The Sun.
London, England, 1846-08-26 00:00:00

rfirb Miitton

SUN OFFICE, Seven o' Clock.

GUILFORD EXTENSION AND
FAREIIAM AND PORTSMOUTH RAILWAY.
—(THIS DAY.)
The first general meeting of the shareholders of this
Company was held this day, at the South-Western Rail-
way terminus, Nine Elms, for the transaction of the
ordinary business of the Company. The meeting was
also made special for the purpose of receiving a report
from the directors on the subject of selling the under-
taking, authorised by the said Act, to the London and
South-Western Railway Company, and for considering
the same, and determining on the expediency of such
sale, and if deemed expedient then for deciding upon
and fixing the terms thereof.
The chair was taken, in the absence of Mr. Chaplin,
the chairman of the Company, by G. Best, Esq , at
twelve o'clock precisely.
The advertisement convening the meeting having
been read,
The CHAIRMAN said, that as there were several formal
resolutions to be proposed, he would decline entering
into the more important subject to which the attention
of the meeting would be called—namely, the sale of this
line to the London and South-Western Company. He
would therefore call upon the Secretary to read the
report of the Company.
J. W. HORN, Esq , the Secretary, then read the report
as follows:
" The Act of Parliament incorporating this Company
passed on the 27th of July last, and under the provisions
of the Companies' Clauses Consolidation Act, 1845, a
general meeting of the shareholders becomes necessary
within one calendar month from such passing. Your
directors lost no time in forming the register of share-
holders, and they caused the fullest notice to be given,
in order that the registration might be as complete as
possible before the day of your meeting, which, for the
same cause, they postponed to the furthest limit allowed
by law.
"It cannot be without feelirgs of regret that your
directors meet you on the present occasion, constrained
as they now are to contrast the purposes of your asso-
ciation with its results. They believe that a more legi-
timate, useful, or comprehensive scheme than that which
was originally proposed by this Company, was never
submitted to Parliament, forming as it did the shortest,
cheapest, and best line between London and Ports-
mouth—completing the then remaining part of the coast
line between Fareham and Chichester, and giving Chi-
chester and West Sussex a direct communication with
London, through Godalming and Guildford.
" Neither can your directors admit, when the integrity
of this scheme was destroyed by the Parliamentary
decision of 1845, that the measure which was then
substituted for it was less comprehensive or beneficial.
Parliament had seen fit to place in the hands of the
Brighton and Chichester Company the line between Chi-
chester and Portsmouth. The London and South-Western
Company thereupon made arrangements with the London
and Brighton Company for the joint ownership and use of
that line, and the formercompany were ready to place their
interest in it at the disposal of this Company, so that in
renewing their application in the session of 1846, your
directors were enabled, by increasing the capital of the
Company, and by making a conditional arrangement with
the London and South-Western Company as to the use
of the Portsmouth and Chichester line, again to propose
an integral, and the shortest and best connexion between
London and Portsmouth, and the same benefits as before
to West Sussex and Chichester, with a branch to Mid-
burst and Petersfield, a second branch to Chichester
Harbour, and a third, into the dock-yards at Portsmouth.
" It is in vain to repeat that this project was infinitely
superior in the judgment of your directors, in every one
point of comparison; to its antagonist. A committee of
peers decided otherwise ; your directors can only con-
sole themselves with the reflection that the lines pro-
posed by this Company were the best for the country at
large ; they entertain no doubt but that public opinion
will hereafter so pronounce.
" Returning, however, to the business more imme-
diately for present consideration, your directors have to
report, that on the rejection of the Bill of 1846, they
immediately obtained from the London and South-
Western Railway Company the means of repaying to
the subscribers of the new capital of 250,000/. (raised in
quarter shares of 121. 10s. each, 1/. ss. deposit), the full
amount of their deposits, and these quarter shares are
accordingly in course of liquidation as the holders
present them.
"B y the ultimate decision of Parliament, you have
acquired powers to construct two inconsiderable por-
tions of your original line, viz., four miles between
Guildford and Godalming, and about eight miles
between Fareham and Portsmouth ; and your original
capital of 1,000,000/. (divided into 20,000 shares of 501.
each), has been reduced to 500,0001., divided into the
same number of shares of 251. each, upon which, if this
Company shall proceed to execute these remnants of
their project as an independent company, it would pro-
bably be necessary to call from 151. to 17/. 10s. per
share. The arrangements between the Brighton and
South-Western Companies, which were to have placed
at your disposal the interest of the latter com-
pany in the line between Portsmouth and Chichester,
have, by a subsequent rupture between those companies,
become unavailable, and indeed would be inapplicable
under any circumstances to your present position ; so
that the question which has presented itself to the minds of
your directors, as that on which it became them imme-
diately to form ajudgment, and to submit to you for your
consideration, is—whether, in the now mutilated state
of your undertaking, it would be advisable to carry on the
works which this Company is authorised to execute, or
to sell them at once to the London and South-Western
