The Sun.
London, England, 1848-08-28 00:00:00

LONDON and SOUTH-WESTERN
RAILWAY.
The half-yearly ,meeting of this company was held on
Friday at the Nine- elms station, Vauxhall. The attend-
ance of shareholders was so numerous that an adjourn-
ment from the board- room to the large goods-shed became
necessary.

-Idr-..--(2haplin, M.P., chairman of the board of directors,
presided.
Mr. TAUNTON, assistant-secretary, read the directors' re-
port, which was as follows
" The directors first request the attention of the proprietors
to the half-yearly account of receipts and expenditure--

B. d.

The gross income for the half-year ended
30th of June last amounts to .. ... 218,587 36%
The working expenses during the same
period amounted to ... 118,729 9 7%

From which balance there must be de-
ducted interest on borrowed capital
applied to finish lines, 14,570/. 17s. 9d.,
and 8,000/. carried over to the credit
of the new capital, 1845, in respect of
the company's subscription thereout
towards the Southampton and Dor-
chester Railway •• ... ...

99,857 13 11

22,570 17 9

Showing a balance applicable to divi-
dend of
.£-7 286 16 2
"Out of this balance the directors recommend the payment
of a dividend, at the rate of six per cent, per annum on the
Company's Consolidated Stock, subject to income-tax.
There will then remain a sum of 1,235/. Os. 2d. to be carried
to the credit of the current half-year.
"The Metropolitan Extension line and Waterloo station
were opened on the 11th ult. Every exertion had bean used
in order that these works should be completed at an earlier
day, and arrangements had been made in anticipation of the
traffic commencing on the 30th of June last; but an unex-
pected delay was occasioned by the Commissioners of Rail-
ways withholding their certificate, and although the public
opening was thereby only postponed a few days, it was a
matter of great concern to the directors, on account of its
effect upon the interests of a section of the proprietors.
Efforts were in vain made to induce the Commissioners to
take a more favourable view of the subject, and nothing,
therefore, remained but to submit the bridge, of which the
possible insufficiency was suggested, to stronger tests, and to
finish more perfectly those parts of the works, the state of
which, although substantially complete, had not been deemed,
satisfactory. The experiments which followed fully vindi-
cated the judgment of your engineer, and removed all doubt
from the minds of the Commissioners as to the perfect. sta-
bility of the works, whilst a few days further labour was
also sufficient to remove those objections which rested on
the real or apparent incompleteness of the line, and the whole
being duly certified, was open for public use after ten days'
delay.
" The coast line between Fareham and the Chichester and
Portsmouth Railway at Cosham is ready for use, and an in-
crease of east and west going traffic must follow the comple-
tion of the coast communication.

" The Hampton Court branch is in a state of forwardness
and the traffic will shortly commence.
" The extensions to Farnham, Godahning, and Andover
are in satisfactory progress, and will, before next summer, be
adding to your revenue.
" An Act for authorising the amalgamation of the South-
ampton and Dorchester Company with this proprietary has
received the royal assent. It authorises the creation of
shares to the extent of 31,3501. in this company to replace
shares to that extent given in exchange to some of the
Southampton and Dorchester proprietors, and arrangements
having, with your sanction, been already agreed upon and
in part effected, with reference to all the shares in that com-
pany not originally subscribed for out of the South-Western
capital, nothing beyond matters of form now remain to per•
feet the union of the two companies. By one of the pro—
visions of this Act Mr. John Mills, heretofore a director ,of
the Southampton and Dorchester line, has become a director
of this company.
"The directors congratulate the proprietors that the long-
pending contests with respect to the Salisbury and Exeter
Extension lines have been at length brought to a close. The
prudence of continuing in the present session, rather than
postponing to a future one, the application for these Bills has
been amply proved; inasmuch as the further contest in the
House of Lords was limited to five days only, and the Acts
have therefore been obtained at a comparatively slight in-
crease of expense. The proprietors are reminded that no call
beyond the deposit on the capital subscribed for these lines
can be made before July, 1849; no active measure will, there-
fore, be taken for the present respecting them.
" The application for Parliamentary powers in respect of
the Taw Vale and Exeter and Crediton Railways was not
attended with success. It was unavoidably heard in Com-
mittee before the Salisbury and Exeter lines had been sanc-
tioned, and therefore under circumstances of disadvantage.
This company's relations in that district will continue to re-
ceive the attentive consideration of the board, and there is
little cause to doubt, that with the continued confidence of
their proprietary, the directors will yet be able to obtain
results beneficial to the company and satisfactory to their
allies and to the public.
"Powers have been acquired for making the several minor
extensions and improvements mentioned in the last reports,
subject to unimportant modifications. After much opposition
from existing steam-packet interests, the company have also
been authorised, for 14 years, to purchase and work steam-
packets between those ports on the southern coast with which
the South-Western Railway is connected, and France and
the Channel Islands.

