The Sun.
London, England, 1868-08-21 00:00:00

LLANELLY RAILWAY AND DOCK COMPANY.

The half-yearly general meeting of this com-
pany was held at the Westminster Palace Hotel
yesterday afternoon ; Mr. John Biddulph was in
the chair.

The report stated that " the gross earnings of the
original undertaking for the half-year ended 30th
June last were £21,973 17s. 4d., being an increase
of £6OB 17s. 6d. over those of the corresponding
period of last year. The working expenses
amounted to £12,136 3s. ld. After payment of in-
terest on debentures and proportion of rent of the
Vale of Towy Railway, &c., altogether amounting
to £2,983 19s. 3d., there remains a surplus for
dividends of £6,007 3s. 10d., applicable as follows,
viz., preference dividends on the A (preference)
stock and B (preference) shares, amounting to
£2,585 lls. 2J., leaving for the ordinary stock
£3,421 123. SI., out of which your directors re-
commend a dividend for the half-year at the rate
of 3 per cent. per annum. The revenue of the un-
dertaking is increased by a sum received from other
undertakings for use of rolling stock and running
trains, &c. The rapid advances made for some
years past in the receipts from traffic has suffered
a temporary check, owing to the general depression
of business. The Vale of Towy Railway is at pre-
sent leased-jointly to this company and the London
and North-Western Railway Company. This
arrangement took effect on the Ist of April
last, since which date the company halo been
in receipt of one-half only of the earnings,
and have been subject to the same proportion
of the expenses of the Towy Vale line. In com-
paring the revenue of this year with that of 1867
allowance must be made for the loss of about one-
ninth of the productive mileage of the original un-
dertaking, or 5} miles, this being one-half of the
length of the Vale of Towy line. The working ex-
penses arc largely in creased ; to some extent this is
apparent only, having been caused by working
trains for other undertakings, for which there are
corresponding receipts on the other side of the ac-
count, but the item of expense wherein the princi-
, pal addition appears is the maintenance of the per-
manent way, upon which it is necessary to effect re-
newals and improvements to an exceptional extent,
in order to provide for the heavier engines and more
numerous trains the opening of the Central Wales
Railway will bring upon the Llanelly line. The ut-
most attention is paid to economy in carrying out
the works, but the whole expense being charged to
the revenue of the day presses heavily upon it.

Three new engines have been added to the stock of
locomotives. It is the purpose of the directors to pay
for them out of revenue, and £1,380 is charged on
account of them in the expenses of the half-year,
besides the amount included in the hire and pur-
chase of rolling stock. The contract for working
and repairing the locomotive engines was termi-
nated on the 31st of May, and the directors trust in
taking upon themselves the direct management to
effect a saving in that department. By a bill pro-
moted in the late session of Parliament the Llanelly
Harbour commissioners sought powers to convert
the agreement for the sale to them of the dock at
Llanelly at certain conditions into an immediate
compulsory vesting of the dock in them. Iu conse-
quence of the opposition of the company the mea-
sure was not passed in the form presented, and by
mutual consent the agreement itself has been an-
nulled. The time prescribed for the construction
of the authorised new dock of the commissioners
has been extended'. The earnings of the Carmar-
then line undertaking during the half-year amounted
to £3,269 2s. 7d., and the working expenses, with
tolls payable to the Carmarthen and Cardigan Rail-
way Company, were £2,780 193. 101., leaving a
balance of £4BB 2s. 9d. towards the payment of in-
terest on debentures. The opening of the through
route will, it is believed, have a material effect upon
the receipts of this undertaking. The amount
due from this undertaking to the original under-
taking of the company on the 30th of June was
£8,657 19s. sd. As regards the Swansea lines un-
dertaking the completion of the works left in an un •
finished state by the late contractors may now be said
to be nearly effected, the most important of those upon
which further outlay is required being the coal drops
at the Swansea South Docks. Progress has also been
made with the arrangements connected with the
purchases of lands. Y our directors have to report
that they have again been put to considerable ex-
pense in opposing attempts made by means of bills
in Parliament, to deprive this undertaking of a
portion of its property ; but they have the satisfac-
tion of stating that they have been successful in
resisting such attempts. The rtmount due from this
undertaking to the original undertaking of the com-
pany on the 30th June was £10,425 Ss. id."
The CHAIRMAN moved the adoption of the report