Company. If the former course were deemed the more
expedient, the London and South-Western Company
would be your lessees, at a rental of 4 per cent, upon
your outlay, and half the surplus profits, to be ascer-
tained on a mileage proportion of the receipts on your
line, and those parts of their line upon which tragic pas-
sing also on yours might be carried.
" Considering that the portions of line granted to you
will, with reference to their length, be costly, and that
the great expense incurred since your association would,
under this state of circumstances, form part of your ex-
penditure, so that your share of surplus profit could
never be great, your directors became unanimously of
opinion that it was far better to sell the undertaking at
once to the London and South-Western Railway Com-
pany if fair terms could be secured ; and they deemed it
their duty to enter upon a treaty without delay with the
directors of that company, in order to submit its results
to you at this present meeting, so that, if adopted, he
expense and delay attending further proceedings might
be avoided.
" Your directors have now the satisfaction to report,
that, subject to your approval, they have agreed with the
directors of the London and South-Western Company
for a sale of your undertaking to that company, upon the
terms, that the purchasers shall pay all the expense, and
take up all the liabilities of this Company of every de-
scription, inclusive of those incurred to the final settle-
ment of its affairs, and shall also place in the hands of
your directors, a sufficient fund to repay to each share-
holder in this Company, his full deposit, with interest at
the rate of 5 per certum per annum, upon his payments
during all the time the money has been or shall be de-
tained from him.
" Your directors recommend you to sanction this
arrangement, and they will propose fur your adoption
resolutions authorising them to carry it into effect."
T. H. HELPS, Esq., objected to the adoption of the
recommendations contained in the report of the directors;
lie objected to selling their line upon the terms proposed.
It was quite true that they had only succeeded in ob-
taining two small portions of their line. He believed
that the line would be worth considerably more than
was offered by the South-Western Company. lie had
the authority of the directors on a former occasion for
that opinion, and he could not conceive that the reason
stated in the report, namely the expense of the contest,
could possibly have influenced the directors in changing
their opinion upon the subject, for surely no directors
incurring
great think of going to Parliament without
great expense. The question really was, whether the
line proved a remunerative one? And upon that
point he wished to know whether, the expenses
incurred since October last by the directors
would raise the average price of their line beyond the
average price of the South Western. They bad ob-
tained the line between Fareham and Portsmouth, and,
with a station at Portsmouth, he believed that they could
carry a considerable portion of the traffic which was
now carried by the South-Western Company ; for it
was not to be doubted that there was a great superiority
In a station at Portsmouth, compared with one at Gos-
port. That portion of the line would form a link in the
great south-coast communication of England ; and it
would also afford communication with Chertsey, Kings-
ton, Hampton-court, and a number of other places. The
line might have extensions, for instance, to Arundel, to
Chichester, to Horsham, or to other places in the county
of Sussex, which would increase the traffic upon the line.
He believed also that very shortly the South-Western
Railway would have a communication with Windsor
from Woking, and then there would only be one short
gap between Godalming and Woking to complete a
communication between Windsor and Brighton, and he
had no doubt that in that case the London and Bir-
iningham, or the North-Western rather, would comeforward,
f orward, and by a line from Tring communicating with
Windsor, they would make use of that portion of the
then existing line. There was another consideration
which was, that if this line were worth anything to its
'
present share} olders, it was worth considerably more to
the South-W. stern, and he thought that they should
have acted mare liberally towards this line than they
ha I dune. not only in their present offer but also in their
conduct d irin e;.• the late Parliamentary contest. He be-
lieved the dire sa ore of the South- Western Company were
prfectly hone tr.-able, but he could not help thinking
that by the c, istrse of conduct they had pursued most
advantageous agreeinents had been lost between this
Company and the London and Brighton Company, Ile
thought that one compensation was due from them for
this loge, and s thought it would be no snore than fair
that the Sunda.- Western Company should consent to in-
corpor,, t^ the il,tiltrord, Chiches ter, and Fareham Railway
w th t ei, on n . Ile thought nothing less than this would
be satisiactory to the shareholders of the Company. He
believed that. foourse would be politic for themselves; they
had complex schemes in the Crest, and it would be well
for them if th, ?y• would endeavour to stand well in the sight
of these peot ile in consequence of their liberal conduct
towards subordinate companies. If the South-Western
did not set in this manner, he, for one, would be prepared
to the amount of his shares, to encourage the directors
in prosecuting their scheme in a future session of Par-
liament.
The report we then received and adopted.
Several reso lotions were also proposed and agreed to,
having for the it object the appointment of auditors, the
salary of the s eeretary, and other matters.
A resolution was also passed confirming the appoint-
Went by tha 'South-Western Company, of Messrs,

