The Express.
London, England, 1849-08-29 00:00:00

TAW VALh RAILWAY AND DOCK.

Yesterday the halt-yearly meeting of this etempany ores
held at the London Tavern. J. ELkIILAIiD, Req., took the
chair. _ _ _

A report wee handed to the proprietors, which stated :
" Your directors have forwarded the financial statement
for the past belf year to cut proprietor, and have confined
their operations since the lr't meeting to enforcing ca'll, and
paying off various claims on the company; having suspended
the construction ot works in March last, with the exception
of such as they were comps led to proceed with. Your
director* regret the decision of the connuimlonen of rail-
ways, in opposition to the all but unanimous prayer
of the shareholders, and of aimost every lendostaer and
occupier on the line, as to the gauge, has operated so
ruinously on the shareholders, that many have
transferred their interests, end other., cannot be
italuced to pay the calls ; your directors, however,
en not without hope that parliament may yet relieve
them, by sanctioning a change of gauge at no very distant
period, particularly es the Bristol and Exeter Railway Com-
pany, who, before the Commissioners of Railways end the
parliament:Ty committee, expressed their readiness to take
the line, have now declined to do so on any terms. Your
directors are under the painful necessity ot submitting for
your confirmation the forfeiture of 4.640 shores upon which
calls are in emu-, the required notices of the forfeiture of
which have been given to the 'tsp.:et:ye proprietors ; a reso-
lution for such purpose will be submitted to you. The
directors propose to put themselves icto immediate commu-
nication with the prineipsl landowners end others locally
Interested, and, if satisfactory atmegements can be provi-
sionally made they will, in the course of the autuma, call an
extraordinary meeting of proprietors, and at the same time
they will propcse a plan for the issue of forfeited shares, and
for the prosecution of the undert 'king, with a deviation of
the line to avoid expentire works and to cemplote its con-
struction stu cost 'e'en less than that which has been hi-

therto anticipated."
In the printed copies of the report whiea Lad been fur-
nished to :mist of the shareholders present, there was, in
place the last sentence of lite above report, a long passage,
containing a plan Cr re-issuing the forfeited shares es 201.
snip preference shrges. •
" From the statement of accounts it
appeared that the sum spent on 9; niiles,
dodo, shed and cottages, &c , wi• Is all
preliminary expensra interest, end ell
other chum to 30th June was £157,000 paid.
Debts to di-charge—viz , contractori2o,s2l
solieitcrs, engineers, laud, ma
sundries 13,C00
35,821 to pay.
To make the remainhig 25 milts complce
for opining, with two statics 255,000 to pay.

Or 12,795/. per mile, including docks snd
everything
"The moms of the company were thus etattd :
Old Taw Vale sh.t.ree, peld up in for
Itccelvel on extension Eheses (to 30th June, and
1,6951. sines) 145,419
Arrears likely to come in en the same account
It is presumed that as many as 7,040 201. shares
may be forfeited in ell ' • to be iesucd ks prefsr-
enee shares, on whir. 16/. wol have to be paid 112,640

L275,b00

15,001 ez!.ting 201. flint—EQ. paid; to pay t►
further c.r. of 2/. treak'ng IW. in . 30,C00

Total 306,b00
}Ulf of eutlr thcd etpital IR
Bourowing powers one th;rd of
182,600

£488,400

Or surp!ue of 40,679/. to we tontior,Aneire of Interest,
until the ;4 open (or mono :
And there then rearing 4,610 201 shares unitised,
znaluar 02,200
And further cvle of 101. on 15,600 shares

Total ctpttal not paid up, is reset re .... £2 i 2,000"
The CHAIRMAN explained. that the orix'nol term wet
agreed to at a thin tuestiost of the board held that day week,
but that at a feller meeting, held just before this meeting
atsemble i, it had been thonklit by a majority of the directors
pres^nt, that it would to better na to submit the plan for
re-issuing the forfeited shares in the mointimo, but is tyke
more time for the eovvidqmt;on of their future proceedings.
M he emsid.vtd the report then in the hands of the proprie-
tors had not tre anc•ion of ell tho directors, he tuposted
fiat it should be rejected.
Mr. WARREN seconded the motion, which was adopted.
A committee of seven proprietors wet then appoint^d to
confer with the directors on the condi, ion end pr.:Pleats of
the company, who would report to another meeting.
The business then concluded.