The Sun.
London, England, 1852-08-26 00:00:00

EVENING, AUGUST 26,

Mr. Box advocated a trial of the compressed air
engine on the Eastern Counties line, as he thought
that invention might prove economical. He was of
opinion that all the officers of the company through
whose hands money passed ought to provide efficient
sureties ; and he repeated the question which had
been previously asked as to whether the traffic on the
Tilbury and Southend line would not interfere with
the traffic on the Colchester line.
The CHAIRMAN, in reply to these several observa-
tions, said he concurred in the propriety of giving
the shareholders
in the
power of appointing to vacancies
in the direction the interval between the half-
yearly meetings. With respect to the compressed air
engine, a complete experiment of that upon the line
would cost,
including the engine and necessary appa-
ratus, about 3,000/.; and he was not aware that the
proprietors were prepared to sanction that expense.
In reference to the observation that sureties should
be required from their officers through whose hands
money passed, he stated that there was a resolution
of the directors to that effect in existence ; and the
security of the guarantee societies, and not that of pri-
vate
'Persons, was required. The Southend traffic
would not interfere with the traffic on the old line,
for the ScJithencl traffic would be entirely new, a);
was evident from the circumstance that all persons now
going to Southend went there by boat.
Mr. Macl.AutiFiv, considering the amount required
for the roiling stock on the Souther(' line
(72,0000, and the rate of fare to be taken under the
Act of Parliament, was sceptical as to the benefit to
be derived from that concern.
The CHAIRMAN was informed that the company
would be able to work the engines and carriages at an
expenditure of 300001. He believed that the pas-
sengers who would go by the line would amount to

It was then moved and seconded that the report of
the directors, auditors, and officers, and the statement
of accounts be adopted, which motion was carried
unanimously.
It was also unanimously carried that the cordial
thanks of the meeting be given to the chairman and
directors, auditors and officers, for their constant ex-
ertions for the best interests of the shareholders, after
which the meeting broke up.

