The Sun.
London, England, 1858-08-27 00:00:00

Half-year NUMBER OF PASSENGERS.
ending the
31st July. First Class. Second Class. Third Class. Total.
1858
1857
Increase
REcEtrrs.
First Class. BccondClass. Third Class. P Total.
s. d. - s. d. s. d. £ s. d.
1858
1857
Increase
Decrease 3,2q9 6 5 6,813 1 5,148 0 2

It will be observed from this summary that there has been
a decrease in the total receipts, notwithstanding the in-
creased au naleaagsfoaasseugere-of enette class oceeeve,yeeleeepon
the railway during the half-year. Thitedecretree is accounted
for by the falling off in continental passengers, the receipts
for London, Dover, and Folkestone traffic being less by
£9,367 than in the corresponding period of last half-year;
and the receipts by the company's steamers between Dover
and Calais and Folkestone and Boulogne being less by
£5,769 Bs. 6d. during the same period. This falling off in
the continental traffic is attributable partly to the com-
mercial depression of the past season, and partly to the
increased stringency with which the French passport regu-
lations were enforced about the beginning of the present
year. Measures have, towever, been recently adopted, both
by the English and French Governments, calculated greatly
to facilitate the intercourse between the two countries. By an
act of the British Legislature recently passed, the pri of the
I
Foreign-office passport has been reduced from 65. to with
increased facilities to obtain them. The French Goverment
have also sanctioned excursionist passengers landin t the
French ports on certificates issued by the South-Eastern
Company, without occasioning any inconvenience or ex-
pense to the public. Notwithstanding this decrease in the
receipts the directors are gratified to find that the elasticity
of the local traffic has been such as on the whole to maintain
satisfactorily the aggregate of the revenue derivable from
passengers. A decided tendency to a general revival in the
traffic of the railway has been manifested diming the last
few weeks, which may inspire the shareholders with confi-
dence as to future prospects. The expenditure incurred in
working and maintaining the railway during the half-
year exhibits a decrease of £6,389 4s. 11d. as compared
with the corresponding period of last year. In the locomo-
tive department the expenditure has been less by £2,155
6s. 10d., notwithstanding that a larger amount has been
expended on renewals of engines and tenders; this reduc-
tion being attributable to the saving in the cost of coal and
cake, which has averaged 18s. nd. per ton, as against
El ls. 741. last year. The maintenance and renewal of
carriages and waggons has been £19,840 Os. 11d.' against
£18,725 lOs. Bd. in the corresponding period of 1857, ex-
hibiting an increase. of £1,114 lOs 3d. This additional
expenditure has been incurred in the renewal of worn-out
carriages, which have been replaced by vehicles of a
much more commodious and serviceable description. The
superintendents report that the rolling stock, gene-
rally, has been efficiently maintained. The reduc-
tion in the cost of maintenance and renewals of way
and works has been £3,505 ls. lid., arising partly from
the reduced cost of materials. The total expenditure during
the half-year under this head has been £48,533, the whole
of which is directly charged to revenue, less the amottut
realised by the sale of old materials. The engineer's report,
which is appended, will be found satisfactory as to the pre-
sent state of the way and works. The reduction of £3,078
Bs. ld. in the expenses of steamboats arises from the less
mileage run by them in consequence of the decrease in that
class of traffic. In the meantime, the efficiency of the
company's ships has been fully maintained; and they
have made the voyages from port to port with their
accustomed regularity. A saving of £2,915 18e. 2d. has
been effected in the general working expense,: of the pas-
sengers and goods traffic. Close attention has been
given to the mileage run by the trains, and a reduction
of above 27,000 miles has been effected in the goods d.e
partment, concurrent with an increase in the receipts from
that source. The total outlay on capital account has been
during the half-year £24,627 Bs. 3d., iess £8,325 7d. re-
ceived from ths sate of surplus lands. The principal itetns
of expenditure nave been incurred in enlarging and rebuild-
ing the stations so much required at Redhill Junction and
at Margate' and in completing those on the Strood and
Maidstone branch. The outlay on these works has
already received the sanction of the proprietors. In
consequence of the short supply of carrying stock, re-
ported by the general manager as inadequate for the proper
conduct of the merchandise traffic, it has been found neces-
sary to enter into a contract for 250 goods waggons at a
total cost of £19,500, or £10,112 4s. Bd. in excess of the
sum authorised by the proprietors to be expended for such
purpose at their meeting of the 7th September, 1854; and
the sanction of the proprietors is accordingly required fur
this further expenditure. The directors are in course of
realising the available assets derivable from the sale of sur-
plus lands. A considerable portion of the company's
estate at Ashford has recently been sold on favourable
terms; and the remaining surplus property, not re-
quired for the purposes of the railway, will be dis-
posed of from time to time, as opportunities occur.
The loans of the company which have fallen in
during the half-year have been provided for on favourable
