The Sun.
London, England, 1851-02-27 00:00:00

SOUTH WALES RAILWAY.

The half-yearly ordinary meeting of the proprietors
in this company was held yesterday at the London
Tavern, C. R. M. Talbot, Esq., M.P., the chairman, pre-
siding.
The usual preliminaries having been gone through,
The SECRETARY read the report of the directors,which
has already been published in The Sun.
The CHAIRMAN, in rising to address the meeting,
was received with loud cheers. Ho said—
Gentlemen, I have to apologise to you for this
report not having been sooner laid before you,
but when you hear the reason, I am convinced you will
be satisfied it is a good one. The fact is, the auditors
found it impossible to get the accounts ready in time for
the circulation of the report within a sufficient number
of days before the meeting ; and I can bear
testimony myself to their unwearied exertions, having
been at Chepstow during the period of their labours
and witnessed them working like slaves in order to get
the accounts ready.—(Hear.) This complaint will not
occur again, it having arisen entirely in consequence of
the officials being somewhat new in their relative posi-
tions during the first six months of the opening of the
line. With reference to the report we have just heard
read I wish to draw your attention, in the first instance,
to the traffic which passed over the line in the first six
months of its working. You will perceive the balance
in favour of the company amounts to 10,9091.—(E1ear.)
That of itself is a most favourable feature in a railway of
this description during the first six months; but I may
state that that by no means represents the amount, because
though the expense of carrying her Majesty's mails has
been charged to the country, the Post office has paid
nothing whatever to us. Now, if I estimate the receipts
for carrying the mails for four months at 4,0001., that
will make a clear balance of something like
15,0001, for the halt-year, or say 30,0001.
for the year—(Hear)—and considering that no balance
whatever was expected in the shape of profits from the
working of the line during the first year, I think you
may look at that fact as a favourable omen with
regard to our line.—(Cheers.) Then, again, I may
observe that the smallness of the goods traffic during
the four months may excite some surprise. I can give
a very good reason for its not being larger, because it had
to be limited to the number of trucks we had on the line.
We have only had 45 trucks to carry on the goods traffic
over 75 miles of railway. I have no wish to-day to speak
in a spirit of fault-finding. I believe the Great Western
have given orders for the construction of new trucks for
the service of the South Wales line ; but, nevertheless,
the number I mentioned has been most inadequate to
meet the requirements of the traffic. In fact, the 45
trucks hove been in constant use, and we might as weil
try to discharge the Thames through a six-inch pipe
as attempt to carry on the traffic with such limited
accommodation for the goods' traffic.—(Hear, hear.) I
am authorized by the superintendent—a most active,
energetic, and excellent officer—to say that at this
moment he has three times the amount of traffic which
he can carry with forty-five trucks; and I believe my-
self, if we had a larger number of trucks, and the ca-
pabilities of the line were fully developed, that we
should have ten times the traffic which could
at first reasonably be expected.—(Hear, hear.)
I will now advert to that which occurred in this room at
the last November meeting. When we met here some
few months ago you were pleased to express an opinion
very unequivocally as to the course which the company
ought to pursue for the future. At that time I felt it
my painful duty to differ nearly from the whole of
the other directors, and having acted most cordially with
them for a considerable period I did feel very great pain
in finding myself compelled to differ with them on a
question affecting the important interests of this rail-
way. I must do them the justice to say that I
believe, and indeed know, that their only object was
to discharge their duties as trustees to the company,
according to what they considered most likely to con-
duce to your interests; but, after having plainly per-
ceived what your real feelings were on the question,
they have felt no difficulty whatever in cordially and
unanimously uniting with me in carrying out that line of
policy which I ventured to recommend.—(Cheers.)
Whatever responsibility may attach to that policy, 1 am
willing to bear it myself, and nothing of it will fall on
their shoulders, because they, in the first instance, re-
commended a contrary policy, and altered their opi-
nions solely in deference to your views.—(Cheers.)
Now I do hope, in making tho announce-
ment, that this company has resolved to prosecute
this entire line, no wish may be attributed to mo of
taking a hasty course with regard to the Great Western
Company. To that corporation I owe the deepest obli-
gation. I have never travelled by their magnificent line
without thanking them fur giving me such accommodation,
and no one travels by it oftener than Ido myself. For the
individual members of the corporation I feel nothing but
esteem and regard, and I do protest in the strongest lan-
guage which can be used against my desire for the
honourable fulfilment of an obligation being imputed
to me as an act of hostility.--(Loud cheers.)
But I have already said that, with the ex-
ception of those gentlemen who represented the
Great Western, the board were unanimous in their in-
tention to prosecute the line to Fishguard.—(Cheers.)
