The Sun.
London, England, 1850-07-25 00:00:00

-?,,rtirb labitiott

SUN OFFICE, Seven o' Clock.

TATTERSALL'S—THIS EV ENINGcLocs.
Six o'.

GOODWOOD STAKES.
5 to 4 agst Windischgratz
8 to 1 agst Wont-you-come-out-to-night
10 to 1 agst Borneo
10 to 1 agst Snowstorm
15 to 1 agst Clothworker

HAM STARES.
2 to 1 agst Hernandez
4 to 1 agst Black Sea
GOODWOOD CUP.
7 to 2 agst Windischgratz
5 to 2 agst Canezon
10 to 1 agst any other

ORATWICKE STAKES.
6:to 4 agst Hardinge—taken

ST. LEGER.
6 to 4 agst Voltigeur

DERBY.
9 to 1 agst Grecian—taken

LONDON, BRIGHTON, and SOUTH
COAST RAILWAY.—(THIS DAY.)
The usual half-yearly general meeting of the
proprietors of the Landon, Brighton, and South
Coast Railway was held this afternoon, at the Bridge
House Hotel ; Mr. Laing, chairman f the board of
directors, in the chair.
The advertisement convening the meeting and the
minutes of previous meeting having been read, the
common seal of the company was affixed to the re-
gistry of shareholders. The report of the directors
was then submitted to the meeting.
"It stated that the capital account being now practically
closed, the regular working of the completed system of
lines belonging to the company may be considered as
having commenced. Accordingly great pains have been
taken to reduce the accounts to such a system as should
distinguish the working of the different departments.
The amount of capital raised to the 30th of June last is
7,139,5671., consisting of mortgage debts, 1,486.3371.;
preference share capital, 1,037,5961.; and consolidated
stock, 4,615,634/. The whole of the capital receives in•
terest or dividend out of revenue. The additional capi-
tal expended during the past half-year amounts to 56,1871.,
of which 35.365/. was fur the enlargement of the London
station, 9,1321. for the completion cf the Portsmouth
station, and the Eastbourne and Hailsham and Thames
Junction branches; and 8,6901 in providing additional
plant and accommodation far the increase of goods traffic.
The directors state positively that the works for the en-
largement of the London station will cost less than
the estimate of 150,0001. for land and works, and
7,000/. for preliminary and Parliamentary expenses.
The rapid increase of the goods traffic, which now
averages about 7004 per week more than in 1848, has
required a large outlay for waggons, sidings, warehouses,
&c., not contemplated in the estimate of 7,200,0001. for
the final capital. The directors see no reason to appre-
hend any excess in that estimate, unless a further consi-
derable development of traffic should take place. A large
portion of the mortgage debt has been raised or renewed
in the course of the past half-year, at the rate of interest
not exceeding 4 per cent., and for periods of seven years.
The total receipts for the half-year have been 227,6641.,
showing an increase of 13,6021 over the corresponding
half-year of 1849. Deducting the cartage, &c., the in-
crease in the railway traffic has been 10,6301., of which
6,1881. has been in the goods traffic, which has more than
equalled the expectations formed from the opening of
the Bricklayers' Arms station and the Deptford Dock.
The opening of this d ick has lowered the price of coals
to the consumer at Brighton and throughout a consider-
able part of Surrey and Sussex 4s. or ss. a ton. This
trade is as yet in its infancy, being crippled by a heavy
duty levied on the coals in transit through the port of
London; but strong representations having been made to
the Government and the City authorities on the subject,
it is confidently believed that this duty will be
shortly repealed, in which case the company's route,
vin Deptford, will command the principal supply of
coals to Brighton and the south coast, at a price which
will afford a most material boon to the population of the
district. The passenger traffic has not kept pace with
the goods traffic. During the first four months of the
half-year, when the weather was very unfavourable, it
showed a slight falling off as compared with the corre-
sponding period of 1849, except upon the Croydon and
Epsom line. In order to meet this, the directors have
done all in their power to attract traffic to the line by
increasing the accommodation to the public, and afford-
ing frequent opportunities for excursions at very low
rates. The present state of the passenger traffic is more
satisfactory than it has been at any time since last au-
tumn, and the directors see no reason to doubt the con-
tinuance of a moderate but steadily progressive increase.
The number of miles run by trains during the past half-
year has been 580,1901, as compared with 552,856 miles
in the preceding halt-year, and 496.238 miles in the
corresponding haif-year of 1849. The additional mile-
age having been provided tor, in a great measure, by
improved arrangements and by the use of. light engines,
has not been attended with any corresponding inerea,e
of expense, and the total consumption of coke has been
less than in any preceding half-year. Brighton, being
now reached with punctuality in an hour and a qttarter,
is practically as much a suburb of London, and as-con-
venient fur the residence of persons having business in
the city, as Kensington or Bayswater ; and parties visit•
ing Hailings, Eastbourne, Worthing, Littlehampton,
Arundel, Chichester, or Portsmouth, have now an oppor-
tunity of leaving home at a moderately early hour,
reaching London a', ten o'clock in the morning, remain
