The Sun.
London, England, 1837-09-20 00:00:00

REPORT.

In again submitting to the proprietors a concise but correct ae-
eoant of the Company's position, it is satisfactory to the directors,
after the lapse of several months of aggravated commercial diffi
culty, bearing with peculiar pressure on every undertaking depen-
dant on the application of surplus capital,, to be enabled to state
that, with the exception of such a retarded payment of the last in-
stalment, as is necessarily consequent on the period, they have not
a single fact to communicate which can otherwise than strengthen
that entire confidence in the ultimate distinguished success of the
Bristol and Exeter Railway, hitherto entertained by all who are
acquainted with its cheapness, its facilities, its security, and its
resources.
The particular facts establishing these advantages have been so
hilly demonstrated in their two former reports that the directors
refrain from repeating them ; merely remarking on the additional
value they derive from the defeat and abandonment, during the last
Session of Parliament, of every competing line betwixt London and
the Western Counties, and a moral certainty, arising both from phy-
sical impediments and the new requirements of the Legislature, that
the introduction of any ether is effectually precluded.
Since the last report two additional contracts, extending to the
high road to Bridgewater, in the village of Lympsham, hare been
entered into on terms advantageous to the Company, arising from
the easy nature of the ground.
The greater portion of the land is purchased on the 11 miles
comprised in the two first contracts ; and the contractor is availing
himself of the favourable state of the weather to expedite the pro-
gress of the works.

- Aware, however, of the large amount of capital at present em-
ployed on the numerous and extensive railroads in progress through-
out the kingdom, and desirous of giving the greatest effect to the
available means of the Company, by not operating on too large a
surface at a time, the directori—though fully determined to com-
plete the line to Exeter—have resolved to finish and open such por-
tions of it, commencing with Bristol, as will enable them to secure
an actual romuneratiou on the capital expcnded en its progress to
Weston and Uphill in the first instance, Bridgwater in the second,
and Taunton in the third, so that investment and return may, in a
good degree, keep pace wit) each other. They purpose, therefore,
to limit the scope of this report chiefly to an exposition of such cir-
cumstances as will best enable the proprietors to form a correct
opinion of the required outlay and ascertainable proceeds on these
portions of their expenditure.
The estimates of their engineer, which have been hitherto so sa-
tisfactorily borne out by the contracts entered into for upwards of
two-thirds of the distance to Bridgwater, and by the actual cost of
land already purchased, warrant the directors in assuming that the
cost of opening the line to that port, including the stations, loco-
motive engines, and every other expense, will, at the outside, not
exceed thirty-five pounds per share.
In stating the dividend to be reasonably anticiputed from this ex-
penditure, they are so fully sonsible of the extent of prejudice they
have to encounter, arising less from the misrepresentations of the
interested, than from the inconsiderate assumptions of a few who
are unacquainted with the facts of the question, and the credence
yielded by the many to assertions to which they have never exa-
mined the proof, that the directors would feel the declaration of
truth itself to be unavailing, unless supported by that species and
amount of evidence which they %tell know must remain unshaken by
the severest scrutiny.

They subjoin, therefore, as an appendix, an abstract, eorrectea
to the present time, of the traffic, proved before the Parliamentary
Committee under the investigation of adverse counsel, and illus-
trated by such references as can leave little room for doubt in
minds accessible to the influence of testimony. To those who,
dazzled by the celebrity which our great manufacturing towns
have obtained from the magnitude and productions, rather than
the travelling wants and habits of their population, conclude that
these must of necessity create an extent of intercourse, for which
it will be vain to seek a parallel in the other districts of the king-
dom, it will appear remarkable that the coaches at this time daily
running betwixt London, Bristol, and Exeter, considerably exceed
the entire number plying between London and Birmingham,
Liverpool, and Manchester, before the opening of the Grand
Junction Railroad. Yet such is the incontrovertible fact, as will
be seen by any one who takes the trouble to refer to the appendix
and it is on this plain ground, together with the acknowledged
cheapness which natural facilities give to the construction of the
Bristol and Exeter line, that the directors feel justified in holding
out to the shareholders the expectation of a dividend of 13 per cent.
on the outly before-mentioned to Bridgwater. To this it may be
added that it is the peculiar advantage of this line to open up new
sources of profit in its progress, at such short successive distances as
can rarely be presented by an similar undertaking. The complo-
tion of less than ten miles will enable the company, at an ample
profit not included in the present or any estimate, to bring the pro-
ducts of a vast coal-field into the city of Bristol, at a charge of one
shilling per ton : twelve additional miles, which bring the'line
close to the mouth of the Ax, and the natural harbour at Uphill
will establish a line of communication betwixt the whole of the
South of Ireland (including, of course, the southern coast of
Wales), and Bristol, and London, of which the most sanguine can
scarcely calculate the advantages ; and eleven miles more, I:iy car-
rying the line to Bridgwater, will necessarily render it the medium
of intercourse between the Western Counties, and London, and the
Nort h.
Although, as the subjoined accounts will shew, the outlay on
the works is becoming heavy, the directors expect that the balance
in hand, aided by the instelment now in course of receipt, will
prevent the necessity, for some months, of a further call on the
shareholders.

