The Sun.
London, England, 1854-02-27 00:00:00

represent this matter to the Board of Trade,

He had

made his calculations, and he hoped to see the line pay-
ing 41 per cent. dividend. (Laughter.) With regard
to churches and schools on the line, ho would not con-
fine the matter to Doncaster, but would extend the prin-
ciple to other places on the line, with this difference, that
instead of voting money out of the funds of the company,
he would propose that it b..s raise I by voluntary
subscriptions ; and that a committee consisting of
certain directors and shareholder's be appointed for
the ourpose of obtaining subscriptions for a church in
St. Pancras, as well as at Doncaster. He thought they
had strong claims on their lawyers for charitable con-
tributions, as they had received 311,0001. for bills of
costs, which were not taxed. Had they been taxed, it
was probable 10 per cent. would have been off their
bills, but if these gentlemen would only contribute 1 per
cent. of that amount every difficulty would be removed.
He would propose that 501. per annum be voted to the
Royal Free Hospital.
Mr. JESSELL said, he differed in Coto from Christianity,
but he fully concurred in the proposition of the chair-
man with regard to the church and schools. He thought
they ought to support hospitals in a more liberal spirit,
and vote 5001. a:year for the purpo-e, Lsstead of 1001.—
(hear, hear)—as they were . liable to be called upon in
cases of accident.

Mr. GLADDING strongly objected to the proposition
with regard to building churches and schools with the
funds of the company. If the principle were once ad-
mitted, it was impossible to say where it would end He
concluded by moving a resolution to the effect that
paragraphs 13, 14, and 15, relating to these matters, be
omitted from the report.
A PROPRIETOR seconded the amendment.

The CHAIRMAN was gratified to find that the principle
of his proposition was generally admitted ; and, if the
board would follow him, he would grant a sum of money
for a church at St. Pancras. As to Mr. Waters' state-
ment with respect to the coal trade, he would not adopt
his figures ; and he was astonished to hear him say that
he would go to the Board of Trade and make some com-
plaint. Mr. Waters was now a holder of B shares, and
was therefore secure ; but in his observations he did not
show much feeling for the A shareholders, who had
guaranteed his dividend. He (the chairman) was pre-
pared to justify every step that had been taken in re-
spect to the coal trade on the line, and could assure them
that the directors had kept within the four corners of
the act of Parliament. With regard to the churches and
schools, if the proprietors would only give him (the
chairman) ld. in the pound on the capital of the co.ii-
nany, including the loans and navig,.tions, it would raise
50,000/., which would be sufficient f all the churches
and schools that would be required on the line.
After some further discussion it was agreed to receive
the report. It was then proposed to adopt the report,
uplin which,

Mr. GLADDING moved an amendment to the effect
that the paragraphs 13, 14, and 15 be omitted from the
report.

The amendment was put and negatived by a large
majority,

Mr. CLADDING demanded a poll.
Mr. HUGHES moved an amendment (seconded by Mr.
Waters) to the effect that 7501. be allowed for religious
instruction on the line. This was also negatived.
Mr. WATERS then moved a resolution to the effect
that a fund be raised by voluntary subscription for build-
ing churches and schools at places on the line.
The motion was negatived.
Resolutions were then passed, declaring dividends on
the 5 per cent. and 41 per cent. shares ; and at the rate
of 41. Bs. 3d. per cent. per annum on the ordinary shares ;
31 per cent, on the B stock, and 1/. Bs. 3d. per cent. on
the A stock ; voting 2001. to the clergyman at Don-
caster for the year ; 150/, for the schoolmaster and
schoolmistress, and 80/. for books and junior assistants
to instruct the children of the persons employed at Don-
caster, and 1,0001. to build a school.

The retiring directors, Messrs. Burkill, G. Hutchison,
and Walker, were re-elected ; and Mr. C. W. Faber
was elected a director' in the room of the late Colonel
Colquhonn.
A discussion ensued on a proposition to divide the
whole of the original shares into A and B stock, but on
being put to the meeting it was negatived.
Toe proceedings concluded with a cordial vote of
thanks to the chairman and directors.

