The Sun.
London, England, 1853-08-27 00:00:00

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BA IL TVA Y INTELLIGENCE.

SOUTH WALES
The eighteenth half-yearly meeting of thehperldoprietors
of the South Wales Railway Company was
•
yester-
day, at the Paddington Station, Mr • C. R. M. Talbot
in the chair.
The following report wasread
wibyththme
uSeeherseattaisfryac:
" 1. The directors are enabled,
lastin
tion,
June. The
to report a steady and material
3iotnchreaosfe
the traffic du-
ring the half-year endi 0
ofrevenue6ol.
preercmieipltesduringover those
thoaftthpeer:oerrdesspohenwdinang ped increasef
1852.
" 2. The reference to Sir William Cubitt to determine
the amount to be paid to the Great Western Company
for the supply of rolling stock not having been concluded,
an estimated amount of 23,0001. has been charged for
the supply of that stock, and the balance of 32,0111.
16s. ad. available for dividend is, therefore, subject to
any alteration which the result of s reference may ren-
der necessary.
d, 3. The balance arising from revenue during the past
half-year is such that the directors can recommend the
payment of a dividend as the rate of 2 per cent. per
annum, amounting for the half-year to 24,0661. 7s. 4d.
This dividend will leave a reserve of 7,9151. 95., being
an increase of 1,5851. Os. lid. upon that of the preceding
half-year.
" This state of things, the result of the working of the
least profitable halfof the year, and the fact that the traffic
receipts for the first six weeks of the current half-year
exceed by nearly 90 per cent. those of the corresponding
period of 1852, cannot fail to be satisfactory to the pro-
prietors.
"5. The expenditure of capital, amounting, during the
half-year, to 146,6411. lls. lid., has been incurred chiefly
on the main line of railway, the Cardiff Junction with the
Taff Vale Railway, on the Forest of Dean branch.
"6. To assist in satisfying the large and increasing de-
mand
for trucks, caused by the extension of the merchan-
dise traffic throughout the line, your directors have thought
it right to contract for a limited number of trucks avail-
able for general purposes, and a sum of 3,5291. 9s. 4d. ap-
pears as a charge on capital on this account.
" 7. The works between Carmarthen and Haverfordwest,
a distance of about 30 miles, are proceeding rapidly
towards completiBn. The earthwork, bridges, &c., are
constructed for a double line of rails, but the directors,
having regard to the present high price of labour and
materials, and to the fact that until the main line shall be
completed in its integrity to the sea the traffic west of Car-
marthen will be thereby sufficiently accommodated, have
deemed it expedient for the present to limit the permanent
way to a single line of rails.
"8. The extension from Haverfordwest to Milford
Haven is in progress.
" 9. It is with satisfaction that
Steam Navigation Company,
your directors can in-
form you that the Eastern S
proposing in the first instance to trade to India, andthe
Australian Direct Steam Navigation Company via Panama,
both of which have obtained charters of incorporation,
have, after mature consideration, fixed upon Milford
Haven as their port of departure and arrival.
" 10. In the last session of Parliamentthe Milford
Haven Docks Company
obtained an act for the construc-
tion of extensive clocks at Penner, on the southern side of
the Haven, and an act was obtained by your directors en-
larging the time for the construction of the Pembroke
branch of the South Wales line and extending it to the
proposed docks, and the opportunity was taken of devia-
ting the branch line by carrying it considerably nearer to
the town of Tenby.
" 11. In reference to the Pembroke branch, your direc-
tors have to report that they have agreed with eminent
and substantial contractors for the completion of that
branch and the extension to the docks at Permar by Decem-
ber, 1855 (being eight months within the time enjoined by
the act), on the following terms, which they trust will be
satisfactory to the proprietors, and which will be found
substantially to meet the assurance given to them at the
Wharncliffe meeting held on the Ist of July last—viz.,—
" That the contract sum of 290,0001. shall be paid by
the creation and issue of shares or stock entitled to interest
payable only out of the earnings of this portion of the line,
not exceeding 5 per cent. per annum.
"`That the line shall be worked jointly by the Great
Western and South Wales Companies, at certain fixed per-
centage upon the gross receipts.
" That the company shall have the power at any time
to exchange such special shares or stock for ordinary
shares, or to pay off the amount in cash, and shall be bound,
if required by the contractors, to effect such exchange
when the ordinary shares shall have remained above par
for a period of at least six months, provided that at the
same time a sum of at least 100,0001. shall have been ex-
pended on the Milford Haven Docks.'
" 12. Thus, while the construction of the Pembroke
branch is insured as a feeder to the main line, and secu-
rity obtained for the making of the docks at its sea ter-
minus, the company cannot be called upon for the capital
(except so much as will be necessary for land and stations)
until its pecuniary position shall have become much im-
proved.
" 13. The directors of the Great Western Company have
agreed, upon the termination of the arrangement with the
contractors, to take a lease of the branch, paying an addi-
tional fixed rent equal to 4 per cent. upon one-third of its
cost in respect of one-third of the profits.
" 14. The company also obtained acts in the last session
of Parliament for making a short deviation iu the Forest
of Dean Railway, for leasing the new works to the Great
Western Railway Company, and for enabling the conver-
sion of the mortgage or bond debt of the company into
perpetual annuities or preference debenture stock.
• ' " 15. The applications for an extension of time for mak-
ing the Swansea Valley Railway and the Monmouth lines
were refused by Parliament; and your directors were com-
pelled to withdraw the bill for extending the railway to
the docks in course of construction at Swansea in conse-
quence of the opposition which they experienced from the
dock company.
