ex-
ceeded in this instance. The shareholders have practi-
cally no security whatever that the estimate of costs will ,
not be exceeded, or the estimates of traffic realised, '
although the parties interested in its construction—di-
rectors, landowners, engineers, contractors, and lawyers
—are all wealthy enough to give ample security for sup-
plying any deficiency in the estimates; but it is not
expected that they will do anything of the kind. From
the accounts of the company it appears that in July,
1846, they had expended 2,634,5831. on 93 miles of rail-
way, being at the rate of 28,3291. per mile; and up to
July, 1852, they had expended 8,614,885/. on 244 miles
of railway, being at the rate of 35,3071. per mile. It
thus appears that the increase in the capital during the
past six years amounted to 5,980,302/, and in the
mileage of the railway 151 miles, being at the rate of
39,6051. per mile for the various branch and extension
lines; and exceeding the coat of the main line as
above by 11,3001. p,r mile, or 40 per cent., the ex-
' cess being only 900/. less than the proposed cost of
the central line, the construction of which is so
strenuously advocated by the landowners of the district.

Had the extension lines of the South-Western cost no
more than the main line, viz, 28,3291. per mile, they
would have been constructed for 4,277,6791, being
1,702,623/. less than they actually cost. Allowing
1,000,000/. for the extra expense of the 21 miles from
Vauxhall to the Waterloo• road, there would remain an
xcess of cost on the 149 miles of branch lines of
702,0001., or 4,7101. per mile more than the cost of the
main line as shown by the accounts of 1846. With re•
gard to the revenue, it appears that for the year ending
July, 1846, the receipts amounted to 385,0001.. the work-
log expenses, rates, and taxes to 163,0001,, and the
profits to 222,0001. The dividend for the ordinary stock
for the half-year ending December, 1845, amounted to
21. 2s. 6d. per share, and for the half-year ending July,
1846, to 1/. 17s. 61; together 41. per share (41i/.); being
at the rate of 9/. 16s. per cent. The receipts for the
year ending July, 1852, which include four months of
the Exhibition traffic, amounted to 663,1771., and the
269,366/, leaving a profit of 393,8111.
interest on loans, preference shares, and
on ordinary stock. The dividend for the
half-yearedtoxivpiepdnd sto
neasye
ending December 31, 1851, was at the rate of
5i per cent. per annum; and for the half-year ending
the 20th of June, 1652, at the rate of 3i per cent. per
annum, the average being 41 per cent. This shows a
falling off in the dividend in consequence of the construc-
tion of extensions, branches and feeders. from 9,1-, to 4i
per cent, the latter including four months of the Exhi-
bition traffic, without which it would have been about
3} per cent. The traffic on the 93 miles of mail line
for the year ending July, 1846, averaged 4,1401. per
mile, and supposing that no increase had taken place
from development of the traffic, wh'ch is very impro-
bable, the receipts on the extensions and branches
would amount to 1,8461 per mile for the year. But as
the traffic on the main line might have increased during
the six years about 20 per cent., that would add about
8001. to the traffic per mile on the main line, and leave
the branches with an average traffic of 1,0001. per mile,
being about 2i per cent, on the average cost. Before
sanctioning any further extension of this undertaking it
may be as well for a committee of independent share-
holders to investigate the whole of the matters
connected with the expenditure on the branch
lines, the revenue, and the working expenses, and, if pos-
sible, to ascertain why the cost of their construction per
mile has exceeded that of the main line, and how it is
that the engineer and contrictor can now construct the
proposed central line at 12,2001, a mite, being less than
one-third of the average cost of the branches and exten-
sions already constructed by the company.

BIRMINGHAM AND OXFORD.—It appears that arrange-
ments are being made for opening this line throughout
on Friday next, the Bth of October. The Lord of the
Isles engine, which, it will be remembered, occupied a
conspicuous position in the Great Exhibition, is to pro-
pel the first train. Six trains are to run daily each way
between London and Birmingham, four of which will be
express trains, and it is said they will perform the en-
tire distance in about two hours and a half. It is esti-
mated that the traffic on this line will be about 501, par
mile per week.