The Express.
London, England, 1850-02-28 00:00:00

SOUTH WALES.

Ifts'erdsr, the tenth half-yearly meeting of the
shareholders in this company took place at the Paddington
Station, C. It M. TALBOT Beg , M.P., in the chair.
The directors' report stated that—
" Since the halt-yearly gerund meeting in August Is-t,
the directors ha,- prosecuted the work. on the line with ell
the vigour and despatch consistent with a due regard to
economy, and they have now the pleasure to inform the
shareholders, that the portion of the road between Swansea
and Chepstow will be ready for traffic within a few weeks
fern Cie pr. sent time, aed they have every reason for
believing that the whole line from Swansea to Gloucester
will by opened to the public early i.i the rest year. Tney
look forward to the commencement of the receipt of revenue
as an important assistance in enabling the company to obtain
on debentures the sum required to complete the whole
undertaking. By the time the line is emelt d between
(alone. ,ter and Swansea, the whole of the immediate avail-
WO.. ~hare capital of the company will have been absorb d,
and t .e.to pswer to carry out the remainder .1 the under-
taking will then depend on the re-issue of torteited and other
shares and debentures. Negotiations have taken places
between deput-tions of the Great Western and
South Wales companies on the subject of a =Gelid
estioa all the CitlioliliOele o, the guarantee and lease,
but without le .ding to any result which the
irectors can Avis • the ropri. tole to ad pt.
. It would ap-
t ear dist cos Great Western Company venni!. r the contin-
,,. ney of the S 'nth Wales Com, any being enabled to fultil
tneir obligations et edit too remote to iedue . them to oiler
terms such as the South Wales Company would be jus.itt. 1
in accepting. On the other band, your directors have ....g-
Rested the basis of a modified lease, which they think would
he mutually advantageous to the two companies, but their
propoeition has been elected. It appears, thrre.ore, that it
will be absolutely necessary, for the interests of this cons-
pan y, that the works to the westward of Swansea, now sus
pended, should be resumed at as e arly a pettiest' after the com-
pletion of the line from Gloucester to Swansea, as the funds,
at the dispirit.' of your directors, will permit. Four nine.
tors of the company have to retire at th.t present meeting, in
accordance with the proviaions of the act of parliament—

namely, Mr. Saunders Davies, M.P., Mr. David Lewis,
hirebath,:we, and Mr. David Morris, M P., and it
will be for the proprietors to determine by whom
thew ;r" be filled. The tlire
offer them:elves. for re•election. The vacancy
caused by the retirement p. Mr. Pauli, one of tht auditors
the company, will also now . 71411 to be filled
"t
up. named The
em
report of the gentlemen appointed' to ....7Teittiga.. the affairs
salasia gkoisac,oarapne iBdy;hvishdyia for
cli
hoseyour
already
Inadeb.enra n
thti:...:'fecw* oof dis-
have been introduced into parliament in the present sealiOn,
for the purpose of obtaining an extension of the tisae fur the
exercise of the compulsory powers of the company over cer-
tain portions of the line west of Swansea, of authorising an
alteration in the Forest of Dean Railway, at.d for various
other purposes, which will be brought more immediately
before the proprietors at a meeting to be specially convened
for the purpose. The directors have again to recommend
that the forfeiture of 1,515 shares, which was brought under
the consi leration of the proprietors at the last half yearly
meeting be new confirmed."
Tat SECRETARY next read the financ:al statement, by
whieb it appeared that the recti,ds up to the 30th of June,
1849, were 1,816,3021. Os. 6d. ; the receipts to the 31st
De-
cemher 1819, were 277,4821. 18s. Id. Total receipts,
2 093.7841. 18s. 7d. The expenses to the 30th of June, 1849,
were 1.777,1431. 61. 3d., ditto to the 31st Deceseb,r, 1849,
21,0211. 124. 21, twakirlis 2,086,2141, 18s. 6,1.; balance,

6,570 f. Os. : weal, 2,091,7041. lie. 7d.
The CHAIRMAN begged to move that the report and
finane'al statement then read be adopted, printed, and Cifen-
!mid amongst the shareholders. He begged to state, that
the line, when open to o:ouceeter, wkuld be, he had no
duubt, the best paying line in the kingdom. It would pay
by the goods traffic alone, even though a single pusenger did
not travel by it. (Hear, hear.) He then put the question,
as to whether the rep, rt should be adopted, printed, and
circulated, which was carried.
Mr. hi`Naughten was then elected a director in the room
of Mr. MOlll4. M.P.

_ _ ..... . .
Mr. H. GWYN moves tha reelection of Messrs. Davies,
M.P., Lewis, and Mathew., the directors who retired is ac-
cordance with the provisions of the sit of parliament.
The Rev. Mr. SPENCER beggsd to move that Mr. Wa-
llies' be elected a director.

