The Sun.
London, England, 1853-01-21 00:00:00

JGENCE.

LONDON, BRIGHTON, AND SOUTH-COAST.
The report of the directors, to be submitted to the
ourteenth ordinary meeting of the proprietors, to be
held at the Bridge-house Hotel, Southwark, on Friday,
the 28th day of January, 1853, has been issued. It
states

"The accounts for the half-year ending the 31st Dec.,
1852, show the following results :
" The amount of capital raised to the 31st December,
1852, is 7,267,3921., consisting of—mortgage debt,
1,614,162/. ; preference capital, 1,037,5961. ; consoli-
dated stock, 4,615,634/. ; total, 7,267,3921.

" The vto-rk-s referred to in the last half-yearly report
for the additional accommodation and security of the
increasing traffic, have been proceeded with as rapidly as
circumstances would permit. The construction of the
fourth line from the Bricklayer's Arms Junction to the
Croydon Junction, and of the Crystal Palace Branch,
as well as the enlargement of the London-bridge termi-
nus, are also in rapid progress, and although much im-
peded by the state of the weather, they will be ready in
time for the opening of the Crystal Palace next summer.
" The total amount expended during the past half-year
has been 73,6801. ; of which 38,1731. has been expended
on the fourth line and on the enlargement of the Lon-
don-bridge terminus, 16,976/. on the new goods yard and
incline at Brighton and other sidings and works, and
15,4701. on the additional stock to meet the increase of
goods traffic and to provide for the Crystal Palace
traffic. This makes the amount of temporary excess
above the 7,200,0001., which has been fixed as the limit
of capital, equal to 121,6411_ to meet which the direc-
tors recommend that a sum of 10,000/. be set aside as a
sinking fund out of the earnings of the past half-year.
"On a former occasion a rough estimate of 75,0001.
was given as the probable outlay in connexion with the
fourth line and the Crystal Palace branch. This out-
lay will be considerably exceeded, for the following
reasons :

"Firstly, the site of the Crystal Palace has been fixed
on the summit of Norwood-hill, requiring the construc-
tion of a branch of about one mile and a quarter in
length, starting from the Sydenham station, in, order to
obtain convenient access to the Crystal Palace with a
gradient practicable for locomotive engines. It is ob-
vious, however, that by placing the Crystal Palace on
one of the most commanding and beautiful sites in
Europe, its attractions will be greatly increased, to the
benefit of the railway ; and, in order to carry out the
spirit of the arrangements entered into between the two
companies, the Crystal Palace Company will extend the
amount on which a first charge of four per cent is to be
allowed to this company out of the joint earnings.
g 4 Secondly. On going into the question of the ar-
rangements at the London-bridge Terminus with the
governors of St. Thomas's Hospital, without whose con-
sent as owners of the adjoining property, it would have
been difficult to proceed, it appeared that the governors
objected to any partial measure, by which their property
would have remained liable to probable further inter-
ference in the course of a few years, as the traffic ex-
tended, but were willing to concur on equitable terms,
in a comprehensive scheme by which a great and perma-
nent improvement, would be effected, both for the hos-
pital and the railway. The directors felt that it would
be in the highest degree impolitic to lose the opportunity
of acquiling on fair terms, space which is invaluable to
the company, and which, if not now secured, would have
been in a few months so appropriated to the purposes of
the hospital, as to become unattainable except at an
enormous cost, and by a doubtful parliamentary contest.
Accordingly, they at once closed with the proposal of
the governors of the hospital, and succeeded in securing
amicably the whole of the property, as well as the consent
of the commissioners to the requisite diversion of
streets.

"As regards the expenditure on the London-bridge
Terminus, the directors have to observe, that what is
now done will in effect give two complete and separate
stations : one for the ordinary traffic, with increased
space for the carriage approach, and increased facilities for
taking up and setting down passengers and luggage ; and
another for the excursion and other special traffic ; an
arrangement which, independently of the prospects of a
very large additional traffic to the Crystal Palace, could
not much longer be delayed. Whether they look at the
future development of traffic, or at the security of the
existing property of the company against any possible
repetition of the speculative follies of 1845, the directors
consider the possession of a first-rate metropolitan ter-
minus, with four lines of rails over the most crowded
portion of the railway, an object of vital and paramount
importance.

The gross revenue for the half-year has been
332,832/., showing a diminution of 3,619/. as com-
pared with the corresponding half-year of 1851 ; but
while there has been a falling off of 9,3461. in the
passenger traffic, the proprietors will observe that in
the goods traffic there .has been a further increase of
4,3661.

Half-year ending
31st Dec., 31st Dec.,
1851. 1852.

