The Sun.
London, England, 1853-09-10 00:00:00

RAILWAY INTELLIGENCE.

SOUTH-EASTERN.

The report of the directors to be submitted to the
shareholders on Thursday next states that the receipts
for the half-year ending 31st of July, 1853, have been
382,9261., and the working expenses and renewalsferre-
newal
146,3501. The sum of 6,215/. has been set aside
of the permanent way. The rates, taxes, and toll
amount to 13,7391., the Government duty to 12,0161.,
the rents of the Greenwich and Canterbury Railways to
25,0061., which sums, in addition to the interest on the
mortgage debt, annuities, and guaranteed stock of the
company, 71,444/., make a total deduction from the gross
earnings of 274,7721. The profit and loss account shows
a credit of 1,5201., after providing for the last dividend,
also a sum of 1601. for dividend and interest on Canter-
bury securities in the hands of the company, and is de-
bited with the sum of 2,7201. for Parliamentary expenses,
and 7011., being one-third of the loss by fire at Ashford ;
and 6,1801. for rates and taxes on the Reading branch,
leaving a balance available for dividend of 100,2391.
From a comparative statement of the passenger traffic it
appears that the increase on the main line and branches
during the half-year ending the 31st of July last, as
compared with the corresponding period of last year,
amounted to 13,871/. ; on the North Kent line, to
4,3531.; and on the Greenwich, to 3441. The increase
in the goods traffic amounted to 14,0211. The total in-
crease in the traffic for the last half-year, as compared
with the corresponding period of 1852, was 36,2731.
The through traffic to and from London and Folkestone
showed an increase of 8,6771., and to and from Rams-
gate and Margate to 1,9471. over the corresponding
period of 1852.
The receipts on revenue account for the half-year ex-
ceed those for the comparative half year of 33,7021., and
the charge for working expenses, renewals, rates, and
Government duty, for the same period, are increased by
the sum of 18,470/. The balance of profit, 204,604/., is
larger for this than for the comparative half of last year
by the sum of 15,2311. The charges for rents, interest,
Parliamentary expenses, &c., are larger on this occasion
by the ,-um of 6,0231. They include 6,1801., the amount
of the award made by the arbitrator to whom the claims
for rates on the Reading, Guildford, and Reigate branch
for the years 1850, 1851, and 1852 were referred, who
charged the assessments on the rental paid by the com-
pany, and not on its net earnings, which having been
nil, the assessments should, as the directors had been
advised, have been also nil. In obedience to the reso-
lution of the proprietors at the last half-yearly generalc
meeting, the directors sold the stock which hado b. ,3otun
rne
forfeited for non-payment of calls at 751,
which made good the sum due for,,calls, and pedr l
alOso/
5,6351. k
due on interest account. The profit a
commences with a balance on this occasion loss account
asion of 1,5201.
against 4,2691. last year ; the amount available for
this time
dividend, 100,2391., is 6,459/. more than
last year. In the half year ending on the
1852, the number of miles run by engines was
1,221,840 ; the coke consumed was 12,655 tons ; the
total cost being 11,0821., or 2.1768 d. per mile. Dur-
ine the last half year the number of miles run by
engines was 1,435,332 ; the coke consumed was
15,713 tons ; being an average of 24'52131b. per miles
at a cost of 14,8861., or 2'4891d. per mile. The engine,
therefore ran 213,492 miles more last half-year than in
the corresponding half of the preceding year, and con-
sumed 3,058 tons more coke, at an increased charge of
3,8031. The total running of the engines has cost
7'977d. per mile, which includes 2•549 d. per mile of re-
pairs and renewals. The carriage and waggon stock of
the company is in good order. There has been a larger
than usual amount expended during the half-year in re-
newals, which include the construction of 15 new pas-
senger carriages, and 23 new waggons • besides the en-
tire renovation of 155 other vehicles. 'The carriage su-
perintendent reports the stock to be well maintained.
The returns of the Reading, Guilford, and Reigate line,
since its opening on the 24th of October, 1849 have
been as follows :—Ending the 31st of January, 1850,
7,6661. ; ending the 31st of July, 1850, 11,1861. ; the
31st of January, 1851, 13,6871. ; the 31st of July, 1851,
14,7001; the 31st of January, 1852, 16,8111. ; the 31st
of July, 1852, 14,769/. ; the 31st of January, 1853,
19,0931; and for the half-year ending the 31st of July,
1853, 19,4871. The time for extending the line at
Reading to the Great Western station is limited to one
year for the purchase of land, and to two years for the
completion of works. The act for constructing the
railway from Strood to Maidstone limits the time
for the purchase of land to one year, and the time
for the completion of the works to three years from the
4th of August last. The act for dissolving the Canterbury
and Whitstable Railway Company, and for vesting in the
South-Eastern Railway Company the undertaking of the
South-Eastern and Continental Steam-packet Company,
and for raising 500,0001. for these and general purposes,
received the royal assent on the 4th of August. The re-
port of the committee recommends, in order to facilitate
a settlement, that the working of the ships from the Ist
of February last should be held on account of the rail-
way company ; the result will place 2,761/. of net reve-
nue at the disposal of the railway company after pay-
ment of interest at the rate of 4 per cent. per annum
on the purchase-money. The above sum of 500,000/.
may be raised on debentures. The sum of 250,0001. for
the construction of the Strood and Maidstone line is to
be raised by shares, and 80,0001. on debentures. The
directors state that having regard to the recommenda-
tions of Mr. Cardwell'a Committee on Railway and
Canal Bills, it may be confidently expected that railway
property will hereafter derive greater security than it
has hitherto had ; and that a comprehensive view,will
be taken of railway matters in future legislation. The
railway from Paris to Bordeaux is completed and open
for traffic throughout its entire length —365 miles. The
works on the unfinished portion of the line from Paris
to Marseilles—that between Chalons and Avignon - are
proceeding rapidly. The traffic over these railways will
prove auxiliary to the receipts of the South-Eastern
Railway.

