The Sun.
London, England, 1850-08-29 00:00:00

SOUTH WALES RAIL'WAY.

The eleventh half-yearly ordinary meeting of the
shareholders of this company was held yesterday,
pursuant. to advertisement, at the Great Western
Railway Station, Paddington.
C. R. M. Talbot, Esq., M.P., the chairman of the
company, took the chair shortly after one o'clock.
The usual routine business having been gone through
The S'ECRETARY read the following report of the
directors:—
" The directors have to report that they have con-
tinued steadily to carry on the works on the. portion of
the line between Swansea and Grange Court, and that on
the 18th of June they were enabled to open for traffic 75
miles of railway, between Chepstow and Sr. armee,
" Neither goods nor minerals have hitherto been con-
veyed along the line, nor have any payments on account
of mails been received; the weekly receipts have been in
fact mainly supplied by local passengers, the existence
of an inconvenient gap between Chepstow and Gloucester,
operating as a check to the development of the through
traffic of the line. Under these circumstances, the di-
rectors consider the weekly returns satisfactory; they
will use every effort to secure as speedy a completion of
the works to Grange. Court as is practicable, in order to
bring into full operation the traffic of a continuous line
hetween London and Swansea.
" The negotiations with the Great Western Company,
for the purpose of modifying the existing agreement for
a lease of your line to that company, have not led to
any result, the terms asked by the South Wales Com-
pany having been deemed too high by the Great Wes-
tern directors, and the terms offered by the Great
Western directors having been considered too low by
the South Wales directors. It is, however, satisfactory
to be able to state that there was no material diversity
of opinion as far as regards the principle on which such
a modification ought to proceed, the negotiation having
been broken off in consequence of a difference of opinion
with reference to the amount of fixed rent to be ulti-
mately paid by the Great Western Company.
" Two Bills were bought into Parliament with rife-
renee to your company in the session just expired, the
first, which had for its object simply an extension of
One for the exercise of the compulsory powers of
.the
company, and the completion of the workii west of
Swansea, passed into an Act without opposition. Of
the other .Bill, the object was twofold; first; to enable
you to re-issue forfeited shares either as preference shares
or otherwise; secondly, to sanction certain improvements
and deviations on your line, and on the Forest of Dean
Railway, and the mede of raising the tolls thereon. In
'the early part of the session it was deemed desirable to
divide this last named Bill into two Bills, and accordingly
, a Bill for the sole object of enabling you to re-issue
forfeited shares has been passed. The othe-, which was
for the improvement of your line, has unfortunately
. been lose, owing to the refusal of the Great Western
Company to consent to those portions cf it which re-
quired that consent. The Bill thus lost, was one provid-
ing for objects important equally to your own interests,
to the freighters on the Forest of Dean Railway, and to
those of the. Great Western Company. It would. have
effected material improvement in the value of your pro-
perty, and i; is to be lamented that the contemplated ad-
vantages have been lost to-botte companies; at the same
time it will be-satisfactory to you to know that the ob-
jects of the Rill, although desirahl-, were not essential,
and the directors trust that the loss of this Bill will not
retard the completion of your line. The Grc at Western
board, declieed to assign reasons for their refusal to
colleen t.
'no ClrectorsFave carefully considered the necessity
of submittieg to this meeting any scheme for the raising
of money under the provisions t f the Act lately passed,
and they ore of opinion, that with the bi--lanee in hand,
the, receipts from the arrears of calls, and the issue of
debentures to moderate extent, they will he enabled-to
couipleseT the line to Grange Court without exercising
:the powers tlist Act, which will then remain in
Xxsa ansi:efEct, to be envies eel io carrying out 4o,en-
4ire et,g4geMents,:to the Greet Western Company, at any
titre-wbit h pay Ce decided uporri." ,
—The, report- of Messrs. Thurburn and.Beker, the
t,'uf.iitibrs of the company, we have already given, and
it is, therefore, unnecessary for us to repeat it.
Toe Cli tami iv, in 'directing the secretary to read
the engineet's report, regretted that, in consequence
Of the late hour at which it was received last night,
the directors bed not been able to have it printed fnr
the use c.": 1 the. proprietors. The secretary would,
:hoviever; re:llP-, and as 5007 a as poisi'ole it would be
printed and ciraulated among the proprietors.
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