It will not do, of course, to make such an announcement
without also convincing you of our power to carry out
our intention.—(Cries of " Hear, hear.") It is mani-
festly a financial question, and, therefore, I will now
proceed to lay before you my " budget," which
I hope you will think a little more successful than the
financial statement of my Eli ht Hon. Friend the Chan-
cellor of Exchequer.—(Laugh ter and cheers.) In
round numbers, according to the accounts made up to
the 31st Dec. last, we had spent 2,666,000/., that will leave
something like 1,300,0001. of the capital stock expended.
Now, I believe that for less than one million the whole
of the railway to Fishguard may be completed.—(Hear,
hear.) I found my belief on the fact of the contracts
for the works being now let for 325,0001 ; and consider-
ing that the permanent way will cost 1:i5,0001.,
and the iron rails 85,0001., there remains a
certain balance to be expended between Chepstow
and Grange-court of something under 100,0001.
The total, as I make it, certainly falls below one million,
leaving a disposable balance of 300,0001., including that
which the company is entitled to raise.—(Hear, hear.)
Then comes the question, can we raise money
under the powers we possess ? Arrangements
have been made with the contractors, with the
layers of the permanent way, and alio with the iron
masters, to take debentures iu payment. It had been
suggested that the company should agree with
some large contractor to finish the whole of
the line, on such an agreement as that on the
Worcester and Wolverhampton line. No doubt
such an arrangement would be very wise were it not
that we had it in our power to make a still better
arrangement.—(Hear, hear.) No large contractor would
take so large a risk on his shoulders without a consi-
derable bonus. The Chairman then alluded to the rumour
which had been circulated that it was the intention of the
directors to refuse to lease the line to Fishguard when
completed, and said there were no grounds whatever for
believing at present that such was their intention. He
had, however, taken the best legal advice on the sub-
ject, and he was informed that the agreement which
they had entered into with the company fur
leasing the line could be enforced.—(Hear, hear.)
He hoped that the board of the Great Western Company
would consent to the substitution of Milford Haven in-
stead of Fishguard for the destination of the line, that
being one of the finest harbours in the kingdom. He
concluded by moving the adoption of the report.
After some warm discussion, the motion was agreed to.
The retiring directors were then re-elected.
The CHAIRMAN then proposed the motion, sanction-
ing the issuiog of preference shares, as mentioned in the
report.
This was met by an amendment by Mr. De Winton,
seconded by Captain Berkeley and Mr. Baker, the
Great Western directors, that no preference
shares should be i.sued without farther inveetigcien
into the affairs of the compeny, but was, however, with-
drawn, on the chairman giving an undertaking that no
shares should be issued without the subject again
coming before a special meeting.
The original motion was then carried; and after the
transaction of some other business, tha meeting se-
larated.

STATE OF TRADE.
(From the Manchester Guardian.)
MANCHESTER, TUESDAY.—Although some few of the
letters received by the Canada represent the cotton crop
as sure to reach 2,400,000 to 2,500,000 bales, yet the
advices at large have at once strengthened and rendered
more general the opinion that the supply must prove a
short one. The consequence is an increase of busi-
ness, and an upward tendency in prices at Liverpool;
while the returning firmness observable in this market
last week has become more decided to-day. Cotton
has recovered id. per lb. from the recent lowest point;
and any business done in yarns to-day is at id. to
per lb. above the prices which would have been paid a
week ago. The operations have been rather considerable,
on the whole; the Germans having ventured to do more
than for some time back, and there having been purchases
to a fair aggregate amount for India, and Italy, and for
home consumption. The extensive transactions of last
week in 40-inch shirtings have led the producers to re-
quire an advance of 3d. and 4id. per piece, to which
they firmly adhere. This retards business, though there
is a disposition to buy. Long cloths and T cloths are in
tolerable request; but printing cloths are still quiet.
Some uneasiness is excited by the possibility, which has
become more apparent th is afternoon, that the formation
of a Government may fall into the hands of Lord Stan-
ley, though the issue of a struggle for the maintenance
of free trade is not feared.
RUCIIDALE, MONDAY.—W 0 have another dull market
to-day; there have been many flannels offered for sale,
and few buyers. When this is the case, prices are al-
most sure to go down. The wool market has also been
slack, and sales have been effected at lower prices.
MACCLESFIELD, TUESDAY.—We have no change to
notice iu the manufactured goods trade since last week,
business remainiug quite as dull us reported fur some
time past. Nov, however, that the public sales have
taken place, and their result is known, we may confidently
expect that business will be done. At length some of the
smaller commission throwing concerns have been com-
pelled to close, it being impossible for them to
obtain work in the present flat state of the thrown silk
trade. At the public sales held in London, last week,
very little silk was bought; buyers, for the most part,
purchasing by private contract.