The report of Mr. J. Morgan and Mr. T. Brown, the
auditors, states that the amount charged to capital
during the half-year ending the 31st of July, in respect
to the main line and branches, is 75,6171., and in re-
spect to new lines, &c., 13,9451. ; total, 89,562/. The
total sum charged to capital account during the half
year for Parliamentary expenses is 14,9621., including
2,5661., the expenses of the opposition to the East Dent
schemes, the greater portion of which should in their
opinion be charged to revenue. The capital account
shows that 10,642,8151. had been expended to the 31st
of July. The amount of consolidated stock entitled to
dividend is 7,433,7001., and of 41 per cent. guaranteed
stock 481,300/. ; total, 5,915,3251., of which 24,0001. is
at 5 per cent., 626,7501. at 4& per cent., 339,5301. at
41 per cent., 512,4451. at 4 per cent„ 95,0001, at 31
per cent., 200,1001. at 31 per cent., and 152,500/. at 3
per cent.

The revenue account for the half-year ending 31st of
July shows 382,9261. had been received, and 178,2211.
expended, including 13,7391. rates and taxes, 14,016/.
Government duty, and 6,2151. renewal of permanent
way, leaving a balance of 204,6041. The reserve fund
shows that 6,2151. was added to it out of the revenue
for the renewal of permanent way and works during
the half-year, and 19,7971. was expended during the
same period, showing a difference of 13,5821. against
revenue on account.

EASTERN UNION.
The half-yearly general meeting of the shareholders of
this company, adjourned from the 26th ult., was yester-
day held at the company's offices, Ipswich, Mr. John
Chevalier Cobbold, M.P., in the chair.
Mr. AYRES, the secretary of the company, having
read the notice calling the meeting, and the report and
statement of accounts, which have already appeared in
the columns of this journal,

_
The CHAIRMAN said that, in rising to move the adop-
tion of the report, it would be his object to detain them as
short time as possible, as the report itself entered fully
into the actual position of the company, on account ',of
the extraordinary, and, to a great measure, unprece-
dented circumstances which had arisen. He, however,
vregrettednrese that it was not in the power of the directors to
to them a perfectly satisfactory account. There
Were
few
was their railwaysle us
a position of so much difficulty as
corn_ ,
P, having to contend with a very powerful
had:ZYcorna.. resided over by able directors, and which
yet, if the ilt rison to them, an overwhelming capital ;
into account,etrests of both companies were to be taken
terms of mutuallat c
o
mp
any
and their own should be on
each other. neeiola-odperation, rather than in hostility to
the past half-year,
the board
to inform them that during
rryl)oard of directors had been some-
what enga.gedgiinvineag
i!anigi. out the views of the share-
holders, in
iaentary effect to such ar-
rangenlents, both with
with the preferential eh, themselves--the
ped, be ir3eh°l(lere—and externally,
With would, he ho
With regard to the latter epnotVal,,to the company;
-eladsuccess of the
that it altogether deended upon"try had been told
, although the
former, and he wasp now extremely
existed opposition against them had been keL as to run them
to great expenses, to find that a feeling
part of those most concerned, to meet the e on the
fair terms. As he had always felt that it N,111:13,,anY on.
terest to make the most of their position, be "aunlr in-
brother directors had tried their hand at negotiations
negotiation which had been, so far as he was concerneda
,
successful, until there had arisen in it an interest which
gave to it a termination different to what they had ex-
pected. Looking at the traffic of their line, they had,
he thought, no reason to be dissatisfied with the result,
although no doubt they would feel that what they had
obtained had been obtained at a most extraordinary ex-
pense. He had been looking at the revenue returns of
the lines connected with this district for the period since
February, 1851 (the time when the agreement was pro-
posed), to the 30th of June last, and had found them in
the aggregate to exceed 2,000,0001., and he was sure
that if during that period they had been working in
amity, they would have increased those returns fully 20
per cent. So much, then, had been their loss upon the
returns, independently of the expenses to which each
company had been put to maintain their position. In
looking at the returns since Ist of July last, they would
find that the receipts of the Eastern Counties and
Norfolk lines had been for the last two months 148,3351.,
against 129,5011. for the corresponding period of last
year,a showing an increase of 18,8341. ; and those of the
Eastern Union 25,1811., against 21,106/., showing an
increase ease of 4,0751. for the two months. They might
then set down the returns of the Eastern Union, as
compared with those of the two other companies, in the
proportion of 1 to 4,showing that although they stood
success
independently their ueeess had been much larger than
that of the other two united. They had then, so far
as traffic was concerned,
no reason to be dissatisfied.
Looking at their expenses a:t
which that traffic had
been secured, however dissatisfied might be at their
t:lheey extent of the amount, they should bear in mindt o
ex-
penses incurred in establishing a
new
communi-
cation upon a different set of principles to
of h
elsewhere, and that although they greatly exaceePerdantised
4 the
working expenses of other companies, they had developed