Chaplin, John Lewis Eyre, George Henderson, and
MatthewPziell, as directors of the company.
The following twelve gentlemen were elected as direc-
tors, in the room of those retiring :—Messrs. Best,
Currie, Vincent, Eyre, Fuller,: MIT, Mangles, Mar-
shall, Masterman, Nance, Smith, Lord G. Lennox, and
Mr. G. Henty.
The CHAIRMAN then moved the next resolution, as
follows :

" Resolved—That this meeting sanctions and approves
the sale and transfer to the London and South-Western
Company of the undertaking authorised by the Guild-
ford Extension and Portsmouth and Fareham Railway
Act, 1845,' together with all the lands, tenements, and
hereditaments, moneys, securities, and other real and
personal estate whatsoever, of the Company incorporated
by the said Act, upon the terms that the London and
South-Western Railway Company shall pay, or to the
satisfaction of the directors of this Company
adopt, so as to exonerate this Company, all the ex-
penses, payments, debts, and liabilities of this
Company, inclusive of all future expenses incurred
in the winding up and final settlement of this
Company's affairs, and shall also pay to the directors
such a sum as will enable them to return to the share-
holders the full amount of their respective payments on
their shares, together with ten shillings on each share
whereon ten per cent. has been paid, and five shillings
on each share on which five per cent. only has been
paid, without any deductions whatsoever."
T. W. HELPS, ESQ. moved, as an amendment, " That
in the opinion of this meeting, considering the relation
in which this Company stands to the South-Western
Company, the latter would only be acting with reason-
ble liberality in assigning to our shareholders extension
shares in that Company, in exchange for shares of the
same amount in this Company ; but that the meet
ing authorises the directors, if better terms cannot be
obtained, to sell the undertaking with all the claims and
liabilities for such an amount of South-Western capital
as will give every shareholder in this Company one fifty-
pound share for every 501. of deposit, and a proportion-
ate share, or its money value, for any less amount of
deposit."
G. CrATTIE, Esq., seconded the amendment.
G. BEST, Esq., chairman, said that the subject of the
resolution had received the best attention of the di-
rqrtors, and he thought the proposition of the South-
Western Company a very advantageous one to the inte-
rests of the shareholders. He would merely state that
the expenses already incurred by this Company had been
60,000/., the whole of which would be taken off the hands
of the Company by the South-Western Company.
11. CURRIE, Esq., one of the directors of the Com-
pany, thought that a better arrangement could not be
made than the present one. He believed also that in
the present depressed state of the money market it
would be difficult to raise sufficient money even to com-
plete the works of the line.
Mr. HORSMAN, M.P., thought that in all these
matters there was a proper course to be adopted. A course
of fairness between man and man included also a course
of fairness between company and company, and he did
not think the shareholders of this Company should be
governed entirely by a principle to get all they could
out of the South-Western Railway. So far as his pe-
cuniary interests were concerned, he should be pleased to
have his deposits back ; he thought he might do much
better with them ; but he did not think that the South-
Western Company would be so soft as to concede to the
terms of the amendment, and the consequence would be
that the Company would be thrown back upon their
original resources and strength. He felt bound to say
that constant attendance at the board had given him
ample opportunities of stating that the South-Western
Company had acted in the most perfect good faith, and
in the most honourable manner, with the shareholders
of this company, and it was his decided opinion that the
offer of the South-Western was a most fair and
honourable one, and one which ought to be adopted by
this meeting.
A SHAREHOLDER wished to know the amount of tl •
expenses already incurred.
The CHAIRMAN said that the expenses would be about
50,0001. •
Mr. GERSTEMBERG opposed the resolution.
The CHAIRMAN stated that the reason why Mr.
Chaplin, who was the chairman both of the South-
Western and this Company, was not present, was in
order to give the shareholders an opportunity of stating
their opinions unbiassed by anything which he might
say, and to remove at once any doubts as to anything he
might say being actuated by motives of interest for the
South-Western Railway.
J. RAND, Esq., cordially approved of the resolution of
the committee, and considered the offer of the South-
Western Company advantageous to the shareholders of '
the Company.
F. D. BURCHILL, , solicitor to both the South-
Western Company and the present Company, rose
for the purpose of explaining the course of conduct
pursued by the South-Western Company towards this
Company, in which he fully exonerated the South •
Western Company from the charges which had been
brought against it. That Company had made arrange-
ments with the London and Brighton Company, on the
faith of which they had made promises to this Company,
but, in consequence of a rupture between the two com-
panies, the South-Western had not been able to fulfil
their agreements.
A somewhat desultory conversation took place on the
subject alluded to by Mr. Burchill, solicitor to the com-
panies, at the conclusion of which
J. W. HELPS, Esq., stated that his opinions on the
subject of the sale of the railway remained the same as
when he proposed the amendment, and he should there-
fore press it to a division.
The CHAIRMAN then proceeded to put the amendment,
when by a show of hands there appeared—

