The Sun.
London, England, 1837-10-04 00:00:00

. FREDERICK RICKETTS, Esq., in the Chair
It wu Ultinimeusly Resolved,
Moved by T. 11, Gurrr, Esq., and seconded by Grow
3oxv.s, Esq. ;
'Ma the Report of the Directors now read be received atad
end that they be requested to print the same.
Move by PETER, 3.l.stx, Esq., and seconded by E. W.
Mtus, Esq. ;
t 4 2. That the be:!. thanks of the Proprietors be given to the Dire.-
r,lf_a for their very OA., and efficient attention to the interests DE the
•-•ompany.
Moved by CuAnt.es B. Pairr„ Esq„ and scoondei by
Allicnart. HINTON CASTLE, Esq. ;
3. That the eerdial thanks of this Meeting be respectfully pre-
sented ti the Society of Merchant Venturers, for their kindness in
Panting the use of their Hall.
FREDERICK RICKETTS, Chairman.
The Chairman having quitted the chair, it was taken by SA NIL.
~.A
RING, ' • and
M. H. CASTLE, Esq., moved, and W3f. WATSON, Esq.,
seconded;
That the hearty thanks of this Meeting be given to FitEnratcx
Ricarrra, Esq., for his able and excellent conduct in the Chair.
SAML. WARING.

REPORT.

ag, • • •
subm.tting to the proprietors a concise but correct ae-
4°°,' t 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-
dantt n the application of surplus capital, to be enabled to state
sn,, with the exception of such a retarded payment of the last in-
stalment, as is necessarily consequent on the period, they have not
`sitigle fact to communicate which can otherwise than strengthen
Br entire confidence in the ultimate distinguished success of the
•sri tol and Exeter Railway, hitherto entertained by all who are
acquainted with its cheapness, its facilities, its security, and its
resourcee.
• fully
Particular facts establishing these advantages have been so
reftra.ydemonstrated in their two former reports that the directors
vai la from repeating them ; merely remarking on the additional
Se!! they derive from the defeat and abandonment, during the last
the of Parliament, of every competing line,betwixt London and
s7a,l vyestern Counties, and a moral certainty, arising both from phy-
-3.lolpediments and the new requirements of the Legislature, that
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, have been
catered into on terms advantageous to the Company, arising from
the
The
nature of the ground.
greater portion of the land is purchased on the 11 miles
OtoPnsed in the two first contracts ; and the contractor is availing
'imself of the favourable state of the weather to expedite the pro-
L'rcss of the works.
4."8-re, however, of the large amount of capital at present em-
ployed, on the numerous and extensive railroads in progress through-
.the kingdom, and desirous of giving the greatest effect to the
preface
means of the Company, by not operating on too large a
at a time, the directors—though fully determined to corn-
ti the line to Exeter—have resolved to finish and open such par-
2tis of it, cominenoing with Bristol, as will enable them to secure
i,? actual remuneration on the eapital expended on its progress to
Paton and Uphill in the first instance, Bridgwater in the second,
and Taunton in the third, so that investment and return may, in a
Ft)( degree, keep pace with each other. They purpose, therefore,
'° limit the scope of this report chiefly to an exposition of such cir-
:u!nitariees as will best enable the proprietors to form a correct
loion of the required outlay and ascertainable proceeds on these
portions of their expenditure.
aisfTah! estimates of their engineer, which have been hitherto so sa-
t, '11:)rily borne out by the contracts entered into for upwards of
land already
0-thirds
yofthe distance to Bridgwater, and by the actual cost of
purchased, warrant the directors in assuming that the
~,,"Itof opening the line to that port, including the stations, loco-
engines, and every other expense, will, at the outside, not
exceed thirty-five pounds per share.
hi stating the dividend to be reasonably anticiputed from this ex-
Peuditure, they are so fully sensible of the extent of prejudice they
Pve to encounter, arising less from the misrepresentations of the
14terested, than from the inconsiderate assumptions of a few who
-r.w,enitequainted with the facts of the question, and the credence
„s fielded by the many to assertions to which they have never exa-
"nod the proof, that the directors would feel the declaration of
truth itself to be unavailing, unless supported by that species and
mount of evidence which they well know must remain unshaken by
iste severest scrutiny.
to hey subjoin, therefore, as an appendix, an abstract, corrected
present time, of the traffic, proved before the Parliamentary
ramittee under the investigation of adverse counsel, and illus-
trated b such references as can leave little room for doubt in
ends aecessible to the influence of testimony. To those who,
raytled by the celebrity which our great manufacturing towns
e 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-
dote, it will appear remarkable that the coaches at this time daily
running betevixt London, Bristol, and Exeter, considerably exceed
,the entire number plying between London and Birmingham,
',,irerpool, and Manchester, before the opening of the Grand
'unction Railroad. Yet such is the incontrovertible fact, as will
,
, seen by any one who takes the trouble to refer to the appendix ;
and it is yon 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.
the autly before-mentioned to Bridgwater. To this it may be
rotted that it is the peculiar advantage of this line to open up new
eit4ve" of profit in its progress, at such short successive distances as
tio thanDresented by any similar undertaking. The comple-
pr/°' loss ten miles will enable the company, at an ample
uet" not included in the present or any estimate, to bring the pro-
shie°f a vast coal-field into the city of Bristol, at a charge of one
per ton • twelve additional miles, which bring the line
vciisiceto the mouth. of the Ax, and the natural harbour at Uphill
stattlish a line of communication betwixt the whole of the
of Ireland (including of course, the southern coast of
es!, and Bristol, and London, of which the most sanguine can
scarcely calculate the advantages ; and eleven miles more, by car-
rying the line to Bridgwater, will necessarily render it the medium
°•,„' intercourse between the Western Counties, and London, and the
Although, as the subjoined accounts will shew, the outlay on
I%b, "e works is becoming heavy, the directors expect that the balance
hand, aided by the instalment now in coucse of receipt, will
rr°lBlit the necessity, for some months, of a further call on the
hareholders.
Most of the permanent charges to which the undertaking is sub-
Pet, having been fixed under an expectation that the whole line
auld be simultaneously in operation—and, under the feeling that
1,- feasible economy should be exercised—the directors have ear-
Y. applied themselves to the subject of retrenchment, have re-
i,"°,eti several branches of expenditure, and propose to relinquish a
first
of the compensation, so liberally voted for their services at
geoet•al meeting.
Cerefully weighing, therefore, every consideration, whether of
IPublie or priv ste nature, which relates to this undertaking, the
pith feel its"vq„-orous prosecution to be their highest duty, and
with
a steadfast deteinsination to fulfil it, cheerfully appeal to the
"'deuce and sun port sif all who are interested in its completion.
Signed, on behalf of the Board.
FREDERICK RICKETTS, Chairman.
Antost 3lst, 1e 7.

BRISTOL AND EXETER RAILWAY.
statement of Receipts and Expcsditure, 30th June, 1837.
RECEIPTS.
DePosit
-of 21. 10s. per Share, on 14,988 Shares ...£37,470 0 0
12 reserved for
landowners

15,000

Pint Call
of 21. 10s. per Share, on 13,978 Shares ... 34,945 0 0
12 reserved as
above
1,010 in arrear

15,000

14toiad
'All of 5/, per Share, on 4,670 Shares 23,350 0 0
12 reserved as
abovo
10,318 in arroar

15,000
:e!e*t. Nee'
4 gittra,. ived from Bankers and Sharehalers , 1,401 15 11
Lion and Transfer Fees 53 17 6

£97,22013 5