The Sun.
London, England, 1853-08-26 00:00:00

on that account was not so great as it had been in pre-
vious half hours. . .

Mr. Box complained that there was no statement in
the accounts of the Norfolk share stock on which they
had to pay dividend. He repudiated the Norfolk agree-
ment altogether, which he said they were not bound by,
either legally or morally, inasmuch as it had been al-
tered since it received the consent of the shareholders.
He had been informed that to pay ss. a share on the
Norfolk share stock took 12,4311., while they had only
2331. to pay it with. He understood that the Norfolk
agreement would close in 1855, and he hoped before
that time terms would be made more fair to the Eastern
Counties proprietors.
The CHAIRMAN said the number of Norfolk shares on
which they paid dividend was 49,842 201. shares. He con-
sidered it of the greatest importance that thew should be on
terms of amity with their neighbours, especially with the
Norfolk Company. At the proper time he was sure that
company (who were carrying out that agreement fairly)
would be prepared to arrange terms for mutual working,
which should be fair to all parties. At present it was impos-
sible to say what arrangements might l e proposed. It
was possible that they might include terms of union not
only with the Norfolk, but with the Eastern Union,
thus bringing the whole three lines under one system.
He could only say that the directors were anxious to be
upon amicable terms with both companies, and would
be prepared to deal with them liberally. The loss stated
by the hon. proprietor far exceeded the annual amount.
Mr. MCLAREN wished to know what were the ar-
rangements with the Southend and Tilbury Company.
The CHAIRMAN—They are that we should work the
line at a given rate per mile, which has been fixed
under the advice of Mr. Gooch, our locomotive super-
intendent. The agreement is for ten years, but it is sub-
ject to revision.
The resolution adopting the report was then put and
carried unanimously, also
A resolution altering the bye-laws for the purpose of
of requiring 14 days notice of the name of any proprie-
tor who might be put forward as a candidate for a seat
in the direction.
.After a vote of thanks to the chairman the meeting
separated.

BRISTOL AND EXETER.
The half-yearly meeting of shareholders in this under-
taking was held yesterday at the White Lion Hotel,
Bristol, J. W. Butler, Esq., chairman of the company,
presiding.

- The Secretary, J. B. Badham, Esq., read the report
of the directors, as published in the The Sun.
The CHAIRMAN, in moving the adoption of the report,
congratulated the meeting on the increase that had taken
place in the gross receipts of the company. That in-
crease was not confined simply to the present half-year
but it had been in operation through all preceding half-
years, and he saw no reason why it should not continue
to operate. The increase which had taken place in the
working expenses rose from circumstances extraordinary
and exceptional, and which were not likely to continue.
For this they must have been to some extent prepared,
because he stated at the last meeting that though con-
siderable work had been done upon the permanent way,
it was not in a satisfactory state, and that it would be
necessary in the ensuing half-year to do a good deal in
drainage and ballasting. The directors felt that it was
their first duty to ensure the safe and efficient working
of the line, and that whatever might be the effect on the
dividends, no work should be postponed which was
essential to the security of the passengers or the safety of
the line. In all that had been done every care had been
taken to make the repairs most substantial ; the timbers
had been prepared in the most scientific way. If, at
the commencement of railway undertakings, those mat-
ters were little undestood, and many experiments were
tried, which proved failures, yet now they were better
experienced, and the directors hoped that the timbers
now laid would be longer lived than those that had been
taken up, and that they would last, not 12 years, but
doable 12 years, if not for a much longer period. He
hoped from the attention that had been paid to that
most important object, drainage, that the timbers would
be likewise preserved through the healthier state of the
subsoil, and that an increase of improved balance would
tend to the same result. There was in the capital
account a heavy charge on account of the Yeovil branch.
It had been long a source of regret to the directors that
that large charge—over a hundred thousand pounds—
should have been bearing interest which was chargeable
against revenue, whilst it remained unproductive. He
hoped that this would not long continue, although he
was not prepared to say precisely when the Yeovil
branch would be open for traffic, yet he hoped that it
would be at no distant period. The directors were en-
couraged by the contractors to believe that it might
take place perhaps within a month ; and he felt sure
that when it was opened it would lead to a considerable
increase of their traffic. He concluded by again ex-
pressing his confidence in the ultimate prosperity of
the line.
Mr. BARTRUM, in seconding the motion, bore testi-
mony to the assiduity and care with which the directors
had conducted the business of the company, which in
point of genuine prosperity he regarded as standing
second to none in the kingdom.
The report was adopted, the dividend of 41 per cent.,
as recommended in the report, declared ; and a vote of
thanks to the chairman closed the proceedings.