24

By 26 Vic., cap. 60 (1863), the company was authorised to purchase additional lands, to construct the Chard and Taunton line (length, 15 miles) as part of their own undertaking (the Chard and Taunton company being dissolved), and to lease or purchase the West Somerset (14 miles), which is worked by the Bristol and Exeter. CHARD CANAL.-Under the Act of 1867 (30 and 31 Vic., cap. 130), the Chard Canal, running from Chard to Taunton, was transferred to the Bristol and Exeter, and has been closed, and the land sold.

GRAND WESTREN CANAL.-Under 27 and 28 Vic., cap. 184 (14th July, 1864), this canal has been transferred to and vested in the Bristol and Exeter, which was authorised to raise capital for the purchase. A considerable portion of the canal was authorised to be abandoned, and has since been closed, and the land sold.

BRIDGWATER AND TAUNTON CANAL.-By 29 and 30 Vic., cap. 96 (28th June, 1866), the Bristol and Exeter was authorised to accept a transfer of the Bridgwater and Taunton canal and Stolford railway and harbour, and to raise the requisite capital for purchase thereof. The canal is now worked by the Bristol and Exeter.

WEST SOMERSET.-This line (from the Norton Junction, near Taunton, to Watchet), 143 miles, is worked under a lease for 999 years, the Bristol and Exeter paying to the West Somerset a minimum rent of 4,500l. a-year (less income tax), or 55 per cent. of gross receipts whenever in any year such per centage would exceed that amount.

MINEHEAD. By an Act of 5th July, 1865 (29 and 30 Vic., cap. 317), a line is authorised to be constructed by an independent company from Watchet to Minehead, with power to the Bristol and Exeter to work it by agreement. Not yet commenced.

By 29 and 30 Vic., cap. 115 (28th June, 1866), the company was authorised to raise capital and construct new lines and works of about half-a-mile in length, in the county of Somerset, and to take upon itself the powers of constructing the Brean Down Railway from the main line to Brean Down Harbour, for which an extension of time has since been obtained. Also to lay down the narrow gauge on the Bristol and Exeter from Highbridge, at the junction of the Somerset and Dorset, to Bridgwater, and likewise upon the Yeovil branch, which has been done, and the narrow gauge is now worked there.

CHEDDAR VALLEY AND YATTON.-By 27 and 28 Vic., cap. 181 (14th July, 1864), the company was authorised to contribute to the construction of this line, from Yatton to Wells, and it has since been altogether transferred to the Bristol and Exeter, by whom it has been made and opened as a part of their own undertaking, under 28 Vic., cap. 97 (19th June, 1865), which authorised capital for the purpose. Length, 17 miles.

By 30 and 31 Vic., cap. 130 (15th July, 1867), the Bristol and Exeter was authorised to make certain deviations in the Cheddar line, and also a railway (4 furlongs in length) from the main line in the Puriton cutting and terminating on the north bank of the river Parret, at Dunball.

OTHER LINES.-The company has been authorised to contribute to the South Devon, the Cornwall, the Exeter and Crediton, the North Devon, and the Somerset Central (now Somerset and Dorset) lines; and also to the Plymouth Great Western Docks.

WEST CORNWALL.-Under an Act of 5th July, 1865 (28 and 29 Vic., cap. 219), this line has been leased to the Bristol and Exeter, the Great Western, and the South Devon jointly, by whom it is now worked, with powers for an ultimate purchase.

The Tiverton and North Devon, to which this company was authorised to contribute, has been abandoned, under 31 and 32 Vic., cap. 65 (25th June, 1868). Various other powers conferred from time to time have expired or been superseded; and the arrangements under which the company leased or worked the Exeter and Crediton, and the Somerset Central, have terminated. The Bristol and Exeter, however, by agreement, run a broad gauge train daily, each way, for goods, over the Exeter and Crediton (5 miles).

SOUTH WESTERN.-Pursuant to Act, station arrangements have been made with this company at Yeovil and Exeter; a joint station for the two companies having been erected and opened at Yeovil; and a station has been erected by the Bristol and Exeter at St. David's, Exeter, to which the South Western, which now works the Exeter and Crediton and the North Devon, is admitted, as well as the South Devon.

DEVON AND SOMERSET.-This line, from Taunton to Barnstaple, is authorised by an Act of 1864 to be constructed on the broad gauge, by an independent company, the Bristol and Exeter agreeing to work the line when made at 50 per cent. of the receipts. The agreement was confirmed by Act 28 Vic., cap. 42 (26th May, 1865), and the works are in progress.

BRISTOL AND PORTISHEAD.-This line (9 miles), belonging to the Bristol and Portishead Pier and Railway Company, was opened on the 18th April, 1867, and is worked for that company by the Bristol and Exeter at cost price, under a temporary arrangement, until the pier is completed, when the permanent working agreement takes effect. The mileage and traffic of this line are not at present included in the Bristol and Exeter returns.

