The Sun.
London, England, 1848-02-24 00:00:00

SOUTH WALES RAILWAY.

The sixth half-yearly general meeting of the share•
holders of this company was held yesterday, at the Pad•
dington station of the Great Western Railway; Mr. C,
Russell in the chair.

The SECRETARY (Mr. Armstrong) read the report of
the directors, of which the leading points were, that
during the late period of monetary pressure the board
had given their most careful attention to a prudent out-
lay of the funds at their disposal, so as to maintain their
engagements, and at the same time refrain from making
heavy calls upon the proprietors. They congratulated
the company upon their success to this extent,
that they had been able to meet all liabilities
without stoppage of the works in progress or delay
of the final completion of the line. The call payable in
July last furnished the means of such progress, and the
directors were enabled to postpone any further call until
January, and then they limited the demand to 31. per
cent. The engineer's report showed in detail the course
which had been adopted for these purposes, but, briefly,
the directors had thought it prudent to promote the
steady construction of the heaviest works, to the
east of Swansea, so that the line from Gloucester,
,in continuation of the Great Western Railway
should be finished at the earliest time. The works
between Swansea and Carmarthen, and even be-
yond Carmartheu,lhad proceeded, although somewhat
slowly, with such progress as the finances of the corn.
pany would justify. The directors were not unmindful
of the advantage which would accrue from the early
completion of the line, and the proprietors might rely
upon their keepting that object steadily in view, whilst
they felt it their duty to make the calls as little onerous
as possible, especially in times of commercial embar-
rassment. As the time limited by the Act of Incorpo-
ration for the construction of the line and the com-
pulsory powers for the purchase of land would expire
in August of: this year, a memorial, in the form
prescribed by the General Act of Parliament,
passed for the purpose of enabling railway companies
to extend the period fixed for the completion of their
works, had been presented to the Railway Commis-
sioners, praying to be allowed the privileges of the
general Act, and there was no doubt that the application
would be complied with. In pursuance of the assurance
given by the directors at the meetings in February and
August last year, application was being made to Parlia-
rarent this session for power to raise, during the con-
uction of the line,tho rate of interest, on calls paid
p, film to 4 pm. cent This was the solo object of
the novr in progress; and in justice to the reasonable
expectations of the proprietary, the directors would omit
no exertion to accomplish it.
The engineer's (Mr. Brunei's) report was also read.
It stated generally that circumstaces had concurred
materially to retard the progress of the works. Every
endeavour had been made to keep down the expenditure
with
equal
with the least possible derangement of the -
proportionate advance of the different portions; but in 9 a
line of such extent, and comprehending works of such
varied character, some parts would unavoidably be in
arrcar, and some would be completed before they could
be rendered available. Generally speaking, those
works upon which the most chance of contingencies
or unforeseen difficulties might be supposed, were pro-
ceeded with sufficiently to render their completion cer-
tain, and to remove any doubts of the Swansea Tunnel,
about one-third had been completed, and no new diffi•
culties or expenses could be anticipated. The Newport
Tunnel and the adjoining works were also nearly com-
pleted. The works between Chepstow and Cardiff were
tit a gate to In opened this yeas if desirable, tiad those