The Sun.
London, England, 1851-08-07 00:00:00

urti,
t-ttkoirt

SUN OF.FIOE, Seven o ' Clock.

LONDON AND SOUTH-WESTERN
RAILWAY.—(THIS DAY.)
The usudl half yearly meeting of the proprietors in
this company was held this afternoon, at h
the Station
st Nine-elms, William J. Chaplin, Esq., ...
Chairman, presiding.
The advertisement convening the meeting and the
minutes of proceedings at the last half-yearly meeting
having been read,
The SECRETARY read the report of the directors, of
which the following is nearly a copy :
" From the accounts which had been for some days past
in the hands of the proprietors, it would be seen that the
not revenue for the half-year ending 30th June, 1851,
amounted, after deducting interest on Loans, and all other
preferential charges, to .................. £115,923 19 3
The surplus from 31st Dec., 1850 ...... 3,268 5 1

The balance applicable to dividend,
therefore, is 119,192 4 4
..
From which the directors recommend
that a dividend for the half-year, at
the rate of 3i per cent. per annum,
hr, ueclaxed, amounting, on 6,6"4,4601
3 116,803 1 O
e. 4d., to

Leaving to be carried over to• the next
half-year
The result of the last halt-year's revenue similar to
that of the half-year ending 31st December, 1850, in re-
spect et its exhibiting increased receipts without in.
crease in the aggregate of the working charges. The
net revenue of the last half-year better than that of
the corresponding period of last year by 25,9251.145. 9d.;
and the revenue receipts for the whole year had increased
over those of the previous year by 54,4071. 9s. 3d.; there
being but a very slight addition to the mileage of rail-
way open during the latter as compared with the former
period. The proposed dividend for the half
-year ending
30th June last at the rate of 3.2- per cent. per annum.
Tee average dividend of the half-year would be found
to be 34 per cent., that of the year ending June 30,
1850, naving been 3i per cent. The effects of
the Great Exhibition on the traffic of the
line scsrcely apparent in the receipts of the half-year
ensuing 30th June, 1851; the cheap rate of admission to
the Exhibition, from which period the influx of stra. short
aort
in large numbers dated, having commenced only a sh
time before the termination of the half-year. The effects
of the Exhibition since that period have been appre-
ciably felt, the weekly traffic having experienced an ave-
rege increase of 5,4841. per week, which increase is to
be largely attributed to the direct and indirect influence
of this great object of attraction. The directors took
timely measures to secure for the Southampton and
Havre route a share of the Continental traffic to and
from the Exhibition, and such measures have been sec-
There is reason to expect that the beneficia
in l
effect 'of these measures will continue continue
ion.
force during the remaining, period of the Exhilatt
its
given is also reasonable to anticipate that the opportgc
given to great Lumbers on this occasion to experience
or the econamy of the French route, via Havre and
Southampton, of the character of the steamboats em-
ployed in that service by this company, of the beauty of
the scenery and of the interesting objects it presented
(it being in this respect far superior to all others), would
be the means of permanently increasing the continental
traffic ot. the company. The saving effected by the late
re-letting of the contract for the maintenance of per-
manent way served to counteract the necessarily higher
expenditure under certain other items of working charge,
which the peculiar demands of the traffic of the present
summer had celled forth. The proportion of the bad
debt account, elageab!e against this half-year, viz., 542/.
ISs , eppeered in the present accounts. This amount
(5 5361.), arising from various debts accruing during
touresu years past, was to be liquidated in in-
etelreents spread over the revenue of the next five
years; the present charge is the first of such instalments.
nine engines and fifty-five carriages of various sorts,
virtually new and with all the recent improvements, had
been during the last year substituted for old ones. Teis
is besides extensive repairs on many other engines and
carriages. The Inland Revenue Commissioners pursued
their claim against this company for the tax on receipts
arising from fares at and under ld. per mile. The di-
rectors remain of opinion that the intention of the Act
under which exemption is claimed was, as the preamble
purports, To secure to the poorer class of travellers the
means of travelling at moderate fame, and in carriages
protected from the weather;" and that the excursion
trains run by this company, at fares at and under ld.
per mile, come precisely within the d ,finition of the
Act, and are therefore entitled to exemption. They ere
accordingly, in concert with other companies, preparing
to resist the claim of the Inland Revenue Commissioners.
The shareholders will find it difficult to understand that
exemption from tax on the receipts from fares at and un-
der ld. per mile, arising from the Excursion Trains to
the Exhibition, which have been generally adopted by
this and other railway companies, and by means of
w'nich alone the mass of the population is enaaled to
visit the Exhibition, is allowed by the Railway Com-
missioners and the Inland Revenue Commissioners on
the very lowest class of accommodation comprised in
such trains, and on this only ; it being refused if Ist and
2d class carriages are supplied at a fare under Id. per
mile, on the ground that this is better accommoda-
tion than the Act contemplated for the poorer class of
travellers. The refusal of exemption thus virtually acts
as an attempt to tax railway companies to a large pecu-
niary amount, unless they consent, at the suggestion of
the public departments, to give nothing but the worst
carriage accommodation to their excursion passengers to