. _
For the amendment l3
Against it 24

Majority
The original resolution was then put, a scrutiny being
demanded, when there appeared shares—

For the resolution - 1,920
Against it
Majority

There were 3,5073 shares held by the South-Western
Company, who did not vote ; had they done so, there
would have been a majority, instead of 723, of 4,223.
A resolution, authorising the directors to carry out
the terms of the above resolutions, was then agreed to.

- „
A vote of thanks was also proposed to the directors of
the Company for their untiring zeal and services in the
cause of this railway, and for their endeavours to pro-
mote the interests of the shareholders of this Company.

The resolution was carried unanimously.
A vote of thanks was then proposed to the Chairman
for the very able and impartial manner in which he had
performed the duties of the chairman of this meeting.
The resolution was agreed to nem. con.
The meeting then broke up.

SOUTH WALES RAILWAY.
(TIIIS DAY.)

The third half-yearly general Meeting of this com-
pany was held at the station of the Great Western Rail-
way, Paddirgton, at one o'clock this afternoon. Charles
Russell, ENq , 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 proceedings 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 t ailways 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-
tion to all these schemes, we should:lave wasted
a considerable portion of the funds of your
company in such opposition, and in preparation for such
opposition. Your directors did not think it expedient to
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
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 important, 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 Tcloiensildasetrabolfe
thaedsveansteahgeems,es,l
hope, upon those towns•
which may be regarded as tribuetaerydertoit companies'—in
SouthaieWs./kins
Railway, adopted by independent
friendly relation with the South
Vale
Rail-
way Company, consist of the of Neath
Railway, the Llynvi Valley Railway, and Tenbyts
NNS.aheuinh-
dersfoot Railway. These are bridly the 0b.,,e
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-
vi-col survey of the line had been completed, steps were
taken by your directors for entering into contracts for
the formation of the heaviest of your works. These occur
in the neighbourhood of the town of Newport and the
town of Swansea, and the contracts for those portions of
the line accordingly were entered into as early as the
month of Match or April in the present
year. You are quite aware that the heaviest
works must in the first instance be completed
over the extent of the whole of the line,
and it is useless to, enter upon the construction of the
easier portions of the line until these shall have been
considerably advanced. Immediately preceding Mr.
Brunel's departure for the Continent., he entered into
very extensive contracts, contracts which embrace the
construction of the entire line from Chepstow to Kid- 1
welly, in the neighbourhood of Carmarthen, and with ,
the exception of au interval of about thirty miles, close
to Carmarthen, and two other short intervals, one being
near the town of Neath, and the other near Loughor and
Cardiff. Gentlemen, these contracts embrace a distance
altogether of 54 miles, and I hope that the proprietors

