The Sun.
London, England, 1853-02-21 00:00:00

DEAN AND DEAN FOREST.

The half-yearly meeting of this company was held at
Gloucester on Saturday—Mr. S. Baker in the chair.
The report of the directors stated that the whole of the
share capital of the company had been raised, and that a
very small portion remained unexpended. The outlay at
the Gloucester station had been large, but it had greatly
increased the public accommodation and facilitated the
traffic. This expenditure had exhausted the company's
share fund, and had left the works on the dock branch
at Gloucester to be completed by the Great Western
Company, in whose hands they might be safely left with
the fullest confidence of their being carried out with effi-
ciency, and with regard to the best interests of the port
of Gloucester. The sum of 25,0001., needed to meet
the company's subscription to the Hereford, Ross, and
Gloucester Railway, had been raised upon debentures at
4 per cent. per annum. One half of the amount had
been paid to that undertaking, and the directors had
taken steps to make the remaining half productive of
interest during the interval until it should be required
to liquidate future calls. The share capital having been
expended, the half-yearly payments to shareholders
would take the shape of dividends, and not of interest.
The rent received from the Great Western Company,
under the lease of the line, would form the source of
dividend, subject to deduction for the management of
Tahned irne teeeri
pe st ta of
from
thein
callsd eb eannt
du r ed
edheebnt t
narnede
he company,income-tax.
were 279,0951., and the payments left a balance at the
company's banker's of 13,0781.
ntthe.e mere adoption
of The
rperpoocrete da inndg
eenetn ofifh ae dc
c ot ue
sstwateerme

VALE OF NEATH.
The half-yearly meeting of this company was held on
Saturday, at Cardiff, Viscount Villiers in the chair.
The Secretary (Mr. J. Williams) read the report,
which explained that out of 3,115 shares forfeited 2,038
had been disposed of on satisfactory terms, leaving at
the last meeting 1,077 in hand. Of these 280 had been
disposed of under special and advantageous circum-
stances realising the full amount of arrears due upon
them, and the others would be disposed of as opportti•

I
nity occurred. The financial affairs of the company were
never in a more satisfactory state than at the present
moment. The revenue account showed an increase of
about 59 per cent. on the gross receipts,' and a decrease
of 19 per cent. on the working expenses, as compared
with those of the previous half-year. The increase of
traffic is the mere satisfactory, as the more important
portion of the line is yet uncompleted, while the mineral
traffic is still undeveloped. The credit balance shown
by the general revenue account justifies the directors in
recommending a dividend of 1/ per cent. per annum to
be declared on the profits of the past half-year. Two
ironworks in the. Vale of Neath, which had been sus-
pended for some years, had been reopened, and one of
them had been taken by one of the largest iron firms in
the kingdom, in connection with the Aberdare Iron-
works, already an important feeder to the line. The open-
ing in October last of the South Wales extension to Car-
marthen had already tended to improve the traffic, though
the full advantage of, direct railway communication
between the Welch iron districts and the country west
of Swansea cannot be experienced until after the open-
ing of this line to Merthyr. Considerable accession of
traffic was expected from the establishment of an im-
portant steam navigation company at Milfordhaven.
Two directors, Messrs. Morgan and Vaughan, and Mr.
Wayne, auditor, retired by rotation, but were eligible
for re-election.
Mr. Brunel's report stated that the entire line would
be ready for opening early in the summer.
The accounts showed that the receipts on account of
capital had amounted to the sum of 538,6041., and the
half-year's revenue had produced 8,4921.
The CHAIRMAN said, the dividend which the directors
proposed to declare of 1 per cent. had been fairly and
justly earned ' upon the half-year, leaving undisturbed
the balance of 1,0001. which had been left over at the
last half-yearly meeting. As to the general statement
of accounts, they would see that great care had been
taken in the expenditure, the working expenses having
been reduced 19 per cent. in the last half-year alone.
He reminded the proprietors that two years ago only
14,000 shares had been paid up ; the number of shares
now in the hands of responsible parties was 24,000.
(Cheers.) He trusted this state of things would be re-
garded as satisfactory,. and that the proprietors would
give the board of directors credit for having discharged
their trust faithfillly. (Cheers.) As to the future pro-
gress of the works, they were in hopes now of a speedy
completion of them. They were aware that in conse-
quence of the extraordinary rains and floods the progress
of the works had been considerably impeded. He con-
cluded by moving the adoption of the report.
The motion having been seconded was carried unani-
mously. .
The CHAIRMAN then moved that a dividend at the
rate of 1/ per cent. should be paid.
Mr. H. A. BRUCE, M,P., seconded this resolution.

A short discussion followed, the proprietors appearing
generally satisfied with the prospects of the concern, and
at receiving a dividend before its resources were half
developed. '
Other formal resolutions were adopted, the retiring
directors and auditors were re elected, and the proceed-
ings terminated.

EAST AND WEST INDIA DOCK AND
BIRMINGHAM JUNCTION.

On Saturday the half-yearly meeting of the proprietors
was held at the Euston Terminus ; Mr. J. Suitt in the
chair. The report showed that the gross receipts from
traffic during the last half-year amounted to 37,663/. 55.,
and the expenditure to 22,1351. 10s. 10d. ; leaving,
after adding the surplus of 121. 18s. 4d. from the pre-
vious half-year's accounts, a total net receipt of 15,540/.
12s. 6d. ; from which, deducting interest on debentures
(5,1361. 18s. Bd.), there remained a balance available for
dividend of 10,4031. 13s. 10d. This sum world admit
of a payment of 15s. a share, and leave 653/. 13s. 10d.
to be carried forward to the credit of the next half-
year's account. The directors recommended a divi-
dend at that rate. The. Chairman, in moving the
adoption of the report, congratulated the meeting on
the progressive increase of th; traffic, observing that the
number of passengers in, excess of the corresponding
half year of 1851 was 135,558, making an addition to
the receipts of 1,8451. 2s. 9d. He also remarked, that
in the first seven weeks of the current half-year there
had been a comparative increase of nearly 9501., or
about 16 per cent. The goods traffio was gradually de-
veloping itself, and a very great accession might be an-
ticipated, which would now be aided by the completion
of the communication with Haydon-square. In reply to
a question, the chairman stated that the company had
no financial interest in the Woodford scheme, though
the directors hoped that, if carried out, it would benefit
the line. The report was adopted unanimously ; the
dividend recommended, which is at the rate of 3 per
cent., was declared ; and, after re-electing the retiring
directors, and passing a tote of thanks to the chairman
and his co-directors, the meeting separated.