the Exhibition, some of whom, women and children,
have to be several hours on the line, and to whom it is
consequently of the utmost importance that the carriage
accommodation for so long and fatiguing a jeurney should
be as good as possible.—(Gear.) In the capital account
99,4251. 16s. 11d. has been expended during the last half
year, which includes 14,9361. for plant. The whole of
this expenditure is in liquidation of the liabilities of the
company which were reported upon in February, 1850,
and no new liability has, within the half year, been incur-
red. This item for plant (14,9361.) includes the expense
of completing 5 engines, 36 carriages, and 100 waggons,
which payment, within a small amount, exhausts the
amount provided out of capital in the estimate of Feb-
ruary, 1850, for completing the carrying stock of the
company. All new engines, carriages, and wagons,
whether in substitution of those which may become su•
peraunuated, or such additional stock as may be re-
quired io order to meet extended traffic, will therefore
he henceforth charged against revenue, the capital ac-
count being closed.--(Hear.) In accordance with this
principle, a certain number 0f engines and carriages, in
course of delivery, but not yet examined, will, when
paid for, be carried to the debit of revenue, and defrayed
by instalments spread over a given number of years, in
the manner set forth in the directors report of February,
1851. The amount realised for the sale of surplus property
and rails during the past half-year was 13,987/. 17s. 10d.
At the special general meeting in October, 1850, the
shareholders instructed the directors to effect an adjust-
ment of the relations between the Exeter, Yeovil, and
Dorchester Company, the Exeter and Exmouth Company,
and this company. At the meeting in February, 1851,
the directors reported that this had been accomplished in
regard to the Exeter, Yeovil, and Dorchester Railway
Company ; they have now to report that a similar ar-
rangement has been come to with the Exeter and Ex-
mouth Company, by which all liabilities, both of this
company and of the Exeter and Exmouth Railway Com-
pany, are put an end to.—(Hear, hear.) The Taw Vale
Railway Company, entitled the North Devon Company,
has, during the present session of Parliament, obtained
an Act to carry out the completion of the line, on the
terms, as regards this company, which received the ap-
proval of the shareholders of this company at the special
general meeting in October, 1850. There is every pros-
pect of this line being forthwith completed, and the
guaranteed rent thereon accordingly becoming payable.
The Exeter and Crediton Railway Company, whose line
is now leased to the Bristol and Exeter Railway Com-
pany. at a fair rent, being subject to certain financial
liabilities not covered by its Parliamentary capital, ob-
tained in the Session of 1850 (with the consent of this
company), power to extend its capital, so as to cover
such liabilities. To do this effectually Preference
Shares to the nominal extent of 20,000/. must be
created, and, in order to prevent strangers from ob-
taining such preferable securities, the directors propose
to take up, if called upon, this company's proportion of
such Preference Shares. It is, at the present time, in
consequence of the Taw Vale Company having secured
their Act, especially desirable to do this, in order to carry
out the views sanctioned by the shareholders on previous
occasions, in regard to the connected interests of the
Taw Vale and Crediton Linea. It will probably be pos-
sible to effect this transaction, and discharge the liabi-
lities in question, without further payments from this
company to the Exeter and Crediton Railway Company,
and to accomplish this the attention of the directors will
be especially devoved.--(Hear.) The Act for the North
VA South Junction Railway, by which this company's
',lnc) will be connected with the East and West India
line, and the whole railway system of the North, has
received the royal assent, and the construction of this
short though important line, by the company to which it
belongs, Will P. forward with all dispatch. The direc-
tors have now'-
concluded such arrangements with the
landowners
complete, in contractor as have determined them to
hinrsuance of the instructions of the pro-
prielors, the
as a single line,
from Farnham to Alton (nine miles)
the line comical manner. The
and in the most eco-
nomical
progress, and works are ; accordingly
the
ee
expediencyattention will be opened next spring.
ofofthaeiddiinregeettohrs has lately been drawn to
provisione persons in their employ-
ment to establish some
which has
for superannuation and
al other railway accident—a question
been under the
consideration of sever
Companies. They
d to improve the
believe that such a provision is calculated
yhtee identify the
character of the service, and beneficial:lel
the persons they
interests of the company with thostteo;
caared the
triemarksretuary,
employ. With this impression,
c
matter to be closely investigated by the
and they beg to submit the following
the arrangements now existing, and those in con-
templation, templation, if approved by the proprietors. The
friendly society established among the men employed
by this company affords a provision for support, and
s ieknesE, and a small pay-
medical attendance during
ment to representatives in the case of death. To this
socieey the proprietors are contributors to the extent of
1501. per sauna,. It is in a sound condition, answers its
purpose well, and numbers about 1,000 members. It is
desirable that, in accordance with the general wish, and
the original intention, there should be added to this
Society a provision for superannuation. It is also desi-
sable that not only the workmen, but that the officers
and clerks employed by this company, should be brought
within a superannuation arrangement, due regard being