The Sun.
London, England, 1858-09-01 00:00:00

LONDON, WEDNESDAY EVENING, SEPTEMBER 1, 1858.

RAILWAY INTELLIGENCE.

NEWPORT, ABERGAVENNY, AND HEREFORD.
The half-yearly meeting of this company was held at the
London Tavern yesterday—the Hon. Capt. Fitzmaurice in
the chair.

The report said—" During the half-year ending the 30th
of June, 1858, there was expended and added to capital
£45,733 3s. 3d. The ordinary share capital amounted to
£547,260 55.; the preference share capital to £222,835 10s.
6 per cent., and £102,494 5 per cent.; and the debenture
debt was £363,947. The cross earnings of the half-year end-
ing the 30th of June, 1858, over 50 miles, amounted to
£31,676 18s. 2d., against £26,568 2s. 4d., carried over 43
miles, during the corresponding half-year of 1857. The
working expenses of the last half-year are £15,888 13s. 6d.,
against £14,359 13s. 9d. for the corresponding half-year of
1857. The net revenue of the half year amounts to £15,788
4s. Bd.; and this added to by the net balance of the last half-
}ear's account, viz., £BB6 16s. 8.1., gives an available ba-
lance of £16,675 ls. 4d. Interest on the debenture debt,
amounting to £7,950 ls. 4d., to the 30ili of June last ; of
which £1,323, being the proportion due on capital expended
during the half-year, has been charged to capital, and the
balance is debited to revenue ; and after deducting interest
on 6 per cent. and 5 per cent. shares, amounting to £9,186,
a net balance remains of £862 to be carried over to the
revenue account of next half•year. It was not till March of
the past half-year that this company became empowered,
under agreement with the Taff Vale Company, to run their
passenger trains into Merthyr. Pending the development
of a new traffic, working expenses were necessarily increased
without corresponding advantage to the revenue; but the
directors are sanguine in their belief that a considerable
traffic will shortly be exchanged between the two companies,
to the benefit of bath. One of the results of a junction of
'this company's line with the Taff Vale line has been the
supply of Aberdare coal for the locomotive engines. The
directors anticipate a considerable saving in locomotive
expenses from the use of this coal; and as other railway
companies are adopting it, it is not too much to expect that
a very large traffic will ultimately arise for the ,general
locomotive service of the country. It is much to be regretted
that the prostration of trade, which was felt so severely in
Monmouthshire, as in all other mining and manufacturing
districts, at the time of the last half-yearly meeting, still
continues • but it is a source of satisfaction that, notwith-
standing tire low rate of freight by sea, the additional con-
nections established between the Newport, Abergavenny,
and Hereford and other lines have enabled the company to
maintain its gross receipts, and, as is now the case, its mileage
earnings. It is also a matter of congratulation for the com-
pany that the Shrewsbury and Crewe line will be open for
traffic on the Ist of September next, thus affording the long-
promised direct line into Manchester from the South Wales
district. The bill which was before Parliament at the
period of the last half-yearly meeting, for the deviation of
the Aberdare Canal, has become an act, and the company
is now empowered to make the desired deviation. By that
act power has been also given to the company to convert
their debenture debt into debenture stock; and a resolution
will be submitted to this meeting, to enable the directors to
effect such conversion, by creating a stock bearing a per-
petual and irredeemable yearly dividend of 4 per cent. The
substitution of a permanent investment at a fixed rate of
interest for one of a temporary and uncertain character,
will doubtless induce trustees and others to avail themselves
of such security; and the operation will effect a saving to
the company, not only in the amount of interest paid, but
in the constantly recurring expenses of renewal. The
Worcester and Hereford Bill, which was submitted
to and approved by the shareholders of this com-
pany, on the 25th day of June, under the Wharncliffe
order of the House of Lords, has now passed
into an act; and the Newport, Abergavenny, and
llereford, the Oxford, 'Worcester, and Wolverhampton
and Midland Railway Companies, are severally empowered
thereby to subscribe any sum not exceeding £37,500 to the
Worcester and Hereford Railway. The Midland Railway
Company has been admitted a party to the traffic agree-
ment between this company, the Oxford, Worcester, and
Wolverhampton, and the Worcester and Hereford Com-
panies, with such modifications as the reasonable require-
ments of the Midland Company suggested ; all which were
approved rind confirmed by the special general meeting of
the shareholders of this company, assembled for that pur-
pose on the same day. The subscription promised by the
Midland Company to the Worcester and Hereford secured
a vigorous prosecution of the works of the latter company ;
and the shareholders of all the companies, parties to the
agreement, having unanimously confirmed the same, the
lines of the four companies will, on completion of the Wor-
cester and Hereford, he worked as if each were an integral
part of one whole and continuous system, and the traffic
proper to the Newport, Abergavenny, and Hereford will
thereby be fully developed. Though circumstances have
conspired to retard the completion of the Worcester and
Hereford Railway, the shareholders will not forget that the
directors have always pointed to its accomplishment as the
contingency on which the ultimate presperity of the New-
port, Abergavenny, and Hereford would have to depend ;
and it is to the want of this essential link in the chain of
communication between South 'Wales and the Midland
district of the kingdom, that the deficiency in the gross
earnings of the line, and the consequent want of dividend
on the original shares of the company, is to be attributed.
The agreement between this company and the Monmoutb,
Coleford, and Usk Company for the working of the latter
company's traffic, having been terminated by notice from
the 11th day of October last, and this company's stock with-
drawn, the two companies have since continued to exchange
traffic on friendly terms; but relations have been recently
established under which this company is now supplying
them with locomotive power. The expenditure of the com-
pany has been an object of constant anxiety. In concert
with tke stores committee the secretary has assumed the
management of the company's stores, and is solely respon-
sible for that department. By this consolidation of offices a
considerable saving in expenditure has been effected, and
other savings in this and other departments of management
are in course of being effected."
The CHAIRMAN, in moving the adoption of the report,
congratulated the shareholders on the earnings of the line
already, and the prospect held out to them of much greater
results. That they should have been able to meet all their
engagements, and to lay by a small sum for the future,
amidst such serious commercial embarrassments, could not
be otherwise than gratifying. They had no enemies among
other railway companies; on the contrary, they were all
ready to assist them, and to afford facilities for the develop-
ment of their traffic, and he believed that ultimately the
line would be an exceedingly prosperous one. He regretted
that the cost per mile bad exceeded the estimates, but it was
satisfactory to know that it was far below the average. The
board looked to the Worcester and Hereford Company as
their great ally, and he trusted that with its co-operation
the local traffic, as well as that in the direction of London,
would prove very remunerative.
After a short conversation, in which it was explained that
it would require rather more than a traffic of £2,000 a-week
to pay 3 per cent. to the original proprietors,whilst the pre-
cent traffic only produced about £1,300 a-week, the report

