The Sun.
London, England, 1848-02-12 00:00:00

LONDON, BRIGHTON, and SOUTH
COAST RAILWAY.
The half yearly meeting of this company was
held yesterday, at one o'clock, at the London Tavern,
for the transaction of the ordinary business of the
Company ; Mr. Grenfell, M.P., in the chair. The
attendance of proprietors was very large ; it was stated
that nearly 200 were unable to obtain admission.
The advertisement convening the meeting having
been read,
The SECRETARY (Slr. Buckton) was proceeding
to read the report, when loud cries arose from all
parts of th room for a larger room ; but
The CHAIRMAN stated that the largest room in the
house was occupied.
A GENTLEMAN said there were more out of the
room than in it, and hinted that the meeting would
be a packed and a hole and corner one if they were
not admitted.
The CHAIRMAN repudiated the insinuation with
contempt, upon which great uproar ensued.
Mr. \VILsoN (the gentleman alluded to) did not
wish to be offensive ; he considered that every share-
holder had a right to be present, and if this could not
take place, he should withdraw.
The CHAIRMAN said he was entirely in the hands of
the meeting. He was most anxious that every pro-
prietor should be present.—(Loud cries were then
raised for an adjournment, which appeared to proceed
from the majority of the meeting.)
The CHAIRMAN explained that they had sought the
large room, but they found it had been engaged on a
Friday for the last two years.
Several gentlemen here stated that a great number
in the room were not shareholders, and that they had
got surreptitiously into the meeting.
Mr. CASH suggested that they should either adjourn,
to meet in the large room, or the Hall of Commerce,
at four o'clock.
The CHAIRMAN said he had other duties to perform
at the time mentioned. He had to be at the House
of Commons to support the Jewish Disabilities Bill—
he would allow nothing to interfere with his duty to
the Jewish body.
Mr. WisnAw proposed that they should adjourn
until one to-morrow, which was seconded.
Mr. TAYLOR hoped that efficient means would be
taken to admit none save the shareholders and the
press.
Ultimately, after much discussion and delay, a
motion was carried that the meeting should be ad-
journed until eleven on Monday, in the large room.
The following is the report prepared for presenta-
tion to the shareholders, which, from its importance,
we give in eitenso
" In sabmittieg the following report for the half-year
ending 31st December, 1847, your directors regret that
the traffic of the company has suffered from the pressure
of the times and the extraordinary crisis in the commer-
cial world, which have affected every branch of industry
throughout the country.
" The gross earnings of the half-year are 250,6101.,
showing an increase of 23,899/. over the corresponding
period of last year. The additional mileage on which
this excess has been obtained is thirty-four miles, includ-
ing the Keyener Branch, opened in October but not
the Newhaven, opened on the Bth of December last. An
analysis of the traffic shows the following results :—On
the trunk line between London and Brighton, as com-
pared with the corresponding half-year of 1846, the re-
ceipts are less by 15,0271.; and on the Croydon line by
2,080/.; a similar comparison cannot be established with
the new lines, as a large portion of them were not at that
period open; but the decrease of revenue on the trunk
lines demonstrates clearly the effect of the times, and
must lead to the conclusion that the development of the
extension lines has been checked and impeded by the
same causes.
" In reference to the progressive growth of railway
traffic, when unimpeded by extraordinary causes such
as have marked the year 1847, the following statistics
are submitted for consideration. The receipts on the
Brighton Trunk Line, prior to the opening of any of the
extensions, in the six months ending-
-1842 were 104,5341. t or 1,850/. per mile,
1843 „ 113,314/., or 2,005 per mile, or 8i per cent.
increase,
1844 „ 128,5251., or 2,2751. per mile, or 13i „
1845 „ 143,964/., or 2,5481. per mile, or 12 „
showing an increase is 1845, as compared with 1842, of
38 per cent., or proceeds equal to 2,5481. per mile. In
the year just ended the receipts on the same portion of
the line were only 1,9771. per mile, clearly showing
the influence of the times upon the traffic of your rail
way. Upon the whole length of the line now open, the
proceeds amount to 1,649/. per mile during the last half-
year.
"Your directors have now to advert to the subject of
expenditure. There is a considerable increase under the
head of maintenance of way and works, which arises
from the increased mileage at the charge of the company
since the last report.
" The next increase, a very serious one, is in the loco-
motive department, attributable not merely to the ex-
tended mileage to be worked, the high price of coke, and
the advanced rate of freight ; but also to the fact that
one of the manufacturers failed in his contract for the
delivery of a large number of engines, intended to meet
the exigencies of the autumnal traffic, by which the ex-
penses of keeping up the working stock in a state of
efficiency were seriously augmented. A large supply
of engines has, however, since been received, which
will ensure a more economical working of the
traffic ; and in the important item of coke, also, a
considerable saving will be effected, inasmuch as large
quantities have, of necessity, been purchased, in conse-
quence of the company not having the means of mak-
ing sufficient for their owa consumption. The coke
made by the company is less costly and of far superior
quality to that which has been purchased ; and, as
additional ovens have been built at Kingston, and
others will shortly be erected elsewhere, the company
will be enabled to supply themselves with nearly all
they require.
