The Express.
London, England, 1851-08-29 00:00:00

RAILWAY MEETINGS.

BRISTOL AND EXETER RAILWAY.

The half-yearly general meeting of this company
was held yesterday at Bristul ; J. W. Mitten., Esq., the
illainnen of the company, presided.
TM meal prelintiaary matters having been gone through,
The CHAIRMAN called upon the secretary, J. B. Bad-
bawl, Esq., to road the report; the substance of which ap-
peared in the Erpress of Tuesday last.
The CHAIRMAN cougratalated the proprietors upon
the declaration of the best dividend that hail ever been
declared by the company ainco it had been independent.
The dividend they now had to declare was the balance which
remained at their disposal arising solely from revenue atter
the deduction of all the etpenditure with which revenue was
i arty chargeablo—(char)—in addition to the expeaditare
of obtaining the recent act of parliameut, which the direc-
tors had thought it tight also to charge upon the revenue
of the company. it was passible that some gentlemen
might think that in so doing the conduct of the directors
required some explanation. The propriety of charging the
revenue with the expenses of the act of parliament had been
Maturely weighed by the directors, and they were of opi-
nion that no additional caplet having been created, the
capital which this act of parliament hail reference to, wan
capital which had been owned under former acts of paths.
smash and the object of the present one was aims
ply to amend the provisions of those passed previously.
All that had been done by the act of parliament named last
session had been to enable the company to guarantee a pre-
ferential dividend on certain capital, and to limit the
amount. That being the ease, they had thought it right to
charge this sum to the revenue account, and ho herd it
would receive the unanimous approval of the proprietors.
He would further remark that an estimate was presented,
he thought about this time twelve months, to the proprietors
stating the liabilities of the espital account. In that esti.
Mate it was net taken into aceewat that any art of partite
Meat would betecessarv, but it. wan not on that neetatat
that the directors had charged this sum upon revenue, but
they thought that no new capital having been created, it
was fairly chargeable upon the revenue of the company.
After toucling upon some of the points dealt with in the re•
port, the clairmen said thet the directors thought the Yeovil
Branch should be at onoceompleted. Abbot 102,0001. had al-
ready born expended epea it, and a veal. trifling sum snore
than that which had the, been expended upon it unproduc-
tively would complete it, thus not emly advantaging the
geneeed traffic of the main fine, but opening up the traffic
of that district, and affording the eestommodation se long
premised to the inhabitants of the neighbourhood, who now
at iustly said they had no railway communication either
with Exeter or BeWtol. lie thougt.tit nut only most advan-
tageous to forthwlCt complete it, but he thought also that
the directors were pledged, and lad gale `too far to draw
back were it otherwise. He lusty of no other point open
which it was aces:wary to say anything—except that be
hoped that the accounts were so clear that these was no
one but could understand them. With regard to the rest
or balance Which they carried over, he thought it ones-
eery to do so, and he hoped next half-year to carry ever a
larger balsam. A considnahle rest or balance was ne-
cessary to all companies, bat more particularly essential to
railway companies, became they had mash borrowed
capital ; and it was, therefore, necessary that they
should not be too mach at the mercy of their
creditors. Most of those sums were lent far periods
of hoc years, bat if they were not provided with a rent
they would be subject to all the ttuctuatioas of the money
marks, and the various suspicions which sometimes arose
with respect hi railway companies. Ile did not mean this
company alone, but which arising as to any other company,
migeit affect this. The chairman then moved the adoption
of erne report.
After sonic conversation,
In answer to a question the Chairman explained, that
with respect to the Glastonbury Canal, they had agreed to
allow-one-tenth of the grow receipts.
Mr. SE ECONIIIE hissing made some observations as to
the docks at Plymouth, and being informed that no vote of
money was asked by the directors on the subject, the ne
mann resolutions, adopting the report and ileclaring a di-
vidend of 4 per emit.. &e., were passed ; and thauks haring
been given to the chairman and directors, the meeting
broke up.