The Sun.
London, England, 1856-07-31 00:00:00

61,392 LS 1[ 18,024 711 637 11 81 42,730 17 4

"It is satisfactory to remark that'while the traffic has
increaseepuring the half-year by the sum of 61,3921.165.
ld. the working expenses have only increased by the sum
of 18,024/. 7s. ld., being at the rate of 29'36 per cent. on
the gross increased receipts. It will be observed that the
latter sum includes 6,8491. 17s. 21., the amount expended
during the half-year, out pf revenue, in the renewal of
part of the pernianvnt ~ .<y, and the laying additional
sleepers on the Southam • and Dorchester line.
"The works betwe Nadever 'efid..S4l.lBbury -are f
larrojaaaasingataiftfirltrco is o
that line throughout to Salisbury in the ineititla of March,
1-57. The Royal Agricultural Society have resolved to,,
held their next annual meeting at Salisbury in, July,-
1857, on an assurance to his effect.
" In May last the company launched their second new
steamer, the Havre, the cost of which it ispropnsecl to
liqu date by instalments out of revenue. The present half-
year's revenue has not been charged with any such instal-
ment, but it has borne 5,000'. and upwarthrof the balance
standing to the charge of the Alliance—the remainder of
that balance having been supplied by the sale of disused
vessels. By moans of these two splendid steamers, the
traffic between Southampton and Havre is now being most
satisfactorily carried on, both as regards economy and
speed. The passage by sea is reduced to an average of about
eight bourn and a quarter, and the through journey be-
tween Landon and Paris by that route has lately been per-
formed in 16 hours. •
"It has become necessary at the present time to call the
attention of the proprietors to the unpaid share' capital of
the company.
"The item in the annexed account `capital uncalled,
404,010/. 6s. Bd.,' consist' of shares which have from time
to time fallen into, or been left in the hands of the corn-
pany, and on which nothiag has been paid. The company's
powers for borrowing forgeneral purposes are exhausted,
whilst the completion of the line from Andover to Salis-
bury, the enlargement of the Nine Elms station, autho-
rised in 1855, and (if the present increase of traffic con-
Urines) the provision of acditiopal rolling stock, and the
outlay required for additicnal station accommodation and
sidings, will in the next two years call for a considerable
expenditure on capital account. The powers acquired by
the company in their recent sets are such as authorise the
disposal of this unpaid share capital in almost any form
deemed most favourable for tle company's interests. After
giving the subject muob counderation, the directors re-
commend that of this capital an amount sufficient to give
the present registered proprietors of the ordinary stock of
the company 5 per cent, on the amount of their respective
holdings, shall be distributed amongst them at par, on the
following terms and conditions, viz.
25 per cent., or one-fourth, to be paid down on distribution,
25 per cent., or one-fourth, „ on January 1, 1857,
25 per Gent., or one-fourth, „ July 1, 1857,
25 per cent., or one-fourth, „ January 1, 1858,
to bear dividend according to the amounts paid and time of
payment. Under this arrangement each proprietor holding
1,0001. will have an allotment of 501., upon which he will
pay down 121. 10s., and subsequently the-371. 10s. at the
dates above mentioned,,which will make the instalments
easy, and not likely to cause any diminution of dividend.
All larger or smaller holders will take benefit in the same
proportion, but it is suggested that no fractional part of a
pound should be allotted.
" No dividend will be paid on any instalment in arrear,
and interest at Si. per cent. per annum will be charged on,
arrears. Any allottee desirous to prepay these instalments.
and consolidate his stock at once, will be privileged to do
so by paying 6 per cent. interest oa all the calls from the
let 0f.Ju1y,1.856, to the day of payment, This will en-.
title the holder thereof to the fall dividends on the whole
amount.

