The Sun.
London, England, 1846-08-27 00:00:00

SOUTH WALES RAILWAY.

The third half-yearly general meeting of this com-
pany was held at the station of the Great Western Rail
way, Paddington, at one yesterday afternoon. Charles
Russell, Esq , M.P., in the chair. There was a numerous
attendance of directors and shareholders.

Mr. N. ARMSTRONG, the Secretary, having read the
advertisement convening the meeting,
The CHAIRMAN, with the consent of the meeting,
affixed the seal of the company to the register and
transfer of shares, and then addressed the proprietors as
follows :—Gentlemen, in the report which has been cir-
culated among the proprietors this morning, there is
contained a statement of. all the proceedings in Parlia-
ment during the session which is just about to be ,
closed. I think we may congratulate the proprietors ,
on the results of those proceeings being much more
satisfactory than we at one time contemplated. The
South Wales Railway, like almost all established rail-
ways in the country, was threatened by a multitude of
rival and competing schemes, with which the year 1845
abounded. I think we counted at the time no less than
46 railways extending through the principality of Wales
alone, while not later than the year 1844, great doubts
were entertained whether a single railway could be car-
ried with advantage to the projectors. If we had
resolved to embark in an
extensive opposi-
lion' and in preparation for such
p
to all these schemes, we should have wasted
a considerable portion of the funds of your
company
adopt this course, and the results which have ensued
satisfy them of the prudence of the course upon which
' they did determine. The greater number of these rail-
way projects in 1846 to which I have adverted were
sucho directors
still-born; many of them in the course of a very short
period were withdrawn from the notices of Parliament,
some of them failed, and I believe I am right in stating
that not more than five or six bearing any relation
whatever to the South Wales Company survive this
session of Parliament, but of those five or six four at
least were in friendly relation with your own line. The
measures which have been accomplished* favourable to
our own views may be classed under three
heads :--First, the completion of the connexion
with the Great Western Railway, by the route of Glou-
cester, which, though circuitous, will unquestionably be-
come much more importut, and much more valuable,
than the projected line between Oxford and Cheltenham,
when carried into effect. The second combined the divisions
and improvements of your own line, and two additional
projects which are integral portions of the South Wales
Railway--the one to Swansea, and the other to Haver-
fordwest, conferring very considerable advantages, I
hope, upon those towns. The last of these schemes,
which may be regarded as tributary to the South W ales
Railway, adopted by independent companies in
friendly relation with the South Wales Rail-
way
Company, consist of the Vale of Neath
Railway, the Llynvi Valley Railway, and Tenby Saun-
dersfoot Railway. These are briefly the objects which
have been accomplished in the last session of Parliament.
Simultaneously with the prosecution of these objects,
your directors have been engaged in giving effect to the
powers they previously possessed. As soon as the re-
vised survey of the line had been completed, steps were
taken by your directors for entering into contracts for
• .

" Acts have been passed this session for the Vale of
Neath, Llynvi Valley, and Tenby Saundersfoot and
South Wales Junction Railways, which must be regarded
as important tributaries to the main line.
" Acts have also been passed for the Waterford, Wex-
ford, Wicklow, and Dublin, and the Cork and Water-
ford Railways, which will afford the means of opening
out the traffic of the south of Ireland to this line, and'
in the case of the former of these measures, an addi-
tional line of communication between England, Dublin,
and the northern parts of Ireland, through the interven
tion of the South Wales Railway.
" Parliamentary powers having been now obtained for
a complete line to Gloucester, it is important that a rail-
way should be constructed from Cheltenham to Oxford
on the same principle, as a means of shortening the com-
munication between South Wales and the metropolis. A
company has been already formed to carry this measure
into execution, to which your directors will give their
cordial support in the next session of Parliament.
" Your directors are desirous to submit to the pro-
prietors the expediency of some arrangement with the
Great Western Railway Company which shall render
more intimate the connexion between the two companies,
and facilitate and ensure the early completion of the
works. With your approbation they will proceed to a
negotiation for the accomplishment of this object—the
details of which shall be laid before you at an early
meeting specially convened for the purpose, but they
have not thought it right to conclude a matter of such
importance without obtaining in the first instance the
specific concurrence of the proprietors.
"As regards the progress of the works, your directors
refer you to the report of your engineer which is an-
nexed.

" Some difficulty has been experienced in negotiating
with persons interested in the land along the line ; but
your directors cannot contemplate that any further im-
pediments will be thrown in the way of the completion
of a railway of such manifest national as well as local
importance ; and they make an earnest appeal to them
to afford all the facilities in their power.
" The usual statement of receipts and expenditure is
annexed to this report ; and your directors have thought
it advisable to pass a resolution, acceding to the wishes
of many of the proprietors, by authorising interest at the
rate of 5 per cent. per annum to be allowed on all pay-
ments made on the shareholders in anticipation of calls,
as sanctioned by Parliament."
The SECRETARY afterwards read the following report
of Mr. Brunel, the engineer:—
" I have great pleasure in reporting the very satis-
factory state of the arrangements made for the con-
struction of the line. _ _

" Nearly the whole of the line from Chepstow
(where the power of our first Act commenced),
to Kidwelly, with the exception only of that por-
tion of the line between Cardiff and Neath, which
was affected by the proposed Margam deviation,
has been let by contract in a satisfactory manner : these
contracts, forming an aggregate length of 54 miles, com-
prehend all the heavy works between Chepstow and
Carmarthen, or indeed Haverfordwest, as the works
beyond Carmarthen and to the junction of the Haver-
fordwest branch are not of a serious character. The
heaviest works are in and through the town of Newport,
and from Neath through Swansea to Loughor.
" At Newport some considerable progress has been
made with the shafts of the tunnel and the construction
of the bridge over the Usk, and in the neighbourhood of
Neath a commencement has also been made by the con-
tractor. The portion between Swansea and Loughor
' was the subject of an Act for a deviation which has only
just passed, but the contracts having been prepared in
anticipation, have been let immediately on the passing
of the Act, and generally, as far as we can now enter
into possession of the land, we shall be enabled to pro-
ceed with the works.
Steps have already been taken for prepuing yp