Mr. WILLIAMS felt the deepest inter.st in the line, and
would devote u much time and attention al possible to it.
Were he elected, whatever remuneration he should receive,
he would refund it to their treasury.
Several gentlemen baring objected to the election of Mr.
Williams to the office o,dirtetar,
The CHAIRMAN called for a show of hands, which he
declared largely in favour of Mr. Williams.
A poll 1,11,1 then demanded, but postponed until the meet-
ing should have closed, it bailie agreed that the poll should
not be declared before n.xt (t day, in order to give the
absent shareholders an opportunity of recordist( their votes.
Mews. Davies, ',MI!, and Mathews were thin re-elected
diretters; and Mr Anthony R. Baker was elected auditor
in the r. not of Mr. Paull, who resigned.
The CHAIRMAN es:: moved that the 1,515 reported as
forfeited be then declared so, which, after a brief conversa-
tion, was carried.

The b•isineie of the general meeting having terminated,
the meeting wen then made special, when
The CHAIRMAN announced that it had been recom-
mended to reduce the number of direc,ors from 18 to 12, and
that the rate of r-muneration to fixed at 1,2001. per annum.
He had also to move that the report of the deputation of
ahareholdera be adopted by that meeting, ea emended on the
15th Dec,mber,_lB49.

Mr. BUSKS moved that the report, as amended, be
reecive4; the rceornmendetion to suspend payment of
interest he omitted.

The CHAIRMAN then pst the question u to whether
the report b • received as amended, or altered in comp:lance
with the anotiol of Mr. Burk', when the meeting egreed to
adopt it in its in•egrity.
The weal v )te of thanks way then awarded the chairman,
and the meeting *owned.

PARLIAMENTARY

AND FINANCIAL REFORM.

MEETING AT ROTHERHITHE.
Yesterday evening a public meeting, convened by
the Be nnotdecy and Roth•_rhithe Parliamentary and Finan-
cial Reform Assoc stion, was teld at the Europa Tavern,
Church street, Rotherhithe, with the view of making known
and furthering the objects of the association. The chair wu
taken by Mr. J. }JAMUL
The CHAIRMAN said the question for consideration was
a national one—it was the necessity for financial and parlia-
mentary reform. He believed the even the agricultural
classes were now disposal to j4in in the movement, a 4.1 that
they would ultimately be numbered among the best re-
formers. A farmer with whim he 1110 lately conversed had
declared to him his intention to join the Cobden party, be-
cause he considered the protectionist leaders unworthy of
trust. (Hear, hear.)
Mr. JACKMAN moved the following resolution : " That
this meeting is of opinion that the taxation of this kingdom
is based upon ',August and unjust principles, and, at the
same time, that its government ever disuse, amount-
, ing, as it does, including the cost of collectins,
to above sixty millions annually, is highly prejudi-
dal to the general interests and welfare of the country."
In commending the resolution to the secsptence of the
meeting, he stated that the object of the association was to
aid in carrying out the reform bill to its legitimate results.
On. point kept in view was the increase of the registration
' list by the addition of holders of portions of tenements.
It was also intended to provide for the delivery of lectures,
and the holding of public meetings, for the elucidation of
their principles. It bellow( the residents of that neigh-
bourhood to unite with their fillow-eountrymen in securing
a revision of the whole system of taxation. (Hear, hear )
Mr. KINNERSLET, in seconding the resolution, con-
tended that the objects of the association, more especially as
regarded the national burdens, were thoroughly national,
and urged all present to join ix aiming to secure fiscal
reform.

The resolution was carrh d inimously.
Mr. DEYKES moved the followiog That this meet-
ing is of opinion that the reform act should be amended,
so as to bring it into more intimate harmony with the
wishes and wants of the people, and to make it, as it was
meant to be, ;he teal and pra:tical charter of their libnties,
by conferring the franchise on all persons of legal age who
may have occupied, for not leu than twelve months, any
house, or pan of a house ; by giving the security of the
ball ,t to the voters ; by a fair and equitable distribwion of
the right of returning members, instead of the present ano-
malous and uidust mode ; and by limiting the duration of
parliaments to three yews."
He congratulated the meeting on the union of the reformers
of Rotherhithe and Bermondsey for the promotion of licancial
and parliamentary reform, and urged the duty of making in-
creased efforts for national amelioration.

Mr. R. HARRIS, seconded the reicantin, which was
agreed to.

On the motion of Mr. W. HORRARD, honorary secretary
to the association, the meeting adopted unanimously the
following resolution " That the best thanks of this meeting
are due, and are hereby given, t the lib, ral press of the
metropolis, especially the Daily .vt tea and 3t.rning .1,11.,r-
-fiser, for their untiring and consistent advocacy of the rights
of the people ; and, in con.idcration of the assistance ren-
dered by these papers to the CalllP of par:iamentary and
financial reform, this meeting pledges itself to support them
to the utmost extent of its power."
After a vote of thanks had been given to the chairman,
the meeting separated.