The Express.
London, England, 1849-03-02 00:00:00

BRISTOL AND EXETER.

Half-yearly Meeting.—Bristol, Much I.—J.W. BULLER,
Egg., in the &sir.—
The SECRETARY read the report, whisk stated
he amount cf rent and share of toll diced by the Great
Western Railway Company to be due to this company, for
the half year ended on the 18th of December, 1848, is as
follows, via. :

1181 f-tear% fixed rent from June 14 to Des. 13, 1848,
at 71,9311. s year £33,978 10 0
Tontine on 443,140 paisseren,ocanyed
10,640309 miles, at Id. per pamengar
per mile
Tollags on goods, 70,710 tons 3 cwt
3 ors. 27 lbs., conveyed 2,897,198
miles, at id. per ton per mils
13,893 4 9

(49,87114 9
"This shows a decrease of 18,692 passenger', travelling
418,920 miles less than in the corresponding half of the year
1847; bat there has been an increase of 2,468 tons
of goods, conveyed 125,018 miles more, so that
the falling off in cult receipts amounts to only
3061. 2s. 11d. ; which, considering the circumstances of
the time, is le than might have been expected. Toe sui-
pension of the allowance of interest on both classes of your
South Devon Railway shares involves the necessity of a tem.
parity reduction of Use dividend. You will have seen that
the net disposable balance of revenue is 22.7321. 61. 3d., and
the sum now entitled to dividend being 1,150,0001., your di-
rectors recommend to you to declare a dividend of 11. 10..
per share, free of income tax, which will require the sum of
22,5001., and leave a small surplus. Bur, if the confident
hope entertained by the directors of the South Devon Rail.
way be realised, that they will be enabled, in the course of
the present year, to resume (at least in some measure) the
payment of interest on the capital invested in that under-
taking, you may look forward to an early return toe better
dividend, especially If your directors are justified in indulging
a smarties expectation of a large Increase in the amount of
disposable reverue, after the expiration of the lease to
the Great! Western Company on the Ist of May next.
With respect to Third Snares, it is proposed to continue the
payment of littered on paid-up calls until both classes of
shares may with propriety be put on the same footing. The
dividend warrants for Whole Shares and the interest on
Thirds as well as that on anticipated calls, for the half-year
to the 31st Dec., 1848, will be remitted together, as usual, on
the last day of the present month, payable in April. The
Clevedon and Tiverton Branches have not yet yielded any
direct profit, the expenditure has exceeded the income ; but
their influence on the traffic of the main line is beneficial.
Year directors regret that it is still out of their power to =-
nouns* to you any favourable change in the circumstances of
the Exeter and Creditors Railway ; the London and Ssuth-
Western sad the Taw Vale Companies being unable to work
the line themselves, and unwilling to facilitate your doing so.
The stets/neat of receipts and expenditure to the 31st Dec.,
1848, shows a balance of 382,9801. lie. lid., as the amount
of shares held by this Company, convertible securities, and
balances in the hands of the bankers."
The CHAIRMAN explained several proceedings which
the board had adopted with a view to econom, and con.
chided a speech which seemed to give considerable satisfac-
tion, by moving the adoption of the report.
A conversation also took place as to the propriety of re-
ducing the lumber of direwors; but resignations having
brought the number down to 14, it was agreed to leave it to
the directors to deal with the question as they pleased.