The Sun.
London, England, 1850-08-10 00:00:00

LONDON" AND SOUTH-WESTERN

RAILWAY.
The usual ktlf-yearly .general meeting of the pro-
ptiptors t,f the Soutn-Western railway was held yes-
terday, at the Nine Eft s Station; Mr. Chaplin, M.P.,
chairman of the board of directors, in the chair.
-The advertisement convening the meeting and the
minutes of the previous, meeting having been read, the
cowmen seal of the company was affixed to the register
of shareholders.
The SECRETARY (Mr. Wyndham Harding) then read
the report, which statad that the net revenue for the
balf-year ending Jun tootn, 1850, amounted, after de-
ducting interest on ns, and all oth.r preferential
charges to. ..• ••• X97.91`3 16 7
The surplus, from 1.);.c. 31, 1849, to ... 3,083 17 3

The balance appliclble to diritiond,
therefore,. was ,„ £100,996 13 10
From which the directors recommended
that a dividend for the half-year, at
the rate of 3 per cent. per annum,
should be declared, amounting on
6,608,4811. 103., to

". 99,127 4 5

Leaving to be carried over to the next
half-year ... £1,869 9 5
The general result was that the net revenue of the
cowpony was better than in the corresponding half-year
of 1849, by 8,676/. This however arose in a great
measure from eeocomy in the working exr entes, fur the
gross revenue did not exceed by this amount that in
149, notwithstanding that twenty-three more miles if
railway are now open for traffic. The saving in working
expenses this half-year as compared with the corn.-
eponding period in 1849 was 8,7241.: the saving for the
last half-year in 1349 compared with the corresponding
period in 1848 was 8,3541. The working expenses for
the year ending June 30, 1850, bad taus been reduced
by 17,0781., notwithstanding that the average mileage of
-railway in work had been greater by upwards of twenty
miles. This result was in itself satisfactory, but that
the receipts of this railway during the last half-year,
should have increased so little, comparatively with
the same period in 1849, was a source of disappointment.
With regard to capital, the amount expended on the
oviginal•line, viz , 34241, principally consists of the out-
lay on- the- new engine sheds at Nine Elms and South-
ampton, now completed; an addition to former premises,
•and required for the protectien of the additional stock
need on recently opened extensions. The amount ex-
pended under the bead of plant, 8,9881., includes sums
spent in the construction of five engines, of twenty third-
class carriages, and of eighteen waggons for the
branch lines. These are altogether in addition to
the n; present stock, and after the five engines now
in course of eonstruction are completed, all which nosy
hereafter be constructed, will be considered as in substi-
' tution of those worn out, and be charged to revenue, as
has always been the- custom on this line in regard to ar-
tiales of carrying stock so substituted. The expendi-
-tura under both these heads was provided for in the
eitimatee of liabilities, and of additional expenditure on
capital account :presented in February last. These esti-
metes (including a sum of 117,416/., which it was stated
•that the surplus property of the eonspany, in houses, land,
.and. rails, would, as realised, ewer) amounted to 640,8501
There-hal been expended in reduction of this during the
last half-year, 172.1091. In pursuance of the request
contained in the resolutions passed at the last general
.meetingethe directors have conferred with the committee
of audit, appointed on the 28th November, 1849, on those
• points referred to in the report of that committee which
did not relate specially to the question of audit,—some
•of the suggestions made have been adopted, with or
without modifications, and among the alterations in the
bye-laws whiCh will be submitted to the present meeting,
• are some which are intended- to give effect to such sug-
gestions. The stores' committee have reported that it
would be desirable that instead of insuring the property of
the company against fire at the public offices, at an annual
eipence of 1.200/., a sum of 8001. per annum for three
years, and afterwards of 6001. per annum, should be laid
aside to -farm a sum out of which losses by fire might be
• met. The report et* the committee which will be laid be-
f ere the met ting will explain the reasons for recommend-
ing this course, and a resolution upon it will be submitted
. to the proprietors for their approval of the plan, if they see
fit to accord it. At the last half-yearly meeting, the direc-
. tors reported that they trusted thet an arrangement would
be concluded between the Bristol and Exeter and Exeter
and Crediten Companies, under which the Exeter and
Creditou line might be brought into work. The direc-
tors assented to the line being worked by the Bristol and
Exeter Company on the broad gauze, at a rent of only
• one-third of the gross receipts; the Bristol and Exeter
Company thus retaining two-thirds of the whole receipts
• on the branch, which would also act as a feeder to their
own 'line. This proposition was agreed to by both
boards; . but it bas not been carried into effect, owing to
n'priint having been raised by the Bristol and Exeter
Company, in the wording of the memorandum of agree-
ment. Out of the annual sum of 3001. per annum, voted
bynhe proprietors fsr benevolent purposes in connexion
with the establishment of the company, the directors stated
at the last half-yearly meeting that they had contributed
to the friendly society for the relief of men in sickness,
a,:*ihe rate of 1501. per annum. An institution, to in-
• etude a lending :library and reading room, with lectures
.and- evening classes, has lately been organized by the
itiedn 'toilette directors consider that they will be act•
- in* ideaccordenct with the intentions of the proprietors
i they cOntribtife'frotn. the bslince in hand of the hene-
v,olent fund 100/, for the purchase of books, and 301. a
year towarit toe curre-nt expenses of the institution;
tints. therefore, they propose to do. The powers for con-
