The Sun.
London, England, 1865-08-18 00:00:00

LONDON AND SOUTH-WESTERN.

The half-yearly meeting of this company was
held yesterday at the Waterloo-bridge station ;
Captain Mangles in the chair.
Mr. Clarke, the secretary, having read the notice
convening the meeting,:and also the minutes of the
last half-yearly and several subsequent special
meetings, which were confirmed, the report, an ab-
stract of which has appeared in 2 lie Sun, was taken
as read.
The CHAIRMAN, in moving the adoption of the
report, said it was the 63d half-yearly meeting of
the company, and it would not be necessary for
him to detain them long, as neither the report nor
accounts required much notice from him. It would
be necessary to make a few observations on some of
the items, as the shareholders had generally a dis-
like to the increase of capital. He could assure
them that it was only the strongest necessity
that induced the directors to make new lines, or to
make leasing arrangements with other companies.
The additional capital authorised would not be re-
quired at present, and it was the intention of the
directors to spread the outlay over as long a period
as possible in making those new lines. (Hear, hear.)
The capital would be sufficient for the purposes in-
tended. The directors believed that when those lines
were constructed they would supply the wants of the
districts through which the main line passed, and that
there would be no necessity for a further increase of
capital to make other extensions or branches. He
wished to be clearly understood, because within
the past five years their traffic had increased 50 per
cent., and if that increase of traffic was to go on
they would require additions to stations, sidings,
and goods warehouses when necessary, so as
fully to accommodate the increasing traffic. Owing
to the number of towns and very large villages in
the district accommodated by the company there
was a great temptation for the promoters of what
he called " sporting lines," that were intended to
be sold or leased to the established company. When
they did lease or purchase such lines they took good
care to do so on such terms as would not encourage
persons to continue that kind of warfare. The
company at present worked the Salisbury and
Yeovil Railway, the Staines and Wokingham, the
Lymington, the Topsham and Exmouth, the Exeter
and Crediton, the Christchurch and Bournemouth,
the Bishop's Waltham, and the Stoke's Bay Rail-
way and Pier ; and they would have to work the
Okehampton and its extensions to Bude and Tor-
rington, the Sidmouth and Budleigh Salterton, the
Alton, Alresford, and Winchester, and the Mid-
Hants. They had avoided making those lines, and
they would continue that course of policy. They
believed that the public requirements of the country
through which those lines passed would be so com-
pletely met that there would be no encouragement
for those sporting gentlemen going any further in
the company's districts. With regard to the capital
account, the items he proposed to refer to amounted
in the whole to £580,Q00 expended during the past
half-year. Of this sum £18,715 was expended on
the original line for extensions of stations, plat-
forms, sidings, and goods sheds; £4,168 on the
Metropolitan Extension ; and £3,700 on the Wind-
sor loop for sidings and strengthening Barnes-
bridge. They found it necessary to lay down steel
rails near the stations, the cost of which was £l7
per ton, while that of iron rails was £7 per ton, and
the £lO difference in the cost he thought was a fair
charge against capital. There was £11,505 ex=
pended on doubling the line between Basingstoke
and Salisbury, which was also a fair addition to capi-
tal. There was £5,400 expended on the Southamp-
ton and Dorchester line, which included £2,200 for
sidings at Wimborne and additions at four other sta-
tions. They had expended £6,102 on the Yeovil and
Exeter line, for additional &dings and steel rails for
the permanent way ; on the Petersfield and Mid-
hurst, £10,983 ; on new workshops at Nine-elms,
£17,516. They had expended £16,200 in the pur-
chase of land at Portsmouth, to improve the station
I there, which was much needed. There was also
£107,000 expended in the purchase of the North
Devon line ; they had given for each £lOO of that
company £49 stock in the South-Western Company.
They bad previously worked the line and paid a rent
for it of so much a year, which they would not have
to pay in future. He thought. on the whole, it was
a good bargain for both companies. They had also
given £48,723 for the Bideford Extension line.
There was an item of £101,147 for the purchase of
the Thames Valley line, which they had been forced
to take in order to prevent the broad gauge invad-
ing their district. They had expended £76,663 for
additional plant, which was rendered necessary by
the increase of traffic and the new lines they had
to work. So that they had paid £330,000 out of the
£580,000 for the purchase of other lines and addi-
tional rolling stock. The directors were most anxious •

to keep down the expenditure on capital account
as much as possible. If, any question were asked
with regard to the balance-sheet, he would refer
them to the auditors, who, from their constant at-
tention to the accounts, were well able to explain
anything connected with them. He would be glad
if gentlemen would ask questions about the accounts
so as to be fully satisfied. The renewal of the per-
manent way account showed a debt of £57,316 in the
last hall-year, but it was now reduced to £54,679.
Since June, 1862, they had reduced the renewal ac-
count by £30,126, or by about £lO,OOO per annum.
Some remarks had appeared on this subject in the
leading journal as to the desirability of having such
an account in order to enable a company to make
timely renewals, and so prevent any failure or acci-
dent iu the working. The debit against renewal ac-
count stood at £84,000 ; they had since taken £30,000
out of revenue, and reduced it to 54,000. He thought
that was a very desirable course, and they would
go on gradually reducing it. The report gave them
full particulars as to the traffic. It showed an in-

crease in the gross •traffic receipts of £30,360, as
compared with the same half of 1864, and also an
additional expenditure of £16,154, leaving an addi-
tional net profit on the working of £14,206. The
additional expenses had been caused by an additional
train mileage and other matters, which were ex-
plained in the report of Mr. Beattie, their able en-
gineer. The new workshops at Nine-elms were now
in full operation, and Mr. Beattie had so skilfully
arranged the various workshops, giving ample room
to each, that a considerable saving of time and ex-
pense would in future be effected in carrying on the
repairs and renewals for the company. The exertions
of Mr. Stratton, their storekeeper, bad, he believed,
saved them a considerable sum. Mr. Strapp had be-
stowed great attention on the permanent way, which
had been maintained in excellent order, and portions
of the main line had been relaid. As to the perma-
nent way, the directors were most anxious that no
expense should be spared in keeping it in the most
substantial state of efficiency. The doubling of the
Exeter line was going on, and the Salisbury and
Yeovil Company were at last finishing the double
line, so that when it was completed they would have
a double line throughout to Exeter, which would en-
able them to work it better and increase the traffic.

He mentioned that they had recently sent an excur-
sion train to the West of England that had earned
£BOO. He then adverted to the several railway bills
affecting the company's interest in the last session of
Parliament, and he thought very great credit was
due to Mr. Bircham, their solicitor, for the able and
successful manner in which he had conducted the
whole of their Parliamentary proceedings. They
had obtained all the powers they applied for, and
had succeeded in the rejection of several injurious
projects, with the exception of three, which were
so modified as to have had the sting taken out
of them. The works were progressing for
connecting their lines with those of the London,
Chatham, and Dover, which would enable them to
run their trains from several places on their lines to
Ludgate station. He hoped the South-Eastern
Company would make an intermediate station in
the Waterloo-road, so as to make it practicable for

the South-Western passengers to go to Charing-
cross and to Cannon-street. The " battle of.."the
gauges" has lasted 20 years, and he thought, unless
the broad gauge came to reasonable terms with the