The Sun.
London, England, 1854-02-27 00:00:00

BRISTOL AND EXETER.

The half-yearly general meeting of this company was
held on Thursday at Bristol ; Mr. J. IV. Buller in the
chair.

The SECRETARY read the report, which stated—
" The gross traffic receipts upon the Bristol and Exeter
Railway, from the Ist of July to the 31st of December,
1853 (including the sum of 2,1681. 3s. received on the
Exeter and Crediton Railway, and due to the Bristol and
Exeter Railway Company), amount to the sum of
145,6361. 14s. 9d., which is 15,8151.125. 4d. more than in the
corresponding half of the year 1852, although the mail-
service was then estimated at 9371. 4s. 101 more than
under the new award, is receivable for tho last half-year.
Late in the year 1.549 notice was received from the Post-
master-General that he required a new arbitration, and
subsequently, after repeated endeavours to agree with the
arbitrator, Lord James Stuart was appointed umpire. The
decision falls considerably short of the amount which this
company claimed, though it exceeis by some thousands
the sum that was estimated by the representative of the
Postmaster-General. The working expenses during the
last half-year (including those of the Exeter and Crediton
Railway, and part of those of the Yeovil branch from the
let of October) amount to 61,9141. 13s. 11d., or 42.51
per cent. on the gross receipts, and 5521. 168. ld. per
mile on 112 miles of railway. While, thJrefore, the gross
receipts have increased upwards of 15,0001., the propor
tion of working expenses has diminished. The disposable
balance of the revenue account, including 1,1851. 17s. 2d.
brought over from the former half-year, is 52,1124
2s. ld., and the directors recommend a dividend of 4i per
cent. per annum, or 21 per cent. for the half-year, on the
2,000,000/. of consolidated stock. This will I save a surplus
of 7,1121. 2s. ld. to be carried forward in aid of the next
half-year. In reliance upon shareholders sanctioning this
course, the dividend warrants are printed, and will be
issued very early in March. The preliminaries of an agree-
ment have been settled with Mr. Thomas Brassoy, the
contractor for and lessee of the North Devon Railway
(contingent upon the Exeter and Crediton line continuing
to be worked by the Bristol and Exeter Company), to
furnish him with locomotive power and rolling stock
for one year, on fair anl reasonable conditions. A re-
solution to sanction this arrangement will be submit-
ted. Tenders for making the railway from Salt-
ash to Liskoard (a distance of 14 out of 64 miles,
and the only portion of the line not yet contracted for)
are under consideration, and it is very important that these
and the other works should be prosecuted with vigour.
The directors of the company, finding it necessary to adopt
some strong financial measure for the purpose of accom-
plishing that object, have resolved to propose the re-issue
of 18,030 of the forfeited and unallotted shares at a dis-
count of 50 per cent., and the proper proportions will be
offered to the three railway companies that have subscribed
towards the capital.
The CHAIRMAN having explained the principal points
in the report, moved that it be adopted.
The 'notion having been seconded,
Mr. MELVILLE rose to move an amendment, that the
seventh paragraph, which stated that the dividend war-
rants had been preparad, should he struck out. He
thought the amount of dividend to be declared was in
the hands of the shareholders, the property being theirs ;
and it was really impudent to insert such a paragraph.
If he carried this amendment, he should move that the
dividend be after the rate of 5 per cent. per annum.
Mr. BEVAN having seconded the amendment, it was
negatived, and the report adopted.
The necessary resolutions declaring a dividend of 2k
per cent. for the half-year, re-electing the retiring direc-
tors, &c., having been carried,
Thanks were voted to the chairman, and the business
terminated.