The Express.
London, England, 1851-08-30 00:00:00

RAILWAY MEETINGS.

SOUTH WALES RAILWAY.

The half-yearly meeting of proprietorswas held
yesterday at the Paddington station ; Mr. C. R. M. Tee-
soy, MX., in the chair.
The usual preliminary forms having been gone through,
The SECRETARY read the report, which stated—
Your directors have used every exertion in their power
to expedite the works between Chepstow and Orange Court,
and they have experienced great disappointment by the
delay which has occurred in the completion of them. As men-
tioned in the report which the directors presented to you in
February last, the construction of the works west of Swansea
has been resumed. The altered state of circumstances since
that period consequent upon the new agreement with the
Great Western Company has occasioned some variation
from the course which they then proposed to pursue. There
is no longer that urgent necessity of completing the entire
line to Milford Haven or Fidiguard, which rendered it
imperative on your directors to prosecute the works at a
rate of speed the utmost which might be found practicable ;
and while they continue to press fore/Ertl the works upon
that portion of the line which lies between Swansea
and Carmarthen, they believe they are consulting your
best interests and the truest economy is not expending
the funds at their disposal beyond Carmarthen, with
any degree of rapidity, until the line to that town
is opened. The works upon the line towards lishguard
to the west of the paint at which the branch to Haverford-
west diverges, have, since the confirmation of the agreement
of the 29th March last, been altogether suspended. In
accordance with the terms of that agreement, it is the in-
tention of your directors to make application to parliament
k the ensuing session, for power to extend the line from
Haverfordvrest to Milford Haven, and instructions have
accordingly been given to Mr. Brunel to examine and re-
port upon the most eligible site for the terminal station.
The term bills which were submitted to, and re•
calved .the approval of, the proprietors on the 15th
of April have (not without considerable opposition
and seine modification) since become acts of parliament.
By the ' Greet Western Railway Act, 1851,' the agree-
ment for a lease of this railway to the Great Western
Railway Company of the 29th March is confirmed. By
the ' South Wales Railway New Works Act, 1851,
power is given to construct a new line of railway to join
the Tuff Vale railway at Cardiff; to make certain altera-
tions and improvements in the Forest of Dean railway ; to
enter into arrangements with the Briton-ferry Dock com-
pany, and with the owner of the Bute Docks at Cardiff,
for the construction of branch railways in connexion with
the proposed docks at those places; to abandon the Briton
Ferry branch authorised to be constructed by the South
Wales Railway Act, 1847,' and to make arrangements with
the Vale of Neath company, for the joint use of the sta-
tion at Neath. By the ' South Wales Railway Capital
Act, 1851,' the various subscriptions and advances made
from time to time to the Vale of Neath—Waterford, Wex-
ford, Wicklow, and Dublin—Llynvi Valley—Cork and
Waterford, and Tenby and Saundersfoot railway companies,
are ratified and coufirmed. Acting under the powers aad
provisions of the secondly mentioned act, your directors
propose, with your sanction and approval, to enter into
an agreement with the Briton-ferry Duck company
for the purpose of securing the construction of
the intended docks and railways in connexion
with them, at as early a period as possible. By the
terms of that agreement as at present propused, the docks
will remain the property of the Duck Company under cer-
tain restrictions as to tolls and charges, and the railways and
works connected therewith will be vested in this company
at • cost not exceeding 20,0001. It is also proposed to enter
into an agreement with the Vale of Neath Company (who
are greatly interested in the proposed docks) by which a
minimum rental of 1,2001. a year will be secured to this
company, for the use by the %ale of Neath Company, of
the portion of the South Wales Railway between Neath
and Briton Ferry. Agreements have been entered into
with Sir C. Morgan for the perpose of effecting a junction
with the Western Valleys Railway at Newport, and with
the trustees of the Marquis of Bute for providing dock ac-
commodation and a branch railway in counexiou with it ut
Cardiff. Instructions have been given to Mr. Brunel
to prepare plans and estimates of the branches to join
the 'I aff Vele and Western Valleys Railways, with
a view to the early commencement of the works. By the
South Wales Capital Act, all doubt as to the legality of the
subscriptions to the Welsh and Irish railways is now set at
rest, and the vexatious and expensive litigation by which
the company has been harassed for the last two or three
averse is, your directors believe, finally put an end to. As
regards the subscription to the Waterford, Wexford, Wick-
low, and DeWitt Company, an arrangement has been made
by which your directors hope to ascure eventually sonic
return for the 83,000:. invested in that undertaking without
involsiug this company in any further expenditure on
account of it. They have also made an agreement with the
Llynvi Valley Company for the repayment by that com-
pany of 4,5001. 1 our directors hare to recommend the
proprietors to confirm the forfeiture of 5,898 shares upon
which 60,4001. 10s. has been credited. These shares have
