The Sun.
London, England, 1867-08-29 00:00:00

B, tilway and other Coananies.

BRISTOL AND EXETER.
The half-yearly meeting of this company was held
yesterday at Bristol ; the Earl of Devon in the
in ch
The
air.
An abstract of the report has appeared

Sun.
The CHAIRUAN, in moving the adoption of the
report, said it was a fair and candid statement of
the present position of the company, and he hoped
the meeting would deem it as satisfactory as the
directors did. He trusted they would give the direc-
tors credit for having, in conjnnction with, their
officers, done their best to carry the affairs of the
company through a somewhat difficult period.
There was an increase in the receipts under the
head of goods and cattle of £1,301, under the head
of parcels, horses, &c., of £1,608, and under the
head of passengers of £512. The traffic return of
the past eight weeks showed an increase of upwards
of £4,000. (Hear, hear.) The increase in the
working expenses of the past half year had only
been ;£B5O. The Cornwall and West Cornwall
Railways, which, under an old agreement, they had,

: • -
in conjunction with the other broad gauge com-
panies, to make good certain preference charges, of
which the Bristol and Exeter proportion amounted
to £4,482, brought them a large traffic. He referred
to negotiations which had take► place between the
company and the South Western and Great Western,
the result of which he had every reason to hope
would be an arrangement on a satisfactory basis for
such a division of traffic as would be beneficial to
all parties concerned. There was every probability
that interest would in future be paid upon the de-
bentures which that company held in the Great
Western docks at Plymouth. The Board had deter-
mined not to proceed with the Devon and Somerset
Transfer Bill—(cheers)—neither did the Board con-
template any bill for the next session involvin; any
new works or outlay of capital. (Applause.)
Further than that it was not the intention of
the Board to take any step for the outlay of
capital, except in cases of emergency, without
first consulting the shareholders. (Applause.)
He adverted to the proposal of the Board to

raise additional capital, amounting to £290,000,
at 5 per cent. preferential dividend, and which would
be first offered to the existing shareholders.
Mr. M. CASTLE, deputy chairman, seconded the
motion for the adoption of the report.
Mr. S. ELLIS, hon. secretary of the Western
Railways Shareholders' Association, expressed his
approval of the report, and of the course intended
to be pursued in the futare with regard to the out-
lay of capital.
Mr: KINGDON drew attention to the large amount
of outstanding debts for the carriage of goods.
After some further discussion the report was
adopted.
A dividend at the rate of 4 per cent. per annum
was declared, and the new capital was authorised to
be raised on the terms proposed by the directors.
Mr. NAISH recommended the retirement of some
of the elder members of the Board, and the election

of younger men.
Captain BURNE complained of the undue propor-
tion of Bristol men on the Board.
A vote of thanks to the Chairman concluded the
proceedings.
LONDON, TILBURY, AND SOUTHEND.

The half-yearly general meeting of this company
was held on Tuesday at the office, Fenchurch-strect
—Mr. C. J. Eley in the chair.
The report, an abstract of which has appeared in
7he Son, was taken as read.
The CuAfemAN, in moving the adoption of the
report, said he was sorry to meet them with a dimi-
nution in the passenger traffic, which might have
been expected from the depression of trade and other
matters, but there had been an increase in the goods
and cattle traffic. IL thought the decrease in the
receipts had chiefly arisen from the inert systetn of
management, which was induced probably by the
extraordinary tolls the lessees had to pay to the Great
Eastern Company, which left a very small profit on
increased traffic. It was something like running a
race in fetters. The lessees had to contend with
many diflieulties in consequence of the extraordi-
nary bargain made by them years ago with re-
gard to tolls, which accounted in some measure
for their indifference. IL mentioned the tolls with
a viJw to impeess the shareholders with the fact that
they must not judge of the capabilities of the line
by the present receipts, or as to what might be done
with it when the lease was at an end, and when the
line came into their own hands. When the com-
pany could work it without let or hindrance the re-
sult would be very different. The Thames Haven
Company since they commenced operations had
acted in a liberal spirit ; they had laid out a larger
sum than they bad agreed to lay out, and it ap-
peared they were prepared to incur a greater outlay
to fully develope the traffic. He regretted that it
was intimated on the part of the Government to
prohibit the conveyance of cattle from Thames
haven over their line to the Metropolitan Cattle
Market. They would have great reason to complain
if privileges were withdrawn from them and trans-
ferred to others who had competing landing-places,
such, for instance, as the Victoria Docks. They
did not want any unfair exception in their favour,
but wished to be treated as all others who had land-
ing-places in the port of London. The bill autho-
rising a junction between their line at Bromley and
the North London Railway had received the Royal
assent, and the directors had entered into an agree-
ment by which the North London and the London
and North-Western Companies would have running
powers over the Tilbury line on the principle of
paying a fair mileage rate. It would be of great
importance to them in extending their traffic, and
would, he thought, practically settle the toll ques-
tion. (Hear, hear.) He was glad to see, by the
papers, that the chairman of the North London
Railway, at a recent meeting of that company, said
he looked upon the Tilbury line as passing through
an undeveloped district, and that he believed the
junction of the two lines would be mutually advan-
tageous to both companies.
Mr. MoxoN, a director, seconded the motion for
the adoption of the report.
Mr. Gossett, Mr. Holmes, and Colonel Palmer
thought the traffic on the line was capable of consi-
derable improvement, by making the places on it
better known, and affording greater facilities to
those residing in the districts through which the

