The Sun.
London, England, 1849-08-30 00:00:00

rtirt Ebetttoll
EGHAM RACES.

(THIS DAY.)-BY EXPRESS.

The Amateur Stakes.

Spectator ... ... ... ... ...
Cosachia ... ... ...
Sir Peter Laurie ... ••• ...
Lady Frances ... ... ... ...
The Surrey and Middlesex Stakes.

Gardenia
Landgravi

SOUTH WALES RAILWAY.
(THIS DAY.) _

The ninth half-yearly meeting of the proprietors
of this company was held this afternoon, at the Great
Western Railway Station, Paddington'; C. R. M.
Talbot, Esq., M.P., Chairman of the Board of Di-
rectors, in the chair.
The following was the report of the directors :
" Since the half-yearly meeting in February last the
exertions of the directors have been sedulously directed
to the completion and opening of that portion of the
lice whch lies between Swansea and Chepstow, from
which they have considered it reasonable to expect a
large amount of traffic ; the available means of the com-
pany have, therefore, been chiefly devoted to this por-
tion; and they confidently hope that it may be completed
and ready for traffic early in the ensuing year.
" On this point, as well as on the state of the works
generally, the report of Mr. Brunel, the engineer, which
is subjoined, enters so fully into detail, that it will only
be requisite for the directors to refer to the report itself.
" The borrowing powers of the company have been
for some time in operation, but the existing state of rail-
way affairs, in reference to the facility of raising money
on debenture, has rendered it difficult for those com-
panies of which the works are unfinished to avail them-
selves of these powers to any great extent ; hence the
calls on the proprietors have been made with a degree
of rapidity which the directors would willingly have
avoided, had it been practicable ; seeing, however, the
paramount importance of getting some portion of the
line into operation, they trust that the policy they have
pursued will, under the circumstances, be deemed sound
and judicious.
"The question of the agreement for guarantee with
the Great Western Company, has been one of much
anxious deliberation with the directors. It must be borne
in mind by the shareholders, that the Great Western
Company contend that this guarantee will not come into
operation until the completion of the line to Fishguard.
Under the altered prospects of those lines in Ireland
with which the portion of the South Wales Railway
from Swansea or Carmarthen was more especially des
tiened to work, and the little probability that exists of
their being proceeded with very rapidly—the completion
of the Fishguard portion at present appears so mani-
festly impolitic, with regard to the interests of both the
Great Western and this company, that your directors
consider they were justified in entertaining the expec-
tation that some arrangement might have been made
with the Great Western Company for suspending this
portion of the line, the guarantee being permitted to
come into operation on the completion of the line to
Swansea. They regret to say this expectation has been
disappointed. Several interviews have been! held with
the Great Western directors, at which the point has
been di- cussed at great length, but hitherto with no
practical ;emit; the Great Western directors not consi-
derieg themselves jusifif d at present in recomtnendieg to
their shareholders any alteration of the existing
agreement.
Gratifying as it would have been to you: directors
to have seen such an arrangement as the above carried
out, and advantageous as they doubt not it would have
been to the interests of both companies, yet, under the
expressed disinclination of the Great Western directors
to admit any modification of the view taken by them of
the conditioes of the agreement, it appears to your
directors that the interests of this company will be best
consulted by postponing, till some more favourable op
portueiry, the further discussion of this grave question.
" Under these circumstances, your directors consider
it the best policy to keep steadily in view the eventual
completion of the line to Fishguard, which they have
the satisfaction to state they confidently expect may be
completed. and the guarantee brought into operation for
a sum within the fuur millions.
" Upon a careful revision of the calculations of the
amounts paid and still to be paid, upon land, works, per-
manent way, and stations, the total cost of the portion of
the line between Chepstow and Swansea, a distance of
75 miles, may be safely estimated at about 1,560,0001.
To this sum are to be added the amounts which may
have to be expended upon other portions of the line up
to the period of this opening, the preliminary ex-
penditure of the company, and the charges for in-
terest and general expenses, which it is calculated
will have amounted at that time to 960,0001., inde•
pendently of our subscriptions to other lines, which may
be estimated at about 140,000/., making a total sum of
2,660,0001 To meet this expenditure, the whole of
which will not, however, in all probability, have to be
paid for several months after the opening of the line,
the company may calculate upon receiving 2,260,0001:
upon shares, after all due allowance for arrears and un-
productive sh..res which have been, or must eventually be,
declared forfeited, leaving a comparatively small balance
to be raised upon debentures, of which about 100,0001.
are already issued. Upon the means of easily reaching
this first stage of our proceedings there can therefore be
no anxiety.
" After this period the company will be in the receipt
of a revenue upon 75 miles of railway, and which, in
the opinion of those best informed, will be considerable,
although probably falling much short of that which will
be derived from the same portion of the line after the
completion of the connecting link with Gloucester. With
the assistance, however, of this revenue, the directors
eannot entertain any doubt of the ability of the company
to raise, without difficulty, and without sacrifice, the
further sum of 310,0001. required for works, curreat
expenses, and interest, without deductions for revenue,
to complete the line from Chepstow to Grange Court,
where it joins the Gloucester and Dean Forest Railway,
and thus effects the junction at Gloucester with the Great
Western and Midland Railways.
" The total sum which it is calculted will then have
been required to be paid, includinz all expenses and
liabilities upon the unfinished portion of the line and
the subscriptions to other lines, up to the period of the
opening from Gloucester to Swansea, is 2,970,000/.
" It has been already stated, that upon a careful re-
vision of the estimates, your directors feel confident that
the line to Fisliguard can be completed, and the guarantee
of the Great Western Railway Company; brought into
operation, for a!sum under the four millions. This is,
•f course, exclusive of the subscriptions to other lines
and certain other amounts, the interest upon which is
unquestionably guaranteed by the Great Western Rail-
way Compsey, over and above the four millions, after
the 1 peeing to Fishguard, although questions may have
arisen as to any guarantee commencing, and as to the
payment of interest upon debentures by the Great Wes-
tern Railway Company, prior to this period.
" The proprietors will at once perceive that, pending
the settlement of these questions, the directors could not,
with due regard to the interests of the company, state
specifically the details of these calculations, and the
particular amounts which they admit to be included in
the four millions; but they can assure the proprietor.
that they hive adopted the safe side in framing these
estimates, and have not assumed that their views only
are to be adopted.
With respect to the means of raising the required
capitol, should the Great Western Railway Company
call upon the South Wales Company to complete the
line to Fishguard, the proprietors will bear in
mind that, att. r the opening of the line from
Gleute ster to Swansee, the company will be in
poss,bion of a line of ninety-four miles in length,
opeuiee a direct communisation between the whole of
the mineral and manufacturing districts of South Wales,
wi.h he metrotelis and the rest of England, to which it
wid then aft,rd the only railway communication. With
the ample security which the revenue to be derived there •
from must afford until the commencement of the lease,
and atth the guaranteed rental from the Great Western.
Railway Company, after that period, your directors can-
not suppose that any doubt will exist of the perfect prac-
t.e:.,bility of obtaining the capital.
"It may be proper here to observe that it is the
i,0..10i0n of the Waterford, Wexford, Wicklow, and
Dublin Company, under existing circumstances, to seek
p.) era from Parliament to limit their line to Wicklow,
and to make a corresponding reduction in their capital
by re ducieg their shares from 201. to la. each, and their
numb r in the proportion of three to two ; and a coin-
m :niention to this effect has been received from that

