The Sun.
London, England, 1866-08-22 00:00:00

RAILWAY INTELLIGENCE,

LONDON, BRIGHTON, AND SOUTH COAST.
The half-yearly general meeting of this company
was held yesterday at the International Hotel, Lon-
don-bridge ; Mr. P. N. Laurie, the chairman, pre-
sided.

The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said that in making remarks on it he would
follow the example of his highly-esteemed predeces-
sor, Mr. L. Schuster. The capital account had been
increased by a considerable amount during the half-
year to carry on the new works in course of con-
struction, which amount had brought an additional
charge on the revenue. They were proceeding as
gradually as they could with the works in conse-
quence of the astringency of the money-market.
The revenue account for the past half-year showed
an increase in the receipts of £32,844 as compared
with the corresponding half of 1865. They had
carried 545,946 more passengers, and an increased
quantity of goods of 98,000 tons. But from the
unfavourable weather, the stringency of the money--
market, and the sensitiveness of their passenger
traffic the receipts had not been so large as they
might have been under more favourable circum-
stances. A wet day generally had a depressing effect
on the traffic to the Crystal Palace, and also in re-
spect of families going to Brighton. Inclement
weather always affected their traffic more or less ;
the recent state of the money-market had also an
unfavourable effect in preventing pleasure traffic on
their line to a certain extent. He regretted that the
increase in the receipts had been more than swal-
lowed up by the increase in the working expenses.
The trains had run an additional mileage of 308,000
miles during the past half-year as compared with
the same half of 1865, which, of course, had in-
volved considerable expense. That extra mileage
did not arise from an extension of their system,
but from a desire for excessive speed and extra train
accommodation. The next item of increased expen-
diture arose from the question of wages. The rate
of wages had increased all over the country, and it
was impossible for them to contend against the addi-
tional payment that had taken place, not only on
railways, but in all commercial establishments.
When he told them that the number of persons
employed by the company was 7,500, at various
rates of wages, they would readily perceive that any
increase of pay must amount in the aggregate to a
very large sum. They had also gone to a great ex-
pense for an improved mode of signalling on the
main line. They had, therefore, both in their own
interest and those of the public, which were iden-
tical, largely extended the block system of ,working
trains over their lines; so that no train should be
allowed to leave one station until a train before it
on the same line of rails had left the next station
ahead of it. The additional expenses of working
during the half-year amounted to £43,000 more
than for the corresponding half of 1865. Probably
the increased expenditure resolved itself into three
heads. One might be considered a permanent in-
crease, including wages and the price of materials.
The second was not permanent, as it related to the
occasional repairs of machinery and the interest of
money. He trusted they should be soon enabled to
borrow money or renew debentures at much easier
rates than had prevailed for some time past. He did
not look at this matter as permanent, but subject to
fluctuation. As to the direct expenses, there was a
considerable opening for very useful improvements
and economy. During the six months ending the
30th of June, 1865, the receipts per train mile
amounted to ss. 2id., while in the past half-year
they amounted to 4s. 94d. per train mile. The
working expenses were 2s. 71d. for the former
period, against 2s. Bd. per train mile for the past
half-year. Deducting the expenses from the re-
ceipts in the corresponding half of 1865, there re-
mained a profit on the working of 2s. 7d. per train
mile, while for the past half-year there remained
only 2s. 1-}d. per train mile, showing a
falling off in the net receipts of 5:11d. per train mile.
The result of a consultation with his colleagues on
this matter showed that the company were running
a number of trains far in excess of the legitimate
requirements of the traffic. This was a proper sub-
ject for consideration and the exercise of economy.
They found that the present train service would ac-
commodate double the amount of the traffic they
had. They were perfectly satisfied that the require-
ments of the public might be fully met by running
a less number of trains. They had, to save five or
ten minutes, put on additional local trains, in order
to facilitate through traffic between London and
Brighton. They were, no doubt, a great company,
but, after all, they were only carriers, and must

therefore deal with their business as commercial
men. The public interest and their own were iden-

tical, but they found that the luxurious train ser-
vices they had indulged in were far in excess of the
requirements of the public. On Sept. 1 they would
commence a service that no doubt would meet with
all the public requirements, and at the same time
considerably reduce the company's expenses. He
then alluded to the Parliamentary proceedings ill
the past Session, particularly that relating to the
sanction given to the London, Lewes, and Brighton
scheme, after having been rejected by three previous
decisions in Parliament. All the sacrifices the com-
pany had heretofore made by the adoption of low
rates had been ignored ; and the uncertainty of Par-
liamentary decisions on railway bills was thus ren-
dered still more perplexing. In his early days he had
attended before Parliamentary committees profes-
sionally, and found that they often decided questions
on railway bills without any reference to the evi-
dence before them, but merely from political, econo-
mical, or other views. In the last Session it would

have saved the company a great deal of money if
the committee had given their decision in the first

instance when the Bill came before them. He then
adverted to the financial and other positions of the
principal promoters of the London, Lewes, and
Brighton Railway, which had been recently sanc-
tioned. He thought it very doubtful whether it
would ever be made. He did not believe that the
public would subscribe any money to carry out such
a scheme. 'The length of the proposed line, with
gradients of 1 in 100, was 56 miles, against their
line, 501 miles, with gradients of lin 264. The
proposed line would have 10 miles of tunnels against
the company's present line of 4 or 5 miles of tunnels.