The Sun.
London, England, 1849-08-31 00:00:00

SOUTH WALES RAILWAY.

7,595

8,114

8,178

5,986

9,293
12,120
9,283
11,660

9,508

3,987

23,266

11,193

19,785

25,043

6,484

" After this period the company will be in the receipt
of a revenue up mu 75 miles of railway, and which, in
the opinion of tb.ose best informed, will be considerable,
although probably falling much short of that which w ill
be derived from the same portion of the line after the
completion of the, connecting link with Gloucester. With
the assistance, h owever, of this revenue, the directors
cannot entertain any doubt of the ability of the company
to raise, without difficulty, and without sacrifice, the
further sum of 10,0001. required for works, current
expenses, and in ti Test, without deductions for revenue,
to complete the iiine from Chepstow to Grange Court,
where it joins the Gloucester and Dean Forest Railway,
and thus effects tb.e junction at Gloucester with the Great
Western and Midland Railways.
" The total Mal which it is calculted will then have
been required to be paid, including all expenses and
liabilities upon t hie unfinished portion of the line and
Ithe subscriptions to other lines, up to the period of the
opening from Gloucester to Swansea, is 2,970,0001.
" It has been rJr eady stated, that upon a careful re-
vision of the esti► na tes, your directors feel confident that
the line to Fishgu.ar d can be completed, and the guarantee
of the Great W astern Railway Company brought into
operation, for a sum under the four millions. This is,
of course, exclui ;lye of the subscriptions to other lines
and certain other amounts, the interest upon which is
unquestionably g naranteed by the Great Western Rail-
way Company, o vox and above the four millions, after
the opening to Fis:hguard, although questions may have
arisen as to any g uarantee commencing, and as to the
payment of inter( Ist upon debentures by the Great Wes-
' tern Railway Col Bpany, prior to this period.
" The propriet ors will at once perceive that, pending
the settlement of these questions, the directors could not,
with due regard tc. 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 proprietors
that they have a ,dopted the safe side in framing these
estimates, and ha-.ve not assumed that their views only
are to be adopted.
" With respect -to the means of raising the required
capital, should the Great Western Railway Company
call upon the Sciuth Wales Company to complete the
line to Fisbgu ard, the proprietors will bear in
mind that, after the opening of the line from
Gloucester to Swansea, the . company will be in
possession of a line of ninety.four miles in length,
opening a direct ogommunication between the whole of
the mineral and r manufacturing districts of South Wales,
with the metropol in and the rest of England, to which it
will then afford tb.e only railway communication. With
the ample security -which the revenue to be derived there-
from must afford an til the commencement of the lease,
and with the gua.anteed rental from the Great Western
Railway Company. after that period, your directors can-
not suppose that a ny doubt will exist of the perfect prac-
ticability of obtaining the capital.
iDntu,e,bnllittniomcnaoyomfpbate:
Company, Woupnaedrteerrhfeeorxredis,
ttiwongeoxcbifsroecrrudle that it is the
sWtanieckesk, Wicklow, and
seek
powers from Parliament to limit their line to Wicklow,
and to make a corresponding reduction in their capital
by reducing their shares from 201. to 101. each, and-their
number in the pro portion of three to two ; and a com-
munication to this effect has been received from that
company. .As regards the other lines, on account of
which advances have been made, the Vale of Neath is
the only one in reap ect of which it is believed that any
further liability at tenches.
" Since the last half-yearly meeting, Mr. Russell has
sent in his resignation as Chairman of the Board of
Directors. Mr. Rtr ;sell has presided over the affairs of the
company from its commencement ; and his great expe-
rience in railway affairs, his high personal character,
together with his zealous and unremitting attention to
the affairs of the company, render the loss of his ser-
vices a matter of serious regret to his colleagues.
" Your directors are much gratified in stating that
Mr. Talbot, M.P., of Margam Park, the Lord .Lieute-
nant of Glamorgaiashire, has undertaken the duties of
the chair; and they cannot but congratulate the pro-
prietors on his accfsptance of the office. The great stake
Mr. Talbot holds in the company, and his intimate ac-
quaintance with the districts through which the line
passes, will be a sufficient guarantee for the faithful and
effective discharge of the duties of the office. They are
happy to add, that the appointment has given very
general satisfaction throughout the Principality ; and
they doubt not that it will be equally acceptable to the
shareholders.
" The least agreeable portion of the directors' duty, on
the present occasion, is that of having to report a defal-
cation of the late secretary, Mr. Armstrong, who has
absconded, and by which the company will be sufferers
to the extent of about 5,0001. The necessary steps have
been taken for his apprehension and prosecution.
" The directors have to recommend the proprietors to
confirm the forfeitture of 1,515 shares. The amount
already paid upon these shares is 16,6101. 10s., and
as there appeared to your directors to be no pro-
bability of recovering any further calls upon them,
they proceeded to forfeit them at a meeting of the
board, and a resolution will now be submitted to you for
confirming that forfeiture, in accordance with the pro-
visions of the Act of Parliament.

