The Sun.
London, England, 1861-08-21 00:00:00

RAILWAY INTELLIGENCE.

SOUTH WALES RAILWAY.
The following is the report of this company to be
presented at the thirty-third half-yearly ordinary
meeting of the proprietors, to be held at the Great
Western Royal Hotel, Paddington, on Friday next.
The receipts from traffic during the past half-year
have amounted to £185,421 3s. 2d. as compared
with £1'70,576 19s. sd. during the corresponding
period of the year 1860, showing an increase of
£14,844 3s. 9d.
The arnitration before Mr. Whitmore upon mat-
ters in dispute between the Great Western and this
company was interrupted during the Parliamentary
proceedings of the past session. Since the termi-
nation of these proceedings steps have been taken
for resuming the arbitration. Pending the arbitra
tor's decision upon the questions submitted to him,
an estimate has again been made in the accounts of
the past half-year of the sum payable for the supply
of rolling stock.
The proprietors will observe that in the charge
for maintenance of way during the half-year there
is an increase of £2,655 6s. 6d. over that of the
corresponding period of 1860. The increase under
this head is attributable chiefly to an extensive
renewal of rails between Neath and Swansea, and
to the renewal of a viaduct and bridge near New-
port, more particularly referred to in the engineer's
report ; the expense incurred in the widening of
the railway near Ferryside, which was mentioned
in Mr. Owen's last half-yearly report, has also con-
tributed to the increase in this charge.
The amount of capital expended by this company
in the construction of works at the Neath station
for the Vale of Neath Railway Company having
been ascertained and agreed, is now brought into
account. The details of the expenditure are shown
in the capital account now submitted, and form a
credit in that account to the amount of £26,156
13s. 4d.

In accordance with the course adopted in previous
half years, and for the reasons which have been men-
tioned in the reports from time to time submitted to
the proprietors, the directors recommend that a sum
of £3,000 should be set apart out of the revenue of
the past half year to meet the expenses which have
been incurred in the renewal of a portion of the '
permanent way to the west of Swansea, and a fur-
ther sum of £350 on account of the rolling stock
arbitration expenses.
After the foregoing deductions have been made,
and after making due allowance for all preference
and other charges, the available balance will admit
of the payment of a dividend at the rate of £2 15s.
per cent. per annum, leavir g £2,303 18s. 10d. to be
carried forward to the next half year.
During the past session the directors have bad
full opportunity of bringing before a committee of
the House of Commons the grievances under which
the proprietors and the public have been so long
suffering, in consequence of the practical working
of the present agr-ement with the Great Western=
Railway Company. The alteration in the agree-
ment proposed by the South Wales Bill was, that
this company should be empowered to provide its
own rolling stock, and so relieve the Great Western.
Railway Company from a duty which was believed
to be incompatible with their position as lessees of
the South Wales Railway, and one of which the
effect has been to depress the traffic of the district.
After a long and patient inquiry, during which
great attention was paid to the statements made
and the evidence adduced on behalf of both com-
panies, the committee of the House of Commons
stated it to be their opinion, that it was the inte-
rest of the public mainly, though also the ulti
mate interests of the two companies themselves,
that existing disputes and complications of accounts
should be put an end to by annulling in part
the agreement between the companies, and the'
preamble of the bill was consequently declared to
have been proved. The committee, however, sug-
gested that as there was little or no chance that the
bill could reach the House of Lords in time to Ws.
its different stages in that branch of the Legislature,
the company should not proceed further with the
measure. In deference to this suggestion the bill
was withdrawn.
Immediately after the passing of the preamble
of the bill a proposition was made to your directors
by the directors of the Great Western Railway
Company for a fusion of the undertakings, uP°ll
the principle of the Great Western and West
Midland arrangements, under which the net re-
ceipts of the united railways would be appropriated
to the respective companies in fixed proportions,
but the elected directors of this company were
unanimously of opinion that the terms suggested by
the directors of the Great Western Railway Com-
pany were such as could not be accepted.
Your directors will, between the present time
and the period for serving the necessary notices for
a renewed applicatien to Parliament, consider very-
anxiously and deliberately the course which, in
the absence of any altered arrangement with the
Great Western Railway Company, they should
now adopt, so as consistently to give effect to
the expressed views of the shareholders, as well.
as to the natural expectation of the public. The
directors cannot but feel that the arrangements
entered upon between the Great Western and
West Midland Railway Companies have materi-
ally altered the position of this company in its
relations with the Great Western Railway Com-
pany ; and they are unable to believe that whilst
the South Wales Railway Company are held by the
Great Western Company bound to the memoran-
dum of agreement of 1851, and whilst the traffic of
the South Wales Railway is fettered by existing
complications, these new arrangements will be
sanctioned by Parliament.
' During the past session acts have been passed
for the construction of railways between Swansea
and the Vale of Neath Railway, at Cadoxton ;
between Swansea and the Llanelly Railway, at
Pontardulas ; and between Llandila and Car-
marthen.

COUNTRY MARKETS.

BRI ST OL-AuG. 20.

At our market to-day there was a good attendance of
millers, and some disposition for business was evinced
wherever a slight reduction was made on wheat. Barley la
per qr dearer, and in demand. Some inquiry also for good
old oats. Other articles at late prices.