The Sun.
London, England, 1851-08-30 00:00:00

SOUTH WALES.

The half-yearly meeting of this company was held
Yesterday at the Paddington station ; Mr. C. R. M.
Talbot, M.P., in the chair. The secretary read the
report, of which the following is an abstract :
" The directors have used every exertion in their
power to expedite the works between Chepstow and
Grange Court, and they have experienced great disap-
pointment by the delay which has occurred in the
completion of them. Under the terms of the agreement
with the Great Western Railwway Company of the 29th
of March last, a committee has been appointed for ma-
naging the traffic upon the South Wales Railway. The
members of the committee nominated by your directors,
are—Mr. C. R. M. Talbot, M.P. ; Mr. W. Mathews,
Mr. D. Lewis, Mr. E. Macnaughten, end Mr. A. F.
Paul ; and by the directors of the Great Western Com-
pany—Mr. C. Russell, Mr. L. Baker, Mr. F. P. Bar-
low, Captain Balkeley, and Mr. H. Simonds. Mr.
Talbot is the chairman of the joint committee for the
current year. The constriction of the works west
of Swansea had been resumed. While the directors
continue to press forward the works upon that portion of
the line which lies between,Swansea and Carmarthen,.they
believe they aro consulting the truest economy in not
expending the funds at their disposal beyond Carmar-
then with any degree of rapidity until the line to that
town is opened. The works upon the line towards Fish-
guard to the west of the point at which the branch to
Haverfordwest diverges, have, since the confirmation
of the agreement, been altogether suspended. In ac-
cordance with the terms of the agreement, it is the in-
tention of the directors to make application to Par-
liament in the ensuing session for power to extend the
line from Haverfordwest to Milford Haven, and instruc-

tions have accordingly bTen given to Mr. Brunel to ex-
amine and report upon the the most eligible site for the
terminal station. By the Great Western Railway Act,
1851, the agreement for a lease of this railway to
the Great Western Railway Company of the 29th of
March is confirmed. By the South Wales Railway
New Works Act, 1851,' power is given to construct a
now line of railway to join the Taff Vale Railway at
Cardiff; to make certain alterations and improvements
in the Forest of Dean Railway; to enter into arrange-
ments with the Briton Ferry Dock Company, and with
the owner of the Bute Docks at Cardiff, for the construe
tion of branch railways in connexion with the prop3sed
docks at those places; to abandon the Briton Ferry
branch authorised to be constructed by the South
Wales Railway Act, 1847, and to make arrangements
with the Vats of Neath Company for the joint use of
the station at Neath. By the South Wales Railway
Capital Act, 1851,' the various subscriptions and ad-

vatices made from time to time to the Vle of Neath—

Waterford, Wexford, Wicklow, and Dublin—Lly nvi
Valley—Cork and Waterford, and Tenby and Saunders-
foot Railway Companies, are ratified and confirmed. The
directors propose to enter into an agreement with the
Briton Ferry Dock Company for the purpose of securing
the construction of the docks, &c. The ducks will re-
main the property of the Dock Compcny under certain
restrictions a, to tolls and charges, and the railways and
works connected therewith will be vested in this com-
pany at a cost not exceeding 20,0001. It is also pro-
posed to enter into an agreement with the Vale of
Neath Company, who are greatly interested in the pro-
posed docks, by which a minimum rental of 1,2001. a
year will be secured to this company for the use by the
Vale of Neath Company of the portion of the South
Wales Railway between Neath ar d Briton Ferry. Agree-
ments have been entered into with Sir C. Morgan for the
purpose of effecting a junction with the Western Val-
leys Railway at Newport, and with the trustees of the
Marquis of Bute, for providing dock accommodation and

a branch railway in connexion with it at Cardiff. In-

structions have been given to Mr. Brunel to prepare
plans and estimates of the branches to joi❑ the Taff Vale
and Western Valleys Railways, with a view to the early
commencement of the works."

The report of Mr. Brunel, the engineer, stated,—
" That the line generally between the Chepstow-
bridge and Grange Court is nearly ready for opening,
and from Grange Court to the river at Gloucester, the
Gloucester and Dean Forest Railway is also ready, but
both at Chepstow and at Gloucester the river bridges
have proved causes of delay. It having been deter-
mined to open the line to the east side of the river, pre-
parations of a temporary nature have been made at a
point where access from the main road could easily and
conveniently be obtained, and leaving an interval of
about one mile of railway. At Gloucester, both the
bridge across the river and the junction with the Great
Wester station have been sources of delay, which has
been unavoidable. In about a fortnight or three weeks
from the present time the difficulties will be overcome,
and the line will be ready to bo opened for public
traffic."

