The Sun.
London, England, 1854-08-11 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.
The half-yearly meeting of this company was held yes-
terday at the Assembly-rooms, York-road, Mr. W. J. I
Chaplin, M.P., in the chair.
The report, an abstract of which appeared in The Sun of
Friday, was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said that the directors flattered themselves that their traffics
account would meet with general approbation. (Cheers.)t
The traffic of the put half-year was the more satisfecoryoi
inasmuch as it was altogether apart from the influence
tr n extraneous
exhibitions, encampments, or other sources of
attraction, and the increase might, therefore beetairmly.,Tapy-
posed to arise solely.from the facilities given by the railway
to the traffic. The Parliamentary returns shnee,dettheaththade
visitors to Hampton Court Palace, Kew-gardens,
greatly decreased since 1851, and it mnsiflhraineeiryefaorroes,ei;;?roams-
sumed, that the increase in their traffic mainly
the increase of buildings and the localrof
passenger on their
population in the
district. The increase in the numbe
line during the past half-year (including
nays, but excluding the season ticket
the double jour-
neys, holders) amounted to
210,067. Of that number the increase on the Windsor
line, including the loop line and i
Richmond, and amounted
to no less than 159,810. That went far to confirm the an-
ticipations which the directors formerly entertained as to
which must take place when a rail-
the increase of traffic
was carried into the district. The increase in the
number of passengers by the railway during the period
mentioned had been—to Kew, 1„ to Hampton Court,
4,521; and to Richmond, 13,032. He had shown them that
their burban traffic had largely increased, and he-might
also mention that on the main line, and especially on the
Dorchester line, there had been an increase of the traffic
from every station, with one exception—the village of Lynd-
hurst. That that increase must influence the amount of
their expenditure they would readily see, the more espe-
cially when they added to it an increase in goods and coals
of 70,000 tons. If the main quantity of that traffic went
to Southampton or Portsmouth, their expenditure would
be only increased at the termini. But it was not so, and
it was a curious fact, arising, perhaps, from the war, and
the derangement of commercial affairs consequent thereon,
that the traffic at Southampton had increased less than on
any other portion of the line. They would therefore see
that the developement of their traffic could not fail to add
to their expenditure by rendering necessary the widening
of stations, the making of sidings, the extension of plat-
forms, &c. the growth of trade proving that they had been
originally formed on too limited a model. That brought
him to the portion of the report in which the carrying a
part of the expenditure for additional plant and rolling
stock to the account was alluded to. He wished to be par-
ticularlY understood on this subject, because the closing of
the capital account had long been a vexate questio, and had
created a continual want of confidence between the share-
holders and the boards of the respective companies. In
1850 the directors published, after much consideration, an
estimathof the liabilities of the company. The total was
640,851/. for works on lines which they determined to pro-
cee-,1 with, after abandoning their western extensions, and
cutting short the Alton and other lines. Of that amount
481,6171. had been expended on works then estimated for ;
145,4451. on matters not traceable in that estimate, so that
they had 13,789". of that original estimate still unappro-
priated. Since that time it had been their pleasure to deter-
mine on the completion of the Alton line at an expense of
39,9121. ; the extension from Basingstoke to Salisbury,
79.675/. ; and to render the capital expended on the North
Devon (which he was happy to say was now open), useful
by the further expenditure of 30,0941. They all knew that
in February last they sanctioned the carrying of an expen-
diture of 48,0531. for machi.tery and plant, and 25,684/.
for additional sidings, to the capital account; so that the
total amount expended on capital account since the estimate
of 1850 was 890,376/. Iu 1852 the rolling stock was found
to be too small to meet the increase of the traffic, and
50,000/. was voted for additional stock, which was to be ex-
tended over a period of live years, and paid out of revenue.
That arrangement was carried out for five half-years, and
25,000/. out of the 50,003. was so paid out of revenue, and
the other 25,0001 was placed to capital, under the resolu-
tion of February last. It appeared from general oeserva-
tion, that the amount of capital expended on working
stock in the various companies approximated as nearly as
possibleto the amount of their yearlyreveuue. Theexpense
of their plant did not bear that enorm ,us proportion to
their general capital as in some other companies. In 1849
their yearly revenue amounted to 530,876/ , which was
earned by rolling stock, the value of which was 527,223/.
Their revenue for the year euding 30th June, 1854, amounted
to 720,000/. , so that, according to the rule of three, about
115,0001. additional ought to be put to the capital account
for rolling stock. He did not wish to compare their lice
with others, but it did appear that their locomotive charges,
according to the mileage were lo wer than those of t h eir neigh-
bours, though a large plant could always be worked more
economically and with less wear and tear than a smali plant.
