The Sun.
London, England, 1846-06-02 00:00:00

LLANELLY DOCK AND RAILWAY

COMPANY.
The general meeting of this Company was held yes-
terday at the Company's offices, Collyer, Esq., in the
chair, when the accounts were submitted, from which
it appeared that the whole of the sums received by the
Company amounted to 228,750/.165., and the expenditure
to 227,1211. Ils. leaving a balance of 1,6291. The last
year's profit was 2,8561. 10s. sd. The haulage on the
new line was 97,854 tons, and the revenue from that line
6,5001. Bs. 3d ; the haulage on the old line was 143,170
tons, and the revenue 1,636/. 12s. 4d. ; from passengers
and parcels, 5311. 4s. 4d. ; dock dues, 1,6821. 4s. 2d. ;
rents 106/. 13s. 4d. ; interest on traders' accounts,
501. Bs. 7d., leaving a balance, after payment of expenses,

of 1,0761. 13s. Bd.
A conversation then ensued respecting the form of the
accounts, which it was allowed were not put in the most

satisfactory manner.
To a shareholder the CHAIRMAN replied that there
had been a loss of upwards of 5,0001. on the Hercules
steamer.
The whole of the debts owing to the Company amounted
to 5,6871., of which probably about 5001. may be consi-
dered as bad, but they at present appear as valid.
It was suggested that no dividend should be paid ex-
cept on the money actually in hand, the repairs on the
line having absorbed the funds to be appropriated for
the purpose. This had been. occasioned by the
sleepers having been injured by an unusually
high tide, which overtopped a mound and
washed the ballast away from under them.
Much had also been expended on the locomotive
engines, which, however, are so improved that they will
each draw ten waggons more than they would before,
so that the purchase of another locomotive will be saved,
although otherwise it would have been inevitable.
To an inquiry as to how it was that the claims of the
old proprietors had been so much reduced,
The CHAIRMAN replied, the deed which arranged
their claims was loosely drawn, and although the conve-
nience of the new proprietors had not, as agreed, been
so much consulted, yet it was thought right to proceed
in this way; the new proprietors had, therefore, in all
probability, avoided a Chancery suit.
The line bad originally been purchased fur 50,000/.,
of which 1,300/. remained on mortgage.
It was then moved that the report be adopted, which
stated that the receipts for the year exhibit an increase
of 5351. 13s. 3d. over those of the preceding year : this
increase has arisen principally during the last three
months ; the trade is now good, the demand for Anthra-
cite and other Welsh coal and culm being steady and
increasing ; and as ships may be obtained at reasonable
freights, there is no reason to doubt that it will
continue to flourish to the end of the season. A
surplus of 1,0761. 13s. Bd. appears on the reve •
nue account, being equal to about 103. per share ;
but the committee did not recommend that this
sum should be divided among the shareholders.
Mr. Blocs (late Secretary of the Company), after
speaking on the satisfactoriness of the report, moved
' an amendment upon adopting it, including the appoint-
ment of a conjoined Committee of directors and share-
holders, to ascertain whether it would be wise to lease
the line, and to report the result of their deliberations
and inquiries to a general meeting.
The report was then adopted; but on its consideration
The CHAIRMAN stated that the debts in jeopardy
amounted to about 3,0001., and that the rate of interest
paid to Messrs. Cocks and Biddulph was 5 per cent.
The report having been adopted, Mr. Biggs's amend•
went was considered as a substantive motion, when
The CHAIRMAN stated that the committee of manage-
ment had not the slightest objection to meet the share-
holders, though he did not anticipate much good from
the proceeding.
Sir R. PRICE said that he was not one of the old
proprietors or one of the old directors, but that he had
come in upon large promises which had never
been fulfilled. But, although he and his col-
leagues wished to hold out nom hopesh which were
not well grounded, yet hesay that the
concern had formerly been overloadedg by bad debts,
which were now gradually being cleared off, and that it
was now being brought into a profitable condition.
Trade appeared to be growing up in that quarter, and
notwithstanding that he had no objection to the Com-
mittee, yet he thought they ought to wait until the South
Wales Railway was brought into a position to take the
affair off their hands.
Mr. HILL congratulated the meeting on the manner
in which the proposal had been received by the com-
mittee. He conceived that the entertaining of this
motion would be nearly equivalent to a vote of want o
confidence in the committee,' and he should decidedly
Oppose it. The better plan would be, in his opinion,
that just proposed by Sir Robert Price, as
in the event of one large line crossing theirs,
the proprietors would be ready to take the
line off their hands, and if two great linos should
happen to intersect it the Llannelly Company would be
able to command their own rate of value, either for the
tolls or for a lease.
Mr. METT would oppose the motion, and expressed his
opinion, that seeing that there were only 18,000/. uncalled
for, while there were more than 36,0001. owing in de-
bentures, he would recommend that no dividend should