The Sun.
London, England, 1856-02-26 00:00:00

RAILWAY INTELLIGENCE.

SOUTH STAFFORDSHIRE.

The half-yearly meeting of this company was held at
Lichfield yesterday; Mr. R. C. Chawner in the chair.
The report stated that the sum of 64,9291. had been
charged to capital account during the last half-year, about
one-half of which had been for land and works on the
Cannock and Norton branches, and the remainder chiefly
for waggons required for the traffic and for stations. It
was necessary to proceed vigorously with the above-
named branches, inasmuch as the Parliamentary period
for their completion was fixed for the 2d of Janu-
ary, 1857. At the request of Mr. M'Clean, the les-
see, a committee bad been appointed to examine
the accounts of expenditure since the commencement of
the lease, and to prepare the required schedules to be
attached to the lease of the Stour Valley Junction or
Tipton branch, and the recommendations of that corn-
mitteee were under the consideration of the board.
The receipts on capital account had been 1,184,6221.,
and the expenditure 1,117,9031., leaving a balance of
16,718/.

The CHAIRMAN, having referred to the chief points of
the report, said that the ctaggons had been paid for by
shares, Mr. Wright, the builder, having taken out the
cost in shares. The committee, to whom allusion was
made,:confirmed the statement previously made by their
engineer, Mr. Baker. The line and works were in a good
state, and the accounts of the lessee highly satisfactory.
It was not neces,ary to fill up the vacancy which had
occurred in the board of directors, as the existing body
was amply sufficient to discharge the business of the
company. It was right to state that they must raise
100,0001. on account of the Cannock and Norton
branches before the June of next year or their dividends
would be stopped. They had power to borrow 19,0001.,
and had surplus lands to the value of 10,0001., and the
uncalled capital amounted to 21. 10s. per share. The
directors had careful!), considered the subject with the
view of rendering the call as easy as possible, and
had determined to make a call of 30s. per share pay-
able on the Ist of May next. They had no other al-
ternative. He concluded by moving the adoption of
the report, which, being seconded, was carried unani•
mously.
Mr. Payne of Birmingham, and Mr. Smith, of Dud•
ley, were re-elected directors.

dividend of 4 per cent., payable on the let of March
(less income tax), was then declared. The interest at 5
per cent. to the 31st ult. on calls paid in advance upon
the old and new shares will be paid at the same time.
The meeting then broke up.
SOUTH WALES.

The half-yearly statement of the accounts of this com-
pany shows that 4,045,7741. had been received on capital
account to the 31st of December last, including
2,449,7461. on ordinary sharer, 167,4211. on 4 per cent.
preference shares, 296.592/. on 4i per cent. preference
shares, 108,4631. on redeemable 5 per cent. preference
shares, and 1,023,1841. on loans. The expenditure
amounts to 4,149,0591., including 169,4771. subscrip-
tions to other railways, leaving a balance against the
company of 103,2851. The receipts on capital account
during the half-year amounted to 138,7591., and the
expenditure to 98,2251.
The revenue account for the half-year ending the 31st
Dec. last shows that 163,0161. had been received, include
ing 76,3721. for goods and minerals, and 87,8551.,
or 53 89 per cent., expended in working expenses,
and 1,5781. balance of interest in respect of supply of
rolling stock, leaving a barance of 73,5821. To this sum
is added .5,142/. brought from the last account, 2131. re-
venue from Forest of Dean tramway, 1,6971. dividend

received on Vale of Neath shares, 291. registration fees,
2551. rent of cottages, 4,000/. on account of the South
Wales waggon stock, and 19,2501. for half-year's fixed
rent of the line from the Great Western Company at
38,500/. per annum, making together 104,1701. From
this sum is deducted 801. for rent of offices, 27,8441.
interest on debentures and land purchases, and
19,1851. assumed amount due to the Great Western
Company under the agreement of the 20th of March,
1851, in respect of profits on the line between Grange

Court and Carmarthen, together 47,109/ , leaving a dis-
posable balance of b 7,061/., out of which is deducted
9,2641. for dividend on the guaranteed 201. shares,
and 36,7551. for a dividend at the rate of 8 per cent. pet
annum on the ordinary share capital of the company ea'
titled to dividend, leaving a balance over of 11,0411.
Under all the circumstances this must be considered as

a favourable result for the South Wales Company A 8
well as for the Great Western Company, the rent gua-
ranteed by the latter company being covered within
1001. by their proportion of the profits of the line to
which they are entitled under the agreement.

VALE OF NEATH.
The statement of accounts of this company to the 31st
December has been made up preparatory to the half.
yearly meeting to be held at Neath to-morrow (Wednes-
day). The total receipts on capital account amounted
to 763,2721., and the payments to 835,6711. 3s. Bd. The
receipts on revenue account for the half-year amounted
to 30,9171. ls. 7d., and the payments to 15,5911.
3s. 11d., showing a balance (carried to general revenue
account) of 15,3251. 17s. Bd. To this has to be added a
balance of 8341. 13s. left over the previous half-year's
dividend, which made up a disposable balance of 16,160/.
10s. Bd. The disposable balance for dividend at the
last half-yearly meeting in August was 14,3351. 15s. id.