The Sun.
London, England, 1840-08-31 00:00:00

LONDON AND SOUTH WESTERN
RAILWAY.

On Saturday, at a meeting of the Proprietors of this
Company, the following report having been read, was
unanimously adopted :
REPORT CF THE DIRECTORS OF THE LONDON AND SOUTH
WESTERN RAILWAY COMPANY, TO THE TWELFTH HALF-
YEARLY GENERAL MEETING OP PROPRIETORS AUGUST 29,
1840.
The directors of this undertaking, at the twelfth
hall-yearly general meeting of its proprietors, report
the following statement of the finances of the Company
to the 30th of June, 1840 :
CAPITAL ACCOUNT.
RECEIPTS.
On Calls £1,376,056 0 0
Do., Gosport Branch 140,940 0 0
Loan on Debenture
Bonds
Interest

0
7
-X2,150,609 9 7

PAYMENTS.

Expenditure on raising
the capital, procur-
ing Acts of Parlia-
ment, &c.
Land and compensa-
tion, law charges for
conveyancing, sur-
veying, and valuing 291,200 2
Works, comprising
cuttings and em-
bankments, bridges,
culverts stations,
temporary buildings,
fencing, draining,
&c 1,114,605 5
Iron Rails, chairs, and
sleepers ... 340,006 0
Waggons, implements,
tools, and stores . 59,566 4
Engines and carriages, 140,325 16
Surveying and engi-
neering
Salaries and wages,
rent and taxes, print-
ing and stationary,
postage, travelling,
and other incidental
expenses .........
Directors' expenses,
from the commence-

mint of the under-
taking
Debenture,bond stamps
and brokerage
GOSPORT BRANCH.

5,350 0 0

Parliamentary and law
expenses 4,829 2 3
Land and compensa-
tion, surveying and
A A Cairn. 36,597 6 10
Surveying, and engi-
neering
Interest on calls paid... 2;083 15 3
Works in progress

86,643 7 10
Balance 9,579 16 4

X 2,130,609
REVENUE ACCOUNT.

RECEIPTS.
Balance of last account 1,071 3 11
Traffic from Ist Jan
to 30th June 87,157 6 2
Pier Dues ......... 479 19 1

88,708 9 2

Less interest on deben-
ture bonds 11,715 9 10

9 7

£76,992 19

PAYMENTS.
Maintenance of way £11,374 17 1
Locomotive p ower,viz. :
Coke, oil, cotton
waste, repairs of en-
gines and tenders,
men's wages, repair-
ing and engine dri-
vers, and coke fillers;
also salaries of su-
perintendents, &c. 1 ti,2511 18 8
Coaching and carrying,
viz.:—Mileage du-
ty, clerk's salaries,
guards and porters'
wages, repairs of car-
riages, truck and
horse boxes, clean-
ing and oiling car-
riages, printing and
stationery, advertise-
ments, rates and
taxes, insurance, an I
other incidental ex-
pen sea
Police

41,838 3 2
Balance

£76,992 19 4

" The Directors in their last half yearfy report stated
that • they had the strongest assurance that the future
line from London to Southampton would be available
to the public in May next.' They have now the satis-
faction of meeting the Proprietors, after having re-
deemed that engagement by opening the entire line to
Southampton on the 11th of that month. In the re-
port which was presented to the Proprietors of this
railway in August, 1837, and which was printed and
circulated together with a statement of present and
prospective traffic, it was shown that the then existing
stage coach passenger traffic would produce at railway
prices 1:23,824/. 2s. Bd. per annum. It has been
usual in all cases to assume soma rate of increase,
when the facilities afforded by a railroad shall have
been developed, and in this case it was assumed that
the traffic would be doubled. It was not, however, ex-
pected that this increase would take place all at once,
but that it would be a gradual consequence of the
comparative cheapness, quickness, and personal com-
fort of railway travelling.
" This statement scarcely obtained credence with the
public,
and such of proprietors as took the trouble of
investigating it rather hoped than relied on it 3 realiza-
tion. The experience of the last three months, how-
ever, fully justifies the estimate of passenger traffic.
The Directors are aware that in quoting the three
months from the 11th May (the day on which the rail-
way opened) thoroughout, to the 10th August, they
must be prepared for a considerable diminution of the
receipts during the winter months ; but even making
due allowance for that diminution, the result will show
that the passenger traffic has at once come up to the
Directors' estimate of double the amount of existing
traffic, according to the report of August, 1837.
" That statement showed an existing stage-coach pas-
senger traffic, which would, at railway prices produce, per
annum £123,824 2 8
It assumed that this traffic would be
123,824 2
doubled
And that the passengers then travel-
ling by post-horses would produce... 11,331 4 8

Making altogether per annum £269,979 ;0 0
" The passenger traffic for the first three months of
the entire opening of the railway, namely, from the
1I th of May to the 10th of August, has produced
75,1401. 19s. 3d., and if an account were taken, of the
traffic during the months of July and August, it would
show that upwards of 1,0001. per diem had been re-
ceived, Sundays included. It must be borne in mind,
that although a considerable proportion of the Ports-
mouth traffic goes now by way of Southampton, yet
from the comparative difficulty of conveyance, which at
present exists, and which will exist until the Gosport
branch is opened, much of the Portsmouth traffic is
still confined to the turnpike roads.
" 'The advantages of Southampton as a steam-packet
station are beginning to be appreciated. The facilities
which steam-vessels will afford to passengers between
Southampton and the south-western coast of England
are also becoming apparent, and promise great results.
" The traffic in goods up to the present time, bas
fallen short of the estimated quantity, but the Direc-
tors entertain full confidence of a very large increase.
All experience shows that time is necessary to the re-
moval of goods traffic from the previously existing
modes of transport. The Directors believe that their
present rate of charge for conveying goods is sufficiently
low, when contemplated arrangements and regulations
are matured, to secure to the railway the carrying of
a large proportion of the goods which pass through the
country.
" The present large passenger traffic will necessarily
lead to an increased outlay for additional carriages and
engines.
The operation of the land-tax upon undertak-
ings of this description, increasing in its amount in
proportion to the improvement of the property,
and thereby making the augmented value a ground
for additional taxation, has induced the Directors
to enter upon the redemption of this impost from
one end of the line to the other, and although
it will cost a considerable sum, it will, in reference to
permanent current expenditure, be found consistent
with the best economy. The Company have, unex-
pectedly, been called upon to build a bridge at Northam,
near Southampton, which will cost, together with the
expenses of litigation, a sum of 4,000/. ; a bridge also
at Swathling, which it is expedient to build in reference
to the security of the public, will cost 1,5001. more.
" These different items will, probably, amount to
22,0001., and is to be added to the deficiency of 70,000/.
to 80,000/. which the Directors at the last half-yearly
meeting represented as the sum which apparently would
be wanted to complete the whole undertaking.
" From this there is, however, to be deducted the
amount of 23,5451., the profit made upon the sale of
the reserved shares ; this still leaves a deficiency of
78,5001., an amount of deficiency not exceeding that
which was stated at the last meeting.
" The whole of the Gosport line and all the materials
needful. for its capllcetoinotnr,acttoegdetfhore.r withe theh
ositea
of
tntialet
Gosport, have withinn,, a quantity which
land also has been purcha:.d.
cannot require a sam exceeding suv..
" The Directors, in this state of the Company
so far advanced towards completion, and reduced by
positive contracts to so narrow a compass, venture to
express their confident belief that the sum of 70,000/. to

-'‘ affairs,