The Sun.
London, England, 1849-01-26 00:00:00

LONDON, BRIGHTON, AND SOUTH COAST.
The sixth ordinary meeting of the Lendon, Brighton.
and South Coast Railway Company was held yesterday
in the Bridge-house Hotel, Southwark ; Mr. Laing,
chairman of the company presided. There was a nu-
merous attendance of shareholders.
The SECRETARY read the report of the directors for
the half-year ending Dec. 31, 1848, from which it ap-
peared that the actual amount of capital raised up to that
date was 6,950,0401., which amount, with the exception
of 110,4921, expended on the Thames Junction, Hail-
sham, and Eastbourne branches, will receive dividend
out or revenue. The werks is progress being so near
completion as to be ready for opening in the course of
next spring, the directors repeat with increased confi-
dence the assurance given at a former meeting, that the
capital account may be closed at a figure not exceeding
7,200,000/, unless an alteration in circumstances such as
a large increase of traffic should render profitable an
additional outlay for objects not at present con-
templated. The report also announced that notice
had been served by the South Eastern Railway Corn
pany requiting the partition of the existing London
Bridge station to be made on July 31, 1850, in pursuance
of the Act of Parliament, and the directors express their
opinion that an outlay for this purpose of 150,000 L, in-
cluded in the estimate of 7,200.000 e, and distributed over
the next two or three years, will not be exceeded. From
the revenue account embodied in the report, it appeared
that the gross earnings of the half-year amount to
258,603/, showing an increase over the corresponding
half ;year in 1847 of 21,1811., which was stated to be
principally due to the development of traffic on the main
and coast lines. The total expenses of the half-year
amounted to 96,8611., exhibiting a reduction of more
than 17,000/. as compared with the half-year ending in
December, 1847. This saving was effected principally
under the head of locomotive power, and in the reduced
consumption of coke and its diminished cost. The re-
port next stated that a considerable saving would for
the future be effected under the head of office charges
and law charges, by arrangements which had been car-
ried out in both departments. Taking the results of
the whole year, the total receipts were 453,4081., and
the total expenditure 187,0561., being 41e per cent, of
the receipts. After recommending a dividend of
2/. 6s. per cent, on the ordinary capital out- of the sur-
plus available for that purpose, the report next
refers to the taxation expenses of the com-
pany, amounting to 21,1801. and the directors ex-
press their hope that the exertions now making by
the united railway interest to obtain relief from the
excessive and unjust burden of local rates, will not be
without effect. As regards the proprietors of the
Brighton Company, the result of this system of taxation
is shortly this—that having expended a capital of
7,000,0001. in a commercial enterprise, by which (al-
though very inadequately remunerative to themselves)
the value of other rateable property in the districts tra-
versed by the railway has been greatly enhanced, and
without throning any additional burden on the rates,
but, on the contrary, giving employment, at high weekly
wages, to more than 1,000 persons within those districts,
they are mulcted in a sum of upwards of 22,000/. a year
(equivalent to 12 per cent. on the net sum applicable
tor dividend, and to a consequent depreciation of
500,0001. in the market value of their capital), for the
benefit of the local ratepayers, who to that extent obtain
an advantage ove r other ratepayers not fortunate enough
to be able to shift their burdens upon a railway com-
pany. This state of things is obviously unjust; and the
directors hope, therefore, that the amount deducted
from the earnings of the railway for taxation will
be in future materially diminished. The attention
of the proprietors was next drawn to the sub-
ject of the establishment of a " rest," or reserved
land, to meet the increase of expenditure which
must take place in renewals of the permanent way
and rolling stock, when the principle of closing the ca-
pital account is carried out ; and the directors, in con-
clusion, expressed their confidence that the more closely
examination was directed to the position and pros-
pects of the property entrusted to their charge,
the more clearly would it appear to stand on
a sound basis, and be of an improving nature.
file chairman, in proposing the adoption of the
report, said that it altogether superseded the neces-
sity of his making any remarks regarding the position
iu which the company then stood, the state of their
affairs being fully disclosed by it. However flattering
might be the anticipations which it was possible to draw
from the present condition of the company as compared
with that of the past year, he felt that the proper course
for him to pursue was to abstain from them altogether,
because if they should happen to be falsified by events,
public confidence would be shaken in himself and those
with whom he was associated, and the conclusion might
be drawn that all other statements put forward from the
same quarter were equally fallacious. He then entered
upon a minute and lengthened explanation of the
various items of expenditure embraced by
the accounts stating the objects which the di-
rectors had in view, and the reasons by which
they were influenced in incurring them. With respect
to the item of 21,000/. expended on the Croydon At-
mospheric Line and Epsom Branch, he stated that no
more than 8001. was laid out on the Croydon line during
that half year, the remainder of the whole amount being
applied to the settlement of the accounts of the con-
tractors for the Epsom branch. In reference to the
question of the propriety of providing a reserve fund to
meet the depreciation to which the permanent way and
rolling stock was subjected, he thought that the directors
had acted wisely in throwing out some observations cal-
culated to call the attention of the meeting to a subject
of so much importance, but which was at the same time
involved in much doubt and difficulty. The enormous
items under the head of taxation could not fail to com-
mand the attention of every proprietor. He had him-
self a strong feeling as to the impropriety of the heavy
taxation placed upon that most important of all inven-
tions—a railway, and ho trusted that all persons inte-
rested would exert themselves to obtain relief from a
burden which pressed so heavily. In concluding his
remarks on the report, which were received with evident
satisfaction by the meeting, he stated that he was ready
to answer any questions which might be put to him, with
the view of obtaining any further elucidation of the affairs
of the company.
Captain KELLY said that he did not observe in the
balance-sheet any account of the surplus land belong-
ing to the company, and said to be worth between 40,000/.
and 50,0001.

