The Sun.
London, England, 1867-02-09 00:00:00

LONDON AND SOUTH WESTERN.

The report of the directors states that the balance
available for diVidend, including £BlB surplus from
June last, amounted to £176,986, out of which the
directors recommended a dividend at the rate of 4i
per cent. per annum, payable on the Ist of March,
leaving a balance of £2,224. The severe monetary
crisis and the prevalence of cholera in several locali-
ties bad affected the receipts. The traffic during
the past summer and autumn months had not beer"
satisfactory, and the increase of revenue, which,
judging from past experience, would have been ob-
tained under ordinary circumstances, had not been
realized. The restrictions in the home and foreign
cattle traffic, which had not as yet been wholly re-
moved, had partially, and in some instances entirely,
stopped a considerable source of revenue to the rail-
way. Notwithstanding the peculiar adverse cir-
cumstances of the past year, the grosii receipts of
the comp.muy had been the largest yet obtained.
The total receipts for the half-year ending December
31 amounted to £807,499, against .787,143 iu the
half of 1865, showing an increase of £20,356.
The increase in the working expenses was £23,030,
and in the taxation £7,324 —together, £30,354.
The net revenue amounted for the half-year to
£390,778, against £400,776 in the corresponding
half of 1865, showing a decrease of £9,998. With
regard to the increase in the working expenses, the
advance in the rate of wages and the increased
cost of materials had tended to swell the
amount, notwithstanding that reductions had
been made wherever practicable in the
number of mechanics, porters, and other
servants. The increased expenses for the mainten-
ance of the railway and stations arose partly from
the relaying account being charged with £6,000
additional. The increase in the expenditure of the
locomotive and carriage departments was principally
caused by more extrnsivs renewals of engines, car-
riages, and waggons. Revenue bad also been charged
with the whole amount standing at the debit of coin-
pensation aecount, inclusive of the sum of £11,154
idtkAnlig. -unpaid last 'half-year, io that all the
4barge's arising from accidents, daMages to goods,
or fOniother...caiiSes, up to the present 'we're disposed
of.: 'Tile:double line betw.een Salisbury and Exeter
.would be complete on March 1.. The mortgage debt
nndtdebenturre "steek of the company were, by the
notppani's recent return under the• Railways Securi-
ties- Act: cf last session4roVed to be within the ag-
gegate amount.Thedirectors strongly recommended
the proprietors to invest the board with full discre-
tionary powers for completing very important ne-
gotiations with the broad gauge companies for the
establishment of peaceful relations between the com-
panies on principles which the directors trusted
would be beneficial alike to the public and to the
companies concerned. The proposed arrangements
would provide for interchange of traffic between the
several systems, and the opening of the broad gauge
lines south and west of Exeter to this company, and
the lines of this company west of Exeter, as well as
those of the Devon and Cornwall and Central Corn-
wall Companies open to the broad gauge companies,
with through booking and equal rates. The capital
account showed that£ls, 629,570 hadleen expended.