been declared forfeited by the board of directors, and a re-
solution will now be submitted to you to confirm that
forfeiture, in accord mice with the provisions of ,the act of
parliament."
The report of Mr. Sneeze, the engineer says :
" I regret that on the present occasion I cannot
congratulate you upon the railway having been opened
throughout from Gloucester to Chepstow, as I had fully
expected to have been able to do. The line generally
between the Chepstow-bridge and Grange-court is nearly
ready for opening, and from Grange-court to the river at
Gloucester the Gloucester and Dean Forest Railway is also
ready, but both at Chepstow and at Gloucester the river
bridges have proved causes of delay. In the former case
the delay has arisen entirely with the contractors, who, as
reported on the last occasion, had been considerably in
arrest throughout ; since that time unfortunately they
have become involved in pecuniary difficulties, the cense- I
quenee of which has tended still more to impede the pro-
grew of the work—the erection of the bridge in the yard,
for the purposes of testing it, is however nearly complete,
and I should hope that in a month or five weeks that cork
may be completed, and that we may then commence fixing
this bridge in place. The operation of erecting it wi.l,
however, unfortunately be thus thrown late in the season,
and into the shorter days and more uncertain weather,which
will necessarily render it a slower and more difficult work.
In the mean time, it having been determined to open the
lino to the cast side of the river, preparations of a tempo-
rary nature have been made at a point where access from
the main road could easily and convcuiently be obtained,
and leaving an interval of about one mile of rail-
way. The coal branch to the floating duck has
been commenced, and considerable progress made ;
preparations aro making at this point for three
shipping places, for which the requisite machinery is pre-
paring, and which will be sufficient to afford accommoda-
tion fur shipping upwards of 150,000 tons a year. The
same branch is also capable of being extended along the
other wharves, and even to the proposed docks. Beyond
Swansea anti towards Carmarthen, the works which Lev*
been resumed arc proceeding steadily. Beyond Curvier-
then, and up to the junction with the Ilaverford-west
branch, the works have been also resumed, but as there
was no object in pressing them forward rapidly until the
question of the terminus at Milford Haven had been deter-
mined upon, and parliamentary powers obtained, no effort
has been made to expedite them."
From the statement of the accounts. it appears that
the receipts on account of capital up to that date form a
total of 2,875,939/. • the payments on account of capital
amounting to 2,837,6581. 6s. 2d., leaving a balance in favour
of the former of 37,9821. 15s. 9d. The item of payments in-
cludes same of 140,0071. as subscriptions to other lines, and
46,706/. 2s. Ild. to the Swansea Valley Company. The re-
venue account shows a total on the creditor side of
21,6501. 10s., and a total on the debtor side of
13,8521. 7s. 4d., exhibiting a balance in favour of receipts of
8,0881. 2s. Bd. The following items make up the total of
receipts:—By traffic, viz.: Passengers, 17,4331. 101. Bd. ;
carriages, horses, and dogs, 1891. 19s. 4d.-17,6231.95. 10L;
expresses, 281. Is.;
merchandise, cattle, &c., 3,1021. 64.3 d. ;
warehouse rent, 81. Os. 4d. • parcels, 8301. 3s. 7d. ; by rent
of station platforms, &c., 661. ss. The revenue account for
the Forest of Dean branch gives a balance in favour of re-
ceipts of 2,3841. Os. sd.
The CHAIRMAN thought it most advisable to open
the branch east of the River Wye, rather than wait
fbe • the seemingly indefinite flailing of Chepstow
Bridge. Why it was not finished before he did not know.
All he could say was that it was a source
of anxiety to him to have it finished. On its finishing
the goods traffic of the company almost entirely depended,
Wanes there was no use in moving heavy goods from one
glues to another unless they did away with the sea carriage. '
When that work was finished the), could carry their Goal as
the Great Western line, and their coke as far as Birth.-
ham. The joint traffic committee had made arrangement',
with the Great Western Company, by which he hoped they
would be able to carry ooals as cheap as any other line in
this kingdom— for Id. per ton per mile. (Hear.) As to
the sesand prospects of the line he was as sanguine as ever
though undoubtedly he bad to make a great call on Ova;
forbearance, inasmuch es he had only promises for the
atom to point to, and could not refer to the pest. Ha
asepeadioaably entertained a sanguine opinion that the
Sae wadi have been opened before now, and he weld
hardly dada the title of a prophet if he said that it
would he opened when they next met. But in
meaathae the directors would do everything'
is their power to expedite its opening. Passengers ,
soald now proceed from London to Swansea, with a break'
elf 45 minutes; so that a person leaving London by the 9.50
train in the morning would arrive in Swansea at half-past
4 the same day. (Hear, hear.) This arrangement was
nada by the joint committee of this and the Great Western
Company, and ho was glad to inform them that they had
the unanimous and cordial good wishes and co-operation of
that company in promoting the traffic on the whole line.
After a few further observations the chairman moved
that the report be received, adopted, and printed for circu-
lation amongst the proprietors.
Mr. A. F. PAULL seconded the motion. _ I

