The Sun.
London, England, 1846-02-26 00:00:00

SOUTH WALES RAILWAY.

The second half-yearly meeting of the proprietors of this
Company was held at one o'clock yesterday, at the Great
Western Railway Station, Paddington. Charles Busse
Esq., M.P., in the chair.
The advertisement convening the meeting having been
read, and the seal of the Company affixed to the register of
proprietors,
The CHAIRMAN proceeded to address the meeting. He
said, when the directors had the pleasure of meeting
the proprietors in the month of November the Company
had just passed through that feverish and unhealthy
state of railway speculation in which so many futile projects
had their origin. It was then impossible for them to foresee
how many of these projects would arrive at a state of matu-
rity so as to affect that Company. They had since ascer-
tained that upwards of 46 schemes were projected in the prin-
cipality of Wales alone, a district through which they would
remember they had the greatest difficulty, at no distant
period, of carrying their line, although it was projected to
pass through the very heart of the mineral and manufacturing
districts of the country. Out of these schemes only 15 had
survived to undergo the test of a Parliamentary investigation,
and several of them would be unquestionably beneficial to
the South Wales Company. At the last meeting the Com-
pany agreed to support some of these lines; they now sug-
gested that they should give their assistance to a line from
Sandford to Tenby, which was projected by the independent
Company. It was obviously to their interest to support this
line, as it would facilitate intercourse with the south of Ire-
land, particularly towards Wexford ; and as it could not fail
to bring a great accession of traffic to their line ; for the
same reason, it would be to their interest to support the Wa-
terford, Wexford, and Dublin, and the Cork and
Waterford Railways. For the improvement of their
lines, it was necessary to seek the sanction of Par-
liament for the branches and deviations enumerated
in the report. But the most important feature in the Bills
which they bad introduced into Parliament was the applica-
tion for power to complete their line of railway from Chep-
stow to Standish, including the passage of the Severn. The
object of crossing that river was now under the consideration
of the Admiralty, and it would therefore be advisable not to
discuss the matter at that meeting.—(Hear.) Gentlemen,
(be proceeded) we have encountered an unexpected obstacle
—an obstacle, however, which cannot long be permitted to
form an obstruction to our proceedings. I allude to the
report which has been presented to the Government by
the Gauge Commissioners, in which they recommended that
the four feet eight inches and a half, or narrow gauge, should
be declared by the Legislature to be the gauge which shall
be adopted on all the railways now under course of construc-
tion, and hereafter to be constructed in Great Britain. The
directors have intentionally avoided all allusion to this ob-
ject in their report. The question is too grave and too
deeply affects the most important private interests, and the
largest public principles, to be discussed in warmth or in
haste, and the directors do not, therefore, think it quite
ripe for discussion. For the same reason I shall abstain from
making any observations on the question. I could not, in-
deed, venture to embrace in the compass of a short
address to the proprietors a subject of such magnitude and
such importance. It will, however, be the duty of the direc-
tors to enter into a full, calm, and dispassionate review of all
the facts and all the reasonings which have been adduced,
either in the report of the Commissioners in the evidence which_
was given before them, or in the experiments which they
witnessed. Gentlemen, I had always a positive assurance—
an assurance which has been confirmed by the discussion
which took place in the House of Lords last night
—that the Government and the Legislature would
not allow the investigation and consideration of
the subject to terminate with the report of the
Commissioners. I was satisfied that they must themselves
give to that report the fullest and completest consideration ;
and if such a consideration be given to it, I for one cannot
entertain a shadow of a doubt that they must reject the
unfair, the biassed, and the violent and impracticable recom-
mendations with which that report concludes, as involving
not only a large expenditure of money and a vast waste of
capital— as involvingnot only a breach of public faith,
under which
you were invited into these enter-
prizes — but upon the pretext of personal, and
local, and trivial inconveniences, which have been
grossly magnified, which I, perhaps, should more
properly say have been created for this purpose. Can yen
have any doubt that it is a pretext; fer the real cause of al -
prehension has been the want of an approximation of the
broad to the narrow gauge, and a comparison of the com-
petition which will necessary result between two gauges. I
say I feel satisfied that their recommendations must be re-
jected, not only on account of the important private interest
which they involve, but as entirely subversive of all
the improvements which have been made, and still
can be made, in this wonderful invention, which
is still in its infancy, and is destructive of competition, and
the advancement of the railway system in this country'
whether in the form of power, accommodation, safety, or in
the reduction of charges, so that, instead of being beneficial,
it will prove deeply detrimental both to the social and com-
mercial interests of the country. Gentlemen, this question
might, perhaps, in the estimation of some, cause us to pause
in our proceedings ; but I am not of that opinion, as
I am satisfied that a determination must be come
to at an early period.—(Hear.) Some disippointment perhaps
may be felt at the delay which had occurred in the con-
struction of the line ; but when they considered that they
did not obtain their Act until the 4th of Aiwust, that a
great portion of the summer and winter months had been
devoted to surveying, that the line with branches was 210
miles in length ; that they had had a great deal of wet
weather, which rendered the construction of embankments
and deep cuttings an unusually heavy task, they would
perceive that no time had been lost ; and he
could assure the proprietors that all the energies of the
directors and of the engineers would be exercised to facilitate
the works, and that no delay which could possibly be avoided
would take place.—(Cheers.) The Hon. Gentleman then
called on the secretary, Mr. Armstrong, to read the report,
which set forth that the Company had applied to Parliament
for an Act to empower them to construct a branch of about
five miles in length, to the town of Haverfordwest ; for a
short but important branch into the town, and to the Quays
of Swansea ; and for two alterations in the main line of about
twelve to thirteen miles each in length, as well as
two of much less extent, and to make several deviations ;
the first was between Carmarthen and Kidwelly, which
would much improve the gradients, and diminish consider-
ably the amount of works, and particularly of tunnelling;
in all which respects the original line at this part was com-
paratively defective. The distance would be increased by
about three miles, notwithstanding which the engineer con-
sidered the advantages very decidedly in favour of the
proposed deviation. The second was in the immediate
neighbourhood of Swansea, which would rais-, the levels
over the river at Swansea, for the benefit of the navigation.eit
The third was about thirteen miles in length. between
Nb
three
sands and Cardiff; the distance would thus be shortened
Newton
be
a coal el
miles, and the crossing of the shifting
entirely avoided. It would connect weTtchanids
about to be extensively worked.. Onthefi oNed,
Newport
Monmouth Branch a deviationis
of
tohep
lironpeosne
eard ouf
no
great extent, for the improvement
sk.
In coming before Parliament_ again for the eastern portion of
the line, which was droppedlast year in the Committee of
the House of Commons, the subject of the crossing of the
Severn has been carefully re-considered. The importance of
this crossing near the point originally proposed, appealed to
rlc directors and engineer undiminished ; and he had AC-