cumi.any. As regards the of ter lines, on account of
which advanccs have been made, the Vale of Neath is
the wily one in respect of which it is believed that any
Jun her liability attaches.
" Since the last halt-yearly meeting, Mr. Russell has
icrit in li!s re,ignation as Chairman of the Board of
Ilr.Rtnise!l has presided over the affairs of the

company from its commencement ; and his great expe-
rience in rail Nay affairs, his high personal character,
together with his zealous and unremitting attention to
the, affairs or the company, render the loss of his ser-
vic.s a matter of scrious regret to his colleagues.
" Your directors are much gratified in stating that
Mr. Talbot, M.P., of Margam Park, the Lord Lieute-
n,mt of Glarnorganshire, has undertaken the duties of
th, chair; and they cannot but congratulate the pro-
prietors on his acceptance of the office. The great stake
_Or. Talbot bids iu the company, and his intimate ae-
quairtat,ec %itb the districts through which the line
pti,Sf“, willbe a teffhient guarantt e for the faithful and
cave discharge of the duties of the office.
hirrfry (0 ed that the appointment g
has The are
iven very
,ali4:tction through (out the Principality ; arid
e e
doubt not that it will be Equally acceptable to the
ah tr: holtle7s. _ _

.f°
+' Che least agreeable portion of the directors' duty, n
the present. ( eci,T.kn, is that of havii:g to report a cte
ea of :he Lye secretary, Mr. Armstrorg, who :1a:
Lb,c nderf, bri,l by e Mill the c:,wpany will be sufferers
to tf.;.• ent of sh. uc 5,000/. The necessary steps have
been taken for his apprehension and prosecution.
" e directtori.z hz.ve to recoil:it-n(4ld the proprietors to
coi,f;rm th;-forfc-i!turP of 1,513 shares. The amount
alr. e-viy paid upon these shares is 16,6101. 10s., and
aY there appeared to your dirictors to be no pro-
bility r,,covi.ritig any further calls upon them,
Cee y proe,vded to forfeit them at a meeting of the
boLrd, and a resolution will now be submitted to you for
cot firming that forfeiture, in accordance with the pro-
vis'ons of the Act of Parliament.

