The Sun.
London, England, 1854-02-13 00:00:00


LONDON AND SOUTH-WESTERN.
The half-yearly report of the directors of this corn-•
pany states that the net revenue for the six months
ending the 31st of December last, after deducting inte-
rest on loans and all other preferential charges, amounts
to 172,9701., which, added to 1,4951., the balance from
the 30th of June, makes the balance available for divi-
dend 174,465/. From this sum the directors recom-
mend a dividend for the half-year at the rate of five per
cent. per annum, amounting on 6,761,2641. to
169,0311., and leaving a balance of 5,423/. The in-
crease in the gross revenue for the past half-year over
the corresponding period of 1852 amounted to 53,2951.,
of which 34,7331. was from passenger traffic, and
15,9361. from goods. The increase in the working
expenses was 23,2141., and in the miles run 141,835,
leaving the net increase in the receipts 30,0691. over
the corresponding period of 1852. The directors
consider it desirable to increase the carriage stock,
and they have therefore ordered 20 first-class and
and 20 third-class carriages to be built immediately.
They have also ordered six engines, applicable for goods
trains, to be constructed and added to the stock. This
step has become absolutely necessary in consequence of
the increased mileage of the gooditraffic, being an increase
of nearly 70 per cent, since the last goods engines were
built. The increased outlay on the carrying stock will
render it necessary to reconsider the arrangements made
in February, 1852, when it was supposed that the amount
required for additional plant would not exceed 50,0001.
It was then resolved to defray such expense out of
revenue, by successive instalments spread over a limited
period of five years, and that a reserved account should
be opened for that purpose. In pursuance of this reso-
lution, 10,000/. has been yearly so charged against
revenue. But the additions from time to time made
and now making to the plant in excess of the amount of
50,000/. estimated as the probable sum required, render
it now necessary that the period of five years should be
extended. The board therefore propose to spread this
cost of plant over a longer period, at the same half-
yearly charge of 5,0001.

Mr. Errington, the consulting engineer of the company
states in his report that, with a reasonable amount of care,
the permanent way of the South Western Railway can
be maintained at an average rate of expenditure, and that
it is in as good order at present as any other railway of
its date that be is acquainted with. In the past half-
year 12,1171. has been received on account of the sales
of surplus lands, &c.. beyond the metropolitan district.
The numerous aggressive attacks on the company's pro-
perty by the promoters of rival schemes in the session
of 1853 caused a serious expense to the company in
Parliament. These expenses the directors have con-
sidered it right to charge against capital. With re-
gard to the charges on revenue, the usual amount
of 5,0001., is charged this half-year on account of
tfhe 3,
coke017 1.dewas
department,
sum standing to debit of reserved plant account,
and 1,5101. for extensions of stations, sidings, &c. ; and
also
inaredspbsecetn ac-
cumulating deficiency
for many years. The line from Basingstoke
aent, written
whoiffch h
to Andover will be ready for opening in the course
a sum
in o
of the ensuing spring. The report of Mr. Beattie,
the locomotive and carriage superintendent, states
that the stock is in a good sound working condition,
and that 28 new engines have been built in the
company's workshops since December, 1850, to replace
a similar number of worn-out engines, which were paid
for out of the current working expenses, and the ave-
rage cost during that time has not exceeded 84d. per mile
for engine power. Mr. Beattie stated, that he has been
exerting every means to economise the use of fuel, as
that item forms 35 per cent. of the working expenses,
and that there has been an increase in the miles run
over the highest mileage of any previous half-year, and
a lower cost per mile. The total stock of engines is
122, of which 104 are in good working order.
The capital account shows that 8,744,5351. had been
received, and 8,769,4951. expended, leaving a balance
against the company of 24,9601. The revenue account
for the half-year ending December 81 last showed that
387,2901. had been received, and 158,2151., or 41.61
per cent. expended, including 20,0001. for Govern-
ment duty, rates, and taxes ; leaving the net revenue
from the line 229,075. Out of this is deducted 46,3581
for interest on loans and preference shares, 5,0001. for
plant, 1,5101. extension of sidings and stations, 1,6261.
bad debt account, 3,017/. deficiency of coal on final set-
tlement of stock, and 1,3311. proportion of guarantee to
the North and South-Western Junction Railway Com-
pany, leaving a balance of 174,465/. mailable for the
ordinary dividend.