BRISTOL JOINT STATION.-BY 28 Vic., cap. 91 (19th June, 1865), the Bristol and Exeter, in conjunction with the Great Western and the Midland, was authorised to provide its quota towards construction of a joint station at Bristol, the new capital for which is 150,000l. in shares, and 35,000. on loan, to be raised by the three companies.

BRISTOL HARBOUR.-Under an Act of 1866 (29 and 30 Vic., cap. 148), the Bristol and Exeter and the Great Western jointly, in concert with the Municipal Corporation of Bristol, are authorised to make a railway to connect their existing railways with the Floating Harbour, and to provide a wharf, depôt, and wharfage accommodation at the harbour. The corporation have exercised their power of electing to construct the wharf, depôt, and wharfage accommodation, at a cost of 50,000l. provided by the city, leaving 115,000l. to be raised by the two companies jointly in share capital, with borrowing power for one-third of that amount. This share capital has been raised in 5 per cent. stock, guaranteed under the seals of the two companies, and the 38,3331. authorised to be borrowed has been raised in debenture stock, bearing interest at 4} per cent., similarly guaranteed. Further powers have been given by Act of 24 June, 1869 (32 and 33 Vic., cap. 63), authorising additional share capital to the extent of 50,000, with borrowing power to one-third of that amount. The whole of the 50,000l. has been subscribed in guaranteed 5 per cent. stock (as under the previous Act), and issued at a premium of 24 per cent.

CAPITAL-By an Act of 25th June, 1868 (31 and 32 Vic., cap. 65, the Bristol and Exeter Railway Act, 1868), the capital was re-arranged and consolidated, power obtained to issue debenture stock in lieu of debentures, to exchange the inconvertible 4 per cent, stock into debenture stock of equal rate of interest (which has been effected, except a balance of 5,1351. outstanding in June account), to abandon any further issue of the 4 per cent. preference stock (the unissued portion of which was issuable in debentures until it should be taken up as preference stock), and to consolidate the two terminable 43 per cent. stocks (repayable at the end of 1870) into other stock of the same amount. The Act also gives power to exchange any preference stock of the company bearing interest at 44 per cent, or upwards, for original stock. By these provisions, the various classes of securities are to be ultimately reduced from seven to five in number, the total capital remaining the same.

REVENUE.-The accounts for the half-year ended 31st December showed an available balance of 52,6251., out of which dividend was declared at the rate of 5 per cent., leaving a balance of 2,0647. The dividend for the corresponding period of 1868 was at the rate of 4 per cent., with a balance of 6951. The receipts exhibited a net increase of 10,425, and the working expenses of 1,7447.

The receipts for the half-year ending 30th June amounted to 230,1877. against 198,8801, in the same period of 1869, showing an increase of 31,3071. The working expenses amounted to 99,6101. against 96,6157., showing an increase of 2,995l. The net receipts amounted to 130,5771. against 102,2651., showing an increase of 28,3127. The payments for rents, reserve fund, Cornwall lines, &c., amounted to 27,7767, against 8,9481., showing an increase of 18,8281. The interest on debentures and preference stocks amounted to 64,3901. against 62,533., showing an increase of 1,8577. Adding 2,0641, balance brought from preceding half-year, to the net balance left after preference payments, there remained 42,4767. against 31,4817. Out of this 42,476. a dividend at the rate of 4 per cent. per annum on the ordinary stock left a balance of 2,0271.

MILEAGE-The mileage at the close of the June half-year was increased to 1514, the remaining portion (8 miles, between Cheddar and Wells) of the Cheddar Valley having been opened for passenger traffic on the 5th April.

CAPITAL.-The receipts on this account to 30th June amounted to 4,994,7691., and the expenditure, including 485,7297. invested in the shares, &c., of other undertakings, to 4,922,361, leaving a balance of 72,4081. The details are as under:

