The Express.
London, England, 1862-08-23 00:00:00

SOUTH WALES.

The thirty-fifth half-yearly meeting of this
company took place yesterday, at the Great Western Royal
Hotel, Paddington ; Mr. C. R. M. T4LPIOT, M.P., in the
chair.

The report, which has already been published, wu taken
Y read.

The CHAIRMAN stated that as this was the first meeting
which had taken place since the operation of the arrange-
ment entered lOW six months ago between the three nom.
pinies—the Great Western, West Midland, and South
Wales—he felt it advisable to make a few observations in
reference to the result of that arrangement. In the first
"place, he was glad to find that the directors were enabled to
declare moba dividend as be had led them to expect. In
point of fact they were dividing 3j per cent., and not
31 per cent., as recommended in the report ; because it
would be recollected that, in accordance with the sanction
of the shareholders, it was agreed that 3,0004 should be
paid during the half-year to the officers of the company, as
remuneration for special services performed. In conside-
retina of this sum of 3,0001. it had been suggested by the
auditors and the gentlemen who composed the committee
that a quarter per cent. should be deducted and charged to
the revenue. Hence the difference in the amount of din.
deed be had alluded to. He now thought it right to make
some remarks in reference to the opinions which had been
expressed at meetings, and by the public press, to the
effect that under the existing arrangement between the
three companies, the South Wales Company had obtained
an advantage over the others which could not be considered
lair. Now, if they compared the dividends of the three
companies, and looked to results, without looking tocauses,
it might appear that the South Wales Compa had gained
an advantage over Ohs Great Western and West Midland
Companies, but that supposition would not stand investiga-
tion. They had doubtless men an article in the Times is
which it was stated that the two other united companies
hal been cajoled by the South Western Company upon the
principle of " Heads I win, tails you lose." (A laugh.)
The fact was that the receipts of the company
for the half- yam had amounted to 181,0004 Of
this sum 88,1OP1. came to the South Wales Company,
and the remaining 93,0001. went to the Great Western
Company in payment for the working of the line. But this
was no more than would have been expended had there been
so such agreement between the parties, for the South Wales
Company stood in the same pointless as heretofore in respect
to the dividend. He (the chairman) by no means, there-
fore, concurred in the opinion of those who stated that the
Great Western and the West Midland Companies were
losers by the arrangement with the South Wales Company ;
bat at the same time there was so doubt that the greatest
pains would become neasesary ca the part of all concerned
to ware the prosperity of the three milted companies.
Although they had a guarantee of 170.00 W. from the Great
Western Company, still it was their bulbses to do all Ia
their power to momote the enowfal world dthat
line, With respird to tile Wed and the
northern tanked of the Great Welders lime he
,should sot speak, as he was set sufileisatly as:minted

with them ; but be could confidently any that the South
Wales district possessed the seeds of euccumus development,
but the public had not been alive to the (set, because the
oompany had, in some measure. been utskr t 1 cloud, and bad
been unwilliug to bring forward, to the full extent, the
resources that belonged to them, the fact being that they
had been dependent upon the Omit Western for the man-
ner in which their triadic had been gained. In his own
immediate neighbourhood he was assisting in the formation
of two shon lines, the total coat of which was not more
than 20 cox., and these lines, now that all disputes ware at
an ea, would bring now Credo to the Great Western sys-
tem, amounting to some hundreds of thousands of tons per

The report was adopted, and • resolution sanctioning
the payment of preference dividends on and after the 9th
September was agreed to.
A resolution was then proposed to the effect that a divi-
dend of 31. 6a. per cent. per annum be &dared.
Major Warr moved as an amendment that the divider'
be 9/.loe. per cent.
The CHAIRMAN observed that it ear clearly understood
that the money in question should come out of the reserve
fund, and had it not been so he should not have acceded
to it.

The amendment, not being seconded, waa lost, and the
original motion was carried.
It was resolved that the Four-and-a-114f per Cent. Gua-
ranteed 20/. sham, in respect where if the whole mone had
been paid up, should be converted and conga • into
capital stock ; and a similar resolution was pawed in respect
to the redeemable Five per Cent. 20/. shares.
The meeting separated with a vote of thanks to the chair-
man and directors.