The Sun.
London, England, 1863-08-29 00:00:00

the revenue. For the first three or four months of the half-

year the expenses had exceeded the receipts, it being abso-
lutely necessary that they should incur a certain amount of
expenditure in order to bring traffic to their line. The large
outlay was mainly owing to the comp:my having no city
terminus, in consequence of which they had had to pay con-
siderable sums of money to the Brighton Company for run-
ning oN er their west-end line, and also heavy amounts for
carting goods, which had quite absorbed any profit which
might have been expended. This, however, would, he
trusted, be very shortly obviated by the opening of their
terminus at Blackfriars, after which they would not have
to run over the Brighton Company's line except to the sta-
tion at Victoria. The receipts on the Metropolitan exten-
sions, considering their incompleteness, had been satisfac-
tory, averaging since their opening between Victoria and
the Elephant and Castle upwards of £9O per week, and
since the opening toßeckenham the average receipts had been
£135 a mile per week. In a very short time, he believed
on the 2d of next month, the second line of rails from
Faversham to Herne Bay and the double line between '
Herne Bay and Margate, would be opened, but it would
not be completed to Ramsgate until the following month.
The bill which had been introduced into Parliament for
improving the approaches to the Victoria Station and con•
sructing a lice to Greenwich had received the Royal assent.
The Brighton Company had agreed to subscribe one-half
of the cost (L 120,000) of constructing two additional lines
of railway from Victoria station to the :south side of the
river, including the new bridge over the Thames, upon the
completion of which the existing lines would be handed
over to the Brighton Company, and the new lines devoted
exclusively to the traffic of this and the Great Western
Company which had agreed to contribute in the shape of
rent towards their construction in proportion to their use
of them. By arrangements with the South-Eastern Com-
pany running powers had been secured to Blackheath and
Woolwich, from which a large addition to their traffic
might be anticipated.
Lord HARRIS having seconded the motion for the adop-
tion of the report,
In reply to questions by Mr. HEDGCOCK,
The SECRETARY (Mr. Johnson) said that the interest on

the debentures and preference were not brought into the
revenue, but were included in the capital account. The
balance between the receipts and expenditure amounted to
£4,279.
Mr. HOLTROD added that the main line ought to earn
£5,000 per week to pay ail working expenses, interest on
money borrowers, and preference shares, with the exception
of second preference. That was gross. The net earnings
ought to be £2,500 per week. If the line had been worked
at 50 per cent., it would have paid everything. The balance
of the capital account on the main line was £lOO,OOO, and
on the metropolitan extension £6,000,in which was included
the common fund, upon which the company has received
£400,000, and they had £600,000 more to come. It was all
placed and therefore certain. The second preferences would
get their dividend on the increase over the £5,000 per week.
Any further sum of money which might be required would
be raised after all the existing preference stock. More
money would be required, but the amount could not at pre-
sent be ascertained.
Lord 1-lAußis said that the Board had done its best to get
rid of the Farnborough Extension, but the company had

some years ago entered into an arrangement with the Crays
Company for taking their line, and they were bound, there-
fore, in honour to carry it out. The necessity for the line

,
was now greatly diminished, owing to the South-Eastern
Company having a line running almost parallel with it.
Although they could not abandon it, they had succeeded in
getting it shortened.
Mr. FoRBES, the general manager, with reference to the
expenses, said that they were rather high, but they were
spending money in order to develope traffic. The traffic re-
ceipts were gradually increasing, and he believed they would
continue to do so, and they were therefore at the present
time standing at a maximum of expenditure and a minimum

of receipts.
In reply to questions by Mr. GENNING and other share-
holders,
Lord HARRIS said that, with reference to carrying the

line on to the pier at Ramsgate, difficulties had arisen in
consequence of Arrangements insisted upon by the Admi-
ralty and the Board of Trade. It was hoped, however, that
the arrangements for running these trains to the pier would
soon be made.

Mr. FORBES, in reply to questions, said that the arrange-
ment with the South Eastern Company was perpetual. It
was true that that company had raised their fares, but it
was with very good reason, as it was for the directors to
consider whether it was advantageous or not. It was
their intention originally to run the boats between Dover,
Calais, and Boulcgne and Ramsgate and Antwerp. When
they got their bill they pledged themselves to give Dover
additional facilities of traffic. They had done so. If they
had insisted upon running to Boulogne the South Eastern
would have resolved upon running to Calais, and that would
have necessitated a double train service to the coast and a
double packet service across the Channel. They had done a
much wiser thing in having made arrangement by which
they secured a certain route, leaving Boulogne to the South
Eastern, but obtaining for every passenger that went by
Dover or Folkestone to Boulogne as:much value as from
those who travelled by Dover to Calais. The traffic was thus
divided between the two companies. The reason that the
goods traffic at Folkestone was more valuable than that at
Dover was that the Corporation of Dover charged such heavy
tolls, which had induced the South Eastern to establish their
goods station at Folkestone. The London, Chatham, and
Dover, when they had suitable premises, and were met in
a properly liberal spirit by the corporation of Dover, as to
the tolls and charges, would do all they could to foster the
goods trade at that part. He anticipated a considerable
trade for the boats between Ramsgate and Rotterdam.
There was a new line new forming between Calais and
Boulogne, which would shorten their route to Paris.
In reply to Mr. HARTRIDGE,
Mr. HOLROYD said that the 6 per cent. preferences had
been issued at a rebate of 20 per cent. under the authority
of the shareholders, who had resolved that the directors
should issue the stock on such terms and conditions as thep
might think fit, and, in answer to Mr. Knight, he added
that the Dover preference stock took precedence next after
debentures ; but the 41 per cent, stock, being a rent-charge,
took preference of the debentures.
The report was adopted, and Mr. Holroyd was unani•
mously elected to the vacant seat at the board.
A vote of thanks to the chairman and directors closed the
proceedings.