The half°lllea 4
IA" NORTH MIDLAND.
y meeting of this company was held
Tuesday. at York on Mr. H. S. Thompson occu-
pied the chair.
The report having been taken as read,
The fra
...Ham
proceeded to offer some remarks in
detailed explanation of the matters therein referred to.
He firat referredto the capital account, noticing
several items
of
increasing expenditure. One
of these
items referred to an additional
outlay on the.
Tradeli nottingley branch, upon which
the Board of
in the widthee
theof d a .
divide t had required an alteration
tubular bridge there constructed.
In this
rectors had arranged with the con-
tractors to the cost between them. The out-
lay on buildings
was 6,5861., chiefly for an engine-
shed, which had been
rendered necessary in conse-
quence of the company requiring additional room. He
pnaeexyt dhyirecAtisseedarte' c tention to the claim against the com-
rawshaw, the contractors, with
respect to whichhe congratulated the shareholders
that they now knew the worst; he also congratulated
them that in many respects the directors had been
out their able to carry plans to a successful issue, and
that they had succeeded, during the last half-year, in
obtaining three Acts of Parliament, which were of
considerable importance as regarded the interests of
this company. On the whole, he considered their
position as not b • very discouraging, inasmuch as,
though they were not
dg ot in a position to pay a large divi-
dend, still they made some progress, as they bad
been able to meet larger payments. He alluded to the
new line which was
asproposed to be made from Hull into
whichfloldernesa, he considered would be of so much
importance to the company as to make it desirable that
the directors should extend to the promoters of it every
Possible facility in their power. He mentioned the
tact that the York Railway hotel, which was being
built jointly by this and the York, Newcastle, and
Bar wick Company,was in a forward state, and he
had no doubt
that, when opened, it would materially
tend to increase traffic .of this company. With
regard to the smallness of the dividend, he remarked
that that was to be attributed to the fact that a less
balance had been brought
lsa
forward from the previous
they hats a
half-year, and had to pay a large
amount to the East and 'Vest Yorkshire Company,
to which they were
Theynet liable in the corresponding
half-year of m
et. -had also been subjected to
considerable competition,
which bad obliged them to
give additional accommodation to the public, and to
run trains which were not in all cases remunerative.
It would be satisfactory, however,
fromw
heverto the shareholders
to know that the receipts the passenger traffic
were very good at present, the increase on the pre-
sent half-year being rather
the
traffic. more than 4,0001., which
was derived principally from passenger trac. At
the same time the goods traffic during
the present half-
year they anticipated would be very good. He ob-
served, from the traffic returns last week, that there
was an increase of over the
the corresponding
period of 1851, the total being, in 1851,
11,0041., and this year 11,65e1TA s regarded the
competition to which the
company was at present
subjected, he thought it was not
oatonly possible but
likewise probable that some arrangements might be
made ere long by which it would be stopped alto-
gether. The directors had found that they bad been
f
able to reduce the reserve for maintaining the
permanent way to the extentaad of 4,0001. a year, and
concluded by moving that the report be received and
adopted.
Mr. T. PRICE seconded the motion.
Mr. Ross, of
might Manche
Selby Manchester, made some remarks in
reference to the Hull
and y purchase shares, con-
tending that money
beborrowed for the pur-
pose of relieving the company
.at a less rate of interest
than that proposed by the chairman. He pointed to
Midland
the example which the Company had set
with regard to the Leeds and Bradford shares, urging
that the credit of this company Midland. was quite as good as
that of the The Midland Company had
had 1,800,0001. in five montba" and he saw no reason
why this company snould not pursue the same policy
with regard to the shares in question.
The CHAIRMAN, in
r
reply pointed
out that the Mid-
land Company
stood inaep
position
with regard to the
Leeds and Bradford shares altogether different from
that which this company occupied in regard to the
Hull and Selby shares.
Mr. Bastsrow, of Nuuthorpe, inquired in what po-
sition the claim of thecointpa un company against Mr. George
O
Hudson W at the present
The CHAIRMAN replied that ethe Cbancery suit was
now set down for hearing, and
would come on in the
November term.
Mr. RAMESEY proceeded to ask ' a variety of ques-
tions affecting minor matters in connexion with the
management, and the report was then adopted.
The CHAIRMAN moved that a dividend after the
rate of 11. per cent. per annum be declared, income!
tax deducted.—Carried.
A committee was appointed to select a gentleman
to fill the office of auditor in the room of the late Mr.
Cottam, of Manchester.
The meeting was then made special, for the pur-
pose of considering the propriety of raising such sums
of money as
should be considered necessary,
issue of additional shares or stock of the con;anby the
exchange for the whole or any part of thepulayneiya
which is now or may be hereafter owing by th
puny, at certain rates of interest. 8 "ro-
The CHAIRMAN proposed a resolution authorizing
the directors to create a new stock of the corn
,4 York and North Midland pany, to
he called,Debenture
S:ock," the dividend to be payable half-yearly, on
the
Ist of J
Ist of January y ear
and the July in each
from
the respective dates of the issue thereof—that is
of
say, any sum not exceeding 250,0001., at the is to
al per cent. per annum,, any sum not
exceedinguin
250,0001., at the rate of 32 per cent. per nn
suns not exceeding , 250,0001., at the rate of annum, any
per
sum not exceeding 250,0
cent. per annum, any OW.,
at the rate of 4 per cent. per annum, but the stock to
be created in respect of such last-mentioned sum shall
only be created and issued subject to the right to call
in, cancel, and redeem the same at any time, no .
in
not less than six months' notice of the intentiorrg
to
do, and that the stock sa to be created be issued so
an
disposed of from time to time as the directors shalld

hink proper. 1
After some discussion the motion was carriedl only
:hree bands being held up ngainst it. y
A vote of thanks to the chairman and directors

concluded the proceedings•

MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE.
317noPf37atb WagYarborough
heldugh
The half-yearly meeting of
The
yesterday at Manchester. T
presided.
The r,Tort of the directors was taken as read.
The CHAIRMAN, in opening the proceedings, re-
ferred to some errors in the accounts, extending over
a period of four or five years, which had been recently
discovered. As soon as their amount had been ascer-
tained it was thought better to make the shareholders
fully acquainted with the whole at once than to spread
it over other half years. From the explanations given
to the directors by the general manager it appeared
that these errors had chiefly arisen out of mistakes
made by a clerk, discovered on his removal to another
department. In case further explanations were re-
quired by the shareholders, he would call upon the
general manager to give them. He was afraid that
some of those who had indulged in too sanguine ex.
pectations with respect to the effect of the opening
of the Grimsby Docks on the traffic of this company
would be disappointed that the results had
d
not realised their expectations. But if they
considered
to develop the length of time that was necessary
thus© works, to let people who use
to go to Hull know that there were docks open for
them at Grimsby, they would agree with him that
the beneficial effects of those_ works could not be so

