The Sun.
London, England, 1837-09-13 00:00:00

REPORT.

In again submitting to the proprietors a concise but correct ac-
count of the Company's position, it is satisfactory to the directors,
after the lapse of several months of aggravated commercial diffi-
culty, bearing with pecxliar 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
fully demonstrated in their two former reports that the directors
refrain from reusating 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 other is effectually precluded.
Since the last report two additional contracts, extending to the
high road to Bridgewater, in the village of Lympshain, have 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 directors--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 remuneration on the capital expended on its progress to
Weston and Uphill in the first instance, Bridgwater in the second,
aid Taunton in the third, so that investment and return may, in a
good degree, keep pace with 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 sensible 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 well know must remain unshaken by
the severest scrutiny.
They subjoin, therefore, as an appendix, an abstract, correctei
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 any similar undertaking. The comple-
tion of less than ten miles will enable the company, at au 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 estalslish 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, by car-
rying the line to Bridgwater, will necessarily render it the medium
of intercourse between the Western Counties, and London, and the
North.

Although, u the subjoined accounts will show, the outlay on
the works is becoming heavy, the directors expect that the balance
in hand, aided by th instalment now in coucse 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 operation—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 branehes of expenditure, and propose to relinquish a
moiety of the compensation, so liberally voted for their services at
the first general meeting.
Carefully weighing, therefore, every consideration, whether of
a public or private nature, which relates to this undertaking, the
directors feel its vigorous prosecution to be their highest duty, and
with a steadfast determination to fulfil it, cheerfully appeal to the
confidence and support of all who are interested in its completion.
Signed, on behalf of the Board.
FREDERICK RICKETTS, Chairman.
August 31st, 1837.

BRISTOL AND EXETER RAILWAY.
• Statement of Receipts and Expenditure, 30th June, 1837.
RECEIPTS.
Deposit of 2/. 10s. per Share, on 14,988 Shares ...£37,470 0 0
12 reserved for
landowners

15,000

First Call of 2/. 10s. per Share, on 13,978 Shares 34,943 0 0
12 reserved as
above
1,010 in arrear

15,000

Second Call of 51. per Share, on 4,670 Shares ... 23,350 0
12 reserved u
above
10,318 in arrear

15,000

interest received from Bankers and Shareholder, 1,401 13 11
Registration and Transfer Fees 53 17 6

£97,220 13 5