The Express.
London, England, 1864-08-18 00:00:00

BRISTOL AND EXETER.

The report of the directors shows that within the
half-veer, 66.6281. of preference stock has been lamed, sod
144,7451. of debentures paid off sad sot re-issued, showing •
reduction of 78,1171 on the total melba receipts, which
amount to 4,168,7=. Ba. 2d. at June 30, 1864, es compared
with 4,246,8391. 6s. 2d. at December 31. 1863. The *spec-
diture of capital in the half-year (after crediting sales of
surplus lands and timber) has been 28,323/. 18a. 23, ear-
denims of which are stated on the hoe of the amount. The
total capital expeoditure Jun 30 is 4,005,2594 16s. 4d.,
leaving a baleen of 163,4621. lls. 10d. to credit. The par-
ticulars of the debenture debt are given in the more detailed
Asbestine account now added. The greater part of the
144,7451. which has bees paid off or exchanged for pre-
fereoce stook, bore interest at 4i per cent. ; and no sew
debentures have been issued at more than 4 per cost. The
average rate of Pithead on the debentures at Jun 30
is 41. Oa. SO. or 4035 par cent., basis( been
41. 2s. 2d. or 4109 per cent. at December 31, 1863.
Siete the kat report, 59.6941. of the DOW 4j terminable pre-
ference stock has been issued, mostly at • premium of 21
per not. Of the whole amount (336,0001.) of that stuck,
326,8941. has sow bees issued, leaviag only • balance of
9,1061., which out be issued from tune to time when
applied for, on the awns terms of 2 per cent. premium. In
the revenue account a considerable item for interest re-
ceived from bankers is entered, arising chiefly from the
amounts »mired for this stock and throned until required
for Ito. The traffic receipts for the half-year amount to
162,7731. 12a. 74., se against 158,0911. Its. 9d. for Joes,
1863, showing an thereon of 4,6811. 16s. 10d. The worlds,
expanse amount to 795771. 16e. 5d., as ening 80,6191.
19e. 11d. for Jun, 1863, showing a reduction of 1,0421.
3s. 6d., the working expenses of the hell-yen being 48'69
per cent. of the receipts, as againat 50.99 per cent. at 30th
June, 1863. The total receipts from all sources for revenue
account for the half-year, including the balance of 3,5111.
17s. 4d. from previous half-year, amount to 179,3851.
10d. ; and the total expeediture of all kiwis (except
debenture and preference interest) amounts I. 82,820.
3s. 23., giving a balance of 96,5621. 15a Bd. ; out of which
has been paid, for debenture interest 18,1061. 13s. Bd., and
for interest on the preference stocks 28,4061. 6s. 3d. ;
making together, 46,5131. 19a. lid. paid for Interest.
This thane an available balance of 30,0481. 15e. 9d. ; out of
which the directors recommend that a dividend os the
original stock be declared psyabla as sth September, at 010
rate of 41 per cent. per sauces for the half year. This
divideed, os 2,022.4001. of stock, will amount to 45,50517 a.
keying a baleen of 4,5431. Bs. 9d., to be carried to next
account The dividend for the corresponding period of 1863
was at the rated 4 per eget. per annum, and the bathos
then carried forward 1,5961. 3a. The result of the half-year
affords, therefore, a satisfactory oomperien with that of
Ye penises peritd. The het half-yearly report adverted
to the deficiency in the revenue of the °unwell line (which,
although sufficient to meet working expeeses and detesters
interest, has been hitherto inufficiest to discharge is full
the littered on the preference sham capital), sad to the
possibility of that deficiency having to be provided for by