Since 1849 they had increased their revenue by 200,000/. while
they had only increased the value of their rolling stock to
618,000 e—et which itnow stood—against 720,000/. annual
receipts. In the accounts now before them an amount of
. 24,066/. had been expended oa plant since January last,
13,519/. for stations, sidings, &c., and 7,4971., a proportion
of the expenditure on the relaying the permanent way, had
been carried to a suspense account for further consideration.
During the next half-year the directors proposed to have the
whole subject connected with the plant thoroughly investi-
gated and endeavour to learn what other companies con-
sidered they were justified in charging to capital for working
plant. At the next half-yearly meeting the result of their
labours would be brought before the shareholders, and a
vote submitted for putting their stock into an efficient
state, which would finally close the capital account.
(Cheers.) When any fresh lines were undertaken, or, if
the increase of their traffic would justify a further expen-
diture fur its accommodation, the matter would be brought
before the shareholders, who would themselves have to
determine the principle upon which the new capital should
be found. In order to avoid the risk of accidents, from
the defective state of their line, the directors had thought
it advisable to renew the whole of the line from London to
Kingston, and had charged the total expenditure to the
reserve account, holding back 7,4971. to the suspense ac-
count until the next half-year, net one penny of which
had been charged, as it might have been, to capital. With
regard to any little outlay which his observations might
have led them to anticipate might come aninst the com-
pany at the next half-yearly meeting, the proprietors need
not feel at all alarmed that any call would he made upon
them for money, as the company would be enabled to avail
themselves of their borrowing powers to the extent re-
quired. They had likewise a number of unissued shares
in the company, and there need be no fear that they did
not possess ample means to meet any expenditure without
resorting to a further call on the proprietors. At the last
meeting, the shareholders had instructed them to watch
the proceedings in Parliament with respect to bills likely
to affect them. They had done so, and he had now to re-
port that the Salisbury and Yeovil Bill had received the
Royal assent, and he believed the line must prove of ad-
vantage to their company. The Berks and Hants line,
promoted by the Great Western Company, showed that it
was determined to complete the Frome line of the Wilts
and Somerset Railway and, as he believed that the Great
Western Company had but two years to complete it, as
after that time they could not pay dividends on their
stock until it was completed, there could be no doubt the
line would be made ; and the directors of this company
had taken every precaution for the protection of its in-
terests. It had been amicably arranged that the Great
Western Company was to give them a narrow gauge Ras
to Dorchester ; and he trusted the coast line to Weymouth
would still retain a large portion of its traffic, as it
was the
nearest route to the metropihs. Parliament' had also in-
troduced a clause into one of the Great Western arrange-
ment bills, binding them to make a narrow gauge line to
Basingstoke; showing that the Legislature were still
favourable to the extension of the principle of competition.
It now only remained to the directors to protect the in-
terests of the shareholders, anti endeavour to give the
utmost accomme ;ation, so as to render it impoaaiele for
their traffic to be taken from them. For purposes of eco-
nomy they had been using coal in its raw state in some of
their engines, and a large fire had occurred between An-
dover and Winchester, for the consequences of which it
had been endeavoured to render them liable. The amount
involved was about 3,0001., which no doubt the assurance-
office would have been glad to fix on the railway company;
but some lads working on the farm had confessed to having
set fire to the straw, and the company were therefore re-
lieved of all anxiety on that score. In addition to what
he had stated relative to the rolling stock and plant, he
Alight state that, since 1849, there had been an increase in
the extent of their lines—to Alton, 9 miles ; to Andover,
18 miles ; and to Salisbury, 18 miles. They also worked
the North and South Junction line from Brentford to Wil-
lesden, making a total addition to their line of 49 miles—
which, taking the cost of plant at 2,0001. a-mile, would of
itself require an expenditure of 98,000/. ; so that it would
be seen that the increase in their stock had been in a great
measure necessitated by the increased length of their line.
He concluded by moving that the report be received and
adopted.
Mr. HADLEY expressed an entire want of confidence in
the chairman, who, he said, had always shown himself
ready to support any extension at the expense of the
shareholders. (Cries of " No, no !") He objected to all
guarantees, and wished to know what had been the loss on
the North and South Junction line, of which he saw no
"aeatian 14 the renert, though he maintained it ought to
lee_given?
North CHAIRmAN said,. he had made no allusion to the
North and South J
t_ ctaon line, because he had told them
on the 27th of July hat they would suffer no loss from the
guarantee.
thatiar 68. 33,099Z488.saihadS btene Paragraph in the report which stated
hdetdtoonhalocveobmeoetn 1849 was erroneous, anedxPeoung
iveomistlteedk since
1849
whole amount so expended being 9
• Some explanations enacted, ywLl°2lchit. was shown that
the whole amount expended had
been correctly set forth.
The value of the locomotive
stock had been fixed in 1849
at 570,0001. Since that ti