845,539 . 834178

Miles run by brains
Total traffic receipts (excluding
cartage) £328,261 ... £323,754
" Distinguishing the ordinary expenses from the
amount expended in renewals, and from the cartage, the
general result of the comparison with the corresponding
half-year of 1851 will stand thus—

Half-year ending
31st Dec., 31st Dec.,
1851. 1852.
Ordinary expenses £103,360 ... £107,092
Per train per mile l2s. 51d. ... 2s. 61d.
Per cent, on receipts 314 ... 33
Renewals 16,903 ... 24,454
Cartage
5,854

6,101

Total

. £126,364 ... £137,400

"The increased expenditure arises from two causes--
firstly, the increased amount expended in renewals in
keeping up the roiling stock and the permanent way ;
and secondly, the heavy charges for compensation
which the company have been obliged to pay in respect
of the accident at Ford Bridge and that to the express
train at Red-hill. As regards these accidents the direc-
t tors will only observe that they arose entirely from
causes over which the board had no control—namely,
the disregard by servants in their employment of distinct
regulations as to signals • and it is satisfactory to know
that no blame can justly be imputed to the general
management of the line. At the same time the result
is no less unfortunate as regards the proprietors, since in
the existing state of the law there is no alternative but
to pad such heavy compensation as materially to affect
the dividend.
" The general result, as regard the traffic, is very
satisfactory, showing that the gross revenue for the year
1852 has only been 3,4441. less than for the preceding
year of the Great Exhibition ; and the prospects for the
future are encouraging, as the general traffic is now
rapidly increasing, and the impulse already given to that
of the Croydon line, by the prospect of the construction
of the New Crystal Palace in its vicinity, confirms the
directors in their belief that when completed its effect on
the railway will be found highly beneficial.
"On the other hand, it is apparent that the great in-
crease in the price of all materials used upon railways,
the rise in wages consequent on the general prosperity
of the conntry and the extensive emigration to Australia,
added to the increasing pressure of public opinion for
Ole highest possible standard of safety and efficiency in
every department of railway management, render it im-
possible to confine the expenditure within the limits
which were contemplated during former periods of de-
pression.
" The landowners and other parties in the East Grin-
stead district having formed a company for constructing
a branch railway from that place to Three Bridges, ap-
plied to this company for their co-operation, and the
directors have agreed, subject to the sanction of the pro-
prietors, to apply to Parliament at the proper time, for
powers to lease the branch line, when constructed, at a
rental of 2,0001. per annum, equal to four per cent. on
an outlay of 50,0001., or of about 7,3001. per mile, being
the estimated cost of construction ; with a power to this
company of purchasing the line and works at any time
after ten years, for the sum of 50,000/. ; and, in the
meantime, until these arrangements are sanctioned by
Parliament, to work the line under a traffic arrangement,
which will in effect secure a similar rental to the East
Grinstead Company.
"A similar agreement has been entered into with an-
other company, formed for the purpose of constructing a
branch railway from Bognor to Chichestsr ; the rent in
this case being 1,2001. per annum, or four per cent. on a
cost of 5,000/. per mile.
_
"3 a !special meeting must be called, under the
standing orders of Parliament, for the purpose of sub-
mitting these bills to the proprietors, the directors will
not at present further advert to them than by observing
than wilat whl,l atie they are satisfied that the branches in ques
the low cost at which the construction is
guaranteed, prove profitable feeders to this company,
their principal motive-in entering upon the agreements
question was not so much theexpectation of profit as
the feeling that it would be improper and impolitic, when
bona fide efforts.were made by resPectable parties locally interested to obtain the construction ofcheap branch railways in districts adjoining this company'sunt o lines,f to
refuse such a moderate and reasonable ae
co-
operation as might be safely extended without fear o involving the proprietors in useless outlay or
unprofit-
able engagements.'
"The other bills in which this company is interested,
and which will also be submitted to the proprietors for
their assent, under the stonding orders, are-
1. A bill promoted by the Wimbledon And Croydon
Company to carry out the agreement adopted at the last
half-yearly meeting, respecting the lease by this company
of a short line from Croydon to Mitcham for 8201

a-year.
" 2. A bill to carry out the arrangement adopted by
this company with the Crystal Palace Company, and in
which are &so included powers of purchasing certain
,property, and divertino• certain streets or roads required
for the enlargement ofithe London-bridge terminus and
. the Brighton goods yard ; and the same opportunity has
- been taken of applying for the requisite powers to enable
. the company at any time to create a debenture stock in
lieu of the existing mortgage debt.
" Z. A bill to authorise this company and the London
afiltid,
,Sonth-Western ItailwayCompany, if the shall think
.
. ", amalgamate at any time hereafter, on terms to b.
• agreed upon,
It has been already
the object of this bill
explained to the proprietors that
. powers, so simply to obtain the requisite
as to be in is
neral railway legislalloan position to act, in case the ge-
arnalgarneattithe ensuing session
: be favourable to
v ~.. , anul under conditions renderishould
on Within prescribed limits,
...,,, 11. ~i/ , both to the public and to the
such unions advantageous
parbaniennwotinmonbaeey
.., a.„iptllncertain what course railway companies. It is
;'theretor* whether the bill in takeean .d doubt
question
with ; but the directors believe that
. _ .proceeded
, k --I

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