BITDDERSTIELD, TUESDAY.—We have had a very flat
market to-day in the woollen trade, although the deli•
very of goods has been pretty large, but chiefly to order.
thoughngof tainyis importance in the wool trade
generally thought that there
is a slight deviation of price.
Tinheeere ou is r
last,ot h
n

Dividend Amount
Same of Company. per of Paid. Price.
Annum. Share.
------- ---- -----
4 e. d. X g. d.
Australasia .... •• .... 41. per cent. 40 0 0 40 0 0 33
BritshNorth American . st. per cent. 50 0 0 50 0 0 -
Ceylon .. ••..••• • • • • • - 25 0 0 25 0 0 -
Commercial of London ' 61. per cent. 100 0 0 20 0 0 -.
Colonial .• •• • • ....... 21. par cent. 100 0 0 25 0 0 -
Gloucestershire .. - - 115/percent. - - -
lonian .. •• .• .......• 161. per cent.l 25 0 0 25 0 0 -_
and County •• ' Cl. f.er cent. 'lOO 0 0 30 0 0 _
Loudn and Westntunstr 61. per cent. 50 0 0 30 0 0 2714
London Joint-Stock .• • 61. per cent. 5u u ..) 10 0 0 17%
Provineialof Ireland- 81. per cent. 100 0 0 25 0 0 43
Ditto, New. •••• • • • • 81. per cent. 10 0 0 10 0 0
gational of Ireland .. 51. per cent. 50 0 0 22 10 0 1734
Nat. Provncial of Eng. ' 61. per cent.4loo 0 0 35 0 0 -
Ditto, New. •• • •... 5/. per cent. 20 0 0 10 0 0 -
South Australia .......61 per cent. 25 0 0 25 0 0 -
Union .1 Australia.... ' 61. per cent. 25 0 0 25 0 0 -
Ditto • ..... „ ..... 61. per cent. - 2 10 0 -
gnion of London. •• • • 61. per cent. 50 0 0 10 0 0 12%
Union of Madrid •••• • I - 40 0040 0 0 -111/81311LANCE COMPANIES.
- .
Dividend Amount
Name of Company. f per of
_I Paid. Price
Annum. Share.
...--
4 s. d. 4 a. d.
Albion ........ ••• • • • 3/. 10s. 500 0 0 50 0 0 86
Alliance Brit. and For 7114s6d&bs 100 0 0 11 0 0 -
Ditto Marine. •• •• •• 61. per cant. 100 0 0 5 0 0 6%
Atlas - - . 138.6 d. 50 0 0 510 0 17%
Argus Life -••- .• 41. per cent. 100 I 0 16 0 0 -
Britisn Commercial •• 78. 6d. 50 0 0 5 0 0 734
Clericl,Med.& Gen. Life spr et. dc be. 100 0 0 10 0 0 20
41. 100 0 0 10 0 0 86
14e. BO 0 0 5 0 0 15
Eagle•.
European Life ••• • • • 10s. 20 0 0 All paid. 1134
General •••••• • • • • • • - - a 0 0 5%
GlJbe ....... --- • • 61. per cent. Stook. - 135%
G-lardian ••..••• • • • • • Si. 100 0 0 45 0 0 56
Imperial Fire •. •• - - 121. per cent. 500 0 0 50 0 0 235
Imperial Life •••• •• • • 12s. 100 0 0 10 0 0 1834
Indemnity Marine •• • • 11. sib. & bs. 100 0 0 20 0 0 4714
Law Fire -.••.• • • • • • - 100 0 0 210 0 2%
1... cw Life•• •• •• •• .... 11. Hs. 100 0 0 10 0 0 46
Le.;al and General Life - 50 0 0 2 0 0 434
Licensed Victuallers .. - 5 0 0 1 0 0 -
London Fire •• ••• • .• 108. 25 0 0 12 10 0 17%
London Ship ..•..... 10s. 25 0 0 12 10 0 17%
Marine • • ••••••• • • .. 15s.per share 100 0 0 15 0 0 6%
Med.lnvlid&Gen.Life 4141. per ct. 50 0 0 2 0 0 2%
Siational Lean /and.. 51. per cent. 20 0 0 210 0 2%
national Life.... -
Palladium Life 5l. per cent. BO 0 0 2 0 0 2%
PLomix • 31. p. sh. & be. - - 155
Professional Life...... 51. per cent. 6 5 0 010 0 208.0 d
Provident Lif- ...... 11. ss. & bs. 100 0 0! 10 0 0 30
Kock Life...-. - .... 53. 3 0 0: 010 0 6%
!loyal Exchange 6l. p.ct. & be. Stook. - 215
Sun Fire . - - - 6 l. 6l. 108. - - 209
Ditts Life . • •• - - 48
United Kingdom
Universal Life-. • lO% ct.& bs. 100 0 0 10 0 0 -
Victoria Life .. • • - 4 12 6 5