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

The CHAIRMAN, in. moving the adoption of the
report, adverted to the circumstances which had led
to the retirement of Mr. Russell, and then went on to
admit that he disapproved of the policy which had
hitherto been pursued by this company. He did not,
however, wish it to be understood that he imputed
blame to the directors. No doubt they had acted as

they thought best for the interest of the shareholders ;
but really he did find fault with the manner in which
they had made advances to other lines.—(Hear, hear.)
With regard to their future operations, he did not
think they would be justified in extending the line
beyond Swansea—(Hear, hear)—at least for the pre-
sent. Ultimately it might be extended to Fishguard,
but only under the circumstances that it could be
proved to their interest to do so ; or that the Great
Western would not carry their guarantee into effect
until the line had reached Fishguard.—(Hear,
hear.) Looking at their prospects, as far as
traffic was concerned, he did not anticipate

The ninth half-yearly meeting of the proprietors
of this company was held yesterday, 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
line 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 de-
signed 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
cpoomrteioninotfo
operationtheline, the guarantee
tgnuearoaonvotepeletbioeinngoftne permittedline t
too
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 discussed at great length, but hitherto with no
practical result; the Great Western directors not consi-
dering themselves jusified at present in recommending to
their shareholders any alteration of the existing
agreement.
" Gratifying as it would have been to your 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 conditions of the agreement, it appears to your
directors that the interests of this company will be best
consulted by poe tponing, till some more favourable op.
portunity, the farther 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 four 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 bo 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 ge,aeral expenses, which it is calculated
will have amounted at that time to 960,000/., inde•
pendently of our subscriptions to other lines, which may
be estimated at about 140,0001., 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 2,260,000/.
upon shares, afters all due allowance for arrears and un-
productive shares which have been, or must eventually be,
declared forfeited, leaving a comparatively small balance
to be raised upon debentures, of which about 100,000/.
are already issu ad.. Upon the means of easily reaching
this first stage 0.`.. our proceedings there can therefore be
no anxiety.

much difficulty would stand in the way of raising the
necessary capital to extend th- line to Fl=hgti,ir
for his part, believing as he did that their tr,iffie re-
turns would be equal to those of the Bristol and
Exeter, he would recommend that the extension
should be made as soon as the state of the money
market would admit of it.—(Hear, hear.) He
concluded by observing that his attention had
been directed to the pamphlet published by Mr.
Duncan, the solicitor of the Eastern Counties line, on
the subject of this railway. In this pamphlet certain
charges were made against the directors, and the only
answer which he could make to them was, that if the
shareholders were dissatisfied let them appoint a com-
mittee of investigation.—(Hear, hear.) But that ad
mission must be taken with this reservation, that
before such a committee some gentleman should be
selected to determine what the matters were that
should be investigated.-- (Hear, hear.)
Viscount VILLIERS seconded the motion for the
adoption of the report.
Mr. MAcriAGHTEN recommended that any addi-
tional capital should be raised by the issue of pre-
ferential shares.

Major COURT objected to the issue of preferential
shares, and observed that as Mr. Russell had resigned
because he felt that the time had arrived when the
interest of the two companies had become somewhat
antagonistic, it would be nothing more than an act of
decency if the other Great Western directors would
also resign.—(Hear, hear.)
Mr. DUNCAN disapproved altogether of the report.
Money could not be raised in the manner it proposed ;
and as it was quite evident the Great Western Com-
pany wanted to get rid of the guarantee of 5 per
cent., the best thing they could do would be to appoint
a committee of investigation, to ascertain the best
of arrivingsituation
testingth i s
the
point, which would place
power and willing-
ness of the Great Western to pay the guarantee. He,
therefore, moved an amendment to that effect.
After considerable discussion, the amendment was
put to the vote and carried.
modethem in a
The committee was then nominated.
Mr. DUNCAN then moved that the meeting do, at
its rising, adjourn to the first Tuesday in October.
Considerable opposition was made by some of the
directors to an adjournment of the meeting, but they
at last gave way, principally in consequence of Mr.
Duncan 's statement that unless an adjournment took
place he would not be able to make use of the proxies
in his possession ; and that it would be worse than
useless to call a special meeting when the proposed
adjournment would answer the object of the share.
holders.

