The Express.
London, England, 1853-08-27 00:00:00

SOUTH WALES RAILWAY.

The ordinary half-yearly general meeting of the
propitiators of this company was held yesterday_ at the
Paddington-station; C. R. M. TALBOT, Esq., M.P., in
the chair.
The report, which was read by the secretary, says :
" The directors report a steady and material increase in the
traffic during the half-year ending the 30th of last June.
The revenue receipts during that period show an increase
of 1601. per mile over those of the corresponding period of
1842. The reference to Sir William Cubitt to determine
the amount to be paid to the Great Western Company for
the supply of rolling stock not having been concluded, an
estimated amount of 23,0001. has been charged for the sup-
ply of that stock, and the balance of 32,0111. 16s. 4d. avail-
able fur dividend is therefore subject to any alteration
which the result of this reference may render necessary.
The directors recommend the payment of a dividend at the
rate of two per cent. per annum, amounting for the half
year to 24,1166 t. 7s. 4d., leaving a reserve of 7,945,. 9s.,being
an increase of 1,5841. Os. Ild. upon that of the preceding
half.year. This is the result of the working of the
least profitable half of the year, and the fact
that the traffic receipts for the first six weeks
of the current halt year exceed by nearly 90
per cent. those of the correspondng period of
1852, cannot fail to be satisfactory to the pro-
, prietors. The expenditure of capital, amounting during
the half year to 146,6411. I Is. Ild. has been incurred chiefly
on the main line of railway, the Cardiff Junction with
the Taff Vale Railway, and the Forest of Dean branch.
To assist in satisfying the large and increasing demand for
trucks, caused by the extension of the merchandise traffic
throughout the line, a limited number of trucks avail-
able for general purposes have been contracted for and a
sum of 3,5291. 9s. 4,1. appears as a charge on capital on this
account. The works between Carmarthen and Havertord-
west, a distance of about thirty miles, are proceeding rapidly
towards completion. The earthwork, bridges, Ac., are
constructed for a double line of rails, but the directors,
having regard to the present high price of labour and ma-
terials, and to the fact that until the main line shall be com-
pleted in its integrity to the sea the traffic west of Carmar-
then will be thereby sufficiently accommodated, have
deemed it expedient for the present to limit the permanent
way to a single line of rails. The extension from Haver-
forderest to Milford Haven is in progress. It is with satis-
faction that your directors can inform you that the ' East-
ern Steam Navigation Company,' proposing in the first in-
stance to trade to India, and the 'Australian Direct Steam
Navigation Company via Panama,' both of which have ob-
tained charters of incorporation, have, after ma-
ture consideration, fixed upon Milford Eleven
as their port of departure and arrival. in the last
session of parliameat the Milford Haven Docks
Company obtained an act for the construction of extensive
docks at Penner, on the southern side of the Haven, and
an act was obtained by your directors, enlarging the time
for the construction of the Pembroke branch of the South
Wales line and extending it to the proposed docks; and the
opportunity was taken of deviating the branch line by car-
rying it considerably nearer to the town of Tenby. In re-
ference to the Pembroke branch, your directors report that
they have agreed with eminent and substantial contractors
for the completion of that branch and the extension to the
docks at Penner, by December 1855 (being eight months
within the time enjoiaed by the act), on the following
terms, which they trust will be satisfactory to the proprie-
tor, and which will be found substantially to meet the as-
surance given to them at the Wharncliffe meeting held on
the let of July last, viz.:—That the contract sum of
290,000!. shall be paid by the creation and issue of shares or
stock entitled to interest payable only out of the earnings of
this portion of the line, not exceeding five per cent. per
annum. That the line shall be worked jointly by
the Great Western and South Wales Companies,
at certain fixed per centages upon the gross receipts.
That the company shall have the power at any time to ex-
change such special shares or stock for ordinary shares, or
to pay off the amount in cash, and shall be bound, if re•
tittered by the contractors, to effect such exchange when the
ordinary shares shall have remained above par for a period
of at least six months, provided that at the same time a sum
of at least 100,000/. shall have been expended on the Mil-
fird Haven Docks. Thus while the construction of the
Pembroke branch is ensured as a feeder to the main line,
and security obtained for the making of the docks at its sea
terminus, the company cannot be called upon for the capital
(except so much as will be necessary for laud and statioes)
until its pecuniary position shall have become much im-
proved. The directors of the Great Western Company
have agreed, upon the termination of the arrangement
with the contractors, to take a lease of the branch, paying
an additional fixed rent equal to four per cent. upon one
third of its cost. The company also obtained acts in the
lnt session of parliament for making a short deviation in the
Forest of Dean Hallway, for leasing the new works to the
Great Western Railway Company, and for enabling the con-
version of the mortgage or bond debt of the company
into perpetual aunuities or preference debenture stock.
'f he applieatiors for en extension of time for making the
Swansea Valley Railway and the Monmouth lines were re-
fused by parliament; and your directors were compelled to
withdraw the bill for extending the railway to the docks in
course of construction at Swansea in consequence of the op-
reition which they experienced from the Dock Company.
fhe Llynvi Valley ' Railway Company,already an import-
, ant contributor of traffic to the 'South Wales ' Railway,
has obtained powers for improving its line and converting
, a portion of it into broad (image; and the' South Wales
Mineral ' Railway Company has also obtained an act for
making a railway from the South Wales Railway at Briton
Ferry through au extensive mineral district to Ulyncorrwg.
In conclusion, your directors congratulate the proprietors
I on the improved position of the company's snits, and ex-
press their confident reliance on increased prosperity and
the receipt of satisfactory interest on the capital expended
, when sufficient time shall have elapsed for the full develop-
mcnt of the ample resources of the district through which
the South Wales Railway passes."