The Sun.
London, England, 1859-01-27 00:00:00

LONDON, BRIGHTON, AND SOUTH
COAST RAILWAY.

HALF-YEARLY MEETING (THIS DAY.)
The ordinary half-yearly meeting of this company was
was held this day at the Bridge-house Hotel—Leo Schuster,
Esq., chairmarr of the Board of Directors, presiding.
The usual routine business having been disposed of, and
the report, which has already appeared in The Sun, being
taken as read, _ _

The CHAnimarr, in moving the reception and adoption

of the report, congratulated the meeting on the cheering
position of the undertaking. The capital account was
so clearly set forth in the report that he thought he could
pass it over by merely observing that although the addition
to it was large, it had been required to meet the expenses of
acquiring land for the erection of the Pimlico station, and
he had the assurance of the engineers that the works were pro-
ceeding satisfactorily, and he entertained no doubt but that
they would be completed and delivered up to the company at
the stipulated time in June next. The position of debenture
stock was very satisfactory. The next point he referred to
was the revenue. The report was very full on that head,
and if the proprietors carefully examined it, they would be
fully satisfied with the results. We have had during the
past year to struggle with a commercial crisis, and it was
gratifying to find that they had acquired a net in-
crease of £ll,OOO, after deducting the decrease of the
previous half-year. (Hear, hear.) It was perfectly
clear that this satisfactory result could not have been ac-
complished without the greatest attention to the traffic, and
in all cases where increased accommodation, and where such
hadbeenoffered , an increase of receipt s had inVariablifollowed.
In the year 1851 there had been no less than seven reduc-
tions of fares ; three in 1852 ; two in 1853 ; one in 1854 ;
four in 1855 ; three in 1856 ; nine in 1857 ; and three in
the past year. (Hear, hear.) In not one case had there
been an increase. (Hear, hear.) We have also greatly im-
proved the carriages of the company, feeling it our duty to
do all that was possible to give increased comfort to those
possessed of little as well as those possessed of much.
(Hear, hear.) We have, in carrying out this arrangement,
converted many of our second class carriages into thirds—
(hear, hear)—and to the third class carriages in possession
of the company we have adapted all the latest improve-
ments. Our second class carriages have also been made
more comfortable ; we have added cushions and stuffed backs,
indeed, your directors have done everything to promote the
general comfort of all travellers availing themselves
of the London and Brighton railway. The proprietors
would recollect that in the year 1856 powers were obtained
I by a new company to extend this company's Epsom line to
Leatherhead, and he had now the pleasure to inform the
meeting that the directors of the Brighton Company had
entered into an agreement for the lease of the Leatherhead
line with an option to purchase at any time within three
years. The line, he believed, was in such a forward state
that it was fully believed it would be open forjrfrtac the
first of next month. (Hear, hear.) The necessary steps
had been taken to obtain Parliamentary sanction to the
agreement, and also for a further extension of the line to
Dorking. The plant of the company, it would no
doubt be a satisfaction to the shareholders to know,
was in the best possible condition, so it was
not likely that any large expenditure on that would
be required for some time. (Hear, hear.) He now ap-
proached a-isubject that was of importance to them all, he
meant taxes. In 1858, notwithstanding that the income
tax had been reduced, • this company under the head of
taxes had paid no less a sum than £68,000, which was
equal to one and a half per cent of the dividend. (Shame.)
With respect to their relations with the South Western
Company, the chairman assured the meeting that the
board of directors of the Brighton Railway Company had
never taken anything but the straight road, they knowing
full well that any other always led astray. (Hear, hear.)
They had not asked for anything that was not their
own, and they meant to insist on that right
being conceded with firmness and moderation. (Hear.)
They would do all they could to avoid a contest; and all the
directors asked for was the confidence of the proprietors.
(Hear, hear.) He did not know of any other remarks he
need address to them, so he would conclude by moving the
adoption of the report, and observing that he should feel
great pleasure in• answering whatever questions were put to
him. (Cheers.)
The motion of the chairman having been seconded, was,
after a short discussion, carried unanimously.
Resolutions directing the payment of the dividend of 3t
per cent. for the half-year, and re-electing the retiring
directors, Leo Schuster, Esq., Charles Lushington, Esq.,
and John Nix, Esq., were also agreed to unanimously.
A vote of thanks to the chairman terminated the pro-
ceedings.