The Sun.
London, England, 1854-01-20 00:00:00

RAILWAY INTELLIGBNCE.

LONDON, BRIGHTON,— AND SOUTH-COAST.
The report of the directors for the half-year ending
the 31st of December' last, states that the amount of
capital raised to that date is 7,440,7421., consisting of
1,787,512/, mortgage debt, 1,037,9561. preference ca-
pital, and 4,615,634/. consolidated stock. The total
amount on capital account expended during the past
half-year has been 116,618/. of which 70,5591. has
been expended on the fourth fines of rails—the Crystal
Palace branch—and on the enlargement of the Lon-
sion-bridge terminus, 15,355/, on additional stock to
meet the requirements of the goods traffic, and„ to pro-
vide for the Crystal Palace traffic, and 29,0851. on
sidings and other works rendered necessary for the
safety of the public, and for the accommodation of the in-
creasing traffic. Powers will be sought in the ensuing
session of Parliament to increase the capital to 7, 806,000/ ,
including 150,0001. for works rendered necessary; by the
opening of the Crystal Palace, which amount Is vir-
tually guaranteed by a first charge on the joint earnings of
the railway and Crystal Palace Company. This outlay is
a necessary consequence of the great increase of traffic,
and while this continues rapidly to expand, the direc-
tors can only repeat the warning already given, that
some corresponding increase of 'expenditure .on ,capital
account, cannot, in the judgment of the directors, be
avoided. They can point with satisfaction to the results
of the past year, as giving the best assurance that the
outlay hitherto incurred has been productive and profit-
able • and that the policy of considering the highest at-
tainable standard of public safety and convenience as a
paramount consideration, has resulted in an expansion
of traffic, and consequent increase of dividend, larger
than could, a few years ago, have been reasonably anti-
cipated. The gross revenue .for thp half-year has been
364,7161. showing an increase of 31,8841. over the
corresponding half-year of 1852. Of this large
increase 18,0801. arises from passenger traffic, and
12,6311. from goods traffic. The rapid development of
traffic on the Croydon and Epsorn line consequent on
the construction of the Crystal Palace continues very
satisfactory. The passenger traffic on this line during
the year 1853 has exceeded that of the previous year by
upwards of 16,0001. The number of miles run by the
brains in the half-year ending the 31st of December
last was 914,139, and the receipts 353,9271. ; and for
the corresponding period of 1852, 837,178 miles, and
the receipts 328,754/. The expenses amounted to
148,3411. for the half-year ending the 31st of December
last, and to 137,400/. for the corresponding period of 1852,
showing an increase of 10,9411. in the expenses, and
30,1731. in the receipts. The usual tabular statement in
the report shows the gradual increase in the passenger
traffic from 1848 to 1853, both inclusive. In 1848 the
number of passengers conveyed on the line was 2,485,778,
and the receipts 849,977/., while in 4853 the number of
passengers was 4,491,561, and the receipts 434,9021.,
showing an increase in the number of passengers of
2,005,783, or 87 per cent., and in the receipts of 84,9251.,
or 24.3 percent. The gross revenue amounted in 1848 to
453,408/. ; in 1849, to 500,420/. ; in 1850, to 533,884/ ;
in 1851, to 535,0861. ; in 1852, to 531,6421. ; and in
1853, to 636,6611. The number of miles run by the
trains was respectively 1,119,358 miles, 1,094,094
miles, 1,276,430 miles, 1,620,483 miles, 1,560,193
miles, and 1,740,597 miles. The total expendi-
ture on account of traffic ammounted in 1848 to
187,0871. ; in 1849, to 190,9681. ; in 1850, to 210,2121.;
in 1851, to 233,719/. ; in 1852, to 251,1541. : in 1853, to
273,7051. The renewals and additions to working stock
amounted respectively to 6,1611., 19,9271. 27,721/.,
27,0011., 36,6311., and 35,1051., in addition to which
12,0951. has been expended in 1853 out of the reserve
fund. The preferential charges 1848 amounted to
104,0411., and the dividend to 3-121. per cent. ; in 1849,
to 116,5561., and the dividend to 3-171. per cent. ; in
1850, to 121,6081.. and the dividend to 4-2/. per cent. ;
in 1851, to 119,8651., and the dividend to 4-161. percent.;
in 1852, to 124,9501., and the dividend to 4-41. per cent. ;
and in 1853 the preference charges amounted to 128,5561.,
and the dividend to 5 per cent. The amount of accommo-
tion afforded to the public by the passenger trains during
the past five years has been increased 33 per cent., the
number of passengers by about 80 per cent., and the
number of travellers by annual and season tickets has
nearly trebled. The increase of receipts from passenger
traffic has been about 28 per cent., showing that a great
increase of travelling on the line has been coincident
with a large reduction in the average rate of charge.
During the same period the goods traffic (exclusive of the
cartage) has doubled. The increase of ordinary expen-
diture consequent on this increase of traffic has been
70,8981., or about 38 per cent., of which 41,954/. has
been in the ordinary expenses, and 28,9441. in the amount
expended on renewals. Since the commencement of
the year 1849, when the whole preferential charges were
first paid out of revenue, the total increase in the fixed
preferential charge for mortgage debt and guaranteed
capital has been 10 per cent. The general result is that
the balance remaining, after all charges, has increased by
72,1101., or about 45 per cent., which has raised the
dividend from 3-121. to Si. per cent, per annum. The main-
tenance of the present rate of dividend depends on the
maintenance of the present traffic and on the general
rate of wages and the price of materials. Looking at
the great increase of building and population on this
company's line of railway, the steady development of all
the principal branches of traffic, and the unparalleled at-
traction which will shortly be created by the opening of
the Crystal Palace at Sydenham, it appears to the di-
rectors not unreasonable to anticipate that nothing
short of a very general and serious depression could
reduce the annual income of the company below its
present amount. On the other hand, in the absence
of such a depression, a still further increase of traffic
appears almost certain. The report also states that an
arrangement has been entered into with the directors of
the West-end of London and Crystal Palace Company,
by which the London, Brighton, and South-coast Com-
pany are to pay to the West end and Crystal Palace
Company an annual rental of 8,0001. per annum, in
consideration of the free use of their line and terminus,
with sufficient accommodation, according to plans ap.
proved by the former company's engineer, for all main
line traffic beyond Croydon, which this company may
think fit to send by that route. Any traffic which the
Brighton Company may think fit to carry between Croy-
don and the West-end is to be divided in a proportion
which will give to the Brighton Company 72 per cent. ;
and any traffic from Epsom and stations between Croy-
and Epsom, in a proportion which . gives the Brighton
Company about 86 per cent, on the gross amounts.
Local traffic between any station on the West-end and
Crystal Palace line and London-bridge station, to be
divided according to mileage. The Brighton Company
are to provide the rolling stock and to work the whole
traffic of the West-end and Crystal Palace line for a sum
equal to 421 per cent, of the gross receipts of such
traffic, exclusive of Government duty. The West-end
of London and Crystal Palace Railway, worked in con-
nexion with the Brighton Company, will form a continued
line from Battersea to London-bridge, encircling the
southern suburbs of London in a manner analogous to
that in which the North London and Blackwall Railways
encircle the northern suburbs, and will bring with it a
large accession of new traffic. The net amount at the

