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

VALE OF NEATII.

The report of the directors of this company states
that the bill for the transfer of the 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the Great Western Company had been withdrawn,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 enable the directors to recommend
the declaration of a dividend at the rate of 51 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.

HEREFORD, HAY, AND BRECON.
The report of the directors stated that the act
authorising an agreement for an amalgamation with
the Brecon and Merthyr Junction had received the
Royal assent. Clauses were inserted in the act con-
ferring running Powers upon the Mid-Wales Rail-
way Company. Pursuant to the act an agreement
bad been completed whereby the company's share-
holders, according to their priorities, would enjoy a
fixed dividend of 5 per cent. The separate com-
pany 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

rolling stock and other purposes. The directors re-
commend the renewal of the application to Parlia-
ment for power to make the West Taff Extension.
Permissive powers to subscribe to the Alexandra
Docks at Newport had been inserted in the bill for
that undertaking, and powers had been granted to
to use with this company's engines the Dock Com-
pany's railways.
The report of the engineer stated that the New-
port section of the line had been opened to public
traffic during the half year, and the Bargoed branch
was now ready for inspection. Those sections com-
pleted the through communication between Brecon
and the north and the port of Newport. The capi-
tal expenditure on 'the separate undertakings was
£769,610, and on the general undertaking £425,572.