The Sun.
London, England, 1862-01-23 00:00:00

RAILWAY EVIELLIGUNGE.

LONDON, BRIGHTON, AND SOUTH-COAST,
The following are the principal portions of the
report of the directors to be submitted to the meet-
ing of the proprietors to be held at the Bridge•
house Hotel, Southwark, on Thursday next :

" The accounts for the half-year ending 31st Dec.
1861, are subjoined, and show the following results:
" Capital Account—The amount of capital raised
to the 31st December, 1861, is £10,147,786, con-
sisting of—Ordinary stock £4,620,000, preferential
stock and shares £3,235,765, mortgage debt
£1,537,315, and debenture stock £754,706 ; making li
a total of £10,147,786. The amount of capital
expended during the half-year is £233,492, of
which full particulars appear in the capital ac-
count annexed. The proprietors will observe that
none of the renewals or replacements of mortgage
bonds have been effected at the rate of interest
higher than 4 per cent., and that the average rate
on the debt has been reduced to £4 2s. per cent.
The directors are prepared to make further allot-
ments of the Perpetual Four per Cent. Debenture
Stock, and a preference in the issue will still be
given to proprietore."
"Revenue Account—The gross revenue for the
half-year has been £526,741, showing an increase
of £21,472 over the corresponding half-year of
1860. Of this excess £10,193 arises in the goods,
and the remainder in the coaching and other depart-
ments. The revenue for the yearhas been £948,120,
or £52,240 in excess of that of 1860. During the
early part of the past half-year a considerable in-
crease was obtained, but the unfortunate accident
of the 25th of August interfered for a time with the
pleasure traffic to the south coast, which, however,
would no doubt have resumed its former rate of
progress, had not the general depression of trade
affected this as well as all other railways; still the
opening of the Henfield and Horsham branch, and
the further development of traffic at the Victoria
Station and on the Mid-Sussex line, enable
the directors to report a satisfactory increase.
The year 1862 has commenced favourably, and the
continuance of peace, together with the approach-
ing Great International Exhibition, justifies the ex-
pectation of a further increase in the revenue. It
will be observed from these statements that, taking
into consideration the compensations already paid
in respect of the Clayton accident, the general ex-
penditure of the last half-year has not increased in j
proportion to the increased mileage, while at the
same time the plant has been well maintained, the
revenue of 1861 being debited with the cost of con-
structing three new and rebuilding nine other en-
gines, and of constructing 117 vehicles in the car-
riage and waggon department, in place of a similar
number which hive become useless. Under these
circumstances the permanent way improvement ac-
count has only been credited. with £4,000 as origi-
nally recommended. The additional charge under
the head of mortgage and preference interest arises
from the fact that,as compared with the correspond-
ing half-year of 1860, interest upon a much larger
amount of capital is debited against revenue in re-
spect of the Victoria station, the Shoreham, Hen-
field, and Horsham branch, and other completed
works, &c. The southern portion of the line from
Shoreham to Horsham was opened on the Ist July,
and the remainder on the 16th September last. The
Croydon and Balham line, and the enlargement of
the Brighton terminus will shortly be completed, as
well as the goods station on the West-end line and
Battersea wharf; at which latter point the company
have a large extent of ground, and a considerable
traffic in connection with the river may be expected.
The contract for the line from Pulborough to Ford
and Littlehampton is let, and some progress has been
made with the works. The directors look forward
to satisfactory results from the opening of this
branch, more particularly in connection with the
excellent harbour at Littlehampton, which will
afford an improved route for the traffic of the Chan- ,
nel Islands and the adjacent coast of France. The
directors have felt it desirable to take the necessary
steps for the prosecution in Parliament of two bills:
the first, to authorise the cons
a point near the Bricklayers' tnof a line fm
and joining the
Armsruct constriction
Junetion, pass-
ingro through Peckham and Dulwich,
West-end line near Lower Norwood, with a fork
towards Gipsy-hill, and with a branch from Peck-
ham, to form a connexion with the London, Chat-
ham, and Dover Company's Metropolitan Extension
near Brixton. The proposed line passes through a
suburban district, requiring railway accommoda.