The Sun.
London, England, 1857-07-20 00:00:00

RAILWAY INTBLLIOENOE.

LONDON, BRIGHTON, AND SOUTH COAST.
The half-yearly report of this company, to be
presented to the proprietors on Friday next, has
just been issued. It states the amount of capital
raised to the 30th of June, 1857, is 7,797,2151.,
consisting of mortgage debt, 1,9t2,9351.; deben-
ture stock, 1,000/.; preference capital, 1,24,726/. ;
consolidaeed stock, 4,618,5541. The total capita
outlay during the past half-year has been 6,5231.
The principal part of this sum has been expended
in the completion of the telegraph, which now ex-
tends over every part of the company's lines, and in
the construction of works, &c , necessary for the
public accommodation. The amount of unexpended
capital at this date being only 1,068/., and there
being several works which cannot longer be delayed
without injury to the traffic, it becomes the dory
of the directors, in accordance with the intimation
conveyed in their last report to call upon the pro-
prietors to sanction an application to Parliament
for powers to raise a further sum of 200,0001. It
has been so often demonstrated that business can
only be developed and carried on with safety and
advantage by a proper increase of the requisite ap-
pliances, that the directors do not feel it necessary
to revert to the matter further than to assure the
proprietors that, while asking them to approve of
this application to Parliament, they will take care
that no part of the amount is expended without
the prospect of a satisfactory return ; in the mean-
time, they do not anticipate that any large portion
will be imrnediAtely required, but in applying for
such powers, they think it better to provide for
contingencies which may arise. The gro,s revenue
for the half-year has been 349,2241., showing an
increase of 6,5461. over the corre-ponding half-year
of 1857. On examining the details, it is satisfactory
to find that, although in -the corresponding half-
year of 1856 a very large revenue was derived from
the Naval Review at Shithead, the peace festivities,
and the return of the army and navy with their
munitions of war, during the past half-year the
traffic has reached an amount higher than that of
the period in which those unusual sources of revenue
occurred, a result exceeding any expectation which
could have been reasonably formed. The proprie-
tors will be glad to learn that there is every reason
to believe that the West-end line will be completed
to the river side by the end of the year, and judg-
ing from the manner in which the local traffic thus
far has developed itself, the directors look forward
with confidence to the realisation of their expecte-
lions as regards that line of railway. The fine
weather which prevailed during tee past half-year
enabled the directors to proceed rapidly with the
relaying
13& miles have been com-
deinngolYw remain 10 miles to finish
pe tea;nda accordingly
the main line throughout. This work is pro-
gressing, and will be executed before the end
of the year. As previously announced the
whole of this outlay is to be borne by revenue,
which has been again debited with 3,0001. being
the proportion due to the past half-year. The at-
tention of the directors has been heavily taxed
during the current session of Parliament, by the
animlaonpYpfo were
new lines of ion introduction of bills affecting the interests of the
company. In the case of two water companies, at
billsj necessity
were cte a ssit
bill introducediso
fora line from Havant toagreed avoided.
to,
Brighton and Port-mouth, the protective arrange-
ments required by th
andrFativl
we thusaoyt, h
vet
ri 1
viz.-Ist
e y
.
Casham, with powers to tun over and use the joint
Portsmouth line and terminus. On the promoters
perceiving 'the serious opposition which the bill
would encounter, the clauses conferring the powers
in question were abandoned. 2d. A line from
Clapham to London-bridge containing powers
enabling the promoters to take a portion of this
company's London-bridge terminus. After two
days' discussion before a committee of the House
of Commons, the promoters withdrew from further
contest. An excursion from the Mid Kent
(Lewisham and Beckenham) line to Croydon, run-
ning parallel with this company's four lines of rail
to that place. This scheme was also defeated in
the House of Commons—a result which caused the
abandonment of another scheme for a line from
East Croydon to the Caterham junctions. The only,
bill which the directors were not successful in op-
posing is one for a new— line to Epsom, stetting
from the South Western line between Wimbledon
and Maldon. This bill was granted, although
it was clearly shown to be a competing
line which had previously been rejected by
Parliament, not only when this company's
Epsom line was originally granted, but also in a
subsequent session. The directors are, however,
glad to perceive a general determination on the par(
of the committees of the House of Commons to
adopt, at last, the policy so clearly pointed out by
the select committees, presided over by Mr. Glad-
stone and Mr. Cardwell, w bo recommended Parlia-
ment not to allow money to be wasted in the con-
struction of duplicate lines, inasmuch as competi-
tion in railways can only result in injury to the
public as well as to the shareholders. The departure
in this instance from the principle acted upon in
other cases can only be attributed by the directors
to the little importance attached by Parliament to
a small line of about five miles, but so strongly did
other committees of the present session appear to
coincide with the views enunciated in the report of
Mr. Cardwell's committee of 1853, that in one of
the cases, where a large competing line was re•
jetted, the committee based their decision on the
recommendation of that committee. The directors
feel that the proprietors will be interested in again
perusing the recommendation referred to, which is
as follows :—" Your committee consider that the
principle heretofore established at law, that an act
of Parliament constitutes an engagement between
the promoters on the one side and the public on the
other, is a principle deserving of more considera-
tion than it has hitherto obtained as a guide to,
future legislation. This principle, rightly under-
stood, conveys to the promoters no right that their
privileges shall be exclusively maintained when they
cease to be consistent with the general advantage ;
but it does imply, that having be 'n authorised by
the Legislature to construct expensive works for:
public use, the reseurces from which their just re-
muneration was to spring shall not be taken away
upon any other than clear grounds of public policy.
The observance of such a principle is valuable tothe
public as well as to the shareholders, since it is of
importance to the whole community to develop by
every Melia those communications on which the
freedom and facility of trade, and the safety and
convenience of personal loccmotion, now depend,
and to ensure to a reasonable extent the Viability pf