The Sun.
London, England, 1851-01-18 00:00:00

RAILWAY INTELLIGENCE.

LONDON, BRIGHTON, AND SOUTH-COAST.
The repdrt of die directors io Le submitted to the
meeting of the proprietors on Friday next is in substsnee
as follows :

The accounts for the half-year ending the 31st Decem-
ber, 1850, are subjoined, and show the following results :
CAPITAL ACCOUNT.—The amount of capital raised
up to the 31st Dec,-ether, 1850, is 7,113,4671., consisting
of mortgage debt, 1,460,237/ ; preforpnee share capital,
1,037.5961 ; cuusulidated stock, 4,615,6341. Total,

7,113,-167/.
The additional capital expended during the past half-
year arLonets to 36,7101., of which 19,898/. is for the
London-bridge station enlargement; and 16,812/. for
additional working stock, the settlement of old accounts,
and the completion of lines recently opened.
The New London-bridge Terminus is now on the eve
of completion, and will not require a further expenditure
of above 10,000/, which will make the t)tal cost about
150,0001., or 7.000/. less than the original estimate.
The whole of the wor.ks in progress or in contempla-
tion, and included in the estimates formerly given to the
proprietors, hieing thus completed, the directors feel war-
ranted in saying that a margin of about 25,000/. together
with the remaining surplus lands, will still remain avail-
able, of the estimated final capital of 7,200,000/. The
proprietors will, therefore, have the satisfaction of seeing
that, although the great increase of traffic, especially of
goods traffic, since the date of those estimates, has of
course required an increase of working stock and s'Ation
ace9mmouation, there is no danger of that limit of capital
being exceeded, unless a considf:rable increase should
take place above an income of 500,0001. a year, on which
all the estimates have been based.

REVENUE ACCOUNT.—The total receipts for the half-
year have been 306 2191, showing an increase of 19 862/.
over the corresponding half•year of 1849. Deducting the
cartage and rents in both cases, the increase in the rail-
way traffic has been 17,938/, of which 10,9411. has been
in the passenger traffic, 6,483/. in the goods traffic, and
5141. in the wharf earnings.

Considering that the traffic of 1849, with which the
comparison is instituted, was itself largely in excess of
1848, for the same mileage, the progress appears satis-
factory, especially when it is considered that during
those two )ears the disturbed state of the continent
brought many additional visitors to the watering places
of the south coast, while during the year 1850 the num-
ber of persons visiting the continent has been unusually
great. The increase of passenger traffic, however, has
not been so much in the regular traffic as in that of holi-
days, excursions, and other special occasions, when
traffic has been attracted to the line by extraordinary
exertions, and has consequently been attended with in-
creased expense. Under the circumstances stated, it
would have been scarcely reasonable to expect a con-
tinuance of the rapid increase of the regular passenger
traffic, which took place in 1848 and 1849; and a steady
advance with the growth of the population along the
line is as much as ought to be anticipated.
The general result of the comparison of the expendi-
ture of the past half-year with the corresponding half-
year of 1849 may be thus stated:—

Huff-year
ending Dec.
31, 1849,

Halt. year
ending Dec.
31, 1850.

Ordinary working expenses
Per train per mile... .
Per cent, of receipts .
Renewals ...
Cartage ... ... .

£83,630

Total .

29:1
£12,432
£2,998

£99,060

£91,371
2s. 7d.
30}

£15,542
£4,265

£111,578

The increase of working expenses has been occasioned
partly by the increased work done, and partly from the
repairs which have been pushed forward as much as pos-
sible, so as to prepare for the Great Exhibition. The
larger expenditure for renewals has also been occasioned,
in a great measure, by the latter cause, and by the wish
to provide for the increase of traffic without resorting to
capital for a large quantity of additional stock.
The close of the year 1850 affords a fit opportunity
for giving a comparative view of the progress of the
company's affairs from the formation of their entire
system of railways, in 1848; since the commencement
of which year no additional source of traffic of any im-
portance has come into operation, except the opening of
the short Eastbourne and Hailsham Branches, and of
the Bricklayers Arms' Station and Thames Junction
Line, for goods traffic, in the spring of 1849.
A comparative statement of receipts and expendi-
ture for the years 1848, 1849, and 1850, gives the fol-
lowing torah; -
RECEIPTS.-1848, 456,4081.; 1349, 500,4201; 1850,
533,8841.
EXPENDITURE.-1848, 187,087/.; 1849, 190,9681.;
1850, 210,212/.

ANALYSIS OF WORKING EXPENSES.
1848. 1849. 1850.
Ordinary expenses 140,971 126,159 138,071
Renewals and additions..., 6,161 19,927 27,721

Total working expenses 147,132 146,086 165.792
Number of miles run by trains-1848, 1,119,308;
1849, 1.049,094; 1850, 1,276,4301.
From this it appears that the total increase of income
in the three years has been ln per cent., while the
total increase of expenditure in the same period has
been 12-.1- per cent., which has been occasioned by the
increased amount of renewals.

Thar total expenditure for renewals in the year 1850
has amounted to 27,7211., while at the same time the
line and working stock have been improved, and are de-
cidedly in a state cf higher efficiency than at any former
period
As already stated, the amount of renewals ?a the past
half-year has been considarably increased is order to
push forward the work, and to prepare the line and
working stock for the traffic anticipateclin the present

year, owing to the Great Exhibition. The amount of
renewals having thus con,iderably exceeded the average
estimate upon which the recommendation to lay by
15,004.mnoually towards% Depreciation Fund was based,
a portion of that sum will be properly a2plicable to the
purpose.

. _
In the chairman's report, dated 4th July, 1849, upon
;he esiimAtos of which the recommendation to sot aside

15.0001. in that year was based, it was stated that " the
am quit actually spent out of revenue in renewals, in
1849, will nut lie less than 20,0002, so that the total pro-
vision thus made in the year against depreciation will
amount to 35,0001." The expenditure in meeting de-
preciation for the year 1850 will have been 27,7211., of
which 6,0481. has been spent in renewals of the perma-
nent way and stations, so that an addition of about 8,000/.
to the reserve fund would be sufficient according to the
estimate, but it is recommended that 10,000/. should be
reserved, so as to keep on the safe side.
If this principle be adopted, the amount to be set aside
in future years will, in the present state of experience.
depend on the amount which has been actually expended
in renewals, which is obviously the true principle of a
depreciation fund.
The proposed addition will make the amount of the
reserve fund 25,6211. 7s. The amount set aside last
year, with the interest accruing thereon, has been -ins
vested in the company's debentures, in the names of the
chairman, the deputy-chairman, and Charles Sedgfield
Crowley, E,q., as trustees for the company.
If this recommendation bo adopted, the following will
be the balance available for dividend:
Net amount at the credit of revenue account
for the half-year ...
Whereof is appropriated for interest on loan
capital, 32,5971 ; fur dividend on preference
share capital, 27,9041.,.

... 60,501

- 10,000

...$124.254