was adopted.
The preference dividends were declared, and a resolution
moved for converting the debenture debt into a 4 per cent.
debenture stock; upon which
Mr. PRICE, M.P., said that though a little out of order,
perhaps he might be allowed to make a few observations.
He was chairman of the Worcester and Hereford line, which
was originally promoted as a continuation of their line, but
Irom circumstances it had not yet been made. Though their
line was open from Hereford to Quaker-yard, yet it could not
be said to be fairly open to the public until it was connected
with Worcester and the Midland districts; and when it was so
opened, though he would rot venture to predict what it
would produce, he believed it would go a long way towards
making up the £2,000 a-week they so earnestly desired. In
the last session of Parliament power had been given to the
Oxford, Worcester, and Wolverhatnpton Company, the Mid-
land Company, and this company, to subscribe towards the
Worcester and Hereford, either in their corporate capacity
or individually, and an agreement had been entered into
between the companies which would secure certain advan-
tages to the Newport and Abergavenny Company on sub-
scribing £25,000. They could not do so in their corporate
capacity, because they had no money—(laughter)—but he
urged them to consider how it should be raised. A few
shareholders in the Oxford and Wolverhampton Company
had taken up the £25,000 ou behalf of that company; the
Midland proprietors had authorised their directors to sub-
scribe £37,500, and he expected to have the money in a few
days. The capital of this company was already about
£1,300,000, and an additional £25,009 would be but little
compared with the benefit it would confer on the line. The
capital would he issued at a discount, it consisting of shares
formerly taken up by the North-Western line, but
which had been given up on Parliament refusing them
power to lease the line. There was £2 4s. per share
paid on those shares, of which those who now took them
would have the benefit.
A SliAitEiloi.DEß said it was of nu use to ask them fur
more capital, as they were already cleaned out, and asked
Mr. Brown, a director, how it was the traffic which he had
formerly predicted would come on the line when opened to
Quaker-yard, had not yet been realised ?
Mr. BROWN explained that the Taff Vale Extension line
had only recently been completed, and that the coal-fields
in the Ebbw Vale and the other valleys of the district being
connected by tramways with the sea, the proprietors of those
trams would not at first extend them to the railway,
as they would thereby give up a carriage over twenty
miles of tram for one of seven or eight. The Ebbw Vale
Company and others were, however, now making a
connection with the railway, when he believed that
iron and coal owners would at once come on the line. His
firm held frosts £45,000 to £50,000 capital in this company—
and just about one-third of the traffic on it—though they
were paying higher by ls. to ls. 3d. per ton than they would
by sea, the freight by which had fallen from 9s. per ton to
4s. 6d. They also looked for favourable results from the use
of the Aberdare coal by their own and neighbouring
lines; but it was of that nature that it could only be used
by companies to which it could be conveyed direct from the
pit. Again, the recent depression had prevented the tram-
way proprietors of the coal valleys connecting themselves
with the line until they saw the trade reviving. He still en-
tertained the fullest confidence in the line.
Mr. ROBINSON explained that the low rate of freight by
sea could only bo looked upon as
.ternyorary, it having cri-
pittatcd izi the eL'eapnrss. groin, which had f_rr!ed many of
the Baltic grain vessels into the coal and iron trade. To
show the development in traffic, he might state that in the
first instance the Mon'gomcryshire did not contemplate
carrying passengers at all, as there was not enough for a
three-horse coach. This company, however, offered them
£B,OOO a.year for it; and now, in less than 10 years, it vas
producing £12,000.
The resolution was carried, and a vote of thanks given to
the directors.

