The Express.
London, England, 1851-02-21 00:00:00

VALE OF NEATH RAILWAY.

On Wednesday the half-yearly meeting of thin
company was held at the George Hotel, in Chepstow. The
choir was taken by the Chairman of the Board of Directors,
Lord VILLIIII4I,
The report set forth that " arrangements have been made
by which that portion of the main line extending from the
point at which the branch diverges to Aberdare, as far as
the Wyrfa Colliery (a distance of about three miles), will
be forthwith placed in the contractor's hands. By this
measure they hope not only to secure a considerable addi-
tion to their coal traffic, but also a large carrying trade in con-
nexion with the extensive iron works in that neighbourhood.
Contracts had been entered into fur rolling stock, and ten-
' ders had been received for passenger carriages."
With regard to the great objects of the meeting (which
war made special after the transaction of the ordinary
businea), the directors dwelt on the importance of securing
a good shipping outlet for the mineral traffic, and thus pro-
ceeded : "With this view the branl had originally entered
into arrangements with the South Wales Company, for the
construction of a branch from !loath to the wharves at
Briton Ferry; but when, in the early part of the past year,
a scheme for the fiormation of floating docks in Raglan Bay
was projected, the directors of the South Wales Com-
pany entered into certain arrangements with the promoters
of the scheme for assisting the undertaking, and for substi-
tuting that work for the Briton Ferry Branch, previously
proposal; the aid of this company, who were principally
interested, was sought, and as they had no legal power to
subscribe or to lay out money on the proposed site, as was
the ease with the South Wales Company, a provisional
arrangement was made, by which the `ale of Ncath Com-
pany were to guarantee the payment of certain tolls to the
South Wales Company fur the use of their line to Baglun
Bay, in lieu of the payment previously agreed on for the
Briton Ferry Branch, and alsolool. a year in tolls and dues
to the Dock Company; upon which the promoters might
raise a corresponding portion of their required capital. In
preparing the hill fur the Dock Company, however, difft-
cultioa have arisen in framing, according to any usual par-
mentary forms, clauses by which the Dock Company could
obtain powers to appropriate any eeparate and distinct por-
tion of their toile to the raising of money; and it
seems necessary that the Vale of Neath Railway
Company should become holders of stock in lieu
of guaranteeing an annual payment. • • • •
Arrangements have been made with the South Wales Com-
pany, by which undisturbed communication will be secured
to Om Vale of Neath Company over the South Wales line
to the proposed docks. A resolution authorising the direc-
tors to carry out the intention of the clauses act forth in the
bill, will lie proposed fiar the adoption of the special meet-
in leaving it to the discretion of the shareholders on some
subsequent occasion to consider whether the said subscrip-
tion s all form part of the original capital, or whether new
shares shall be created in their undertaking to the amount
of the Laid subscription. The remaining question for the
consideration of the special meeting is, a bill intended to
he applied for by the South Wales Company, authorising
certain arrangements fur station accommodation at Neath."

The report WAS adopted nern. eon. The retiring auditors
aad directors were re-elected, and thanks were Toted to the
auditors.

Brum'. Meartsto.—The meeting was occupied some
hours in discussing the proposition submitted to them at the
special meeting, as alluded to in the report. The first for
carrying out the proposition in regard to station accommo-
dation at Heath, was agreed to nem. con.
The neat question fur discussion was as to the proposed
subscription of 20,0001. towards the formiug of Hosting
docks at Raglan Bay. The solicitor to the company having
' read the clauses in the South Wales bill,
Mr. H. A. BRUCE moved a resolution for subscribing
the above amount to the undertaking. Because power was
asked for to subscribe this amount it was not actually im-
perative that they should spend it. They might spend
10,0001., or the whole 59.0001. might be required.
Mr. BRUCE I'RYCE, as the owner of 2,000 acres of
mineral country partly undeveloped thought the proposi-
tion was the most important that had' ever been made to the

shareholders, and in ihat feeling seconded it.
Kr. JENKINS asked fur an explanation of the sum
being so large, and
The CHAIRMAN explained that linter alia) it would
give she company power in the management of the docks.
Other explanations were given, and at length the meet-
ir4 came to the vote, and the resolution approving of the
subscription, &c., was carried without opposition.
A vote of thanks to the noble chairman closed the pro-
ettedinp.