The Sun.
London, England, 1848-08-24 00:00:00

SOUTH WALES RAILWAY.

The half-yearly meeting of this company was held yester-
day, at the 'Great Western station, Paddington, Mr. Charles
Russell in the chair.

The report stated that the directors would feel it their duty
to press as lightly as possible on the resources of the proprie-
tors during the continuance of monetary and commercial
difficulty, and to confine their operations within the nar-
rowest limits consistent with their obligations to the con-
tractars, they have confined the active prosecution of the
works to the most important portions of the line ; that they
have entertained no new project, and have incurred no new
engagements. The Bill to give effect to the agreement which
had been entered into by the Great Western Company, au-
thorising them to pay live per cent. instead of four per cent.
on the calls was lost this session. The directors have received
from the latter company a renewal of the assurance of a full
pecuniary equivalent in some other form. The directors
concentrated their efforts and resources on that portion
of the line which lies between Newport and Swansea because
it will bring a large and profitable section into early
operation, and contribute to the reduction of the amount of
interest otherwise chargeable against the capital. Their at-
tention must be next directed to the completion of that por-
tion which will connect Newport with the Great Western at
Gloucester. A branch of the Forest of Dean Railway, from
Grangecourt to Hagloe, a distance of seven miles, had be-
come the property of this company, and now constituted an
integral portion of the main line, and would be constructed
by the South \Vales Company. At the next half-yearly
meeting they will proceed to forfeit those shares upon which
the second, third, and fourth instalments shall then be un-
paid •, at present 2,982!. remains due on the second instalment
of 2/. 10s., 11,2601. on the third instalment of 51., and
24,0001. on the fourth instalment of 54, making the total
arrears 38,242/. The forfeiture of these shares will not re-
lease the proprietors from the liability of paying the arrears
due by them. On the fifth and sixth instalments about
65,000/. remains unpaid. The directors will use every effort
to recover the arrears due on them. The 5,000 shares which
the Swansea Vale Company agreed to receive in payment for
the purchase of their line have been placed in trust for that
purpose. The Railway Commissioners have granted an ex-
tension of time for the purchase of land.
The report of Mr. Brunel, the engineer, stated that the
works generally, which are in progress from Gloucester to
Haverfordwest, have proceeded very satisfactorily, and no
new difficulties had arisen to affect their cost or efficiency.
The destruction by fire of a timber bridge over the Usk will
not delay the works; the loss has been covered by the in-
surance ; the contractor is proceeding rapidly with the re-
storation of this bridge. The heavy works at Chepstow and
at Newport, including the tunnel at the latter place, are iu
a very forward state. If every endeavour were made to
expedite the works between Newport and Swansea, they
might be completed in ten or twelve months; and east of
Newport, assuming the Gloucester and Dean Forest Railway
completed, the whole might, with similar exertion, be
finished in twelve or fifteen months. Several portions of
the line are ready for receiving the permanent way. The
accounts of the :30th of June showed that 1,118,284/. had
been received, including 81609/. in advance of calls; and
1,007,004/. expended, including 61,386/. subscriptions to Irish
and Welsh lines, leaving a balance of 111,279/.
The CHAIRMAN stated that every exertion had been made
to obtain the Bill for raising the rate of interest allowed on
calls from 4to b per cent. Since the Bill had been lost the
subject of the increase of the interest to 5 per cent. had been
again under the consideration of the Great Western board,
and they had renewed to him their assurance that a full
equivalent should be given to the South Wales Company.
He regretted the depreciation of the shares in the market,
which lie attributed to the general depression, which affected
all railways, especially those under construction. He felt
satisfied that their line when completed would prove a pro-
ductive one, because it passed through one of the finest
mineral and manufacturing districts in the kingdom, and
would open up a rich and fertile agricultural district, which
required nothing but the means of communication for send-
ing its products to market. The whole of the traffic that
would come on the line would be new traffic, and it was
likely to be the only railway in the district through which it
passed. He believed that the plan of completing and open-
ing
the line in successive portions was the only plan which
could at present be devised to improve the public confidence
in the undertaking, and to carry it out successfully.
Conner suggested that the terms of agreement be-
tween the two companies should be modified, th Great Wes-
tern to offer the South Wales a guarantee of 4 per cent. on
the full amount of capital to be expended, and the South
Wales to have the benefit up to .5 per cent. before the Great
Western participated in the profits of the line.
The Rev. T. SPENCER objected to the payment by this
company of 61,0001. to the Irish and Welsh railways, and
thought the Great Western ought to relieve them of this
responsibility. lie considered that the agreement between
the two companieg had not been carried out as regards the
payment of the 5 per mit.. interest on calls.
The CHAIRMAN explained that the 5
of the original agreement. it had been granted by the
After an assurance from the Chairmpearn
Great Western on condition tha' the South Wales Com-
panyertain sum to cent.tha that
en oGNprveai
with
should subscribe a c •
this company, the report was unanimousltyheadlorpisthe adopted.
Westernhonourably and Welsh
would perform their agreement ,
Thanks were voted to the Chairman, and the meeting
separated.

