The Sun.
London, England, 1851-02-19 00:00:00

RAIL WAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.
The half-yearly general meeting of the proprietors of
this company was held yesterday at the Station, Nine
Elms. The chair was taken at twelve o'clock, by W. J.
Chaplin, Esq., M.P. The minutes of the previous meet-
ing having been confirmed,
The SECRETARY read the report, from which it ap-
peared that—
•' The net revenue for the half-year ending
December 31, 1850, amounts, after de-

ducting interest on loans, and all other
preferential charges, to £134,367 6 0
The surplus, from June 30, 1850, to

The balance applicable to dividend there-
fore is 136,236 15 5
From which the directors recommend that
a dividend for the half-year, at the rate
of 4 per cent. per annum, be declared,
amounting on 6,641,620/. to .

Leaving to be carried over to the next
half year
" The traffic for the half-year ending December 31,
1850, compared with the corresponding half-year of
1849, is as follows:
" 1849—Miles open, 234; total receipts, 280,021/.
11x. 9d.; working expenses, 109,4151. 16s. 7d.; taxation,
19,025/. 7s. 6d.; net revenue, 148,777/. 19s. Bd. 1850
—Miles open, 242; total receipts, a 08,4361. 16s. I Id.;
working expenses, 109,6391.; taxation, 17,587/. 3s. 10d.;
net revenue, 181,210/. 13s. Id.
ffa" The result is that the receipts are better by 28,4151.
56. 2d. than those of the corresponding period of last
year, while the working expenses have only increased by
223/. 3s. sd.
" The receipts from excursion trains have been about
10,0001., and the ordinary traffic receipts have increased
concurrently with the excursion train traffic.
" In 1844, compulsory enactments were passed by the
Legislature to oblige railway companies to convey pas-
sengers at Id. per mile in third-class carriages, and an
exemption of duty on such fares was put forward in the
Act as an inducement to extend such arrangements.
The directors conceived that when they offered the
means of travelling at a much less rate of fare and on
more favourable conditions in other respects than the
Legislature eonteitplated, affording, as they did, not 6illy
third, bat in many cases first and second-class carriage
accommodation at fares under Id. per mile, exemption of
ditty on receipts so arising would not be denied to them.
In this they have been disappointed; the Com-
missioners of Inland Revenue and of Railways having
refuted to allow of the exemption of duty, unless the re-
cciota arise exclusively from the lowest class of carriage
accommodation. The directors are advised that this is
not the proper interpretation of the Act, as assuredly it
is not in accordance with its spirit, and thoy trust they
will ultimately establish this view. In the mean time it
embarrasses them and other railway companies in the
arrangements they are contemplating for the accommo-
dation of the visitors to the Exhibition of 1851, and it
has tended to diminish the facilities they might, under
more liberal treatment on the part of the Government
authorities, have been able to afford.
" The preparations for the Exhibition of 1851 have
engaged the serious attention of the board. They have
ordered, in addition to their present stock, 64 carriages
of various denominations, capable, of conveying at one time
3,212 additional persons.
" The contracts for the permanent way and works ex-
pired on the 30th of November last, and the whole line
has been relot in two contracts to two responsible con-
tractors. The annual charge of maintenance on that
portion of the line formerly let is, under the new letting,
less by 30,669/. per annum than under the old.
" In pursuance of the instructions of the proprietors,
the directors are negotiating with the owners of land
and contractors on the Alton Line, and will be guided in
their determination to construct this line or not by the
result of these negotiations.
The arrangements by which it is proposed that the
Taw Vale Railway should be opened for traffic, and the
investment of the London and South-Western Railway
Company in that undertaking made to afford a return,
aro in progress, and the Taw Vale Company apply
during the present session for Parliamentary powers to
carry out the plan. It is hoped that this line will be in
a position to be opened for traffic in 1853, when the rent
guaranteed by the lessee will become payable.
" The Exeter and Crediton Railway (six miles long),
by means of which the Taw Vale Railway communicates
with Exeter, has recently been let to the Bristol and
Exeter Company, subject to the approval of the share-
holders, at a rent of one-third of the gross receipts; from
this, hoe ever, the cost of relaying some portion of the
rails will have to be deducted.
" This property, therefore, west of Exeter, which has
been hitherto unproductive, is now in fair course of
affording a return to the London and South-Western
Railway Company.
" Notice has been given by the North and South-
Western Junction Railway Company for an application
to Parliament this session for powers to construct a con•
necting line 3} miles long between the London and
North- Western Railway and this railway, the estimated
cost being 50,0004 This company and the London and
North-Western Railway Company have agreed to enter
into a joint traffic arrangement, by which a certain
amount of goods will be secured to the new line. The
directors believe that this line, connecting for the first
time the whole of the railway system of the north and
east of England with the narrow-gauge lines of the south
and south-past, the docks of London and the Thames
with those of Southampton, and the manufacturing and
coal districts of the north and centre of England with
the south coast and port of Southampton, is calculated
ultimately to be of great use to this railway. The risk
arising from this traffic arrangement, in the form in
which it is given, could not, under any circumstances,
exceed 1,1251. per annum to this company.
GROSS RECEIPTS OF PASSENGER TRAFFIC, HALF-YEAR
ENDING 31ST OF DECEMBER, 1850. •
Amount. Passengers.
First class £ 67,310 13 1 350,541
Second class ... ... 108,826 10 10 1,168,378
Third class 30,956 12 7i 208,969 i
Excursion passengers ... 10,890 0 8 193,562 •
Excess fares, not classified 2,597 4 7f

Total ... £220,581 1 10 1,921,454
The CHAIRMAN then addressed the meeting at some
leugth. Ile commenced by expressing a hope that the
accounts would be considered satisfactory, and flattered
himself that those proprietors who did not respond to
the opinion which be expressed in August last—that
they had passed the lowest point—would now see some
reason to change their opinion.—(sear, hear.) The ex-
cursion trains, which had been looked upon by many
persons as a mere speculative matter, had produced a
considerable profit; and although they bad run over
more than 30,000 miles, it was gratifying to find that
the extra cost of working was not more than 223/.
IVitn respect to the suburban traffic., family tickets had,
in many instancep, bean issued, thus enabling a family
to travel in a single compartment, and this arrangement
had given great satisfaction.—(}fear, hear.) The di-
rectors had endeavoured as much as possible to run the
excursion trains on week days, and scarcely 4,0001. out
of the 10,0001, which those trains had produced, had
arisen from the running of Sunday trains.—(Hear, hear.)
In the provinces, in many cases, excursion trains on
working days were successsul, hut in dealing with the
metropolis Sunday excursion trains were more valuable
to the community and more beneficial to the exeln quer.
—(Bear, bear.) From the Great Exhibition the di-
rectors anticipated a considerable increase in their funds,
believing that many of the visitors would take up their
residence in the suburbs, and make use of the railway as
the most convenient mode of transit.—(Hear, hear.)
They also anticipated great benefit from the Northern
and Southern Junction. At present tho meichandiso
arriving et Carodeu-town had to be placed on roggwab,