. _
and the time for completion of the Worcester and Hereford
Railway has been extended from the 15th day of August,
1858, to the 15th of August, 1861. By the same act, the Wor-
cester and Hereford Company have acquired power to re•
purticase from the Newport, Abergavenny and Hereford Rail-
way Company. as soon as the Worcester and Hereford Railway
is open for traffic, the portion of road extending from the Hay
turnpike road at Hereford, to a junction with the Shrews-
bury and Hereford line in the parish of Holmer; and the
Mid!nnd, the Oxfori, Worcester, and Wolverhampton, and
the Newport, Abergavenny, and Hereford Companies, have
severally acquired powers to subscribe towards the Worces-
ter and Hereford Railway, to any extent not exceeding
£37,500. The directors have the further satisfaction of
stating that the traffic agreement which was reported at the
last half-yearly meeting to have been entered into between
this company and the Oxford, Worcester, and Wolver-
hampton, and the Newport, Abergavenny, and Hereford
Companies, has been modified and extended so as t 3 admit
the Midland Railway Company a party also to the said
agreement. The construction of works has been steadily
pursued under the content with Messrs. Brassey an: Bal-
lard. The whole of the materials for a double line between
Shrub's Hill station, at Worcester, and Malvern, have been
purchased."
The accounts showed the receipts to have been £189,075
175., and the expenditure £171,141 17s. 2d., leaving a
balance of £18,523 19s. 10d.
After a short conversation, in which the position of the
company with the other companies was explained ss at the
Newport and Abergavenny, the report was adopted.