! I immediately experienced as he feared too many had
calculated upon. He was, however, glad to be able
to assure them that the traffic from Grimsby was in-
creasing week by week, as well as that by the
steamers from Grimsby to the Continent. Lines of
steamers were now sailing from Grimsby to Antwerp
Rotterdam, and Hsmburgh. Some of the directors
had thought it right to start these steamers, feeling
that it would not be right to wait until other persons
came to Grimsby to do so. He had exerted himself,
in connexion with two of his colleagues, in forming a
company, which, ho was glad to say, was likely to
bring a very large trade to Grimsby—the "North of
Europe Steam Navigation Company." The works
on the Warrington and Altrinchamline were pro-
gressing rapidly, and on their completion an increase
of traffic might be expected on the Manchester South
Junction and Altrincham line, in which this company
was interested. The opening of the towns fine of the
Great Northern Railway had abstracted about 5001.
per week of trsffie which used to go over that
part of this company's line between Retford
and Sykes, but this had not been felt so
much as it might have been, owing to the in-
crease in the receipts since the openieg cf.the Grimsby
Docks. On taking the opinion of counsel, he had
been confirmed in the opinion he had expressed at
the special meeting in May last, with reference to the
6/. preference shares, that they had a priority of claim
to dividend over the 101. preference shares, end their
arrears. He thought the suggestion which bad been
made with reference to those arrears—that it would
be well to capitalize them—was well worthy of con-
sideration, but that was a subject which could not he
originated by the directors ; the preference share-
holders might take up the proposal. It had become
necessary to make extensive improvements and alter-
ations at Sheffield, Ard wick, Woodhead, and Guide-
bridge, in order to save them from having to refuse
traffic for want of the required accommodation. The
Barnsley Junction line had been let to contractors,
and the works to enable the company to get an addi-
tional supply of coal for the line were progressing
actively. The gradients on the line between Man-
chester and Sheffield were such that the increase of
traffic had necessitated the employment of more
powerful engines, and this had forced upon them
sooner than had been expected the strengthening of
the permanent way, which was now in a most satis-
factory condition. He believed they were right in
carrying to revenue the repairs of the permanent
way, as they were required. He concluded by
moving—
" That the report of the directors, and the half-yearly
statement of accounts now produced be received and
adopted,"
The motion having been seconded,
Mr. J. H. WooD repeated his opinion, expressed at
a former meeting, that the directors had acted wrong
in reference to the 10/. preference shares. The Act
creating the 6/IPpreference shares gave them no retro-
spective preference over the others, and the arrears
due to the 101. preference shareholders at the time
they were created ought to have been paid before the
61. preference shareholders received anything.
The CHAlRMAN—Unfortunately, we are at issue
upon that point, and we have only done what is legal.
In answer to a question from another SHARE-
HOLDER, it was stated that Mr. Lloyd was the counsel
whose opinion had been taken on the subject.
A SHAREHOLDER reminding the Chairman of the
promised explanation with reference to the errors in
the accounts,

