The Sun.
London, England, 1854-08-18 00:00:00

tors for expenditure upon new stations and extensions of
the_ present accommodation at Bristol, Box. Swindoi,
Stonehouse, and some -minor stations, 25,0 CW. ; and for
additional house aeconimodatiotaat New Swindon, 5,0001.;
at the Paddington station a further vote will be necessary
of 50,000/. towards tho works still in progress."
An abstract of the accounts and circular appended
thereto appeared on Monday.
The CHAIRMAN then moved a resolution, to the effect
that the report and statement of accounts be received
and adopted.
Major COURT proposed an amendment, to the effect
that the report be not adopted. He'underatood that it
was agreed at the last meeting that the report of the di-
rectors should be circulated among. the proprietors a
week prior to the half-yearly meeting. He had not had
time to read the report, and he had no doubt other
shareholders had felt the inconvenience. He therefore
called upon the proprietors to do justice to themselves,
and adjourn the meeting for a week or a fortnight to
consider the report.
A. PROPRIETOR said the question had been discussed
over and over again, and it had been considered as im-
practicable.
Mr. PLOWDEN seconded the amendment. He did not
intend to oppose the dividend to the Shrewsbury Cam_
panies, but he thought the proprietors ought to pause
before they agreed to sanction the outlay of 80,0001.
mentioned in the engineer's report.
Mr. NICHOLSON expressed his strong approval of the
report. He had generally opposed the directors when
he did not approve of what they proposed. He thought,
however, that they had acted with great prudence and
discretion in respect to the amalgamation bill. They
did perfectly right not to risk the bill by insisting on
the insertion of clauses which might have caused its
rejection. He hoped that the shareholders would
strictly adhere to the principle of paying the dividend
out of the earnings of the line. The question of compe-
tition was so far settled with regard to the Shrewsbury
line that it must be either peace or war with the London
and North-Western. They could not allow things to go
on as. they had for several years past.
The CHAIRMAN, in reply to Mr. Davies, said that, so
far from it being understood that the report was to be
circulated among the proprietors prior to the meeting,
the shareholders at the last half-yearly meeting had ex-
pressed themselves adverse to it. There were practical
objections to that course, particularly on the present
occasion, as they had found it quite impossible to get
through the work at the board in time to circulate the
report earlier than the day before the meeting. The
circular sent with the accounts on Saturday last con-
veyed to the proprietors information on all the important
points they had to consider that day. No advantage
could be gained by an adjournment.

The Secretary, in reply to a question, stated that all
the known liabilities against revenue bad been charged
during the past half year. The lawyer's bills, as had been
stated at the last meeting, amounted to about 35,0001.,
and in the present revenue account 2,5001. was charged
to revenue, and a similar amount would be charged
against the next half-year's revenue to the same amount,
so that from 5,0001. to 6,0001. a-year would be charged
to revenue until the whole was liquidated.
One of the auditors stated that the amount of law and
Parliamentary expenses during the past five ye irs
amounted to 122,0001., part of which was charged to
revenue and part to capital.
Major COURT remarked, that the accounts did not
show the amount expended every half-year, and there-
fore they did not know how they were getting on with
their expenditure or capital account. The estimate of
the committee of investigation had been far exceeded, in
one case to the extent of 1,100,0001. He wished to
know when their capital account would be closed ?
The CHAIRMAN said, when the lines were completed,
he supposed they would know the extent of their outlay.
Mr. GORE, of Bath, and other shareholders, strongly
recommended the payment of dividend to the Shrews-
bury Companies out of the revenue of the Great Western
Company until the traffic on those lines should be suffi-
cient for that purpose.

Mr. MALINS said it was his intention to propose the
appointment of a committee of shareholders with a view

to investigate the affairs of the company for the purpose
of putting an end to the expensive contests that had so
long existed ; but, not being able to carry his motion
for the appointment of a committee at the London and
North-Western meeting recently held, he did not think
it would be of any use to bring forward his motion for
the appointment of a committee on the present occasion.
He was anxious to save railway property fr3m further
depreciation, and he thought much good might be done
by influential shareholders exerting themselves to put an
end to those unseemly and expensive contests which had
already seriously injured the property of railway com-
panies. He considered that the charges in general of
the railway companies were too low to be remunerative.
After some suggestions as to the reduction of the
charges for small parcels on the line, and ethers for the
appointment of a traffic manager to develope the re-
sources of the line,
Mr. SAUNDERS explained that everything had been
done and was being done to accommodate the public
and develope the traffic.

Resolutions were passed adopting the report, declaring
a dividend for the half-year at the rate of SI per cent.
per annum on the consolidated stock of the company,
and the amount paid on the Windsor shares, and autho-
rising the outlay mentioned in the engineer's report.
The CIIAIR3IAN then proposed two alternative propo-
sitions—one for the continuance of the payment of the
dividend to the Shrewsbury lines out of the Great
Western revenue, until the net revenue on those lines
be sufficient to liquidate the guaranteed dividend, and
the other for purchasing the shares of those companies
on certain conditions ; but the feeling of the meeting
being unanimously in favour of paying the liabilities in
respect to the Shrewsbury lines out of the current
revenue of the Great Western Company, the former
proposition was unanimously adopted.
The proceedings concluded with a cordial vote of
thanks to the chairman and directors.

TAFF VALE.
The half-yearly meeting of this company wag held
yesterday at Bristol ; Mr. J. Poole in the chair.
The report stated that the balance of accounts allowed
the directors to declare a dividend at the rate of 71 per
cent. per annum on the stock of the company for the
half-year, payable on the 6th of September next, with a
dividend in the same proportion on the preference stock
No. 1, and on the amount called up on the 10/. shares.
The urgency of further dock room is still most se-
riously felt at Cardiff. The new dock constructing by
the trustees of the Marquis of Bute is, however, ap-
proaching completion. When completed it is hoped
that ample accommodation for the increasing traffic will
be.found to exist.

From the revenue account to the 30th of June last it
appeared that the receipts amountedto 83,0551., and the
expenditure to 60,1561., leaving a balance (with 2,401/,
from last half-year's account) of 22,8981.
The CILLIRMAN, in moving the adoption of the report,
congratulated the proprietors on the satisfactory posi-
tion of the affairs. The company afforded freighters
every facility in their power, and he believed, on the
whole, their line was still ono of the most economical in
the kingdom. (Hear, hear.)
After some observations in respect to the construction
of the Rhonda branches, resolutions were passed adopt-
ing the report, electing Lord J. Stewart a director in
the room of Mr. W. Coffin, resigned, and re-electing the
retiring directors.
The proceedings concluded with a vote of thanks to
the chairman.

The meeting of the Taff Vale Waggon Company was
then held, and the report stated that the first lease to
the railway company was now being engrossed for 900
waggons, at the value of 37,500/. The second lease for
the like amount would be completed immediately after
payment of the call of 1/. per share in October next.

LONDON AND BLACKWALL:
It appears that a dividend for the half-year ending the
30th of June last will be at the rate of 3s. 3d. per share,
clear of income tax.