The Express.
London, England, 1853-08-23 00:00:00

dividend ow whole shares than that which was declared in
August last, td 4s. per share ; but it will be recollected that
the amount divided upon the whole year will have been lls.
per share, against 9s. in the previous year.
2. It is propond to appropriate the disposable balance,
which amounts to 10,919 i. 4s. 24., in the following
manner:
Half year's filed dividend on
half shares 0,070 10 1
Pt /10 on New
Shares

Dividend of 4s. on who!. shares
Balance to credit of the current
half year

£8.842 4 8}
3,890 8 01

86 11 5

£10,919 4 2
3. In comparing the traffic with that of the period above
referred to, it is gratifying to casette indications of a
steady progressive improvement, both in passenger and in
goods traffic, notwithstanding the adverse circumstances
under which the line was worked during the first
three months of this year, and the almost total withdrawal
for the present of that traffic connected with ocean steamers,
and with emigration generally, which was in lull operation
last year.
4. The increase in the working expenses of the past
half-year, is principally attributable to the extraordinary
prevalence of heavy rains during the last winter, which
operated with peculiar force on this as on all other railways,
and rendered necessary an amount of outlay which may be
,regarded as altogether of an exceptionable character; and
to the considerable addition which has lately beeu made to
the number of trains.

6. The expenditure incurred upon works, indispensable
to the safety of the line along the Sea Coast, and upon the
measures which, especial!y in the winter months, became
neceesary for guarding the trains against accident during
the continuance of those works, has amounted to 2,4881.
51. 5d., up to the 30th June. Ot this amount 1,0001. was set
apart in the preceding half-year ; but upwards of 1,4001.
has fallen on the past half-year, in addition to the ordinary
charges et maintenance; while the general expenditure
has in some degree been affected by the enhanced price of
all kinds of labour and materials during the last few
months.

lINOINIRR'S REPORT.

18, Duke-street, Westminster, August 16.
Gentlemen,—During the last six months uothieg material
haa occurred affecting the maintenance of the works. Men
have been employed in removing and sloping back such
portions of the cliffs as showed signs of having been affected
by the heavy rains during the previous winter.
The wall at the Breeches Rock, which bad been damaged
by the fall of the cliff, has been rebuilt; and the sandbank
at the Warren, the weakness of which might again have
left the works of the railway exposed, has been strengthened
and protected.
. .

Aaerations ►ave been made at the Brent station to ac-
commodate the increasing traffic to and from the surround-
ing district, and the platforms at Teignmoutb, Ivybridge,
and Plymouth, have been extended.
A station and a goods Siding at Kingskerswell, on the
Torquay branch, have been opened for public traffic. The
works for doubling the line between Newton and Totnes
have been let, and the contractor has commenced operations,
but has been somewhat retarded by the wet weather. The
earth-work required for extending and altering the Newton
Station is nearly dnished.
It has been necessary to close the contract for the main-
tenance of the permanent way, before the expiration of its
term ; but tho work has been carried on satisfactorily by
the same men under the company's superintendence.
I am, gentlemen, your obedient servant,

I. K. thiIJNIIL.

BRISTOL AND EXETER RAILWAY.

The report which is to be presented to the share-
holders at the half-yearly =eating on Tbunday lust is u
follows :

The gross traffic receipts upon the Bristol and Exeter
Railway, from the Ist of January to the 30th of June, 1853
(including the sum of 2,0931. 81., received on the Exeter
and Crediton Railway, and due to the Bristol and Exeter
Railway CompanDamount to the sum of 117,7221. 19s. Scl.,
which is 6,4661. Os. 6d. more than in the corresponding half of
the year 1662. The working expenses during the same
period amount to 69,5071. 12s. id., or 60.64 per cent. on the
gross receipt., and 6461. 16s. BJ. per mile on 92 miles of
railway. This increase of 10,3931. Bs. upon the working
expenses of the corresponding half of 185:, arises almost
entirely upon the permanent way, and attributable to the
long prevalence of wet weather, the indispensable necessity
of renewing large quantities of rails and timber, and to the
advance in wages and every description of stores. The
same causes have, more or less, affected the disposable
balance of almost every railway in the kingdom, and it
is a subject of great satisfaction to your directors,
that by retaining an adequate reserve from the best
half of the year, they are enabled to recommend to
you to continue in the present the same rate of dividend.
l'he number of passengers is 400,631, conveyed 10,826,874
miles, and the quantity of goods and coals us 113,931 tons
10 cwt. 1 qr. 18 lb., conveyed 3,873,617 miles ; being
101,917 more passengers, conveyed 1,744,204 more miles,
and 13,551 more tool of goods, conveyed 452,958 more
miles, than in the corresponding half of 1852; but from the
above results must be deducted 71,488 passengers, travelling
436,425 miles over the Exeter and Crediton Railway, and
the increase on the Bristol and Exeter line is, therefore,
30,431 passengers, conveyed 1,307,779 miles. The consump-
tion of coke is as follows, viz. :
Miles ma. Coke. Per mile.
Tone.
With weenier engines 272,940 3,157 14 25.91
„ goods ditto 86,667 1,892 13 48.92
„ pilot ditto

