The Sun.
London, England, 1867-02-28 00:00:00

BRISTOL AND EXETER.

The half-yearly general meeting of this company
was held at Bristol yesterday—the Earl of Devon in
the chair.

The report was taken as read.

The &AIRMAN, in moving the adoption of the
report, said it.was not so satisfactory as the direc-
tors were desirous of presenting to them, because it
showed that the state of their balance was such as
not to admit of the keeping up the dividend which
in corresponding half-years they had been enabled
to recommend. It placed before them a state of
things which only enabled them to pay a dividend
at the rate of 41- per cent. per annum. The circum-
stances which had brouglitabout that unsatisfactory
result were temporary and exceptional. Theirs was
not the only company which had to come before its
shareholders with a reduced dividend. There had
been an increased expenditure upon the permanent
way and locomotive stock, and one item which was
a source of increase was the placing their accounts
in the clearing-house. The Cheddar Valley branch,
a line of which the first sod was turned on the pre-
ceding day, was a line which he hoped and believed
would be very beneficial to thew. The company
were engaged in laying the narrow gauge between
certain stationsupou their line, which was sanctioned
by the act of 1866. After referring to the Bristol
Ilarhour Junction Railway, which was to be made
by that company and the Great Western, and other
schemes in which they were interested, he explained
their relations to the Exe Valley Railway and the
North Devon and Somerset Railway, the latter be-
ing a line from Taunton to Barnstaple, to which
they had formerly subscribed, and had a working
agreement with them, but which the directors now
proposed to purchase for the sum of £400,000.
Mr. M. CASTLE, deputy-chairman, seconded the
motion for the adoption of the report.
After some discusssiou,

Mr. MILLMAN said the Exe Valley had been left
in the lurch by the South Western, and that com-
pany having declined to have anything to do with
it, he could not understand why the Bristol and
Exeter should take it up, as it never could pay its
expenseF. The only argument he ever heard brought
forward in favour of it was, there was a very fine
old church at Thorverton. (Laughter.) Ile moved
as an amendment that such portion of the report as
referred to the Exe Valley Railway be not received
and adopted.
Mr. CARTER, seconded the amendment.
Air. ELLIS moved a similar amendment with re-
gard to the Somerset and North Devon line, which
Mr. COATES seconded.

The amendments were lost by a large majority,
and the report wa.3 aapted.
A dividend at the rate of 41 per cent. per annum
was declared, the retiring directors were re-elected,

and a vote of thanks to the chairman and Board
terminated the proceedings.

SALISBURY AND YEOVIL.

The half-yearly meeting of this company was held
yesterday at the office, Leadenhall-street ; Mr. J.
Chapman in the chair.
Mr. H. Notman, the secretary, having read the
minutes of the last meeting, which were confirmed,
the report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the re-
port, said they would observe that the amount car-
ried forward after paying the dividend at the rate
of 7 per cent. per annum was only £74, but there
was also a sum of -£3,508 carried forward from the
preceding half-year's accounts. They would have
carried more than the £74 from the accounts of the
past half-year if it were not for a charge against
interest account of £760, the balance on Lord Pem-
broke's interest account. They had always adopted
the principle of charging interest on unproductive
capital to revenue. There were certain sums in pro-
gress of settlement with the South-Western Com-
pany which would amount to £3,100, and he hoped
they would consider the result of their working very
satisfactory. The progress of their traffic receipts,
as shown in the report, had been most gratifying
from the commencement. He then referred to the
biN now before Parliament, promoted by the Lou-
don and South-Western in conjunction with the
Groat Western, the Bristol and Exeter, and the
South Thvon Railway Companies, which he con-
siLkred wai a treaty of peace between these coin-
uies. It was called the quadruple alliance for the
establishment of peaceful relations between the four
companies. Their company and the South-Western
Company, as narrow-gauge lines, would benefit by
it. That arrangement would prevent reckless com-
petition, which had ruined a great deal of railway

property, and he thought that every effort in the
way proposed must tend more or less to benefit rail-
way property and increase the facilities to the public
for travelling. It was intended to promote the in-
terchange of traffic between the narrow and bro,

gauge lines, and vice versa, with through booking
and equal fares and rates. They were now in a
very fortunate position, for, while other companies
had to regret some falling off in the dividend for
the past half-year, the Salisbury and Yeovil Com-
pany bad an increase in their dividend and ought to
be thankful.

Resolutions were passed adopting the report, de-
claring the usual dividends on the 5 per cent. pre-
ference shares, and a dividend at the rate of 7 per
cent. per annum on the ordinary shares of the com-
pany for the past half-year, payable on the Ist of
March. The retiring directors, Sir W. C. Medlycott
and Mr. Wagstaff, were re-elected, and also Mr.
Bell, the retiring auditor.

The proceedings coucluded with a vote of thanks
:o the chairman.

DEVON AND SOMERSET.

The half-yearly meeting of this company was held
on Tuesday at Taunton ; Mr. J. A. Locke presided.
The report stated that the unsatisfactory condi-
tion of the company and the stoppage of their works
arose out of circumstances attendant on the financial
crisis of last year, but negotiations were pending
with the Bristol and Exeter Railway Company to
undertake the line, and a bill to sanction this step
had already been read a second time. The litigation
in connection with the Ilfracombe line still continuo],
and a bill to relieve them was in progress.
On the motion for the adoption of the report,

Mr. APMILLAN, the former secretary, complained
that the statement of accounts and report had not
been issued prior to the meeting. He denied that
the financial crisis had anything to do with their
present position. They had entered into au ar-
rangement with the South-Western, by which they
were bound to raise half the capital necessitated by
the Ilfracombe line, and had become involved in
legal difficulties by refusing to complete the contract.
He did not believe the Bristol and Exeter would
enter into the proposed arrangements without a heavy
pecuniary sacrifice being made, and he protested
against the shareholders having to make this good.
After an angry discussion, the report was eventu-
ally adopted.