sisucting the exreielon to London-bridge have expired.
Tee directors hav aeec.rdingly given instructions fur the
Sate.of the propeteiss purchased by the company for this
setter' ion, in order ;hat the proceeds may be applied to
the reduction of the capital expenditure."
•,The ClieleStAN, in moving the ,adoptien of the report,
Ini& he bored the report would h I found satisfactory.
' As etch sticceetieg half-year produced an improved state-
• meut of the tinateial position of the company, it was
hardly nece..sary tor the Cheirttal to detain the pro-
prietors witu any lsnettisned observations; hut there
etere.une, or two points which called for remark on this
• C,f4 aa La p , as. they appeered to have given rise to some
misapprehension out. of doors. The first of these points
was_ the expenditure of money out of capital, and its
application to tt.e purposes of the main line. That line
, had now been in operation some ten years, and it
was - thought ,by some shareholders that . with
respect to it the capital account ought long
since to have been closed.—(Hear, hear.) It
- aboithl. be remembered, ho ever, that the original line
. was only some, 80 odd miles in length, involving the
. use of some 40 cugines, while now trie length of line
extended to upwards ut 240 miles, and the numbersaf loco-
. motives in work had increased to 114. The money there-
epee charged to capital this half-year was not for works
. reguiren by the original line, but for buildings, stock,
and cainveutexices on ;lie br&neht e, .and be could assure
the. proprietors that so fur as the original line was con-
ceirued, the cepital account nas virtually closed. The
next point which had (mused come discussion on the
Stick Exchange was the London•bridge Extea-
sloe, sad ,the extent of property which the
• directors had purchased, or undertaken to purchase, in
anticipation of that short line being eventually made.
• Now it was said tha% they had purchased some 10,0001
ur Os of property near to London-bridge, but when that
• property came to be resold, it would be tound that very
little lees would result from that transaction. It had been
reperted that the huildiegs which Alderman Humphery
. was.e,recf.ng et London-bridge were being paid for out
of the funds of this company. Now nothing could be
farther from the truth. Alderman Huntiobery had not
Tint
. ived one penny from the directors, in fact, had
the directors expeilded a traction on the premises in ques-
t tion.— (Hear, hear.) I; weuitl be remembered that at a
former. meeting the liabilities were estimated at
610 8501 Siren then 172,109/ of That earn. had been
exieteled. These were the points which he had thought
. necessary to lay before lbe meeting, and it
only remained fir him to trust that the explana-
tion he hs I given would prove satisfactory.—(Hear,
hear.) At meetings lilts this it was usual fur the
Chairinan to shadow forth what he considered would be
the future prospects of the undertaking; but when he
remembered that they had been working upwards of
twenty miles of additional line this halt-year, he felt that
all the poetry, and imagination which formerly buoyed
him ap was completely knocked out of him.—(Hear and
et laugh.) He would,, therefore, abstain from indulging
in prophecy; indeed, it was now out of his power to do
so; but he thought he could safely say that they had
got
,over the worst.—(Cries of " No, no.") Well, that
was his own opinion, and as there was every reason to
believe that the working expenses, and the cost of main-
tenance of way, were likely to be still further reduced, he
hoped
.the shareholders would continue to have con-
fidence in the direstiore and approve of their proceed-
iegs.—(llear, hear.)
Lord MoRLEY secondeinhe motion for the adoption of
the report.
A PROPRIETOR wished to know in what position this
company stood in reference to the seven miles of the
Reading, Guildfird, and Reigate line.
The CHAIRMAN said the agreement with the South.
Eastern Cowpony, by
which they were to receive 35 pee
cent. of the traffic passing over that seven miles, was not
yet completed. The money, therefore, which the direc-
tors had received in respect of that line, still remained
in the hands of the bankers at Guildford, and no credit
bed been taken for it,
. Ms...LOCKE said the explanation of the Chairman con-
vinced him of the danger of sending out accounts without
comment and remark. Accounts when they were sent
. out without a report ought to be dissected, and each item
of expenditure charged to the particular branch or sta-
. tape on which the expenditure had taken place. None
of the moneys charged to capital this half-year had been
expended either on the original line or anything in the
shape of engineering works.
The CHAIRMAN said the ledger, which was open to
any shareholder, wool 1 aft end such an explanation.
There the shareholders would find the expenditure of
each lino or branch hip; distinct and separate.
Mr. LOCKE insisted that that fact was an additional
reason by the accounts which were sent out should
be divided into distinct heads, and as the London and
North-Western and ether companies followed that
course, he should en we a resolution to the effect that
the accounts be made up in the same way.—(Hear, hear.)
He should also move that an estimate of the value of the
land be made, and of' the weight of the rails, cha'ns,
&c., not yet used.—(Hear, hear.)
The CMAIRMA.N could see no obj tenon to the adoption
of the course suggested by the Hon. Proprietor.
Mr. KAY, of Maticsener, was ready to second Mr.
•Locke's re-solutions an.l point out that if the report were
sent round to the st arrhelders with the accounts a good
de 11114apprehen ton and discussion would be obvi-
, Ile/led to brow how it was that the directors
• e
tee4ed so large a dividend when the net profit.
c )se belt-year had not yielded more
—4ll etr, hear.) Now, he had one or
een
\OM as to the directors. In the Brat
.entice,- 11t neekeatiti-Fai there for keeping up I) large
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