" In the Windsor district the directors feel that the events
of the past halt-year are very satisfactory. Under their
original powers the Windsor, Staines, and South-Western
Company have, with great rapidity, completed their line be-
tween Richmond and Datchet, and they are making progress
on the loop line by Brentford. The former line has been
placed in the hands of this company, and was opened for
public traffic on the 22d inst. By original subscription and
subsequent purchases this company have become owners of
the principal part of the Windsor capital; and as the exist-
ing agreement does not provide for the terms on which this
company shall lease and work a part only of the Windsor
Company's lines, and it is expedient, during a temporary ar-
rangement, to avoid the keeping of the separate accounts of
earnings and expenses incident to the ascertaining of a profit
rent, the directors of the two companies have agreed (subjeetto
the approval of the shareholders) that the completed portion
of the Windsor line should be worked by this company, for
the present, at a fixed rent of .51. per cent. per annum upon
the paid-up capital. This rent may probably be considered
high, while the lines are only open in part; but the extent
of this company's interest in the Windsor capital, and the
convenience which will result from avoiding the expense and
trouble incident to fixing a profit rent, induce the directors
to recommend the arrangement.
With respect, to the proceedings of the Windsor Corn-
pony in Parliament during the last session, the results, al-
thongh differing from those which the company sought, are
not unsatisfactory. 'rite company were compelled by the
Commissioners of Woods, in the session of 1847, to adopt a
station, certainly not so convenient for the town of Windsor
as would otherwise have been selected; but it was then un-
derstood that the Commissioners would allow no other to
them, or to their competitors. The Windsor Company, there-
fore, took measures for opposing the Great Western Com-
pany's proposal to make a Windsor branch ending nearer to
the town than the station prescribed last year; but her Ma-
jesty having graciously consented to an extension of the
Windsor, Staines, and South-Western line from Dachet across
the Home Park into the town of Windsor, every object of
the Windsor Company has thus been attained. The exten-
sion from Dachet to Windsor will be immediately proceeded
with, and will, of course, be included in the lease to this
company.
"The total amount of capital authorised to be raised on
the terms sanctioned by the special meeting of November
last, by Acts since passed, is as follows : X.
Salisbury and Yeovil Extension Act
Exeter, Yeovil, and Dorchester Railway Act 900,000
(If to purchase that line, 500,0001. additional.)
London and South-Western Company's
Amendment Act, 1848, including 100,000/.
•
for the purchase of steam-packets