credit of the revenue account for tl;ehalf:yearis2.l6:i6oi.,
out of which 36,4951. is deducted for interest on mortgage
debt, and 27,9071. for dividend on preference capital ;
together, 64,4021. ; leaving 152,458/. 'From this sum
is deducted 2,0001. for the benevolent and insu-

ranee funds, leaving 150,4581., out of which the direc-
tors recommend a dividend of 3/. 4s. per cent. for the

half-year, amounting to 147,7001., leaving a balance of

2,7581., and making the total dividend for the year
amount to 5 per cent. To the extent of about 4s. per
cent. per annum, this dividend, as compared with that
of the three preceding years, is due to the resolution
adopted at the last meeting, discontinuing the sum of
10,0001. annually to the reserve fund. The report of
the auditors, Messrs. J. Reeves and J. Chapman, states
that, after a monthly and minute audit, they find the
accounts perfectly correct.
The capital account shows that 7,440,7421. had been
received, and 7,523,4¢11. expended, leaving a balance
against the company of 82,7241. The mortgage debt
account to the 31st of December last shows that

203,600/. was borrowed at 5 per cent., 6,0001. at 4g
per e
cent.,
1,5
, 10356:857427/1:
at 4 t)e
at 4pr
cent.,erce ti
2,4
, 0340,001 at i
0. 0/. at 34
per
per
c ent. ,
report
d
0 231,3001,te Provident at 3 rs
cent. total,o;ciety,
1,
established7B7,s 12/.
The
among the employts of the company in 1842, states
that, during a period of 10 years the sum of 5,6541. had.
been paid by the society to the servants of the company,
of which amount 3,1531. was for sick allowances, 1,0231.
medicine and medical attendance, 8881. funeral expenses,
2061. superannuations, and 328/. returned. to men who
have left the service. The average annual income of the
society has latterly been about 800/., and the outgoings
about 7601. The balance in hand is 1,5891.

.ASTERN COIINTIES.--This company report the esti-
mated cost for the enlargement of their goods station at
Bethnal-green, and for the proposed Wisbeach branch,
at 60,000/.
CONGLETON AND BIDDCLPH VALLET.---The estimate of
the company's engineer, Mr. Errington, for the construc-
tion of this line, including the purchase of property and
contingencies, is 45,0001.
HEREFORD, Ross, AND GLOCESTER.—The Lea tunnel,
which has proved the great obstacle to the progress
of this line, is now, in a fair way of being rapidly com-
pleted. The communication is now open from end to
end, and the workmen are busily engaged in making the
bore complete. The engineering difficulties have been
very great, the volumes of water that poured down-being
so immense as much to retard the progress of the works ;
but now it is hoped that the tunnel will be completed in
the spring of the year. The line is open to Hopebrook,
close to the mouth of this tunnel, which is 800. yards in
length. The other works on the line are in a state of pro-
gress, and the whole will be finished by the autumn.

FALL IN THE PRICE OF BREAD.-- Yesterday the
majority of the bakers on the south side of the Thames,
especially in Lambeth, Blackfriars, &c., and in a few
instances on the Middlesex side, informed their custo-
mers by placards in their shop . windows, that the price
of bread had fallen in many cases three halfpence, and in
others one penny in the 41b. loaf. Seconds, or good
household bread, was formerly charged as high as 100.
to 11Ad. per quartern, but yesterday good bread was to
be had at from 9d. to 10d. per 41b. loaf, weighed on de-
livery. The bakers at the West-end are still charging
as much as 12d. to 13d. per quartern for their bread.
DEMAND FOR GOLD.—Some demand for gold still
exists for the Continent, and portions of the arrivals that
take place are transmitted to Hamburg and Paris.
REISSIAN PRODUCE.—The complexion of the Political
news has caused a renewal of excitement in the markets
for Russian produce, and tallow has more than recovered
its recent reaction, the quotation having advanced during
the week from 60s. per cwt. to 625. 6d. or 625. 9d.
Hemp, likewise, has risen 1/. per ton, and all descrip-
tions of oils are darer.