The Sun.
London, England, 1865-03-22 00:00:00

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Railway and other Companies•

VALE OF NEATIT.

The half-yearly meeting of this company was
held yesterday at the Great Western Hotel, Pad-
dington ; Mr. Vaughan in the chair.
The Secretary having read the notice convening
the meeting, the report, an abstract of which has
appeared in The Sun, was held as read.
The CHAIRMAN, in moving the adoption of the
report, said he regretted that he could not on that
occasion offer them a higher dividend on the ordi-
nary stock than at the rate of 4 per cent, per annum.
Were it not for the extra cost of hiring two loco-
motive engines and the expense of an accident that
occurred on the line, together amounting to above
£3,000, they would have been enabled to declare a
dividend at the rate of 41 per cent. instead of 4 per
cent. as proposed.

The report was adopted, and a dividend on the
ordinary stock of the company was declared at the
rate of 4 per cent. per annum for the past 7 months.
The meeting was then made special for the pur-
pose of considering and confirming an agreement
for amalgamating the undertaking with that of the
Great Western Railway Company on a similar
principle to that by which the South Wales Railway
was amalgamated with the Great Western and West
Midland Railway Companies, the Vale of Neath
proportion of net receipts being 5.0625 per cent. of
the total net receipts of the united companies, with
a fixed minimum of £85,000 a year.
After some observations by Mr. Russell, Mr. J.
M. Parsons, Mr. Herapath, and Mr. Williams, the
general manager, a formal resolution approving and
confirming the agreement for amalgamation with
the Great Western Company, on the terms pro-
posed, was carried unanimously, and the directors
were authorised to take such steps as might be ne-
cessary to carry the amalgamation into effect.

The proceedings concluded with a vote of thanks
to the chairman.

PORTPATRICK.

The report of the directors states that since the
last ordinary meeting of the company, an agreement
had been concluded with the Caledonian Railway
Company to work and maintain the Portpatrick line
for a period of 21 years from the Ist October last,
commencing at a maximum rate of 38 per cent. of
the gross receipts, and falling to 35 per cent. as the
traffic increased; and they were besides to pay to the
company £3OO rent for the workshops, and a portion
of the annual sum payable to the town councils of
Stranraer and Wigtown, in redemption of petty cus-
toms and harbour dues. The engines, carriages,
waggons, and tools in the workshops had been dis-
posed of to the Caledonian Company on advanta-
geous terms, and from the funds thus realised, and
from the price of 1,000 additional ordinary shares
taken up by the London and North-Western Rail-
way Company, the directors had been enabled to
pay off about £30,000 of the money borrowed on
debenture, and to provide sufficient means to clear
off the whole liabilities of the company, including
the Parliamentary expenses of the two acts of last
session. The half-yearly statement included four
months of the working of the line under the agree-
ment with the Caledonian Company. The directors
confidently anticipated that the revenue of the cur-
rent half-year would, under the reduced expendi-
ture, enable the proprietors to declare a small divi-
dend on the ordinary shares at the next general half-
yearly meeting. The capital account showed that
£583,518 had been expended, leaving a balance of
£15,649. The revenue account showed that £9,161
had been received and £5,428 expended, leaving a
balance of £4,317, including £585 from the preced-
ing half-year. From the balancewas deducted £3,258
forinterest on mortgages, £55 debenture charges, and
£l6 for interest of bankers, leaving a bala.nce of £989.