GLOUCESTER AND DEAN FOREST RAILWAY.
The half-yearly general meeting of this company was held
yesterday, at Gloucester; the chair was taken by Mr. Samuel
Baker, chairman of the directors.
The report stated that, in conformity with the opinion ex-
pressed by the directors in their last report, they have re-
stricted the works upon the line to that portion which re-
quires the longest time to execute. The directors feel that
the deplorable stagnation in the mercantile and trading late-
rests of the kingdom has been adverse to the speedy and
saccesaful progress of railways cenerally, and was a sufficient
reason for suspending, in some degree, a rapid completion of
the line before the South Wales Company can accomplish a
junction at the Grange. The directors have made consider-
able progress in the purchase of lands. They regret that in
some instances the demands made upon them were exorbi-
tant, and they were compelled to appeal to juries. In every
case the verdicts were less than the sums claimed. The di-
rectors had abstained from making calls beyond the absolute
wants of the company, and congratulated the proprietors
upon the promptitude with which the last call had been paid.
They have transferred to the South \Vales Company the por-
tion of the line extending from the Grange to Hagloe, in
conformity with the agreemententered into with them under
the powers of the Act.
The report of Mr. Brunel, the engineer, stated that the
works upon this railway have been proceeded with so far as
the possession of land permitted ; but by reason of this
limitation the progress has been hitherto small, and princi-
pally confined to the work across the meadows near Glou-
cester. The removal of the houses in Gloucester itself has
been commenced, and a considerable portion of the work
through the town may now be proceeded with. The bridges
across the river may shortly be commenced. The earthwork
upon the rest of the line is not heavy; but it will be desirable
now to enter upon some more of the land, so that during the
next spring the whole may be in work, to ensure the com-
pletion of the line simultaneously with that of the South
Wales Railway.
The accounts showed that 80,5561. had been received, and
74,530/. expended, leaving a balance in hand of 6,026/.
The CHAIRMAN stated that, since the last meeting, a new
secretary had been appointed (Mr. Nash). and had been
found a most zealous and efficient officer. The directors had
refrained from proceeding with the calls, as it would be useless
to push forward the completion of the line until the works
of the South Wales Railway (with which this line forms a
junction) were nearer completion. The bridges across the
Severn would be commenced early next year, and the whole
of the works would be completed in full time to form a junc-
tion with the South Wales line as soon as that line was ready
for the traffic. He adverted to the delay in the purchase of
lands, and said the directors had no other wish than toit give
the fair value for all lands taken by the company. If
found expedient to expedite progress, he had little doubt,
from the experience of former calls, that the shareholders
would not found wanting with the means for carrying on
the works with vigour.
The report was adopted, and the two retiring directors, Mr.
Price and Mr. Avery, were re-elected.
After some further discussion of no importance% thean pro-
After
ceedings terminated with a vote of thanks to
the
LONDON AND BLACKWALL.was
held
on
The half-yearly meeting of this com
P NYDaniell in the
Tuesday at the London Tavern; ,—r• • -
chair.
The report stated that the necth bygaillalncaedmoint tohfethreevpenanye.
account amounts to 5,4651, whi
ment of a dividend of Is. 6d. per
2share, clearnew sohf a
ri HeCso lINe
0- alx)
on the 45,000 original, and th.e n the profits of the
which are now entitled to p