The Sun.
London, England, 1862-03-01 00:00:00

_RAILWAY INTELLIGENCE.

. SOUTH EASTERN.
The report of the directors, to be presented to the
half yearly general
.meeting on Thursday, states
that the revenue receipts for the half-year ending
the 31st January, 1862, have been £594,646 88.2 d.,
as compared with £624,350 9s. 6d, in the corres-
ponding period of the preceding year. The state-
ments of expenditure on revenue account show that
the ordinary working expenses dating the six
months have been £224,014 58.; the rates, taxes,
tolls, and Government duty, £34,605 17s. 10d.; and
the expenditure on the steampacket service, £18,073
15s. 11d., or a total of £276,693 18s. 9d. After
providing for the fixed charges for rents of branch
lines, interest on loans, annuities, dividends on
guaranteed stock and preference shares, &c., there
remains a net balance of £187,441 Bs. sd. available
for dividend on the ordinary consolidated stock of
the company. A dividend of 15s. per 30s. stock,or
at the rate of £5 per cent. per annnm, will absorb
a sum of £185,842 10s., leaving a balance
of £1,598 19s. sd. to be carried forward to
the next half-year; and this dividend the directors
recommend to be paid on Thursday, the 13th of
March next. There has been a decrease in the pas-
senger receipts during the half-year amounting to
£32,252 18s. 2d. This has been occasioned almost
entirely by opening of the competing line between
London and Dover in July last, including a decrease
(about £2,500) of receipts derived from the convey-
ance of troops ; though a considerable portion is
attributable to the falling off in the receipts upon
the North Kent line as well as at other points
where the fares have remained unaltered and no
competition has existed. The opening of the new'
railway through Kent, running almost parallel
with the main South Eastern line, at an average
" distance from it of about 12 miles, and from the
North Kent Railway of about five miles as far as
Strood, must necessarily have operated adversely
on the half-year's receipts of this company, It was
felt that at the important points of Strood,
Canterbury, and Dover, where the new com-
pany had established stations, a certain por-
tion of the traffic formerly carried by this
company must have been abstracted ; while
at other points, the tendency of the lower fares fixed
by the new company would be to divert traffic to a
Considerable extent from intermediate stations on
the South-Eastern main line. Under these circum-
stances it became' necessary to revise and equalise
the intermediate fares on the main line, and the new'
tariff came into operation on Aug. 15 last. After
six months' experience of its working, the directors
have no hesitation in stating that the result has,
fully justified the policy of the measure. It may be
briefly explained that the modifications adopted
have had the effect of preventing the diversion of
much of the company's traffic to other routes ; that
the number of passengers carried has been largely
increased; and that the increase in the receipts at
certain points has served in some measure to reduce
the loss occasioned by the inevitable competition
above referred to. This company has continued to
labour under considerable disadvantages with refe-
rence to its West-erd traffic ; but this disadvantage
the directors hope will be effectually remt died by
the completion and opening of the Charing-cross
Railway and terminus early next year, when this
company will be placed in possession of the most
convenient and accessible West-end station in the
metropolis. There has been a decrease of about
£5,000 in the receipts derived from the conveyance
of bullion, which is explained by the exceptionably
large export of gold in exchange for silver, to sup-
ply the requirements of the Bank of France, which
occurred in the corresponding period of last year.
This falling off has, however, been more than made
up by the increased receipts from the carriage of
merchandise and parcels, both of which branches of
traffic exhibit a satisfactory increase, the one of
£6,443, the other of £1,369, during the half-year'
The locomotive and carriage expenses exhibit an
increase of £2,397, which is entirely due to renewals
of worn-out stock in the carriage department, 87
new vehicles of an improved descriptions having
been added to the effective carrying stock of the
company during the past half-year. The locomotive
expenses per se show a decrease, although the train
mileage has been unavoidably increased for the due
accommodation of the traffic. The cost of repairing
and renewing the permanent way and works ex-
hibits a decrease of about £2,000 in the past half-
year; but it will be observed from the report of the
engineer that they are in good condition and have
been efficiently maintained during that period. The
expenditure under the head of capital account dur-
ing the half-year has been £422,828 4s. 9d., less
£1,687 19s. ld. realised by the sale of surplus lands.
The principal portion of the capital thus expended
has been in respect of the railway between London-
bridge and Charing cross, the works of which are
now advancing towards completion. A contribu-
tion of £42,000 has also been paid under the autho-
rity granted by the proprietors to subscribe funds
for the construction of the City Terminus in Cannon-
street. It has been considered desirable to proceed
with that part of the undertaking, with a view to
the Cannon-street Station being available for use
by the trains of the South Eastern Railway before,
the present terminus at London-bridge is interfered
with, and the works will accordingly be prosecuted
without delay. A further expenditure of £4,2.28
Os. 2d. has been incurred in extending the new pier
at Folkestone, in order to render it better available
for use by the company's steam vessels. The sanc-
tion of the proprietors is also requested to the ex-
penditure of £21,000 on a third new first-class steam'',
vessel, with the object of enabling the transit 01
passengers between Folkestone and Boulogne to be
conducted with the greatest possible efficiency and
duspatch. The proprietors are also requested to
sanction the following further items of expenditure
on capital account :—Caterham branch improve-
ments, £1,000; St. Leonards station (extra), £1,000;
Reading station (extra), £l,OOO ; sidings and cross-
over roads at several stations, £2,000; purchase of
freehold interest in Lord Warden Hotel and other
property at Dover, £lO,OOO. As authorised by the
proprietors at the special meeting of the company
held on 21st Nov. last, the directors have taken
the necessary steps to prosecute in Parliament a bill
to enable a direct line of railway to be constructed
between New-cross and Tunbridge, and from a
point on that line to Dartford. it is proposed to,
include powers in the bill to purchase land at
Bricklayers' Arms, Maidstone, and North Camp,
Aldershot, for the purpose of improving the traffic
accommodation at those stations. Notices have
been given by neighbouring companies of intended
applications to Parliament for powers calculated to
affect the interests of this company, and the direc-
tors have accordingly taken the requisite steps to
watch and oppose such measures where necessary.