The Sun.
London, England, 1868-02-07 00:00:00

BRISTOL AND EXETER.

The directors have resolved to recommend at the
ensuing general meeting that a dividend be declared
for the half year ended the 31st December last at
the rate of 44 per cent. per annum, leaving a ba-
lance of £1,165 to be carried forward.

LONDON AND SOUTH WESTERN.
The report of the directors of this company states,

,hat the balance available for dividend is t 214,31
from which the directors recommend that a divi

dead be declared at the rate of 5i per cent. per an

num, payable on the 2d of March, leaving a balance
of £10,303. The gross revenue for the past half
year compares satisfactorily with that of the corre-
sponding period of 1866, notwithstanding the con-
tinued depression of trade which generally pervades
the country. The passenger traffic presented an
increase of £34,820, and the goods' department an
increase of £10,486. The amount of debenture
bonds has been reduced in the past half year by
£197,420, while in the same period the debenture
stock issued by the company has increased by
£299,035. The average rate of interest on the
mortgage debt has slightly increased, being 4.44
per cent., as compared with 4.40 per cent. for
the corresponding half of 1866. The total traffic
receipts in the half year ending the 31st of Decem-
ber last amounted, on 5061 miles, to £853,129,
against £807,499 in the same half of 1866, showing
an increase of £45,630. The working expenses,
including taxation, amounted to £420,883 against
£419,721, showing an increase of £4,162. The net
revenue for the past year amounted to £432,236,
and for the corresponding half of 1866 to £390,778,
showing an increase of £41,468 ; and that it was
earned at au additional cost of only £4,162, or
about ten per cent. The train mileage run in the
past half-year was 16,654 miles less than the cor-
responding period of 1866. The utmost attention
has been given to the working expenditure in each
department, and the result is that reductions have
been effected in the locomotive and carriage depart-
ments and in the maintenance of the line
while in the working of the Salisbury and
Dorset Railway has caused an increase in the traffic
department. The permanent way, stations, and
works have been efficiently maintained during the
past half year. Steel rails have been further used
at and about the stations where the traffic is consi-
derable. The only work which the company have
commenced since August last is the short connecting
line with the London, Chatham, and Dover Com-
pany's system, near Herne-hill, authorised by the
Companies Act, 1867, which the Chatham Com-
pany were authorised to execute in 1864, and which
it was part of their bargain with theSouth-Western
Company to make. The board have suggested
that a proper passenger station ought to be placed
at the junction of the branch with the Charing-
cross main line ; that the South-Eastern trains
should stop at such station, and set down
and take up passengers to and from the
company's railways, as well as local passengers, at
fares properly in accordance withthosce
Charing-cross
cro
charged by
andttl e
their h --E a
-others t e r
stations
aCompany
but betweenthe latter company
t
decline to concur in the necessary arrangements.
In conclusion, the directors congratulate the pro-
prietors on their being no projected new line or
work by other companies of an invasive or com-
peting nature coming before Parliament in the
session of 1868. There are, nevertheless, besides
the Amalgamation Bill of the South-Eastern,
Brighton, and London, Chatham, and Dover Rail-
way Companies, one or two other bills seeking run-
ning powers to which the attention of the board must
be directed. The capital account showed that
£16,208,960 had been expended, leaving a balance
of £116,918.