BOSTON, SLEAFORD, AND MIDLAND COUNTIES.
The half-yearly meeting of this company was held yester-
day at the Easton Hotel, Euston-square; Mr. Ingram,
M.P., was in the chair. The advertisement by which the
meeting bad been convened having been read, the following
report of the directors was submitted :
" The directors have the satisfaction in again meeting the
shareholders of informing them, that although railway earn-
ings during the first six months of the year are. as a rule,
considerably less than those of the second (or December)
half-year, yet that the earnings of this company's line
between Barkstone Junction and Sleaford during the past
six months will bear a satisfactory comparison with those of
the preceding half-year, and this is the more encouraging as
the general depression in trade, and the consequent large
falling off in railway traffic during the last half-year, has
affected the earnings of this line in common with all under-
takings of a like character. The gross earnings of the line
for the past half-year have been £3,30:-',s. 4d., and the di-
rectors, after providing for the debenture interest, are
enabled, in respect of the line between Barkstone Junction
and Sleaford, to recommend a dividend of 2s. 6d. per
share for the half-year ended the 30th of June last. The
permanent way, stations, and other works, between Bark-
stone Junction and Sleaford are now completed, and are in
excellent working order. Since the last half yearly
meeting the directors, acting on the conviction they
then expressed, that the further capital required to
continue the line to Boston would be subscribed, have
proceeded with the construction of this part of the under-
taking, and the line is completely formed, fenced, and
ballasted, and the permanent way laid to within a mile and
a quarter of Swineshead Bridge (six miles and a half from
Boston). In submitting the accounts to the proprkxrs,
the directors have to observe that, although no charge 's at
present made against revenue in respect of office expenses,
yet that the entire interest on £25,000 raised by debentures
prior to the opening of the line, is paid out of the company's
net earnings, and that this sum included the whole of the
original Parliamentary and legal expenses, the entire cost of
the sidings at the junction with the Great Northern Rail-
way, and of the station and other accommodation works at
Sleaford, a considerable portion of which charges are pro-
perlyiapplicable to the line between Sleaford and Boston
not yet earning revenue. The directors, in conclusion, beg
to state that their confidence in the success of the under-
taking is unabated, and they hope to be able at the half-
yearly meeting in February next to congratulate the share-
holders on the opening of the entire line."
The CHAIRMAN, in moving the adoption of the report,
said the company had shared the fate of most of the railways
of the country, in respect of traffic during the past half-
year. Certainly the receipts had not come up to their
expectations; but on the whole the directors thought,
looking at the short time the line had been opened, that the
returns must be considered very favourable. (Hear, hear.)
liiteahra.d)
During the next half year the whole line would be finished,
and then the shareholders would be better able to appreciate
the value of the undertaking. His opinion was,
always been, that the railway would be a good paying one.
(Hear.) He was satisfied that as they would not be subject
to competition, the traffic would increase half year after half
year, and that ultimately the proprietors would secure a fair
interest on the capital they had subscribed. He then moved
the adoption of the report and accounts.
Mr. TOOTAL seconded the motion.
After a few observations from Mr. SIMPSON the motion
was carried, and a dividend of 2s. 6d. per share declared in
accordance with the statement in the directors' report.
A vote of thanks to the chairman concluded the pro-
ceedings.

