The Sun.
London, England, 1864-01-23 00:00:00

RAILWAY INTELLIGENCE,

LONDON, BRIGHTON, AND SOUTH COAST.
The report of the directors to the meeting on the 29th
inst. has been published. The amount of capital raised on
the 31st December, 1863, is £11,708,971, consisting of—
Ordinary stock and shares, £1,885,629 ; preferential stock,
£3,991,911; mortgage debt, £1,377,375 ; debenture stock,
£1,254,059 ; total, £11,708,974. The amount of capital ex-
pended during the half-year is £625,580, of which full par-
ticulars appear in the capital account annexed. The issue
of debenture stock continues, and the reduction of interest
on the mortgage debt has reached a point which leaves the
whole of the loan capital bearing a rate of interest which
scarcely exceeds 4 per cent. The gross revenue has been
£537,160, showing a diminution of £13,401, when compared
with the corresponding half-year, The directors, in an-
nouncing so large a reduction, cannot forget that it was
hardly unexpected, inasmuch as the comparison is with the
exceptional period of the International Exhibition of 1862.
Besides this, it is to be attributed to a considerable extent
to the great reduction of fares which took place on the let
of August last, whilst, considering the short period during
which it has been in force, that reduction could not be com-

pensated for by the augmentation which experience proves
to have always followed diminution of charges, and of
which the realisation must not be expected until time has

been given to produce this unfailing result. The directors,
however, remain of opinion that the policy which they
adopted will ultimately be productive of benefit to the com •
pally, and secure its prosperity, and they consider that at no
time has the undertaking been in a more sound and
satisfactory state as regards its territorial position. They
trust, therefore, that the proprietors will share their con-
viction that the present reduction of dividend need not
cause uneasiness, inasmuch;as the object of the course pur-
sued will undoubtedly be realised, and the permanent in-
terests of the company thereby promoted and secured. The
balance available for dividend is also much diminished by a
further heavy debit for compensations in respect of accidents
not occurring during the past half-year, the total sum thus
taken from the revenue of the company during 1863 being
£21,632. This account is now virtually closed, and the
directors sincerely trust that such claims may in future be
averted, and that some steps will be taken in the legislature
to relieve railway companies from heavy and unjust exac •
Cons. In the case of this company, no expense has been
spared to maintain the line, the plant, and the staff, in a
state of the highest efficiency, and the accidents which led
to this serious loss arose from the necessity of depending
upon human agency, and ware such that no skill in the
management nor any selection of materials the workmanship
could have averted. Notwithstanding the loss of revenue as
compared with the period of the Exhibition of 1862, the
number of passengers has increased, forming the best proof
that the reduction of fares and the extension of the company's
suburban system have already partially realised the antici-
pated benefits. The season tickets have largely increased in
number since the reduction of charges in January last,
producing an actual increase in receipts of £6,117. The
working expenses are somewhat heavier in consequence of
the additional miles worked, and the opening of the Pul-
borough and Ford, and the Croydon and Balham lines.
No sum having been placed last half-year to the credit
of the permanent way improvement account, the annual
charge of £7,000 is now debited to revenue. It must also
be borne in mind, that as compared with the corresponding
half -year of 1862, interest on additional capital, amount-
ing to £642,360, is charged to revenue. On the whole
the amount of expenditure is satisfactory, and is not
increased in proportion to the work performed. Tho
line from Pulborough to Ford was opened on the Ist
of August, and the Littlehampton branch on the 17th of
the same month. The former affords the anticipated
facilities for the separation of the Brighton from the
coast traffic, and the service between London and the
western portion of the coast lines. Steamers are already
running between Littlehampton and the Channel Islands,
and a communication with other ports may shortly be
expected. The directors have made the necessary appli-
cation to Parliament for the extension of the company's
steamboat powers to Littlehampton, so that they may pos-
seas them in case of necessity, as they anticipate a conside-
rable traffic hereafter between that harbour and the oppo-
site coast of Normandy, to which it is the nearest port. The
Newhaven and Dieppe steamboat service is progressing
satisfactorily, and a fair augmentation of revenue may be
reasonably expected from that source. The works on the
South London line are making rapid progress, and by the
end of the year 1864 it may be hoped that these, as well as
the widening of the Greenwich viaduct, and the necessary
enlargement of the London-bridge station, will be ready for
traffic. There being so many projects before Parliament
in the present session to accomplish similar objects, the
directors desire to call the attention of their shareholders to
the fact that at an early period they will be prepared to
afford accommodation the want of which appears to bo so
much felt ; and they are of opinion that amongst the pro-
posed metropolitan railway schemes, the South London line
may be regarded as offering to the public in the suburbs of
London the greatest possible amount of facility and accom-
modation ; they, therefore, feel justified in looking forward
to a large revenue from this new source, and to a most
favourable result from the construction of this important
metropolitan line. In accordance with the terms of the last
report, which received the sanction of the proprietors, the
directors hare taken the necessary steps to obtain powers
from Parliament for the construction of such branches as
will afford the necessary accommodation to East Sussex,
and to the Eastern part of Brighton. Bills have also been
introduced to enable the company to complete the northern
link of the Streatham, Mitcham, and Sntten lino of
last year; to carry out the arrangements concluded with
the London, Chatham, and Dover Railway Company as re-
gards the access to Victoria Station ; to extend the New
Croydon line into the town of Croydon, and for other
minor matters. Powers had been included in the company's
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property at Clapham-common having strongly objcted to
the scheme, it will be withdrawn. The net amount of the
credit of the revenve account is £132,9J4, out of which the
directors recommend the payment of a dividend of 21 per
cent. for the half-year, payable on the 12th of February,
amounting to £122,107, leaving a balance to the credit of the
current balf-year of L 10,797.