terms. An additional amount of the £4 per cent. debenture
stock has been issued; and the directors beg to draw the
attention of proprietors to this stock as a permanent and
desirage investment. The stock was created under special
Parliamentary powers which secure to it the same place
amongst the
.liabilities of the company as the loans in sub-
stitution for which it is issued; aid thus the interest upon
it becomes a first charge upoa the revenue of the
compenv. The attention of the directors has bee.,
touch occupied der.ng the past session el Parliamerit
by the proceedings involved in their application for
c powersros
s a n
dto
Dartford, c
withct
bllitatencleibetweena nd
also Newin-
opposing the line tirejected by the East Kent Company be-
tween Strobd and St. Maly' s Cray. It nil' be in tile recollec-
ft
o railwayCh iselb urst ;
tion of the proprietors that the bill prom tied by this company
received the sanction of the committee of the House of
Commons in 1857, and that the bill cf the ,East Bent Com-
pany was rejected on the ground that, if conceded, it would
introduce an unneceseary and injurilus railway competition
in districts already efficiently served by the Sonth-Eastern
Company. The South-Eastern bill wa', howev.r, rejected
by the committee of the House of Lords on tl e
ground, as was believed, that the line promoted
by this company did not provide an access to the West-
end of London. The bill introduced in the past session
accordingly included a branch to Chiselhurst for the pur-
pose of supplying such defect, and placing the North Kent
line in communication with the West-end of London and
Crystal Palace Railway, through the medium of the Mid
Kent (Bromley to St. Mary's Cray) Railway, which was
leased by this company. The East Kent scheme was the
same as last year, being a line from Strocd to St. Mary's
Cray, projected fur the purpose of est ablkhing a competing
line of railway between London and several towns in East
Kent alrear'y supplied with railway accommodation by this
cotnpany.After a protracted investigation the bill ofthis com-
pany gas rejected by the committee of the House of Com-
farms, and that of the East Kent Company was passed. The
directors telt it to be their duty to continue their opposition
to the East Kent Bill its the LorAs ; and also to endeavour
to enter into an arrangement with the East Kent Company
ill order to avert future competition if possible, but without
effect ; and the East Kent Bill eventually passed the com-
mittee of the Lords and received the sanction of Parliament.
In consequence of this slecWon the directors have since bad
under their consideration the adoption of measures calcu-
!teed to protect the South-Eastern Company against the
railway competition thus authorised by the Legisla-
ture ; but they will not proceed with any plan involv-
ing the further expenditure of capital with this object,
without first bringing the subject fully before the proprietors.
The directors are gratified in stating that the competition
between this company and the Great Western and South-
Western Companies for the London and Reading traffic has
been brought to a close, and that an agreement has been
entered into on the basis of equal rates being charged by the
three companies, and the total recciptsbeing divided amongst
thee] in proportions °creed upon, rfter the most careful es-
timate that could be formed of their respective rights and
interests in the Reading and London traffic. The agreement
came into epsration on the 14th of June last, and will con-
tinue for the term of three years. It is expected that consi-
derable advantages will be derived from the completion of the
narrow gauge junction at Reading, now nearly finished, by
which the South-Eastern system will fur the first time be
placed in continuous railway communication with impor-
tant districts in the north-west of England. The junction
will also be available fir the conveyance of troops to and
from the Aldershot and Shorncliffe camps, as well as the
important military arsenals on the South-Eastern Railway.
The directors have also concluded an amicable agreement
with the South-Western Company for the avoidance of all
competition with them at stations on the line of the Reading
and Reigate Railway, from which it is anticipated that
mutual advantages will be derived by bath companies."

WEST END OF LONDON AND CRYSTAL PALACE.
The repo; t of the directors, to be presented to the share-
holders to-day, states that " the opening of the line to the
Pimlico terminus took place on the 29th of March. The
number of passengers conveyed on the line during the half-
year ending 30th June, has been as follows, viz. :—From
the Ist of January to 29th of March (up to which
time the line was only open to WandAwortit), 105,766;
from 20 h March to 30th June, 354,310; total, 460,076.
The gross receipts from the traffic for the half-year have
amounted to £10,103 ss. 10d. The advance of the traffic is
steady, and the directors have every confidence of its realis-
ing their full expectations. On the 3d of May the portion
of the Farnborough extension from the Norwood junction
to Bromley was opened as a double line from the junction
to Beckenham, and as a single line from Beckenham to
Bromley. In consequence of agreements between the
Brighton and South-Eastern Companies, it became
necessary for the company to undertake the indepen-
dent working of this portion of line, and to purchase an
engine and rolling stock for this purpose. The trains are
worked in connection with the West End and Londc,n.-
bridge trine at the Crystsl react. A connection is FR-