FURNESS.
Yesterday the half-yearly meeting of this company was
held at the offices, 9, Old Burlington-street.
The following is an abstract of the report which was
adopted :—" The depression of trade, especially in iron,
consequent upon the stoppage of railway enterprises in
America and India, seriously affected the commercial pros-
perity of the Furness district, so thr.t pee -traffic returns
(,£.27,810 7s. ld.) of the last half-year are not so favourable
as they have been during some previous half-years; but
the revival of that particular trade may be anticipated
before the lapse of any lengthened period, but still the
directors are able to recommend a dividend at the rate of
7 per cent. per annum for the half-year ending 30th of
June last. There has been a reduction in the work-
ing expenses, and the directors will continue to give
their careful attention to the subject. The expendi-
ture on capital account for the half-year amounts to
the sum of £19,492 18s. 10d., which includes the sum of
£6,000 for calls on the shares in the Coniston Railway held
by this company. A further sum of £4,000 remains to be
paid on these shares. To meet the expenditure on capital
account, £30,000, part of the capital authorised to be raised
by the ' Furness Railway Act, 1835,' was allotted to the
shareholders, nearly the whole of which has been accepted
as ordinary shares. The £lO,OOO authorised to be raised by
the Coniston Railway Act has been allotted and accepted as
5 per cent. preferential shares. The works at the Millwood
Junction, and at the junction with the Whitehaven and
Furness Railway at Foxfield, have been lately completed.
The curves have effected a great convenience for the through
traffic, and a saving in working it. A considerable portion
of the proposed renewal of Barrow Piers is completed, and
the sum of £1,487, being about half the amount of the work
contracted for, has been appropriated this half-year fre the
reserved fund of 16,000 towards the expenses of this renewal.
The arrangement. with the ITlverstone and Lancaster Com-
pany, under which that line is worked by the Furness Com-
pany, continues in force, and is satisfactory tosoth companies.
The Ulverstone and Lancaster Company hiving had occa-
sion to apply to Parliament for power to raise additional
capital, introduced clauses in their new ace to enable them
to sell or lease their line to the Furness Company, but the
directors will take no measures tending to connect the com-
panies without the knowledge and sanction of the proprie-
tors. The permanent way, works, and roling stock are in
good order. An increase of £t2oo in the expenditure on the
carriage account' is caused, partly by the thorough repairs
which some of the passenzer carriages req uired,anei portlyfrom
duplicate wheels and axles having been provided for the new
waggon stock, an expenditure which is not likely to occur
again for a long time. The diversion of traffic to the Ulver-
stone and Lancaster Railway has naturally diminished the
receipts from the steamboat between I, eetwooti and PH.
It has consequently been thought advisable to lay up the
Helvellyn during the winter.' In continuing or leaving
off this traffic next year the directors will be chiefly guided
by the result of he experience of this year. The improved
depth of water in the approach to Barrow Piers has given
great facility to trade. There has been no diminution of
depth by deposit, nor is any likely to take place."
The dividend, as recommended in thereport, was declared,
and the proceedings terminated in the usual manner.

railway company, as the coal trade, on which their traffic
mainly depended, was, of all others, the one most depressed.
Nor had it as yet revived, although, as one of the trus-
tees of Lord Bate's estates, he could tell them there
was every prospect of its doing so. The same state
of things existed in the coal districts of Scotland.
Colliers' wages were low, and there was no demand
for the mineral itself. Since the report had been printed
two of the collieries connected with the line had sent them
down some coal, so that they were row in p-,sesion of a
coal traffic. The coal traffic mentioned in the accounts was
only the amount paid to them by the Taff Vale Company
for taking their coals from the junction of the two
lines to the tidal harbour at Cardiff. There were seven
collieries in the neighbourhood of their line, four of
which were already connected with it, but from all of diem
they might, when the trade improved, expect a considerable
amount of traffic. The main cause of the depression of the
trade had been the strike, which had told unfavourably in
Glamorgansh!re, and it was not until a few weeks ago that
the! got the better of it in the Rhymney valley. The
Rhymney Iron Company bad derived great advantages from
the opening of the line, as it conveyed their iron to Cardiff.
direct. They would also avail themselves of it for sending
the large steam coal to Cardiff, where, by reason of dock
quarryage, where they had four coal tips, the railway com-
pany had every facility of shipping. Measures of a legal
character would test the right of the Taff Vale Company to
charge ld. per ton for the siding at the junction, a charge
independent of the toll then paid for running over 5 miles
of that company's line.
Mr. PLEWS seconded the motion, which was agreed to,
and the proceedings terminated.