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

LONDON, FRIDAY EVENING, AUGUST 27, 1858.

RAILWAY INTELLIGEACE.

SOUTH-EASTERN.

The half-yearly report of the directors, to be presented to
the proprietors at the half-meeting on Thursday next, was
issued yesterday. It states :—" The usual statements of
receipts and expenditure on revenue account for the half-
year ending the 31st of July, 1858, show that the gross re-
ceipts during, that period have amounted to £493,102 2s. ld.
(including £20,311 7s. ld., receipts from steam-boat traffic),
being a decrease of £7,421 7s. sd. as compared with the
half-year ending the 31st of J uly, 1837. The statement of
expenditure on relenue account shows that the ordinary
working expenses during the half-year amounted to £190,620
7s. 31, being a decrease of £6,389 4s. 11d. en the cor-
responding period of 1857 ; the rates, taxes, tolls, and
Government duty to £34,030 154. 9J.; awl the working of
the steam packet service to £14,970 Os. .2.d. After providing
for the fixed charges in respect of rents, interest, annuities,
preference dividends, &c., there remains a net balance of
£112,660 7s. 10d. available for dividend on the ordinary con-
solidated stock of the company. A dividend of 9s. per £3O
stock, or at the rate of £3 per cent. per annum, will absorb
a suit' of £111,505 104., leaving a balance to be carried for-
ward of £1,154 17s. 10d.; and this rate of dividend the di-
rectors recommend to be paid on Thursday the 9th Sept. next.
The total number of passengers conveyed upon the South-
Eastern lines during the half-year, as compared with the
corresponding period of 1857, has been as follows :

Half-year
ending the
31st July.

NUMBER OF PASSENGERS.

First Class. Second Class. Third Class. Total.
722 505 1,419,4'1 2,576,579 4,718,535
707,496 1,369,106 2,455,936 4,532,538
15,009 50,345 120,643 185,997
RECEIPTS.
First Class. Second Class. Third Class. Total.
C s. d.j s. d. £ s. d. s. d.
132,372 4 41104,727 11 3 90,838 11 0 327,938 6 7
135,581 10 9 i 110,540 13 0 86,974 3 0 333,06_.6 9
1
3,864 8 0
3,209 6 5 6,813.1
9 5,17,8 0 2

1858
1857

Increase

1858
1857

Increase
Decrease

It will be observed from this summary that there has been
a decrease in the total receipts, notwithstanding the in-
creased number of passengers of each class conveyed upon
the railway during the half-year. This decrease 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, however, 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 price of the
Foreign-office passport has been reduced from 6s. to 25., with
increased facilities to obtain them. The French Government
have also sanctioned excursionist passengers landing at 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 dining 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 (luring 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
coke, which has averaged 183. 3d. per ton, as against
£lls. net. last year. The maintenance and renewal of
carriages and waggons has been £19,840 Os. 11d.' against
£18,725 10s. Bd. in the corresponding period of 1857, ex-
hibiting an increase of £1,114 103 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. 11d., arising partly from
the reduced cost of materials. Theitot al expenditure during
the half-year under this head has been £48,533, the whole
of which is directly charged to revenue, less the amount
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 £2,915 181. 2d. has
been effected in the general working expenses of the pas-
sengers anti 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 de-
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., less £8,325 7d. re-
ceived from the sate of surplus lands. The principal items
of expenditure have 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
I Maidstone branch. The outlay on these works has
already received the sanction of the proprietors. In
consequence of the abort 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 cast 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 for
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
avention of proprietors to this stock as a permanent and
desirable 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; and thus the interest upon
it becomes a first charge upon the revenue of the
company. The attention of the directors has been
much occupied during the past session of Parliament
by the proceedings involved in their application for
powers
aodtoparctozsrtdr,uwctithaa
blrinaench to of
opposing the line projected by the East Kent Company be-
tween Strood and St. Mary's Cray. It will be in the recollec-
rCahilisvealybubrsettr'aeennd also New-
cross intion of the proprietors that the bill promoted by this company
received the sanction of the committee of the House of
Commons in 1857, and that the bill of the East Kent Com-
pany was rejected on the ground that, if conceded, it would
introduce an unnecessary and injurious railway competition
in districts already efficiently served by the South-Eastern
Company. The South-Eastern bill was, however, rejected
by the committee of the House of Lords on the
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 Chisellinrst 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 Strood to St. Mary's
Cray, projected for the put pose of establishing a competing
line of railway between London and several towns in East
Kent already supplied with railway accommodation by this
company. After a protracted investigation the bill ofthis com-
pany was rejected by the committee of the House of Com-
mons, and that of the East Kent Company was passed. The
directors felt it to be their duty to continue their opposition
to the East Kent Bill in the Lords ; and also to endeavour
to enter into an arrangement with the East Kent Company
in 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 decision the directors have since had
under their consideration the adoption of measures calcu-
lated 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 receipts being divided amongst
them in proportions agreed upon, after 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 operation 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 for 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 far the conveyance of troops to and
from the Aldershot and Shorncliffe camps, as well as the
important military arsenals on the SoutlnsEastern 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 both companies."