Most of the permanent charges to which the undertaking is sub-
ject, having been fixed under an expectation that the whole line
would be simultaneously in opci-ation—and, under the feeling that
all possible economy should be exercised—the directors have ear-
nestly applied themselves to the subject of retrenchment, have re-
duced several branches of expenditure, and propose to relinquish a
moiety of the compensation, so liberally voted for their services at
consideration, whether of
the first general meeting.
taking, the
a public Cale fulolry
pwreiyigaltiei nnttutrhee,rewfittirteeft crevleartyes
to
this
under
directors feel its vigorous prosecution to be their highest duty, and

EXPENDITURE.
Parliamentary expenses, including parliamentary £ s. d.
agents and fees, solicitor's bills and fees to counsel,
witnesses, canvassing, taking road-traffic, hire of
committee-rooms, and all other law charges and die-
' bursements, up to the time when the Act of Par-
liament for constructing this line received the
Royal Assent
Engineering, including surveys of the whole line,
plans, and sections, maps, professional evidence in
Parliament, and all other expences and disburse-
ments in this department, up to the time when the
Act received the Royal Assent
Travelling expenses of Directors and others, before,
and up to, the time of obtaining the Act, and coun-
try agency employed in relation to the line generally 1,739 2 10
Printing, advertising, stationery, bookbinding, and va-
rious incidental expences in Bristol and London,
from the first projection of the undertaking to this
time
Expences connected with ascertaining and setting out
the line since the passing of the Act
Purchase of machinery, implements, utensils, tools,
maps, plans, &e., for use on the line, and at the en-
gineer's office
Cost of the engiheeer's office, furniture, and dis-
bursements
Expenees at the head office in Bristol, consisting of
salaries to secretary, book-keepers, and other clerks,
office furniture, rent, travelling expences, postage,
carriage of parcels, &c.
Salaries in the engineering and surveying depart-
ment, and draftsmen's salaries
Purchase of land, surveying, and valuing, and com-
nensation for damages
Law charges and disbursements since the Act was ob-
tained
Direction from May 19, 18.36, to 30th June, 1837 1,800 0 0
Payments to contractors, and expenses relating to
their contracts
Balance in the hands of the bankers £47,671 7 i
47,763 14
Balance in the hands of the secretary 92 7 0

£97,220 13 5

Since the period to which the above account is read. up, riz.,
the 30th of June, the Directors hare made various additional pay-
ments for the purchase of land, compensation for damages, wages on
the line, and advances to the contractor, amounting to the sum of
10,265/. 151. ld., by which means the said balance of 47,6711. 75. sd. ,
stated to be in the banter's hands on 1b• 30th of June last, is re-
dulled to the sumof 37,405/. 12.. 4d.
£47,671 7 5
_ . _

Land and compensation ...£7,537 16 3
Contractor
Wages, &c., on the line 512 10 0
Other payments

.10,265 15 1

£37,405 12 4
Epitome of the Estimate alluded to in the Report, of Traffic between
Bristol and Bridgwater.
Ten Coaches from London to Bridgwater, Taunton, and Exeter
viz. :—Swiftsuro, North Devoe, Exeter and Devonport Mail,
eter and Falmouth Mail, Bath and Exeter Mail, Traveller,
Telegraph, Herald, Subscription, Defiance.
Nine Coaches from Bristol to Bridgwater, Minehead, Taunton,
and Exeter, viz. :—Self Defence, Speculator, John O'Groat,
Bristol and Exeter Mail, Exquisite, Times, Bee-hire, Tam

O'Shanter, Retaliator.
Five Coaches from Bath to Exeter, Taunton, Tiverton, Barn-
staple' and Lyme, vis. :—White Hart Fast Coach, York House
Day Coach, Lion Day Coach, York House Coach, Perseverance.
Seven from Bristol and Bath to Weston, Clevedon, Yatton, and
Wrington, viz.:—Magnet, Sovereign, and five others.
These Coaches carry Passong-rs travelling
4,144,192 miles per annum, which doubled,
and taken at 2d. per mile, produce £69,063 4 0
To which, add parcels, cattle, goods, &c., as
proved by Parliamentary evidence 41,330 4 11

Yield a grow; revenue of 110,383 8 11
From which deduct one-third for expense.

Thus producing a profit on 35!. per share, or
525,0001. of paid-up capital, of above 13 per
cent. (neat revenue) £75,568 19 3

THE FREQUENT ROBBERIES of PLATE
have induced JOHN JAMES RIPPON, of Wells-street,
Oxford-street, to MANUFACTURE BRITISH PLATE of
such a superior quality that it will require the strictest scrutiny
to distinguish it from Silver, than which it is more durable; it
improves with use, every article is made of solid wrought material,
and is warranted to stand the test of aquafortis.

s. d. s. i.
Table Spoons and Forks, (till Butter Knives, each
size, with fiddle h.indles, per Salt and Mustara Spoons U g
dozen
I'o 8 0
Dessert do . 1U CkSauce Ladles 1 6
Tea Spoons, per dozen
Gravey Spoons, each 4 0 Table Candlesticks, per pair... 15 fi
Fish .Knives
CA UTION. —The great demand John'James Rippon has had for his
British Plate has induced others to use the same name to an inferior
composition, and by charging a much higher price they endeavour
to persuade the public it is equal to that made by him ; purchasers
are therefore cautioned against these attempts at imposition.