" 16. The Llynvi Valley Railway Company, already an
important contributor of traffic to the South Wales Rail-
way, has obtained powers for improving its line, and con-
verting a portion of it into broad gauge ; and the South
Wales Mineral Railway Company has also obtained an act
for making a railway from the South Wales Railway at,
Britonferry through an extensive mineral district to Glan-
corrwg.
" 17. In conclusion, your directors congratulate the
proprietors on the improved position of the company's
affairs, and express their confident reliance on increased
prosperity and the receipt of satisfactory interest on the
capital expended when sufficient time shall have elapsed
for the full development of the ample resources of the dis-
trict through which the South Wales Railway passes."
The CHAIRIIAY said, they must admit that, on the
whole, considering the recent nature of the undertaking,
the report was a most satisfactory one. With regard to
the traffic that had accrued during the half-year ending
the 30th of June, he was happy to say that it showed a
satisfactory increase ; and that with regard to the traffic
now going on, so far as it was ascertained, it was still
more satisfactory, being double that of the corresponding
period of last year. (Hear, bear.) This traffic, they
must remember, had so increased without any material
development of the mineral traffic of the line, which it
was expected would be increased to a very considerable
extent. At neither end of the line had they any facili-
ties for a large mineral traffic, and a long time must
elapse before those facilities could be brought to perfec-
tion. At present they were making arrangements to
deliver to the Southampton steamers at that port coals
taken from the Monmouth and Glamorganshire mines.
They would be carried by way of Basingstoke, and would
add materially to the business on the line. They were
again able to declare a small dividend, and though it was
only 2 per cent. per annum, he had good grounds for
saying that it would be the smallest dividend they would
over receive. (Hear.) He had no doubt that when be
again addressed them he would be able to announce a
larger dividend ; but what was now offered was double
that which they received in February last, then 2 per
cent. per annum it was made from the accumulated
money of 12 months, whereas in the present case it was
from the six months' accumulations only. (Hear, hear.)
He believed, with regard to Milford Haven, that some
of the largest steam companies in the world would fix
upon that port as their terminus. He had become a
director in two of those companies, and had done all he
could to promote this object, for which he was sure he
would receive the approbation of the proprietors ; and
he had the satisfaction to state that two companies (the
Eastern Steam Navigation Company and the Australian
Direct Steam Navigation Company via Panama) would
soon be in a position to commence operations with Mil-
ford Haven as their port of arrival and departure. The
attention of steamboat companies had been drawn to
the great advantages of using anthracite as fuel ; and
• the only reason why the article was not generally em-
ployed was, that the fire-grates of steam-boat furnaces
were not adapted for burning that description of coal.
But this difficulty would, no doubt, soon be overcome,
as the greatest advantages were derived from the use of
anthracite. The only part of Great Britain in which that
coalruorga.nshire was to be obtained was Pembrokeshire and Gla-
, and thererefore they would possess a mo-
nopoly of it over the whole world. (Hear, hear.) He
had been in
this subject, who communication with officers of the navy on
of thisc°Cornalrneeiunbunolire testimony to the great advan-
tagesadwiosePteadndthrtehuergehout the way of cleanliness and other-
e no doubt that it would be
whole of the royal navy when-
ever the engineers could titorlmiamtheenmtshealvdebseetao
thrown
out All the bills they had beforeee
Pembroke branch. As he
out with the exception of the
batl,ls, he could not be
this result. They
gave a reluctant assent to those bills,
naad done all they
expected to express much re
were self-defence bills. The directors
from
tshweiarou were
now they
or ennis must
or tf
could do in the way of self-defence
submit to defeat, and leave to those
successful the loss which would accrue
takings. (A laugh,) With regard
Dean, the mineral produce there was Crown propert
and consisted, he believed, of the largest quantity- Yoi
coal to be found in any mineral basin of the size in the
kingdom ; but, like all Crown property, it was worse
imaged than any private property could be. (Hear,
As a mineral proprietor,
. he should be ashamed
sts owbavisce:
to manage his property in the same way and
hear.
wr mismanagementWoods_
and was
Fore
—the Commission.
the reason of. thissof
political body, going, in and out with the Ministry,
and therefore it was p
thoroughly attend
rt at the expense of that
wed
to. Now, he did not feel inclined
to benefit the Crown property
thetraffic to them,
and not ask them to be at the expense of doing so. He
had no hesitation in saying that
• . company. The Crown ought to bring
of thousands
c- •he could save to the community hundreds
if he had that property
per annum by better management. In conclusion, he
• might say, generally, that their company was in a
flourishing condition—a condition far more flourishing
than he had ever ventured to anticipate. (dear, hear.)
He then moved that the report be received and adopted
by the proprietors.
Some conversation followed, in the course of which
a Major COURT complained that it was impossible to judge
of the report from the short time which had elapsed since
stand over till the next half
it came into their hands,
andld
exception of that part of it
zeipacrhrol
ypr
eofi
nseer
redeetrnagt to, itt t
hes hou
with h
divi-
dend. Ultimately the proposal was withdrawn, and the
receiving
u
theroept the
report was agreed to.
motionAT r. Rfoir
D GwATpointed advantages which Mil-
ford Haven possessed over Southampton, Liverpool, and
dividend d with e
America.
2e r ic
ear.'
other ports with regard to communication
;.On the motion of the Chairman a
peratmum was declared, andp
• -
'lO meeting then separated.

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