cordingly prepared Parliamentary plans of two modes by
which it may be accomplished—the one by a bridge of larger
dimensions than that proposed last year, and the other by a
tunnel, as suggested by Mr. Walker, the engineer, in his re-
port to the Admiralty. Several short branches were pro-
posed into the Forest of Dean. Upon those parts of the line
not immediately affected by the proposed alterations, all the
preliminary steps have been taken for staking out the line,
purchasing the property, and commencing the works; be-
ginning as usual with those which will occupy the most time.
To the east and west of Swansea, and thence to Neath, as
well as east and west of Newport, 'contracts have been adver-
tised for. The accounts made up to the end of the year
showed a balance of 75,5901. 3s. ld. in favour of the Company
The CHAIRMAN then proposed the adoption of the report,
which was seconded by Dr. BOWRING, M.P., and carried
unanimously.
In reply to several questions,
The CHAIRMAN stated, that if any circumstances should
arise of which they were ignorant with respect to the
crossing of the Severn, a special meeting of the
proprietors would be called, in ord-e. to discuss
them. There must, however, be a special general meet-
ing of the proprietors before the Bill went to the House of
Lords, at which the subject might be discussed.
The following directors, who retired by rotation were then
re-elected :—James Alston, Esq. ; Sir J. John Guest, Bart.,
M.P.; Stephen Lewis, Esq.; Colonel Hugh Owen,
Abel Lewis Gower, Esq., who retired from the auditorship,
pursuant to Act of Parliament, was also re-elected.
A vote of thanks having been passed to the chairman and
directors, the meeting separated.

