The Sun.
London, England, 1865-08-23 00:00:00

VALE OF NEATH.

The report of the directors of this company states
that the bill for the transfer of th 6 undertaking to
the Great Western Company had been withdrawn,
but that the withdrawal did not in any way affect
the arrangements entered into between the two
companies, which•provided that the Vale of Neath
lines should, as and from the Ist of February last,
be worked by the Great Western Company as part
of their general undertaking. The application to
Parliament was to be renewed next session. The
bill introduced by this company for authorising the
Vale of Neath Company to raise further moneys
and for giving effect to agreements between them
and the Aberdare Valley Railway Company and the
London and North-Western Railway Company re-
spectively received the Royal assent, and a resolu-
tion will be submitted to the meeting to raise addi-
tional capital for the purpose of discharging the
company's liabilities. The new shares would, in
accordance with the Act, be offered in the first in-
stance to the existing holders of ordinary stock and
shares in the company. The sum of £42,500, being
the half-year's proportion of the minimum guarantee
of £85,000 by the Great Western Railway Company,
would provide for the payment of all preference and
other charges, and enablethe directors to recommend
the declaration of a dividend at the rate of 5i per
cent. per annum (less income-tax) on the ordinary
stock and shares of the company, payable on the
9th of September next. The directors had given
their earnest attention to the realisation of the as-
sets of the company and the adjustment of their lia-
bilities; they would continue their labours until the
same were finally ascertained. Until this was ac-
complished the Board were unable to state precisely
what the minimum permanent dividend would be.
The capital account showed that £1,547,582 had
been expended, leaving a balance of £60,949.

The
HEREFORD HAY, AND BRECON.
authorising
report of
Rthoeyßalreacsosnenatn. the' directors stated that the act
an agreement for an amalgamation with
and
syr Wereu inserted in the act con-
ferring Pursuant ton
Junction had received the
thethe Mid-Wales running powers
's Rail-
way Company.
had been completed whereby the acetmpany
an agreement
share-
holders, according to their priorities, Would enjoy a
fixed dividend of 5 per cent. The separate corn
pany would henceforth exist only for the -
purpose
of winding up its affairs. The expenditure on capi-
tal account was £415,554.

BRECON AND MERTHYR TYDFIL JUNCTION.
The report of the directors states that the traffic
managed by Messrs. Savin and Ward, under Par-
liamentary contract, continued to be highly satis-
factory, and the payment by them in pursuance of
their contract would enable a dividend as usual, at
the rate of 5 per cent. per annum, to be declared.
The various powers' bill of last session, with some
exceptions, had become law. It authorised the amal-
gamation of the general and separate undertakings
of the company, and the raising of new capital for

BUENOS AYRES GREAT SOUTHERN (METED).
The report of the directors states that the railway
was fast approaching completion. The directors
were of opinion that the opening of the line should
be delayed until the works were entirely completed
and ready to receive traffic throughout the entire
length of the line, after undergoing the inspection
of the Government surveyors. This opening might
be looked for about the beginning Qf October. The
rapidity with which the works had been executed
might be estimated from the fact that the first sod
was turned on the 7th of March last year, and that
all the materials had been shipped from this country
since that time, including the heavy works of the
itiachuelo bridge and the Samborombon viaduct, and
that several cargoes of rails lost in the transit had
to be replaced. The contractors and their represen-
tatives at Buenos Ayres, together with the engineers
of company, had laboured incessantly to push for-
ward the works, with due regard to their construc-
tion in a solid and durable manner ; nor had a single
drawback or accident occurred in connection with
them. The contract would be executed to the strict
letter, and within the stipulated amount. The rapid
progress of the works had necessarily required
equally rapid calls on the shareholders until the full
amout of £2O per share had thus been called up.
The directors were now issuing to the public the
£lOO,OOO debenture bonds to complete the required
capital, and they had reason to hope that the entire
amount would be gradually taken up, and that they
would be enabled to close the construction account
simultaneously with the opening of the line or very
soon after. The capital account showed that
£591,068 had been expended, leaving a balance on
June 30 of £39,432.