will see that the faith and assurance which the directors
gave to you and the public at our last meeting, that we
would prosecute the works under our superintendence
with the utmost energy and vigour, have been fully
carried out. Let me state, also, that the terms upon
which these contracts have been obtained are, in the
estimation of Mr. Brune], perfectly satisfactory and ad-
vantageous, and that they come within the limits and
estimates originally prepared. (Cheers.) Gentle-
men, you must be aware that these extensive
works cannot be accomplished without demands upon our
resources. The directors have therefore, on this account,
and on many other general accounts, thought it expe-
dient to consider whether some arrangement cannot be
accomplished with the Great Western Railway Com-
pany, for the purpose of drawing still closer the rela-
tions between the two companies.—(Hear, hear.) This
arrangement they always contemplated as one of ex-
treme probability and advantage, and they think that
there perhaps can be no period at which it would
be mere desirable and more advisable than the pre-
sent.—(Hear, hear.) Preliminary discussions have in
consequence taken place between deputations from
the two companies, but your directors have not thought
it right to proceed further than preliminary discussions
without first obtaining your concurrence, not to the

completion, but to the entertainment of the question.—
(Hear, hear.) It is an arrangement of such magnitude,
that the directors of the Great Western Railway Com-
pany have thought it right to take such powers from
their proprietors; and, guided by similar reasons, the
directors of the South Wales Railway Company are de-
sirous to be armed with similar powers. The principles
and objects of such an arrangement were briefly stated
by me at the last meeting of the Great West-
ern Railway Company, and the proceedings
at that meeting have probably become known to
most of the proprietors who are now present. The
objects which such an arrangement seemed to offer were,
first to give a more steady and certain value to the
shares of the South Wales Railway Company, and to
secure to that company the ultimate possession of all
the advantages of their own line, and, after a certain
time, of the traffic which shall be completely developed
and fixed. And in concurrence with those two objects,
it must be plain to the proprietors of the South Wales
Railway Company, that the proprietors of the Great
Western Company will expect to be protected from any
disadvantages which may result to them from
the facilities which they are willing and desir-
ous to afford to the South Wales Company.
Gentlemen, as soon as the details of this
arrangement shall be so far accomplished as to be pro-
pared to be laid before you, a special meeting shall be
convened, and your opinion shall be taken upon it.—
(Hear, hear.) lam perfectly satisfied that no arrange-
ment can be advantageous either to one company or the
other which does not provide reciprocal advantages to
both.—(Hear, hear.) It will be the object of your
directors, in forming any arrangement, to.give this cha-
racter to the terms between the two companies.—(Hear,
hear.) As soon as they are completed they shall, as I
have already stated, be made known to you, but the de-
cision of this question will ultimately rest with yourselves.
Gentlemen, I am not aware that there is any other
subject on which it is necessary that I should trouble
you. I will request the secretary to read the report,
and after that is read I shall be extremely happy to offer
any further explanations that may be required of me
by any proprietor.—(Cheers.)
The SECRETARY then read the following report of the
directors:—
" The proprietors are aware, that the South Wales
Act of 1845 conferred power on this Company to con-
.

struct a railway from Chepstow to Fishguaid and Pem-
broke, with a branch from Newport to Monmouth, leav-
ing the completion of the line to a point of junction with
the Great Western Railway a subject for the considera-
tion of Parliament in this present session. A. Bill was
introduced accordingly in February last, which received
the royal assent on the 27th ult., and the directors
have much pleasure in congratulating you on its being
attended with the important result of perfecting, in con-
nexion with the Great Western and Gloucester and
Forest of Dean Railways, an unbroken line, on one
uniform guage, from St. George's Channel to London,
crossing the Severn at Gloucester.

