The Express.
London, England, 1851-02-25 00:00:00

SOUTIL WALES RAILWAY.

By the report to be presented at the ensuing meet-
ing we learn that after defraying the working ex-
penses, and the interest upon the debenture capital of
the company, an available balance remains, exclusive
of the amount due for the conveyance of mails, of
6.1861. 15s. Ild. 'Jibe directors consider it of great im-
portance to a full development of the traffic of the
district and to the ultimate valise of the undertaking,
that communications should be formed with the various
docks and valley lines of railway in proximity to your own
line. For the purpose of effecting this object the' have
made application to parliament for powers to authorise the
construction of branches to join the Western Valleys Rail-
way at Newport, the Taff Vale Railway at Cardiff, the
Bute Docks and the Glamorganshire Canal Basin at the
same place, and the new docks proposed to be formed at
Raglan Bay. By the some bill, it is proposed to authorise
the construction of certain alterations and improvements in
the South Wales Railway and in the Forest of Dean Roil-
way which your directors also consider of much importance.
Another bill has been introduced into parliament
for the purpose of ratifying and confirming certain sub-
scriptions made by this company to other railway companies.
By the traffic account of the Forest of Dean railway, which
is likewise annexed to this report, it appears that since the
company has been in the receipt of tolls on that branch, it
has, after deducting the expeuaes of the line, earned some-
what more than sufficient to pay five per cent. interest on
the purchase money. The directors have entered into an
arrangement with the Great Western Company, under the
Sth clause of the agreement of 2nd January, 1847, for the
use of the rolling stock, dm., provided by that company
upon terms which they consider lair and equitable. The
principle noon which that arrangement has been made is to
apply only to the portion of the line between Chepstow and I
Swansea, and until the completion of the line to Glou-
tester, when it will be open to revision. Instruc-
tions have been given to the contractors west of
Swansea, whose operations have been suspended since
the autumn of 1848, to proceed with the construction of
the works to Fishguard. The extension to Carmarthen
may be finished in the course of next year, and the entire
undertaking to Fishguard, if steadily prosecuted, within
about two years from the present time. fhe capital of the
company authorised to be raised will, the directors have no
doubt. he amply sufficient to complete the line under the I
to runs of the lease, but us it will be necessary to raise funds
for the completion of the works west of Swansea beyond
throe which the borrowing powers of the company will
produce, a scheme for the issue of preference shares, under
the provisions of the South Wales Capital Act, 1840, will be
brought under your consideration at a meeting to be
specially convened for that purpose. In this scheme will
be comprised the shares which may have been forfeited, end
the shares authorised to be issued by the art of 1846. The
consent of the shareholders at the ensuing meeting is
merely required to the creation and issue of the shares
authorised by the Gloucester and Dean Forest Act, 1816 ;
and by the 'N ale of Heath Railway Amendment Act, 1848,
representing a capital of about •.1.17.9001. The resolutions
proposed to be submitted to the proprietor. embody the
terms upon which the directors recommend the creation and
issue of thug shares.

MANCHESTER, SHEFFIELD, AND LINCOLN
SHIRE RAILWAY.

The report of the directors to be submitted to the 1
meeting to-morrow, the 26th instant, contains the following
partiulars :
" The net receipts of the past half-year exceed those of
the previous half year by 29,961/. 16,5., and of the cones- I
ponding period of 1849 by 33,2/17/. 12s. The whole of the
shares authorised to be created by the revolution passed at I ,
the special general meeting, held in October last, have been
taken up by the shareholder,, and the calls duly paid ,
thereon ; and out of the funds so placed at their disposal ,
the directors have discharged nearly the whole of the as-
certained
liabilities of the company. The second tunnel it
Woodbead Is completed, with the exception of a small por- ;
tion of the masonry and the laying of the rails ; its open-
ing for traffic is expected to take place not later than the
ensuing month. The directors have entered into a guaran-
teed contract for the complete execution of the en-
tire works at theOrirnsby Docks, including warehouses,
crimes, itc., for a sum not exceeding the estimates, and
the contractors are also bound, under heavy penalties, to
have the dock ready for business not later than the end of
March. 18.32. The works at New Holland arc completed.
Nearly* the whole of the spare land on the west side of the
basin has been already let, on advantageous terms, for
bonded timber vents, and the greater part of the scouring
reservoir hes also been let for timber ponds. Satisfactory
progress has been made with the works required for the
extension of the traffic. The additional accommodation
afforded at the various stations on the line has resulted in a
largely-inereased traffic both in goods and coal. With a
view to increased coal trade, the directors strongly recom-
mend the shanholders to sanction the purchasing of land,
and constructing the whole or such part of the Barnsley
; branch as, a,ter mature consideration, they may judge ca-
-1 PediCnt. They are prepared to arrange with highly
. respectable parties for the formation of this branch,
i who, they heave reason to believe, are willing to had,
upon advantageous terms, the requisite capital, not only
for the entire completion of the branch, but also for the
plant necessary for the efficient working of the traffic.
Traffic arrangements bare recently been effected with the