The Sun.
London, England, 1866-02-01 00:00:00

LLANELLY.

The half-yearly meeting of this company was held
yesterday at Radley's Hotel, Bridge-street, Black-
friars ; Mr. J. Biddulph in the chair.
The report stated that the earnings of the under-
taking during the half-year ending the 31st of Dec.
were £19,622, the working expenses, inclusive of
hire and purchase of waggons, were £10,157. The
receipts showed an advance of £1,456 over those of
the same half of 1864, and the expenses an increase
of £1,429. The receipts for the half-year showed a
profit on the working of £9,465, to which was added
a balance of £192 from the preceding account,
making £9,657. After payment of interest on de-
bentures and rent of Vale of Towy Railway,
together £3,427, there remained a surplus for divi-
dend of £6,230, out of which £1,943 was deducted
for interest at 5 per cent. per annum on the A "pre-
ference stock andß preference shares, leaving /4,287,
out of which the directors recommended a dividend
for the half-year on the ordinarystock at the rate of
4 per cent. per annum, leaving a balance of £346 to
be carried forward. The income of the under-
taking for the year was £37,787, being an in-
crease of 12,656 over that of 1864. The steady
advance in the goods traffic was very satisfac-
tory, but had been attended with increased ex-
pense, owing in a great degree to the new arrange-
ments for the establishment of ithrough traffic with
other companies. The cost of maintaining the
permanent way and works had been enhanced.
During the storm in Norember a portion of the line
was carried away by an irruption of the sea. The
Yale of Towy Company were seeking Parliamentary
sanction for a lease of the line to the Central Wales
Railway Company, with respect to which due efforts
would be made by the directors for the protection
of the interests of the Lla.nelly Company. The ex-
tension of the narrow gauge line:of the Carmarthen
undertaking to the Great Western Railway near
Carmarthen had not been proceeded with during
the half-year, and remain still incomplete. The
earnings of this undertaking from the opening of
the line from Llandilo to Carmarthen on the Ist of
June last to the 31st of December were £2,469, and
the expenses, inclusive of tolls payable to the Car-
marthen and Cardigan Railway Company, were
during the same time £1,409, leaving a balance of
£1,060 applicable to payment of interest on deben-
tures. The opening of the Swansea lines under-
taking was seriously delayed by the non-completion
of the works and the want of the requisite rolling
stock. Goods trains had been running on it for
some weeks on the contractor's account, but, owing
to the incompleteness of the terminal works at Swan-
sea, it could not be opened for traffic. The capital
account showed that £368,803 had been expended
on the original undertaking.
The CHAIRMAN, in moving the adoption of .the
report, said he thought the proposed dividend, at the
rate of 4 per cent. per annum was satisfactory. The
expenses had been increased during the past half
year owing to arrangements for through traffic with
other companies, which forced them to keep up a
larger staff than would have been necessary for the
itsual traffic. The rates and taxes had been higher,
and wages had increased. Re thought on the whole
they had reason to be satisfied, and he trusted that
on the completion of the new lines a large traffic
would be developed.