The Sun.
London, England, 1858-08-20 00:00:00

VALE OF HEATH.

The half-yearly meeting of this company was held at Neath
on Tuesday—Mr. Bruce, M.P. in the chair.
The report, as abstract of which has appeared, was taken
as read.

The CHAIRMAN, in moving the adoption of the repor',
said the circumstances which had affected the commerce of
the country during the last half-year were sufficient to ac-
count for the decrease of dividen I. The Vale of Neath
traffic had been especially aft cted by a diminution in the
demand for steam coal. The traffic suffered not only from
the general depression, but also in consequence of a strike
among the colliers of the district, which, commenced in the
end of November, could not be considered at an end until
the close of January, by which the line had been de-
prived of nearly one-sixth of its coal traffic, the great
traffic upon which the revenue mainly depended.
Besides this the strike had disturbed the commerce
of the district ; parties who had obtained their coals from
the district had during the strike been obliged to obtain
them elsewhere, and this could only be got back again
by degrees. He thought, however, that the colliers had
learnt a lesson in the last strike which they would not
readily forget. The Vale of Neath being essentially a
third class line, and the bulk of the passengers being the
workmen of the district, the reduction of their wages 20 per
cent. had diminished the funds available for travelling and
pleasure purposes. The only feature of increase in the
half-year had been in the item of iron ore, of which they
had carried 80,257 tons in the half-year; the receipts
from that source ameuntcd to one-fifth of their revenue.
The coalowners were extending their works, and he
believed the Vale of Neath Railway would carry
a very considerable portion of the coal to be raised.
Their present system of laying rails was upon the longitn-
dinel sleepers, like the Great Western. This necessitated
such a disturbance of ballast and timber to replace one un-
sound rail that they proposed to use hereafter the cress
timbers instead ; and they also proposed to uFe the double-
headed rail of 751 b. a-yard. They also proposed to relay
the line with the scorire ballast where gravel had been used.
He then alluded to some long outstanding accounts of the
solicitors, which the directors had had great difficulty in
eetting in, and which it was
intended to submit for imme-
diate settlement. The diminution in the dividend arose from
the additions to capital, to extraordinary expenditure in
maintenance of permanent way, and increase of loans. The
directors also recommended an increase in the rolling steak,
and he spoke hopefully. of improvement to be expected on
the opening of the Briton Ferry Docks, in which under-
taking this company held shares to the amount of £20,000.
Mr. LEECH suggested to the directors the employment
of lighter engines, shorter trains, and more frequent run-
nings. He suggested the propriety of establishing a renewal
fund, as had been done by the Midland Company, and a
more explanatory system of accounts. He thought the com-
pany ought to find rolling stock for the merchandise traffic.
The CHAIRMAN assured the shareholders that the direc-
tors would not increase the rolling stock except when abso-
lutely necessary for the accommodation bf the trade. The
directors and their secretary, who had himself great
mechanical genius, and had rendered most important ser-
vice in this department, had, after mature consideration anti
experiment, come to the resolution that their large and
powerful engines, run at a slow speed-15 miles an hour—
answered better than less nowerful engines.
The report was then adOpted.
Resolutions, declaring a dividend at the rate of 3,1 per
cent. per annum, payable on the 30th inst.; empowering
the directors to exercise the borrowing powers of the com-
pany ; and that the ordinary £2O shares which had been
paid up should be converted into ordinary stock, were then
passed. Thanks were voted to the chairman, and the
meeting then broke up.

BRISTOL AND EXETER.
The report of the directors states that the consolidated
stock on the 30th of June, 18;58, amounted to £2,020,909,
and on the 31st of December last to £1,998,449, being an
increase of £22,460. The preference stock on the 30th of
June was £759114, and on he 214 of December 134
£765,253, showing a decrease of £6,109. On the 30th of
June, 1858, the debentures were £1,006,110, and on the 31st
of December, 1857, £959,485, being an increase of £46,625.
Of the total receipts a sum of £85,305 remains unex-
pended. The total amount received during the half-year
on account of perpetual preference 4 per cent, shares and
stock is £16,350, but, as the amount of £22,460 is trans-
ferred therefrom to the consolidated stock of the com-
pany, the amount of capital entitled to the preferential
dividend of 4 per cent. is proportionately reduced. The
average rate of interest on the total preferential debt is re-
duced to 418 per cent. A surn of £14,036 has been expended
on capital account during the past half-year; of this amount
£4,363 has been paid in completion of purchases of land ;
£5,763 for new works to the main line. All renewals or
replacements have been charged to revenue. The gross
traffic receipts for the half-year ending. the 30th of June
last (including those of the Exeter and Credi on and the
Somerset Central Railways) have been 5,15-2,086, which is
£5,106 less than in the corresponding half of the year 1857.
The working expenses amounted to £76,
de-
crease of £4,835, as compared with the corresponding h.a.l!-
615, being a ...
of 1857. This amount of working expenses
per cent. en the total gross receipts, or £612 per mile for
is equal to 49.52
125 miles worked during the half-Lf3r% and shows a decrease
of expenses of 1.28 per cent., or per mile, as compared
with the corresponding half-year of 1857. The balance oS
the revenue account, including £10,041 brought forward
from the previous half-year, is C 53,920. The directors recom-
mend a dividend at the rate of 5 per cent. per annum, carry-
ing forward a balance of £3,358 to the next account.
The capital account showed that £3,786,163 had been re-
ceived, and £3,249,890 expended, leaving a balance of
£536,272 invested in the shares of other companies, andin-
cluding £85,305 in cash.

