The Sun.
London, England, 1850-11-22 00:00:00

I'HE GREAT WESTERN AND THE
SOUTH WALES RAILWAY COMPANIES.

Terms and conditions of the proposed lease from
the South *Wales Railway Company to the Great
Western Railway Company, of the line of railway
between Grange Court and Swansea, including the
line to the shipping port at Swansea, and all necessary
accommodations, stations, sidings, &c., with the Bullo
Pill Railway in its improved state, with the wharfs
appertaining thereto, and the line of junction between
the Bulln Pill Railway and the South Wales Railway
in the parish of Newnham.

1. That the lines and works abovementioned shall
he leased to the Great Western Railway Company on
the terms of the Great Western Railway Company
working the said lines, and paying over one moiety
of the net profits to the South Wales Railway Com
piny, and in lieu of the other moiety of such net
profits (which is to be retained by the Great Western
Railway Company as their own) the annual sums
following (that is to say)—
For the first three years, per annum ... £31,340
For the next three years, ditto ... 35,340

For the next two years, ditto ... 41,340
For the next two years, ditto ... 46,340
And for the residue of the term, ditto... 51,340

. .
2. That the South Wales Railway Company shall
on or before the days hereinafter mentioned, complete
in a workmanlike manner, and with substantial ma-
terials, with a double line of rails, the whole of the
undertakings and works agreed to be leased to the
Great Western Railway Company, including a suffi-
cient number arid extent of sidings, stations with their
fittings, sheds, warehouses, storehouses, offices,
enginehouses, spare lines, turn tables, platforms, pipes,
pumps, cisterns, reservoirs, switches, signals, signal
posts, fences, walls, gates, approach roads, crossings,
and stations or lodges, as and where such stations or
lodges are required by Act of Parliament at such
crossings, and all other necessary accommodations and
conveniences, works and appurtenances, which may
constitute fixed plant, and as are usually provided
out of capital by railway companies intending them-
selves to work their railway and works, together with
weigh-bridges, weighing-machines and cranes, and
also with such and so many workshops as would be
required by the Great Western Railway Company, if
the railway from Swansea to Gloucester formed part
of the present Great Western undertaking. The
line and works from Swansea to the junction with the
Gloucester and Dean Forest Railway at Grange
Court, and also the branch to the shipping port at
Swansea, to be completed in manner aforesaid on or
before the Ist July, 1851, so that on the completion
of the Gloucester and Dean Forest Railway there
may be one continuous line from Swansea to the
Great Western Railway at Gloucester. The line of
the Bullo Pill Railway as improved, together with
the junction branch, to be completed in manner
aforesaid by the 31st December, 1852. That if ad-
ditional accommodation shall be found necessary from
time to time for the traffic which is to be conveyed
over the said lines or any part of them, excepting so
far as the same may result from traffic derivable from
railways or works not now authorised by Parliament, the
South Wales Railway Company shall furnish the
same at their own expense. Provided always, that
at the expiration of four years from the commence-
ment of the said lease, the nature and extent of the
said additional accommodation which may be or be-
come necessary for the traffic to be reasonably ex-
pected over the South Wales Railway, shall be deter-
mined either by agreement or by arbitration, and such
accommodation shall be provided by and at the ex-
pense of the South Wales Railway Company, when
so required by the Great Western Railway Company.
3. That if at any time any further and additional
accommodation, not provided for by the foregoing
clause, or which may result from traffic derivable from
undertakings not now authorised by Parliament, shall
be required by the Great Western Railway Company,
the same shall be provided, if determined to be neces-
sary, after an arbitration, in case of difference, at the
j oint expense of the two companies, and in case the
South \Vales Railway Company shall neglect or
omit to provide their moiety of such expense from
time to time, the Great Western Railway Company
may retain the same, with interest at the rate of 41.
per cent. per annum out of any moneys (other than
the fixed annual payment) payable by them to the
South Wales Railway Company.
4. That the South Wales Railway Company shall,
on or before the said Ist day of July, 1851, apportion
and redeem the land-tax on the whole of the said
railway and works between Grange Court and Swan-
sea, and on or before the 31st day of December, 1852,
apportion and redeem the land-tax on the B() Pill
Railways and Shipping Wharves.
5. That on the completion of the railway from
Grange Court to Swansea, for through traffic, with a
double line of rails, a lease of the whole of the under-