2,015,000

or 120,000 shares at 161. 13s. 4d. each.
"The total amount actually subscribed for is
1,70.1,333/. 6s. Sd., or 102,260 such shares.
" The directors propose that the scrip representing the
latter amount should be called in, the shares registered, and
the interest paid to the registered holders ; and believing
that the consolidation of these thirds into shares of 501.
each would be beneficial to the proprietors individually, and
to the company, the directors recommend that the opportu-
nity afforded, on the registration of the scripholders, should
be made available for effecting this operation. A similar
proceeding, with reference to the Thirds of 1847, and the
401. shares of 1845 would be attended with like advantage ;
and the directors recommend its adoption, and also the con-
version of the fully paid-up 501. and .101. shares of 1846
(consolidated tenths) into transferable stock, at such re-
spective periods as the board may hereafter fix, having
regard to the. convenient working out of these various
changes in the treasurer's office.
" In conformity with the wishes expressed at the last half-
yearly meeting, the directors have caused copies of the ac-
counts appended to this report to be circulated among the
shareholders, and powers have been obtained from Parlia-
ment for the appointment of auditors. The selection of two.
shareholders to fill this office rests with the proprietors.
" The directors are sensible that the returns to the credit
of revenue, exhibiting an increase of only 26,155/. upon the
corresponding half-year of 1847, will disappoint the expecta-
tions of the proprietors; but apart from the unparalleled
depression in commerce, and the prevalence of distress
throughout the country, it must be recollected that of
hav the
100 miles now worked by this company, about one-half e
been so recently opened as to 'have afforded no sufficient
time for the fair development of their resources; whilst the
expenses of working these new lines are as heavy as they will
be with a greatly increased traffic.
" The directors have only to add an expression of their
confidence, that, with the returning prosperity of the country
and a more settled state of the continent, the
which receipts of your
undertaking will equal the expectations have been in
pan rodvii will
result the Loinud aon
greatter
development of traffic. At the same time the directors have
better times entertained; and, upon the short practical ex-
perience they have yet .enjoyed, they see no cause to doubt
mthiantusthhesslabrgeeen
expenditure
ad
ey
made, and
felt called upon, by the diminished rate of earnings, to insti-
tute still more strict examinations into the workings of every
part of the line; and the proprietors may rely, that whilit
freely admitting the public right to liberal accommodation,
the i
n directorstm ent, willaci, of nevertbefocrogme tpthatithe i
tsfi rsto constitution,bjec tof tr.?
reapaa fair s
breemeuniarberlaedtiotno fnoireeytotuhre just investments.expectatioTnhs
thecoof
trust that by watchful attention to these principles, they
they-
,tB,,,,p,irpl,,lolw
's accounts has already
ecausesthwat the
theApnroalbirsitertaocrts aorfulththeehiaailbf-lyic."
ear
pert be received and
adapted, hadre contributed to the ap-
peared,rlie ci
IsoAauli
irdt,cmotAlluNi
an,
tiini movingtis.
ti
present depressed condition of railway property were beyond
h'emYnorth of En
board of directors. if they found that
trl,iehevuayntsrkidn I.'
commerce,tv :Incas,
tri ou traversingsi3.
atreettheed scatsintheir
the success of which
manufactures and
receipts, how much moremightorrutainly(flepended upon the prosperity of
it be expected that their line,
the more populous portions
thel
upon whom they had been de endar.t
the general depression e
fs to,
rbetui.
foreign
summereti
hgen
shipments t r a ffi c
kingdom,hh should suffer in
been seriously affected from these causes, merchants
had been unable to carry onP their usual trade, an thus
the progressive growth and development of the resources
of the line had been entirely checked. The company had
also 90 miles of new lines which had been barely opened
within the last twelve months, and the traffic upon these new
lines had not had time to develope itself. The revolutionary
disturbances in France had likewise cut off a great deal of
passenger traffic which would otherwise have arrived by
their steamers. The primary origin of the present commer-
cial depression might be stated to be the scarcity of food ;
li
thence followed general financial pressure and derangement,
and this was succeeded by revolutionary movements through-
out Europe. Lastly, he might mention a continuance of un-
favourable weather, which had most seriously interfered
with their traffic, and with the reaction upon which their
district t 0 much dfouded,—(Bear,) Ha admitted that tit