WEST END OF LONDON AND CRYSTAL PALACE.
The report 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 .nne, has been as follows, viz. :—From
the Ist of January to 29th of March (up to which
time the line was only open to Wandlwortb), 105,766;
from Wilt 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 London-
bridge tabu At the CrystAl Palace• A colinictioA is grA•4

dually being established by means of these trains and the
Mid-Kent trains, between the North Kent line and the
Crystal Palace, so that residents at Lewisham, Blackheath,
Woolwich, Gravesend, and other places on that line, will be
able to visit the palace without going to Lpndon. A very
large population, who have much felt the want if proper
facilities in this respect, will thus be accommodated, and a
considerable traffic may be expected from this source.
Since the close of the last half-year it became necessary, in
order to meet several pressing claims, for the directors to
dispose of the remainder of the forfeited shares. They re-
gret to say that a loss was unavoidably incurred in
the transaction, but the company's credit was at stake, and
it was thought best to adopt this mode of meeting the lia-
tilities. The registers are now practically clear, and the
directors will take 2171 early opportunity of requesting the
sanction of the proprietors to the conversion of the shares
into stock. The arrangement with the Brighton Company
for the commutation of one half of the £B,OOO a-year pay-
able by them for the use of the line for their long traffic, for
a capital sum of £BO,OOO has been carried into effect since
the close of flit ha'f-year—for which reason it does not ap-
pear in the accounts. By the completion of this arrange-
ment the six per cent. stock, which was issued to the con-
tractors from time to time, has been released, and will be
offered to the proprietors as soon as the directors see
a favourable opportunity. The directors have to congratu-
late the proprietors on the results of the past session. The
East Kent Company have obtained the act for their Western
extension from Strood to St. Mary Cray, and the directors
understand that the works are already under contract,
and that it is the intention of the East Kent Company to
complete their undertaking as rapidly as possible. The di-
rectors have before pointed out the importance of this line
—securing, as it will, to this company the West End conti-
nental traffic of Dover, and that of the principal watering
places on the Kentish 'coast; and they are happy to state
that an agreement has been entered into between the com-
panies for the paesage of the traffic over this line, on terms
that will practically secure to this company an annual
revenue at least equal to the Brighton toll. The Act
for the Victoria Station and Pimlico Railway was
also carried successfully through both Houses of Par-
liament, and -the works will, the directors believe,
be commended irnenediatelf. The company's bill for
the extension of time for the completion of the Farnborough
extension was also passed. - The negotiations with the
South-Eastern Company have been continued, and the
directors hope that arrangements which are now pending
will shortly result in the use of the line by that company
fur their long traffic. In conclusion, the directors trust that
they may congratulate the proprietors on the prospects of
the company. It has, during the five years of its existence,
passed through a period of great commercial pressure, and
has had to contend with difficulties of no ordinary nature.
Now, however, with the line at lelgth open throughout, a
large and gradually increasing traffic, fixed working ex-
penses, and important traffic agreements, the directors see
every reason for the fullest confidence in the future, and in
the remunerative value of the undertaking."
The capital account shows the receipts to have been
£677,239, and the expenditure (including a loss of £7,200
on the sale of shares)£673,3Bo 17s. 11d.' leaving a balance
of £3,858 2s. ld. On revenue account the total receipts for
the half-year have been £10,301 13s. ld., and the expendi-
ture £8,670 2s.—showing a balance in favour of the com-
pany of £1,631115. ld.

ley branch shares at £l5 per share, at the rate of 41 per
cent. per annum, £8,370, leaving a balance of £2,112.

SHREWSBURY AND HEREFORD.

The report of the directors of this company states that the
expenditure on capital account during the past six months
was £12,390, of which £12,116 was for the purchase of the
Leominster Canal, and £273 for sidings and other works.
The gross receipts of the company for the half-year ending
June last show an increase of £4 12g. per cent. over the cor-
responding half of 1857. The receipts for passengers, parcels,
and mails amounted to £35,950, and for merchandise, &c.,
to £42,750, total £78,700, against £74,316 at the corre-
sponding half of 1857, showing an increase of £4,384. The
rent. receivable from the lessee for the half-year amounted
to £12,395, viz.:—E 7,434 at 4 per cent. on the ordinary
stock, £1,091 interest on 41 per cent. preference shares,
and £3,870 interest on loans. It is proposed that during
the remaining four years of the lease Mr. Brassey shall pay
to the holders of the ordinary stock of the company 41 per
cent. until the gross annual receipts of the line shall exceed
£85,000, and when the gross annual receipts exceed that
amount then 41 per cent. and also ,one-fourth of any sur-
plus,. and, further, that the amount of plant and rolling
stock to be taken at a valuation at the expiration of the
lease shall be extended from an amount not exceeding
£50,000 (as mentioned in the lease) to a sum not exceeding
£95,000, the former amount being insufficient for the proper
working of the railway. _ The Crewe Railway is expected
to he opened for traffic on the Ist of September next. The
Knighton Railway CoMpany has already commenced its
works; it, will connect itself With the company's line at the
Craven Arms station, where. facilities will be afforded for
the accommodation of its traffic on terms of mutual advan-
tage. This line has been undertaken by Messrs. Brassey
and Field, and will, it is understood, be completed in about
18 months from this time.

Toe capital account @bowed that £598,881 had been re-
ceived, and £93,941 expended, leaving a balance of £4,940.

STORES .BAY AND ISLE OF WIGHT.

The half-yearly meetings of these companies were adver-
tised for yesterday, but no business was
,transacted beyond
adjourning for three months to complete the negotiations
which arc pending with the South-Western Company.