The Sun.
London, England, 1862-07-29 00:00:00

LONDON, BRIGHTON, AND SOUTH COAST

RAILWAY.

HALF-YEARLY MEETING.—THIS DAY.
The usual half-yearly meeting of the proprietors was
hold this day at the Bridge House Hotel—L. Schuster,
Esq., chairman of the board of directors, presided.
The retort, which has already appeared in The Sun,
having been taken as read,

The CHAIRMAN, in moving the adoption of the document,
said the very few remarks he should have to address to
them that day would not occupy much of their
time. The gross revenue for the half-year had
been £444,861, showing an increase of £23,482
over that of the corresponding half-year of 1861.
It was exceedingly satisfactory to inform the share-
holders that the directors had been enabled to take steps to
reduce the average rate of interest on all their borrowed
capital. (Hear, hear.) There had been no renewals at a
higher rate of 4 per cent., neither had there been any crea-
tion of debenture stock above that rate. (Hear, hear.)
The debenture stock in their company he looked upon as
quite equal in security toConsols,and he therefore invited the
whole of the slat reholders to co-operate with the directors
in converting the whole debt of the company into debenture
stock. The increase of third class passengers was exceed-
ingly satisfactory, as there had been more than 150,000
travelling in that division compared with the numbers
in 1861. Of course the revenue had benefitted
to the same degree, and in order to give encouragement
to that class of travellers, the directors proposed to reduce
the rate of charge for third-class travellers to an uniform
rate of ld. per mile. (Hear, hear.) This would be a great
boon to a large class of persons, and to show the extent of
the diminution of charge he need only state that at present
the charge for a third-class passenger to Brighton was
now 55., after the Ist of August next it would be reduced to
4s. 2d., which was a reduction at the rate of 18 per cent.
The traffic for the last four weeks had been on the increase,
and at their next half-yearly meeting it was anti-
cipated the report the directors would then have
to submit would be found equally satisfactory. The
best results were anticipated from the powers they had
secured from Parliament to enlarge the London-bridge
Terminus, as the importance of that station could not be
over-estimated, particularly as the extensive improvements
in its locality were fast approaching completion. Another
bill, which had also received the assent of Parliament, con-
tained clauses enabling the company (in conjunction with
others) to complete the railway circle around the metropolis
—a result which could not fail to produce a large accession
of traffic from those places lying between London-bridge
and Brixton. He should have great pleasure in answering
any questions that might be put to him, and he would re-
sume his seat by moving that the report be received and
adopted.

After a few observations from Mr. FILDER,
A PROPRIETOR wished to know what had been the pre-
cise loss to the company from the Clayton accident.
The CHAIRMAN said every shilling •f loss occasioned by
that most unfortunate circumstance would be paid out of
revenue. The directors had already paid £12,000. In
addition to the last half-year, another £6,000 would be dis-
posed of, and he anticipated that £6,000 for the current
half-year would entirely close the account. There were
some cases pending, and he thought the shareholders would
agree with him that it was neither judicious nor advisable
to enter into a discussion on the subject. (Hear, hear.)
The motion for the adoption of the report was then
agreed to unanimously.
The CHAIRMAN then moved a resolution empowering
the directors to pay a dividend of two and a-half per cent.
for the half y ear on the 12th August.
The motion was carried unanimously.
The CHAIRMAN next moved a resolution determining
upon the consolidation into 41 per cent, stock of such of
the remaining 41 per cent. £5 she es, 1861, upon which the
upon which the lull amount of £5 per share shall have been
paid.

The resolution was carried unanimously.
After the general business was over the shareholders
resolved themselves into a special general meeting for the
purpose of raising capital for several new bills.