Mr. ALLPORT, the general manager, said the errors
were in three distinct items. The first was an over-
estimate of the Great Northern mineral traffic which
passed over this company's line between Retford and
Sykes up to December, 1851. Previous to the open-
ing of the company's line, called the Sykes branch,
the Great Northern traffic was worked between
Retford and Gainsborougb, and then passed over
the Great Northern's Lincoln branch, a distance
of 10 miles by this company's line. He believed
the Sykes branch was about 13 miles, but to
be on the safe side, he gave instructions that the
amount paid by the Great Northern Company over
the 10 miles should be taken as the amount due
for the 13 miles. At the opening of the Sykes branch
the Great Northern Company refused to render to this
company a return of traffic, and it was, of course, im-
portant to take the beat means of estimating its value.
The charge for the 10 miles was carried week by
week into the company's accounts to the credit of
revenue for 14 or 15 months; but when the accounts
came to be settled it was found that the Great Nor-
thern Company bad carried their mineral traffic at so
low a rate that this company's proportion for the 13
miles was less than it had been for the 10 miles, and
that the value of the traffic bad, therefore, been over
estimated. The error thus produced amounted to
between 3,000/. and 4,000/. The second item was
also connected with the Great Northern traffic. The
clerk whose duty it was to copy the accounts against
that company for passenger traffic entered them
weekly to the credit of revenue, until a settlement
was made with the Great Northern Company, and the
clearing-house was advised of it. They, as a matter
of course, divided the traffic from the commencement,
in August, 1850, and sent down to each company
their division of the traffic. By an oversight of the clerk
the gross sum was entered in the company's books to
the credit of revenue, so that the same amounts had been
credited twice over. The amount remained in the
books as outstanding to the debit of the clearing-
house until the error was discovered. This error
extended over a period of about four months. The
third error arose from an oversight of the same clerk.
In the year 1850 he (Mr. Allport) arranged with
some parties in Sheffield to cart goods to and from
the station—being the Liverpool traffic of this com-
pany. They were to charge Is Bd. per ton, and he
advised the clerk whose duty it was to keep these
accounts to deduct them from the monthly account
previous to carrying to the credit of revenue the
Sheffield traffic. This he unfortunately neglected to
do, and the accounts appeared as outstanding debts.
When lie (Mr. Allport) pressed for a settlement the
error was discovered, and the company had no alter-
native but to at once deduct the amount from revenue.
He might explain that the current accounts had got
in arrear, while an examination of past clearing house
accounts for a period of nearly five years, which had
been improperly settled, was proceeding. These ac-
counts were now all worked up, and he challenged
any company in the kingdom to show that they had
a better system of keeping accounts than was now
pursued in the offices of this company. The clearing
house accounts alluded to in the auditor's reports
would be settled in the course of the week, the only
balance now remaining being Si. or 6/., which was as
likely to be in favour of the company as against it.
In answer to a question from a Shareholder,
The CHAIRMAN stated that the directors had not in
contemplation to ask for any more money.•
In reply to a question from Mr. WHITTAKER, of
Staley bridge'
It was explained that the directors bad the power
of calling up 660,0001. on the 30th of June, and with
the consent of the shareholders they had the power of
creating a new preferential stock, under old Acts of
Parliament, to the extent of about 600,000/. If
the whole were called up there would be about
1,200,000/.
Mr. WYLDE said the accounts showed that there
had been expended on the property of the company
7,550,000/. The working expenses were 68,696/.
The interest ou loans and the loss on canal was
67,598/., leaving 1,098/. for tha shareholders, equal
to a dividend of 30,000/. preference stock, leaving
5,455,0001. share capital to which there was not a
penny for a dividend. When so large an amount of
capital was left without a penny for dividend, was it
just that 1,200/. a year should go to one individual to
manage their affairs ? Would it not be as well to
have three managers, at salaries not exceeding 3001.
a year, on different sections of the line' with addition
of salaries on the increase of dividends?
The CHAIRMAN said, one of the difficulties with
regard to money was the arrears into which holders
had fallen ; and he was ieformed that the gentleman
who had just spoken had been four years in arrear,
and was now in arrear.—(Laughter.)
Mr. Wens Tea said he observed in the report a
statement to the effect that arrangements with the
Lancashire and Yorkshire Company, more friendly
than had hitherto been existing, were likely to throw
increased traffic on their line, and that a good under-
standing between this company and the great railway
interests of this country was approximating. He would
suggest, and if necessary would move an amendment,
"That all agreements in writing with other companies
be circulated among the shareholders."
The CHAIRMAN was surprised at such a proposal
coming from a legal gentleman. He doubted very
much the policy of publishing these agreements, and
should feel it his duty to resist such a motion.
Mr. C. TURNER, M.P., was quite sure, if Mr.
Webster had a retaining fee to advise the company on
the subject, he would not recommend that these

agreements should be published.
Mr. PETO referred to some complaints made that
the working expenses were heavy as compared with
other lines, and explained that it arose from
heavy gradients—a goods train out of Manchester re-
quiring three engines, which upon the London and
North-Western would be drawn by one locomotive.
He assured the shareholders that the board would exert
themselves to the utmost to develop the value of the
dock at Grimsby, and to increase the receipts upon
the lice, but suggested to the holders of the 7f per
cent. shares that it might be wiser to imitate the
conduct of the same class of holders in the Cale- i
donian, who improved their own position and that of
the company generally by reducing the interest to 41
•
per cent.
The proposition as to the 71- per cent, preference
led to some angry discussion, but
had emanated from
-
Mr. PETO explained that it
himself end not the board. It had been suggested,
however by a large proprietor _off that stock not pre-
sent, and lie Still thought it was oue of those timely

1852.

coLceisions which would benefit themselves while it
benefitted the other :shareholders.

