The Sun.
London, England, 1865-08-14 00:00:00

LONDON DISTRICT TELEGRAPH (LIMITED).

The report of the directors states that the accounts for the
half-year ending the 30th ofJune last showed a surplus of re-
ceipts over the expenditure, the receipts having been £5,009,
the expenditure £4,767, and the surplus £242. In the whole
of the ten preceding half-years deficiencies of receipts
to cover expenditure were exhibited. The number of mes-
sages had increased from 23,115 in the half-year ending
June, 1860, to 168,622 in the past half-year; the receipts
from £551 to £5, 009, and the expenditure from £2,282 in June,
1860, to £4,767 in the past half-year. The receipts in the
corresponding half of 1864 amounted, for 152,795 messages,
to £4,803, the expenditure to £4,864 and the deficiency to £6l.
The increase in receipts had not always been in propor-
tion to the increased number of messages; but for about the
last four years an exceptionally low tariff had been in force
for many of the provincial telegraph stations. By a recent
arrangement, however, between the provincial companies a
new tariff had been adopted, based upon a mileage principle,
whichwould in all probability considerably increase the profit
to the companyfor collecting provincial messages. The whole
of the property had been maintained in efficient working
order. At the last two meetings several shareholders ex-
pressed opinions that more capital was required for the fuller
development of this company ; but the directors did not feel
themselves justified in adopting the suggestionsat the time,
believing that the period would come when such a proposal
would be more acceptable to the general body of the share-
holders. They, however, considered that the time had now ar-
rived for some renewed efforts to develop what had evidently
become a bona fide public requirement, and it might also be
hoped for the future a profitable undertaking to the share-
holders. The unissued and the remainder of the forfeited
shares still remained available for the purpose of raising
additional capital ; and the directors suggested that the
shareholders should take them uppro rata with theirpresent
holdings. The capital thus proposed to bo obtained could be
devoted to several profitable purposes. In addition to many
desirable contracts already entered into, the directors had
recently completed arrangements with the Postmaster-
General for an extensive system of telegraphs for the use of
the General Post-office between St. Martin's-le-Grand and
the principal district post-offices in London. Some addi-
tional capital was desirable to relieve the amount already
devoted to this purpose, and to provide for any further out-
lay on this head. In the western portion of London the
increase of traffic had been so great that :the directors had
found it necessary to fix a cable of additional wires along
the Metropolitan Railway to provide for public require-
ments. The working arrangements with the other tele-
graph companies continued satisfactory, and recent ar-
rangements had been made with the South-Eastern Railway
Company for the interchange of messages and uniform
rates between all stations of the respective companies. The
balance-sheet showed that £55,855 had been expended on
capital account, including £10,341 on account of previous
deficiencies in revenue to cover expenditure.