rail way passed.
Tbc CHAIRMAN explained that the tolls were out
of all proportion to the distance travelled over the
line. The first-class fare to Southend was 201, but
the toll absorbed the greater part of it, leaving the
lessees something like 44d., and to other places,
such as Barking, only ld. or 10., which was no
inducement for the lessees to expend money in the
development of the traffic ; and until the lease ex-
pired those tolls would remain as they were. lie did
not impute any blame to the Great Eastern direc-
tors as to tolls—they were trustees, and could not
alter them unless they got an equivalent. Ile had no
doubt whatever that when the lease expired, and the
line was in their own hands, it would be a 6 per cent.
line. Ile was quite sure that during the summer and
autumn the receipts might easily be increased 30
per cent.

The report was unanimously adopted, and a vote
of thanks to the chairman for his devotion to the
interests of the comp any, and also to the directors,
concluded the proceedings.

STAINES, WO3INGIIA3I, AND WOKING.

Th, half-yearly general meeting of this company
was held yesterday at the Broad Sanctuary, West_
minster—Mr. J. Garrard in the chair.
The report was taken as read.
The CHAIRMAN, in moving the adoption of the
report and statement of accounts, said there had
been a falling off in the passenger traffic, which ap-
peared to have been caused by the diminished receipts
from the Ascot races. He believed that had been
caused by the accidents on a former occasion, and
people preferred going by the road. It was satisfac-
tory that the falling off in the receipts was confined
to the casual traffic, and that it was not so large as
to pr,went them declaring the same dividend as they
dal at the corresponding period of 186 G.
Mr. ARBUTHNOT seconded the motion for the adop-
tion of the report, proposing that the portion of
the last paragraph in the report which recommended

the shareholders to reduce the number of directors

to five be omitted.
This was agreed to, and the report with that
omission was adopted.
On the motion of the CHAIRMAN, seconded by
Mr. R. W. KENNARD, M.P., a dividend at the rat
of 5 per cent. per annum on the preference shares,
and at the rate of £2 15s. per cent. per annum on,
the ordinary shares, was declared.
The CHAIRMAN said they could not state the day
of payment, as they had not yet received the rent
due on the 30th of June last from the London and
South-WeAern Company, but were promised a
check on Thursday next, and he had no doubt the
money would be paid.
Some discussion ensued as to electing a director
in the room of the late Mr. S. Garrard. The ditec-
tors had recommended that the vacancy should not
be filled up, as there was very little to do, and
therefore that the number of directors be reduced to
five. It appeared there were three candidates to
fill the vacancy—viz., Mr. Oxenden, Mr. Govett,
and Mr. Arbuthnot—and that it would be requisite
to call a special general meeting to decide thequcs-
tion, or to let it stand over to the ordinary meeting.
in February next, when there would be three va-
cancies.
The proceedings concluded with a vote of thanks
to the chairman and directors.