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

VALE OF NEATIT.

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

The CHAIRMAN, in moving the adoption of the report,
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 dividend. The Vale of Neath
traffic had been especially ail cted by a diminution in the
demand for steam coal. The traffic suffered not only trent
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 bad 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 pysengers being the
workmen of the district, the reduction of their wages 20 per
cent. had diminished the funds available for travelling and
pleasure purposes. Tice only feature of increase in the
half -year had been in the item of iron ore, of which they
had carrifol 80,257 tons in the half-year; the receipts
from that source arneunted to ooe-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 layieg, rails was upon the lengitn-
dinal sleepers, like the Great Western. This necessitated
such a disturbance of ballast and timber to replace one un-
sound rail that they propos'ed to use hereafter the cross
timbers instead ; and they also proposed b use the double-
beaded rail of 751 b. a-yard. They also proposed to relay
the line with the scorite 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
getting
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 aleo recommended an increase in the rolling steak,
and he spoke hopefully of imprevetnent to be expected on
the opening of the Briton Ferry Dicks, in which under-
taking this company held shares to the amount of L 20,000.
Mr. LEECII suggested to the directors the employment
of lighter engines, shorter trains, and more frequent run-
nings. He suggested the propriety of eetabliaising a renewal
fund, as hail 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 ( f 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 and
experiment, come to the resolution that their large and
powerful engines, run at a slow speed-15 miles an hour—
answered better than less powerful engines.
The report was then adopted.
Itesotutions, declaring a dividend at the rate of 32 '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, 1858, 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 £739,144, and on the 31st of December last
£765,253, showing a decrease of £6,109. On the 30th of
June, 1838, 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-
ferral therefrom to the consolidated stock of the com-
pany, the amount of capital entitled to the preferential
gividend of 4 per cent. is proportionately reduced. The
average rate of interest on the total preferential debt is re-
duced to 4.18 per cent. A sum 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 fur new works to the main line. All renewals or
replacements have been charged to revenue. The gross
traffic receipts for the half-year endin-, the 30th of June
last (including those of the Exeter and Credi'on and the
Somerset Central Railways) have been £l5:1,086, which is
£5,100 less than in the corresponding half of the year 1857.
The working expenses amounted to £76,615, being a de-
crease of £4,833, as compared with the corresponding half
of 1837. This amount of working
expenses is equal to 49.02
per cent. on the total gross receipts, or £612 per mile for
125 miles worked during the half-year, and shows a decrease
of expenses of 1.28 per cent., or X3B Per mile' as compared
with the corresponding half-year of 1857. The balance of
the revenue account, including £10,041 brought forward
from the previous half-year, i5g,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, and in-
cluding £85,305 in cash.