takings and works agreed to be leased shall be granted
for a term of 1,000 years, to commence from the day
on which the same shall be opened for public travel-
ing, or not later than the 10th day after the line shall
have been inspected under the provisions of the sth
and 6sh Victoria, chap. 55, and no objection made on
the part of the Railway Commissioners to the open-
ing thereof ; provided always that any non-com-
pletion of a double line of railway (in case the same
shall not impede the through traffic with perfect
safety), shall not be deemed a sufficient cause for
postponing the commencement of such lease, pro-
vided such incompleteness shall not extend beyond
one mile at any one place, temporary provision being
made for the traffic to pass over the single line of rails
during such non-completeness ; but such incomplete
works shall be forthwith completed, and compensation
made for loss or expense (if any) incurred during
the period of non completion, the amount thereof to
be ascertained, in case of difference, by arbitration,
and to be deducted by the Great Western Railway out
of any moneys (ether than the fixed annual pay-
ments) payable by them to the South Wales
Railway Company.
6. That, in order to ascertain the net profits before
referred to, unless otherwise arranged, as hereinafter
provided, a scale of charges upon each class of traffic
separately, shall be fixed and assigned to working ex-
penses, and a scale of rates and tolls fixed and as-
signed to net profits, and a certain per centage of the
balance of gross receipts on each class assignel to
working expenses, and the remainder assigned to net
profits and such scale of charges and of rates and
toll+, and such per centage of the balances, shall be
settled by agreement, and in case of difference, by
arbitration, within three months from the date of the
agreement, to be prepared as hereinafter mentioned,
or within such extended period prior to the execution
of the leases as may be agreed upon.
That such scale of rates and tolls and per cen-
tages shall be open to revision at the request of either
party, at the end of the first three years from the com-
mencement of the lease, and afterwards at the end of
every successive fire years.
7. That in fixing such charges and per centage,
adequate allowance shall be made for the cost of
maintenance of way, stations, and works, including
necessary renewal of rails, timber, and other mate-
rials, and ballast, and the charges for locomotive ac-
count, carrying account, general charges, disburse-
ments for repairs, compensation returns, rates and
taxes, salaries, and office expenses, properly belonging
to the working of the South Wales Railway, and the
maintenance or renewal thereof, and for any services
performed and accommodation provided by the Great
Western Railway Company at Gloucester in respect
of the tragic of the South \Vales Railway, and for all
other charges properly belonging to the working of
the South Wales Railway, and usually charged to
revenue account, and also for interest in respect of
capital from time to time invested by the Great Wes-
tern Railway Company in working stock, repairing
shops, plant, and implements, so far as the same are
applicable to the working of the South Wales Rail-
way, and for depreciation of such stock, so far as such
depreciation may not be covered by maintenance, the
amount of capital so invested in working stock, re-
pairing shops and implements, and the rate of interest
1 and the amount of depreciation to be settled in case of
difference by the arbitrator to whom the question of
charges and per centages is to be referred, in case of
difference, provided that if it shall at any time be
deemed advantageous by the directors of both the said
companies to alter the mode of ascertaining the allow-
ance to be made for working expenses, interest, and
depreciation, hereinbefore referred to, it shall be law-
-1 ful for such directors to vary such mode, either by
ascertaining the actual working expenses, and making
allowance for interest and depreciation, or by any
other mode that may be mutually agreed upon by
such directors, in lieu and substitution of the rate of
scale of tolls and charges on each class of traffic herein-
before referred to.
8. That the actual amount of Government duty
from time to time paid shall be deducted from gross
receipts before they are taken into account,
9. That in respect of improvements agreed to he
made at Baglan Bay by the South Wales Railway
Company, an allowance not exceeding 1,000/. per
annum shell be made payable to the South Wales
Railway Company (in the event of their having ex-
pended 20,0001. or upwards in or towards such im-
provements) out of any sum receivable out of the Vale
of Neath Railway Company for the use of a portion
of the South Wales Railway and the Branch between
Neath and the Britton Ferry Docks, and so in pro-
portion for any less sum than 20,0001. Provided
always, that all the rights which !Shall or may apper• i