The Sun.
London, England, 1860-07-27 00:00:00

RAILWAY INTELLIGENCE.

LONDON, BRIGHTON, AND SOUTH COAST.
The half-yearly report of the directors of this
company states that the amount of the capital raised
to the 30th Suns last was £9,596,39&,. consisting of
£1,829,875 mortgage debt, £641,910 debenture
stock, £2,506,057 preference capital, and £4,618,554
consolidated stock. The issue of debenture stock
was proceeding satisfactorily, £172,510 having been
taken up during the past half-year. The amount
of capital expended had been £279,924, of which
£150,000 was for the purchase of the Mid-Sussex
Railway, £28,-920 for the Shoreham, Henfield, and
Horsham line, the southern portion of which was
on the eve of completion, £5,000 on account of the
company's contribution to the West London Ex-
tension line, £12,362 in respect of the construction
of the Victoria station, and the remainder for other
works and purposes. The works at the Victoria
station and Pimlico Railway were now nearly com-
pleted, and the company's station there was ex-
pected to be ready for public traffic in a few days.
The gross revenue for the half-year had been
£398,513, of which £7,901 arose from the adjust-
ment of a revenue account with the South-Western
Company now settled. The actual increase in the
traffic, when ' compared with the corresponding
period of 1859, was £27,996, and, looking to the
unusual lengthened severity of the past winter and
the extremely unfavourable weather during the
spring, this augmentation of revenue was satisfac-
tory evidence of the improving nature of the pro-
perty. The total traffic receipts for the half-year
ending the 30th of June last amounted to £385,714,
against £357,718 for the corresponding half of 1859,
showing an increase of £27,996. The total work-
ing expenses and renewals amounted to £184,057,
against £170,365 at the corresponding period,
showing an increase of £13,692. The renewals
and additions amounted to £16,358, against £12,121
at the corresponding period of last year, showing
an increase of £4,237. The cost per train mile was
is. Old., against 2s. 101,d. for the corresponding
half of 1859. The increase in the ordinary ex-
penses arose chiefly from the extended traffic, and
from the working of the Mid-Sussex Railway. The
past half-year had also been debited with a larger
proportion than heretofore of the renewals for the
year; but this would to some extent diminish the
charge to be defrayed out of the revenue of the cur-
rent six months. The relaying and reballasting of
the coast lines had been proceeded. with, and the
cost, £10,726, placed to the debit of the permanent
way improvement. The bill for the line frodt
Balham to Croydon had received the Royal assent.
The landowners in the district traversed by the
projected Bognor branch declined to enter into any
engagement to sell their land upon the terms stipu-
lated for by the Board before they undertook to
construct the line, and accordingly the powers in
reference to that brunch were struck out of the com-
pany's bill, the directors being of opinion that
where landowners desired the parent company to
undertake the cost of constructing such branches
they should, at least, be prepared to assist by ac-
cepting the fair market value of their land. The
bill referred to in the last report, for deviating and
improving the Midhurst line, as well as that for
the Horsham and Guildford extension, had passed
the committees of both Houses of Parliament, and
the directors had entered into an arrangement with
the promoters of the last-named extension to work
it when completed, powers being reserved to the
Brighton Company to purchase or lease it here-
after, should they see fit. The net amount at the
credit of the revenue account was £116,907, out of
which the directors recommended the payment of a
dividend of 21 per cent. for the half-year, amount-
ing to £115,464, leaving a balance to the credit of
the current half-year of £1,443. Differences
had arisen between the Board and the
auditors by reason of the directors having de-
clined to continue the issue to them of permanent
free passes over the company's lines of railway
—a privilege the granting of which ought,
in the opinion of the directors, to rest solely with
the proprietors.
The auditors (Messrs. Reeves and Pilcher), in
their report, call the attention of the proprietors to"
the great increase in the capital account of the com-
pany during the past 18 months. The purchase of
the West-end and Crystal Palace line had increased
it by £640,508, the Victoria Railway by £450,000,
and the Mid-Sussex by £150,000 ; together,
£1,240,508. In the past half year was also added
£94,497 for the Shoreham and Henfield and other
additional works, and £10,460 for interest on un-
productive capital. They thought the latter sum
should be charged to revenue. The sums charged
to capital for interest during the past two years
amounted to £31,479. The interest on loans and
preference-stock had in the past half-year increased
£22,618 in amount over the corresponding half of
1859. The auditors state that £106,212 was owing
to the company by the Farnborough Extension Rail-
way, £7,789 from the South-Eastern, £13,346 from
the South-Western, and £16,928 from the joint
South-Western and Brighton committee. The sum
•of £4,812 had been charged to capital in the past
half-year's account for law and Parliamentary ex-
penses, and £5,311 to the revenue for the same. In
consequence of the dividend being at the rate of 6
per cent. last year, the sum of £4,283 had been
divided in per centages and paid this half-year to
the secretary, officers, and oldest clerks, but which
sum was charged in last half-year's accounts.