The Express.
London, England, 1863-08-18 00:00:00

VALE OF IMAM

The report of the directors states that the re-
ceipts for the ban-year ending the 30th of June amounted
to 49,342!., and the expeines to 34,3711., against 52571/.
received fur the correspoodieg period last year, and 37,232/.
expended, showing a decrease of 3,228/. in the receipts and
2 860/. in the expenditure. The mai, coke, sod iron ore
traffic exhibited a &melee of 4,398/. The falling off in the
coal trade was attributed to the scarcity of shipping tor some
month* past. The available amount, ieeluding 6621. brought
from the preceding half-year, was 15.5051. Deducting from
this sum 4,2731. for interest on the preferential capital,
there remained 11,2121. available for dividend on the or-
dinary stock. This sum would admit of a dividend at the
rate of per cent per annum on the 674,1901, ortliesg
stock of the company, leaving a balance of 2761., and the
directors receetrueeded the declaration of a dividend accord-
Maly, payable on the 31st ion.. kr income tax. The
Swansea and Neath Railway, now amalgamated with Ibis
company, was opened for coal traffic on the 15th July, and
for passenger traffic on the Ist of August. Immediately
after the arrangements entered into with the Great Western,
West Midland. sod South Wale.. Companies, the directors
were required to take the neceinary step, for laying down
the narrow page with all possible despatch, and up to the
date of the report about sixteen miles bad been
They hoped that between the junction with the
West Millard Railwsy at Aberdare and the ter-
minus of the Vale of Neeth Railway at Swansea
the mixed gangs would be sufficiently advanced for narrow
gauge through traffic early in the ensuing year. The onm-
piny's line would then form a portion of the shortest route
between Swansea and Birmingham, and in eider that it
should be fully recognised and practically adopted the di-
rectors of this company felt it necessary to place the amal-
gamated companies under parliamentary obligation to run a
eiseimuni of three passenger trains per day between
Swansea and Hereford, in connexion with their trains to and
from the north and imethanst. The directors hoped the
Great Western Company would show an earnesteeas in con-
structing the work required to he executed by them at the
junction at Aberdare. The capital amount showed that
1,271,4211. had been received, sod 1,240,8531. expended,
leaving a balance of 30567/.

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