The Sun.
London, England, 1864-08-26 00:00:00

BRISTOL AND EXETER.

The half-yearly meeting was held yesteaday at
Bristol; M. J. W. Buller, M.P., in the chair.
The report and accounts were taken as read.

The CHAIRMAN said that a slight alteration was
required to be made in a paragraph of the report,'
which stated that 159,694 of the new terminable
preference stock had been issued at a premium of 22
per cent. The amendment was to the effect that
110,450 of this stock had been issued since December
last, and on this sum the premium of 2,-!, per cent.
bad been received. He then congratulated the pro-
prietors on some alterations which had teen made in
the accounts, the effect of which was to simplify
them and render them more clear. The merit of these
alterations was due to the secretary (Mr A. Moore),
who had bestowed a great deal of time and labour on
the subject. As regarded capital a eeei of £28,323
had been carried to account during the last half year,
the principal part of which had been expended on
the Chard branch, on which 160,000 had now been
expended. The works were proceeding very rapidly,
but, possibly, the line would not be opened for traf-
fic before January, 1866. They were receiving in-
terest on all their investments except the Plymouth
and Great Western Docks, the Somerset and Dor-
set, and the Cornwall companies. As to the revenue
account, the receipts had been very satisfactory.
Under the head of passengers, carriages, horses,and
dogs, there had been an increase of 15,071, as com-
pared with the corresponding half of 1863, and
under the head of parcels an increase of 11,876,
making a total increase of 16,947. On the other
hand, in the item of goods and cattle, there was a
decrease of 12,069. The cause of it arose mainly
from the competition to which they were now subs
jetted. A great deal of goods which used to come
from the north by the Midland Company, and then
pass over the Bristol and Exeter, were now diverted
and goods were taken from Exeter to London by
another line, and thence forwarded by the London
and North Western Company. On the whole, the
result was as satisfactory as could be expected, con.
sidering the number of competing lines which they
now had to encounter. The working expenses had
been reduced. The principal reduction was in the
line account, and for that reduction they were in-
debted to Mr.:For, the engineer, for the attention
he had given to that important part of the com-
pany's works. The line was now in excellent order.
There had been a decrease of expanses in the line
accounts during the past half-year of 12,214, and
on the locomotive account of 1217. The total de-
crease of expenditure on the working account was
£2,119. Oo the other hand there was an increase
of 450, principrilly incurred in carriage repairs.
This increase left a oulancc ot more than 11,000 in
favour of the company. 1-la could not, however,
hold out much hope that the working expenses
would be reduced much below their present amount.
An accdeat which i: is believed no foresight could
have averted occurred last year on the Westen
branch, by which human lia) was sacrificed, and the
directors had compromised an action which had
been brought against them, and would have to pay
£2,000 to the widow and children of the deceased
gentleman, besides considerable legal expeuces. The
loss occasioned by the accident was equal to a dinai,
nation ot a a per cent. on the half-year's dividend.
With regard to the Cornwall Company, an arrange-
ment was recommended, whereby that company will
be enabled to provide for a deficiency in the reve-
nue (which, although sufficient to meet working
expenses and debenture interest, had been hitherto
insufficieat to discharge in full the interest on the
preference share capital) by a further issue of
capital. He would have to submit a resolution for
extending the lease of the West Somerset Railway
from 10 years to 999 years. This property was
very desirable for this company to possess. An
arrangement had been made with the Grand West-
ern Canal which he believed would be found bene-
ficial to this company. Nothing bad yet been done
with the Devon and Somerset Railway, but an ap-
plication world be made to the proprietors of this
company to advance 1100,000, and also to work the
line. He concluded by moving the adoption of the
report.

Mr. H. ROCKETT seconded the motion.
After some observations by Mr. Goss and Mr.
CROSS, the resolution was put and carried.

A dividend at the rate of 4 per cent. per annum
was adopted.
The arrangement with the Cornwall Company,
proposed by the associated companies, was con-
firmed.

