The Sun.
London, England, 1861-02-09 00:00:00

LONDON AND SOUTI[••WESTERN.

The directors of this company have just issued their re-
port. It states that the net revenue for the half-year end-
ing Dec. 31, 1860, after deducting interest on loans and all
other preferential charges, amounted to £187,686, to IA hich
is added £3,097, the surplus from the preceding half-year,
making the balance available for dividend £190,783. From
this sum the directors recommend that a dividend be de-
clared at the rate of £5 ss. per cent, per annum, payable on
the 28th inst., and amounting on £7,199,656 of paid ,up
capital to £188,991, leaving a balance of £1,792. The in-
crease in the gross revenue for the half-year over the cor-
responding period of 1859 amounted to £45,757, which had
been earned over an increased mileage of 504 miles opened
for traffic in 1869. The total receipts during the past half-
year amounted on 389 miles to £565,727, the working ex-
penses to £241,049, the taxation to £28,010, 'and the net
revenue to £296,668. For the corresponding half of 1859
the total receipts amounted on 339 miles to £519,970, the
worKIL6 ospaslocz Lv .0900,160, kho to,ation fn X 25,94-1. and
the net revenue, £265,260, showing an increase of £45,757
in total receipts, of £11,580 in the working expenses,£2,769
in the taxation, and £31,408 in the net receipts. The sea-
son had been most unfavourable both for the promotion of
the traffic and for the maintenance of the permanent way
and works. Among the charges against the company the
interest on the larger portion of the cost of constructing
the Exeter extension line and works had now for the first
time been brought forward as a charge against revenue.
In pursuance of the authority given by the proprietors,
£554,898 of the perpetual 41 per cent. preference stock, and
£346,948 of the perpetual 4 per cent. debenture stock,
had been issued to the 31st of Deceniber last. The
rolling stock had been kept in good condition during
the past year. The locomotive department compared
favourably with the corresponding period in 1859, looking
to the extra number of miles run ; and the whole charges
in this department were made against revenue, the only
amounts charged under that head to capital being £614 for
four pumping engines at various stations. In the carriage
department the comparison was still more favourable, the
whole amount of expenses incurred for repairs, &c., being
£935 less than in the corresponding period of 1859.
£14,233 had been paid to Messrs. Wright and to Messrs.
Brown, Marshall, and Co., for additional carriage and wag-
gon stock for the new lines, and the amount had been
charged to capital. The permanent way had been main-
tained in good working order, although at an increased ex-
pense of upwards of £B,OOO. This had been principally
caused by the extremely severe season and continued wet
weather. Upwards of £5,000 of the amount had been ex -
pended in repairing some very heavy slips in the clay dis-
tricts. Twenty-three additional miles of the main line had
been relaid and fish-jointed during the past year, and a
sum of £33,105 had been carried to the debit of the perma-
nent way improvement account. In accordance with the
resolution of the proprietors, £lO,OOO had again been
charged from this account against revenue. The directors
in the present session promote no bill before Parliament.
There were, however, several projects in the company's
district which were calculated more or less materially to
affect their interests, which the Board would carefully
watch, and take such measures respecting them as might
be deemed advisable. The directors much regretted the
loss of their late colleague Mr. M. Uzielli, whose experi-
ence had for 16 years been of great assistance to the com-
pany. The report of Mr. J. Beattie, superintendent of
the locomotive department, stated that the expenditure in
the locomotive and carriage departments for the half. year
was represented by a mileage rate of 9.59 d., the locomotive
department being 7.84 d., and that of the carriage de -
dartment 1.75 d. During the last six months of the year
1859 the rate per train mile was 10.06 d.. showing a re-
duction of 0.47 d. per mile. The increase in the passen-
ger train miles was 123,233, and in the goods train miles
78,100, giving a total increase of 201,339 miles. The ex-
tension of the railway to Exeter had caused this increase
in the train mileage. 120 waggons and five horse-boxes
had been constructed by contractors ; and two horse-boxes,
ten carriage trucks, and six goods guards' vans had been
built at those shops as additional plant for the new lines.
The capital account showed that £11,288,394 had been re-
ceived, and £11,191,412 expended, leaving a balance of
£96,982.

TRAFFIC RETURNS FOR THE WEEK.