STocit ExcuANGE.—The sales are—Birkenhead, Lancashire, and
Cheshire Jnnction, 1% p.—Birmingham and Dudley, 1 p.—Birming-
ham and Oxford, 3% p.—Boston, Stamford, and Birmingham, I la.
dis.—Buckinghamshire, % dis.—East Lancashire, 8% p.—East Lin-
colnshire, % dis.—Edinburgh and Glasgow, Half Shares, 7% p.—
Ditto, Quarter Shares, 17 —Great Grimsby and Sheffield, Quarters,
C. dis.—liudderstleld and Manchester, 2% p.—Ditto, Extension, 9s.
p.—Liverpool and Bury, 8 p.—Ditto, .New, 345. p.—Liverpool, Orms-
kirk, and Preston, 9s. p.—London and North Western, 206—Ditto,
Quarters, New, 16 p.—Manchester and Birmingham, Quarters (C),
p.—Manchester and Leeds Extension, 2% p.—Manchester, Mat-
'lock, and Midland, 21s. Gd. p.—Midland Stock, 14034—Ditto, 401.
Shares, 12% p. • North Staffordshire, 3% p.—North Wales Mineral,
534 p.—North Western, Gs. p.—Prestott and Wyre, Half Shares (B),
7s. p.—Sheilield and Manchester, No. 3 (late Barnsley), p.—
Shrewsbury and Herefordshire Scrip, % dis.—Shrewsbury, Weilver-
hampton, and Birmingham, Gs. 3d.—Shrewsbury, Wolverhampton,
and South Staffordshire, Gs. Gd. dis.—Shropshire Union Railway' and
Canal, % dis.—South-Eastern, 434—Ditto, No. 1 (at 18 this.), 5%
p.—Ditto, Half Shares, IGs. p.—South Staffordshire Junction, 3s.
9d. p.—Trent Valley Midland, &c., % p.—West Riding Union, 24
p.—Welsh Midland, 345. dis.—Belfast and Ballymena, 7% dis.—
Paris and Lyons Constituted, 13s. 6d. p.
MANCHESTER, duattar 25.

Srocs Excuartax.-The sales are-Boston, Newark, and Shef-
field, 13-16 dis.-Boston, Stamford, and Birmingham, 115. dis. -
Caledonian, 4% dis.- Churnet and Blythe, 3-18 dis.-East Lanca-
shire. 8% p.-East and West Yorkshire, dis.-Fleetwood, Pres-
ton, and West Riding, 14s. 6d. dis.-Great Eastern and Western,
1% dis.-Great Grimsby and Dock Extension, 1% dia.-Hudders-
field and Manchester Railway and Canal, 2% p.-Ditto Extension,
p.-Lancashire and North Yorkshire, 175.-Leeds and Thirsk,
New, 3 dis.-Liverpool, Ormskirk, and Preston, 3 7-16 p.-London,
Manchester, and Birmingham, Quarters (B), p.-Ditto, ditto (C),
8 p.,-Manchester and Leeds Extension, 2% p.-Manchester and
Southampton, 19s. dis.-North Eastern, 265. 3d. dis.-North Union
(k), 221-Ditto (B), 152 -North Western, % p.-Oldham, Birken-
head, &c., 1 dis.-Sheflield and Manchester, Quarters, No. 1, 4 p.-
Ditto, ditto, No. 2, % p.-Ditto, No. 3, p.-Shrewsbury, and Bir-
mingham, % p.-Shropshire Union Railway and Canal, % dis.-
South-Eastern and Dover, Halves, No. 4, p.-South Midland, %
p.-Trent Valley, Midland, &c., par-West Lancashire Coast, 15s.
dls.-Whitehaven and Farness, 2 % dis.
LEEDS, Ammer 25.
STOCK ExcnaNGE.-The sales are-East Lancashire, 9 c. p.-llud-
dersfleld and Manchester, 1 p.-lluddersfleld and Sheftiold, 7% p.
-Leeds and Bradford, 42% p.-Leeds and Dewsbury, 31. 18s. 9d.
p.-Ditto, Branches, 13i p.-Leeds and Thirsk, 3% dia.-Ditto, New,
3 dis.-Manchester and Leeds, Extensions, 2% p.-Newcastle and
Darlington Junction Extensions, 10% p.-North British, 13% P.
-Ditto, Half Shares, 5% p.-Ditto, Carlisle Branch, 2% s. p.-Cli-
theroe Junction, 16s. Gd. dis.-East and West Yorkshire, 1% dis. -
Grand Union, 13s. 6d. dis.-Lancashire and North Yorkshire, 13s.
dis.-Leeds, Wakefield, and Midland, 15s. dia.-Leicester and Bed-
ford, 9s. 6d. dis. -Liverpool, Ormskirk, and Preston, 31. 9s. p. -
London and York, Bs. dis. s.-North Staffordshire, 3% p.-North
Western, 4s. p.-Oxford, Witney, and Cheltenham, 15s. dis.-Shef-
field, Rotherham, and Goole, 20s. dis.-Shropshire Union, 7s. Gd.
dis.-West Riding Unioxi,l 41. 18s. 6d.-York and Carlisle, 395. dis.