The CHAIRMAN said that arrangements were making
by which it would be brought into the market in the
ensuing spring and summer; but it was not at present
introduced into the accounts because nut immediately
available.

Several other questions proposed by the same gentle-
man having been sataactorily replied to by the chair-
man, a brief discussio❑ took place respecting the advi-
sability of establishing a depreciation fund. Much di-
versity of opinion existed on the subject, but the conver-
sation was brought to a close by the announcement that
the question vv,is not regularly before the meeting, the
report not having been adopted.
The report having been adopted, a resolution was
passed declaring a dividend of 21. 6s. per cent., payable
on the sth of February. Resolutions were also adopted
for converting into stock such of the eighth shares (1))
in aspect of which the whole of the calls having been
paid, and also into a six per cent. stock of such of the 61X
per cent. shares (G) on which Al calls are paid up.
Mr. WILKINSON drew the attention of the meeting to
the affairs of the Brighton and Continental Steam-packet
Company, who were set down in the balance. sheet as
debtors to the Brighton Railway Company to the amount
of 15,1881. He contended that the steam-packet com-
pany had large and just claims upon them, and he pro•
posed a resolution to the effect that these claims should
be referred to the consideration of persons competent to
decide upon them.

A long' conversation ensued on this topic, which was
brought to a close by the adoption of an amendment to
the effect that the steam packet company should not be
pressed for their debt till meeting, when the subject
could be again brought forward, and in the meantime a
statement, informing the proprietors of the exact posi-
tion of affsirs between the two companies should be cir-
culated.

Messrs. S. Laing, C. S. Crowley, and J. Wishaw, the
three directors who go out of office by rotation, having
been re• elected, the customary vote of thanks to the
Chairman was passed, and the meeting dissolved.

MALTON AND DRIFFIELD JUNCTION.
The half-yearly meeting of this company was held on
Monday at Mallon; the Earl of Carlisle in the chair.
The report stated that the York and Newcastle Company
had further postpcned the construction of the Thirsk
and Mahon branch, upon the completion of which the
success of the Malton and Driffield line must depend.
Mr. Hudson had assured the directors that it was in-
tended ultimately to construct that branch. In conse-
quence of the postponement alluded to, the directors
i
suspended the works of the tunnel on the main line until
the end of next March, by which time they hope that t
present improving appearance of commercial matters
soon as
would be confirmed. It was intended
as
d made with
possible to open the line from Driffield to the tunnel for
local traffic, under an arrangement already
The arrears
the York and North Midland Company
'•
in
d legal pro-
payment,
ofth e callsm
money
ndeuye ammaoriu,entt, t;hlo6,doioroeeLterpso a_Licianpgiesi:t./Z
calls' but now that
ceeding to compel the payment f
the names of parties in
money is easy, they have
arrear to the solicitors to procuredue
they bring anxious to pay the balance by the COM.
given
n immediate
puny to the bankers. .
ted that 3`, •
The engineer's report -ta -8 3 ard3 in length
completed ; that the necessary ste.
coal depots at Dm add will be commenced
Lions and . . t'•
as the junction with the Hull and Bridlington
so soon
is
Itailvt ay Is completed. The accounts to the 31st of De-
cember last showed that 100,314/. had
cernbeen received and
110,=
)5sL expended, leaving a balance
due to the banker
of 9,744?.
After a short conversation, the r
and the retiring directors and auditors Fports were adopted,
A vale of thanks was - a were re-elected.
passe to the chairman, and the
meeting, separated.

RAILWAY Acs THE 'snuff's OF SUEZ.—So great
is the traffic becoming between this country and her
Indian empire, China, and Australia, by the facility
afforded by the late Viceroy Ibrahim Pacha, and his
father, across the Isthmus, from Alexandria to Suez,