The Express.
London, England, 1853-08-26 00:00:00

BRISTOL AND BXETBR RAILWAY.

The half-yearly meeting of shareholders in this
undertakin was held yesterday at the White Lion Hotel,
, Bristol, , chairman of the company, pre-
siding.
The usual preliminaries having been disposed of, the
Secretary, J. B. Badham, Esq., read the report of the di-
rectors, as published in the Express of Tuesday last.
The cash account, the important features of which have
likewise already appeared, was then presented, after which
The CHLIIIMAN said, in moving the adoption of the re-
port he expressed his *cadence to tho ultimate prosperity
of the line.
Mr. Bairratu, in seconding the motion, bore testimony
to the assiduity and care with which the directors had con-
ducted the business of the company, which in point of
genuine prosperity he regarded as standing second to none
in the kingdom.
SZCCOXBII, one of the auditors, adverted to an
allusion in the report to the North Devon Line, and called
attention to some remarks of Mr. The, the chairman of the
last-named company, as enunciating principles which the
directors of the Bristol and Exeter Company would do well
to be on their guard against.
After a few further ransacks the teporkwas adopted, the
dividend of 4i per cent., as recommended in the report,
ucclared ; and a vote of thanks to the chairman closed the
proceedings.

as regards their moral and social advancement. From the
far west of Cahads, to the Atlantic, sources of wealth are
being developed, which must ultimately find their way into
the markets of the werld. To keep pace with this move-
ment, it is essential that the St. Andrews and Quebec Roil-
wily should be carried forward with all possible vigour, to
its ultimate point of attainment—namely, immediate com-
mercial intercourse with the great trunk lines which are
intended to traverse, through their whole extent, the exten-
sive and populous districts of Canada and the rich valleys of
New Bruasseick —inasmuch as such connexion aff man the
only medium for securing a permanent communication be-
tween the British North American provinces and the
parent state. The St. Andrews and Quebec Railway, is a
fractional but essential part of the vast enterprise. It is
one of its distinguishing features, that it has gained to it-
self the credit of being first in the field ; it has also become '
an object of increased interest, as it commands the only out-
let of East and West Canada, through British territory, to the
Atlantic. In regard to the result of operations during the pre-
sent year, the directors are enabled to report that the construc-
tion of the Railway is steadily progressing towards the
completion of the first section of the line. They had, in•
deed, hoped to have announced that the line had been par-
tially opened for traffic ; but the progress of the works
having been, up to May last, from causes unforeseen, com
partitively slow that event has been unavoidably postponed.
One principal cause of delay has arisen from the contractors
having, at an early period of their labours, experienced con-
siderable difficulty in the shipment and transmission of
their plant and materials. The last winter in New Bruns-
wick also was extraordinary in its severity and continuance.
In addition to these obstacles, the amount of labour at the
command of the contractors was, at the commencement, ex-
ceedingly limited. In order to carry on the works with
any degree of rapidity they found it necessary to obtain ex-
cavilers and labourers from this country. During the
present year upwards of 1,000 persons have been sent oat
from England by the contractors. The works are, in cow
sequence, now being prosecuted with more vigour. It
anticipated that the first 13 miles, to tho point where the
railway crosses the Fredericton Road, will now be shortly
opened ; that distance, according to the engineer's report,
baying been nearly completed and part of it run over by the
locomotives. With regard to the remaining portion, the
only thing required is the laying down the necessary
timber and rails. It will be completed by the time any
rolling stock can be got on the spot. In addition to the 13
miles, 18 miles are in a sufficiently forward state to afford
the prospect of completion during the present year. The
cuttings and embankments, as will be seen by the section,
arc in an advanced state. From the number of men ens•
pitied on this portion of the line, the contractors contem-
plate having their locomotives in a very short time at work
in the (meet. As soon as the line is opened for passenger
traffic up to the paint where it intersects the Fredericton
geed, preparations will be made at St. Andrews for de-
positing lumber and affording accommodation for that and
other goods traffic, which will be brought upon the line so
won as it is completed to the forest. The traffic arising
from the conveyance of log-wood, the demand for which is
constantly on the increase, not only in the city of St. John,
but likewise at all the eastern ports of Maine and Mama-
ehusetts, will, it is believed, be considerable. The works
have suffered little damage from the effects of severe
weather, with the exception of the slopes at Katie'
Cove, which slipped in two or three places. These have
been made perfect at the expense of the contractors.
In the surveying department the directors have to report
that a survey has been made, and an excellent location
completed to the White Beaver Bradt, a distance of 45
milts, or 23 miles beyond the limits of the contractor's pre-
sent operations. In addition, considerable improvements
have been made in the location of the line, by which great
savings will be effected. Not the slightest fears are enter-
tained that the quantities will be confined within the esti-
mates. As the undertaking developer itself the paying
capabilities of the line become more and more apparent.
The contractors have added their testimony on this point,
and stated that the further they penetrate into the coantry
the more they become convinced of the enormous traffic
that must per over the road. The construction of the
second section of the line, to the Grand Falls, has engaged
the attention of your directors ; but they are unable, at
present, to lay before the shareholders &sufficiently digested
scheme for extending the operations of the company to that
point. The directors feel the vast importance of the mea-
sure, and will use their utmost endeavours to aid its accom-
plishment. The line will then join that portion of :be road
to be constructed by the government of Canada, sod, at'
Quebec, unite with the great line now in course of construc-
tion by the Grand Trunk Railway of Canada Company.
When this is accomplished it will necessarily constitute this
undertaking one of the most important of the present age to
British North America. The local government have issued
further debentures, to the amount of 11,0001., as payment
on their shares in the railroad company. It is anticipated
that a further call of 21. per share will be shortly made."
The following is the balance-sheet to June 30:
Payments : Amounts paid on calls in advance, 11,0411.
13s. 10d. ; balance in hand, 2,0111. 135. 6d.; total,
13,0,561. 9s. 4d.
Receipts: balance in hand on last account, 5,8901. 8.1.7 d. ;
sums paid on calls in advance, 7,1211. Os. 9d.; Mr. Thomp-
son, 451.; total, 13,0561.95. 4d.
The Clutters...s, in moving the adoption of the report,
said he had nothing to add to the information so fully
given in the report. He would, however, call atten-
tion to the unusual circumstance of a letter having
been addressed to the shareholders by Captain Short-
land, R.N., and which having been forwarded to the direc-
tors, they now laid on the table, and if it was desired it
would be read.
The letter was accordingly read, and its substance was
an account of a visit paid by Captain Shortland,
who is stationed on the coast of New Brunswick,
to the works which he reported as progressing favourably ;
bat the principal point to which the attention of the meet
lug was drawn, was an expression of his regret that a bill
for 1,0001. drawn by the Colonial Board of Directors, having
been protested by the board here, which he said was calcu-
lated seriously to injure the credit of the company.
The CHAIRMAN said the explanation of that circumstance
was contained in a letter addressed to Lord Fitzwilliam, the
chairman of the company.
The letter was read and accounted for the protesting of
the bill, by the fact that an authority was given to the
Colonial Board to draw for any money required for the
works, in erase of emergency only ; but it having been
since arranged that the contractors were to be paid in Eng-
land no such emergency had occurred, and the Colonial
Board had only themselves to blame in taking such a step,
without the sanction of the Home Board.
A SHARRHOLDRI said the explanation was quite satis-
factory.
-•- • • - - - - -

The CHAIRMAN said that he wished it to be understood
that this was not a question of the credit of the company,
but a private question between the Home and Colonial
Boards.
The report was then adopted, and the meeting separated.