" Two alternative modes of crossing the Severn were
proposed by your directors, and submitted to the pro-
prietors, which underwent a full and lengtheaed discus-
sion with the Lords of the Admiralty, one being a
bridge at Hock Crib, the other a tunnel at a point a
little higher up the river. The tunnel was rejected by
the Committee of the House of Commons, and the bridge
could not be constructed under the powers of the Act in
such a manner as would accord with the views of the
Admiralty.
" Your directors have always considered it of great
importance to improve the access to the very valuable
mineral resources of the Forest of Dean. The pro-
prietors have been already informed of the engagement
entered into with the Bullo Pill Railway Company for
this purpose. Parlianaentary powers to carry this agree-
ment into effect were sought for in the present session,
but the Committee of the House of Commons having re-
quired conditions to which your directors deemed it in-
expedient to accede, they had no alternative but to with-
draw the clauses of the Bill, but they adhere strictly to
the terms of the agreement, and propose to seek powers
to carry it into effect at the earliest practicable period,
and in the fullest manner.

" With the exception of the Margam deviation,
powers have been obtained to carry out all the devia-
tions, branches, and extensions, proposed for the im-
provement of our line : these have been already enu-
merated in the report presented at the last meeting, and
include, as the proprietors will recollect, branches into
the towns of Swansea and Haverfordwest.
" 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 ot 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
Legouation for the accomplishment of this object—the
details of which shall be laid before you at an early
meeting specially convened fur 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 ot 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 ; andyour 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 •
prebend 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 fur 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 laud, we shall be enabled to pro-
ceed with the works.

" Steps have already been taken for preparing to
proceed immediately with the works between Chepstow
and Gloucester, under the power of the Act just passed."
The reports appeared to give general satisfaction, and
were received with applause; at the conclusion of which
The CHAIRMAN moved that they be approved of by
the meeting, and printed and circulated amongst the
members.

Mr. STterEel—Will this report of the directors give
them authority to negotiate with the Great Western?
The CHAIRMAN—Yes, to negotiate, but riot to con-
clude the arrangement. Indeed, our Act requires that
before any arrangement shall be entered into between
this and any other company, it shall be referred to
the proprietors for their sanction, and three-fifths, I thiuk,
are requisite to give such a sanction.
A ::11.,ittEILOLDER said that he perceived by the
accounts that some of the shares had not been paid up,
and he wi,hed to know what was the intention of the
directors with regard to the defaulters ?
The CHAIRMAN said that the circumstance of those
shares not being paid up was not in consequence
of any neglect on the part of the directors in
urging upon the defaulters to pay up the calls that
had been made upon them. Those urgent requests
on the part of the directors had in most cases been suc-
cessful, and they would take every step for procuring the
payments of the calls as rapidly as tbey possibly could.
Of course there were remedies in the bands of the
directors, but they were remedies to be resorted to only
in extreme cases.

The resolution proposed by the Chairman was then
seconded and unanimously carried, after which
➢ir. ROCHE said—Gentlemen, before we separate, I
think that the thanks of the Company are due to the

directors for the exertions which they have made '
during this session in bringing our Bill to its
present state of perfection. I see now no obstacles
in the way of our proceeding with the objects of this
Company, and I have no doubt that the directors con-
sider the line to be of so much importance as to induce
them to make every exertion, as far as prudence will
dictate, to complete the prosperity of the line. I shall
therefore move that our warmest thanks be tendered to
the directors for their exertions on behalf of this
Company.
Mr. STUTELY having seconded this vote of thanks, it
was put and unanimously carried amidst applause. In
reply,
The CHAIRMAN said, on behalf of the directors I beg
leave to express our very sincere thanks for the honour
just now done us. I assure you we shall act strictly in
conformity with the suggestions of the Hon. Proprietor
who has been so good as to move this resolution. We
shall exert ourselves most strenuously—we shall adopt
every exertion that we possibly can consistently with
prudence to carry into effect the important works which
have been c.mmitted to our charge.—(Cheers.)
The meeting then separated.

THE FUNDS-(CLOSING PRICES).