368,279 6,410 0 32.90

The cost per ton is 18s. 9 1. The saving hitherto effected
is therefore, about 3s. per ton, and would have been
greater, but for the difficulties existing in the coal districts.
The four goods engines alluded to in the last report are
now at work, and the locomotive stock consists of 20 large
passenger engines, 6 small ditto, and 12 goods ditto-38.
The 8 tank engines in course of construction by Messrs.
1 Rothwell and Co., are expected to be ready in time fur the
opening of the Yeovil Braneh. The rolling stock consists
of 524 carriages of all kinds in use, sad 75 in progress of
construction. TLe disposable balance of the revenue ac-
count including 10,5341. 31. 34. brought over from the for-
mer half- year, is 46,18.51. 175.24. ; which provides for a divi-
dend of 4.1 per cent. per annum for the last half-year, and
leaves a surplus of 1,1851. 17s. 2d. During the past year,
Debentures, Loan Notes, ;lc., amounting to 270,9591. have
been paid off or exchanged for Preference Stock, and since
June 1852, the balance of interest, after deducting the sum
received from bankers and shareholders, has been reduced
to the extent of about 9001. a year. On the present occa-
sion, it bee been still farther reduced by deducting from the
interest upon Preference Stock and shares, the sum of
1,6701.55. Id. for the balance of net profit or premium on
Preference Stock after providing for all commission,difference
of interest, and other expenses attending these transactions.
Since the 30th of June last, the sum of 9,0001. out of the
40,0001. advanced in anticipation of calls on your 4,500
shares in the Cornwall Railway, has been applied to the
payment of a call, and the amount now at interest in antici-
pation of calls is therefore 31,0001. The Yeovil branch is
in a state of sufficient forwardness to justify a confident
expectation that it will be read to open for public traffic in
the course of next month. Considering the long conti-
guinea of unfavourable weather with which the contractors
have had to contend, the progress of the works is very cre-
ditable to their energy and perseverance. The Devon and
Dorset Railway Bill, brought forward by the Great
Western Railwsy Compsn7, in conjunction with this com-
pany and under your sanction, has been rejected by a com-
mittee of the Holm of Commons-a circumstance to be re-
gretted, not oaly by the promoters of the bill, but by the
district which it was intended to accommodate with railway
communication. The new general offices in Temple leads
will be ready for occupation in the summer of next year.
A negotiation is oa foot with ffir. Brumley the contractor for
and lessee of the North Devon Railway, for working that
line in connexion with the Exeter and Crediton, the lease
of which to this company terminates when the North Devon
is opened for traffic.
The re account for the halfieu ending 30th
June, 1853, presents the following results
Dr.-Line account, including maintenance of way, works,
and stations, stores and materials, stationery and incidental
expenses, 22,2751. 16s. Id. ; locomotive account, 13,95.51.
12s. Id ; carriage account, 1,4881. 185. 44. ; salaries for
engineering, locomotive, and carriage department, 5351. ;
stores' account, 3121. Ils. 5d.; traffic account, 8,6471.10 a. 3d.;
general charges, consisting of direction, secretary,
superintendents' and clerks' salaries, debenture and other
stamps, law charges, travelling expenses, printing and ad-
vertising, fire insurance, compensation, auditor's salary fey
haltyear, office and incidental expenses, and office rent,
6,0201. 14s. 9d. ; government pawner duty, 2,9891.155. 74. ;
parochial rates and taxes, 3,2811. 13s. Bd. ; donation towards
cost of Exwick Bridge, 501.; total, 50,5571.125. 2d. ; balance,
69,6211. 17s. 7d. ; making a total of 119,1791. 9s. 9d.
Cr.-Traffic' and proportion of traffic on the Exeter and
Crediton line due to the Bristol and Exeter Railway Com-
pany, 117,7221. 19s. 9d.; rents, 1,2741. 15s. 4d.; sundries,
1811. 14s. Bd.; total, 119,1791. 9s. 94.; by balance,
69,6211. 175.7 d.