It was reported in August that the amount of terminable 4 per cent preference stock, to be paid off or otherwise provided for by 31st December, 1870, was 566,000l. Of this, 279,2487. 10s. had, at 30th June, been exchanged for or re-issued as redeemable stock bearing the same rate of interest for a further term of years, and 196,3097. as permanent stock bearing the same rate of interest in perpetuity, making together 475,5571. 10s. so placed, and leaving at the close of the half-year a balance of 90,4427. 108. to be disposed of and in course of issue. This balance had, by further issues, been reduced to 66,3271. 10s., the amount disposed of by exchange for terminable stock or by cash allotments being at the date of this report 499,672l. 10s, and further sums have since been issued to nearly the whole amount, 566,000l., to be placed at 31st December; but so long as any balance of the perpetual or redeemable 4 per cent. stock remains for issue, applications for it can be received, either in exchange for terminable stock or for cash. Out of the amount received for new allotments of perpetual and redeemable stock, 53,9231. 10s. of terminable stock had been paid off in anticipation of its coming to maturity in December, 1870, and further amounts have since been paid off, wherever the stock was not exchanged. Of the inconvertible 4 per cent. stock, a small additional amount (1,012.) had been exchanged into 4 per cent. debenture stock, under the Company's Act of 1868, leaving a balance of only 5,1351. to be so exchanged, the amount already exchanged being 46,7801. out of a total of 51,9152 During the half-year, debentures to the amount of 101,450l. were paid off, and 171,1417. issued, resulting in'a net increase of 69,6917. in outstanding debentures. The average rate of interest on the debentures at the close of the half-year was 41. 68. 7d. or 4.328 per cent.. as against 41. 6s. 11d. or 4.346 per cent. at the close of the last preceding half-year. The debenture stock issued amounts

BRISTOL AND EXETER-BRISTOL HARBOUR.

27

to 94.7417., of which 46,7801. (issued in exchange for inconvertible 4 per cent. stock) bears interest at 4 per cent., and 47,9647. at 4 per cent.

The estimate of further expenditure amounts to 143,4801. It was resolved at the half-yearly meeting in August to apply to Parliament in the ensuing session for an increase of capital to the extent of 300,000l. in shares, and 100,000l. on loan.

Accounts made up to 30th June and 31st December in each year. Statutory meetings at Bristol, within 20 days after the second week in February and August. Scale of Voting.-1 for every 1007. up to 2,0007.; then 1 for every 5001. Proxies to be lodged with secretary five days before meeting.

Transfer fees, 2s. 6d. each deed; certificates or coupons must accompany transfer. Directors.-Maximum, 16; minimum, 12; present number, 12. One-fourth retire annually, but are re-eligible. Qualification, 1,000. Allowance, 1,8007.

DIRECTORS:

Chairman-1 The EARL OF DEVON, Powderham Castle, Exeter, and 23, Lowndes Square, S.W.

Deputy-Chairman-3 MICHAEL CASTLE, Esq., Clifton, Bristol.

1 Wm. Thos. Poole King, Esq., Bristol.
2 Francis Fry, Esq., Cotham, Bristol.
2 Wm. Adair Bruce, Esq., Ashley, Chip-
penham.

1 Richard K. Meade King, Esq., Walford,
Taunton.

3 James Poole, Esq, Wick House, Durdham Park, Bristol.

4 William Barnes, Esq., Great Duryard,

Exeter.

3 John Walrond Walrond, Esq., Bradfield, Cullompton.

4 William Henry Wills, Esq., Clifton Down, Bristol.

2 Henry S. Ellis, Esq., Fair Park, Exeter. 4 George Miller, Esq., Brentry, Bristol. 1 Retire in February, 1871; 2, in 1872; 3, in 1873; 4, in 1874; all eligible for re-election. OFFICERS.-Sec., Arthur Moore, Cradley House, Clifton; General Traffic Man., James C. Wall; Eng., Francis Fox; Loco. and Carriage Supt., James Pearson; Chief Accountant, John B. Marwood; Storekeeper. Wm. Pyke; Solicitors, Fussell, Prichard, and Swann, Bristol; Auditors, George Thomas and Wilberforce Tribe, Public Accountants, Bristol.

Head Offices-Temple Mead, Bristol.

40.-BRISTOL HARBOUR.

Powers were given by 29 and 30 Vic., cap. 148 (28th June, 1866), to construct a wharf and depôt at Wapping, in Bristol, and a railway to connect the existing railways with the Floating Harbour. Length, mile. Capital, 165,000l., of which 50,000/. is provided by the Bristol Municipal Corporation for making the wharf and depôt, leaving 115,000. for the share capital raised by the Great Western and the Bristol and Exeter, with power to borrow one-third of the amount. The 115,000. has been all raised by the Great Western and the Bristol and Exeter jointly, as a 5 per cent. stock guaranteed by the two companies, and called Bristol Harbour Railway Stock; and the 38,3331. authorised to be borrowed has been raised as debenture stock, bearing interest at 4 per cent.

By 32 and 33 Vic., cap. 63 (24th June, 1869), an extension of time for completion of works was obtained till 28th June, 1874; and the Great Western and the Bristol and Exeter were authorised to raise new share capital to the extent of 50,0007., with borrowing powers for one-third of that amount. The whole of the 50,000. guaranteed 5 per cent, has been issued at 2 per cent. premium.

The railway is under the management of a Joint Committee, appointed by the Great Western and Bristol and Exeter. Works in progress.