ONE CLOSIN(i
O'CLOCK. PRICES,
Bank Stock .. .. • • .• .. • • 209 209
Three per Cent. Reduced Annuities .. 96!A 96%
Three per Cent. Consols Annuities ~ 95%.0 95%
New Three-and-a-Quarter per Cent. Anns. 98% 97% 97%
Long Annuities, Expire Jan. 5, 1860 .. 10 7-16
Ditto, 30 years, Jan. 5, 1860 .. • • 10 1-1 G 10 1-16
India Bonds, 1,0001. „ „ „
Ditto, under 1,000/. „
South Sea Stock .. „
Ditto. Old Annuities „ 95%
Consols fur Account • • •• •• 95%
Exchequer Bills. d. •114 d.
1,0001... .. •• •. 10 13 pm.
5001 • • .. 10 13 pm.
Ditto, Small .... 10 13 pm,
ONE
O'CLOCK.

FUNDS.

FOREIGN FUNDS.
Brazilian Bonds, 5 per Cent ~ „. _...:

CLOSIN G
PIUC ES.

Ditto, Small . • • • • • „ .. 8814
Mexican Bonds, Old, 5 per Cent ~
Ditto, 1846, 5 per Cent .. • • .. 24 24
Ditto, for the Account .. .. .. 2414 23% 24 '"'
Ditto, Small .. • • „ „ ..
__, 24 4
Portuguese Three per Cent .. .. 43 44 44
Ditto, 4 per Cent .. • • „
Ditto, for the Account
Spanish Bonds, 5 per Cent
Ditto, for the Account .. ~
.. _ 1
Ditto, Three per Cent ~ „ ~
Ditto, for the Account .„ „
.. 36%
Dividends on the above payable in London.
Dutch Two-and-a-Half per Cent
Ditto, 4 per Cent. Certificates

.. 42% 41% 42% 42%

.. -
.. 9414 93%

PRICES OF
RAILWAY SHARES.

BUSINESS CLOSIIIO
PAID. DONE AT PRICES.
ONE O'CLOCK.
Aberdeen.. .. 15 .... 81;,
Amber., Notting., Boston, and

Eastern Junction 2% .... 1% • .....
Birmingham and Oxford Junction 2 .... 65%
Bristol and Exeter .. 75 .. . 86
Bristol and Gloucester .. 30 .... 50% ..... 50%
Buckinghamshire 423. .... 1,4 dis dis.
Caledonian .. .. 20 .......... 15%
Chester and Holyhead 27% .... 25% • • ........ 25%
Cornwall... .. 5 .... 1 ....
Direct Manchester (Remington's) 2% .. 34
Direct Northern .. 2%.... 1% % ..... . 1%
Dublin, Belfast, and Coleraine .. 2% .... i 8 .......... 34
Dublin and Galway .. .. 4 .... 1 . IA,
Eastern Counties 14L 165..... 22% % 22%
Ditto New .. 10/. 168..... 7% p •
Do. Perpet., 5 per Cent. No. 1.61. 13s. 4d. •
Ditto, ditto, .. No. 2. Cl. 13s. 4d. % % p...... % p
Ditto, York Extension .. 10s. •• • • 234 ..... . 214
Eastern Union .. 30 .... .
Do. Ipswich & Bury SLEdinunds 9 .... 9% • • ........ 9%
East Lancashire .. .. 14 •• • • 23 ••••.• • • • • 23
Edinburgh and Glasgow 50 .... .......
Ditto, Quarter Shares .. 12% .. .. 17
Exeter, Yeovil, and Dorchester .. 534 .. . 2%
Goole, Doncast., and ~.heffield, &c. 425. % dis .• • • % dis.
Grand Union (Nottingh. & Lynn) 1% • • .34
Great Eastern and Western .. 2% .... .......... 36
Great Western .., 85 .• .. 14734 ••••• • • • .. 147%
Ditto, Half shares .. 50 .. 82 8134 81%
Lancaster and Carlisle 45 .... 65 65% .. 65%
Ditto New .. .. 5 .. 10% • • ........ 1054
Leicester and Bedford 225..... if 34 dis.• •• • % dis.
Leicester, Tamworth, &c. 425. .... 34 clis.• • .... dis.
Llverp., Manch., & Newc. Junct. 2% .... I%•• • • • ..... 1%
London and Blackwell 161. 13s. 4d. • •• • • .... 8
London a d Brighton .. 50 .. . 62% .......... 62%
London and Croydon • • 13/. 15s. 9d .. 23
London and North-Western . ..100 ....207 205
Ditto, Quarters • - . .. 2 .... •• • 25
Ditto ditto New Shares • • •• • • 15% P•• • • 15% p
Ditto, Fifths 2 .... 22% ••.. • • .... 22%
London and York •• •• •• •• 2%.... 2 1% ........