The report and accounts were ultimately carried by
a large in,jority.
The CHAIRMAN next submitted motions ccnfirming
the forfeiture of stock, and enabling the board to
avail themselves of certain powers under the Humber
Conservancy Act on paying 3001. a year ; both of
which were carried.

A motion to hold the meetings alternately at
Sheffield and Manchester was negatived.
A vote of thanks was given to the Chairman and
directors, and the meeting separated.

NEW MA Mil; T.
The half-yearly meeting of this company was
held yesterday at the London Tavern, Mr. C. Fane
in the chair.
The Secretary read the report, which stated that
the opening of the branch line to Cambridge had the
effect of improving the revenue considerably, for
while the ordinary revenut., for the six months ending
4th July, 1851, was only 3,6331., that for the corres-
ponding period of the present year was 4,618/. The
accounts showed a balance to the credit of the re-
venue of 3,7551., out of which the directors recom-
mended that a dividend at the rate of 2/ per cent. per
annual be declared, amounting to 3 5001., which
would leave a balance in hand of 2551 The Bill
promoted by the Eastern Counties Company for ob-
taining the sanction of Parliament to the sgreernent
between them and this company received the Royal
assent on the 28th of May laA. Notwithstanding
considerable opposition from rival interests, the Bill
authorising the company to make a railway from
Newmarket to Bury St. Edmunds received the sanc-
tion of Parliament as a measure urgeetly called
for by the wants of the district. The direc-
tors state that the value of the line must
be appreciated when it is considered that
it will make a continuous line of railway from
Ipswich and the eastern parts of Suffolk to Cam-
bridge and the north and west of England, and will
bring the important town of Bury St. Edmunds, and
its population of 13,000 inhabitants, many miles
nearer to London, besides giving them an easy commu-
nication with Cambridge, and will facilitate the:trans-
fer of lime and coals to districts greatly needing. them.
The increase, of revenue which will arise to the New-
market shareholders from the making of this line will
insure a dividend to them of 3 per cent. per annum
at an early period after its completion. The Parlia-
mentary estimate for making the line was 121,5001.
It was framed under special directions to err, if at
all, on the side of excess. Subsequent events having
satisfied the board that a much smaller sum would
suffice to make the line, the shares were reduced from
121. 10a a share to 6/..55. by the Act lately passed,
and thus the liabilities of the extension shareholders
are greatly reduced. The board hope to complete
the line in little more than a year. Mr. Jackson has
made a tender for the works, and as it is considered
moderate the contract will probably be finally settled
in a few days, and the whole work will then be pro-
secuted with vigour. The directors congratulate the
proprietors on the improvement in the state of their
affairs since the present board assumed office in
August, 1850. The original line is now completed ;
the extension line to Bury is in progress ; there is a
balance to the credit of revenue sufficient to justify a
dividend at the rate of 2 per cent. per annum, and
there is a balance to the credit of capital of nearly
13,0001. They trust that the success which has at-
tended their past efforts will induce all persons to re-
pose confidence in them as to the future and give
them their utmost support in carrying out the exten-
sion to Bury, which they are fully convinced will
amply remunerate the parties who assist in making
the line. The capital account to the 30th of June
showed that 457,292/. had been received, and 441,6751.
expended, leaving a balance of 15,6161.
The revenue account for the half-year ending the
4th of July showed that 8,2381., including 9421. from
last account and 2,5001. contribution from the Eastern
Counties Company, had been received and 2,4381.
expended, leaving a balance of 5,7991., out of which
is deducted 2,0431. for interest on loans, leaving
3,7551.
The CHAIRMAN, in moving the adoption of the re.
port, congratulated the shareholders on the improved
position of the undertaking. The balance in hand
would enable the directors to declare a dividend at the
rate of 2 per cent. per annum for the half-year. A
great improvement had taken place in the traffic since
the opening of the line from Newmarket to Cam-
bridge, and there could be no doubt that a further
improvement would take place in the traffic when the
extension line from Newmarket to Bury St. Ed-
munds was completed. The policy of the present
board was exactly the opposite of tbat pursued by
the former board. He hoped the proprietors would
take the result of the past policy of the present
board as an indication of what the future result would
be from a continuation of that policy. One of the
effects of opening the line from Newmarket to Cam-
bridge was shown by the increase in the number of
passengers over those conveyed on the Newmarket
and Chesterford for the half-year ending July, 185 L
The number then conveyed was 11,000, while during
the corresponding period of the present year
19,000 passengers wero conveyed. The effect cf the
policy of the late board was that of leading the com-
pany on the road to ruin, while the effect of the policy of
the present board was that of leading the company to
prosperity, as shown by the result of their past manage-
ment ; and there was still greater prosperity in store
for them. He had not the least doubt on his mind
that when the extension line was open between New-
market and .Bury the present lines of the company
would pay a dividend out of the net traffic on them
of 3 per cent. There were a great number of per-
sons interested in the construction of the line to Bury,
which would not only accommodate a very populous
district, but enable the directors to pay a dividend of
3 per cent. on the Newmarket shares, and raise the
price of them from 121. to 15/. each. The Bill for
the Bury extension line, after considerable opposition
in Parliament, received the Royal assent on the 17th
of June, and before that period the directors felt so
certain of the public utility of the line that they
commenced the works at Barrow Bottom. They had
been enabled to do this by the liberal conduct of Mr.
Jackson, the contractor, who had commenced the
works without any contract, leaving the matter en-
tirely in the hands of the board. The works had
been in progress ever since, and Mr. Jackson had
made a very moderate tender for the construction of
the works, and there was every reason to suppose
that his tender would'be accepted by the board.
The Parliamentary estimate for the line
was 121,5001., and the instructions to Mr.
Samuels, the engineer, were that it should be over-
stated rath«.r, than understated, so that no one should
hereafter feel disappointed and have more to pay than
was calculated. Now, Mr. Jackson proposed to con-
tract for the works for 63,7001.; and, after estimat•
ing every other expenses carefully, he (the chairman)
believed that the line from Newmarket to Bury would
be made for less than 100,0001., including land, works,
rails, and everything. This line would fill up a gap
of fourteen miles between Cambridge and Ipswich.
He looked upon this as a most important line of rail-
way communication, and hoped that every one in-
terested in its construction would do everything in
their power to_assist in making the line.— (Hear.)
As to the revenue to be expected on the line he esti-
mated it-at 201. per mile per week, which was some-
thing less than half the average weekly receipts per
mile of the railways in the United Kingdom. This
would give them 14,5661. per annum, and making
every allowance for the working expenses they could
not exceed 4,5601., and that would leave them 10,000/.
to pay dividend on the 100,0001. There could be no
doubt they would be able to pay a better dividend on
this extension line than had ever before been heard of
in the Eastern Counties district. He concluded by
moving the adoption of the report.
In reply to a question, it was stated that the
Eastern Counties Company would provide the work-
ing stock on reasonable terms, and the Eastern
Counties Company were acting towards them in the
most cordial and kind manner.

