The Sun.
London, England, 1852-02-28 00:00:00

28, ~ 1852

of the amount credited on account of the conveyance of
mails, for which no previous credit has been taken) in-
dicate a steady progress in the traffic, as compared with
the receipts of the immediately preceding six months, or
with the corresponding period of 1850.
" The balance of revenue up to the 31st of December
justifies the directors in recommending to the proprietors
the payment of a dividend for the half-year after the
rate of 1 per cent. per annum, which will amount to
17:457/. 63. 3d., and will leave a balance over of
3,859/. 15s. •
" Oa the 19th of September last the portion of the
line between Chepstow East and Grange-court, a dis-
tance of 191 miles, was opened for traffic, but the direc •
tors have deeply to regret that the bridge over the river.
Wye at Chepstow is still unfinished, and the consequent
break in the communication between Gloucester and
Swansea not only retards the full development of the
passenger traffic, but altogether precludes the through
eohveyauce of minerals and heavy goods, from which
they have reason to anticipate a very large revenue..,
Your directors' are informed that the operation of moving
and raising the bridge into
a high sprin,, tide. place is now only waiting for
•
" Since the' last half-yearly meeting junction branches
have been completed with the Llynvi Valley Railway
near Pyle, with the Forest of Dean Railway at Ballo,
sad the Severn and Wye Railway at LyeincY; and a
coal traffic has been commenced from those districts,
which cannot fail materially to assist revhate. Thu
committee having the management of the working of
your railway have, in conjunction with the Great Wes-
tern Railway Company, made arrangements for the con-
veyance of this traffic upon such terms as will, they be-
lieve, insure its full development.
"In tv_-,eordance with the arrangements entered into
with Sir Charles Morgan, as mentioned in the report
sulimitted to the proprietors in August last, the con-
struction of the branch to join' the Western Valleys
Railway at Newport has already been commenced. In-
structions have also been given for the immediate coin-
mencement of the improvements in the Forest of Dean
Railway, 'authorised by the South Wales Railway New
Works, Act, 1851. .