Ditto, Half Shares 2 .... 1% •• • •
London, Salisbury, and Yeovil .. 214 •• • • 34 ••••• • • • • •
Londonderry and Coleraiae .. 12% •••• • • •
Lynn and Dereham .. 15 .... 125/s .• ••.. • •
Manchester and Leeds .. 82 ....114 .... • •
Ditto, Fifths .. _ 3 .... 11% .• • •
Ditto Extension 425. .... p
Manchester and Birmingham .. 40 . 78%
Manchester, Buxton, & Matlock 425. •• • • I P• ••••• • • • •
Manchester and Southampton .. 2 •• • • I .74 •••• • • • •
Midland ..100 .. . 138 .. ••• • ..
Newcastle and Darlington Janet. 25 .... 42% 43%
Ditto, New . 1 •• • • I 1%%••• • • • • •
Norfolk .. • . .. 20 .• .. 26 ..... . . . . .
Ditto, Tenths .. .. • • • • 2 •• • • 2% 3A •••• • • • •
Ditto, Extension .• .. 2 .... 2%
North British 25 •• • • ••••• • • • • •

Ditto, Half Shares .. 11 •• • • 16%% • • 16%
Ditto, Carlisle Extension .. 1 .... 4 4•• ••• • . • 4
North Staffordshire .. .. 425. •• .. 31,g p 314 p
Oxford,Worcest.,& Wolverhmptu. 12% 7% 8.. • • .. • • 8
Reading, Guildford, and Reigate 425. 1% 1 dis 1 dis
Richmond .. .. 10 .... 19% • •
Scottish Central
Shrewsbury and Birmingham .. 2%.... 2 %•••• • • • . 2%
Shropshire Union .. . 425. %% dis •• .. dis.
South Eastern and Dovor 33% .. • • 42% • • .... 4!%
•

, -
Ditto. New (lea. at 321.) No. 1. 20 • • .... •
Do., New (d 0.331. 68.8 d.) No. 2. 12 .... 16% .....
South Wales .. S 4%14

Vale of Neath 2 .... 1;•
Warwickshire and London • . .. 425. % dis
West Riding Union 425..... 3 2% ,p.•
Wilts, Somerset, and Weymouth 10 .... 5% 5
York and Carlisle 2(•.., % . •
York mid North Midland .. .. 50 .... .. • •
Do. E. and W. Riding Exten... 1 .... 12%
FOREIGN RAILWAYS.
Demerara .. 2%•..• 2%
Dutch Rhenish .. 6 .... 6
East In Ilan . ss. % .
Great Western Bengal .. ss. .... %
Italian and Austrian .. .. 3 .... 1%
Namur and Liege .. 6
Orleans and Bordeaux .• .. 6 .... 8%
Paris and Lyons Constituted .. 5 5% • • .....
Rouen and ilavre . .. 20 ....
Sambre and Meuse • • .. .. 8
JOINT-STOCK BANKS.
MINES.

Union of Australia,

Real del Monte, Unregistered .. .... 3%
..........

% dis
2% p
6

:7i
2%
8
5%
27%
4%

EGHAM RACES.
(THIS DAY-BY EXPRESS)

Two-Year Old Stakes.
Baron Rothschild's Daughter of the Star
Sir G. Heathcote's Carolina c01t...
The Surrey and Middlesex Stakes

Pine-apple
Example
Taglioni filly
The Queen's Plate.
Mr. John Day's the Hero
Mr. Moore's Wolfdog

IMPERIAL PARLIAMENT.

(THIS DAY.)

HOUSE OF LORDS.
(Continued from our Afternoon Edition.)

Lord CAMPBELL presented a petition from the
inhabitants of the metropolis, praying for the abolition
of tolls on the bridges.
The Bishop of OXFORD, on behalf of the Arch-
bishop of Canterbury, laid on the table of the house the
twenty-sixth annual report of the Commissioners for
Building New Churches.