The report of the directors was received, and its
consideration postponed to the adjourned meeting.
A vote of thanks was given to the Chairman, and
the meeting broke up after a sitting of upwards of
four hours.

DIRECT LONDON AND PORTS-
MOUTH RAILWAY.
The seventh half-yearly ordinary meeting of the
shareholders of this company was advertised to take
place yesterday at the London Tavern, for the purpose
of receiving the report of the directors, and to transact
the other business of the company. There not being
a sufficient number of shareholders present to consti-
tute a meeting at the hour appointed, the meeting was
adjourned sine die.
The following report was intended to be submitted
to the meeting had it been formed :
" The proprietors will have learnt with regret that the
construction of the line between Epsom and Leatherhead,
which is desired by the inhabitants of Leatherhead and
its vicinity, by the landowners, and by every member of
the company, with the single exception as the directors
believe of Mr. Cohen, has been for the peesent stopped
by the injunction of the Master of the Rolls.
" The directors have bcen unable to bring their motion
for a reversal of that order to a hearing, by reason of the
lamented illness of the Lord Chancellor. The appeal
therefore necessarily stands over until November.
Not content with the obstruction thin thrown in the
way of the company, Mr. Cohen subs'equently presented
a petition under the Joint Stock Companies Winding-up
Acts for the dissolution of the company, the hearing of
which, however, stands over until November; but as, by
an Act passed at the end of the last session, incorporated
railway companies are expressly declared not to be
within the provisions of the Winding-up Acts, this peti-
tion may be considered as disposed of, and must conse-
quently be dismissed.
"In addition to these vexatious proceedings, Mr.
David Salomons, the Chairman of the Reading, Guild-
ford, and Reigate Railway Company, and the near con-
nexion, as your directors are informed, of Mr. Cohen,
has recently placed a bill on the files of the Court of
Chancery against this company, conjointly with the
London, Brighton, and South Coast Railway Company,
praying so far as this company is concerned, that the
toll agreement entered into with the Brighton Company,
with respect to the Epsom and Loatherhead line, may be
declared illegal.
" However embarrassing these proceedings may tem-
porarily prove, your directors believe, that beyond delay
and legal expenditure, they will not affect the course
which would otherwise have been adopted, because your
directors, having been advised that the company could
neither abandon their railway, nor wind up its concerns,
nor reduce their capital and line within the desired limits,
without express Parliamentary sanction, had already
anticipated the necessity of some further application to the
Legislature; indeed in this view of the case it would
appear to the directors, that the course pursued by
Messrs. Cohen and Salomons would rather prove bene-
ficial than otherwise to the company, inasmuch as it
affords a convincing proof that some Legislative inter-
ference is expedient, either to relieve the company en-
tirely from its obligations, or to enable it to carry out
such portion of the undertaking as may be found desir-
able, without further delay from captious objections.
" Under the very peculiar circumstances in which the
company is placed, it is not advisable to enter upon these
questions at length, but the directors feel confident that,
with the support of the proprietors, they will be enabled
to defeat the object of their opponents, so that ultimately
some portion of the great labour which has been be-
stowed, and expense incurred, in the prosecution of this
drt
will
itbepro tanto rendered available to the
conveniencepublic, and to the profit of the Ports-
mouthun e ki undertaking, ,
the
proprietors.
" The financial position of the company is not mate-
rially altered since the last half-yearly account was sub-
mitted to the proprietors. It will be seen that the balance
in band is 26,4011. 17s. 4d., to this should be added the
calls due, and the value of certain surplus lands pur-
chased, and which under any circumstances will have
to be resold ; these together may be reckoned at about
20,0001., which added to the former sum would amount
in round figures, say to 47,0001., which was the fund
purposed to be expended in the construction of the line
between Epsom and Leatherhead. The proprietors will,
however, bear in mind that the funds at the command of
the company will be materially affected by the arrange-
ment with reference to the line between Epsom and
Leatherhead, because upon that question will depend in
a great measure the value of the outstanding calls; and
the proprietors will also remember that the money in
hand is subject to claims under contracts entered into for
the purchase of lands, which it is believed will absorb
the greater portion."
A most irregular discussion took place, no meeting
having been formed, which ended in no practical
result.
The SOLICITOR of the company stated that if the
arrangement that was proposed was carried out, the
probability would be that there would be a return of
21. 103. a share ; if it was not, the shareholders would
probably have nothing.