"Acting upon the course recommended be, your. di-
rectors and approved by the proprietora at the last half-
yearly meeting, the works 'upon the portion of the line
between Swansea and Carmarthen have been pressed
forward as rapidly as possible, and the directors atnich-
ing very great importance to the early completion of the
line to the latter town, whereby the traffic of the whole
western district of South Wales will be secured,' have
intrusted ,Mr. Brunel to use every possible exertion to
open this portion of the line so as to insure the, summer
traffic. West of Cermarthenlise works have been pro-
secuted with less rapidity.
" The report of the engineer will inform the proprie-
tors of the state of the workkalrcady evened, and of the
-progress u4ing. inetfreaeetatperreou of other portions of
'the tine:—
• "Acting upon the iiiitructiorii alluded to' in the last
half-yearly report, Mr. Brunel has visited and examined
Milford Haven for the purpose of selecting the
most eligible situation fol. the terminal station of
the railway. • He' reported ' that favourable positions
existed for a terminus both on the north and south aides
of the haven, and your directors, after maturely consi-
dering all the circumstances connected with the subject,
have elected Neyland as the terminal point, and have
introduced a Bill into Parliament for carrying the rail-
way to that place.
" With reference to the arrangements alluded to in
the same report, as having been made with respect to
the shares held by this company in the Dublin and
Wicklow Company, your directors have now to report
that they have availed themselves of an opportunity
which has been affordeld them, and have relieved the
company from any further expenditure on account of
their subscription to that railway, by the absoluse dis-
posal of those shares.
" The directors cannot refrain from again expressing
their opinion that when the line shall be finished to Car-
marthen, whereby 130 miles of uninterrupted railway will
be opened, developing the vast mineral resources of the
rich districts of Monmouth and Glamorgan through
which it passes, connecting them with the
metropolis and the great seats of manufacture,
and aided by those important tributaries the
Forest of Dean at Bello, the Severn and the Wye, at
Lydney, the western valleys at Newport, the Taff-vale
at Cardiff, the Llynvi-valley, the Vale of Neath and
relanelly Railways; and when the communication shall
be completed with the numerous ports on the Bristol
Channel, such an extensive and lucrative traffic will be
brought into existence as will insure to the shareholders
good interest for their capital.
"The directors have to regret that, since the last half-
yearly meeting, Sir Jobn Guest has been compelled by
ill health to resign his seat at the board. They have
elected Mr. Mortimer to supply the vacancy thus caused,
believing that in so doing they were best consulting the
interests of the company and the general wishes of the
proprietors."
The following is the Engineer's report:—
" During the last half-year the line from Gloucester to
Chepstow East has been completed, and was opened on
the 19th September. Since that time junctions have
been completed between the Bulls Pill and the Severn
and Wye tramways and the South Wales Railway, giving
facilities for a large and increasing traffic in coals from
the Forest of Dean to various parts of the Great Wes-
tern Railway ; the necessary arrangements have been
made for commencing the intended broad gauge line
from the South Wales Railway and Bulls Pill into the
Forest of Dean. ,The contract for the heaviest portion
of the work, namely, the enlargement of the existing
tunnel and the construction of enuther short tunnel
through Blakeney-hill will be let during this month.
The remaining work extending into the coal districts is
of a very slight and easy character. .
" The works between Grange-court and Chepaee.e-
Estt have stood the late severe weather very well, ex-
cepting only a small slip in a cutteve near Lydney,
which is now remedies!, and which was of comparatively
am all extent.
" At the Chepstow-bridge girders over the laud open-
inge are beieg fixed and ballasted. The river bridge for
the down line has been fixed complete in the pro, and
tested zatUictorily, and the tube is now ready to be
moved cud to be heisted over the river. Tee supporting
cylinders or piers are completed, and the s:audards are
being erected upon theta. I expect thee the staging and
tackle for erecting the tube will be completed in about
a fortnight.
" Since the last half-yearly report an extensive en-
largement of the Neath Station, for the joint use of the
Vale of Neath and South Wales Railways has been
finished, and the Vale of Neath Railway has been
opened.
A small station has also been opened at Mager,
and another is in course of construction at St. Pagans.
" The junction at Newport with the Western Valleys
Railway is in progress.
"The works between Chepstow and Swansea are all
in good order, and the permanent way throughout the
line is in every respect satisfactory.
" At Swansea the viaduct of the. Swansea coal.branch
is neerly finished, the permanent way is being laid, and
on the completion of the drop machinery, which is being
constructed at Newcastle, the whole will bo ready for
the shipment of minerals.
" Between Swansea and Carmarthen considerable pro-
gress has been made. About seven-eighths of the Swan-
sea Tunnel and half of the piling of the Lougher Bridge
aro completed. The sea work between Llanelly and
Pembrey and the sea wall at Ferry-Side are finished;
the earthwork generally is well advanced; eleven miles
of ballast at detached intervals are ready for the perma-
nent way; the construction of the stations for letting is
advertised, and there can be no doubt of this portion of
the line being ready to open for public traffic during the
present summer.
The CHAIRMAN moved that the report be adopted,
printed, and circulated among the shareholders. He
deeply regretted that the integral communication be-
tween London and Swansea had not yet been effected,
bat he could assure the shareholders that everytchiy.
which energy and skill could do towards ther an
Bru°nel
plishment of this object had been done by Air.
and by all persons practically connected whitri
from the
work requiring infinite and protractedlabour,
taking. Tho construction of Chepstowi dg
f the tide there
circumstances of the locality, the rise of
of any othn
lino
hai
cbte
hut but
iswituenatelxhar there was
Wales
wunadsera-
being higher and more abrupt than
ob-
structed by massive rocks; but hadstream
been
en being
lately
river in the country, and the bed of the
to see the works, and he could assure the meeting that
they presented every appearance of. business. The di-
rectors were about to apply to Parliament for a Bill ex-
tending the lino to Milford Haven, and their engineer
had already marked oat the site of a terminus at that
port. One of the leading advantages which the South
Wales line had hitherto enjoyed was that it had been
exempt from competitors, and, of consequence, from the
necessity of onerous alliances with other railways. The
line now in course of construction between Newport
and Hereford would operate beneficially rather than
South Wales
before Parliament a Bill for extending that railwayfrot
Hereford to Worcester, an extensioneoft't
otherwise upon the
mate-
rially interfere with the intereshtosp
line. Ile had, however, every
arrangementsou
b with the Wexford Rail-
Bill, which stood for a second reading
woe the House of Common. that
evening,
bheadremjeacdteed
The (It-
way Company, which, though they were different
from those announced at the l
di-
rectors
would, he was satisfied, last half-yearly meeting.
work beneficially for the
South Wales line. The chairman,
in conclusion, congra-
tulated the meeting upon the very change
which their affairs had upon the very favourable change
which their affairs had und favourable
o..the
last two years, a change underergone in the conrsseo,t.,eir
which 100 initia their
line had been opened, underbeen able
which they had
readily to borrow mono at 4cent., instead of
unable to r
being, as heretofore, paierse it at 5 per cent.,
and which had I r shares from
e evated the prices of thei
18 to 30.
The r • tport was unanimously adopted.
4Tia° Ca4"3"N moved that a dividend at the rate of
1 per cent. be declared and apportioned among the
shareholders.
Mr. PRICE moved, by way of amendment, that no diei_
d` I'd be declared. The amount was to small iedividetely
to he worth receiving, and it appeared too him that it
would be tar better to let it remain as a reserve. 'fusee
was a balance of only 21,0001., and of this 10.0004, one
half the amount, due from the Post-of ice, had not been
received. n •
The amendment, however, was not seconthd, and the
original mOf ion was then adopted.
Messrs. Talbot, M.P., C. S. Mortimer, J. H. Vivian,
m.p., ,ne L. Lewis, were re-appointed directors, and Air.
A. K. Baker was re-appointed auditor.
Thanks having been cordially given to the directors,
repeated.
the meztivg

According to a report of the Submarine Telegraph
submitted at a
meeting held last week in Paris'
of operations,
that the receipts were 398'. in the first mooch
n the third. The annual expense*
517 h in the seem
~
a 411 Icinde, it
Cfia
trilooadnispp
eathe'9an
rly
.; ,
commencement i
1113 eltinnittecli will not exceed 2,0001.