Arrangements with Bristol Corporation, and facilities to Bristol and North Somerset.

DIRECTORS:

Chairman-* JOHN WILLIAM MILES, Esq., Bristol.

* Sir Daniel Gooch, Bart., M.P., London. | † Michael Castle, Esq., Clifton, Bristol. Francis Fry, Esq., Cotham, Bristol.

* Great Western. † Bristol and Exeter.

OFFICERS.-Sec., Arthur Moore, Cradley House, Clifton, Bristol; Eng., Charles Richardson, Almondsbury, Bristol.

Offices-Temple Mead, Bristol.

28 BRISTOL AND NORTH SOMERSET-BRISTOL PORT, RAILWAY, ETC.

41.-BRISTOL AND NORTH SOMERSET.

Incorporated by 26 and 27 Vic., cap. 168 (21st July, 1863), to construct a line from the Great Western, at Bristol, to Radstock, with a branch to Camerton. Length, 20 miles. Capital, 275,000l. in 207. shares, and 91,000l. on loan. Mixed gauge.

By 29 and 30 Vic., cap. 262 (23rd July, 1866), the company was authorised to raise additional capital to the extent of 100,000l. in shares, and 33,5007. on loan.

By 31 and 32 Vic., cap. 178 (31st July, 1868), the company was authorised to make several deviations, and to form a junction with the Great Western at Bristol. An extension of time for completion of works till July, 1871, was also secured.

By 32 and 33 Vic., cap. 109 (12th July, 1869), the company obtained power to enter upon an arrangement with its creditors, and to alter and consolidate its obligations. By 33 and 34 Vic., cap. 130 (14th July, 1870), certain deviations in the line to Radstock were authorised, the whole to be completed within three years.

It was reported in August that the line could be made for 90,000., and Messrs. Parry had tendered to complete it for that amount. It was proposed to go on with the work forthwith, so as to complete the first section to Pensford by next spring, and the other part by the following autumn. An agreement had been made with the Great Western to guarantee the interest on the debenture stock during construction, and for the first five years, so as to help forward the much-needed narrow gauge communication between Bristol and Salisbury.

CAPITAL. It was further reported at the same meeting, that during the three years which had elapsed since the directors were appointed they had done a great deal of work, but had little to answer for in the way of funds, as 2007. was all the money that had been in hand, and the capital of the company would only be charged with the costs of the line itself and the cost of the Act.

No. of Directors-8; minimum, 6; quorum, 5 and 3. Qualification, 4001.

DIRECTORS:

Chairman-GWINNETT TYLER, Esq., Worcester Terrace, Clifton. Capt. Bulkeley, Clewer Lodge, Windsor. | Frederick Patey Chappell, Esq., 26, Golden John William Miles, Esq., King's Weston,

Bristol.

Square, London.

James William Dawson, Esq., 28, Lincoln's
Inn Fields, W.C.

Three vacancies.

OFFICERS.-Sec., George Edgar Frere; Eng., John Furness Tone, Newcastle; Bankers, Baillie, Cave, Baillie, and Co., Bristol, and the Union Bank of London, Chancery Lane, W.C.

Offices-52, Queen's Square, Bristol.

42.-BRISTOL PORT, RAILWAY. AND PIER. Incorporated by 25 and 26 Vic., cap. 159 (17th July, 1862), to construct a railway from the port of Bristol to the old channel at the mouth of the Avon, with pier, &c. Length, 54 miles. Capital, 125,0007. in 107. shares, and 41,000l. on loan. Corporation of Bristol may purchase undertaking under parliamentary authority, within ten years from incorporation. Opened on the 6th March, and pier on the 3rd June, 1865. By 28 and 29 Vic., cap. 155 (29th June, 1865), the mortgage debt of the company was specially defined and consolidated, as well as extended over the whole of the undertaking, instead of portions on each.

By 30 and 31 Vic., cap. 204, the company was authorised to construct new lines to form a connection with the South Wales Union, and the Bristol and Birmingham line of the Midland. Length, 4 miles. New capital, 132,000l. in shares, and 43,9001. on loan. Arrangements with Great Western and Midland.

No. of Directors-5; quorum, 3. Qualification, 5001.

DIRECTORS:

Chairman-PHILIP W.ES. MILES, Esq.

The Right Hon. Viscount Gort, Warwick | Henry Hurry Goodeve, Esq., Clifton.
Square, S. W.
William Terrell, Esq., Bristol.

E. S. Robinson, Esq., Bristol.

OFFICERS.-Sec., Hew Dalrymple; Solicitor, James Wheeler, 4, Victoria Street, Westminster, S.W.; Auditors, Thomas T. Taylor and John Averay Jones.

Offices-Royal Insurance Buildings, Bristol.