The Sun.
London, England, 1850-02-26 00:00:00

'
V.

SUN OFFICE, Seven o'Clock.

LONDON AND SOUTH-WESTERN

RAILWAY.-(THIS DAY.)

The usual haU-yearly general meeting of the London
and South-Western Railway Company was held this
d:ly at the Nine Elms Station; Mr. William Chaplin,
cl a'rtr al of the board of directors, in the chair.
The advertisement convening the meeting having been
read, the mlnuts of the past mee ing were confirmed,
a-ld the report of the directors submitted to the share-
holder=, from which we make the following extracts:—
" From the accounts that have been for
some &Lys past in the hands of the
proprietors, it will be seen that the
net revenue for the half-year ending
31,t D,cember, 1849, amounts, after

deducting interest on loans, and all
o.her preferential charges, to ..........£107,633 14 6
The surplus from June, 1849, to
The balance applicable to dividend is, ---
then f ,re £110,346 13 2
From which the directors recommend
that a dividend fcr the hail. ear,
at the rate of 3+ per cent. p:r
annum, be deducted, amounting on
6,602,4221. 3s. 4d. to
Leaving to be carried over to the next
half-year . .

107,289 7 3

£3,057 5 1

The total working expenses for the half-year
amourved to 109,4151., and of rates and taxes, exclusive
of income-'ax, to 19,0251.
" It is to be remarked, that although a large amount
of capital is still unproductive, in consequence of tie
original intentions of the company not having been
carried out, the whole of the interest on such capital is
charged to revenue.
" From a comparison it appears that the passenger
traffic of the last half-year, although twenty-three more
miles of railway ase open, is 3,184/. less than in 1848,
the goods traffic being 6,8371 more; the whole increase
being consequently only 3,653/. It is, however, s stis-
factory t o perceive, that it has been possible to work
twenty-three more miles of railway with an expenditure
of 8,354/. less. The net revenue is thus 12,0071. more.
" The total expenditure, per mile of railway, 554/., and
per mile of train, Ss. 3Ad. will, it is believed, bear com-
p irison with any metrepolitan railway.
" In October, 1849, they reduced their fares within
short distances of London, with a view of encouraging,
traffic to the suburbs, being of opinion that the true po-
liay of of the company is to promote in every way the
daily extending habit of residence out of town ; and
teey believe that when the districts this railway tra-
verses, and t' e central peeiti,,n c f the Londo:, terminus are
con ;idered, it is able to offer ads aetages, in regard to re-
al lential traffic, g- eater than any ether railway out t.f Len-
der. P. is now shown by experience, that every additional
house of the better class, inhabited on tl.e line, brings
with it a cei tiin increase of traffic to the railway. The
directors therefore purpose to establish a low scale of sea-
son tickets for the suburbs, t be issued for terms vary-
ing from one to twelve months, and to be renewable at
the same rate for seven years ; and they are Etvisfied,
that by adhering to this policy, a large additional re-
venue will be eventually securel to the railway.
The maintenance of 207 miles f railway is charged
upon revenue during the half-year, the average cost,
p. r mile, of maintenance of way and stations, amounting
t 283/. per mile per annum.
" The charge for locomotive power f the list half-
ys as was (the price of coke being 21e. 101 per ton) per
train per mile, including pilotage, 9•364.
" Daring the last half-yt ar 3,3871. has been expended
on the locomotive stock on renewals, and is included in
the charge of 9-36 d. per mile. It is probable that, in
some years, this charge will exceed the present rst,:; but
the directors are satisfied that the company is pur-
suing a safe and sound course in meeting these
inequalities out of revenue. The locomotive
stock of this company is in excellent condition.
is sathfecrory to tied that the earnings for the past
year of the seam-packets leased by the company have
sufficed, after paying all expenses, to mte, the interest
fsr that p ri el on the 50,000/. lent to the New Soteh -
Western S:earn Navigation Company, and to pay
the 5 per cent. guaranty ed dividend on its
paid-ep capital ; a balance of 3,1801. is
carried over to the credit of the present halt-year.
In November, 1848, it was proposed to confine the open:-
tioas of the company t > the completion of certain lines
then in progress; these are all open for traffic, a:AI there
rem .ins not a single mile of line now under construe-
ti The directors hose accordingly been anxious to
determine and discharge all liabilities and engagements,
with the view to the final closing of the capital account
at the earliest possible period. It is impracticable sud-
denly to effect this object, some of these engagements
requiring great circumspection in dealing with them;
but, it is certain that no creation of new capital can be
necessary in this company."
The CHAIRMAN said the report of the committee ap-
pointed to investigate the charges and statements made
against the integrity of the directors would be read.
It is only necessary, however, to give the concluding
paragraph in the report, which was as follows:
" The committee having reported upon all the charges
affecting the directors, either collectively or individually,
which they think it necessary t) bring specifically be-
fore the proprietors, have only to add in conclusion,
that although they have discovered in the course of their
inquiries much t blame and to regret, especially in the
fit Race department, they are unanimously of opinion
that nothing has come before them which afkcts the
integrity' or `probity' of the directors."

Mr: Cu- nraz;thl Chairman of the committee, moved
that this report be rt!c:Aved and for' arded to RAI share,-

Mr. MircttorT to,k exception to this, lx..catise the ie..
prt did II• t de,: with the charge against the directors
u tnystiFying, and circulating false accounts.
Mr. NIANatEs, M.P., one of the committee said, they
hal never I:kf)re head of such a charge. . .