LAW INTELLIGENCE,

ADMIRALTY COURT.—AuG. 19.
(Before Dr. Curries.)
This was an additional court day, and Dr. Curries presided
as surrogate in the absence of the learned judge.
THE MARTHA POPE.
Dr. Viambey moved the Court to pronounce f,r the
balance of wages (E• 11 3s. 4J.) alleged to be due to the
master of this vessel. There was no opposition, and
The Court granted the application.
THE MARION.
This was a cense promoted by the master, mate, and crew
of the brig Marion for wages. The proceeds of the vessel
had not yet been got in.
Dr. Wambey appPared for the parties, and prayed the
Court to grant a decree f r the balance of wages out-
standing.
The learned Surrogate said he had no objection to a
decree being pronounced; but, under the circumstances, it
must be subject to " all prior claims upon the vessel."
THE REVENIER.
Upon the application of Dr. Wambey,
The Court decreed the sAle of the ship Revenier in a snit
for necessaries supplied to her.
THE JANTINA REINDIERDINA.
The learned Surrogate, upon the application of Dr. Twiss,
signed a primum dccrctum against the above vessel, and
granted a perishable monition and a commission of ap-
praisement in a bottomry suit.
THE HILDA.
Dr. Twist applied for a decree for the sale of the Hilda in
an action for necessaries.
The Court made the order.

CENTRAL CRIMINAL COURT.-Aug. 19.

OLD COURT.
(Before Mr. Justice Williams.)

John Jervis, 28, a respectable-looking young man, was
cl.)arged with embezzling the several sums of £499 Gs. 4d.,
£378 155., and £295 2s. lid., the moneys of his employers.
Mr. Bodkin, Mr. S &eh, and Mr. Poland conducted the
prosecution ; Mr. Metcalfe was counsel for the defence.
This case occupied the Court nearly the whole of the day,
and the details of the evidence were of a very complicated
character. It appeared that the prisoner was clerk in the
establishment of Sir Samuel Scott and Co., bankers, of
Cavendish-square, and it was his duty to collect the
cheques and cash from the City bankers on behalf of
the firm. The prisoner went out ui.on this duty
every morning at 10 o'clock, and he had to collect in the
course of the day very large sums of money, frequently
amounting to so much as £12,000 or £15,000 in all sorts of
securities, cheques, bills, and cast), and, of course, it fre-
quently appened, with such a number of instruments, that
there was among them some which, from want of an endorse-
ment, or the want of advice from the country, were not at
the moment convertible into cash. The prisoner upon his
return to the bank every evening had of course to make
up his account, and the arrangement that was made with
regard to any deficiency that might arise from the course
alluded to was that it should be supplied by tickets upon
which the amount deficient was stated, and also the
reasons for the non-payment, such as " not due," or " no
advice," or whatever might be the reason, and thus the
account for the day was balanced ansi the securities that
were not paid were carried on to be collected upon another
occasion. The case on the part of the prosecution was that
the prisoner bad taken advantage of his knowledge of the
business of the hank being conducted in this manner to
carry on a very extensive and ingenious system of
fraud. He of course received money from a num-
ber of different banks, and it was suggested that
in three aces where he had actually received
the money, instead of paying in the cash at night,
that he handed in tickets for the several amounts, and
retained the cash in his own possession. Such a pro-
ceeding would of course be speedily discovered if no means
were taken to prevent that discovery; and the mode in
which the prisoner was represented to have acted to avoid
detection was, by paying over on subsequent days the mo-
ney received .from other sources—fresh tickets being again
given to make up the deficiency of the day, in order to sup •
ply the previous deficiency; and thus the matter went on till
the 10th of July, when, in consequence of information that
had come to the knowledge of the bank, the prisoner
was sent for into a private room, and two of the tickets
referred to—one of which represented the sum of £499 Gs.
4d., which was supposed not to have been paid by the Lon-
don and County Bank, and another for £295 2s. 11d., which
was represented not to have been paid by Messrs. Hankey
anri Co.—were shown to him, and he was asked for an
explanation. He at first said iet the amounts had not been
paid, but on his being told that inquiries had been made,
and that it was ascertained that this was not true, he bung
down his head and made no reply. lie was then asked
whether he was in a position to pay the money, and he
replied that he could not, as it was all gone. He was then
given into custody.
Mr. Metcalfe subjected the witnesses for the prosecution
to a very severe cross-examination, and he elicited from
Mr. Parrott, the principal clerk in the establishment of the
prosecutors, that the prisoner had to collect very large
sums of money during the day, and to go to a large number
of banks and other places ; and it also appeared that he had
asked for assistance in the performance of his duties. It was
also admitted that errors frequently occurred among bank
clerks, and that they occasionally were short in their
collections, and at other times had money over, and that in
the farmer case it was customary to give tickets for the
aatount of the deficiency, and leave the matter for further
inquiry and expanation at a subsequent period.
Mr. Metcalfe made a very ingenious address to the jury
on behalf of the prisoner, and he particularly remarked
upon the fact that there was no proof of any actual deficiency
of cash in the accounts furnished by his client. He likewise
urged that in the extent ef the transactions of business in
which the prisoner was engaged on behalf of his employers
it was unavoidable that some errors might arise, but that it
would be very unjust on that account to say that he had
committed the offence of embezzlement, _ _

Mr. Justice Williams having summed up, the jury almost
immediately returned a verdict of guilty.
Mr. Bodkin stated that the total amount of the prisoner's
defalcations was about £600; and, in answer to a question
put by the learned Judge, it was stated that the salary of
the prisoner was £l5O a-year.
The prisoner was sentenced to four years' penal servitude.