"The usual statement of EceOunts has already been
circulated among the proprietors."

The report stated-the tolls and rent received for the
half year ending the 31st July last, amount to the
sum of 3,304/. 2s. 11d., showing a surplus of 2331.
Ils. 10d. over the receipts of the corresponding period
of the previous year. The net receipts, after dis-
charging the current expenditure, would provide for a
dividend at the rate of three per cent. per annum, or
7s. 6d. on eaeh original share, and a proportionate
sum on each eighth share in the company, free of
income tax. The amount of liabilities for the half
year were 2,0431. 12s. 2d., and the receipts being
3,3041. 2s. 11d., the balance available for dividend was
1,2601. 9s. 9d. The directors had the pleasure of
stating that the Bill in Parliament, approved of by the
special general meeting cf the 27th February
last, has passed into a law. By this Act power
is given to form a much better approach from
_he York-road than that authorised by the former
Act, and to borrow, on the security of the under-
taking, a sum amply sufficient for all the purposes of
the Act. The action mentioned in the last report of
the directors as having been brought against the
company, by Jackson and others, had since been re-
ferred for the decision of the Judges of the Court of
Queen's Bench, on a special case, and there is reason
to believe that their decision will be obtained
previously to the next half-yearly general
meting. Mr. Tyrrell having resigned his seat
at the hoard, the directors had elected Mr.
Muriel in his stead, cshich would render it ne-
cessary to elect another auditor, in the place of Mr.
A
uri(l. Mr. Hawes and Mr. Blunt, retiring from
the direction. in rotation, being eligible, offeredh them-
selves for re-election. Mr. Sutton,d auditors,
himselftrs
retiring
r ingretiring, in rotation, did notoffer
re-
election. Mr. Farish, one of the
by rotation, being eligible, offered himself for re-
election,
Mr. TYRREL, in explaining the reason of his re.
tiring from the board, stated that certain serious
charges had been made against Mr. Lawrence, the
clerk of the company, which he thought, if proved,
ought to cause his dismissal. Several meetings of

the board had been held to inquire into them, and a
resolution of confidence in Mr. Lawrence was ulti-
mately passed, and as he could not agree in that
resolution, his only course was to retire from the
office of director.

In reply to a question,
Mr. LAWRENCE stated that in consideration of his
long services the directors had allotted him sore_e
shares, upon a portion of which he had paid the calls,
and the 2001. which appeared in the accounts had
been advanced to bim to pay the remainder.
The CHAIRMAN said the company held Mr. Law-
rence's bill for 2001.

After some observations with reference to the ac-
counts, a desultory diseussion arose relative to Mr.
Lawrence, in the course of which the chairman inti-
mated that the directors had made the most searching
inquiry into his conduct, and bad come to a resolution
that there was not the slightest stigma upon his cha-
racter. One shareholder (Mr. Stutely) having observed
that the opponents of Mr. Lawrence had an ulterior
object in view, the indignation of Mr. Elkins waz
aroused, who flung the insinuation in his face, and
dared him to repeat it in another place, but what
place he did not mention. These two elderly gen-
tlemen became so warm and excited that, but for the
interference of the chairman and several of the direc-
tors, the affair would have ended upon the very spot
in a direct collision.

The report was then received and adopted.
The CHAIRMAN moved "that a dividend of 7s. 6d.
a share on the original shares, and interest at the
rate of 3 per cent. per annum on the Bth shares, be
payable for the half-year ending the 31st of July
last; and that the sum be paid at the company s
office on and after Monday, Sept 10, next, between
the hours of eleven and three, until the 21st proximo,
then on Tuesdays and Fridays, at the same hours."
Mr. TODD seconded it.
Mr. TYRREL moved a direct amendment, stating
that it would be the height of imprudence to pay a
dividend when the debts of the company remained
unsatisfied, and recommended that they should defer
declaring a dividend for two or three years, by which
time the property would come round again.
Mr. TURNER seconded the amendment, but, after
considerable discussion, it was negatived on a division
by a large majority, and the original motion la as
carried.
The re-election of Mr. W. Hawes, a director, who
retired by rotation, was then proposed. The motion
was met by an amendment for the election of Mr.
Turner, but it was ultimately negatived. Mr. Elkins
demanded a poll ; but, upon the solicitation of the
meeting, withdrew his demand, and Mr. Hawes was
accordingly elected.
Mr. Blunt, who also went out by rotation, was
next re-elected.

Mr. John George Perry was elected in the place of
Mr. Sutton, who retired from the board.
Mr. Parish, auditor, was re-elected ; and Mr.
Turner was re-elected in the place of Mr. Muriel,
the auditor who had been appointed director.
Mr. FEW moved, seconded by Mr. ELKINS, that
3001. be given to the directors for their services
during the past year.
The motion was carried unanimously.
A vote of thanks was then passed to the chairman,
and the meeting separated.