The Sun.
London, England, 1846-03-04 00:00:00

48,338 12 0

" The gross earnings on our line during the year 1845,
were very nearly 190,0001.
" The arrangements for encouraging traffic by return
tickets, and a liberal reduction of fares of passengers and
carriage of goods, adopted by the lessees of the lime, have
operated the more favourably upon our proportion of toll, as
it has not been subject to any corresponding abatement, and
does not therefore contribute to the increased ratio of work-
ing expenses.

"After deducting the balance of income-tax, it will be
seen that the last half-year's revenue does not justify any
present increase of dividend; and your diectors therefore re-
commend to you to declare the usual dividend of 11. Bs. per
share on the 15,005 whole shares, free of income-tax, for the
half-year ending on the 6th of April next.
" Interest on the deposit of 24 per third share, to the date
of the second call (the 15th of January), will e remitted to
the proprietors who stood registered for these shares at the
closing of the books on the 21st of February.
"Under the authority of your resolution of the 28th of
August last, measures have been taken for obtaining in the
present session of Parliamentan Act for constructing a branch
from Yeovil to Crewkerne, with a view to secure the traffic
from that Fart of Somerset and Dorsdt.

" The Bill has been read a second time. The cost of this
branch will be provided for out of the capital authorised by
the Act of last session.

" Agreements for the purchase of land for the branches to
Clevedon, Tiverton, and Yeovil, are in ac:ive progress, and
in a short time contracts for some of the works will be adver-
tised.

" The difficulty of procuring adequote engineering assist-
ance during last autumn, precluded greater promptitude in
these arrangements, except at an extrayagant expense, and
at great risk of their being perfect.
" The construction of a branch to the city of Wells has
been postponed until the issue of other measure shall be as-
certained, which have been proposed for the supply of rail-
way accommodation to that district.

The Bill for the North Devon Railway, based on the ar-
rangements adopted and confirmed by you at your last half-
yearly meeting, is now before Parliament ; and it is hoped
that the acknowledged importance of that undertaking, and
the unusual degree of support which it has received from the
landed proprietors, will secure its success.
" A draft of this Bill, as well as thaa for the branch to
Crewkerne, will be submitted to a special general mestin2.
"The Bill for for the Cornwall Railway is fully expected
to pass into a law bathe present session. The alteratio. a re-
commended by the engineer, in accordance with the sug-
gestions of the Committee of the House of Lords, both for
general improvement of the line and for facilitating the com-
munication between the two counties, having called for an
increase of capital, your directors could not hesitate to agree
to subscribe for your proportion of the new shares in that
company, and a resolution will accord ugly be submitted to
you to confirm the subscription for 1,500 half• shares, at 251.
each.

"The opening of the South Devon Railway is still delayed :
but the directors of the company confidently expect that a
portion of the line will be available for public traffic in the
early part of the summer.
"'The instalments paid on your 4,000 shares in that under-
taking, including a call of 10/. per share on the 25th of
January last, amount to 140,0001.
" The Exeter and Crediton Railway, under lease to this
Company, will be opened within the present year; and there
is every reason to believe that it will be beneficial to this
Company.
_ _

" Parliamentary authority for the lease has been given in
the Act of Incorporation. The 301. per share remaining to
be called for upon your 100/. shares, being reserved for pay-
ing off the loan notes as they successively fall due, dnd a
portion of these being payable on the 21st of the present
month, a call has been made for 51. per share, payable on
the 18th.

"A resolution will be submitted to you to empower the
directors to borrow on debenture, the sum authorised by the
Act passed in the last session for constructing branches.
"On the subject of the rejected provisional agreement for a
perpetual lease of your line to the Great Western Company
at a rent charge, your direetora refer to their special report
of the 18th of February; a copy of which has been sent to
every registered proprietor.
" Mr. Frederick Ricketts, for so many years Chairman,
and latterly Deputy Chairman, of this Company, having re-
signed, your directors have elected in his stead, as their col-
league, Mr. James Hibbert Wanklyn, of Manchester.
" A very short period elapses before you have an oppor-
tunity of confirming the choice of the board, as, in the room
of Mr. Ricketts, he is one of the four who retire by rotation.
" The other three are Messrs. W. D. Wills, William Mor-
gan, and Francis Parker, who are also candidates for re-
election.

" It was heretofore your wish to reduce the number of
directors to the Parliamentary maximum of twelve; and
as vacancies have occurred. by resignation or death, that
object has been kept in view: but recently a desire has
been expressed by many of the proprietors to restore tha
maximum of sixteen.

" In this (proposition your directors readily concur, and it
remains for you, if you approve this measure, to elect three
gentlemen duly qualified for the office.
The statement of account wall show you that the balance
in the Bankers hands, on the 31st of Decemberf 1845, was
1,277/. 135.. 3d.

The motion for the adoption of the report was being
moved when I was obliged to close my parcel.
I have the best authority for saying that yesterday
deputations from the joint Committees of Manchester
and Bristol had a long interview with'the Directors, the
object being to arrive at an amicable adjustment of the
several matters in dispute.
The deputation submitted certain proposals to the
directors, which were discussed at considerable length,
but were not favourably received, and the parties sepa-
rated without anything definite being resolved upon.
This day, at eleven o'clock, a second meeting took
place, when the deputation submitted their ultimatum
for the consideration of the Directors. I am informed
that the greatest good feeling on both sides was
manifested at this interview, but the particulars will not
be known till ►he discussion, which will take place aster
my parcel leaves Bristol by the express train.