The Sun.
London, England, 1853-02-16 00:00:00

LONDON AND SOUTH-WESTERN RAILWAY.

(THIS DAY.)
The half-yearly meeting of this company was held this
afternoon, at the London Tavern ; the Hon. Francis
Scott, M.P., in the chair.
The following is the substance of the report which was
submitted to the meeting. It stated that—

" The not revenue for the half-year ending the 31st of
December last, amounts, after deducting interest on loans
and all other preference charges, to 131,267/.' to which is
added 1,4071., the surplus from tho 30th of June, 1852,
mating 135,6741. applicable to dividend, from which the
directors recommended that a dividend for the half-year,
at the rate of 4 per cont. per annum, bo declared, amount-
ing on 6,746,3341. to 134,9271., leaving 7471 to be carried
over to the next half-year. The extraordinary amount of
traffic, and the unusually large receipts, attributable to the
Great Exhibition, during the corresponding period of the
present year, prevent the arrival at a fair estimate of the
progress of the ordinary traffic by a comparison with such
an exceptional period. The corresponding period of 1850
will afford a better criterion for judging of the results of
the last half-year. The increase in the mileage over the cor-
responding period of 1850, is 9 miles, in the number of
miles run 111,510, in the receipts for passengers, 16,5041., in
the receipts for goods,. 7,7791., in sundries, 1,2761., total
increase in the receipts, 25,559/. The increase in the
working expenses amounted to 5,3601., and in the taxation
to 2,4021., which being deducted from the increased receipts
shows an increase in the net revenue of 17,7961. for the
last half-year, as compared with the corresponding period
of 1850. Exclusive of rates and Government duty, the
working expenses for the half-year ended the 31st of
December, 1850, amounted to 35.90 per cent., in 1851
to 30'94 per cent., and
in the half-year just ended to 34'90
per cent. of the receipts. The receipts from the ordinary
traffic amounted to 257,0901., from season tickets to
5,7561., and merchandise 66,662/. ; total, 329,503/. The
rolling stock is represented to be in the most efficient
state. The number of engines and carriages of all des-
criptions is greater, and that of those under repair is
smaller, than at any former period. The consumption of
coke during the half-year has been 9,165 tons, being at the
sate of 191 b. per mile, and is less by 1,036 tons, or 4'6lb.
per mile per engine, than the consumption of the corre-
sponding period of the year 1850, notwithstanding the mile-
age has been greater by 111,510 miles. A portion of the
permanent way near London has been re-laid, the cost of
which is charged to revenue. There has been no loss of life
to any passenger on this railway during the past year, and
the railway has continued exempt from any accident of
moment. In December, 1850, the surplus property of the
company was estimated at 157,5731.; since that period there
has been received for sales 27,113/. ; whereof 10,3311. has
been realised during the past year. Notwithstanding
these sales, the annual rents of the company's property have
increased from 8,9471., ending December, 1851, to 9,8611.,
ending December, 1852, being a rent of about 7i per cent.
on the estimated value. A shed capable of containing
nearly 200 carriages has been completed at Falcon-bridge,
Battersea, for 5,4001., and at Richmond a commodious
station has been erected. The Belmont estate, adjoining
the Nine Elms station, containing 3i acres, has been pur-
chased at a cost of 11,200/. ; this, from its long river front-
age, will afford much greater facilities for carrying on the
goods traffic. A contract with Government for convey-
' ance of emigrants for embarkation at Southampton has
been entered into, and accommodation provided at Nine
Elms and Southampton. In conformity with the practice
now adopted, certain expenses formerly chargeable to
capital are paid out of revenue ; and during the last half-
year, 5,4131. has been so charged, viz., 4131. for stations, &c.,
and 5,0001. for augmentation of the rolling stock. The re-
venue of the half-year is burdened with 1,6441. on account
of bad debts, and with 1,7271. for back allowances to car-
riers, as formerly arranged. Revenue has been further
charged in this half-year with 3,0771., being the amount of
defalcations due from the late traffic manager's department.
In addition to the above charges on revenue is enumerated
the sum of 1,2331. for Government duty on the receipts
from first and second class passengers, although carried at
fares not exceeding ld. per mile, and the board trust that
railway companies will unite in an effort to induce Parlia-
ment to remove an exaction contrary to the spirit of the
law.- The proprietors will have to consider whether they
will authorise the board to take up the project from Wim-
bledon station to Mitcham, 2.4 miles in length, solely as a
branch to Mitcham, upon the understanding that the gua-
rantee is 1,0001. per annum. The North and South-Western
Junction line is now ready for public traffic. The directors
propose to co-operate with the Brighton Company in taking
the necessary preliminary steps for introducing a bill into
Parliament for amalgamating the two companies, and a
bill has accordingly been prepared. The ; directors believe
that a complete union and identification of the interests
of the two companies might, under proper arrange-
ments, be very beneficial to the proprietors in both un-
dertakings and also very conducive to the public in-
terests. Since the last meeting of the proprietors Mr. W.
hasP
~
succeeded
haseceebdeeend
elected in his p
tJ.e company,Chaplin, M
andla e. ther.P.. has resigned the office of chairman to
h
.11Fib.bert, j
Scott,un., M.
the Eirl of Morley as deputy-chairman. The directors
who retiro by rotation are the Count Eyre and M. M.
Uzielli, who, being eligible, offer themselves for re-election.
place.
H.
Jo n.
There are also two other vacancies in the board, and the
following gentlemen,
duly qualified, have also severally
declared their intention to become candidates for election,
viz. :—Mr. G. Best, Mr. C. Castleman, Mr. T. W. Helps,
Sir R. Jarvis, Captain J. G. Johnston, Mr. A. Kay,
and Mr. W. P. Snell. A special report states' that
the directors had vigorously prosecuted tho works on
the line between Basingstoke and Andover ; and, in
order to prevent the recurrence of vexatious legal
proceedings, and to enable the directors to pro-
tect the property of' the company, they recommend
that steps be taken to resume the works on the line
between Andover and Salisbury, a distance of 17 miles,
the land for nearly 15 miles of which was purchased for
38,0001., and nearly 33,0001. had been deposited for it, so
that a comparatively limited extent of land remains to be
bought or paid for, if the works are resumed. The capital
account to the 31st of December last shows that 8,728,7911.
had been received, end 8,670,0341. expended, leaving a
balance of 58,7561. The debenture account shows that
2,131,8681. had been borrowed to the 31st of December
last, of which 331,3581. was borrowed at 5 per cent.,
66,1001. at 42 per cent., 1,000/. at 44, 1,051,400/. at 4 per
cent., 86,700/. at 3i, 305,400/. at 3i, and 290,0001. at 3 per
cent. per annum. The total share capital authorised,
irrespective of preference stock, is 7,434,0501., -of which
6,744,7141. is entitled to dividend, 435,393/. consists of
shares in the hands of the company, 239,542/. uncalled,
and 14,4001. in non-converted Gosport shares. The revenue
account for the half-year ending the 31st of December
last shows that 333,995/. had been received, and 134,9891.,
or 40.97 per cent. expended, including rates and taxes
and Government duty, amounting to 19,989/. or 6'07 per
cent., lenving the net revenue 199,0061., out of which