" It may be desirable to inform the proprietors, that
no charge for engines, carriages, or other stock is car-
ried to capital, except for additions to the number of
each class, rendered necessary by the extended mileage
of the company.
" Under other heads of annual charge, your directors
would be misleading the proprietors were they to hold
out hopes of any material diminution. They have
effected as great reductions in the expenses incidental to
the working of the line as they deem compatible with
its efficiency; an exception, however, must be made in
the case of the London-bridge Station, where a con-
siderable reduction is contemplated, and which is one of
the beneficial results likely to arise from the friendly
relations now subsisting between the South-Eastern and
this company. Your directors also propose the re-
linquishment of the remuneration hitherto paid to them
for the management of that station.
" The fgaettnt of capital upon which the dividend :is
now payalte greatly exceeds that of the corresponding
period of last year, arising not only from the increase of
share capital, on which the balance is divisable, but frem
the interest heretofore deducted upon unproductive
capital being now altogether charged to the current
revenue, from the dates of the respective openings of the
additional lines.
" Your directors, under the circumstances above re-
ferred to, can only announce a dividend equal to 11. per
50/. share ; such dividend, if it have not the merit of
being large, has at least that of being just ; and they
are confident, that if the propritors maturely weigh the
present position of the company in all its bearings, they
will have well-grounded hopes for the future.
" Since the last report the Keymer and Newhaven
Branches have been opened. The benefit derivable by
the company from these lines will be considerable as
soon as the communication with Paris from Dieppe is
completed, by the opening of the Dieppe Railway,
which is expected to take place in March next. Not-
withstanding the existing disadvantages, however, this
company has carried about five thousand passengers
within the space of three months, during the autumn, in
connexion
nenta, with the boats of the Brighton and Conti-
team-packet Company from Shoreham. The
Hailsham, Uastbourne and Deptford Branches have
been suspended for the present. The Branch to Hors-
ham is ready for opening, and has received the approval
of the Railway Commissioners.
No definite arrangement has yet been carried out
between the Brighton- and Portsmouthu t , from
hu Companies,
feeling
which ut
your directors entertain no don
exists between the respective boards, that their pro-
ceedings will be regulated by a due regard to the in-
terests of all parties. Inaddition
to the shares in that
undertaking which were formerly
property of the
Croydon Company, your directors,
in
with the Ports-
thaccordance with
osha
the arrangements for the amalgamationoo
requisite res the
capital;re i , a s
mouth Company, subscribed for
your trustees, in order to complete the
the agreement having precluded the shareholders in the
Portsmouth Company from participating in any capital
beyond the amount then subscribed,
" Your directors have the satisfaction to announce
that an arrangement with the South-Eastern Company
has been entered into, which is founded upon the fol-
lowing basis, via.:—That the tolls payable by the one
company to the other, for the use of their respective
lines between London-bridge and the Croydon Junction,
are commuted,—the South-Eastern Company granting
to this company the free use of the Bricklayers' Arms
line and station ; they also assign in perpetuity nearly
five acres of land at the Bricklayers' Arms station, as a
goods depZit for this company, and remit the payment
by this company of 25,0001., for the third line of rails on
the Greenwieb viaduct.
" By the substitution of the Bricklayers' Arms Station
for goods in lieu of New Cross, this company will effect
a saving in cartage and other expenses incidental to the
goods traffic; and by the facility afforded, an augmenta-
tion of this traffic is expected. A collateral advantage,
ofo ordinary importance, will also result in the dimi- '
nutni
on of the outlay which must otherwise have been
ncurred at the Limdott-bridg
" A resolution will be submitted ontetdattioth'e meeting for the
conversion into stock of the fifteenth shares, amounting
to 38,0001., whereon five perl cent. preference interest has
been abandoned since the :Ist meeting.
" It is proposed to take
176,5981., under the authoritya pwera to borrow on mortgage
passed
dofinthe several Acts for
making the branch lines, p
years of the reign of her present Majesty.the9th and 10th
2a
"Four of the directors, Edwari Wigan, Edward
Crowley, James Whiskin, and John Esquires,
retire, pursuant to the Act of Parliament, but are eli-
gible for reelection, and will offer themselves accor-
dingly."
The accounts, which were very elaborate, showed the
expenditure for I the half-year to have been 119,8861.
6s. 5d., the receipts 251,076/. ss. 2d., and the available
balance for dividend 131,1891. 18s. 9d.

Lord Portman had an interview with Sir George
Grey yesterday, at the .Home office.