NEWPORT, ABERGAVENNY, AND HEREFORD
The half-yearly ordinary meeting was held on Thurs-
day, at the London Tavern ; the Hon. W. E. Fitzmau-
rice in the chair.
The SECRETAUY read the report, which stated that--
"The railway from Pontypool to Hereford had been
completed, and placed in the hands of the London and
Nor.h-Western for working. The line had been opened
on the 2d of January last. The directors, as the agents of
the Worcester and Hereford company, had agreed to com-
plete the construction of a portion of that line which ex-
tended from the Above-Eign station at Hereford to the
junction with the Shrewsbury and Hereford Railway,
being in extent about one mile. By such means they
had been enabled to open a single lino from their
station at HerefOrd, through to the Shrewsbury and
Hereford Railway, thereby completing the continuous and
unbroken line from the Severn to the Mersey; and as the
accounts for that portion of the work were from time to time
certified by the engineer of the two companies, the Wor-
cester and Hereford Company were to recoup the cost to
their company, the account in the interim bearing interest
at 5 per cent. The Taff Vale extension, for the improve.
ment of which an act was obtained last session, was no.,
being constructed as far as the Sirhowy Valley. Nearly
the whole of the material for the viaduct was now on the
ground ; its erection would, therefore, proceed rapidly in
the spring of the year. The accounts showed that the total
expenditure h.lii been 533,:393/. Si. lid., and the receipts
570,9391. Sc., leaving a b dance in hand of 37,595/.163.141."
The CHAIRMAN, in in.,ving the adoption of the report,
said that in foreier times, when adversity pressed upon
them, he had been often compelled to make lengthened
statealents. But when better days had arrived, there
was little for him to discuss or explain: The line was
now opened from one end to the other. After the many
difficu.ties they had passed through, and the pecuniary
einbarrassments they had had to contend with, so much
so, that at one time it was seriously contemplated
by many to wind up the affairs cf the company, it was
most cheering to calculate with certainty upon the great
increase of traffic. The gigantic difficulties of the slip
had been overcome so as to ensure complete safety to
passengers. The shareholders would remember how
the directors had been assailed for taking the train
ways. They had obtained their line through these.
They had sold the old materials within 15s. per
ton. of what they had given. There was a large
portion of tramway still to be sold, the remaining
part of which was valued at 20,0001. The engineer's
report was satisfactory, and the more so as he was a
gentleman in whom they could repose the greatest con-
fidence. His plans had been for some time delayed
from want of workmen, materials for the fittings of the
line, and in consequence of a slip which occurred in one
of the cuttings during the wet weather last autumn. A
good deal of trouble had been experienced! in making
arrangements with some landed proprietors, who had
offered land by no means desirable, and had shown great
ignorance in estimating the value of some kinds of ground.
Their Parliamentary expenses were put at 10,000/. It
would be impossible to say at present what the exact
cost of the line would be. Their line would still be
completed with double rails under 16,000/. per mile.
This was very cheap, considering the district through
which the line had to pass. The Taff Vale line, after
paying 23,0001. a mile, had given a dividend of 7/ per
cent.

In answer to a question put by Mr. DE WINTON,
The CHAIRMAN stated that the balance as notified in
the accounts was now laid out at interest at 1 per cent.
The report was then adopted.
The following gentlemen were re-elected directors :
Messrs. W. Benson, T. Brown, H. W. Blake, Richard
Moon, and Henry Tootal, in consequence of the unani-
mity existing between them and the Grewt North Western.
Some discussion then ensued as to making the audi-
tors appointment a permanent one, which terminated in
the re-election of Mr. Rogers.
The following motion was then put and carried :
"That the directors be authorised to exorcise the borrow-
ing powers of the company, under BthVict., c. 16, to the
extent of 44,0001., in addition to the sum of 200,0001.
authorised to be raised by a minute of a F•peciai general
meeting of the comp my held on the 30th of June last."
Thanks were voted to the chairman and directors,
after which the meeting broke up.