The Sun.
London, England, 1865-08-29 00:00:00

The report stated that the directors had reason
to believe that the cost of the line would not ex-
ceed £lO,OOO per mile. The receipts from the
opening of the line to the 31st of July were
£11,168, and the outlay £7,086, leaving a balance
of £4,082. The amount of £2,360 was available
for a dividend, at the rate of 2 per cent. per annum,
less income tay.

The CHAIRMAN congratulated the shareholders on
the prosperity of the line during the seven months
it- had been open. He had every reason to believe
that the cost of construction would not exceed
£lO,OOO per mile. He believed that there would be
no limit to the expansion of the tourist and passenger
traffic, so general was the wish to visit the beautiful
scenery of which Keswick was the centre. During
the last few weeks the goods traffic had very much
improved, especially in pig iron, which had tra-
velled along their •
line to Hartlepool and thence to
Rotterdam. The mineral traffic also gave fair pros-
pect of increase. Although nothing official from the
London and North-Western Company was known,
he believed it was not their intention to lease this
line at present. He alluded to the importance of
preserving friendly relations with the London and
North-Western Company, who had behaved most
loyally towards them, every way aiding them to de-
velope traffic,and making no attempt to compromise
their independence.

Mr. I. FLETCHER (deputy-chairman) seconded
the motion, which was carried.

The CHAIRMAN moved that a dividend at the rate
of £2 per cent., less income tax, be declared on all
paid up shares, made payable on and after the Ist of
September.

Mr. I. FLETCHER seconded the resolution, which
was carried.

The retiring directors and auditor having been
re-elected, the proceedings terminated with a vote
of thanks to the chairman and directors.

AYLESBURY AND BUCKINGHAM.
The report of the directors states that the com-
pany's application to Parliament was successful for
further powers. They regretted to report that the
contractor suspended operations in consequence of
a delay in payment of £1,723, -which, with a further
amount of £6OO certified, was the last cash pay-
ment due under the contracts, although works to
the extent of £45,194 remained to be executed.
None of the capital authorised by the acts of 1864
and 1865 had yet been raised, but arrangements
were in course of settlement which would enable
them to raise as much .thereof as might be re-
quired to complete and open the line up to Ayles-
bury as a single line without delay. The accounts,
which have been duly-examined by the auditors,
showed an expenditure up to the 30th of July last
of £82,573, leaving a balance of £2,871.

OGMORE VALLEY.
The report of the directors stated that since the
last half-yearly meeting the amalgamation of this
company's undertaking and the Ely Valley Exten-
sion Railway had received the sanction of Parlia-
ment, and the amalgamation was formally effected.
The railways in both valleys were completed • but
in the Little Ogmore Valley the sidings to connect
the collieries had not been finished, and som
delay might, therefore, arise in the receipt and
transmission of traffic on that portion of the line.
This branch was laid on the mixed gauge. In the
Ogmore Valley the lines, sidings, and inclines were
now completed, and the traffic over the line had
commenced. An arrangement, commencing on the
Ist of July last, had been made with the lessees of
the duchy minerals for a minimum payment of
£5,000 a year for their traffic over this company's
line, increasing in proportion to the tonnage carried.
Contracts had been entered into with Messrs. Sharp,
Stewart, and Co. (limited), for the supply of six
locomotives, three of which had been delivered ;
and with the Lancaster Waggon Company (limited)
for 500 waggons, 200 of which were made and in
process of delivery. The Llynvi Valley Railway
Company had completed the laying of their narrow
gauge from this line to Tondu and Porthcawl. In
order to expedite the progress of the works for
deepening the harbour of Porthcawl, the port
committee, with the approval of the Lynvi
Valley Company and this company, closed
the harbour during the months of June and
July last, and, consequently, the traffic on this
company's railway for shipment of coals at Porth-
cawl could not be commenced. On the Ist August
the outer harbour was re-opened for.vessels with a