The CHAiamArr did not alum with all the conclusions
of the report, which he had not seen until he came into
it room; but on the whole he hal no desi. eto quarrel
with i%—(dear, Lear.)
The resokti.,n leaving been seconded, was shortly
14-31.a,ed and 11;p-cid to.
The CUAIRMAN said the next matter to be disposed
c,f w:s the rep.irt of the commitee which had been ap-
nted to consider the question of audit.
Mr. M6RTIMER, the erputy-chairman of the coin-
Litt( e, motel the aloption the rep irt and the ap-
i,,:i:rnent of a committ 'e to confer with the committ, es
cthsr companies in procuring an Act of Parliament
fur establishing an efficient 83 stem oF audit.
A SMAREHoLDIiti suggested that the report should be
rr,,V, ahlch was thecordii,gly done; but as it was pub-
-1 some wi eks ago it is unnecessary to repeat it.
The CHAIRMAN observed, th,,t however desirable it
might be to carry out the recommendations contained in
the iedorr; it could nut he done to the fullest extent
without Vie fiqn ton of an Act of Parliament, and he
lherefore hoped the directors would not be calleil upon
to carry tie m into effect now.

Mr. -Deice:, M.P., said the majority of them could be
carrid out under the bye-I.,iws of the comp4ny, but he
would suggest that the entire matter should he referrtd
to he committee to be appointA to-Jay, to communi-
cate with the committee of ether shareholders on the
ge; eral subj,,ct of ands. That c.)mreittee might also
con'or with the direcora upon the propriety efa:com-
plishing some of the recommend itions under the bye-.

Mr. SAINSBURY objected to ref rring tho matter back
again to a committee, and suggested that it hal bt tter
be 1; ft in the hands of the directors. He moved an
amendment accordingly, that the report be referred to
th beard to decide vs hat paint of it was compatible with
th,:, existing Act 3 of the company.
The CHAIRMAN wished to have nothing to do with
the audit question, but to leave it entirely with the
shareholders. _ _ .

Mr. HELPs, a member of the committee, said that both
he and tl.e chairman of the comarittf.e, Mr. Thomas J.
Hall, the chief metropolitan police magistrate, were fa-
vow able to a Government audit. In the event, there-
fore, of the amendment being rejected, it was his in-
t ration to move ano:hcr, to the effect that the report be
referred to the directors, with instructions to communi-
cate the opinion of this meeting to the Railway Commis-
sioners, that railway accounts ought to be audi:cd by
two auditors appointed by the shareholders, assisted by
a public accountant to be nominated by the Government.
Mr. BAKER, another member of the committee, an-
nouoccd his determination to support anything in the
sf, ape of a Government audit.
Mr. Sergeant Ga.sELEE was favourable to a Govern-
&e tt audit, but as diareiciaders were not ripe for that
ryetetr, he had no objection to the alternative proposed
by Mr. Locke.
MooN, of Liverpool, explained the provisions of
the Bill prepared by the London and North-Western
Company,. and recommended the meeting to appoint a
committee, of three gentlemen to assist in carrying it
through Parliament. He proposed that Messrs. Locke,
Boy es, and Baker, should form that committee.
Mr. MANQLE3, M.P., would second that proposal if he
could do so with order. They had no right to force
upon the board the wholesale adoption of al that the
r Tort coni ain, d.
Mr. MORTIMER had no objection to withdraw his
resolution in favour of Mr. Moon's proposal.
Mr. 110 YES wee opposed to a Government audit. The
shareholders were the best source whence auditors should
emanat

Eventually all the amendments, including that of Mr.
Helps, were rejected, when the report was received, and
Mr. Moon's proposal, now becoming a substantive resc-
mtion, was put and agreed to.
A te3olution waa then passed, reccmmenelitg the di-
rec,;nrs to adopt the recommendations of the report as far
, ley could possibly do so.

The CHAIRMAN then moved the alopiun of Ihe
s' report, which was agreed to attar some disco,-
- • aid the dividend dt dared payable on an early da3.
Mr. chuoin, , was then re ‘lected as direeter.
Thr ether two vacancies which occur at tl,e board this
half•year it was resolved should zit be tilled ell%
Than,:s were than voted t ) the Chairman, i.nd tLe
meetirg termitn.ted ate- a,vt ry 1, te4thened sit;ing.

EAST AND WEST INDIA _DOCKS-
BIRMINGHAM JUNCTION RAILWAY COM.
—TES DAY.)
,rdinary half yearly meetit g of tie Pri-
Id this Lffernon at the Euston Stntior,
, in the eligir.
.atcd that the directors had continu:d to
Masks up,.n the line much as pos.-iilr,
enkr„4o.w,ay into operation at tile earn-.st

A. 4 410vite,
_ „„

,- 464-- _l_pf! od.
~:ho hind reqtinei for thr, br,ui,ch to
(
i, ' 4 i.,:;01.4c1t ltailway h,dibeen agreed for, and as( ntrect
A ~, gki,,,iiiiiljprii onclude.d for the construction of the brunch,
r, v . "rITY inf be lost in the commencing and completing
.... i t : - ecting the main line with the Fenchurch-
iiir7 * erminu3. A contract had also been taken for

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