The Sun.
London, England, 1863-02-20 00:00:00

BRISTOL AND EXETER.

The report of the directors states that the increase
in the capital account during the half-year amounted
to £28,960. The expenditure on capital account
during the same period amounted to £30,689. The
total revenue during the half-year ending Dec. 31
from all sources amounted to £183,611, and the
total expenditure to £91,094, leaving a balance of
£92,517, out of which had been paid £39,676 for
interest on debentures and preference shares, leav-
ing a disposable sum of £52,841, out of which the
directors recommended a dividend on the consoli-
dated stock at the rate of 5 per cent, per annum,
leaving a balance of £2,280. The capital acount
showed that £3,883,954 had been expended.

WEST MIDLAND.
The half-yearly meeting of this company
n w
ians
held yesterday at Worcester, Mr. re F
the chair.
The report, an abstract of which appeared in
the Sun, was taken as read.
The CLIAIRMAN said that since their last meeting
a considerable change had taken place in the policy
of railway directors and managers, and the system
of antagonising aggression and unprofitable com-
petition had given way to a better state of
things. He trusted that this new policy
and the completion of the amalgamation be-
tween the Great Western and the West Midland
Companies, would lead to a state of permanent peace,
under which they might. cultivate the large traffic
already existing without impeding the traffic of their
neighbour or incurring depreciation of their own.
The arrangements that had been entered into with
the London and North-Western and London and
South-Western Companies would be, he anticipated,
moat important in their results. They were so in-
timately mixed up with the London and North-
Western district that the agreement with that com-
pany would be especially important. The arrange-
ment contemplated through booking, through traffic,
contingent running powers, and in some mr.itainn:es
absolute running powers; and he
. (the chairman)
sincerely sincerely believed that large and unportacustuvu
other companies who had entered a
Phe:atrvtemantihtdland
would accrue not only to this company b
e
great increase of
ments—(hear, hear)—and
that
from the increased ac -
traffic would eventually.
flow be afforded to the
commode tion which
traffic between Basingstoke and Southampton, and
down to outhampton. An
cintotnese err tto
thege-
f conveying their trains
they would e?
pow
ow°
weu
ersrohad been secured for the
agreement was also in
.contemplation with the South
Eastern Company for an interchange of traffic at
Reading which had.. long been looked for but was not
eaanrd,amanodunStoeudthtoWiailes Companies for the
corresponding pagiofin-dydl in. g hall-year of 1
yet realised. The joint receipts of the Great. Western,
frompubl i et
h.
,81'6116, ,Btoo3, and
o.
4 for
3,9t1h9e,
showing an increase of £332,884. This large increase
was accounted for by the fact that the mileage in the
last half-year was very much larger than that of the
corresponding half-year of 1861. The receipts of the
South Wales were included, and there was also the
Worcester and Hereford line completed; whereas for
the greater part of the previous half-year that line
had only been opened as far as Malvern. There was
also an increase in the receipts of the Severn Valley
line, the Bourton-on-the-Water branch, the Witney
branch, and the Ely Valley, and the Leominster
and Kingston receipts were included ; so that they
could not make any comparison between the receigt s
of the past half-year and those of the c,orrearodlinng
six months of the preceding year.
expenses had increased about 4 per cent.rhe The net