could be resumed was by borrowing money at 4i per cent.,
and that was a financial operation which he should he son 7
to recommend. With regard to the balance, he thought it
too small to be applied to the purpose of a dividend. Phey
had been carrying the mails for the government for a year,
nod they did not yet know what the government would
pay. Supposing they were paid 14,0001., that would go to
increase the dividend, but nt present it was so small that
they did not think it right to make a dividend.
Major COURT said the balance of 7,5001. would yield
about 3s. per share. lie thought, also, the sum due from
the Post-office should be stated. _ _

-
The CHAIRMAN said this matter was now under arbi-
tration. _ _ .

Mr. BARLOW, one of the directors, was glad this sub-
ject had been stated. Ile begged to say carrying the mails
gave a great deal of trouble, and the pay was very scanty.
He hoped it would be reported that this was a most un-
grateful service.
Mr. FIELD thought some communication might have
been effected between this railway and the ports in the
Bristol Channel, Swansea, Newport, and Cardiff. A com-
munication between the docks and the river Thames also
would bo of immense advantage to them.
The CHAIRMAN admitted the importance of the com-
munication with ports in the Bristol Channel. Ile hoped
in a short time they would communicate with Swansea. In
regard to Meath, they depended much on the construction
of the Briton Ferry Docks; and with respect to Cardiff, an
arrangement had been made with the trustees of the Mar-
quis of But which would ultimately benefit the South
Wales Railway. Thejunction with Gloucester he considered
to be of the most importance, for he believed the \Vest India
mail steamers would then have the whole of their coal from
South \Vales.

The Rev. Mr. SPENCER moved that the balance of
7,500/. be paid on this occasion in the shape of a dividend,
but after a good deal of discuesien he ultimately withdrew
his motion. _ _ _

The motion fur the adoption of the report was then put
and carried unanimously; also a resolution confirming the
declar.,tion of the forfeiture of 5,&16 shares upon which
60,4001. had been credited.
Mr. unrciiik: moved a ♦ote of thanks to the chairman,
which being duly seconded and carried, terminated the
buaincus of the dry.