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

SAILWAY INTELLIGENCE.

SOUTH WALES
The eighteenth half-yearly meeting of the proprietors
of the South Wales Railway Company was held yester-
day, at the Paddington Station, Mr. C. R. M. Talbot
in the chair.
The following report was read by the Secretary :
" 1. The directors are enabled, with much satisfaction,
to report a steady and material increase in the traffic (lu-
ring the half-year ending the 30th of last June. The
revenue receipts during that period show an increase
of 1601. per mile over those of the corresponding period of
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. 4d. available for dividend is, therefore, subject to
any alteration which the result of this reference may ren-
der necessary.
3. The balance arising from revenue during the past
hail-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 24,066/. 7s. 4d.
This dividend will leave a reserve of 7,9451. 95., being
an increase of 1,5851. Os. 11d. upon that of the preceding
half-year.
" This state of things, the result of the working of the
least profitable half of 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-
_ .

- "5. The expenditure of capital, amounting, during the
half-year, to 146,641/. 11s. 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 en this account.
" 7. The works between Carmarthen and Haverfordwest,
a distance of about 30 miles, are proceeding rapidly
towards completion. 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 your directors can in-
form you that the Eastern Steam Navigation Company,
proposing in the first instance to trade to India, and the
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 Parliament the Milford
Haven Docks Company obtained an act for the construc-
tion of extensive docks at Pennar, 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 Pettnar 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 290,000/. 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 tha 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 100,000/. 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, payine, 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 in 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. ''flte-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 CHAIRMAN 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
perk:id of last year. (Hear, hear.) 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
ever receive. (Hear.) He had no doubt that when he
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 yid 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
that
why the article was not generally em-
ployed was,
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
of Great Britain in which that
coal was to obtained
was Pembrokeshire and Gla-
rnorganshire, and Before they would possess a mo.
world, ''llopoly of it over the w
had been in communicatitone:wirn-ith
offic(elirseaorithheeanra.)vyllone
this subject, who bore
to the great advan-
ta,ges of this coal in the Way oTlYcleanliness and other-
wise, and there could be no doubt that it would be
royal navy when-
adopted throughout the whole of the
to its use.
ever the engineers could accustom themselves
All the bills they had before Parliament havdb
out with therxception of the Pembroke branch, thrown
gave a reluctant assent to those bills, he could not hbe
expected to express much The diet
regrreetaotrs hadthis rdeosunlet.allTtliit yee
were self-defence bills.
could do in the way of self-defence, and now they must
submit to defeat, and leave to those parties who were
successful the loss which would accrue from their under!
ugh ) With regard to the For of
takings. (A la ,
Dean, the mineral produce there was Crown property,
and consisted, he believed, of the largest quantity of
coal to be found in any mineral basin of the sizeas in the
kingdom ; but, like all Crown property, it was o
managed than any
private property could be. (Hear,
hear. As a mineral proprietor he should be ashamed
to manage his property in the same way : and
the reason of this mismanagement was obvious
—the Commission of Woods and iForests was a
political body, going in and out with the Ministry,
and therefore it was impossible the property couldn be
thoroughly attended to. Now, he did not fee inclie
to benefit the Crown property at the expense l
of that
company. The Crown ought to bring the traffic to them,
and not ask them to be at the expense of doing so. He
had no hesitation in saying that if he had that property
he could save to the community hundreds of thousands
per annum by better management. In conclusion, he
might say, generally, that their company was in a most
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
Major COURT complained that it was impossible to judge
of the report from the short time which had elapsed since
it came into their hands, and proposedl that it should
stand over till the next half
part of it w-yli9Ji yr;fneeting, with the
exception of that
to the divi-
dend. Ultimately the proposal was referred
n, and the
motion for receiving the report was agreed withdrawn,
Mr. RIDGWAY pointed out the advantages to,
Mil-
ford Haven possessed over Southampton, Liverpeehl Mil-
other ports with regard to communication with America.
On the motion of the Chairman a dividend of 2 per
cent. per annum was declared, and
The meeting then separated,

WEST LONDON.
The half-yearly meeting of this company was held
yesterday at the London Tavern, Mr. S. Bird in the
chair.
The report stated that the directors, having so recently
reported to the proprietors at their special meeting the
details of the arrangement made with the London and
North- Western Railway Company, had now only to con-
gratulate the proprietors upon the position of affairs,
and to assure them that no effort would be spared on
their part to accomplish a finally satisfactory result.
During the half-year there had been an increase in the
total traffic on the canal of 862 tons, but there had been
a decrease in the traffic to the railway of 410 tons, and
from the railway of 40 tons. The capital account showed
that 296,5761. had been received, including 5071. during
the half-year. The disbursements amounted to 294,0211.
The assets of the company were nil, except the costs re-
lating to the litigation with the London and North-West-
ern Railway Company ; and by the terms of arrange-
ment entered into with the directors of that company all
questions as to costs incurred in the actions between the
two companies, and the costs of the proposed reference
and award, were to be settled by the arbitrators. The
assets were—cash in hand, 1,7301. ; canal tolls outstand-
ing, 4331. ; amount due from private individuals, 825/. ;
due from North-Western Company, "as alleged by that
company," 446/. ; and various other claims for surplus
land, &c., the value of which is not yet ascertained.
The report was adopted, and the proceedings termi-
nated with a vote of thanks to the chairman and the
board of directors.

yDeslteßrdEaCyTthLeolrthOhNalfA.yNeaDdyPmoeßetTinSgMoOfUthTiHs .com-
pany was held at the London. Tavern—Mr. W. A.
Wilkinson, M.P., in the
r.
The report
stated that since the last meeting the act
for incorporating the Portsmouth Railway Company had
passed. The line selected by that company began at
Godalming and terminated at Havant, between which
places it was almost identically the same as that granted
to this company in 1846. The promoters endeavoured
to obtain from the Legislature powers to wind up the
affairs of this company, but these powers the committee
of the House of Commons refused to insert in their act.
The session had therefore passed without relief to this
company. The solicitors had intimated that the sum
received for arrears of calls represented the greater
portion of the amount they thought recoverable. No
new claim had been made on the undertaking during
the last six months. One of the claims then pending
had been compromised for a moderate sum. The two
other claims in litigation had both been proceeded
with. That of Mr. Webb, in which the Lords Justices
decided in favour of the company, the plaintiff had car-
ried by appeal to the House of Lords, where it must be
eventually decided, but that decision might not be given
for some months. The other claims would probably not
be decided for a still longer period. Until they were
adjudicated or arranged, the directors did not think it
expedient that any course should be pursued. Should,
however, any circumstance arise before the next meeting
to render it necesssary, the proprietors would be called
together and consulted. Mr. S. Laing and Sir R. W.
Carden retired from office, but were re-eligible as direc-
tors. The receipts for the half-year to the 30th of June
last amounted to 1,3261., and the disbursements to
1,3591. The total receipts from the commencement
amounted to 149,0541., and the disbursements to
122,0551., leaving a balance in hand of 26,9991.
The CHAIRMAN said, all they could now do was to
wait patiently until next session to get powers to wind-
up and settle and divide the surplus, and it was not
likely there would be any other claims against the com-
pany than those stated in the report.