Mr. BALL, a director, seconded the adoption of
the report, and in doing so said that the prosperity
which the chairman had ascribed to the exertions of
the new board was entirely owing to the indefati-
gable exertions of the chairman himself, and it was
but right that the credit of the policy pursued should
be awarded to him. When the chairman joined the
board it was a broken down concern; he set to work
in every way to relieve the company from its former
disastrous position, and had.succeeded in laying the
foundation of its present and future prosperity.
Mr. BAKER urged on his brother shareholders the
necessity of assisting the directors in completing the
Bury extension line as soon as possible.
and
Resolutions were passed adopting the
declaring a dividend of ss. per 251. share,
report, at
the rate of 2 per cent. per annum for the
On the motion of Mr. BAKER, seconded D
tYO the
PACKER, a cordial vote of thanks was halbf.eyinegmar.r.
passedgement of
chairman for his able and successful
the undertaking, .ind to the board
ably seconding his exertions. of management
for

BRISTOL AND EXETER.
The report of the directors to be submitted to the
forthcoming meeting of the proprietors of this corn.
pany, stites that the gross traffic receipts for the half-
year ended on the 30th of June, 1852 (including the
sum of 1,9691. received on the Exeter and Creditors
Railway), amount to 111,2561., being 3,846/ received
on the Bristol and Exeter Railway proper more than
in the corresponding half of the year 1851. The
working expanses during the same period amount to
49,1141, or 44.14 per cent. upon the receipts, or 5331.
per mile on 92 miles of railway, including the Exeter
and Crediton line. The number of passengers is
293 614, conveyed 9,082,670 miles; andll4
ti
of goods and coals 100,379 tons, conveyed 3,220,6898"79
miles—making 16,479 more passe,
thin gers, and 25,274
tons more goods ant! coalsla the corresponding