The Sun.
London, England, 1860-02-06 00:00:00

LONDON AND SOUTH-WESTERN.

The report of the directors of this company states
that the net revenue for the six months ending
December 31,1859, after deducting interest on loans,
and all other preferential charges, amounted to
£191,663, and the surplus at the 30th of June last
to £1,119, making the balance available for divi-
dend £192,782. From this sum the directors re-
commend a dividend to be declared at the rate of
£5 ss. per cent. per annum, payable on the 23d
instant, amounting on £7,197,856 of paid-up
capital to £188,944, leaving a balance of
£3,838. The total receipts on 339 miles for the
past half-year amounted to £519,970, the working
expenses to £229,469, the taxation to £25,241, and
the net revenue to £265,260 ; and on 2871 miles
for the corresponding half of 1858, the total re-
ceipts amounted to £468,662, the working expenses
to £177,722, the taxation to £22,882, and the net
revenue to £268,059, showing an increase in the
mileage of 511 miles, in the totul receipts of
£51,308, in the working expenses of £51,741, and
in the taxation of £2,359, but causing a decrease in
the net revenue of £2,799. The increase in the
working expenses arose from the greater number
of miles run by the trains during the last half-year,
being 306,290, and from the additional staff em-
ployed at the various new stations, while the traffic
on the new lines could not have been developed.
There was also an increased charge for the main-
tenance of the new lines. A considerable portion
of the increased traffic had been earned on the old
lines. A large portion of the traffic over the new
Portsmouth line, and to the Isle of Wight, for the
first six weeks of the half-year, during the compe-
tition with the Brighton Company, was carried at
ruinously low fares, causing a serious loss to the
company. The trafGo rotornc inn the commence-
ment of the present year continued to increase over
those of the corresponding period in 1859 on the
same extent of mileage in both periods. The sum
of £14,291 was charged against revenue during the
half-year for the renewal of part of the permanent
way, of which sum £9,i24 was brought forward
from the preceding half-year. There had now been
expended on this account during the last nine years
upwards of £107,400, the whole of which had been
charged against revenue. at an average of £11,940
per annum. During the last few years, however,
that average hat been much exceeded. The resident
engineer having lately called the attention of the
Board to the great additional wear and tear of the
line in consequence of the increased traffic and
weight of engines and speed of trains on the main
lines, the directors resolved, as a matter both of
expediency and economy, at once to relay all such
parts of the line where necessary with additional
sleepers and fish-jointed rails. The directors recom-
mended that the future expenditure on this head be
carried to " the renewal of permanent way account,"
and that there be charged against revenue in each
future half-year a sum of £lO,OOO towards its liqui-
dation, until the whole expense incurred be ex-
pended. The repairs to the rolling stock had been
fully maintained during the past year at the expense
of revenue, and much of the older portion of it had
been converted from a superior into second and
third class, as it had been sent in for repairs, and
otherwise improved. The heavy works at the
tunnel below Gillingham had delayed the further
opening of the Salisbury and Yeovil line to Yeovil,
but the directors were now confidently assured that
these works would be completed so as to admit of
the line being opened throughout in April next.
The traffic over the portion already opened was
satisfactory, and would no doubt prove more so
when the whole length was finished. The Exeter
Extension line was also nearly completed, and the
station buildings were in progress. The company
continued to be on terms of amity with the Brigh-
ton Company, and it would be the study of the
directors to maintain the most friendly relations
with them and their other neighbours. The com-
pany would appeal to Parliament for protection
against such unnecessary measures as the contem-
plated extension of the Andover Canal Railway
from Redbridge to Southampton, of the Dorset
Central Railway to Poole, and of the Farnham and
Southampton Railway. The capital account
showed that £10,610,088 Ilia been received and
£10,633,876 expended, including £257,766, during
the half-year, leaving a balance of £23,788 against
the company. The total expenditure on the Yeovil
and Exeter Extension amounted to £669,887.