The C. lIAIRM4N, in moving the adoption of the re-
port, said there were a few points which required ex-
planation. One of these points was a subject which
from the first time he had joined the company had
been a source of constant anxiety to him. He meant
the liabilities of the company to pay on shares held in
other railways, in addition to the onerous liabilities
of forming their own line. He found that this com-
pany had undertaken to assist other companies,
which, in his opinion, ought never to have been
connected with it.--(Cheers.) In the palmy days of
railroad property parties had entered into engage-
ments without thought and without foresight. To
get rid of these liabilities had been a task of no ordi-
nary difficulty, and for the first time since he had had
the honour of addressing them it was in his power
to congratulate them on getting rid of the whole of
these liabilities. As regarded the most pressing of
them, the Wexford and Waterford, he believed the
arrangement which had been made would be most
beneficial to their interest. No further call would he
made on their funds, and they would continue to hold
the interest they had in that company, so that, should
it ultimately turn out a profitable one, they would be
able to avail themselves of the property derived. It
was with great regret that he could not congratulate
them on the integral opening of their line, which not
only himself but their engineer had expected he would
have been able to do. They had come to the resolu-
tion, however, to open the line as far as it was pos-
sible to the eastern bank of the river Wye, rather
than wait for the opening of the Chepstow-bridge;
which appeared to be indefinitely postponed. The
directors had done everything to expedite its comple-
tion, for on the opening of that bridge the goods
traffic of their line depended, for they could not ex-
pect to move heavy goods from one part to another
without doing away with sea carriage. After the
completion of this bridge they expected a goods traffic
in connexion with the Great Western, and a coal
traffic to Birmingham, for they could then carry
coals as cheaply as any company—viz., at d. per
ton per mile. On the general prospects of their
linehe was as sanguine as ever, though he had
still
to call on their forbearance, as he
had only the future to point to, and could not point
to the past,
them next
He trusted that by the time he met
year they would have opened their line. I
They had already opened it to
the eastern bank of

the Wye, and there was now only a break from Lon-
don to Swansea of 45 minutes, so that a person leaving
London at 9.50 A.M. would arrive at Swansea at 4.40
r.m. This arrangement had been made with the
Great Western Company, who, he was happy to say,
united with them in every way in promoting the traf-
fic on the line. It had been suggested to him that
the report of the directors should be published prior
to the meeting of the shareholders, to inform them of
the nature of the topics likely to be discussed. lie
wished to state the reasons which weighed with him
in objecting to this. In the first place, if the reports
were so published many shareholders would not at-
tend the meeting, being satisfied with the informa-
tion so published ; and, again it enabled parties who
attended, not for the purpose of fair discussion, but
for the purpose of mischievous agitation, to be ac-
quainted with many things by which they might
cause much agitation and confusion. They would
hardly credit the expense the company had been put
to by one individual buying one single share for the
purpose of introducing agitation and confusion. He
should be afraid to name the sum which had been
added to their law accounts by the objectionable con-
duct of this one person. He begged to move the
adoptio❑ of the report.
Mr. PAUL seconded the motion.

The Rev. Mr. SPENCER, complained that the report
wis like all its predecessors—it contained the failure
of promises which had been made. He himself held
0001. of stock which for two years and a half had
not paid him one farthing. He would recommend
the proprietors to apply to Parliament and state their
case. He believed there was such a thing as justice
in England, and there never could be a more grievous
case made out than could be substantiated by the
shareholders of the South Vales Company. He
begged to know when the interest which had been
suspended by their operations to Fisbguard would be
resumed; and, secondly, what was to be done with
the little balance that was over?

The CHAIRMAN said the resumption of interest de-
pended on the shareholders themselves, and the only
way it could be paid would be by borrowing the mo-
ney. This might be done at 41 per cent., but he
should be sorry to recommend it. In regard to the
balance, it was applicable to dividend, but they had
not yet been paid for the mails. It was at present
under arbitration between themselves and the Post-
ofiice.

Major COURT said the balance of 7,5001. would
yield about as. per share. He thought, also, the sum
due from the Post-office should be stated.
The CHAIRMAN said this matter was now under
arbitration.

Mr. BAIILOW, one of the directors, was glad this
subject had been stated. He begged to say carrying
the mails-gave a great deal of trouble, and the pay was
very scanty. He hoped it would be reported that this
was a most ungrateful service.
Mr. FIELD thought some communication might
have been effected between this railway and the ports
in the Bristol Channel, Swansea, Newport, and Car-
&ff. A communication between the docks and the
river Thames also would be of immense advantage to
them.

The CHAIRMAN admitted the importance of the
commumication with ports in the Bristol Channel.
He hoped in a short time they would communicate
with Swansea. In regard to Neath, they depended
much on the construction of the Briton Ferry Docks;
and with respect to Cardiff, an arrangement had been
made with the trustees of the Marquis of Bute,
which would ultimately benefit the South Wales
Railway. The junction with Gloucester he considered
to b? of the utmost importance, for he believed the West
India mail steamers would then have the whole of
their coal from South \Vales.
The Rev. Mr. SPENCER moved that the balance of
7,5001. ba paid on this occasion in the shape of a divi-
dend, but after a good deal of discussion he ultimately
withdrew his motion.

The motion for the adoption of the report was then
put and carried unanimously; also a resolution con-
firming the declaration of the forfeiture of .5,896
shares, upon which 60,4001. had been credited.
On the motion of Mr. RITCHIE a vote of thanks to
the chairman and directors was put and carried with
acclamation, and the proceedings terminated.