ing there until fire o'clock, and returning in time for a
late dinner. Even the Isle of Wight is brought within
a three houri'loseriey of London, the passage between
Portsmouth and It) de being effected in twenty minutes,
by fast steamers in connexion with every train. The
total traffic receipts (excluding cartage, &c.) for the
half-year ending 30th of June last amounted to
221,1381., and for the corresponding period of' 1849
to 210,5081. The total expense during the former
period amounted to 98,6341, and in the latter period
to 91,9061. The rates at .d taxes in the half-year
ending June 30, 1850, amounted to 9,6151.; while
for the corresponding period of 1849 they amounted to
11,3271. The item of cartage for the former period
amounted to 4,7371., and for the latter period to 1,178/.
The maintenance of way for the last half year cost 931.
per mile, while at the corresponding period cf 184 b the
cost was 851. per mile. The total expenditure per train
per Mile was, in 1850, 3s. 5d.; and for the correspond-
ing period of -1849, 35.. 9d. The expenditure on gross
receipts for the half-year ending June 30, 1850,
amounted to 43.3 per cent.; and for the corresponding
period of 1849 to 42.9 per cent. The total amount ex-
pended in renewals and improvements during the past
half-year has been 11;7791., as compared with 7,495/. in
the corresponding period of 1849. The charge on re-
venue for interest and preferential dividend for the half-
year ending the 30th June, 1850, amounted to 61,1074,
while at the corresponding period of 1849, it amounted
to 55,788/. The total charge prior to aividend, including
all expenses for the last half.year, amounts to 159,7401.
as against 147,6951 in the corresponding period of 1849.
The net amount at the credit of revenue account for the
half year is 130,4561., of which. 33.2211. is appropriated
for interest on loan, and 27,8864 for dividend on pre-
ference shares, leaving a balance of 69,3491., out of
which the directors • recommend a dividend of 1 per
cent. for the half year, leaving a balance of 1151. to the
credit of the next account. It appears from the stock
and share account that the company is authorised, to
raise 7,440,930/. of which power 301,362/. has not been
exercised. The capital account shows that 7,126,4294
has been received, and 7,150,5741. expended, leaving a
balance against the company of 24,1451. The revenue
account for the half-year states that 229,090/. had been
received. and 98,6341. expended, leaving a balance of
130,4561."
The CHAIRMAN, in moving its adoption, observed
that the accounts had been made as accurate as possi-
ble ; they, together with the report, contained all the
information the directors were in possession of, and
it would therefore be unnecessary for him to detain
the meeting with any lengthened remarks. The
result of the half-year's operations was what he had
originally predicted it would be, but still he
understood that there were;, some proprietors
who were dissatisfied with the amount of
dividend. No doubt that dissatisfaction had arisen
oat of calculations based upon the weekly returns, of
the receipts from- traffic. Those returns showed an
increase in the income over the' corresponding half of
last year of 14,000/. ; but there was some little ex-
aggeration in the returns, and when the actual receipts
came to be calculated, after making reductions and
adjustments claimed by the South-Eastern Company,
and providing for other contingencies, the increase
was reduced to 12,6001., but the carriage and cartage
account was included in that sum, and when they al-
lowed for the additional expenditure which that source
of ineonte involved, the actual increase stood at
10,6001. Daring , the past half-year, however,
-an increase had taken place in the expenditure
on works and the renewal of stock to the amount of
9,6031., which, of course, had to be provided for out
of the receipts. This charge then would reduce the
increase of income applicable to the dividend to some
thing more than 1,0001., but on the entire working
expenses the directors had obtained a saving of 1,0001.,
and, under all the circumstances, be thought the pro-
prietors had every reason to congratulate themselves
at being enabled not only to maintain, but slightly
to increase, their former dividend. Last year he
published a pamphlet containing his own anticipations
of the future earnings and expenditure of the com-
pany, and it was a matter of satisfaction to him to
find that his estimate of expenditure so far as the pre-
sent year was concerned, was some .5,0001. above what
had actually taken place,. and, speaking now with the
aeslatance of experience, he had no hesitation in pre-
dicting that the railway would continue to yield 4/.
per cent. on the paid-up capital, and still allow the
comnauy to pay all the interest due on loans, and to
provide a reserve fund for future contingencies. He
would now, with the permission of the meeting, advert
to a subject which, at the present moment, occupied
a good deal of the public attention. He alluded to
the subject of Sunday labour. The only inducement
which ought to influence a railway company like this
in running Sunday excursion trains was the public
good. Now, while he agreed with sticklers for Sab-
batarian observances that it was necessary to give the
poor man a day of rest, he altogether repudiated the
nett° n that the term rest-meant abutting the operative ,