The Express.
London, England, 1853-02-26 00:00:00

SOUTH WALES RAILWAY.

Yesterday the half-yearly ordinary meeting of this
company was held at the Paddington Station. Mr. C. It.
M. TILLBOT, M.P., was in the chair. Not more than 20
proprietors were present. .
Thu Cn.eiuwaN, in moving the adoption and circulation •
of the riper:, expressed his regret that the accounts, which
accompanied the report, had been delayed until that day, I
and expl deed that it was in consequence of the meeting of
the Great Western Company, on the making up of the ac-
counts of which those of the South Wales Company neces-
sadly depended, having been held only a week before. In '
future he hoped that arrangements would be made to have
at least a fortuight intervening between the meetings of the
two companies. (Hear, hear) There were some sterns in
the accounts in en unsatisfactory state. for they represented '
unsettled charges, and in several cases it bad only been '
possible to primed upon estimates and not upon actual out-
lays. There wu an item of 19,0001. for the supply of rolling
stock and power provided by the Great Western Company ;
and the only explanation he could give of that was, that
until Sir V. m. Cubitt's award was made they were obliged
to take that estimate as the nearest they could make ; and,
unfortunately, Sir Wm. Cubits was so much engaged in his
owes affairs that no time could be fixed noon for expecting
that the award would be before them. The basis of their
assumption was upon the bad bargain which they made to
pay 86,0001. a year to the Great Western for the use of
stock when the railway was only between Chepstow and
Swansea. He did not say that this had been a good bar-
gain fur the Great Western ; but he thought, as far as they
themselves were concerned, that it was to be regretted they
had not worked the line, at first, by contract. With regard
to the general position of the company,it was most satisfactory.
He had still to say what he had said when he had first ad-
dressed the proprietors, that he wu confident the works
would be completed within the engineer's estimate.
The original estimate was 4,000,0001., and 3,400,0001.
had been already spent; so that they would now only
require 600,0001. to complete the whole. It was
to be remembered that a good deal had been done—after-
thoughts, and not calculated for in the Ant estimate—and
yet he believed that 3,900,000 i. would, after all, land them
on the shores of Milford Haven. How the money still
wanting was to be raised was the question which was now
under the serious consideration of the directors ; and for
the present he would only say that he did not anticipate
any reason whatever tor stopping the works. He was in
undated with plans from various parties for docks and in
isonnesion with steamers at Milford Haven, and it was clear
matters would go on. The service with the south of Ire-
land would soon be on a satisfactory footing, and then
the American pusenger traffie would come over their
rails, for why should it go round and lose time by Liverpool ?
; With regarqto the side of the Haven which should be finally
selected, he thought that was an unimportant question to
the South Wales Company. Whatever the selection, the
I out (300,0001.) would be about the same ; and there could
be but one opinion as to the propriety of the South Wales
0 Company extending their line as proposed, and making it
I the highway to America. (Hear, bear.)
The report was adopted without discussion.
0 A resolution declaring a dividend for the half-year at the
L rate of 2 per cent. par annum was then passed. The four
I retiring directors were re-elected.
This concluded the businsea of the meeting.

EAST LINT

RAILWAY.

Yesterday the general meeting of this company
took place at the Great Northern Railway, King's-cross;
Mr. Parke in the chair. The report stated that during the
past year the rent has been duly paid to the proprietors, and
the line and works maintained in excellent order, by the
Great Northern Railway Company. The accounts to the
31st December, 1852, showed that the receipts amounted to
873,1021. ss. Bd., and the expenditore to 872,7951. Bs.,
leaving a balance in banker's bands of 3061. 17s. Bd. The
chairman observed that at the last meeting the directors in-
vited the shareholders to take into consideration the
proposition to incorporate with the Great Northern
Railway, that company giving them a guaranteed
stock of six per cant. This proposition was now
embodied in the report submitted to the shareholders,
sad as it would have the elect of reducing the staff and ex-
panses of the East liemelnshire Railway, he hoped the
company would not hesitate to sonatioa it ; the therefore
moved that the repsetbe edeglei. Kr. Wall seconded the
motion. Mr. GaskEl sieved as earadeteat, that the 'con-
indention of the question be adjeneesi te the 22nd March,
sad that the disease is the atessdete be requested to take
the opinion of 'minima maned so le the elms which ought
to be adopted. Baas diestreies teak pies% Is the course
of which Me. Pease, the solicitor, stated that by the
adoption of the proposition they would be plass' in a much
better paition than heretofore. He was quits certain that
the shareholders were perfectly safe In accepting that re-
commendation, sad he strongly advised them to concur
with the directors, who would take care that their interests
were properly attended to. The amendment was then put
and negatived, and the original resolution was carried. The
retiring directon having been reelected, the business ter-
Wasted.