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 £59,694 of the new terminable
preference stock had been issued at a premium of 21
per cent. The amendment was to the effect that
£10,450 of this stock had been issued since December
last, and on this sum the premium of 23- per cent.
had been received. He then congratulated the pro■
prietors on some alterations which had been 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 sum 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 £60,000 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 £5,071, as com-
pared with the corresponding half of 1863, and
under the head of parcels an increase of £1,876,
making a total increase of £6,947. On the other
hand, in the item of goods and cattle, there was a
decrease of £2,069. The cause of it arose mainly
from the competition to which they were now sub.
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.yox, 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 expenses in the line
accounts during the past half-year of £2,234, and
on the locomotive account of £217. The total de-
crease of expenditure on the working account was
£2,419. On the other hand there was an increase
of £1,456, principally incurred in carriage repairs.
This increase left a balance of more than £l,OOO in
favour of the company. He could not, however,
hold out much hope that the working expenses
would be reduced much below their present amount.
An accident which it is believed no foresight could
have averted occurred last year on the Weston
branch, by which human life was sacrificed, and the
directors had compromised an action which haci
been brought against them, and would have to pay
£2,000 to the widow and children of the deceased
gentleman, besides considerable legal expenses. The
loss occasioned by the accident was equal to a dimi-
nution of a I 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
insufficieet 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 had yet been done
with the Devon and Somerset Railway, but an ap-
plication would be made to the proprietors of this
company to advance £lOO,OOO, and also to work the
line. He concluded by meting 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 capithl of the
Cheddar Valley and Yatton Railway, were carried.
A vote of thanks to the chairman and directors
terminated the proceedings.