"In the company's amendment act of 1855, powers were
obtained authorising the creation of a stock for the purpose
of paying off, or lessening, the existing debenture debt, as
occasion should arise. The advantage derivable from such
a measure is twofold. The company would thereby settle
on satisfactory terms the rate of interest on its loan (ea-4-
tel. eea eeeet not wl2.y Like er-peuit3 incident to the perio-
dical renewals of their obligations, but the risk of such
renewals becoming uocessary at unfavourable states of the
money market. The lender would obtain a preferential
stock of the first class, certain as to its income, peculiarly
applicable for trust investments and settlements, and easily
disposable in the market. The powers conceded by the act
not being exerciseable without the previous consent of the
proprietors, the directors recommend that they should be
authorised to act upon them as they may deem most expe-
dient, and they will at the meeting propose a resolution for
that purpose.
"At recent meetings discussions have arisen as to the
liability of the company to double the Southampton and
Dorchester line, provided the Board of Trade should so re-
quire. In the course of the present year memorials, nume-
rously and influentially supported, have been presented to
that board, praying their interference, which have led to
several communications between the Directors and the
Board of Trade. After giving their best attention to the
subject, the directors have thou ht it advisable to under-
take the doublingof 20 miles of this line during the ensuing
twelve months.
" The Staines and Wokingham line was opened for traffic
on the 4th of June, as far as Ascot, and on the 9th of July
to Reading, and bids fair to become an important feeder to
the Windsorline. The line is workedby this couapany, under
a temporary arrangement between the two companies,
until the requirements of the traffic are more fully de-
veloped, when it is proposed that a permanent working
agreement should be concluded.
"The branch line from Dorchester to Weymouth is now
nearly completed, and will shortly be opened for traffic. It
will be completed with the mixed gauge, and this company
has the right to work their trains
over it to the town of
-Weymouth. This company, pursuant to the provisions of
the act as to the mixed gauge, have also laid down an addi-
tional single rail for a distance of 8 miles from Dorchester
towards Wareham, to accommodate the broad-gauge traffic.
"The legislation of the present session of Parliament has
been very important as respects this company's interests.
" The Exeter Extension Bill has passed into a law, and
the directors have satisfaztion in adding that not a single
clause has been inserted, nor arrangement enforced with
any landowner or other local interest, of an onerous charac-
ter. The proprietors, therefore, may justly feel that the
works will he executed (and especially as regards the pecu-
liar privileges accorded last year respecting the capital),
under circumstances much more free from objection than
usual.
" All the arrangements with the Salisbury and Yeovil
Company, although special in their character, and beyond
the usual practice of Parliament under similar circum-
stances, have, so far as the standing orders would permit
them to be brought before Parliament been sanctioned,
and have now the force of law. but this company's option,
under the agreement, concluded after the special meeting
of January last, of requiring a lease of the Salisbury and
Yeovil line, and to purchase it on the terms then specified,
could not be obtained in the present year.
" Two branches have been sanctioned from tho South-
ampton and Dorchester Railway, viz.—from a point near
the Brokenhurst station to Lymington, and from a point
near the Wimborne station to Blandford. Both are to be
constructed by independent companies, at their own ex-
pense, and each act contains provisions authorising the
conclusion of working arrangements with this company for
a period of ten years.
" With the Lymington Company, the directors have,
subject to the approval of the proprietors, entered into an
agreement to maintain and work their railway, when com-
pleted, at 50 per cent. of its gross receipts. This arrange-
ment, and its incidental details, the proprietors will be re-
quested to sanction at the coming meeting. The directors
suggest that powers to negotiate with the Blandford
Branch Company, should also be accorded to them.
" An act has also been passed for constructing a market-
house at Salisbury, at a short distauce from the terminus
of the/Basingstoke and Salisbury Branch, with a railway to
connect it with that line. These works are to be wholly
constructed and maintainedat the cost of their proprietors,
and by largely increasing the market accommodation at
Salisbury they cannot fail to contribute to the traffic of
the Salisbury and Yeovil and the z ail ways of this company.
The works being cot structed on the same gauge as this
company's lines, it has been arranged that the Market
Branch Lino shall be worked by this company, and that
they shall have the control of all the persons employed
thereon. These terms the directors will request power at
the ensuing meeting finally to conclude.
" By the act of the present session the Brighton Com-
pany are authorised to accept a lease from the Wimbledon
and Croydon Company of their line of railway, about 84
miles in length. The rent is 1,8201. per annum, being at
the rate of interest of 4 per cent. on the cost of the lino.
The directors have, subject to the sanction of the proprie-
tors, agreed with the directors of the Brighton Company
that this company shall participate equally in this lease—
an arrangement which must be mutually advantageous.
The sanction of the proprietors will be asked thereto at
the ensuing meeting, the Brighton proprietors having at a
recent meeting confirmed it."
The following is the report of the locomotive and car-
riage superintendent :
" Locomotive Department, Nine Elms, July 10, 1851.
TO THE CHAIRMAN AND DIRECTORS OF THE LONDON
AND SOUTH-WESTERN RAILWAY COMPANY.
" Gentlemen,—The cost of maintaining the engines, car-
riages, and waggons, during the half-yearjust expired,' has
been at the rate of 10.791 per train mile, the corresponding
period of last year being 10.66 d. The slight increase arises
from the traffic having been considerably heavier, and the
goods train miles 21 per cent. greater.
" The stock of engines has been maintained in an efficient
condition, and this is substantiated by the fact of the pi-
loting being reduced from 29,255 to 14,658 miles, or at the
gate off 0 per cent.

"The average consumption. of coals and coke has been
21.71 b per train mile ; but upon the quantities being sepa-
rated, and the coals reduced to their coke value, the rate
for passenger and goods trains would be 18.31 b per mile.
Thin subject has already engaged put attention, and having