LONDONDERRY AND ENNIS-
KILLEN RAILWAY MEETING.
The half-yearly meeting of this Company was held yester-
day at their offices, No. 5, Church-passage, Guildhall, at one
o'clock, at which, in consequence of the resignation of Mr.
Ferrero, Mr. G. G. Fifth presided.
The seal having been affixed to the deed of settlement,
and the minutes of the previous meeting having been con-
firmed,
The CHAIRMAN stated, previous to the reading of the
report, that he had great satisfaction in assuring the
meeting that the works were in a forward state, and
he believed he might say, before the next half-yearly meeting,
the whole of the line would be in active operation. All the
sleepers, rails, and other necessaries, were already con-
tracted for, and a great portion of those required for the road
yet unfinished, were already on the ground. The engines
were now in the Possession of the Company.
The report having been read,
The CHAIRMAN said that before moving the adop-
tion of the report he begged to inform the meeting that
the directors, feeling the claim of Sir John M'Neil
exhorbitant, they had offered a certain sum, which
was rejected ; they had then proposed to leave the matter to
arbitration. Neither of these propositions being entertained,
the directors had no alternative but to defend the action
which Sir J. M'Neil had brought against them, and he had
great pleasure in stating that the verdict had
given a much 11).1- sum to that gentleman than the
Company had at first offered to him. He (the Chairman)
had.only to observe that on the trial there occurred a great
deal of personal feeling against Mr. Tyrrel, the solicitor to
the Company, who had always been a faithful and ju-
dicious ally.
The report was then moved and adopted, and the Chair-
man called on Mr. Leathern who was entrusted with the
progress of the work.
Mr. LEATHAM, after defending the conduct of Mr. Tyner,
stated that the whole of the course of line was admirable and
likely to draw a great traffic from the intercourse with
Dublin. The proprietors in Ireland were perfectly satisfied
with the conduct of the direction in London, and the Irish
proprietors were quite ready to follow the routine laid down
for their conduct. He was quite ready to answer any ques-
tions which might be put to him.—(Cheers.)
It was then carried that the common seal of the Company
should be affixed to the register of the shareholders now
produced.
Mr. VAumuurr said that, as time was valuable, he should
make but few observations, and he was the more inclined
to do so in the present state of the money market ; but yet he
felt that no concern could go on profitably without any
efficient direction, and that no direction could be efficient
where the members were not to some extent remunerated
for their services. He therefore begged to move—
" That the sum of 800/. be voted for the use of the
directors for their past services, together with the thanks of
the proprietors for the care, attention, and energy observable
in their proceedings, and particularly for their judicious
economy in the conduct of the business of the Company, and
that a sum of 800/. be annually allowed for the use of the
directors until the works be finished."
Sir R. FERGUSON, in seconding the resolution, regretted
the difference that had occurred between the engineer and
the Company. Had more time been given to Sir John
M'Neil to survey the line he believed that many mistakes
would have been avoided, but yet, under the circumstances%
the best conclusion that could be come to had been obtained.
The early period at which the line would be opened must be
very satisfactory, and the present depression of the shares
was but a temporary matter.
Before the resolution WS put
Mr. SNELL, jun., begged to inquire how many director
there were ?
The Cii.unmax—There are ten, which, makes 80!. a year
each.
Sir G. STEPHENSON, before moving the third resolution,
inquired whether there was any intention of applying to
Government for a grant of money ?
The CHAIRMAN—At present there is not any such inter.
tion.

Sir G. STEPHENSON, believing that the motion was only
reasonable, moved—
" That an annual sum of 60/. be allowed for the auditors of
the Company."
Mr. WRIGHT seconded the resolution, which was carried
without dissent.
Mr. Stint. inquired what was the highest and what the
lowest amount of each call, and what were the intervals be-
-tween the several calls ?
The SECRETARY—The highest amount of each call was
51. per share, and the intervals were three months each, ac-
cording to the Act, but the reduction of that amount would
depend upon the discretion of the directors.
A SHAREHOLDER suggested that the directors should eon-
sider the state of the money market in decidirg upon the
amount of the last call.
The CHAIRMAN stated that the works were in progress, and
therefore it was desirable that the money should be got in as
speedily as possible, as the efficiency of ;the works was the
chief consideration.
Sir R. FERGUSON thought that a number of small calls
would be less injurious than one of weighty amount.
It was then decided that the calls should be as expressed
in the report.
Sir J. N. R. Campbell was then elected a director.
Sir J. N. R. CAMPBELL, in returning thanks for his election
as a director, stated that he felt peculiar satisfaction in the
allusion to his connexion with the Oriental and Peninsula
Navigation Company; and in speaking of that connexion
he felt bound to state a statistical fact not generally known
by Englishmen, and that was, that three-fourths of the ca-
pital in that Company had been provided by Irishmen, and
that four-fifths of that required for their navigation generally
came from the same source. He felt happy in his connexion
with the present Company.
Sir John Campbell having been called to the chair, Sir
Robert Ferguson moved the thanks of the meeting to the
Chairman, and the meeting separated.