Resolutions confirming the arrangement for a
lease of the West Somerset Railway for 999 years,
and for subscribing £lOO,OOO to the capit[d of the
Cheddar Valley and Yatton Railway, were carried.

A vote of thanks to the chairman and directors
terminated the proceedings.

HEREFORD, HAY, AND BRECON.

The half-yearly meeting of this company was
held yesterday at the offices in Bridge-street,
Westminster; Mr. Banks in the chair.
The Secretary read the report, an abstract of
which has appeared in The Sun.!

The CHAIRMAN, in moving the adoption of the
report, said that the whole of the line was now come-
pleted, a fact for which he could vouch, having the
day before travelled over the whole of it. A por-
tion of the route belonged to the Mid.\Vales Com-
pany, and that was now completed, and when the
approval of the Government inspector was ob-
tained, which was expected in a few days, the un-
dertaking would commence carrying passenger traf-
fic. The company's prospects were so favourable as
not only to fulfil the most sanguine expectations,
but to exceed them. Other lines in course of con•
struction would join the company's system, and in
the course of a few months—at any rate in less than
two years—the directors hoped to see the whole line
completed from Hereford to the Government docks
at Pembroke. Thy would have direct communi-
cation with Dowlaie, Newport, AbErdare, Cardiff,
Neat:,, Swansea, end, by means of the AI id. Wales
line, with the north of Wales. He concluded by
expressing his belief that the line would be one of
the most remunerative in South Wales.
Mr J. MORRISH seconded the tnttion, and it was
carried.

A dividend at the rate of 5 por cent. per annum
on the paid up capital wes declared.
Mr F. A, FYNNEY moved a resolution, authoris-
ing the directors to deal with shareholders in arrear
by declaring the shares forfeited, or by suing them
for the sums unpaid.
Mr GAIITSIDE seconded the motion, and congratu-
lated the shareholders on the fact that the company
was on terms of peace and goodwill with its neigh.
hours.

The motion was agreed to, as was another sanc-
tioning the consolidation of all the shares raised
under tile Company's Acts of 1859 and 1863 into a

oadfretraiiway between
A dividend at the rate cf 5 per
dte.eeD:upmernet:
had not been paid.
Breconon
irsp"iidNu
spaicda
Merthyrptittoal
the'., the
p,es
e declared.
linee
and
nl
per.nu n 1
tion of the same system was now completed. At
present the Brecon line ended in a field, and as soon
as a communication was made traffic would be
opened to the Mid-Wales, to the Hereford, Hay,
and Brecon, and to the Cambrian system.
It was agreed that all the paid.up shares should.
be consolidated intso stock,
tchaepnitmalad
Power to deal with those share;
motion of Mr. H. DE WINTON, seconded by Mr .1.
rectorsonlw,
hhei
cmhe shouldetthi callsneghwa vae
e Special,
tahnadt, theon t:lile-
J. WILLIAMS, it was agreed that 200,000 prefer.
ence shares of 11 each, should be created. It was
also agreed to create 110 preference shares of £lO
each.

INlr SAVIN moved a vote of thanks to the chair
man and directors, which was carried unaninio,„l7.

HULL AND HORNSEA.

On Wednesday the half-yearly meeting of
compiny was held at Hornsea—Mr J. A. Wade. in
the •

T' t. seal of the company having been affixtie, to
tt--, register of the shareholders,
The Su,retz.ry read th:: repe:t, which showed that
the prospects of the company were good. Tit e re-
turn since the ht of July, at which date the line
was opened throughout, had averaged £231 weekly
and the working expenses £96.
The CHAIRMAN, in moving the adoption of the
report, stated that the directors were not then in a
position to declare a dividend, but if the traffic con-
tinued uninterrupted, even if there was no increase,
they would be able at the next meeting to declare
a dividend at the rate of 7 per cent, per annum.
There was every prospect that before the lapse of a
very great time they would pay 10 per cent. Re
also remarked on the urgent necessity for the share-
holders to form a hotel company.
The adoption of the report was seconded by Mr
ANsLEY, and carried unanimously.
A vote of thanks to the chairman terminated the
proceedings.